25/04/2017 BBC Business Live


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This is Business Live from BBC News with Rachel Horne


Focus on female economic empowerment.


from the world of business and politics gather in Berlin.


Live from London, that's our top story on Tuesday April 25th.


The event is known as W20 and will feature the likes of German


leader Angela Merkel and the boss of the IMF Christine Lagarde.


We'll be live in Berlin to find out what they hope to achieve.


It's being reported that French prosecutors are investigating


the maker of Peugeot and Citroen cars over suspected diesel


A strong open was pencilled for the European markets, continuing the


rally sparked by the presidential elections, they have delivered but


are they overconfident? We will discuss the matter.


Making sure you hire heroes, not zeroes.


We'll meet the man who says tech is the best way to vet new recruits.


As a whistle-blowing engineer wins $1 million for reporting a cruise


ship for dumping waste, we want to know, would the chance of the big


payoff make you more likely to blow the whistle? Let us no.


Some of the world's most powerful people from business and politics


It's part of an initiative called W20 set up by 20


So who's going and what's it all about?


Attending the summit will be Christine Lagarde -


the head of the IMF, Angela Merkel - the Chancellor


of Germany and Ivanka Trump, daughter and special assistant


to the President of the United States.


The group wants to highlight the issue of women's


economic participation and empowerment while reducing


the gender employment gap by 25% by 2025.


They've got a big task on their hands -


because if you just look at Britain as an example - out of the bosses


of the top 100 companies here - just seven are women.


And the World Economic Forum says that economic


inequalities between the sexes could take 170 years to close.


between men and women - according to WEF - is now larger


Let's go straight to Berlin, our owner Jenny Hill is there. Good to


see you, Jenny commie of God Angela Merkel and Kristin the guard, but


very powerful women, been in the light for a long time and it's


interesting because some may say that they haven't done enough to


reduce this gender it came back - pay gap. Now we've got Ivanka Trump


going there I wonder if she could invigorate these issues? Perhaps so.


There are suggestions that Ivanka Trump herself is committed to these


aims. It is worth pointing out that a powerful women like Christine


Lagarde and Angela Merkel have not been able to entirely progress this


issue while they have been in their positions, one wonders how easy it


will be for Ivanka Trump to do so. It is worth saying that Germany is


president of the G20 this year and has been looking at this issue. The


W 20 was set up in 2014 to address these issues. There's been a lot of


talk. You have to wonder how much has been done in that time. Germany


is led by a woman. There was a move last year, a law was passed which


means the 30 oh so companies registered here have to have a 30%


quota of women on their supervisory boards. I am told that has been by


and large mat is a voluntary code. Other moves are afoot, the families


Minister is keen to look at the issue of equal pay and so on. Are we


much further forward? Not really. Look at the aims of the W 20 and


there's been a great deal of talk, today, I am told that members of


various German women's organisations, having met many times


are due to present to Angela Merkel some ideas for heads of state and


demands about how to move forward. We must see what comes of that. As


you say Ivanka Trump is here. She is due to take part in a panel


discussion focused on female entrepreneurs and how they can best


be supported. Perhaps we will find out later what kind of key demands


the W 20 can make of heads of states around the world. Jenny, looking at


one of those issues we mentioned, saying that the gap in economic


opportunity between men and women is now larger than at any point since


2008, why is that? I'm guessing it is to do with financial crisis. My


understanding is that when it comes to women in the workplace is a


logjam at the top. They get to a certain point and then don't


progress which is why in Germany the focus has been on boardroom quotas


trying to get more women into higher managerial positions and if you


can't solve that it's hard for that to trickle down. The financial


crisis may have had an impact. It will be interesting to see what this


group of powerful women says today. The W 20 has been in existence for


three years or so. It will be interesting to see whether Angela


Merkel, who has herself come under fire for not doing more to progress


women's rights across the board, she's got four or five women


ministers in her Cabinet but she isn't really known for her female


friendly agenda. So it will be interesting to see what she comes


out with and whether Ivanka Trump can invigorate that discussion. Will


talk to you soon, thanks for the update. Do you know the pay gap


between CEO women and CEO men can be a difference of about 35%?


Outrageous. Let's take a look at some of


the other stories making the news. The French car firm PSA


Peugeot-Citroen is under investigation by French prosecutors


for cheating diesel emission tests, The Reuters and AFP news agencies


say they have been told by judicial sources that the company


is being investigated for breaking PSA says its vehicles have never


been fitted with software to let its diesel engines


deceive pollution tests. The founder of Wikipedia


is launching a service aimed Jimmy Wales says his new website


will provide politically neutral journalism with an agenda driven


by its readers. Wkitribune is intended to be both


ad-free and free-to-read, so will rely on supporters


making regular donations. General Motors has lost a legal bid


aimed at protecting it from lawsuits The US Supreme Court,


will not hear the carmaker's appeal, which argued that its 2009


bankruptcy protected The Supreme Court decision exposes


GM to potentially billions more damages over the switches,


which have been linked And Alitalia workers have rejected


a restructuring deal from the company's management


and unions to save the ailing carrier, according to


reports in Italian media. More than half of the employees


taking part in the vote rejected the deal, which involves 1,700 job


losses and a 8% salary cut. The government says that there


will be no alternative. So we could have more problems with


the carrier and possibly more strikes.


It might have been a strike at a shopping mall in Dubai when the


lights went out yesterday, did someone forget to pay the bill? One


of the largest shopping centres in the world was plunged into darkness


two hours. Shoppers were forced to use the screens of their


smartphones! To navigate their way at! I reckon they went on shopping.


That's the hard-core shoppers. When you are in Dubai you want to spend.


This Chinese liquor company which makes the popular grain spirit


Baijiu is toasting some impressive results.


Good to see you. Have you tasted this, it's a grain spirit. I know


you, I am sure you have drunk your share! You need a steel stomach to


drink Baijiu. It is very strong. I've only had it once or twice. It


will go down really easily for investors because they had good


profit numbers. To give you more background, the company that makes


National liquor company. It reported National liquor company. It reported


a 25% jump in that profit to $886 million for the first quarter. That


beat its own forecast. Because of those numbers we saw shares rallying


by more than 4%. This comes after a tough period for the company because


they were affected by China's anti-corruption crackdown. Basically


officials were not allowed to buy these $200 bottles of alcohol. Now


it seems it is doing just fine. Thank you.


Asian stocks hit an almost 2 year high overnight -


investors feeling more encouraged to take risks following the results


of the first round of the French presidential election.


On Wall Street, all three major indexes jumped more than 1 percent,


with the Nasdaq closing at a record high.


European markets were pencilled for a strong start -


yesterday France's CAC 40 jumped 4.1 percent to post its biggest one-day


gain in almost five years - with todays trade just 35 minutes


And we have the details about Wall Street.


America's number two wireless carrier AT, Coca-Cola, McDonald's,


Eli Lilly and the Pentagon's number one weapons supplier Lockheed


Martin, outside of earnings there's still a lot happening, including the


conference board that will be releasing its latest consumer


confidence index. Is expected to have dropped compared to the month


before, new numbers will show you that home sales slipped last month


and finally the chairman of the chief executive of Citigroup will


speak to shareholders and also take questions about the strategy at the


company's annual general meeting. Let's stay with the markets.


Joining us is Simon Derrick, Chief Markets Strategist,


Always good to see you. Let's kick off at this. I'm annoyed with the


markets because I think they are overdoing it with the French


election result. They are being so smug because they are going, you


know, this Macron a man is going to win, Marine Le Pen could not


possibly win. Well, Brexit, people couldn't leave the EU and Trump


couldn't be President! Last year we were hit by a lot of issues, the US


election, Brexit, the Italian referendum, so at the start of this


year, everyone will be on the sidelines. We won't know the issues


that are coming. By the end of the first quarter when things didn't


appear quite as bad, confidence came back and then they saw the story


yesterday and that was another little box ticked, one less thing to


worry about perhaps. A wall of money out there looking to invest and


looking for good returns. Are they being overly confident? Your point


is right. That was only the first round. And while the odds are


against Mr Macron losing, if he makes some kind of mistake along the


way of course things could go and from that perspective may be


investors are being overconfident but I think that's just the stories


since mid to late March that the confidence has come back and maybe


it is blinding people to some of the issues and there. About President


Trump, we are awaiting some tax announcements from him, some


investors hope it will cut corporation tax down, how likely is


it that he could get that through? He's certainly been talking about it


and the Treasury Secretary has been talking about tax changes and


markets would love it if he perched corporate tax rate down, no question


of it. The problems are that there are lots of fiscally conservative


Republicans there to get these points past. We will be hitting the


debt ceiling for you as borrowings of this is going to be an issue.


Remember how hard he found to get health reform through? This could be


the same story. If he does get through them the question is where


does the money come from because quite clearly whilst he's hoping


that it will be revenue positive over a decade, in the short term he


still has to borrow the money and that will push interest rates higher


in the US. Simon, thank you for your time. Short and sweet, we always


appreciate it! We will meet the man who says this type of computing is


the best way to vet potential recruits.


You're with Business Live from BBC News.


It's one of the biggest privately owned property


groups in the world has just published its annual results.


The Grosvenor Group, owned by the Duke of Westminster,


is one of the UK's largest property owners and made profits


Mark Preston is the CEO of the Grosvenor Group.


Mark, it is always good to have you with us. Thank you for coming in.


You're a good bellwether for the global property market. But let's


start with the UK. We hear mixed reports and you Brits love your


property prices, but we hear mixed reports about the UK property


market, it's up, it's down, it's going to be impacted by Brexit.


What's your take? As far as Grosvenor is concerned, our UK


business which is over half our global portfolio is concentrated


heavily on London so where a particular segment of the market,


but over the last year or two, it is not news that the market has been


cooling and in particular, on the upper end of the residential market


and we have quite a bit of exposure to that in London, it has been


cooling for a while and in particular with the rises in stamp


duty and the Brexit chilling effect last year, we have seen those


returns come down and we had anticipated that to a large degree


and sold quite a bit in anticipation of that in the UK to fund future


development projects in the UK and elsewhere over the next several


years. Let's talk about elsewhere. Globally, what's hot, what's not,


where are you going in or where are you leaving or getting out? We have


been investing overseas. The strategy of diversionification is


one that we have carried on. We are in North America and Asia and


Australia. We're well diversified and that's the deliberate policy of


ours. Have you been getting out of regions or countries around the


world? No, on the whole, we have been trying to enter new markets


tarking the view that by being more broadly spread over the long-term we


will balance out our returns. If you look at 2016, the UK results were


poor, but our overseas results were good and when flattered by the


depression of sterling last year, we came up with an overall return of 8%


which is pretty good. Mark Preston, thank you very much for joining us.


A story on Costa and their owner being punished by shareholders for


caution over consumer demand. Both of them seeing share prices falling.


Leading women from the worlds of business and politics


are gathering in Berlin to find ways of boosting female


Germany's Angela Merkel is attending as is IMF chief, Christine Lagarde.


The American first daughter is attending as well.


A quick look at how markets are faring.


We were expecting a strong start following on from the rally after


the French Presidential elections over the weekend and they're doing


well. Not up too high, but all in the green.


There isn't a business or organisation in the world that


doesn't have to get involved in recruitment at some stage.


So let's get the Inside Track on how to find the right people.


Many companies turn to the HR or human resources industry


which is worth around $453 billion worldwide according to


One reason it's growing is because of the apparent trend


for people to change jobs more frequently.


LinkedIn found US workers who graduated college between 2006


and 2010 averaged nearly three jobs in their first five years of work


compared to 1.6 for those who graduated 20 years earlier.


It means companies have more time consuming reference checks to do.


Australia based XRef says it has the answer


Lee-Martin Seymour is one of the men who came up with the idea


Lee Martin thank you very much for coming in this morning. Explain to


us how your company works and how it is dimp... More the dummies, me!


Well, if you think about the traditional process of collecting


references, it's done over the phone. It is an arduous process.


Many recruiters and HR directors just don't like doing it. It takes


days to collect feedback on potential candidates and when we are


short of skills we need tools like XRef to be able to reduce that time


to hire and help with things like attrition. Myself and the other


co-founder basically took the manual, arduous process, that's


existed for hundreds of years, and decided to awe mate it in the Cloud.


And what happens now is that the process is centred around the


candidate. So instead of an employer making phone calls over days to try


and collect this feedback, they simply go to XRef and they enter the


candidate details and in 15 seconds and that's their job done until they


collect the feedback back. The candidate adds the reference details


into the application and the referees then get an e-mail to give


that feedback back to the employer. Because we're constrained by time


here, you went public, you took the company public in 2011 to expand and


go overseas, but the companies that pay you the money, this is how you


make money, but they have been doing this for hundreds of years. You said


it yourself, so you have got to change that mentality for them to


rely on this new technology? Yeah, to correct you there. We listed at


the start of 2016. We started in 2011. We had five years and three of


those years were an education process. Pounding the pavement,


hitting the fond, trying to convince HR directors that the way they were


taking references in the traditional way wasn't helping with privacy,


discrimination, fraudulent references. It took us three years


to get to our first employee and then another two to get to five


employees. So it was a long mission to get to that point of going on to


the XRef. You're based in Australia. You have an office in London and


Toronto. It sounds like it's going well. You listed on the stock


market, 20 cents per share and you're at 50 cents. It hasn't been


easy sailing, has it in When you move from a local start-up, despite


the success we had in Australia, we knew that we had a repcable model.


XRef offers its clients huge return of investment. Our clients love


using the product because it takes away the thing that they really


don't like doing. But it knows no global bounds. So, you know, for us


as a team, as a family, at XRef seeing the growth over time is


fantastic. But I think it doesn't come without its challenges. And I


think sometimes you have to make the hard decisions and with listed on


the ASX, we needed a capital vehicle that would help us grow globally. We


knew we had a global product on our hands and you've got to go all in


and as we know, reward is directly proportionate to the amount of risk


that you're prepared to take and I think, you know, the first five


years we earnt our stripes and it was lovely to list as a product with


revenue, with clients with a successful part of the planet and


use the capital raised to progress globally. If you can come up with a


programme that can give, a 30 minute TV programme, an extra ten minutes,


we will abuy that one. Good luck with everything.


Here is how you can keep in touch with us.


The Business Live page is where you can stay


ahead of all the day's breaking business news.


We'll keep you up-to-date with all the latest details,


with insight and analysis from the BBC's team of editors


Get involved on the BBC business live web page, bbc.com/business,


on Twitter @BBCBusiness and you can find us on Facebook


Business Live on TV and online, whenever you need to know.


He's going to give us his insight into the business stories. We asked


you for your tweets after the story of the whistle-blower who exposed


Carnival Cruises for dumping oil into the sea and got $1 million.


Richard said he would do it. Nick said he would whistle blow for half


that amount of money. Lots of reaction. Thank you for those


tweets. The UK has a new whistle-blower regime. But it is


nothing as generous as in the US. This is a British engineer, he got


paid the money from the US fine. The US Coastguard went to the


coastguard. He takes home $1 million. They said he has no career?


No, he quit. He saw this going on. Took footage with his mobile phone


and quit as soon as the ship got into Southampton. He made money out


of it. Peugeot Citroen, could we have another Deysel-gate? They


supply to everybody. Everybody in the car industry. So always defied


belief that Volkswagen might be the only ones doing something about


emissions and tests that go back years and years and it is hard to


think that Volkswagen are the only ones affected. Peugeot and Citroen


say they have done nothing wrong. They don't use computer cheating


software, but they are under investigation by the French


authorities. You've left us with six seconds,


Dominic, what are we going to do? Cheers, mate. Bye-bye.


Hello. Wherever you started the day, it was marketedly


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