Browse content similar to 21/12/2016. 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. | :00:00. | :00:10. | |
The world's oldest bank needs to find over $5 billion | :00:11. | :00:21. | |
to avoid the prospect of a government bailout. | :00:22. | :00:28. | |
Live from London, that's our top story on Wednesday, 21st December. | :00:29. | :00:36. | |
A bailout of Monte Pasci would see investors facing compulsory losses. | :00:37. | :00:40. | |
It presents a tough choice for the new Italian Prime Minister. | :00:41. | :00:44. | |
Also in the programme, a new twist in Malaysia's 1MDB scandal. | :00:45. | :00:48. | |
We will have the latest from Singapore. | :00:49. | :00:53. | |
And as economies grow, so too does demand for office space. | :00:54. | :00:58. | |
We'll meet the man behind the firm that matches | :00:59. | :01:03. | |
firms with work spaces - being dubbed Airbnb for offices. | :01:04. | :01:07. | |
So we are asking where would you like to work | :01:08. | :01:09. | |
A coffee shop or somewhere more scenic? | :01:10. | :01:19. | |
Sally, where could be more exotic than here in the Business Live | :01:20. | :01:33. | |
studio? The clock is ticking | :01:34. | :01:35. | |
for the troubled lender Banco Monte The Italian bank is seeking over | :01:36. | :01:41. | |
$5 billion in new investment Today is the final deadline | :01:42. | :01:49. | |
for investors to buy new shares. The new Italian Prime Minister has | :01:50. | :01:53. | |
sought Parliamentary approval for an emergency bailout package | :01:54. | :01:55. | |
worth $20 billion if that investment money doesn't materialise | :01:56. | :01:59. | |
from the private sector. That would be contentious | :02:00. | :02:02. | |
because investors who already lent the bank money will be penalised | :02:03. | :02:04. | |
under EU laws that came into force Poor quality loans are one | :02:05. | :02:10. | |
of the biggest issues facing In total, the country's | :02:11. | :02:14. | |
lenders are sitting on $370 That's about 40% of | :02:15. | :02:17. | |
all the non-performing With me is Nicola Marinelli | :02:18. | :02:23. | |
from the London Business School. He was a former trader for Italy's | :02:24. | :02:34. | |
third largest lender, Is that right? That's right. Zbluf | :02:35. | :02:47. | |
the inside track on this one. Today is very critical as Ben outlined. It | :02:48. | :02:51. | |
is the chance for retail investors to get on board. Tomorrow, we are | :02:52. | :02:54. | |
talking about institutional investors and hedge funds. Do you | :02:55. | :02:57. | |
think they will come up with the funds they need? | :02:58. | :03:01. | |
It doesn't look like it. Apparently the latest reports are that the bank | :03:02. | :03:10. | |
is not actually getting the amount they are hoping for. They were | :03:11. | :03:17. | |
hoping for 1.5 billion euros. But it looks like probably there won't be | :03:18. | :03:21. | |
more than 800 million. If they don't get the 1.5 billion euro today from | :03:22. | :03:25. | |
retail investors, does that give the wrong signal for tomorrow? Well, it | :03:26. | :03:31. | |
certainly does especially because there are no anchor investors | :03:32. | :03:35. | |
apparently for the new shares. There were some names floating around like | :03:36. | :03:40. | |
the Qatari investment funds and probably some other hedge funds, but | :03:41. | :03:44. | |
the latest news is that none of them is actually available. So probably | :03:45. | :03:50. | |
everyone is basically thinking that there will be a state intervention. | :03:51. | :03:54. | |
Now, talk us through how that will work. On the one hand it will break | :03:55. | :03:58. | |
some EU laws and of course, it will be politically very difficult as | :03:59. | :04:01. | |
well. So just talk us through that process. It is a difficult situation | :04:02. | :04:11. | |
for the Government, but the banking recovery and directive that EU level | :04:12. | :04:17. | |
allows for some other choices. For example, recapitalisation of the | :04:18. | :04:24. | |
bank that is pre-emptive based on the fact that the bank, Monte dei | :04:25. | :04:28. | |
Paschi, failed some stress tests. So this could be done with a mix of | :04:29. | :04:33. | |
private money and public money. Bailing in, not all the creditors | :04:34. | :04:41. | |
basically. So also the depositors above 100,000 euros threshold, but | :04:42. | :04:48. | |
only the most junior creditors and the equity holders and so on. That's | :04:49. | :04:54. | |
something that is more palatable for the Government. Just briefly, you've | :04:55. | :04:58. | |
worked for this bank. Where has it gone wrong? Well, there have been | :04:59. | :05:03. | |
several things going wrong. For example, initially the acquisition | :05:04. | :05:13. | |
of a bank. It was part of ABM Am roe. It was done at the wrong price | :05:14. | :05:19. | |
and there were scandals with trading, but they were not really | :05:20. | :05:22. | |
big in terms of size. What is really bad now is that they have a huge | :05:23. | :05:26. | |
amount of non performing loans because they have a big portfolio of | :05:27. | :05:32. | |
loans in Italy and the Italian economy hasn't grown very much and | :05:33. | :05:36. | |
after the crisis a lot of SMEs have been struggling and the portfolio, | :05:37. | :05:40. | |
the one they want to sell now is around 30 billion euros and that | :05:41. | :05:45. | |
really is a big... So a bit of a mountain to climb? Exactly. Thank | :05:46. | :05:51. | |
you for your time and when we get news out of Italy today as to how | :05:52. | :05:54. | |
that sale goes, we'll fill you in. US President Barack Obama has | :05:55. | :05:58. | |
permanently banned new oil and gas drilling in US Atlantic and Arctic | :05:59. | :06:04. | |
waters in one of his last major environmental protection actions | :06:05. | :06:07. | |
before leaving office next month. Mr Obama invoked a provision | :06:08. | :06:09. | |
of a 1953 law which will be difficult for president-elect | :06:10. | :06:12. | |
Donald Trump to reverse. Volkswagen has struck a deal | :06:13. | :06:18. | |
with the US authorities over some 80,000 VW, | :06:19. | :06:21. | |
Audi and Porsche cars The agreement is another step | :06:22. | :06:23. | |
towards allowing the German car-maker to put the emissions | :06:24. | :06:35. | |
cheating scandal behind it. In June, VW agreed to a $15 billion | :06:36. | :06:38. | |
settlement for another 475,000 The new agreement will cost | :06:39. | :06:40. | |
Volkswagen an estimated $1 billion. A strike by airport baggage handlers | :06:41. | :06:44. | |
and check-in staff in the UK planned for Friday and Christmas Eve has | :06:45. | :06:47. | |
been called off. More than 1,500 members of the Unite | :06:48. | :06:50. | |
union employed by Swissport had been due to walk out for 48 hours | :06:51. | :06:53. | |
in a row over pay and conditions. There's been another | :06:54. | :07:09. | |
twist in Malaysia's 1MDB Nice to see you. What's happening | :07:10. | :07:24. | |
now? Well, Sally, as you mentioned 1MDB is Malaysia's state development | :07:25. | :07:28. | |
fund which was set-up by the Prime Minister to supposedly help the | :07:29. | :07:31. | |
country's development. But as we have been reporting, it has been | :07:32. | :07:36. | |
investigated in a dozen countries including in the United States where | :07:37. | :07:43. | |
it has been allegedly linked to a Hollywood movie, the Wolf of Wall | :07:44. | :07:46. | |
Street. The authorities found several banks may have broken the | :07:47. | :07:52. | |
law while doing business with 1MDB including Swiss bank, BSY which has | :07:53. | :07:57. | |
already been kicked out of the country and former private investor | :07:58. | :08:02. | |
banker for BSI who has been facing trial and he has been found guilty | :08:03. | :08:08. | |
of tampering with key witnesses. So basically he was facing money | :08:09. | :08:11. | |
laundering allegations and he has been found guilty that he urged his | :08:12. | :08:17. | |
witnesses to destroy evidence, and he faces his sentence is tomorrow, | :08:18. | :08:20. | |
but he also faces a separate trial in which he faces charges of money | :08:21. | :08:24. | |
laundering which, of course, is a lot more serious next year. | :08:25. | :08:28. | |
Thank you very much. I know you will stay across that story for us there | :08:29. | :08:32. | |
in our Asia business hub. Back with them as soon as there is any | :08:33. | :08:36. | |
developments there. This is what markets are looking | :08:37. | :08:42. | |
like across Asia. It is brighter for the Japanese economy. | :08:43. | :08:45. | |
The government upgraded its monthly economic assessment, | :08:46. | :08:47. | |
a day after the Bank of Japan raised its view of the world's | :08:48. | :08:50. | |
number three economy for the first time in over a year. | :08:51. | :08:54. | |
In the US, the Dow within touching distance of the 20,000 level | :08:55. | :09:01. | |
and Germany's DAX posted its highest levels this year. | :09:02. | :09:07. | |
Now yesterday's move in the FTSE 100 to its highest levels | :09:08. | :09:10. | |
since mid-October were primarily driven by a weak pound, | :09:11. | :09:12. | |
a rebound in oil prices and a decent rally in the banking sector. | :09:13. | :09:15. | |
We'll talk more on that in a moment, but first, Samira has the details | :09:16. | :09:19. | |
about what's ahead on Wall Street Today. | :09:20. | :09:28. | |
As we move closer to the holiday break, things are beginning | :09:29. | :09:31. | |
But there are still a few bits happening that we need to note, | :09:32. | :09:38. | |
including Micron Technology reporting earnings. | :09:39. | :09:41. | |
Now investors are expecting the chip maker to report revenue growth | :09:42. | :09:44. | |
for the first time in more than a year. | :09:45. | :09:48. | |
The recent improvement in pricing for chips and flash memory chips | :09:49. | :09:50. | |
is really expected to continue for the first half of 2017. | :09:51. | :09:53. | |
Also reporting earnings Wednesday, consulting and outsourcing | :09:54. | :09:57. | |
Now strong demand for its cloud services is expected to boost | :09:58. | :10:04. | |
They have been investing heavily in digital services | :10:05. | :10:09. | |
to gain market share, as it faces stiff competition | :10:10. | :10:11. | |
from rivals like IBM, Infosys and Tata Consultancy | :10:12. | :10:13. | |
Joining us is Simon Derrick, Chief Markets Strategist, | :10:14. | :10:22. | |
Nice to see you, Simon. How are you? I'm very well. Full of the festive | :10:23. | :10:32. | |
spirit? I'm always full of the festive spirit. What about the | :10:33. | :10:37. | |
markets? I think they are full of the festive spirit given the that | :10:38. | :10:41. | |
fact that we are approaching 20,000 on the Dow. 12 months ago, the | :10:42. | :10:49. | |
Federal Reserve had hiked rates. Oil prices, everything going on. We have | :10:50. | :10:52. | |
just had the Federal Reserve hike rates again and nobody cares! All we | :10:53. | :10:57. | |
are talking about is politics and what Donald Trump is going to do. A | :10:58. | :11:01. | |
huge shift this year in what the market focus is on and probably a | :11:02. | :11:05. | |
good thing as well. We have stopped focussing purely on interest rates, | :11:06. | :11:09. | |
politics and the spending partners of governments have become a big | :11:10. | :11:13. | |
story, we are having to re-think everything about the way we look at | :11:14. | :11:16. | |
markets. The joy, you know, investors are not looking really at | :11:17. | :11:19. | |
interest rates and policy anymore, they are all looking at Trump, it | :11:20. | :11:23. | |
makes a change that we don't have to look at them for a while either. | :11:24. | :11:28. | |
That's been the story of the year, when rates would go up, if, when and | :11:29. | :11:34. | |
by how much? That moved and it is about spending. He shifted the focus | :11:35. | :11:38. | |
with regard to interest rates from what the Central Bank is going to | :11:39. | :11:43. | |
do, but what is happening about the borrowing costs for governments? It | :11:44. | :11:47. | |
will make for an interesting 2017 because first of all we have seen to | :11:48. | :11:51. | |
what Mr Trump is going to do. I think that's going to be fascinating | :11:52. | :11:54. | |
and I'm interested, given the fact that he's so keen to revitalise US | :11:55. | :12:01. | |
industry, what he is going to do about a strong dollar, that could be | :12:02. | :12:05. | |
a drag on some of the exporters. I think China, currency policy next | :12:06. | :12:08. | |
year will be a big story and European politics. Oh, of course. | :12:09. | :12:13. | |
That's the political risk of 2017, isn't it? That's where the shift | :12:14. | :12:18. | |
will be for us next year. OK, Simon, you're not off the hook. You have | :12:19. | :12:22. | |
got to come back in five minutes and share more of your thoughts and | :12:23. | :12:25. | |
views on things. Yes, including sherry! | :12:26. | :12:28. | |
Why demand for office space could give us a better | :12:29. | :12:32. | |
We meet the firm that matches empty offices | :12:33. | :12:35. | |
You're with Business Live from BBC News. | :12:36. | :12:43. | |
People who buy drones could have to register it and take a test | :12:44. | :12:48. | |
to prove they can fly it safely under new rules proposed | :12:49. | :12:51. | |
Do you think you'd pass the test? Probably not! | :12:52. | :13:04. | |
There were 59 near misses involving drones and airliners | :13:05. | :13:07. | |
have been reported in the UK over the past 12 months. | :13:08. | :13:10. | |
Our technology correspondent Rory Cellan-Jones has this report. | :13:11. | :13:13. | |
Earlier this month, Amazon made its first delivery by drone. | :13:14. | :13:15. | |
Just one potential use of an exciting new technology. | :13:16. | :13:19. | |
But after a number of reports from pilots of near-misses | :13:20. | :13:25. | |
with drones, there is mounting concern about safety. | :13:26. | :13:31. | |
If people don't use drones responsibly and follow the rules | :13:32. | :13:33. | |
and regulations that are in place, obviously, that is a safety issue, | :13:34. | :13:36. | |
first of all, but could also affect the long-term future | :13:37. | :13:39. | |
There are already plenty of regulations. | :13:40. | :13:43. | |
For example, I cannot fly here because we are too close | :13:44. | :13:45. | |
While professional users of drones have to register | :13:46. | :13:48. | |
with the Civil Aviation Authority, anyone else can just buy | :13:49. | :13:51. | |
The Government is consulting on regulations which would mean | :13:52. | :13:55. | |
new drones would have to be registered, users would have to pass | :13:56. | :13:59. | |
a theory test like that for drivers, and there would be tougher penalties | :14:00. | :14:02. | |
Peter, an experienced drone owner, believes it is already too complex. | :14:03. | :14:14. | |
If you put in too complicated rules, you will scare people off and deny | :14:15. | :14:19. | |
the future industry this pool of talent that we need. | :14:20. | :14:22. | |
There will be thousands of new drone owners this Christmas. | :14:23. | :14:26. | |
Whenever new rules come in, they are being told they will be | :14:27. | :14:29. | |
Can you fly a drone? Have you tried? No. Actually, I'd love, to try. My | :14:30. | :14:48. | |
hand, eye co-ordination, it is forward, back, up, down. I have been | :14:49. | :14:53. | |
in public parks where there has been one circling above us and it worried | :14:54. | :14:57. | |
me to bits and there is some child miles away manning this thing and | :14:58. | :15:02. | |
I'm thinking, "Don't get it get stuck on my head." | :15:03. | :15:07. | |
A warning about borrowing for spending during Christmas, it is a | :15:08. | :15:14. | |
worry, Citizen's Advice have a report out today. | :15:15. | :15:17. | |
The clock is ticking for Italian lender Monte dei Paschi. | :15:18. | :15:26. | |
The world's oldest bank needs to find over $5 billion | :15:27. | :15:28. | |
in new investment, otherwise it faces the prospect of | :15:29. | :15:31. | |
This could prove a contentious move by the new Italian Prime Minister, | :15:32. | :15:37. | |
as EU laws would force investors to take compulsory losses. | :15:38. | :15:45. | |
A lot at stake today. We will keep you up-to-date. | :15:46. | :15:50. | |
How can you measure the health of an economy? | :15:51. | :15:52. | |
Well, there are the official stats, of course, but they tell | :15:53. | :15:55. | |
So it's said that looking at demand for office space can give | :15:56. | :16:00. | |
When economies are growing, more people are in work, | :16:01. | :16:04. | |
and that means demand for office space grows, and so does the rent. | :16:05. | :16:10. | |
Commercial property space is worth a whopping 11 | :16:11. | :16:12. | |
The tech industry is one reason behind the growing | :16:13. | :16:18. | |
demand for office space, accounting for 20% | :16:19. | :16:19. | |
of all office leasing in the first half of the year. | :16:20. | :16:22. | |
But in the UK, the number of people working from non-conventional office | :16:23. | :16:26. | |
spaces has risen to its highest level since records began. | :16:27. | :16:30. | |
Tech start-up Ofixu aims to take advantage of this. | :16:31. | :16:34. | |
It is an online marketplace allowing hosts to list all types | :16:35. | :16:36. | |
of workspaces for any type of work for as long as they need. | :16:37. | :16:42. | |
And the founder and chief executive of Ofixu Dan Hinden | :16:43. | :16:45. | |
Did I say it right? It is Ofixu. We have been struggling with Monte dei | :16:46. | :17:03. | |
Paschi this morning! You love saying that! | :17:04. | :17:10. | |
It rolls off the tongue! This is the latest in several tech | :17:11. | :17:15. | |
start-ups that you have been involved in. You were involved with | :17:16. | :17:22. | |
another company. We are doing really well, aren't we! That rivalled a B | :17:23. | :17:30. | |
sometime ago. This latest offering is like that for office space, is | :17:31. | :17:36. | |
that one way of describing it? Yes, I went to work for that company, a | :17:37. | :17:46. | |
rival in Europe, and my learnings were that it is easy, and it should | :17:47. | :17:51. | |
be, to attain and maintain listings or property hosts onto a platform | :17:52. | :17:57. | |
where they can start earning income on otherwise under utilised space. | :17:58. | :18:02. | |
Why would you not be able to do that? It brings you up to date with | :18:03. | :18:09. | |
Ofixu today. We have looked at these start-ups, we call them disrupters, | :18:10. | :18:12. | |
they are changing the way it has always been done. Office space is | :18:13. | :18:18. | |
one of those but is ripe for change, because why take on a big overhead | :18:19. | :18:22. | |
with a fixed contract for five or ten years when you don't know if you | :18:23. | :18:26. | |
will need it, you might need more or less? There is a computer-based $16 | :18:27. | :18:35. | |
billion valuation, the co-working market is booming, but there is | :18:36. | :18:39. | |
still a lot of underutilised space, 4.2 billion's 4.2 million visitors | :18:40. | :18:47. | |
is that employed just the owner, so there is an document for freelance | :18:48. | :18:50. | |
or contractor types, who would prefer not to work in a coffee shop, | :18:51. | :18:56. | |
because it is not as conducive as a nearby spare desk. We engage with | :18:57. | :19:00. | |
all of those types of spaces in all environments globally. How do you | :19:01. | :19:06. | |
manage the bits that you don't know about, when you I tried to rent a | :19:07. | :19:10. | |
bit of space for a period of time, what the neighbours like, how noisy | :19:11. | :19:16. | |
it is next door? How slow the Wi-Fi is, how difficult various other | :19:17. | :19:21. | |
matters are? Does that make sense? Of course. There is a plethora of | :19:22. | :19:28. | |
listings on our platform, 85 cities, with different hosts. There are | :19:29. | :19:34. | |
regulations for each office space, regulations for each office space, | :19:35. | :19:39. | |
you may not be able to run -- bring your pet in, you may not be able to | :19:40. | :19:43. | |
rent for under a month, but the host. You let that on their rules or | :19:44. | :19:47. | |
regulations of. The host says what they want, but you get those who | :19:48. | :19:54. | |
review it afterwards? Absolutely, the ratings and reviews side will | :19:55. | :20:00. | |
drive the decision on the consumer side. Those who have rented space | :20:01. | :20:09. | |
will rate and review those listings. I can see why this is great news for | :20:10. | :20:15. | |
businesses. As far as landlords are concerned, I imagine they are less | :20:16. | :20:19. | |
happy, because it brings the rent down, and they are only paid for | :20:20. | :20:23. | |
when it is occupied? It comes up a lot. The landlord might say, we will | :20:24. | :20:31. | |
sublease our space, if we do it to a company and they have seven desks | :20:32. | :20:35. | |
but only three are being used, what good is that to me? Are you not | :20:36. | :20:42. | |
paying a fixed overhead? You are, but if the landlord is flexible | :20:43. | :20:46. | |
enough with the leasing contract, there is no reason why he can't go | :20:47. | :20:50. | |
in with the tenant and say, we are happy for you to co-worker with | :20:51. | :20:55. | |
another company, and we can split the income. There are plenty of land | :20:56. | :21:04. | |
laws that are winning to do that. But there are so many areas we can | :21:05. | :21:12. | |
push you with this. Dan, from Monte dei Paschi. -- from Ofixu. | :21:13. | :21:20. | |
In a moment, we'll take a look through the business pages, | :21:21. | :21:23. | |
but first here's a quick reminder of how to get in touch with us. | :21:24. | :21:27. | |
You can stay ahead on our page, with the breaking business news. We will | :21:28. | :21:34. | |
keep you up-to-date with the insight and analysis from our team of | :21:35. | :21:38. | |
editors around the world. We want to hear from you. Get in touch on the | :21:39. | :21:45. | |
BBC web page. We are on Twitter and Facebook. On TV and online, whenever | :21:46. | :21:53. | |
you need to know. What other business | :21:54. | :21:56. | |
stories has the media been Simon Derrick, chief markets | :21:57. | :21:57. | |
strategist, Bank of New York Mellon, What is your office like? What would | :21:58. | :22:11. | |
you like to see? A coffee machine in my office, those espressos when I | :22:12. | :22:17. | |
need them. That is not happening any time soon! Dougal would like his bed | :22:18. | :22:25. | |
in his office. I could have done without! Scott says, somewhere that | :22:26. | :22:32. | |
is calm and inspirational, where you can see the sea. That is quite | :22:33. | :22:36. | |
specific! We would like a window. It would be | :22:37. | :22:42. | |
nice to have a real window. Let's look at this story, in the daily | :22:43. | :22:47. | |
Mirror. This is one of our tabloid newspapers. ?1 per second, the | :22:48. | :22:52. | |
numbers behind Carlos Tevez' proposed wages in China. That is | :22:53. | :23:02. | |
quite phenomenal. It is. The statistics, he will earn more per | :23:03. | :23:09. | |
week than Cristiano Ronaldo and Lionel Messi combined, or the same | :23:10. | :23:16. | |
amount. They worked out that he could buy a brand-new Porsche 911 | :23:17. | :23:24. | |
everyday. I work in the City of London, even I think that this | :23:25. | :23:29. | |
remarkable. Even you! Do they get this money back? | :23:30. | :23:35. | |
Presumably they must they? In terms of sponsorship, sailor shirts, that | :23:36. | :23:41. | |
kind of stuff, TV rights? Clearly, you have to sit there and think | :23:42. | :23:47. | |
about how this works through. Until I read the story, I had not even | :23:48. | :23:51. | |
heard of this team, so I am not sure how the sponsorship and everything | :23:52. | :23:55. | |
else works. Football in Asia, Premier League football, is huge. | :23:56. | :24:02. | |
The sponsorship for the British clubs, the support, absolutely | :24:03. | :24:11. | |
amazing. ?1 a second, it is not bad going! I and whizzing through this | :24:12. | :24:17. | |
and I am coming up with all thought. Let's look at Apple in the Indian | :24:18. | :24:22. | |
press. Looking for manufacturing in India. | :24:23. | :24:31. | |
Their slice of the smartphone pie. In many developed economies we talk | :24:32. | :24:35. | |
about the two horse race between Apple and some song, you look at | :24:36. | :24:39. | |
this graphic and you realise how many makers there are, and why Apple | :24:40. | :24:45. | |
is such a small player in India. It makes the point that we tend to | :24:46. | :24:50. | |
think of the high-end mobile phones, you are going to talk about far more | :24:51. | :24:56. | |
user-friendly phones if you are going out to India, for example, | :24:57. | :25:01. | |
when you are talking about that networks that cannot support a lot | :25:02. | :25:07. | |
of the functions. They are talking about India overtaking the US in | :25:08. | :25:10. | |
being the second largest market in the world for smartphones, so it | :25:11. | :25:15. | |
makes sense for Apple, if it has stalling sales, to start trying to | :25:16. | :25:21. | |
get into India. The save Santa's Sherry campaign has been launched by | :25:22. | :25:25. | |
the Wine and spirit trade association, sales of sherry has | :25:26. | :25:29. | |
more than halved in the last decade. I am glad we have got onto the | :25:30. | :25:34. | |
serious issue! This has been the big story, and my specialist area. It is | :25:35. | :25:41. | |
a key question. We leave whiskey. There are those revisionists that | :25:42. | :25:45. | |
want to go down this route, but sherry is the traditional drink, | :25:46. | :25:48. | |
along with a mince pie and a coward or the reindeer. Every year, and | :25:49. | :25:54. | |
every year he drinks it. Amazing. The carrot goes as well. | :25:55. | :25:57. |