:00:11. > :00:13.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:14. > :00:17.Oil prices creep higher as major producers meet
:00:18. > :00:27.But can they agree on moves to prop up the price of crude?
:00:28. > :00:37.Live from London, that's our top story on Wednesday, 12th October.
:00:38. > :00:41.Oil prices have rallied in recent weeks.
:00:42. > :00:43.But the continued revival relies on producers agreeing
:00:44. > :00:52.We'll assess what's at stake and what it means for us.
:00:53. > :01:00.We'll hear from New York about the boom in the market
:01:01. > :01:05.And after the FTSE 100 hit a record intraday high
:01:06. > :01:08.in yesterday's session, all eyes on the market that's up
:01:09. > :01:15.Future fashion, we'll find out about the gizmo that lets you try
:01:16. > :01:26.clothes before you buy through your online avatar.
:01:27. > :01:29.We're talking about second-hand sneakers later - we want to know -
:01:30. > :01:44.Sally and I have our trainers in the studio, it is not pleasant!
:01:45. > :01:49.The price of oil is in the spotlight once again as ministers from oil
:01:50. > :01:54.They'll be hoping to hammer out a deal to boost crude prices
:01:55. > :02:00.Today's meeting follows the announcement last month
:02:01. > :02:03.from Opec that the oil cartel would cut production
:02:04. > :02:09.for the first time since 2008 - by around 700,000 barrels a day.
:02:10. > :02:11.That left key questions - which countries would reduce
:02:12. > :02:18.In other words how will Opec share the burden among its members?
:02:19. > :02:25.And that's expected to be the focus of a lot of the debate at today's
:02:26. > :02:27.World Energy Congress - ahead of Opec's next official
:02:28. > :02:33.But nonetheless, despite a lack of clarity about Opec's actions,
:02:34. > :02:36.oil prices have been bouncing back in recent weeks.
:02:37. > :02:38.In fact, they're up around 15% since September.
:02:39. > :02:41.Well, prices have also been boosted by President Putin of Russia
:02:42. > :02:44.announcing that the country will also limit production,
:02:45. > :02:55.He's the Chief Executive of advisory boutique,
:02:56. > :03:04.Good morning. As clear as mud as ever in terms of what they are
:03:05. > :03:09.deciding, Opec members, non-OPEC members, but all eyes on Istanbul at
:03:10. > :03:15.the moment for sure? That's right. There is in fairness to the rallying
:03:16. > :03:20.markets some encouraging and positive rhetoric coming out of
:03:21. > :03:25.Istanbul as we've rightly touched on both the warm noises from the Opec
:03:26. > :03:32.Secretary-General around co-ordination within Opec and from
:03:33. > :03:35.Russia's Vladimir Putin. The next month is going to be very
:03:36. > :03:40.interesting in terms of the detail that will need to sit behind that to
:03:41. > :03:43.make it robust. Do you think we will see agreement in Vienna? It is one
:03:44. > :03:47.thing saying positive noises to the press and pushing up the price that
:03:48. > :03:55.way, but it is another thing working it out in practise, who will bear
:03:56. > :03:59.the brunt of the oil production? That's the huge question for next
:04:00. > :04:05.month. In my view, the markets are rallying strongly on a fact pattern
:04:06. > :04:10.that historically hasn't always gone through to delivery. I think Opec
:04:11. > :04:13.has the carrot, but not always the sticks it needs to enforce within
:04:14. > :04:19.its membership and I think they have got a tough month ahead. If they do
:04:20. > :04:22.agree and are able to woo Iran and keep Saudi Arabia happy and all the
:04:23. > :04:26.other members happy, Iraq, for example, what will it mean for oil
:04:27. > :04:29.prices if we are looking at a 700,000 barrel per day less
:04:30. > :04:35.outthere, to what extent will it boost the price do you think or has
:04:36. > :04:37.it been priced? Look, certainly the markets are starting to price that
:04:38. > :04:42.in. That 700,000 is significant. Part of the reason you see the
:04:43. > :04:46.volatility in markets is the balance between over and under supply, is
:04:47. > :04:51.very delicate at the moment. There is a lot of stored oil to be worked
:04:52. > :04:54.through, but that volume is certainly significant where it
:04:55. > :05:05.attained. Neil, thank you for joining us. In one answer, the price
:05:06. > :05:09.of oil by the end of the year? I'd $50 to $55. That's where we are now.
:05:10. > :05:16.The UK based airline Monarch says its received investment
:05:17. > :05:18.worth around $202 million from its majority shareholder,
:05:19. > :05:20.Reports suggested the firm was running dangerously short
:05:21. > :05:23.of cash which would have prevented it renewing operating licences
:05:24. > :05:27.Monarch has now renewed those ATOL licences for the next 12 months
:05:28. > :05:29.and says the money will also help fund future growth plans.
:05:30. > :05:33.The investment is the biggest in its 48 year history.
:05:34. > :05:37.Japan's parliament has passed an extra spending package worth
:05:38. > :05:41.$32 billion aimed at boosting the economy.
:05:42. > :05:44.It will be funded by bonds, adding to Japan's already heavy
:05:45. > :05:52.The money will be spent on infrastructure
:05:53. > :05:54.projects and will boost wages for day-care workers.
:05:55. > :05:57.The union representing workers at Hyundai Motor is set to resume
:05:58. > :06:00.talks with the management in a bid to end their dispute for higher pay.
:06:01. > :06:02.It follows months of industrial action including a nationwide
:06:03. > :06:07.The walk-outs have already cost the company $2.6 billion
:06:08. > :06:30.Samsung issued a profits warning. Our team in Asia will brief you on
:06:31. > :06:35.that in a second. Monarch managed to retain a licence
:06:36. > :06:39.as a deadline looms. This is key, isn't it for Monarch? This is the
:06:40. > :06:44.biggest investment in the airline's 48 year history. It was teetering on
:06:45. > :06:50.the brink of losing the licences, not having enough cash in reserve,
:06:51. > :06:53.all part of it's Atol operating licence which means they should have
:06:54. > :06:56.cash in reserve, but they didn't have. Now a big investment to secure
:06:57. > :07:19.the future for now, for the airline. Samsung said they would halt
:07:20. > :07:28.production of the Note 7 device. Samsung has slashed its
:07:29. > :07:30.third-quarter profit forecasts - in the wake of the exploding phones
:07:31. > :07:39.saga. Don't forget all this is happening
:07:40. > :07:43.in right ahead of the holiday season which traditionally would give them
:07:44. > :07:49.the most sales. So now they are cutting third quarter operating
:07:50. > :07:53.profits. Previously it was closer to 7 billion. It cut its revenue
:07:54. > :07:59.estimates for the quarterer by just under $2 billion. All of this, of
:08:00. > :08:03.course, is a shorter term worry. It answers the shorter term questions
:08:04. > :08:08.we have with Samsung, but it doesn't really answer the longer term
:08:09. > :08:12.questions we have, the issues to do with the devices catching fire, are
:08:13. > :08:17.those going to affect other models? If it has got to do with its
:08:18. > :08:26.technology rather than the battery? It raises questions about what this
:08:27. > :08:32.does to Samsung Electronic's reputation. At Samsung group, you
:08:33. > :08:36.have issues with the leadership. The chairman is very ill. He is not
:08:37. > :08:41.likely to come back to the Samsung Group. His son is going to take
:08:42. > :08:50.over. Nobody knows whether he is fit to lead and this will raise
:08:51. > :08:56.questions about how its companies are run.
:08:57. > :08:58.It is a really interesting network for the big organisations
:08:59. > :09:04.particularly in that part of the world. Christine for now, thank you
:09:05. > :09:10.very much. A quick look at how the numbers
:09:11. > :09:14.finished in ash yasmt Europe in the spotlight today after London's
:09:15. > :09:27.footsie 100 hit a record high yesterday.
:09:28. > :09:38.It is up 16% so par over the course of the year.
:09:39. > :09:47.Let's hear from Michelle. Minutes from the latest meeting of the
:09:48. > :09:52.federal verve's committee are published. Global markets are on
:09:53. > :09:56.tenterhooks waiting for the next interest rise here in the United
:09:57. > :10:00.States. For much of the year the committee, led by Fed chair, Janet
:10:01. > :10:05.Yellen has been in favour of keeping rates on hold. But now, more and
:10:06. > :10:10.more of the so-called hawks, those who favour tighter monetary policy,
:10:11. > :10:16.insist that now is the time for a rate hike. Three of the ten
:10:17. > :10:21.committee members voted to rise. Investors want to find out more
:10:22. > :10:24.about their arguments and why the hawks haven't prevailed yet. For now
:10:25. > :10:33.just about everyone thinks they will get their way come December.
:10:34. > :10:40.We are joined by Richard Fletcher. The Fed minutes are out today,
:10:41. > :10:44.discussing Janet Yellen etcetera. Just for those watching who don't
:10:45. > :10:49.know what a hawk is, explain. Hawk and dove. It is to describe those
:10:50. > :10:53.people who are hawkish about inflation, ie they're more likely to
:10:54. > :10:57.raise interest rates than those who aren't and therefore are less likely
:10:58. > :11:00.to raise rates. You talk about hawks, ie, and you talk about doves
:11:01. > :11:04.on the committees that set rates for central banks. And in terms of what
:11:05. > :11:08.your thoughts are about the minutes and what they might tell us? The
:11:09. > :11:13.markets got quite excited. They're very much betting on a December rate
:11:14. > :11:16.rise, 75% chance, but we have been here before. I sat here and said
:11:17. > :11:21.that everyone is betting the Fed is going to raise rates and then they
:11:22. > :11:25.haven't. So we had some good economic news last week out of the
:11:26. > :11:31.US. We had some consumer confidence data. We had retail sales and that
:11:32. > :11:32.was all good which that does suggest there might be a rate rise in
:11:33. > :11:36.December. We have a meeting in December. We have a meeting in
:11:37. > :11:40.November, but that's a week before the US Presidential elections so the
:11:41. > :11:44.market seems to have ruled that out. Let's talk about the pound. The weak
:11:45. > :11:53.pound pushing the FTSE very close, just shy of the all-time high, 7129,
:11:54. > :11:57.we are looking at 7069 this morning. We have seen movements in the pound
:11:58. > :12:02.that we don't normally see. The pound lost 4.9% over the previous
:12:03. > :12:06.full trading sessions and in overnight Asia we saw a 1.5% bounce
:12:07. > :12:10.and that's the largest rise in three months, but it is at very low levels
:12:11. > :12:14.and that appears to be running out of steam a little bit as we move
:12:15. > :12:19.into London trading. Richard, thank you very much. We
:12:20. > :12:27.will get Richard's take on smelly sneakers later!
:12:28. > :12:31.We will meet the firm that wants to dress you and style you all without
:12:32. > :12:43.ever having to leave your house! Will it work? Stay tuned. You're
:12:44. > :12:46.with Business Live from BBC News. Monarch secured their ATOL licence
:12:47. > :12:49.for another year. Theo Leggett is in our
:12:50. > :12:55.Business Newsroom. It secures their future in the
:12:56. > :13:00.short-term? Absolutely. What this does really is under pins confidence
:13:01. > :13:04.that Monarch has the financial where with all to keep operating. When it
:13:05. > :13:07.was clear it was struggling to renew its ATOL licence that left
:13:08. > :13:10.passengers worried that they might not able to get to their
:13:11. > :13:15.destinations and their flights might be cancelled and there was a cloud
:13:16. > :13:18.hanging over the airline's future. You don't get an ATOL licence
:13:19. > :13:22.without having a strong financial bulwark behind you. That's what this
:13:23. > :13:29.injection gives. To put it in prospective. This is $165 million.
:13:30. > :13:32.When the owner of Monarch bought its majority stake, it paid ?125
:13:33. > :13:38.million, it is a significant cash injection. Critical they got this
:13:39. > :13:42.licence at this time. We've interviewed the boss of Monarch. He
:13:43. > :13:45.has been Business Live. The outlook for this company, flying low or
:13:46. > :13:50.still turbulence ahead? They have money. They have reserves, but it is
:13:51. > :13:55.a difficult environment. This is a holiday-focussed airline and many of
:13:56. > :14:00.the destinations it has been flying to Tunisia, Turkey and Egypt, there
:14:01. > :14:06.have been security problems so passengers don't want to fly there.
:14:07. > :14:11.They can fly to other routes, but there is competition. Consumers have
:14:12. > :14:15.seen there were financial issues relate to go this airline. There is
:14:16. > :14:19.the price of airline fuel and the value of the pound. Airline fuel is
:14:20. > :14:22.priced in dollars, the value of the pound has gone down, that means its
:14:23. > :14:26.fuel bill has gone up. Of courts, when you have a low pound as well,
:14:27. > :14:29.people see holidays abroad becoming more expensive, they are less likely
:14:30. > :14:33.to book. So there are real clouds on the horizon. Yes, they're taking off
:14:34. > :14:38.again. Yes, they've got the, they can stay in the air for the moment,
:14:39. > :14:42.but the future is pretty unclear. A quick question, we are talking about
:14:43. > :14:47.whether people would buy second-hand train sners Absolutely not. Have you
:14:48. > :14:51.smelt mine? Theo, thank you very much. I
:14:52. > :15:01.wouldn't buy Theo's. You'd have to pay me!
:15:02. > :15:06.The maker of Oxo have given a trading update. Trading sales fell
:15:07. > :15:10.by 4.5%, we were not making gravery in the month of September because it
:15:11. > :15:14.was unusually warm. Perhaps more barbecues than Sunday roasts!
:15:15. > :15:19.Ministers from oil-producing nations are meeting to try to hammer out
:15:20. > :15:23.details of a deal to cut production of crude.
:15:24. > :15:30.Prices have rallied in anticipation of such a cut, but further price
:15:31. > :15:40.increases hinge on producers agreeing coordinated action.
:15:41. > :15:46.The FTSE 100 doing well off the weaker pound, although the pound has
:15:47. > :15:48.risen in overnight trade. Buying clothes can be
:15:49. > :15:50.a pleasure for some, Especially if you take your kids
:15:51. > :15:58.with the! If you fall into the latter
:15:59. > :16:00.category, schlepping around the shops, traipsing back and forth
:16:01. > :16:03.to the changing rooms, constantly seeking the right size
:16:04. > :16:05.can be a genuine pain. But technology is coming
:16:06. > :16:07.to the rescue, courtesy Metail allows you to build a virtual
:16:08. > :16:11.model of yourself and try the clothes on in the digital world
:16:12. > :16:15.before buying them. Set up in 2008, it now has more
:16:16. > :16:19.than 3.5 million users Although it's a British company,
:16:20. > :16:23.most of its customer growth has been in Asia,
:16:24. > :16:26.with 79% of revenue coming It's not just the customers
:16:27. > :16:31.who like it. Metail say their programme lifts
:16:32. > :16:35.sales for retailers by 22% And with a 20% year-on-year growth,
:16:36. > :16:55.it's forecast strong future growth. We have got the boss here. Thank you
:16:56. > :16:59.for coming in. I had not heard about your company before meeting due
:17:00. > :17:04.today, but when I read about what you do, I thought, perfect, because
:17:05. > :17:07.I buy something online and it has to go back, and it must be an item
:17:08. > :17:14.level retailers, dealing with the returns. Yes, it is a big problem.
:17:15. > :17:19.It is not just for the retailers, but also for users, there is a lack
:17:20. > :17:23.of confidence to buy online, when we live in a fast-paced economy where
:17:24. > :17:27.people want convenience and they want things quick and fast. It is
:17:28. > :17:33.the blending of physical stores on the high Street, we want the
:17:34. > :17:38.convenience of online, but the reassurance of knowing it fits. We
:17:39. > :17:44.want to be the best way in which a consumer can discover, share, shop
:17:45. > :17:50.and wear fashion, by digitising the world's clothes and people. You take
:17:51. > :17:55.pictures of them, you measure them? For the user it is about making the
:17:56. > :17:58.process as quick as possible, so entering a few basic measurements to
:17:59. > :18:05.create a 3-D version of yourself to try clothes on and see how they fit.
:18:06. > :18:12.On the retail side, we built a fast and quick photo rigour to enable us
:18:13. > :18:18.to shoot garments in 3-D three times cheaper than Amazon does in 2-D. It
:18:19. > :18:22.is about doing it quickly and building a dataset on the size and
:18:23. > :18:30.shape of people that can improve the efficiency of the supply chain. Are
:18:31. > :18:32.you both selling clothes on your own website but also selling the
:18:33. > :18:37.technology to other clothing retailers? Now we are a plug-in
:18:38. > :18:43.service for retailers, we are about helping them with making the
:18:44. > :18:47.shopping experience more fun and more efficient. But ultimately we
:18:48. > :18:54.want the model to be used in any type of engagement with fashion, be
:18:55. > :18:58.that trying on a dress in a magazine, sharing the outfit you
:18:59. > :19:04.might wear for next week's party with your friends, so you don't end
:19:05. > :19:09.up clashing, and you go into the store, the changing room queue is
:19:10. > :19:13.long, you can try on the garment there and then. And you are offering
:19:14. > :19:18.some of this information about body shapes and sizes and the changes to
:19:19. > :19:23.the retailers, so they start making better fitting clothes? Yes, our big
:19:24. > :19:29.partner in India starting to use our dataset to understand and change the
:19:30. > :19:32.shape of clothing for the different democratics, so you have ten
:19:33. > :19:36.different shapes of people, and they want to make those clothes did the
:19:37. > :19:41.different demographics. One retailer, only 22% of their customer
:19:42. > :19:46.base matched the way in which the clothes were cut, and by changing
:19:47. > :19:50.the fit and shape, they could do a much better job and therefore
:19:51. > :19:53.increased the confidence of their consumers and make a better
:19:54. > :19:57.experience all round. You have been involved in all sorts of different
:19:58. > :20:01.companies, what is next, once you have conquered this round?
:20:02. > :20:08.Fundamentally I started this business to solve a problem for my
:20:09. > :20:13.partner back then, wife now, she hated the whole experience of buying
:20:14. > :20:19.clothing in-store and online, and we had to travel to Vietnam for her to
:20:20. > :20:23.get the perfect dress in the shape that she wanted. I will be finished
:20:24. > :20:28.with this problem when I have made her happy! We talk about this
:20:29. > :20:34.looking nice, user-friendly, but there is a load of science behind
:20:35. > :20:39.it. 13 Ph.D. Is in the team, we are working with machine learning,
:20:40. > :20:46.artificial intelligence and robotics in the photography section. Would
:20:47. > :20:52.you wear second-hand sneakers? These ones are box fresh.
:20:53. > :21:02.The reason we are talking about it is... Would you buy these? These are
:21:03. > :21:04.my second-hand trainers. These are mine! Check it out!
:21:05. > :21:07.We know the market for trainers, or sneakers, is big business.
:21:08. > :21:09.But did you know there's also a booming market for
:21:10. > :21:22.And in New York, where else, one entrepreneur has opened a shop
:21:23. > :21:26.And it's so successful, it's about to open a second shop.
:21:27. > :21:32.Part of being fly and looking the best is topping off your outfit
:21:33. > :21:38.I wanted to be the coolest, I had to have the best outfits.
:21:39. > :21:46.My father would buy my sneakers and my mum would buy my clothes.
:21:47. > :21:48.I have every sneaker now, I am known for having
:21:49. > :21:56.He was taking advantage a bit, he had the audacity to ask for $50
:21:57. > :22:05.That is when I said, "When you give me my $50 back,
:22:06. > :22:11.That was the first real nucleus of us coming up
:22:12. > :22:24.The most expensive we have had, Air Max, they go for 10,000,
:22:25. > :22:34.We have had others that go for 30,000.
:22:35. > :22:37.Where do I go anywhere else in the world but do something better
:22:38. > :22:42.than wake up with my son, go to sleep with my son,
:22:43. > :23:00.Richard is back. I would not buy that!
:23:01. > :23:05.Open to offers. They are size 12.
:23:06. > :23:09.You are reducing your market already! I would not buy them
:23:10. > :23:15.second-hand, but I wish my kids would, given how much they spend on
:23:16. > :23:21.them. They are not quite at those levels! But they are quite
:23:22. > :23:27.expensive. You have centres loads of tweets. Troy is based in Seattle, in
:23:28. > :23:33.the Fox News room, he did a straw poll of those, 4-1 say no.
:23:34. > :23:37.Another suggestion, it depends where they have been. Clearly you want
:23:38. > :23:45.information about where they have been. Some suggestions, Tom says it
:23:46. > :23:48.is because it all depends on whether they are limited edition and you
:23:49. > :23:50.miss them when they were first issued.
:23:51. > :23:57.I guess yours are not. They are not.
:23:58. > :24:03.This is in the Times, Amazon has a fresh look at bricks and mortar.
:24:04. > :24:09.Amazon opened a book store as an experiment, and in New York, you can
:24:10. > :24:14.order your groceries, you do a click and collect, and you can also buy
:24:15. > :24:17.those products that you buy from your convenience store that we all
:24:18. > :24:25.use, your pint of milk, loaf of bread. This shift in shopping, we do
:24:26. > :24:29.one big shop online, then we top up at convenience stores throughout the
:24:30. > :24:33.week. The idea is that in New York at least Amazon will experiment with
:24:34. > :24:43.opening these click and collect, convenience stores. It marks a
:24:44. > :24:48.shift. It is about the convergence. We want the convenience of online,
:24:49. > :24:52.but we don't necessarily want to wait in, we want to try things on,
:24:53. > :24:57.and it is about blurring the boundaries. One of the surprises was
:24:58. > :25:00.the popularity of click and collect, they thought it would be a small
:25:01. > :25:05.part of their business, but consumers like it, because nobody
:25:06. > :25:10.wants to wait in. In Sweden companies are introducing a six hour
:25:11. > :25:14.working day. You would love that! It is on the basis that we waste 61% of
:25:15. > :25:22.our day at work. If you want something done, ask a busy person!
:25:23. > :25:27.Let shorten the day, stop wasting it, and the six hours includes a
:25:28. > :25:31.mandatory one hour lunch break. The picture in this article is an empty
:25:32. > :25:35.office, very trendy, with a big panda. That is spot if I's UK
:25:36. > :25:43.office. Nothing like ours. Nice to see you.
:25:44. > :26:09.Send us your offers for my trainers. See you soon, goodbye.
:26:10. > :26:16.The weather is stuck in a rut today, similar to the last few days. Any
:26:17. > :26:17.areas stayed right. Rather cloudy today, limited