Browse content similar to 12/12/2016. 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. | :00:07. | :00:13. | |
Oil prices surge after producing nations agree a cut in output. | :00:14. | :00:17. | |
Live from London, that's our top story on Monday | :00:18. | :00:22. | |
It's taken a while, but both Opec and non-Opec nations have finally | :00:23. | :00:38. | |
They're hoping to end more than two years of low oil prices. | :00:39. | :00:48. | |
Spanning the globe in a single leap. | :00:49. | :00:50. | |
Now travellers can fly non-stop from Australia to the UK. | :00:51. | :00:55. | |
We'll get the details from our Asia business hub. | :00:56. | :00:59. | |
And after more record rises on global stock markets - | :01:00. | :01:01. | |
that rise in crude prices has also pushed the numbers higher. | :01:02. | :01:04. | |
And we'll be getting the Inside Track on an energy | :01:05. | :01:13. | |
company that's electrifying African homes and businesses with a little | :01:14. | :01:15. | |
We'll be telling you how a little later. | :01:16. | :01:21. | |
It's being reported that Amazon workers have been sleeping in tents | :01:22. | :01:23. | |
close to the company's warehouse in Scotland. | :01:24. | :01:30. | |
Today we want to know what lengths have you gone to to be close | :01:31. | :01:34. | |
to your workplace in order to save time and money? | :01:35. | :01:36. | |
A very warm welcome to the programme. We are starting with oil. | :01:37. | :01:50. | |
Oil prices have surged in overnight trading. | :01:51. | :01:52. | |
Brent crude rose as high as $57.89 per barrel, | :01:53. | :01:54. | |
It has fallen back a little since then and a short while ago | :01:55. | :02:00. | |
it was trading at $56.64, still up 4%. | :02:01. | :02:04. | |
Well, the rise in prices comes after an historic deal was brokered | :02:05. | :02:13. | |
over the weekend at the Opec HQ in Vienna. | :02:14. | :02:17. | |
Opec of course is the cartel of oil-producing nations - | :02:18. | :02:19. | |
Saudi Arabia, the world's biggest oil exporter, | :02:20. | :02:25. | |
has committed to cuts of almost 500,000 barrels | :02:26. | :02:29. | |
In response, other non-Opec members - including Russia - | :02:30. | :02:42. | |
also agreed to cut their output in order to boost prices. | :02:43. | :02:44. | |
They are pledging to slash output by 558,000 barrels per day. | :02:45. | :02:47. | |
Also there were producers representing Azerbaijan, | :02:48. | :02:48. | |
Oman, Mexico, Malaysia, Sudan, South Sudan and Bahrain. | :02:49. | :02:54. | |
The moves come after more than two years of low oil prices, which have | :02:55. | :02:58. | |
The deal marks the first global pact for 15 years. | :02:59. | :03:08. | |
Manouchehr Takin, International oil and energy consultant is with me. | :03:09. | :03:19. | |
As Ben says, this is key, because you have Opec and non-OPEC members | :03:20. | :03:32. | |
agreeing. Yes, we have to remember that from January onwards they will | :03:33. | :03:38. | |
start cutting gradually, so they haven't reduced yet, but the market | :03:39. | :03:45. | |
despite sceptic and negative commentators, the market has reacted | :03:46. | :03:50. | |
positively. My feeling was that Opec would agree, and now they and | :03:51. | :03:58. | |
non-OPEC are agreeing. As you say, there are sceptics out there about | :03:59. | :04:00. | |
whether these countries would deliver on the promise in the New | :04:01. | :04:04. | |
Year. What makes you think they will do this time? Because it has taken | :04:05. | :04:10. | |
two years, the stand-off, who is going to blink first, and they have | :04:11. | :04:14. | |
all blinked together. Because they are all losing, so the amount of | :04:15. | :04:19. | |
reduction of volume they do compared with the increase in price, the | :04:20. | :04:25. | |
total revenue will be higher for all of them. And just to say that try to | :04:26. | :04:32. | |
counter that scepticism, Opec are saying we are having a meeting in | :04:33. | :04:34. | |
Vienna in May next year to review how it is all going. Yes, they are | :04:35. | :04:41. | |
setting up a steering committee. They had this before on previous | :04:42. | :04:45. | |
occasions, but they are serious. All these mechanisms are there, but they | :04:46. | :04:52. | |
will have change, if one country over produces, it will be seen in | :04:53. | :04:58. | |
the statistics. Mostly they have all suffered, even Saudi Arabia, the | :04:59. | :05:02. | |
richest country, has gone to loans and debt, so they are all cutting, a | :05:03. | :05:11. | |
little bit of price going up, it is worth their while. Just briefly, | :05:12. | :05:17. | |
Manouchehr, when this all kicks in on the production cuts take effect, | :05:18. | :05:20. | |
what are we looking at? That is the million dollar question, but they | :05:21. | :05:26. | |
are definitely up, we go to $60, $70. I don't think it will go much | :05:27. | :05:32. | |
higher. Opec is hoping for something about $60 or a little bit more, | :05:33. | :05:36. | |
because shale oil and other producers have come back a little, | :05:37. | :05:40. | |
and they will increase supply, and that will cap the price. The price | :05:41. | :05:45. | |
cannot go up that much. Manouchehr, thank you viewer time. Many energy | :05:46. | :05:50. | |
stocks higher, the likes of BP and Shelter trading higher today. | :05:51. | :05:55. | |
The Venezuelan government has announced it will replace | :05:56. | :05:59. | |
the country's highest denomination bank notes - the 100-bolivar note - | :06:00. | :06:02. | |
It hopes the move will combat smuggling and tackle | :06:03. | :06:06. | |
the chronic shortage of food and other basic items. | :06:07. | :06:09. | |
President Nicolas Maduro says smuggling gangs that operate | :06:10. | :06:11. | |
in border areas won't have time to repatriate the money. | :06:12. | :06:17. | |
A similar move in India recently caused chaos. | :06:18. | :06:22. | |
State carrier Iran Air has signed a deal to buy 80 passenger planes | :06:23. | :06:25. | |
It is the biggest US-Iran deal since the 1979 Islamic revolution. | :06:26. | :06:42. | |
Boeing says the deal is worth $16.6 billion | :06:43. | :06:44. | |
at current list prices, and had been approved | :06:45. | :06:46. | |
The first planes are scheduled for delivery in 2018. | :06:47. | :06:49. | |
It's being reported that Italy is ready to pump capital into Monte | :06:50. | :06:52. | |
dei Paschi di Siena, if the ailing bank fails to raise | :06:53. | :06:54. | |
the money it needs from investors to remain in business. | :06:55. | :06:57. | |
A source at the Italian Treasury is quoted as saying that "The bank's | :06:58. | :07:00. | |
existence and its clients' savings will be preserved under | :07:01. | :07:02. | |
On Sunday the bank had announced it would go ahead with plans to seek | :07:03. | :07:06. | |
It is a brand-new week, and we are struggling with technology. They | :07:07. | :07:21. | |
might not notice! We are just trying to find the live page, and we have a | :07:22. | :07:26. | |
new iPad, you may notice. We can't get the pictures to load on the | :07:27. | :07:31. | |
website. I have got it! But there are no pictures, for some reason. | :07:32. | :07:36. | |
Guys in the office, can you sort the pictures out, please? There we go! | :07:37. | :07:44. | |
We have a picture! You can tell it is a Monday morning, can't you? Some | :07:45. | :07:49. | |
of the stories they are covering, Italy is the story of the day, | :07:50. | :08:02. | |
because as we just mentioned there, Monte dei Paschi will be preserved, | :08:03. | :08:05. | |
that is crucial because that is the one that is most at risk as far as | :08:06. | :08:09. | |
debts are concerned in Italy. And shares are up in Italy on that | :08:10. | :08:11. | |
story. Australia is to build | :08:12. | :08:17. | |
a new airport in Sydney, PM Malcolm Turnbull gave the project | :08:18. | :08:20. | |
the green light just hours after it was confirmed that | :08:21. | :08:24. | |
new direct flights are to be launched between | :08:25. | :08:26. | |
Australia and the UK. It is quite phenomenal where we are | :08:27. | :08:39. | |
today given that in the 1930s when they first tried to get from London | :08:40. | :08:45. | |
to Australia by plane. That's right, but the deal to build Sydney's | :08:46. | :08:52. | |
second airport comes after seven decades of political squabbling, so | :08:53. | :08:56. | |
it is also big deal. It will be built at Badger's Creek, and the | :08:57. | :09:05. | |
first runway will open in 2020, and will take about a quarter of | :09:06. | :09:10. | |
Sydney's current capacity. Qantas announced plans to fly nonstop | :09:11. | :09:20. | |
between London and Australia, the 17 hour flight will start in March 2018 | :09:21. | :09:25. | |
from London to Perth. This is just about boosting visitor numbers. The | :09:26. | :09:29. | |
new airport is central to Prime Minister Malcolm Turnbull's drive to | :09:30. | :09:36. | |
keep the economy turning over after the end of the money drive. Think | :09:37. | :09:40. | |
about how many films you will be able to watch in 17 hours on that | :09:41. | :09:44. | |
flight! Let me show you the market numbers. That is what has happened | :09:45. | :09:49. | |
in Asia, heading higher as a result of the stronger oil price. And that | :09:50. | :09:54. | |
is what you need to know as far as oil is concerned. A similar picture | :09:55. | :09:59. | |
we should savour Brent Crude listed in the UK. But let's take you to | :10:00. | :10:09. | |
Europe. We will keep a watch on events, markets tending to be | :10:10. | :10:13. | |
looking towards the US about what happens as far as Donald Trump is | :10:14. | :10:16. | |
concerned, that business friendly rhetoric we have heard from him, and | :10:17. | :10:20. | |
whether that comes to fruition, we will find out in the New Year. Let's | :10:21. | :10:22. | |
head stateside. Michelle Fleury has | :10:23. | :10:26. | |
the details about what's ahead The main focus for Wall Street is | :10:27. | :10:34. | |
this week's Federal reserve meeting. The bank is expected to raise | :10:35. | :10:37. | |
interest rates by a quarter point for the first time in 12 months. It | :10:38. | :10:42. | |
is a move that has been widely telegraphed, but what investors want | :10:43. | :10:46. | |
to know now is the size and frequency of future rate hikes. | :10:47. | :10:50. | |
Given the potential boost to the economy from a Trump administration | :10:51. | :10:53. | |
that has focused on tax cuts and stimulus spending. And Mr Trump was | :10:54. | :11:01. | |
my own business interest will be under the microscope this week. He | :11:02. | :11:05. | |
would announce his plans to avoid conflict-of-interest while he is in | :11:06. | :11:10. | |
office. For those looking for a diversion, Oracle launched its | :11:11. | :11:17. | |
second quarter earnings on Thursday, and how much longer will the | :11:18. | :11:19. | |
post-election rally last? They are keeping a night on the Jones | :11:20. | :11:24. | |
industrial average, which is surging towards 20,000 points. | :11:25. | :11:27. | |
That was Michelle Fleury. Joining us is Kathleen Brooks, | :11:28. | :11:29. | |
research director at City Index. Nice to see you. All of us touching | :11:30. | :11:39. | |
on lots of issues to talk about. Michelle talks about the Fed in | :11:40. | :11:43. | |
midweek, although everybody seems to agree on what is going to happen, | :11:44. | :11:47. | |
but it is a big deal? It is, not because of what they are going to | :11:48. | :11:50. | |
do, which is 100% likely that they will hike interest rates, but it is | :11:51. | :11:54. | |
what they say about next year, the year after. Will we Mbaye, rate hike | :11:55. | :12:00. | |
cycle in the US? Trump has lifted the market, his expectations, | :12:01. | :12:07. | |
wanting to boost inflation, but will the punch bowl be taken away before | :12:08. | :12:11. | |
the party has begun by the Fed signalling rate hikes? And if you | :12:12. | :12:18. | |
add that to oil prices rising, that will mean more inflation and higher | :12:19. | :12:21. | |
interest rates. And that will also be an issue for other inflation | :12:22. | :12:25. | |
targeting central banks like ours, like the ECB, so I think we could be | :12:26. | :12:31. | |
in the deathknell of the low interest-rate environment. Alex has | :12:32. | :12:38. | |
tweeted to say he likes how I pronounce Monte dei Paschi, so I | :12:39. | :12:43. | |
will say it again! So about this cash injection, reports say they | :12:44. | :12:47. | |
will bear it out at all costs, because they have to protect | :12:48. | :12:52. | |
investors? Yes it looks like they are going to get ready to bail it | :12:53. | :12:56. | |
out, but it is still banking on potentially Qataris coming in with | :12:57. | :13:04. | |
private capital. And surely the state isn't allowed to bailout the | :13:05. | :13:07. | |
bank according to rules set by Brussels. What they will do with | :13:08. | :13:14. | |
Monte dei Paschi is that will determine whether or not banking | :13:15. | :13:17. | |
union can go ahead. The banking union tried to split the impact of | :13:18. | :13:22. | |
banking risk and what goes on on a sovereign balance sheet, but they | :13:23. | :13:25. | |
may not be able to do it this time because it is too painful to let a | :13:26. | :13:28. | |
bank go to the wall. Too big to fail. Kathleen, good to see you, | :13:29. | :13:32. | |
have a good week. Why buying electricity in the UK | :13:33. | :13:36. | |
could help power parts of Kenya. We speak to the energy firm helping | :13:37. | :13:41. | |
thousands of Kenyan villages You're with Business | :13:42. | :13:44. | |
Live from BBC News. The British Chambers of Commerce has | :13:45. | :13:49. | |
upgraded its forecast It now believes GDP will grow | :13:50. | :13:52. | |
by 2.1% in 2016 up from 1.8%. But the long-term picture | :13:53. | :14:01. | |
isn't looking so rosy - it's now lowered forecasts | :14:02. | :14:04. | |
for 2018 to 1% from 1.4%. The Director General | :14:05. | :14:10. | |
of the BCC is Dr Adam Marshall Good morning. Talk us through these | :14:11. | :14:20. | |
numbers, because it strikes me given all this uncertainty we have seen | :14:21. | :14:24. | |
big predictions, up, down, left, right, for what the economy is going | :14:25. | :14:28. | |
to do. How confident are you that you have got these numbers right? We | :14:29. | :14:34. | |
always forecast steady growth in 2016, and we have raised it or not, | :14:35. | :14:38. | |
because we have seen a lot of firms adopting a business as usual | :14:39. | :14:41. | |
attitude, and cracking on doing deals through the course of this | :14:42. | :14:45. | |
year. But we do think it will come off the boil next year, we are | :14:46. | :14:51. | |
predicting 1.1% for next year and 1.4% for 2018, and the main factor | :14:52. | :14:55. | |
is inflation following the devaluation of sterling. Businesses | :14:56. | :15:03. | |
and consumers will be hit with inflation, and that will affect | :15:04. | :15:06. | |
their decisions. And what about Brexit? That is what prompted the | :15:07. | :15:11. | |
rise in inflation, and that devaluation of sterling as well, so | :15:12. | :15:15. | |
it is one of many factors. Luckily we are not looking at a recession, | :15:16. | :15:20. | |
nor are we looking at a spike in unemployment. We are just looking at | :15:21. | :15:24. | |
less inspiring growth over the couple of years to come. So what are | :15:25. | :15:27. | |
you saying to your members in the light of that? What do they need to | :15:28. | :15:32. | |
do to counter the falling growth? The first thing to do is make sure | :15:33. | :15:38. | |
your company is ready for change and uncertainty, and IAC businesses day | :15:39. | :15:41. | |
in and day out who say they are not just ready for it but looking | :15:42. | :15:45. | |
forward to it. At a micro level, you have a lot of firms out there who | :15:46. | :15:50. | |
are seen disruption and change as an opportunity to grab new markets and | :15:51. | :15:53. | |
grow and look at new places around the world they can export to. That | :15:54. | :15:58. | |
is fantastic. The economy as a whole other macro level doesn't feel quite | :15:59. | :16:02. | |
as confident, there is still uncertainty out there, so businesses | :16:03. | :16:04. | |
need to get ready and the Government needs to back up. Good to talk to | :16:05. | :16:09. | |
you, Dr Adam Marshall. Thank you very much indeed. Let's take you to | :16:10. | :16:17. | |
the live page, Asos is hiring 1500 staff and will put them in its | :16:18. | :16:21. | |
London HQ, this coming at a time where conditions were described as | :16:22. | :16:22. | |
exploitative. You're watching Business Live. | :16:23. | :16:30. | |
Our top story: Oil prices have surged after both | :16:31. | :16:31. | |
Opec and non-Opec nations The agreement comes after more | :16:32. | :16:34. | |
than two years of depressed prices. We are seeing the oil price surging. | :16:35. | :16:52. | |
You can see the markets in Europe fairly mixed, but the ones that are | :16:53. | :16:56. | |
winning today are the big oil majors, Total, BP, Shell, those | :16:57. | :16:59. | |
companies are pushing up the main indexes in Europe today. | :17:00. | :17:04. | |
Now, chances are you don't much think about your power provider. | :17:05. | :17:07. | |
You might shop around for a cheaper deal, but that's about it. | :17:08. | :17:10. | |
Well, now one firm says as well as offering cheaper prices, | :17:11. | :17:12. | |
Brighter World Energy says it can undercut the big six energy | :17:13. | :17:17. | |
providers in the UK and at the same time help areas in Africa | :17:18. | :17:20. | |
that don't yet have an electricity infrastructure. | :17:21. | :17:24. | |
The company says that for every 20,000 customers in the UK who sign | :17:25. | :17:29. | |
up, it will install a solar power rig in, an African | :17:30. | :17:34. | |
village that doesn't currently have any electricity. | :17:35. | :17:35. | |
The first solar powered micro-grid is expected to start operating | :17:36. | :17:38. | |
The company was founded just this year by 33-year-old former | :17:39. | :17:46. | |
journalist Cheryl Latham and hopes to invest ?1.4 million in Africa | :17:47. | :17:48. | |
I want to clarify, it is 2,000 customers, isn't it? For every 2,000 | :17:49. | :18:00. | |
customers. Not 20,000! Just so we get that right because | :18:01. | :18:04. | |
20,000 is a big goal for you to achieve and you think you will hit | :18:05. | :18:08. | |
your 2,000 in the New Year, your first 2,000? Yeah, we do. We think | :18:09. | :18:13. | |
that people in the UK really under estimate the pour we are of their | :18:14. | :18:17. | |
purchase. Here in the UK we under estimate pour we are in general, | :18:18. | :18:19. | |
that's the power running to our homes, but the power that we've got | :18:20. | :18:24. | |
to talk about the world we want to live in and doing something | :18:25. | :18:27. | |
differently. We are being told that in the UK that the big six are | :18:28. | :18:31. | |
keeping prices higher. And we should be switching and we are not | :18:32. | :18:35. | |
switching as much as the regulators are telling us to and some companies | :18:36. | :18:41. | |
have gone bust in the meantime? Yeah, well GB Energy went bust | :18:42. | :18:46. | |
because it was selling energy too cheaply and we are here to inspire | :18:47. | :18:49. | |
customers, the majority of customers who are sitting on the expensive | :18:50. | :18:54. | |
standard tariffs to come over to our's and give back while they | :18:55. | :18:57. | |
switch on the lights at home. You will be making a profit and you will | :18:58. | :19:00. | |
be staying in business? We are a procht for purpose company. We are | :19:01. | :19:06. | |
backed by a not-for-profit energy Ofgem relayed supplier. It is a | :19:07. | :19:11. | |
very, very secure business model, so we cut out comparison sites and | :19:12. | :19:18. | |
don't pay inflated salaries and we want to ensure that UK customers can | :19:19. | :19:21. | |
give back to the world around them as well as make sure that they've | :19:22. | :19:26. | |
got the best presents under their own Christmas tree this year. Let's | :19:27. | :19:29. | |
talk about what you're doing internationally then. How does that | :19:30. | :19:34. | |
translate? If I'm a customer of yours, how does my money get used in | :19:35. | :19:45. | |
Africa? Energy equals opportunity. So if we can put down some solar | :19:46. | :19:51. | |
power grid where the sun is in abundance, children can study into | :19:52. | :19:55. | |
the evening, vaccines can be stored safely, streets and homes can be lit | :19:56. | :20:00. | |
at night. It sounds wonderful, but in terms of the logistics of it, | :20:01. | :20:04. | |
what have you had to do in terms of working with the authorities to make | :20:05. | :20:09. | |
sure this does happen. Do you have a team out there that install these | :20:10. | :20:13. | |
things? We have got a team out in of a rick rick and we have been out to | :20:14. | :20:20. | |
Africa on numerous occasions, we have spoken to the World Bank and | :20:21. | :20:23. | |
Government officials and there is a huge appetite because I think many | :20:24. | :20:28. | |
African nations know that rolling out grid infrastructure is | :20:29. | :20:32. | |
particularly extensive and reaching the most remote, the last mile | :20:33. | :20:35. | |
communities will be difficult and you have got to include the private | :20:36. | :20:39. | |
sector. What does it cost you as a company to put out one of the grids? | :20:40. | :20:46. | |
Between $70,000 and $100,000. US dollars? That's why it is a | :20:47. | :20:50. | |
community of people here in the UK switching on a community over in | :20:51. | :20:57. | |
Africa. It costs $70 for every customer to switch. If we cut that | :20:58. | :21:03. | |
out, we can use that to give back to people elsewhere. You are a former | :21:04. | :21:07. | |
journalist... Yes. Now you are running the company and heavily | :21:08. | :21:10. | |
involved in the work in Africa. How do you make the leap from there to | :21:11. | :21:14. | |
there? Well, this was the kind of company that I wanted to buy from | :21:15. | :21:18. | |
and it didn't exist and there is a whole new generation of people out | :21:19. | :21:21. | |
there that want it do good with their money and care about where | :21:22. | :21:24. | |
their money goes. I was a business editor on a national newspaper and I | :21:25. | :21:28. | |
was looking, I realised that businesses had a huge opportunity it | :21:29. | :21:31. | |
do some fundamental good in the world. So I ditched my career at 30, | :21:32. | :21:37. | |
I went and studied an M BA, I got involved in merge, in clean | :21:38. | :21:40. | |
technology and I built the business over the last two years and raised | :21:41. | :21:44. | |
investment and launched last month. Well, all the best. Thanks. Good | :21:45. | :21:50. | |
luck. I look forward to your switch! We will keep an eye on you, that's | :21:51. | :21:52. | |
for sure. In a moment we'll take a look | :21:53. | :21:55. | |
through the Business Pages but first here's a quick reminder of how | :21:56. | :21:58. | |
to get in touch with us. The Business Live page is where you | :21:59. | :22:03. | |
can stay ahead with all the day's breaking business news. We'll keep | :22:04. | :22:07. | |
you up-to-date with all the latest details with insight and analysis | :22:08. | :22:11. | |
from the BBC's team of editors right around the world. And we want to | :22:12. | :22:16. | |
hear from tu. Get involved on the BBC Business Live web page at: | :22:17. | :22:22. | |
And on Twitter we're at: You can find us on Facebook at: | :22:23. | :22:28. | |
Business Live on TV and online whenever you need to know. | :22:29. | :22:34. | |
The BBC's Dominic O'Connell is with us. | :22:35. | :22:42. | |
What lengths have you gone to to get to work on time or save money? Let's | :22:43. | :22:49. | |
talk about the massive Italian bank to start with. Sources from the | :22:50. | :22:52. | |
Treasury are saying a rescue is in place. What do you know? Yes, I | :22:53. | :22:56. | |
don't know if it is completely done and dusted. Overnight the third | :22:57. | :23:01. | |
largest lender in Italy, it is very old, it is the oldest continuously | :23:02. | :23:08. | |
trading bank in the world, it has a long track record, but it trying to | :23:09. | :23:22. | |
stay afloat. If it is going to do the rescue deal, it will have to | :23:23. | :23:26. | |
bail-in its lenders. Some of the lenders are ordinary retail | :23:27. | :23:33. | |
investors. So you can imagine the Government coming to power, saying, | :23:34. | :23:37. | |
"You have to foot the bill for a banking collapse." Where is this | :23:38. | :23:41. | |
money coming from? The cornerstone was meant to be the state of Qatar. | :23:42. | :23:47. | |
Between the two of them you get to five billion. Whether it will | :23:48. | :23:53. | |
happen, without the Italian state having to intervene against Europe's | :23:54. | :23:56. | |
rules and you have another clash between the Italian national | :23:57. | :23:59. | |
Government and Brussels, the whole thing is not done and dusted yet. It | :24:00. | :24:05. | |
is very, I think, this has a long way to run. Dominic, an astonishing | :24:06. | :24:16. | |
story. Amazon workers in Scotland sleeping near the warehouse in | :24:17. | :24:23. | |
tents. That picture really is damning, | :24:24. | :24:27. | |
isn't it? It is actually. There have been a number of investigations into | :24:28. | :24:32. | |
Amazon's workplace practises and some of them uncovered some | :24:33. | :24:36. | |
unhealthy and unsavoury tactics. It is part of the whole two-speed | :24:37. | :24:41. | |
economy. Asos said it was going higher another 1500 people in -- | :24:42. | :24:47. | |
hire people in London. These are in IT and marketing and planning. You | :24:48. | :24:51. | |
have this idea that in London and around the M25, highly skilled well | :24:52. | :24:56. | |
paid workers. Outside the M25, working for the same company,am | :24:57. | :25:00. | |
sorngs aso, you're not so secure and not so highly paid. | :25:01. | :25:04. | |
It is not just about Amazon, but it is the delivery people. There was | :25:05. | :25:08. | |
concern about the different smaller courier companies and the people who | :25:09. | :25:13. | |
work for them? Amazon, of course, subcontracts the delivery and a lot | :25:14. | :25:17. | |
of the delivery firms are subcontracted so they don't have | :25:18. | :25:20. | |
responsibility for the employment. Who are these people really working | :25:21. | :25:24. | |
for? We were discussing that, the crux of this is they have to pay ?10 | :25:25. | :25:28. | |
to get on the bus to travel there because there is no other public | :25:29. | :25:32. | |
transport, but that takes a big chunk out of their money, but we | :25:33. | :25:36. | |
have to pay to get to work, is it fair this is a particular problem | :25:37. | :25:42. | |
for Amazon? It is wrong to decry Amazon, this is one example a few | :25:43. | :25:48. | |
people. We need to talk to the workforce, do they enjoy their job? | :25:49. | :25:52. | |
What would they be doing if they didn't have Amazon? | :25:53. | :25:56. | |
Thank you for your time. We're back tomorrow. Fingers crossed the tech | :25:57. | :25:58. | |
will work. See you soon. Bye-bye. Good morning. It has been a rather | :25:59. | :26:14. | |
grey start to the day. We've got a lot of low cloud around and | :26:15. | :26:15. |