Browse content similar to 12/10/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:11. | :00:13. | |
Oil prices creep higher as major producers meet | :00:14. | :00:17. | |
But can they agree on moves to prop up the price of crude? | :00:18. | :00:27. | |
Live from London, that's our top story on Wednesday, 12th October. | :00:28. | :00:37. | |
Oil prices have rallied in recent weeks. | :00:38. | :00:41. | |
But the continued revival relies on producers agreeing | :00:42. | :00:43. | |
We'll assess what's at stake and what it means for us. | :00:44. | :00:52. | |
We'll hear from New York about the boom in the market | :00:53. | :01:00. | |
And after the FTSE 100 hit a record intraday high | :01:01. | :01:05. | |
in yesterday's session, all eyes on the market that's up | :01:06. | :01:08. | |
Future fashion, we'll find out about the gizmo that lets you try | :01:09. | :01:15. | |
clothes before you buy through your online avatar. | :01:16. | :01:26. | |
We're talking about second-hand sneakers later - we want to know - | :01:27. | :01:29. | |
Sally and I have our trainers in the studio, it is not pleasant! | :01:30. | :01:44. | |
The price of oil is in the spotlight once again as ministers from oil | :01:45. | :01:49. | |
They'll be hoping to hammer out a deal to boost crude prices | :01:50. | :01:54. | |
Today's meeting follows the announcement last month | :01:55. | :02:00. | |
from Opec that the oil cartel would cut production | :02:01. | :02:03. | |
for the first time since 2008 - by around 700,000 barrels a day. | :02:04. | :02:09. | |
That left key questions - which countries would reduce | :02:10. | :02:11. | |
In other words how will Opec share the burden among its members? | :02:12. | :02:18. | |
And that's expected to be the focus of a lot of the debate at today's | :02:19. | :02:25. | |
World Energy Congress - ahead of Opec's next official | :02:26. | :02:27. | |
But nonetheless, despite a lack of clarity about Opec's actions, | :02:28. | :02:33. | |
oil prices have been bouncing back in recent weeks. | :02:34. | :02:36. | |
In fact, they're up around 15% since September. | :02:37. | :02:38. | |
Well, prices have also been boosted by President Putin of Russia | :02:39. | :02:41. | |
announcing that the country will also limit production, | :02:42. | :02:44. | |
He's the Chief Executive of advisory boutique, | :02:45. | :02:55. | |
Good morning. As clear as mud as ever in terms of what they are | :02:56. | :03:04. | |
deciding, Opec members, non-OPEC members, but all eyes on Istanbul at | :03:05. | :03:09. | |
the moment for sure? That's right. There is in fairness to the rallying | :03:10. | :03:15. | |
markets some encouraging and positive rhetoric coming out of | :03:16. | :03:20. | |
Istanbul as we've rightly touched on both the warm noises from the Opec | :03:21. | :03:25. | |
Secretary-General around co-ordination within Opec and from | :03:26. | :03:32. | |
Russia's Vladimir Putin. The next month is going to be very | :03:33. | :03:35. | |
interesting in terms of the detail that will need to sit behind that to | :03:36. | :03:40. | |
make it robust. Do you think we will see agreement in Vienna? It is one | :03:41. | :03:43. | |
thing saying positive noises to the press and pushing up the price that | :03:44. | :03:47. | |
way, but it is another thing working it out in practise, who will bear | :03:48. | :03:55. | |
the brunt of the oil production? That's the huge question for next | :03:56. | :03:59. | |
month. In my view, the markets are rallying strongly on a fact pattern | :04:00. | :04:05. | |
that historically hasn't always gone through to delivery. I think Opec | :04:06. | :04:10. | |
has the carrot, but not always the sticks it needs to enforce within | :04:11. | :04:13. | |
its membership and I think they have got a tough month ahead. If they do | :04:14. | :04:19. | |
agree and are able to woo Iran and keep Saudi Arabia happy and all the | :04:20. | :04:22. | |
other members happy, Iraq, for example, what will it mean for oil | :04:23. | :04:26. | |
prices if we are looking at a 700,000 barrel per day less | :04:27. | :04:29. | |
outthere, to what extent will it boost the price do you think or has | :04:30. | :04:35. | |
it been priced? Look, certainly the markets are starting to price that | :04:36. | :04:37. | |
in. That 700,000 is significant. Part of the reason you see the | :04:38. | :04:42. | |
volatility in markets is the balance between over and under supply, is | :04:43. | :04:46. | |
very delicate at the moment. There is a lot of stored oil to be worked | :04:47. | :04:51. | |
through, but that volume is certainly significant where it | :04:52. | :04:54. | |
attained. Neil, thank you for joining us. In one answer, the price | :04:55. | :05:05. | |
of oil by the end of the year? I'd $50 to $55. That's where we are now. | :05:06. | :05:09. | |
The UK based airline Monarch says its received investment | :05:10. | :05:16. | |
worth around $202 million from its majority shareholder, | :05:17. | :05:18. | |
Reports suggested the firm was running dangerously short | :05:19. | :05:20. | |
of cash which would have prevented it renewing operating licences | :05:21. | :05:23. | |
Monarch has now renewed those ATOL licences for the next 12 months | :05:24. | :05:27. | |
and says the money will also help fund future growth plans. | :05:28. | :05:29. | |
The investment is the biggest in its 48 year history. | :05:30. | :05:33. | |
Japan's parliament has passed an extra spending package worth | :05:34. | :05:37. | |
$32 billion aimed at boosting the economy. | :05:38. | :05:41. | |
It will be funded by bonds, adding to Japan's already heavy | :05:42. | :05:44. | |
The money will be spent on infrastructure | :05:45. | :05:52. | |
projects and will boost wages for day-care workers. | :05:53. | :05:54. | |
The union representing workers at Hyundai Motor is set to resume | :05:55. | :05:57. | |
talks with the management in a bid to end their dispute for higher pay. | :05:58. | :06:00. | |
It follows months of industrial action including a nationwide | :06:01. | :06:02. | |
The walk-outs have already cost the company $2.6 billion | :06:03. | :06:07. | |
Samsung issued a profits warning. Our team in Asia will brief you on | :06:08. | :06:30. | |
that in a second. Monarch managed to retain a licence | :06:31. | :06:35. | |
as a deadline looms. This is key, isn't it for Monarch? This is the | :06:36. | :06:39. | |
biggest investment in the airline's 48 year history. It was teetering on | :06:40. | :06:44. | |
the brink of losing the licences, not having enough cash in reserve, | :06:45. | :06:50. | |
all part of it's Atol operating licence which means they should have | :06:51. | :06:53. | |
cash in reserve, but they didn't have. Now a big investment to secure | :06:54. | :06:56. | |
the future for now, for the airline. Samsung said they would halt | :06:57. | :07:19. | |
production of the Note 7 device. Samsung has slashed its | :07:20. | :07:28. | |
third-quarter profit forecasts - in the wake of the exploding phones | :07:29. | :07:30. | |
saga. Don't forget all this is happening | :07:31. | :07:39. | |
in right ahead of the holiday season which traditionally would give them | :07:40. | :07:43. | |
the most sales. So now they are cutting third quarter operating | :07:44. | :07:49. | |
profits. Previously it was closer to 7 billion. It cut its revenue | :07:50. | :07:53. | |
estimates for the quarterer by just under $2 billion. All of this, of | :07:54. | :07:59. | |
course, is a shorter term worry. It answers the shorter term questions | :08:00. | :08:03. | |
we have with Samsung, but it doesn't really answer the longer term | :08:04. | :08:08. | |
questions we have, the issues to do with the devices catching fire, are | :08:09. | :08:12. | |
those going to affect other models? If it has got to do with its | :08:13. | :08:17. | |
technology rather than the battery? It raises questions about what this | :08:18. | :08:26. | |
does to Samsung Electronic's reputation. At Samsung group, you | :08:27. | :08:32. | |
have issues with the leadership. The chairman is very ill. He is not | :08:33. | :08:36. | |
likely to come back to the Samsung Group. His son is going to take | :08:37. | :08:41. | |
over. Nobody knows whether he is fit to lead and this will raise | :08:42. | :08:50. | |
questions about how its companies are run. | :08:51. | :08:56. | |
It is a really interesting network for the big organisations | :08:57. | :08:58. | |
particularly in that part of the world. Christine for now, thank you | :08:59. | :09:04. | |
very much. A quick look at how the numbers | :09:05. | :09:10. | |
finished in ash yasmt Europe in the spotlight today after London's | :09:11. | :09:14. | |
footsie 100 hit a record high yesterday. | :09:15. | :09:27. | |
It is up 16% so par over the course of the year. | :09:28. | :09:38. | |
Let's hear from Michelle. Minutes from the latest meeting of the | :09:39. | :09:47. | |
federal verve's committee are published. Global markets are on | :09:48. | :09:52. | |
tenterhooks waiting for the next interest rise here in the United | :09:53. | :09:56. | |
States. For much of the year the committee, led by Fed chair, Janet | :09:57. | :10:00. | |
Yellen has been in favour of keeping rates on hold. But now, more and | :10:01. | :10:05. | |
more of the so-called hawks, those who favour tighter monetary policy, | :10:06. | :10:10. | |
insist that now is the time for a rate hike. Three of the ten | :10:11. | :10:16. | |
committee members voted to rise. Investors want to find out more | :10:17. | :10:21. | |
about their arguments and why the hawks haven't prevailed yet. For now | :10:22. | :10:24. | |
just about everyone thinks they will get their way come December. | :10:25. | :10:33. | |
We are joined by Richard Fletcher. The Fed minutes are out today, | :10:34. | :10:40. | |
discussing Janet Yellen etcetera. Just for those watching who don't | :10:41. | :10:44. | |
know what a hawk is, explain. Hawk and dove. It is to describe those | :10:45. | :10:49. | |
people who are hawkish about inflation, ie they're more likely to | :10:50. | :10:53. | |
raise interest rates than those who aren't and therefore are less likely | :10:54. | :10:57. | |
to raise rates. You talk about hawks, ie, and you talk about doves | :10:58. | :11:00. | |
on the committees that set rates for central banks. And in terms of what | :11:01. | :11:04. | |
your thoughts are about the minutes and what they might tell us? The | :11:05. | :11:08. | |
markets got quite excited. They're very much betting on a December rate | :11:09. | :11:13. | |
rise, 75% chance, but we have been here before. I sat here and said | :11:14. | :11:16. | |
that everyone is betting the Fed is going to raise rates and then they | :11:17. | :11:21. | |
haven't. So we had some good economic news last week out of the | :11:22. | :11:25. | |
US. We had some consumer confidence data. We had retail sales and that | :11:26. | :11:31. | |
was all good which that does suggest there might be a rate rise in | :11:32. | :11:32. | |
December. We have a meeting in December. We have a meeting in | :11:33. | :11:36. | |
November, but that's a week before the US Presidential elections so the | :11:37. | :11:40. | |
market seems to have ruled that out. Let's talk about the pound. The weak | :11:41. | :11:44. | |
pound pushing the FTSE very close, just shy of the all-time high, 7129, | :11:45. | :11:53. | |
we are looking at 7069 this morning. We have seen movements in the pound | :11:54. | :11:57. | |
that we don't normally see. The pound lost 4.9% over the previous | :11:58. | :12:02. | |
full trading sessions and in overnight Asia we saw a 1.5% bounce | :12:03. | :12:06. | |
and that's the largest rise in three months, but it is at very low levels | :12:07. | :12:10. | |
and that appears to be running out of steam a little bit as we move | :12:11. | :12:14. | |
into London trading. Richard, thank you very much. We | :12:15. | :12:19. | |
will get Richard's take on smelly sneakers later! | :12:20. | :12:27. | |
We will meet the firm that wants to dress you and style you all without | :12:28. | :12:31. | |
ever having to leave your house! Will it work? Stay tuned. You're | :12:32. | :12:43. | |
with Business Live from BBC News. Monarch secured their ATOL licence | :12:44. | :12:46. | |
for another year. Theo Leggett is in our | :12:47. | :12:49. | |
Business Newsroom. It secures their future in the | :12:50. | :12:55. | |
short-term? Absolutely. What this does really is under pins confidence | :12:56. | :13:00. | |
that Monarch has the financial where with all to keep operating. When it | :13:01. | :13:04. | |
was clear it was struggling to renew its ATOL licence that left | :13:05. | :13:07. | |
passengers worried that they might not able to get to their | :13:08. | :13:10. | |
destinations and their flights might be cancelled and there was a cloud | :13:11. | :13:15. | |
hanging over the airline's future. You don't get an ATOL licence | :13:16. | :13:18. | |
without having a strong financial bulwark behind you. That's what this | :13:19. | :13:22. | |
injection gives. To put it in prospective. This is $165 million. | :13:23. | :13:29. | |
When the owner of Monarch bought its majority stake, it paid ?125 | :13:30. | :13:32. | |
million, it is a significant cash injection. Critical they got this | :13:33. | :13:38. | |
licence at this time. We've interviewed the boss of Monarch. He | :13:39. | :13:42. | |
has been Business Live. The outlook for this company, flying low or | :13:43. | :13:45. | |
still turbulence ahead? They have money. They have reserves, but it is | :13:46. | :13:50. | |
a difficult environment. This is a holiday-focussed airline and many of | :13:51. | :13:55. | |
the destinations it has been flying to Tunisia, Turkey and Egypt, there | :13:56. | :14:00. | |
have been security problems so passengers don't want to fly there. | :14:01. | :14:06. | |
They can fly to other routes, but there is competition. Consumers have | :14:07. | :14:11. | |
seen there were financial issues relate to go this airline. There is | :14:12. | :14:15. | |
the price of airline fuel and the value of the pound. Airline fuel is | :14:16. | :14:19. | |
priced in dollars, the value of the pound has gone down, that means its | :14:20. | :14:22. | |
fuel bill has gone up. Of courts, when you have a low pound as well, | :14:23. | :14:26. | |
people see holidays abroad becoming more expensive, they are less likely | :14:27. | :14:29. | |
to book. So there are real clouds on the horizon. Yes, they're taking off | :14:30. | :14:33. | |
again. Yes, they've got the, they can stay in the air for the moment, | :14:34. | :14:38. | |
but the future is pretty unclear. A quick question, we are talking about | :14:39. | :14:42. | |
whether people would buy second-hand train sners Absolutely not. Have you | :14:43. | :14:47. | |
smelt mine? Theo, thank you very much. I | :14:48. | :14:51. | |
wouldn't buy Theo's. You'd have to pay me! | :14:52. | :15:01. | |
The maker of Oxo have given a trading update. Trading sales fell | :15:02. | :15:06. | |
by 4.5%, we were not making gravery in the month of September because it | :15:07. | :15:10. | |
was unusually warm. Perhaps more barbecues than Sunday roasts! | :15:11. | :15:14. | |
Ministers from oil-producing nations are meeting to try to hammer out | :15:15. | :15:19. | |
details of a deal to cut production of crude. | :15:20. | :15:23. | |
Prices have rallied in anticipation of such a cut, but further price | :15:24. | :15:30. | |
increases hinge on producers agreeing coordinated action. | :15:31. | :15:40. | |
The FTSE 100 doing well off the weaker pound, although the pound has | :15:41. | :15:46. | |
risen in overnight trade. Buying clothes can be | :15:47. | :15:48. | |
a pleasure for some, Especially if you take your kids | :15:49. | :15:50. | |
with the! If you fall into the latter | :15:51. | :15:58. | |
category, schlepping around the shops, traipsing back and forth | :15:59. | :16:00. | |
to the changing rooms, constantly seeking the right size | :16:01. | :16:03. | |
can be a genuine pain. But technology is coming | :16:04. | :16:05. | |
to the rescue, courtesy Metail allows you to build a virtual | :16:06. | :16:07. | |
model of yourself and try the clothes on in the digital world | :16:08. | :16:11. | |
before buying them. Set up in 2008, it now has more | :16:12. | :16:15. | |
than 3.5 million users Although it's a British company, | :16:16. | :16:19. | |
most of its customer growth has been in Asia, | :16:20. | :16:23. | |
with 79% of revenue coming It's not just the customers | :16:24. | :16:26. | |
who like it. Metail say their programme lifts | :16:27. | :16:31. | |
sales for retailers by 22% And with a 20% year-on-year growth, | :16:32. | :16:35. | |
it's forecast strong future growth. We have got the boss here. Thank you | :16:36. | :16:55. | |
for coming in. I had not heard about your company before meeting due | :16:56. | :16:59. | |
today, but when I read about what you do, I thought, perfect, because | :17:00. | :17:04. | |
I buy something online and it has to go back, and it must be an item | :17:05. | :17:07. | |
level retailers, dealing with the returns. Yes, it is a big problem. | :17:08. | :17:14. | |
It is not just for the retailers, but also for users, there is a lack | :17:15. | :17:19. | |
of confidence to buy online, when we live in a fast-paced economy where | :17:20. | :17:23. | |
people want convenience and they want things quick and fast. It is | :17:24. | :17:27. | |
the blending of physical stores on the high Street, we want the | :17:28. | :17:33. | |
convenience of online, but the reassurance of knowing it fits. We | :17:34. | :17:38. | |
want to be the best way in which a consumer can discover, share, shop | :17:39. | :17:44. | |
and wear fashion, by digitising the world's clothes and people. You take | :17:45. | :17:50. | |
pictures of them, you measure them? For the user it is about making the | :17:51. | :17:55. | |
process as quick as possible, so entering a few basic measurements to | :17:56. | :17:58. | |
create a 3-D version of yourself to try clothes on and see how they fit. | :17:59. | :18:05. | |
On the retail side, we built a fast and quick photo rigour to enable us | :18:06. | :18:12. | |
to shoot garments in 3-D three times cheaper than Amazon does in 2-D. It | :18:13. | :18:18. | |
is about doing it quickly and building a dataset on the size and | :18:19. | :18:22. | |
shape of people that can improve the efficiency of the supply chain. Are | :18:23. | :18:30. | |
you both selling clothes on your own website but also selling the | :18:31. | :18:32. | |
technology to other clothing retailers? Now we are a plug-in | :18:33. | :18:37. | |
service for retailers, we are about helping them with making the | :18:38. | :18:43. | |
shopping experience more fun and more efficient. But ultimately we | :18:44. | :18:47. | |
want the model to be used in any type of engagement with fashion, be | :18:48. | :18:54. | |
that trying on a dress in a magazine, sharing the outfit you | :18:55. | :18:58. | |
might wear for next week's party with your friends, so you don't end | :18:59. | :19:04. | |
up clashing, and you go into the store, the changing room queue is | :19:05. | :19:09. | |
long, you can try on the garment there and then. And you are offering | :19:10. | :19:13. | |
some of this information about body shapes and sizes and the changes to | :19:14. | :19:18. | |
the retailers, so they start making better fitting clothes? Yes, our big | :19:19. | :19:23. | |
partner in India starting to use our dataset to understand and change the | :19:24. | :19:29. | |
shape of clothing for the different democratics, so you have ten | :19:30. | :19:32. | |
different shapes of people, and they want to make those clothes did the | :19:33. | :19:36. | |
different demographics. One retailer, only 22% of their customer | :19:37. | :19:41. | |
base matched the way in which the clothes were cut, and by changing | :19:42. | :19:46. | |
the fit and shape, they could do a much better job and therefore | :19:47. | :19:50. | |
increased the confidence of their consumers and make a better | :19:51. | :19:53. | |
experience all round. You have been involved in all sorts of different | :19:54. | :19:57. | |
companies, what is next, once you have conquered this round? | :19:58. | :20:01. | |
Fundamentally I started this business to solve a problem for my | :20:02. | :20:08. | |
partner back then, wife now, she hated the whole experience of buying | :20:09. | :20:13. | |
clothing in-store and online, and we had to travel to Vietnam for her to | :20:14. | :20:19. | |
get the perfect dress in the shape that she wanted. I will be finished | :20:20. | :20:23. | |
with this problem when I have made her happy! We talk about this | :20:24. | :20:28. | |
looking nice, user-friendly, but there is a load of science behind | :20:29. | :20:34. | |
it. 13 Ph.D. Is in the team, we are working with machine learning, | :20:35. | :20:39. | |
artificial intelligence and robotics in the photography section. Would | :20:40. | :20:46. | |
you wear second-hand sneakers? These ones are box fresh. | :20:47. | :20:52. | |
The reason we are talking about it is... Would you buy these? These are | :20:53. | :21:02. | |
my second-hand trainers. These are mine! Check it out! | :21:03. | :21:04. | |
We know the market for trainers, or sneakers, is big business. | :21:05. | :21:07. | |
But did you know there's also a booming market for | :21:08. | :21:09. | |
And in New York, where else, one entrepreneur has opened a shop | :21:10. | :21:22. | |
And it's so successful, it's about to open a second shop. | :21:23. | :21:26. | |
Part of being fly and looking the best is topping off your outfit | :21:27. | :21:32. | |
I wanted to be the coolest, I had to have the best outfits. | :21:33. | :21:38. | |
My father would buy my sneakers and my mum would buy my clothes. | :21:39. | :21:46. | |
I have every sneaker now, I am known for having | :21:47. | :21:48. | |
He was taking advantage a bit, he had the audacity to ask for $50 | :21:49. | :21:56. | |
That is when I said, "When you give me my $50 back, | :21:57. | :22:05. | |
That was the first real nucleus of us coming up | :22:06. | :22:11. | |
The most expensive we have had, Air Max, they go for 10,000, | :22:12. | :22:24. | |
We have had others that go for 30,000. | :22:25. | :22:34. | |
Where do I go anywhere else in the world but do something better | :22:35. | :22:37. | |
than wake up with my son, go to sleep with my son, | :22:38. | :22:42. | |
Richard is back. I would not buy that! | :22:43. | :23:00. | |
Open to offers. They are size 12. | :23:01. | :23:05. | |
You are reducing your market already! I would not buy them | :23:06. | :23:09. | |
second-hand, but I wish my kids would, given how much they spend on | :23:10. | :23:15. | |
them. They are not quite at those levels! But they are quite | :23:16. | :23:21. | |
expensive. You have centres loads of tweets. Troy is based in Seattle, in | :23:22. | :23:27. | |
the Fox News room, he did a straw poll of those, 4-1 say no. | :23:28. | :23:33. | |
Another suggestion, it depends where they have been. Clearly you want | :23:34. | :23:37. | |
information about where they have been. Some suggestions, Tom says it | :23:38. | :23:45. | |
is because it all depends on whether they are limited edition and you | :23:46. | :23:48. | |
miss them when they were first issued. | :23:49. | :23:50. | |
I guess yours are not. They are not. | :23:51. | :23:57. | |
This is in the Times, Amazon has a fresh look at bricks and mortar. | :23:58. | :24:03. | |
Amazon opened a book store as an experiment, and in New York, you can | :24:04. | :24:09. | |
order your groceries, you do a click and collect, and you can also buy | :24:10. | :24:14. | |
those products that you buy from your convenience store that we all | :24:15. | :24:17. | |
use, your pint of milk, loaf of bread. This shift in shopping, we do | :24:18. | :24:25. | |
one big shop online, then we top up at convenience stores throughout the | :24:26. | :24:29. | |
week. The idea is that in New York at least Amazon will experiment with | :24:30. | :24:33. | |
opening these click and collect, convenience stores. It marks a | :24:34. | :24:43. | |
shift. It is about the convergence. We want the convenience of online, | :24:44. | :24:48. | |
but we don't necessarily want to wait in, we want to try things on, | :24:49. | :24:52. | |
and it is about blurring the boundaries. One of the surprises was | :24:53. | :24:57. | |
the popularity of click and collect, they thought it would be a small | :24:58. | :25:00. | |
part of their business, but consumers like it, because nobody | :25:01. | :25:05. | |
wants to wait in. In Sweden companies are introducing a six hour | :25:06. | :25:10. | |
working day. You would love that! It is on the basis that we waste 61% of | :25:11. | :25:14. | |
our day at work. If you want something done, ask a busy person! | :25:15. | :25:22. | |
Let shorten the day, stop wasting it, and the six hours includes a | :25:23. | :25:27. | |
mandatory one hour lunch break. The picture in this article is an empty | :25:28. | :25:31. | |
office, very trendy, with a big panda. That is spot if I's UK | :25:32. | :25:35. | |
office. Nothing like ours. Nice to see you. | :25:36. | :25:43. | |
Send us your offers for my trainers. See you soon, goodbye. | :25:44. | :26:09. | |
The weather is stuck in a rut today, similar to the last few days. Any | :26:10. | :26:16. | |
areas stayed right. Rather cloudy today, limited | :26:17. | :26:17. |