Browse content similar to 20/09/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Sally Bundock | :00:08. | :00:10. | |
World leaders are meeting to discuss the growing | :00:11. | :00:13. | |
problem of migration, and they're likely | :00:14. | :00:14. | |
Live from London, that's our focus on Tuesday the 20th of September. | :00:15. | :00:36. | |
An estimated 65 million people have fled their homes, | :00:37. | :00:42. | |
putting economic pressure on those countries that are taking them in. | :00:43. | :00:44. | |
We'll ask what's being done to easy the burden. | :00:45. | :00:48. | |
Also in the programme: China's creating a new national steel body | :00:49. | :00:51. | |
calling into question its promise to cut production. | :00:52. | :00:59. | |
And it is a mixed pic Jack on the European trade markets. We will talk | :01:00. | :01:07. | |
you through all you need to know. We'll also be getting | :01:08. | :01:10. | |
the Inside Track on the $120 billion boat industry with Captain Aaron | :01:11. | :01:13. | |
Heslehurst. Toilet! We are alive today and | :01:14. | :01:27. | |
all-day from the live Southampton boat show. -- Ahoy there! There are | :01:28. | :01:33. | |
lots of sales done here, and I will be back in about 20 minutes speaking | :01:34. | :01:40. | |
to the big boss of that super yacht right there, it is a sun-seeker. | :01:41. | :01:47. | |
As you can tell, it is a jam-packed show, so let's get cracking. | :01:48. | :01:58. | |
We start with the refugee crisis that's dominated so much | :01:59. | :02:00. | |
Global leaders are in New York for a summit on tackle the problem | :02:01. | :02:04. | |
and help those often fleeing war and persecution. | :02:05. | :02:06. | |
And they've got a huge task on their hands. | :02:07. | :02:13. | |
The United Nations estimates that more 65 million people | :02:14. | :02:15. | |
around the world have been forced from the homes. | :02:16. | :02:18. | |
And 80% of refugees are settled in developing economies like Jordan, | :02:19. | :02:21. | |
The World Bank is calling on world powers to help boost these | :02:22. | :02:32. | |
45 countries are expected to increase aid to displaced people | :02:33. | :02:43. | |
They're also expected to focus on creating | :02:44. | :02:46. | |
better access to jobs for one million refugees. | :02:47. | :02:49. | |
I spoke to Guy Ryder, Director General of | :02:50. | :02:51. | |
the International Labour Organisation who's in New York. | :02:52. | :02:53. | |
I asked him what he hopes will come out of this summit. | :02:54. | :02:59. | |
I think the first thing to say, and this is really to the fore in the | :03:00. | :03:07. | |
summit meeting here in New York is shared responsibility. It is simply | :03:08. | :03:10. | |
not reasonable or possible to expect those developing countries which by | :03:11. | :03:16. | |
the accident of geographical proximity are bearing most of the | :03:17. | :03:20. | |
responsibility alone. Shared responsibility is one part of the | :03:21. | :03:24. | |
job. But then very practical efforts to help out these countries. Labour | :03:25. | :03:30. | |
market access, I think we have to be clear, is a fundamental element of | :03:31. | :03:35. | |
the response to the refugee crisis. It is estimated that the average | :03:36. | :03:38. | |
stay of a refugee in their host country is 17 years. Those people | :03:39. | :03:44. | |
will work, they will find their way into labour markets one way or | :03:45. | :03:46. | |
another, and we have to manage that access. | :03:47. | :03:48. | |
Dr Carlos Vargas-Silva is an associate Professor | :03:49. | :03:50. | |
at The Centre on Migration, Policy, and Society. | :03:51. | :03:52. | |
Billions apparently will be pledged. Will it be enough? It is important | :03:53. | :04:08. | |
to pledge money for this situation. If you live in a country like Syria | :04:09. | :04:11. | |
and you go to a neighbouring country and cannot make a living, it means | :04:12. | :04:15. | |
that you are going to be a burden on the state because they have to | :04:16. | :04:19. | |
provide education for your children, health care and housing, so it is | :04:20. | :04:22. | |
important for donor countries to pledge more money. There seems to be | :04:23. | :04:29. | |
a big call for a global approach, a problem that spills over natural | :04:30. | :04:34. | |
borders -- national borders, but is that even possible given the | :04:35. | :04:36. | |
sentiment bubbling up through Europe? It is a difficult situation, | :04:37. | :04:42. | |
but if you pledge money to neighbouring countries, many of | :04:43. | :04:46. | |
those refugees coming to Europe can stay in those countries and | :04:47. | :04:50. | |
integrated local economies, so it is a way of helping local economies | :04:51. | :04:56. | |
deal with the refugees. The UK Prime Minister Theresa May will be telling | :04:57. | :05:01. | |
world leaders that it is very difficult to distinguish between | :05:02. | :05:05. | |
economic migrants and those who are genuinely fleeing persecution, and | :05:06. | :05:09. | |
she says that as a result, plenty of people are posing as refugees. Is it | :05:10. | :05:15. | |
actually possible in your view to legitimately and accurately | :05:16. | :05:18. | |
distinguish between the two? It is very difficult. If you leave a | :05:19. | :05:23. | |
country because you are escaping violence and you go to a | :05:24. | :05:26. | |
neighbouring country but you can't make a living, you have to keep on | :05:27. | :05:31. | |
migrating. You might be secure their that you can't make a living, so at | :05:32. | :05:36. | |
that point, you are moving to economic reasons, but the original | :05:37. | :05:40. | |
reason for leaving your country was violence and persecution, so it is | :05:41. | :05:44. | |
difficult to distinguish. Over half of the world's refugees are | :05:45. | :05:48. | |
children, and this means they don't necessarily have access to | :05:49. | :05:51. | |
education. Is there any sense of what that will do to the global | :05:52. | :05:56. | |
economy in the future? It means that the children don't get the education | :05:57. | :05:59. | |
at the moment and you have a problem, 20 years down the line. So | :06:00. | :06:04. | |
it is important to put emphasis on that, and that is one of the things | :06:05. | :06:08. | |
that has come out of the summit, the focus is on getting jobs to refugees | :06:09. | :06:11. | |
and giving the children proper education. Thank you very much for | :06:12. | :06:16. | |
your time. Let's have a look at some other | :06:17. | :06:18. | |
stories now. The boss of Wells Fargo | :06:19. | :06:22. | |
bank testifies before John Stumpf is expected to apologise | :06:23. | :06:23. | |
after allegations that bank employees created up to two million | :06:24. | :06:27. | |
unauthorised accounts to meet It's thought employees transferred | :06:28. | :06:29. | |
customers' money without telling them and even created fake e-mail | :06:30. | :06:33. | |
addresses to sign people up The European Union's top competition | :06:34. | :06:35. | |
regulator has stood by her decision to demand more than $14 billion | :06:36. | :06:50. | |
in tax repayments from Apple - and indicated she may investigate | :06:51. | :06:53. | |
other major US companies. Margrethe Vestager's decision to go | :06:54. | :06:55. | |
after Apple has sparked tensions with Washington, | :06:56. | :06:58. | |
which in turn said her actions US President Barack Obama has urged | :06:59. | :07:00. | |
China to accelerate measures to tackle overproduction | :07:01. | :07:07. | |
of industrial goods. China has been accused of dumping | :07:08. | :07:10. | |
products at low prices The President met Premier Li Keqiang | :07:11. | :07:13. | |
on the sidelines of the United Nations General Assembly | :07:14. | :07:20. | |
in New York. A quick look at the live page and a | :07:21. | :07:35. | |
developing story, this is Sports Direct, the retailer very much under | :07:36. | :07:39. | |
fire for its treatment of its staff. It has said its second review of | :07:40. | :07:42. | |
governance will now be done by an governance will now be done by an | :07:43. | :07:47. | |
independent party. He has been talking this morning to BBC | :07:48. | :07:50. | |
Breakfast. Mike Ashley, the founder of the | :07:51. | :07:54. | |
company, has been grilled by many about the practices of the company, | :07:55. | :07:58. | |
and this is what he had to say in an interview about ten minutes ago on | :07:59. | :08:02. | |
BBC breakfast. There are lots of hours in the week that I am not | :08:03. | :08:07. | |
there, it is open 365 days ee, 24 hours a day, so should I have no | :08:08. | :08:15. | |
more? Yes. Was I aware of some of things going on? Absolutely not. It | :08:16. | :08:21. | |
was odd isolated incidents, the rotten apple in the barrel that then | :08:22. | :08:25. | |
you think, now I have to go into the barrel and find the rotten apple. | :08:26. | :08:32. | |
Also in that interview, he may struggle to persuade people that the | :08:33. | :08:35. | |
working practices at his company have improved. He says that he flies | :08:36. | :08:38. | |
to work by helicopter and his cleaning lady got an ?80,000 bonus. | :08:39. | :08:44. | |
He admits himself that he is a bit of a PR nightmare, those were his | :08:45. | :08:48. | |
words. More about that interview on our | :08:49. | :08:49. | |
website. It's been a cautious trading session | :08:50. | :08:54. | |
in the Asia markets, cautious ahead of the Bank of Japan | :08:55. | :08:56. | |
policy meeting on Wednesday. Our Asia Business Correspondent | :08:57. | :08:59. | |
Karishma Vaswani is in Singapore That is right, and the Japanese yen | :09:00. | :09:02. | |
meeting today. That is right, and the Japanese yen | :09:03. | :09:13. | |
is strengthening ahead of that key meeting. It is also the US central | :09:14. | :09:21. | |
bank meeting that kicks off today and tomorrow, and both are headed | :09:22. | :09:27. | |
into two days of intense talks. And frankly, investors really don't know | :09:28. | :09:30. | |
why I think you are seeing this rush why I think you are seeing this rush | :09:31. | :09:34. | |
to save havens in Asian markets like the Japanese yen for example. | :09:35. | :09:39. | |
Monetary and the direction it is headed in is the big question for | :09:40. | :09:42. | |
investors, because if you look at the last three years of stimulus in | :09:43. | :09:45. | |
Japan, billions of dollars worth of money has been pumped into that | :09:46. | :09:50. | |
economy, but it has failed to boost growth or inflation, even negative | :09:51. | :09:56. | |
interest rates, the highly controversial policy that the | :09:57. | :09:58. | |
central bank implemented at the start of the year, that hasn't | :09:59. | :10:03. | |
helped either. So while investors in Asia are not expecting that much, | :10:04. | :10:09. | |
all eyes are on the bank of Japan and what it might do next. Thank you | :10:10. | :10:15. | |
very much, Karishma, and I'm sure we will hear from her this time | :10:16. | :10:18. | |
tomorrow we will know about the bank's actions. This is how the | :10:19. | :10:30. | |
Nikkei ended its session. Investors don't want to make any moves ahead | :10:31. | :10:33. | |
of that decision. That is Hong Kong on Wall Street the night before. In | :10:34. | :10:39. | |
Europe, the price of oil has fallen by about 1%, Brent Crude trading at | :10:40. | :10:47. | |
$45 a barrel. The FTSE down slightly, Germany up. Similar | :10:48. | :10:52. | |
sentiment in Europe as they tread water ahead of the decisions made | :10:53. | :10:54. | |
tomorrow by central banks. And Michelle Fleury has | :10:55. | :10:56. | |
the details about what's ahead The Federal reserve begins a two-day | :10:57. | :11:05. | |
monetary policy meeting this Tuesday, whatever the outcome, it is | :11:06. | :11:08. | |
bound to have an effect on the financial markets. Economists are | :11:09. | :11:12. | |
forecasting a rate rise this year, but perhaps not until December. The | :11:13. | :11:17. | |
odds of a September rate hike have fallen in recent weeks. There will | :11:18. | :11:21. | |
be some last-minute economic data for officials to continue, though. | :11:22. | :11:27. | |
US housing stock fell in August after rising in June and July. The | :11:28. | :11:31. | |
report will offer one indication of how strong the US economy is. And on | :11:32. | :11:36. | |
the earnings front, package delivery company FedEx reports its | :11:37. | :11:40. | |
first-quarter profits. Investors will be looking for any forward | :11:41. | :11:42. | |
guidance the company is offering ahead of the busy holiday season. | :11:43. | :11:45. | |
That is Michelle Fleury there. Joining us is Jane Sydenham, | :11:46. | :11:49. | |
Investment Director, Good morning to you. One of the | :11:50. | :11:56. | |
stocks on the move this morning, GSK, shares down about 15p at the | :11:57. | :12:02. | |
moment, that is down about 1%. Not a huge move given that we have a very | :12:03. | :12:07. | |
big announcement at the top. Yes, a new chief executive for the | :12:08. | :12:10. | |
business, a lady called Anna Walmsley who has been with the | :12:11. | :12:13. | |
business since 2010 heading their consumer products division. The | :12:14. | :12:17. | |
market is obviously a little uncertain, but I suspect it is just | :12:18. | :12:22. | |
market conditions generally. What is interesting about this is she is the | :12:23. | :12:27. | |
sixth FTSE 100 chief executive, and obviously some of the changes that | :12:28. | :12:30. | |
Philip Hampton has been trying to promote, trying to promote women in | :12:31. | :12:35. | |
senior management levels, clearly having some effect. And it is quite | :12:36. | :12:40. | |
a big deal, because she is the first woman to be heading up a Big Pharma | :12:41. | :12:48. | |
company, 47 years old, she has four children, this is very much the | :12:49. | :12:53. | |
story that people want to promote, anyone who wants to see more women | :12:54. | :12:58. | |
on boards, getting up there without forced quitters. Yes, there has been | :12:59. | :13:02. | |
some great progress in the last few years headed by Philip Hampton, | :13:03. | :13:06. | |
Vince Cable and so on, really trying to promote women and get them to | :13:07. | :13:11. | |
network with their seniors and just to get into that boardroom group so | :13:12. | :13:16. | |
that they can start to get to know the people they need to get to know | :13:17. | :13:19. | |
in order to be promoted in the same way that their male peers are. Now, | :13:20. | :13:23. | |
the outgoing boss, Andrew witty, was speaking to the BBC just before he | :13:24. | :13:28. | |
retires in March, and he was talking about some of the real challenges | :13:29. | :13:33. | |
ahead for GSK. It is not an easy company she is taking over. It | :13:34. | :13:37. | |
isn't. There has been a period where the company has been trying to move | :13:38. | :13:41. | |
away from developing blockbuster drugs to having a portfolio of | :13:42. | :13:44. | |
consumer businesses. They swapped some assets with Novartis in 2014, | :13:45. | :13:51. | |
partly consumer assets and some of their oncology drugs and so on, so | :13:52. | :13:56. | |
they have been trying to reposition themselves to a much more of a | :13:57. | :13:59. | |
consumer drugs company and less reliant on these blockbusters. | :14:00. | :14:03. | |
Really interesting, thank you very much. I know you are coming back to | :14:04. | :14:07. | |
take us through the papers. See you soon. | :14:08. | :14:13. | |
Emma Walmsley, do come on and be one of our Inside Track guests here on | :14:14. | :14:15. | |
Business Live! Congratulations. Still to come: We'll be getting | :14:16. | :14:20. | |
the Inside Track on the $120 billion global boat industry | :14:21. | :14:23. | |
with Captain Aaron Heslehurst. You have caught me! More than 600 | :14:24. | :14:32. | |
boats here in Southampton, and they vary in all shapes and sizes and | :14:33. | :14:38. | |
price. The smallest is a three metres $500 canoe, and the biggest, | :14:39. | :14:42. | |
one of the most expensive, we are on board right now and the master | :14:43. | :14:46. | |
bedroom, she cost $8 million. We have the big was coming on very | :14:47. | :14:50. | |
shortly to find out how the business is going, and who is buying them. I | :14:51. | :14:52. | |
will see you soon. And now a look at some | :14:53. | :14:57. | |
of the stories from around the UK. A financial scam takes place once | :14:58. | :15:10. | |
every 15 seconds. Our business correspondent | :15:11. | :15:13. | |
Theo Leggett has been looking Every 15 seconds? Yes, and these are | :15:14. | :15:20. | |
just the ones that slip through the net according to the umbrella body. | :15:21. | :15:26. | |
Seven out of every ?10 in fraud are prevented so these cases, more than | :15:27. | :15:30. | |
one million of them in the first-half of the year are the one | :15:31. | :15:33. | |
that is slip through the net and that includes credit card fraud and | :15:34. | :15:38. | |
chequebook fraud and remote banking. The industry is trying to encourage | :15:39. | :15:41. | |
people to sit back and think when they get a phone call out of the | :15:42. | :15:47. | |
blue asking them for their internet passwords or for their PIN number | :15:48. | :15:51. | |
and think whether or not it is the right information to be giving out | :15:52. | :15:55. | |
and to stress the fact that people shouldn't be given out Finn numbers | :15:56. | :16:00. | |
or passwords. A third of the people who are scammed thought they were | :16:01. | :16:03. | |
being scammed while they were being scammed and they wouldn't he want to | :16:04. | :16:09. | |
prevent that kind of thing. It happened to me, financial fraud, | :16:10. | :16:15. | |
some years ago. My bank refunded me the losses as it were. In this | :16:16. | :16:19. | |
country, the Banking Code says that, banks have to refund us. They must | :16:20. | :16:26. | |
behaving to pay huge amounts out? It fraud cost the industry ?750 | :16:27. | :16:30. | |
million. It is expected to be higher because the level of fraud is going | :16:31. | :16:36. | |
up. Card suppliers for example are obliged to refund fraud carried out | :16:37. | :16:40. | |
in an authorised way using credit cards, but that doesn't mean | :16:41. | :16:45. | |
everybody gets their money back. If you have willingly given your | :16:46. | :16:48. | |
confidential to a fraudster who is able to access your bank accounts or | :16:49. | :16:51. | |
use your credit card details or whatever the banks have a case for | :16:52. | :16:54. | |
saying that you enough have been negligent. It doesn't mean that | :16:55. | :16:57. | |
everybody who gets scam Liberal Democrat automatically get their | :16:58. | :17:00. | |
money back and that figure of three-quarters of a million pounds, | :17:01. | :17:03. | |
well that does include unfortunately losses which have been caught out by | :17:04. | :17:08. | |
ordinary people. If the banks are making losses, ultimately, it is the | :17:09. | :17:10. | |
customers who pay. We have got the British apple season | :17:11. | :17:26. | |
starting today. It is two weeks later than last year thanks to the | :17:27. | :17:28. | |
cold weather in 2016. Our top story, a call for collective | :17:29. | :17:33. | |
action on a global crisis. With more people forced | :17:34. | :17:38. | |
to flee their homes than at any time since World War II, world | :17:39. | :17:42. | |
leaders have come together at the United Nations today | :17:43. | :17:44. | |
promising to share responsibility. A quick look at how | :17:45. | :17:54. | |
markets are faring. One story and it is about Central | :17:55. | :18:03. | |
Bank action. A mixed picture in Europe. No staggering move in either | :18:04. | :18:09. | |
direction, but they are waiting for decisions from the Federal Reserve | :18:10. | :18:14. | |
and the Bank of Japan and we will be right across that this time | :18:15. | :18:15. | |
tomorrow. The global boating industry is worth | :18:16. | :18:17. | |
a staggering $120 billion and guess how many people it employs | :18:18. | :18:20. | |
in Europe alone? Despite its size, the sector is only | :18:21. | :18:22. | |
now getting the wind back in its sails after | :18:23. | :18:27. | |
the global financial crisis. One of the most important events | :18:28. | :18:30. | |
in the industry's European calendar is the Southampton Boat Show | :18:31. | :18:35. | |
on the South Coast of England. Hi girls. How are you? Welcome to | :18:36. | :18:54. | |
Southampton boat Show. As you can see I'm on the bridge if you will of | :18:55. | :18:59. | |
a super yacht at Southampton. I tell you what, girls, there are 600, more | :19:00. | :19:03. | |
than 600 actually boats on display here. You mentioned how important | :19:04. | :19:10. | |
this show is in terms of the whole circuit. It is important in terms of | :19:11. | :19:14. | |
the number of sales that are done here. Lots of sales. Nearly 400 | :19:15. | :19:19. | |
super yachts, a super yacht, I learned this, a super yacht is a | :19:20. | :19:23. | |
boat that's bigger than 24 meters long. So it is a big business. | :19:24. | :19:31. | |
Nearly 400 sold last year. We're going to try to go up here. We're | :19:32. | :19:36. | |
going to go into the main saloon. This yacht is worth about eight | :19:37. | :19:41. | |
million bucks. I bought us two. We're going sailing after this. She | :19:42. | :19:47. | |
is a Sun scoop seeker based in Poole in the United Kingdom, Phil joins | :19:48. | :19:51. | |
us. Thank you for allowing us on board this, she is OK, isn't she, | :19:52. | :19:56. | |
really? She is not a bad vessel! Let's get straight into it. How is | :19:57. | :19:59. | |
business? Business is really good for us a the moment. We have got | :20:00. | :20:05. | |
into the autumn show season, we started in Cannes two weeks ago. In | :20:06. | :20:11. | |
the first three days here we have sold ?20 million of yachts. These | :20:12. | :20:15. | |
shows are selling shows. It is an opportunity for our customers to see | :20:16. | :20:22. | |
a whole array of boats and we have got five brand-new models so it is a | :20:23. | :20:25. | |
chance for them to come and see them physically. You have all ranges and | :20:26. | :20:30. | |
sizes, you go even bigger, I believe. Some will say, OK, if we | :20:31. | :20:37. | |
compare it to buying a private jet. Some will go there is logic in | :20:38. | :20:41. | |
buying a private jet because time is money and business is international. | :20:42. | :20:44. | |
It is a tool. Some may say there is no logic in throwing ?10 million, | :20:45. | :20:49. | |
?20 million into a vessel like this? It is about leisure time. These | :20:50. | :20:52. | |
people that buy the yachts are very successful, they have made their | :20:53. | :20:56. | |
money and this is about how they want to live their private lives and | :20:57. | :21:00. | |
it is a great experience with their family, with their friends, they can | :21:01. | :21:05. | |
get away with it, and live in luxury in total privacy in some of the | :21:06. | :21:09. | |
nicest places in the world. Where is your growth market? Obvious growth | :21:10. | :21:14. | |
in terms of Asia, the Middle East, the United States is booming as well | :21:15. | :21:18. | |
and the luxury segment, but the world has become a richer place, the | :21:19. | :21:26. | |
ultra high worth individuals is expected to grow by 20%. One | :21:27. | :21:29. | |
interesting thing when I was doing research on there, not only you, but | :21:30. | :21:34. | |
your competitors in this category, some of the managing directors and | :21:35. | :21:39. | |
big bosses have come from car firms. You come from Jaguar Land Rover, | :21:40. | :21:44. | |
others have come from Bentley and McLaren. What's that about? We | :21:45. | :21:51. | |
design, manufacturer, sell and service luxury products. There is a | :21:52. | :21:54. | |
lot of learning that I can actually bring to the business, have done in | :21:55. | :21:58. | |
term of big business, big industry, disciplines and planning and that's | :21:59. | :22:03. | |
what we have put in place in Sun Seeker setting the business up for a | :22:04. | :22:09. | |
sustainable future. When you get the millionaires buying the boats, some | :22:10. | :22:11. | |
often ask for strange things on board, can you tell us one? I heard | :22:12. | :22:18. | |
one was a shooting range. So this man can shoot off his nine | :22:19. | :22:23. | |
milimetre? They're spend ago lot of money. It is close to their hearts. | :22:24. | :22:27. | |
We work with them in terms of their designers and features. You want to | :22:28. | :22:31. | |
limit how much weight comes on to a boat, but we have got a great design | :22:32. | :22:36. | |
team that work closely with our customers and end up together with | :22:37. | :22:43. | |
them, specify a beautiful yacht. Our customers are very private and you | :22:44. | :22:48. | |
wouldn't even know many of them when they walk on to the boat, you | :22:49. | :22:51. | |
wouldn't know who they are. They like to keep their lives private and | :22:52. | :22:56. | |
we will do all we can to actually make sure the feature they want, we | :22:57. | :23:00. | |
will put on the boat. I'm sure you will. Thank you very much. Girls | :23:01. | :23:06. | |
where do you want to go? Do you want to go to the Med? | :23:07. | :23:10. | |
STUDIO: Thanks, Aaron. Lovely, to see you. He does love his boats. | :23:11. | :23:17. | |
Boats, planes, I don't know what it will be next! Trains! | :23:18. | :23:21. | |
What other business stories has the media been | :23:22. | :23:23. | |
China creating a global steel champion just as there are concerns | :23:24. | :23:36. | |
that actually there is a huge amount of over capacity still in the | :23:37. | :23:37. | |
market? This is the merger between market? This is the merger between | :23:38. | :23:45. | |
some companies. In contravention to what was agreed at the G20 summit t | :23:46. | :23:51. | |
appears that will increase China's capacity in what they deem to be a | :23:52. | :23:58. | |
strategically important industry. There is huge over capacity and | :23:59. | :24:01. | |
that's forcing prices down across the world, affecting Europe and | :24:02. | :24:04. | |
affecting the United States, but the United States has responded with | :24:05. | :24:08. | |
some protectionist measures to some extent, but you know, it maybe that | :24:09. | :24:11. | |
Europe is going to have to do the same. Unless the capacity starts to | :24:12. | :24:21. | |
come down, which it might do if there is a huge merger, often when | :24:22. | :24:25. | |
you have two large companies coming together they start to reduce | :24:26. | :24:29. | |
capacity, but it doesn't look like China will deliver on that this | :24:30. | :24:33. | |
year. It is interesting timing. I know it has gone under the radar. | :24:34. | :24:44. | |
They have just hosted the G20 in Beijing and when Obama arrived, the | :24:45. | :24:48. | |
red carpet wasn't ready and he had to exit the plane through the back | :24:49. | :24:51. | |
door. It is really interesting how this is playing out? Yes. That's | :24:52. | :24:56. | |
because China has been struggling. The economy has been struggling and | :24:57. | :25:00. | |
they have to keep on with infrastructure spending in order | :25:01. | :25:03. | |
keep the going while they have been trying to slow things down. More | :25:04. | :25:09. | |
quick story for you in the Financial Times, man versus machine. Man comes | :25:10. | :25:14. | |
out on top if you are a trader. I think what I've worked out some | :25:15. | :25:19. | |
people genuinely have an instinct and a gut sense of how to trade and | :25:20. | :25:24. | |
undoubtedly some traders have the heightened sense of awareness of so | :25:25. | :25:28. | |
many different factors when they're trading that allow them just to make | :25:29. | :25:37. | |
superior decisions. Well, they know their audience the Financial Times. | :25:38. | :25:41. | |
They have put it on their front page today! Jane, thank you very much for | :25:42. | :25:45. | |
your time. We hope you have enjoyed Business | :25:46. | :25:49. | |
Live today. We will see you tomorrow. | :25:50. | :25:51. |