Browse content similar to 22/12/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Sally Bundock and Ben Thompson. | :00:00. | :00:15. | |
Has the Santa rally skidded to a halt? | :00:16. | :00:17. | |
The Dow Jones is in touching distance of the historic 20,000 | :00:18. | :00:20. | |
mark, but can it hit the top spot before Christmas? | :00:21. | :00:22. | |
Live from London, that's our top story on Thursday 23rd December. | :00:23. | :00:38. | |
US markets have closed at record highs 17 times since Donald Trump | :00:39. | :00:40. | |
We'll ask an expert if the run is set to continue. | :00:41. | :00:55. | |
And a view on the latest Trump appointments, as ever controversial. | :00:56. | :01:01. | |
The Chinese e-commerce giant has been placed on the US list | :01:02. | :01:05. | |
We'll cross live to Asia for the latest. | :01:06. | :01:13. | |
Here, the markets lower slightly, we talk you through the winners and the | :01:14. | :01:16. | |
And we'll be getting festive with Fortnums. | :01:17. | :01:20. | |
The boss of iconic food drink retailer Fortnum and Mason will be | :01:21. | :01:23. | |
here to give us the Inside Track on the busiest time of the year. | :01:24. | :01:27. | |
And new research says using Facebook and Twitter at Christmas will make | :01:28. | :01:30. | |
So we want to know - are you taking a break from social | :01:31. | :01:34. | |
Don't panic, it is December 20 seconds today, I said 23rd and I got | :01:35. | :02:01. | |
worried because I have got so much to do! | :02:02. | :02:04. | |
We start on Wall Street, where it seems this chap has | :02:05. | :02:08. | |
made an appearance - because the Grinch has, | :02:09. | :02:11. | |
temporarily at least, stolen Christmas. | :02:12. | :02:12. | |
They have been calling it a Santa Rally - | :02:13. | :02:15. | |
and after a week of record closes, investors were expecting | :02:16. | :02:18. | |
to celebrate the Dow Jones Industrial Average hitting 20,000 | :02:19. | :02:22. | |
points for the first time on Wednesday. | :02:23. | :02:26. | |
Instead they got this - the Dow closed down 32 | :02:27. | :02:34. | |
It got within 15 points of 20,000 before falling back. | :02:35. | :02:38. | |
Market watchers say investors have been cashing in their profits | :02:39. | :02:41. | |
after what has been the biggest post-election rally | :02:42. | :02:43. | |
Since Donald Trump was elected, the Dow has climbed 9% - | :02:44. | :02:53. | |
putting gains for this year at almost 15%. | :02:54. | :02:58. | |
The US Dollar has also been soaring against major currencies, | :02:59. | :03:01. | |
Against the Pound in particular, it's up over 16% this year | :03:02. | :03:11. | |
And the price of oil has rebounded massively - gains for Brent Crude | :03:12. | :03:14. | |
Some experts are warning though that the US stock market | :03:15. | :03:18. | |
in particular is getting ahead of itself. | :03:19. | :03:22. | |
Tom Stevenson is the Investment Director at Fidelity International. | :03:23. | :03:30. | |
Sally touching on the idea that the market is getting ahead of itself. | :03:31. | :03:36. | |
It is very close to that 20,000, especially look King at the doubt, | :03:37. | :03:42. | |
is that the danger there is this euphoria and New Year is the harsh | :03:43. | :03:49. | |
reality when we find out what President Donald Trump will deliver? | :03:50. | :03:51. | |
That is a danger and I suspect it will not happen in the New Year but | :03:52. | :03:55. | |
at some point next year, there might be a bit of a wobble. The market has | :03:56. | :04:00. | |
borrowed a lot from next year, we have had a very strong rally. And | :04:01. | :04:06. | |
the rally is right up with the biggest post-election rallies of the | :04:07. | :04:11. | |
last century and some of those did not end well, one of the biggest was | :04:12. | :04:17. | |
1920s before the crash. 2004 was big and it led up to the financial | :04:18. | :04:22. | |
crisis. Yes, there is a lot of optimism and anticipation about the | :04:23. | :04:26. | |
growth which Trump is expected to deliver next year. Is there a sense | :04:27. | :04:31. | |
that because for once we can look at something other than monetary | :04:32. | :04:35. | |
policy, it is no longer about interest rates and inflation, that | :04:36. | :04:39. | |
seems to have stabilised? The economy in America is looking OK and | :04:40. | :04:43. | |
people think they can talk about something else and not keep their | :04:44. | :04:47. | |
eyes just on the Fed. There is an element on that. Since the financial | :04:48. | :04:53. | |
crisis over the last seven years, it has been a poor market, the Dow has | :04:54. | :04:58. | |
tripled in that seven year period. And it has been a really grudging | :04:59. | :05:07. | |
move. Investors looking forward to next year, spending, tax cuts, | :05:08. | :05:11. | |
deregulation and they are very excited about it. They are looking | :05:12. | :05:17. | |
at top Trumps. Some of President-elect Donald Trump's | :05:18. | :05:22. | |
appointments and the latest is Peter Navarro, an economist, in markets | :05:23. | :05:26. | |
adviser who has written a book about China, talking about... You can see | :05:27. | :05:30. | |
him here, the bad influence China has had on the US economy and so on. | :05:31. | :05:36. | |
He will head up a newly created body on trade will stop what is your take | :05:37. | :05:41. | |
on these appointments, like Rex Tillotson, Secretary of State. It is | :05:42. | :05:50. | |
a mixed bag! Donald Trump made some pretty bullish promises during the | :05:51. | :05:54. | |
campaign and everybody said, let's see what happens when he gets into | :05:55. | :05:57. | |
power, will he follow through with that or will he become more | :05:58. | :06:02. | |
presidential and predictable? If you look at the Cabinet appointments so | :06:03. | :06:07. | |
far, they are pretty punchy appointments. Peter Navarro is a | :06:08. | :06:10. | |
good example, very outspoken and China. He has talked about getting | :06:11. | :06:15. | |
closer to Taiwan, very per property of the China. We will see how that | :06:16. | :06:20. | |
turns out. What does that mean for trade? Thinking about the New Year | :06:21. | :06:28. | |
with the Trump presidency and also Brexit. That is the flip side of | :06:29. | :06:33. | |
Donald Trump, we have optimism about growth but what he has said about | :06:34. | :06:37. | |
global trade could be potentially quite negative. We just saw a | :06:38. | :06:40. | |
graphic showing market performance over the year, put it in | :06:41. | :06:45. | |
international context, not the best performing, the Dow? No, it is very | :06:46. | :06:49. | |
strong but the emerging markets are very good. | :06:50. | :06:52. | |
Argentina and Brazil right up there. Wonderful, nice to see you, thank | :06:53. | :06:56. | |
you. He will be back later, he has more to do including looking at some | :06:57. | :07:01. | |
of the other business stories in the press today. | :07:02. | :07:02. | |
The Italian Parliament has approved a government plan | :07:03. | :07:04. | |
for a possible E20bn bailout of the country's banks. | :07:05. | :07:07. | |
The Italian Treasury will probably have to rescue Italy's | :07:08. | :07:09. | |
third largest lender, Monte dei Paschi, by | :07:10. | :07:10. | |
The rescue fund will be used to prop up other banks as well. | :07:11. | :07:17. | |
Ride-sharing firm Uber has suspended tests of its self-driving cars | :07:18. | :07:19. | |
in San Francisco after regulators revoked the registration | :07:20. | :07:21. | |
Passengers had recently been given the option of a booking | :07:22. | :07:24. | |
But authorities had threatened legal action if Uber did not obtain | :07:25. | :07:35. | |
Billionaire investor Carl Icahn will serve as a special adviser | :07:36. | :07:40. | |
to President-elect Donald Trump - focusing on regulatory reform. | :07:41. | :07:43. | |
Mr Icahn has criticised what he called "excessive | :07:44. | :07:48. | |
He is a major shareholder in companies including insurer AIG | :07:49. | :07:53. | |
Chinese e-commerce giant Alibaba is back on America's blacklist over | :07:54. | :08:04. | |
The list is a rollcall of so-called "notorious markets". | :08:05. | :08:17. | |
to Alibaba's attempts to expand out of China. | :08:18. | :08:20. | |
Being on this blacklist is not great for a firm that wants to portray | :08:21. | :08:30. | |
itself as an international player to take some the likes of eBay and | :08:31. | :08:36. | |
Amazon. Not at all. And the company was only taken off the list four | :08:37. | :08:40. | |
years ago but the US authorities have said that the company and its | :08:41. | :08:46. | |
online platform is used to sell high-level goods. Alibaba has | :08:47. | :08:52. | |
rejected these allegations, saying it polices the marketplace a lot | :08:53. | :08:57. | |
better than in the past. And it also suggested today's political climate | :08:58. | :09:00. | |
in America might have something to do with the fact it is back on the | :09:01. | :09:06. | |
blacklist. They are talking about President-elect Donald Trump | :09:07. | :09:09. | |
repeatedly accused China of stealing intellectual property during the | :09:10. | :09:14. | |
election. And just appointing an outspoken China critic as the head | :09:15. | :09:18. | |
of the new trade body. But Donald Trump has not taken office so I am | :09:19. | :09:23. | |
sure the US authorities would disagree with Alibaba's speculation | :09:24. | :09:26. | |
that has anything to do with the fact it is back on the blacklist. | :09:27. | :09:32. | |
Thank you very much, from Singapore. Plenty more to come. | :09:33. | :09:34. | |
The boss of iconic food drink retailer Fortnum and Mason will be | :09:35. | :09:40. | |
here to give us the Inside Track on the busiest time of the year. | :09:41. | :09:45. | |
You're with Business Live from BBC News. | :09:46. | :09:53. | |
The Government is to reinvest more than ?440 million to improve | :09:54. | :09:57. | |
high-speed broadband coverage across the UK. | :09:58. | :09:59. | |
It is expected the funds, which have been recouped | :10:00. | :10:01. | |
from the superfast broadband programme, could bring better | :10:02. | :10:03. | |
connectivity to an extra 600,000 rural homes. | :10:04. | :10:06. | |
Theo Leggett is in our Business Newsroom. | :10:07. | :10:13. | |
This is not new money, this is from a fund already, but long overdue for | :10:14. | :10:19. | |
people struggling with slow service in rural areas. Absolutely. The | :10:20. | :10:25. | |
Government's target is by the end of next year, 95% of the country should | :10:26. | :10:30. | |
have so-called superfast broadband. What does that mean? A broadband | :10:31. | :10:35. | |
speed of 24 megabits per second. Enough for several people in the | :10:36. | :10:40. | |
House to stream video at the same time. 95% sounds good and the | :10:41. | :10:44. | |
Government is on track, BT is on track to deliver that. But that last | :10:45. | :10:51. | |
5% is people in remote areas, rural areas, hardest to connect. This is | :10:52. | :10:57. | |
extra money to help that process. Where is it from? 150 million from | :10:58. | :11:03. | |
cost savings and the rest from BT which is subsidised to set up the | :11:04. | :11:06. | |
infrastructure for this. If enough people sign up to superfast | :11:07. | :11:10. | |
broadband, it has to give some of that back. That is why it 290 | :11:11. | :11:17. | |
million is coming from it. We have to be careful about this because | :11:18. | :11:21. | |
what the Government is doing is superfast broadband to the Cabinet, | :11:22. | :11:28. | |
which means fibre-optic cables laid the cabinets and villages and people | :11:29. | :11:31. | |
get connected by copper wires to their homes. But the further you are | :11:32. | :11:37. | |
away from this Cabinet, the slow at your broadband speed gets, like | :11:38. | :11:41. | |
putting the brakes on. From opponents, the argument is more | :11:42. | :11:44. | |
needs to be done to improve the service from the cabinets to the | :11:45. | :11:48. | |
home and deliver fibre-optic broadband to the home and until that | :11:49. | :11:52. | |
is done, we will still be stuck in the slow lane. 440 million is | :11:53. | :11:57. | |
welcome money and it does represent progress, at least, that is what | :11:58. | :11:59. | |
people are saying. Thank you very much. Maybe we are in | :12:00. | :12:07. | |
the slow lane but pushing up a gear. You would hope so, especially for | :12:08. | :12:12. | |
people in rural areas, it is a real problem for business and consumers. | :12:13. | :12:17. | |
More detail on that on the website, the top story this morning. | :12:18. | :12:19. | |
Broadband boost for MOTs parts of the UK. -- remote parts. | :12:20. | :12:26. | |
We are looking at the rally on financial markets in the US, | :12:27. | :12:36. | |
hovering near 20,000. Some investors are pointing | :12:37. | :12:39. | |
to the influence of The billionaire businessman has | :12:40. | :12:43. | |
picked several high-profile figures Yes, most recently, he's | :12:44. | :12:47. | |
appointed Peter Navarro - an outspoken critic of China - | :12:48. | :12:57. | |
as the head of a new White A quick look at how | :12:58. | :13:00. | |
markets are faring. They are in Europe and they are all | :13:01. | :13:12. | |
slightly down, if not flat, following a similar close the night | :13:13. | :13:16. | |
before. So a lot of people bringing down and some traders might not even | :13:17. | :13:21. | |
be at work today. But Tom is at work! | :13:22. | :13:26. | |
I am at work today. We will look at some of the newspaper stories. This | :13:27. | :13:34. | |
caught my eye, Saudi Arabia against the shift from oil to solar power. I | :13:35. | :13:40. | |
found the second line interesting, it brings more fossil fuels than any | :13:41. | :13:45. | |
other country to generate power, so there is a feeling Saudi Arabia | :13:46. | :13:48. | |
produces this oil and sells at overseas but that is not the case. | :13:49. | :13:54. | |
Yes, Saudi Arabia uses 900,000 barrels a day to generate | :13:55. | :13:58. | |
electricity, costing the equivalent of $16 billion. Which it is not | :13:59. | :14:03. | |
gaining in exports to other countries. Saudi Arabia is going | :14:04. | :14:07. | |
through a big transition to get itself weaned off a dependence on | :14:08. | :14:13. | |
oil revenues, to diversify its economy. And so one thing it is | :14:14. | :14:20. | |
talking about is shifting from oil to solar energy. It needs that $16 | :14:21. | :14:25. | |
billion which is essential to balance its budget. | :14:26. | :14:29. | |
It is introducing a lot of new changes and today is budget day in | :14:30. | :14:33. | |
Saudi Arabia and they are expected to announce new taxes for expats. | :14:34. | :14:37. | |
The price of electricity and water, a lot of things expected to go up, a | :14:38. | :14:40. | |
big shift in the near future. This is behind this decision to lead | :14:41. | :14:52. | |
Opec into a production cut. It needs higher revenues. Let's talk about | :14:53. | :15:02. | |
Facebook, Twitter. In fact, Facebook lurking makes people miserable. | :15:03. | :15:05. | |
Looking at wonderful pictures of family and friends having a great | :15:06. | :15:09. | |
Christmas and you are sitting looking at it and it makes you | :15:10. | :15:15. | |
miserable? Social interaction via social media is fine, you are | :15:16. | :15:18. | |
connecting with people. But if you are sitting there looking at how | :15:19. | :15:23. | |
wonderful other people's lives are, then it will be miserable. We ask | :15:24. | :15:34. | |
people to get in touch with us. All I am going to do is upload. Danny | :15:35. | :15:40. | |
says quitting Facebook is one of the best decisions I have ever made. | :15:41. | :15:46. | |
Baby, who are you? We like your name. Christmas Eve and Christmas | :15:47. | :15:50. | |
Day gaining ?15 from tasty goodies and lots of booze. | :15:51. | :15:56. | |
Steve says, it I would rather give up social media for 2017. It is a | :15:57. | :16:00. | |
necessary evil in many jobs these days? Absolutely, in our world, it | :16:01. | :16:06. | |
is a fantastic source of information. But you can find | :16:07. | :16:11. | |
yourself spending a lot of time staring at the screen. You have | :16:12. | :16:17. | |
teenage children, do you have a family rule? My children are a bit | :16:18. | :16:21. | |
beyond rules on social media. They are a bit older than that and they | :16:22. | :16:25. | |
do what they like. They do spend a lot of time on social media. I have | :16:26. | :16:31. | |
not been out for a meal with my daughter for a very long time when | :16:32. | :16:36. | |
she has not taken a picture of it. I am with briny, it is time to put the | :16:37. | :16:40. | |
tech down and go out and have a nice walk around the Yorkshire | :16:41. | :16:46. | |
countryside. Friend of mine has complete ban on | :16:47. | :16:53. | |
social media on Sundays. Lots of people take a week out, take a week | :16:54. | :17:00. | |
out and switch everything. That is a good resolution, sugary sign up to | :17:01. | :17:05. | |
that now. This is our pledge in 2017. Nice to see you. Merry | :17:06. | :17:09. | |
Christmas. Have a good one, we will see you in the New Year. | :17:10. | :17:12. | |
Now, no festive gifts for a Brazilian firm that's facing | :17:13. | :17:14. | |
Ode-brecht - which is the largest engineering firm in Latin America, | :17:15. | :17:20. | |
and its affiliate Braskem - appeared at a court | :17:21. | :17:22. | |
These are their lawyers arriving - before agreeing to pay more | :17:23. | :17:27. | |
than $3 billion to settle charges under the US | :17:28. | :17:29. | |
They have admitted paying out hundreds of millions of dollars | :17:30. | :17:44. | |
to Brazilian state oil firm Petrobras and others to secure | :17:45. | :17:47. | |
From New York, here's Samira Hussain. | :17:48. | :17:51. | |
In a New York court on Wednesday Odebrecht agreed to pay | :17:52. | :17:53. | |
at least $2.6 billion to US, Swiss and Brazilian authorities | :17:54. | :17:56. | |
making this the largest foreign bribery case in history. | :17:57. | :18:00. | |
But this is a Brazilian company, so why is this case happening | :18:01. | :18:03. | |
It's because the company was found guilty of violating the US foreign | :18:04. | :18:09. | |
The American laws are so vast and wide sweeping, that as soon | :18:10. | :18:16. | |
as a company has any dealings that tie it to the US, they are | :18:17. | :18:19. | |
And the troubles for some Brazilian firms may not end here. | :18:20. | :18:26. | |
The sources I have here in Brazil who were directly involved | :18:27. | :18:28. | |
in the negotiations for this leniency for this plea | :18:29. | :18:36. | |
deal that we saw play out today, they have told me that literally up | :18:37. | :18:39. | |
to 100 new investigations could come from this still. | :18:40. | :18:47. | |
The reason for that is because Odebrecht agreed | :18:48. | :18:50. | |
to pay this enormous fine, this historic fine. | :18:51. | :18:54. | |
The flip side is, 77 of their executives have turned | :18:55. | :18:58. | |
state witness and they are now giving testimony to Brazilian | :18:59. | :19:03. | |
prosecutors about anyone's guess, about what other crimes | :19:04. | :19:05. | |
It is expected up to 200 Brazilian politicians could be | :19:06. | :19:09. | |
Earlier this year, the Odebrecht chief executive was jailed in Brazil | :19:10. | :19:19. | |
for paying bribes to executives at Brazil's state run oil firm | :19:20. | :19:26. | |
Petrobras, which has been under investigation for corruption | :19:27. | :19:28. | |
and bribery that has entangled Brazil's political officials. | :19:29. | :19:39. | |
Just to say, we shocked you at the beginning saying it was the 23rd of | :19:40. | :19:46. | |
December, it is not, it is the 22nd. If you are like me, there is so much | :19:47. | :19:51. | |
to do before the 25th. Have you done your Christmas shopping? | :19:52. | :19:55. | |
It has not all arrived. I am waiting for things. | :19:56. | :20:03. | |
Turkey? Two things for two children. Bit of a problem. I will not mention | :20:04. | :20:04. | |
the company names. And now - have you done | :20:05. | :20:08. | |
your Christmas shopping? This week is the busiest time | :20:09. | :20:10. | |
of year for many businesses, especially supermarkets | :20:11. | :20:13. | |
and grocery stores. With record amounts | :20:14. | :20:15. | |
expected to be spent over the next 48 hours - | :20:16. | :20:19. | |
what's life really Well, one man who knows that all too | :20:20. | :20:21. | |
well is the Chief Executive of high-end retailer Fortnum | :20:22. | :20:30. | |
and Mason, Ewan Venters. Fortnum Mason is one | :20:31. | :20:32. | |
of the world's most famous It is most known for its food | :20:33. | :20:40. | |
hampers, which can cost The first hamper was sold in 1730, | :20:41. | :20:45. | |
and it still enjoys impressive popularity today, with the company | :20:46. | :20:50. | |
saying sales for this In the course of the past financial | :20:51. | :20:52. | |
year, Fortnum's has served more than 2 million customers and has | :20:53. | :21:00. | |
delivered its products to 128 Let's talk to the man in charge. He | :21:01. | :21:16. | |
has brought in the classic hamper, I understand. Classic Christmas | :21:17. | :21:23. | |
hamper. Various things on the table here as well, which are extremely | :21:24. | :21:28. | |
tempting. 20% so far this year, where is it coming from which a big | :21:29. | :21:34. | |
boost in sales, is it because the pound has fallen in value? Over the | :21:35. | :21:39. | |
last few months we have seen a positive impact with international | :21:40. | :21:43. | |
visitors. Fundamentally, just because the fall of the pan, people | :21:44. | :21:48. | |
don't buy more smoked salmon, more hampers? It makes it cheaper? It | :21:49. | :21:54. | |
does, but it is the strength of the domestic consumer. We have seen | :21:55. | :21:58. | |
fantastic group of people living in London and around the United Kingdom | :21:59. | :22:03. | |
from our web business. That is a shift you have introduced since she | :22:04. | :22:07. | |
became the boss at Fortnum Mason, you have been with them for four | :22:08. | :22:13. | |
years? Yes, 60% of our business was international. We set out on a | :22:14. | :22:18. | |
journey to make that shift. 60% of our business is now led by people | :22:19. | :22:22. | |
with a UK address. We have become more relevant to more people across | :22:23. | :22:27. | |
the UK. Why did you engineer that shift? When I think about Fortnum | :22:28. | :22:30. | |
Mason and I think about these gorgeous products, I do think it is | :22:31. | :22:34. | |
the tourism issue, tourist attraction? We have been in business | :22:35. | :22:40. | |
for over 300 years and we have always been relevant to the smart | :22:41. | :22:47. | |
people of the United Kingdom. It was easy to re-engage and become more | :22:48. | :22:51. | |
relevant. International visitors, they want to know where the people | :22:52. | :22:56. | |
of Britain shop, where the smart people of Britain shop, where the | :22:57. | :22:59. | |
Royals shop and whether great quality ingredients can be found. It | :23:00. | :23:04. | |
was an obvious strategy to deploy and it is working. It is not only | :23:05. | :23:09. | |
about where they shop, and also where this stuff comes from. You | :23:10. | :23:12. | |
make a big thing of sourcing the stuff from the UK. All made | :23:13. | :23:17. | |
particularly in the North of England? 70% of the stuff is bought | :23:18. | :23:23. | |
from British suppliers. Christmas puddings are made by two sisters in | :23:24. | :23:27. | |
Lancashire who have been making thousands of Christmas puddings for | :23:28. | :23:30. | |
the last 20 years. Shortbread comes from Leith in Edinburgh, chocolate | :23:31. | :23:35. | |
from Brighton, that he is blended in Newcastle. Every part of the United | :23:36. | :23:39. | |
Kingdom can benefit from the sales that go to the Fortnum Mason | :23:40. | :23:44. | |
brand. Of your products, what percentage are made in the UK, what | :23:45. | :23:50. | |
percentage from overseas? 70% is made here in the United Kingdom. It | :23:51. | :23:55. | |
is all the small producers. Sieve ingredients that go into every | :23:56. | :23:58. | |
single product that is produced in different parts of the British | :23:59. | :24:03. | |
Isles. The aspects that are not made in the UK, so for example, the tea | :24:04. | :24:08. | |
or other elements made in other countries, how across Ayew of the | :24:09. | :24:13. | |
supply chain? I remember one of our journalists did a piece about tea | :24:14. | :24:18. | |
picking in India and said some of this tea is sold in Fortnum Mason, | :24:19. | :24:22. | |
Harrods and various other big stores around the world. How can you be so | :24:23. | :24:27. | |
diligent about that because it is so important to your brand? It is | :24:28. | :24:32. | |
hugely important, we have a strong team of buyers and technologists who | :24:33. | :24:36. | |
travel the world, meet with our producers and suppliers. They | :24:37. | :24:41. | |
understand all of the upstream products. It is expensive, but an | :24:42. | :24:46. | |
essential part of us doing business because people expect very high | :24:47. | :24:50. | |
standards, exacting high standards from our brand. Speaking of people | :24:51. | :24:55. | |
who expect high standards, at the Royal warrant. How important is | :24:56. | :24:59. | |
that? Potential queens to be, royal family from around the world are | :25:00. | :25:04. | |
regular shoppers? They are and we are proud of that association. We | :25:05. | :25:08. | |
have had a Royal warrant since the beginning, I think it is 165 years. | :25:09. | :25:15. | |
How important is it to be to sell off the back of that? We were issued | :25:16. | :25:21. | |
the warrant is because the Royals considers to be so good at what we | :25:22. | :25:24. | |
do. We are honoured to have the warrant of Her Majesty The Queen and | :25:25. | :25:28. | |
the Prince of Wales. It does make a difference. People look at the Royal | :25:29. | :25:34. | |
warrant as a standard-bearer of great quality, authenticity and | :25:35. | :25:37. | |
trust. It is true of domestic customers, but certainly of | :25:38. | :25:41. | |
customers around the world. You did have European queens? The Duchess of | :25:42. | :25:46. | |
Cornwall is a great shopper of ours and on a more recent visit I was | :25:47. | :25:50. | |
taking her around the store and we bumped into three European queens | :25:51. | :25:54. | |
and a queen to be. It was a good moment. Goodness me. Thank you for | :25:55. | :26:04. | |
coming in. Happy Christmas. Tomorrow is the Christmas live Christmas | :26:05. | :26:06. | |
special. So June into that. | :26:07. | :26:10. |