23/08/2016 BBC Business Live


23/08/2016

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

:00:00.:00:00.

work from maternity leave. We will assess why.

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

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

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

:00:31.:00:43.

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

:00:44.:00:53.

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

:00:54.:00:58.

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

:00:59.:01:06.

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

:01:07.:01:22.

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

:01:23.:01:39.

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

:01:40.:01:45.

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

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

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

:01:59.:02:03.

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

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

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

:02:13.:02:23.

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

:02:24.:02:28.

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

:02:29.:02:37.

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

:02:38.:02:43.

happened across all educational happened across all educational

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

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

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

:02:58.:03:09.

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

:03:10.:03:15.

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

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

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

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

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

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

:03:52.:03:55.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

:05:38.:05:49.

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

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

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

:06:00.:06:12.

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

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

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

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Ryan Lochte has lost all of his major sponsors after falsely

:06:29.:06:31.

claiming he was robbed at gunpoint in Rio de Janiero.

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

:06:44.:06:54.

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

:06:55.:07:00.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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They will see whether the forthcoming speech will shed any

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

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

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

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

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

:09:18.:09:21.

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

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

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

:09:45.:09:49.

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

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housing information, low mortgage housing information, low mortgage

:09:55.:10:05.

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

:10:06.:10:13.

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

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

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just above average. Nice to see you, Brenda.

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

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

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

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

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will be looking for some kind of confirmation. Getting mixed

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

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

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such an interesting divergences in such an interesting divergences in

:11:30.:11:33.

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

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

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

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

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

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

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

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

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

:12:18.:12:24.

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

:12:25.:12:30.

come, is it possible to solve problems of overcrowding by

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

:12:36.:12:44.

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

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

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

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

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

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

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

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

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referendum but what is more revealing is the commentary about

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

:13:42.:13:47.

has increased economic uncertainty but customer interest has been

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

:13:57.:14:01.

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

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

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

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

:14:24.:14:32.

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

:14:33.:14:39.

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

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

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

:14:55.:15:05.

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

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

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but nonetheless there is some tough competition for the retailers.

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You're watching Business Live - our top story:

:15:18.:15:19.

New research says women who start a family will become

:15:20.:15:21.

progressively worse off compared to their male counterparts.

:15:22.:15:25.

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

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

:15:30.:15:34.

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

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

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rise! You might be waiting a while, we all

:15:48.:15:50.

will! A quick look at what the markets are

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

:15:57.:15:57.

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

:15:58.:16:05.

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

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what makes some towns and cities work properly,

:16:13.:16:14.

and others are mired in traffic gridlock,

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pollution and overcrowding? The United Nations says more

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

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

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

:16:26.:16:34.

railways and buildings. BuroHappold is an engineering

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company that helps do just that, working on urban

:16:40.:16:42.

development projects. Most recently, they've consulted

:16:43.:16:44.

on the redevelopment of the Battersea Power Station

:16:45.:16:47.

in London - a huge redevelopment project of transport,

:16:48.:16:51.

housing and retail, And the boss, Roger Nickells,

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

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

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

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

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

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result they have got big challenges around infrastructure and how it

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works, around providing real economies for people to work and

:17:29.:17:34.

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

:17:35.:17:38.

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

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

:17:43.:17:48.

the shocks that inevitably happen around large-scale climate driven

:17:49.:17:52.

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

:17:53.:17:58.

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

:17:59.:18:02.

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

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complex problems in city environments. On a personal level it

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

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

:18:15.:18:17.

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

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

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

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

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

:18:37.:18:41.

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

:18:42.:18:48.

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

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

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

:18:57.:18:59.

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

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

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

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is about matching the economic ambitions that the investor has and

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

:19:18.:19:24.

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

:19:25.:19:27.

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

:19:28.:19:32.

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

:19:33.:19:36.

after the Olympics, creating new environments for all sorts of

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developments, fascinating impact that positive design can have. In

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

:19:46.:19:54.

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

:19:55.:20:02.

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

:20:03.:20:08.

the funding and the money? With anything like Olympics regeneration

:20:09.:20:11.

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

:20:12.:20:15.

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

:20:16.:20:18.

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

:20:19.:20:25.

difficult to find the balance that drives the economic response.

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

:20:30.:20:34.

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

:20:35.:20:39.

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

:20:40.:20:43.

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

:20:44.:20:48.

city has invested properly. You touched on natural disasters really

:20:49.:20:53.

exposing the weaknesses in a city infrastructure, what lessons do

:20:54.:20:56.

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

:20:57.:21:04.

evacuating after million people, the infrastructure, the subway had

:21:05.:21:06.

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

:21:07.:21:09.

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

:21:10.:21:14.

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

:21:15.:21:19.

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

:21:20.:21:22.

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

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

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

:21:33.:21:37.

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

:21:38.:21:42.

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

:21:43.:21:43.

are in the world. But in Australia the property dream

:21:44.:21:50.

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

:21:51.:21:53.

affordable place to buy after prices there have risen by more

:21:54.:21:55.

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

:21:56.:21:59.

reports from Sydney. Competition for this property that

:22:00.:22:00.

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

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has been intense. House prices in Australia's most

:22:03.:22:04.

expensive city have soared by almost And many prospective buyers fear

:22:05.:22:07.

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

:22:08.:22:16.

on the market to find It's quite demoralising

:22:17.:22:23.

at the moment. A coalition of charities wants to go

:22:24.:22:29.

into partnership with first-time buyers who otherwise would be

:22:30.:22:31.

locked out of the market. You take out a mortgage

:22:32.:22:36.

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

:22:37.:22:39.

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

:22:40.:22:44.

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

:22:45.:22:47.

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

:22:48.:22:49.

Claude Robinson, whose salary is above the national average,

:22:50.:22:57.

says a shared ownership scheme is his only chance

:22:58.:23:00.

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

:23:01.:23:03.

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

:23:04.:23:14.

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

:23:15.:23:17.

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

:23:18.:23:26.

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

:23:27.:23:41.

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

:23:42.:23:46.

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

:23:47.:23:51.

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

:23:52.:23:55.

Olympics. Luke says, the sponsors were right

:23:56.:24:00.

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

:24:01.:24:03.

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

:24:04.:24:08.

of his medals to send a message to others.

:24:09.:24:12.

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

:24:13.:24:16.

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

:24:17.:24:24.

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

:24:25.:24:29.

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

:24:30.:24:33.

getting these endorsements and sponsorship deals is difficult in

:24:34.:24:36.

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

:24:37.:24:39.

difficult. Let's talk about Barbara Streisand,

:24:40.:24:42.

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

:24:43.:24:50.

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

:24:51.:25:02.

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

:25:03.:25:06.

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

:25:07.:25:14.

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

:25:15.:25:17.

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

:25:18.:25:28.

breakfast! See goodbye.

:25:29.:25:52.

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

:25:53.:25:54.

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