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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.
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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