23/08/2016 BBC Business Live

women who start a family face lower wages than men after returning to

work from maternity leave. We will assess why.

Whilst the pay gap between men and women is getting smaller overall,

women who start a family still face a discrimination. We will look at

why and what has been done to tackle it. And Olympic sponsors drop Ryan

Lochte after he lied about being robbed at gunpoint. From the Olympic

Park in London to New York's magnificent high Lane. We'll be

speaking to the boss of the company transforming our favourite cities.

And, can Ryan Lochte rescue his damaged reputation? Get in touch.

Let us know what you think. Four big sponsors parting ways. Let us know.

A leading think tank has issued a report about what it calls the

mother who'd pay penalty. The dash mother who'd pay penalty. It says

disparity is still pretty small but if women decide to have a child the

gap widens substantially. They find that over 12 years and women will be

paid a third less than their counterparts. The report says the

wage gap has now fallen but despite that other analysis finds it will

take 118 years to close the global gender gap, assuming that progress

continues at the current rate. I'm joined by the Assistant Professor of

financial management at the business school, I'm assuming you're not

surprised by this research at all. Not at all. It's an interesting

happened across all educational happened across all educational

levels so it is for women that have an undergraduate or a Masters

degree. As they enter the Labour force, the gender gap is very small

but as they keep working, that's when we start to identify a large

wage gap. It's that interruption, it does not matter how long it is,

necessarily. Exactly. When the first child appears, women take time off

work, the interop their career, they accumulate less experience. One of

the sources of this wage gap is the experience. As they accumulate less

experience it goes down. The reason they take that break is because they

start to have children. For some women as well, they are caring for

elderly relatives. There might be many reasons. Why are we not seeing

progress in this area. Many would progress in this area. Many would

argue it is a very old debate and some are saying we need to move on

and what is stopping us? We need change on two fronts, companies to

be more aware of that and to facilitate women to have career

paths, even when they have kids, to make it not a roadblock to the

career progression of women. As well, there are some options to be

aware of in the household, to minimise interruptions and to have

cooperation within the families. Across the world it is a very

different problem and it is not just about policy business, but about

cultural issues as well. We can see that there are different barriers of

entry between Japan and Norway but in both countries there is a gender

gap so where does this come from? I think the common thread are social

norms, the aspirations of women to keep working whilst they are raising

their kids, to have a fulfilling job and an ambitious career, so I think

that in that respect, social norms have a very strong effect on the

desires of women to pursue a career and keep working. Thank you for your

claim. There is so much more on this story on our website. Take a look if

you up to other news because Pfizer you up to other news because Pfizer

has confirmed they will be buying Medivation for $14 billion. They

have agreed to pay $81 per share which is $21 premium on the closing

share price. Profits in Petronas share price. Profits in Petronas

fell 96%. They've been hit hard by oil prices. The firm have already

been planning a restructuring of the business with the loss of 1000 jobs.

Not often we talk about speedos but Not often we talk about speedos but

Ryan Lochte has lost all of his major sponsors after falsely

claiming he was robbed at gunpoint in Rio de Janiero.

Fashion company rough around have also dropped the athletes. I'm sure

we will speak about speedos again. Say no more. Let's have a look at

the business live page and check out the other stories. Company in the

UK, today reporting a 15% jump in profits. That's a full house. You

have missed us. It is lovely to be back. Let's talk about Japan.

Manufacturing activity showing some signs of life, a glimmer of hope. It

is welcome news for investors after a slump earlier in the year.

Bringing us up-to-date because as Sally says, a glimmer of hope. Yes,

and it is just a glimmer. A reading below 50 indicates contraction so on

the face of it it is not really such a great number but it is up from

last month and it has been trending up from about may. There is some

hope that the assembly lines are swinging back into action. It did

not excite investors too much. It has been a lacklustre day, no index

has moved more than 1%. South Korea and Australia were up slightly.

Emerging markets, Indonesia, the Philippines, were down. Investors

are indulging in one of their favourite sports, watching the Fed.

They will see whether the forthcoming speech will shed any

light on where interest rates make ahead. Yes, that will be later this

week. Just waiting to see what happens there. That's what happened

more in a moment. Just to show you more in a moment. Just to show you

it is a wait-and-see approach before it is a wait-and-see approach before

we get anything from the Fed. Some reassurance that the data was better

than many had expected and that is why for now, markets with OK but we

will talk about that in more detail. Let's head to the United States.

Have you had your coffee yet? Well, JM Smucker has said they are facing

problems from competition from coffee pods. But it is expected to

housing information, low mortgage housing information, low mortgage

rates continue to fuel demand for housing. Investors will want to hear

an update on the forecast. Finally, new data is out on Monday. It is

expected to fall by 2% last month. The anticipated drop will leave this

just above average. Nice to see you, Brenda.

Talking about it in Asia, everybody is looking ahead to this annual

symposium on Friday. Can we expect a lot of new information this time? It

might be a mixed information, which is what we've become accustomed to.

We could see an interest rate hike in September and I think markets

will be looking for some kind of confirmation. Getting mixed

course, you've got the presidential course, you've got the presidential

election in November. Quite a small window for the Fed to act. There is

such an interesting divergences in such an interesting divergences in

terms of interest rates. We're talking about rates being slashed to

zero and yet in the US they are keen to start raising them. That is going

to be so interesting over the next couple of years. It certainly is.

When you look at the Euro and the yen, they've actually increased.

Those central banks will be happy to see the Federal reserve actually

move and strengthened. Again, it is very uncertain. Some elements are

red hot and others are on the back foot and it is very much about

getting a balance. As clear as mud. getting a balance. As clear as mud.

Thank you very much. Keep your comments coming in. Whether sponsors

right to drop Ryan Lochte? They will be dropping me shortly... Still to

come, is it possible to solve problems of overcrowding by

designing our cities better? We will be meeting the man who says we can.

First, one of the UK's biggest house-builders says customer

interest has remained robust since the referendum. It has reported a

29% rise in tax profits. Our economics correspondent has the

details. In the wake of that vote, there was a big fall in share price.

They've bounced back. Indeed. This is what has happened over the last

six months. You can see the big decline in the immediate aftermath.

Since then it has climbed back a long way. Not all the way. The

results themselves don't cover more than a week of the period after the

referendum but what is more revealing is the commentary about

what happened in the course of July. He says the result of the referendum

has increased economic uncertainty but customer interest has been

robust, and private reservations are also up 17% over the same period

last year. He's anticipating a good sales season after the quiet summer

period. Will that be affected by the timetable of the exit? In terms of

the wider economic impact, the precise terms of the exit I going to

be important factors for a lot of businesses. Perhaps less so for a

business like persimmon, but for those involved in exporting, the

precise terms of access are going to be important and we won't know those

for some time yet. Thanks very much. Also making the headlines, Asda is

losing market share. It has fallen 5.5% in 12 weeks. Familiar tale, the

discount sales are doing well. What you've got to remember is the

discount rivals are so small and peered to the likes of the big four

but nonetheless there is some tough competition for the retailers.

You're watching Business Live - our top story:

New research says women who start a family will become

progressively worse off compared to their male counterparts.

The study says 12 years after the birth of her first child,

a mother will be paid a third less than her male colleagues.

We have been looking at why. My eldest son would be 11 on Friday,

so I'm coming out, in 12 months it will be 12 years, I hope for a pay

rise! You might be waiting a while, we all

will! A quick look at what the markets are

doing. The FTSE 100 bouncing back a little bit, better than expected

economic data as helped that. Support for the pound in the wake of

that better-than-expected figure. Now, have you ever wondered

what makes some towns and cities work properly,

and others are mired in traffic gridlock,

pollution and overcrowding? The United Nations says more

than half of the world's population currently lives in urban areas,

and that's expected So to deal with the rise, cities

are having to rethink how they plan, design and build roads,

railways and buildings. BuroHappold is an engineering

company that helps do just that, working on urban

development projects. Most recently, they've consulted

on the redevelopment of the Battersea Power Station

in London - a huge redevelopment project of transport,

housing and retail, And the boss, Roger Nickells,

is with us in the studio. Welcome to the programme. It really

is fascinating, because, as we have mentioned with those statistics, the

number of us living in cities is growing by the day, and yet these

cities are having to develop and evolved to cope with the influx.

Absolutely, CDs today are more under pressure than ever before and as a

result they have got big challenges around infrastructure and how it

works, around providing real economies for people to work and

engage, and also dealing with huge social inequalities, really complex

challenges. Every city leader is faced with a different mix depending

on where their city sits across the globe. And when you throw into that

the shocks that inevitably happen around large-scale climate driven

events and things like that, you see this need for cities to be able to

plan and react and deal with things. That is what we are fixated on as

engineers, we are passionate about trying to find solutions to these

complex problems in city environments. On a personal level it

is clear why you would want to cut congestion, improve pollution and

housing and all of that, but from a business point of view, big

organisations will look around the world and say, we will not set up in

that city because the traffic is terrible, pollution is terrible, the

staff will not want to live there. Absolutely, trying to think about

where to invest and spend money to deal with those issues is a

challenge. When you throw into that the need for security and safety,

for people to feel secure and safe, resilience is such a big issue, this

ability to design a city to respond to shock. We have got some pictures

of the project in London, the Battersea Power Station. That has

been mired in controversy for years in terms of whether it would be

developed, what it would be used for. You can see residential

property is being built around it. What goes through your mind when

planning a project of this scale? On a large-scale project like this, it

is about matching the economic ambitions that the investor has and

also the way that a large-scale project reacts and drives the

community around it. A similar project to Battersea, the Olympic

regeneration, what that has done to reform Stratford, our work on that

project, taking a derelict site through to now, the environment

after the Olympics, creating new environments for all sorts of

developments, fascinating impact that positive design can have. In

terms of where you have worked, a diverse range of cities, London,

Detroit, Mumbai, Dubai, some magnificent, really enormous project

in every sense of the word. To what extent are these projects driven by

the funding and the money? With anything like Olympics regeneration

or the Battersea Power Station, there is always the question about

who is going to pay for it, whether it is the taxpayer or Private

investment, whether it is coming from China or what. It is really

difficult to find the balance that drives the economic response.

Infrastructure, spending on energy, those sorts of things are key, and

we have got an interesting tool, a resilience insight tool for city

leaders which sits on our website to enable anyone to look at their city

and work out what those priorities might be for them to make sure their

city has invested properly. You touched on natural disasters really

exposing the weaknesses in a city infrastructure, what lessons do

cities learn? We talked about Hurricane Sandy in New York,

evacuating after million people, the infrastructure, the subway had

stopped, how do you plan for that? It is difficult to plan but you look

first-hand at the mitigations you can put in place and what resources

exist to deal with the response. Hurricane Sandy in New York, a

classic example, the strength of the local communities coming together to

do simple things like creating mobile spots for people to land,

that CT response was what enabled New York to recover so quickly. It

has been great to have you on the programme, really interesting.

Thanks for coming in. While we are on the subject, talking about city

living, getting on the property ladder can be difficult wherever you

are in the world. But in Australia the property dream

is slipping away for many. It's now the world's third least

affordable place to buy after prices there have risen by more

than a third in the past five years. Our correspondent Phil Mercer

reports from Sydney. Competition for this property that

lies about half-an-hour drive from the centre of Sydney

has been intense. House prices in Australia's most

expensive city have soared by almost And many prospective buyers fear

being priced out of the market. We have a new baby and keep looking

on the market to find It's quite demoralising

at the moment. A coalition of charities wants to go

into partnership with first-time buyers who otherwise would be

locked out of the market. You take out a mortgage

for your share and the community housing provider will pay the rest

of a mortgage on that property. And, at some point, if your income

goes up, you can actually what we say is "staircase

up", buy another slice With a young family to support,

Claude Robinson, whose salary is above the national average,

says a shared ownership scheme is his only chance

of buying a home in Sydney, I earn a decent wage

of about $85,000 a year, but to try and support my family,

pay my rent and get a 10% deposit The old Australian dream of owning

a home is not a reality any more. That was a report by Phil Mercer

looking at the difficulties faced Brenda is back with us to discuss

the stories in the press. Everyone is talking about Ryan Moxie and the

fact his sponsors are dumping him like a hot potato. This is the US

Olympic swimmer who lied about what happened when he was in Rio for the

Olympics. Luke says, the sponsors were right

to drop Ryan Lochte for claimed, if he had not done that the sponsor

would be with him. Another says, he should be stripped

of his medals to send a message to others.

Brenda, your thoughts? I suppose it is one way of cracking down on

people who exaggerate the truth, and Ryan Lochte has lost a lot of

sponsorship. A Japanese sponsor dropped him last night. The likes of

speedo, the big ones. During this small window of being an athlete,

getting these endorsements and sponsorship deals is difficult in

the first place, and to lose them and get them back would be even more

difficult. Let's talk about Barbara Streisand,

we picked the Guardian but this is everywhere. She called Tim Cook, the

boss of Apple, to complain about how Siri pronounces her name! I have

been pronouncing it wrong all along! It is Streisand, not Strei-zand. She

called Tim Cook to get it fixed. He will do it in the end of September

update. Brenda, thank you for coming in, lovely to see you again.

Same time, same place. He will not be here, though, he will be doing

breakfast! See goodbye.

As you have probably heard, it is hotting up, but not for all.