Browse content similar to 02/05/2017. Check below for episodes and series from the same categories and more!
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Hello, this is Business Live on BBC News with Sally Bundock and Ben | :00:08. | :00:12. | |
Thompson. Back in the black. Oil giant BP is | :00:13. | :00:18. | |
making profits again after two years of heavy losses, is it thanks to | :00:19. | :00:25. | |
higher prices and lower production? The top stories on Tuesday the 2nd | :00:26. | :00:26. | |
of May. BP boosted its coffers | :00:27. | :00:40. | |
with nearly $1.5 billion, the third oil giant to beat | :00:41. | :00:42. | |
expectations in a week. So is big oil over the worst and has | :00:43. | :00:47. | |
it managed to survive Greece agrees a deal | :00:48. | :00:51. | |
with its European creditors on more reforms, but can it lead to debt | :00:52. | :00:58. | |
relief for the Eurozone's European markets looked like this, | :00:59. | :01:11. | |
BP's shares rising nearly 3% on that news of a return to profit. Also in | :01:12. | :01:16. | |
the programme. We'll be getting | :01:17. | :01:18. | |
the inside track on. How you turn one massage and spa | :01:19. | :01:20. | |
centre into an international As the head of the World Bank | :01:21. | :01:22. | |
forecasts a dramatic rise we want to know what could | :01:23. | :01:26. | |
it mean for your job. One of the world's biggest | :01:27. | :01:35. | |
energy companies, BP, has just announced its latest | :01:36. | :01:50. | |
results for the first And as expected it's delivered | :01:51. | :01:52. | |
much better news thanks to the rising price of oil | :01:53. | :01:58. | |
and some effective restructuring. Using the oil giant's preferred | :01:59. | :02:04. | |
measure of underlying replacement cost profit, | :02:05. | :02:09. | |
the first quarter of the year came in at $1.4 billion, | :02:10. | :02:12. | |
a healthy improvement on the $485 million loss it made | :02:13. | :02:17. | |
the same quarter last year. This year BP plans to sell | :02:18. | :02:26. | |
off around $4.5 billion worth of assets as part | :02:27. | :02:28. | |
of a global portfolio overhaul. Details we know on that so far | :02:29. | :02:31. | |
include last month's announcement that its selling a 50% stake | :02:32. | :02:34. | |
in a Chinese petrochemical business to Sinopec, | :02:35. | :02:36. | |
and it's agreed to sell the North Sea's largest | :02:37. | :02:38. | |
pipeline to Ineos. But BP has been buying assets too - | :02:39. | :02:44. | |
building up its natural-gas business, and this year it's made | :02:45. | :02:47. | |
acquisitions in Egypt It's also spent $1.3 | :02:48. | :02:49. | |
billion on 527 fuel Bob Dudley - it's Chief Executive - | :02:50. | :02:57. | |
has been praised for how he handled the Deep Water Horizon disaster | :02:58. | :03:04. | |
and navigated the massive fall in the price of oil - | :03:05. | :03:06. | |
still that was not enough to counter the critics who last year | :03:07. | :03:11. | |
said his $11 million salary was far too big given | :03:12. | :03:15. | |
the multi-billion dollar losses the company delivered | :03:16. | :03:17. | |
in the last couple of years. Sally. We can get more analysis from | :03:18. | :03:32. | |
editor Simon Jack. Just say, the pay came down from 19 million, 11 | :03:33. | :03:36. | |
million was the final number. Let's talk about the profits news to start | :03:37. | :03:42. | |
with, better results from BP. Does that indicate the worst is over? As | :03:43. | :03:47. | |
ever the devil is in the details. There are some pretty simple things | :03:48. | :03:50. | |
going on, the price of oil during the period we are reporting what is | :03:51. | :03:53. | |
40% higher than a year ago so one thing. As ten said they have cut | :03:54. | :03:59. | |
costs, so higher revenues, lower costs and bigger profits. Don't | :04:00. | :04:02. | |
forget the impact of the sterling fall because BP makes its money in | :04:03. | :04:05. | |
dollars and translates those dollars back into pounds when you see its | :04:06. | :04:11. | |
profits put in sterling terms. For all of those reasons BP is doing OK. | :04:12. | :04:15. | |
No one really knows where the oil price is going. It is a difficult | :04:16. | :04:19. | |
thing to navigate. We know it will not go up to $100 a barrel, most are | :04:20. | :04:23. | |
certain of that, aren't they? The truth of the matter is BP must get | :04:24. | :04:28. | |
to this new normal like its peers. They have to get used to this | :04:29. | :04:33. | |
aggressive cost-cutting because this is the new normal. Projects went | :04:34. | :04:36. | |
off-line when the big oil price fell but some analysts think there could | :04:37. | :04:47. | |
be an increase in 2018, 2019 but not $100 per barrel. Then just talked | :04:48. | :04:50. | |
through some of the issues, they are selling assets, they have got lean | :04:51. | :04:54. | |
and mean. It is a very different company. The whole shake-up has made | :04:55. | :04:59. | |
BP, Shell and all of their peers look at the company hard. The | :05:00. | :05:06. | |
massive fall from $117 down to $25 almost, they had to look out which | :05:07. | :05:10. | |
areas they wanted to be in. What is interesting as it goes to show how | :05:11. | :05:14. | |
dependent you are on the oil price when you are making your money. The | :05:15. | :05:17. | |
weird thing is that when they had the big shareholder revolt against | :05:18. | :05:21. | |
Bob Dudley's pay last year, they lost lots of money, $3.5 billion and | :05:22. | :05:26. | |
he got paid 19 million all told, this year they've done better and he | :05:27. | :05:29. | |
will be paid less. That shows either they are listening and they are | :05:30. | :05:33. | |
sensitive to the outrage over executive pay, to others who will | :05:34. | :05:36. | |
say it just goes to show how difficult it is to connect | :05:37. | :05:39. | |
performance and paid when it comes to setting these reward levels. A | :05:40. | :05:43. | |
quick word about the future because clearly the oil prices stabilising | :05:44. | :05:48. | |
somewhat, still not back to where it was, but what does it tell us about | :05:49. | :05:51. | |
the admissions of these firms going out to look for reserves? They are | :05:52. | :05:56. | |
doing it in a lean away, they have plans to develop Australian | :05:57. | :06:06. | |
development. They have sold off some North Sea reserves which is a | :06:07. | :06:08. | |
declining market but they will invest in new sites they think will | :06:09. | :06:12. | |
come on line down the road. Everyone is sharpening their pencils. In the | :06:13. | :06:17. | |
old days, they would go and digger hole Ntsila happens but today they | :06:18. | :06:21. | |
have to have a diversifying portfolio. He has a 40% pay cut this | :06:22. | :06:27. | |
year, we will see if that takes the sting out of the shareholder | :06:28. | :06:31. | |
rebellion. 69% of shareholders voted against his pay last year, we will | :06:32. | :06:37. | |
see if he's done enough. And the AGM is not far away. It is in a week or | :06:38. | :06:39. | |
two. Let's take a look at some of | :06:40. | :06:40. | |
the other stories making the news. The Australian government has | :06:41. | :06:43. | |
announced it will build a second It comes more than 70 years | :06:44. | :06:46. | |
after the idea was first conceived, and follows promises | :06:47. | :06:49. | |
from successive governments. The airport, set to cost | :06:50. | :06:52. | |
around US$3.8 billion, will be located at Badgerys Creek, | :06:53. | :06:55. | |
50km west of the city's centre. The current Sydney Airport has | :06:56. | :06:58. | |
become increasingly stretched amid increased demand | :06:59. | :07:00. | |
in recent years. The flying kangaroo taking you to | :07:01. | :07:19. | |
Badgerys Creek! LAUGHTER | :07:20. | :07:22. | |
China's factory sector lost momentum in April, | :07:23. | :07:23. | |
with growth slowing to its weakest pace in seven months. | :07:24. | :07:25. | |
The purchasing manager's index dropped to 50.3 | :07:26. | :07:27. | |
in April from 51.2 in March, indicating a slower | :07:28. | :07:29. | |
However, the index shows the sector avoided a slowdown | :07:30. | :07:33. | |
Any reading above 50 shows expansion of manufacturing activity. | :07:34. | :07:37. | |
Twitter is working with media firm Bloomberg to create a 24-hour | :07:38. | :07:40. | |
rolling news channel for the messaging service. | :07:41. | :07:42. | |
The live video stream will be made up of original | :07:43. | :07:45. | |
programming as well as feeds from Bloomberg bureaus. | :07:46. | :07:48. | |
The deal builds on the live-streaming deals Twitter has | :07:49. | :07:51. | |
done with others that spreads content via the social network. | :07:52. | :08:01. | |
Let's take you to the United States because we are following the | :08:02. | :08:06. | |
writers' strike in the US, some of our best-known TV shows could be | :08:07. | :08:10. | |
facing a hiatus while the writers agree a deal. We will talk about | :08:11. | :08:15. | |
this late in the programme because with the rise of things like Netflix | :08:16. | :08:19. | |
and Amazon Prime and other streaming services we are not short of TV to | :08:20. | :08:22. | |
watch but the amount of money those writers are getting for getting | :08:23. | :08:26. | |
dumber coming up with those TV shows is falling sharply. | :08:27. | :08:28. | |
That really is a brighter's block! A recovery operation is under way | :08:29. | :08:32. | |
after an accident at a Samsung shipping yard in South Korea left | :08:33. | :08:34. | |
six dead and many injured. Leisha Chi is in Singapore | :08:35. | :08:38. | |
with the details. Explain what has gone wrong here. We | :08:39. | :08:51. | |
have the Samsung conglomerate in the headlines again for the wrong | :08:52. | :08:56. | |
reason. Their shipyard has seen all production halted after two cranes | :08:57. | :08:59. | |
collided on Monday causing one of them to break and collapse on a | :09:00. | :09:05. | |
workers' rest area. Six people were killed and we understand more than | :09:06. | :09:09. | |
20 people injured. Police described the scenes as chaotic and rescuers | :09:10. | :09:13. | |
are still searching for people trapped under all of the debris. We | :09:14. | :09:19. | |
also understand the victims are subcontractors, they were building a | :09:20. | :09:22. | |
$500 million ocean platform for the French energy giant Total. This | :09:23. | :09:28. | |
incident is quite shocking for South Korea because the country has a | :09:29. | :09:31. | |
history of very low industrial accidents. Samsung's company | :09:32. | :09:39. | |
President of the shipyard has apologised and said he believes the | :09:40. | :09:42. | |
accident took place because of a miscommunication between the crane | :09:43. | :09:47. | |
drivers and signal people. But the exact cause is still under | :09:48. | :09:52. | |
investigation. Thank you for that update, Leisha Chi, from Singapore. | :09:53. | :09:58. | |
The Nikkei is up on Tuesday before a series of holidays in Japan so don't | :09:59. | :10:01. | |
expect much movement over the next few days. Boosting the fortunes for | :10:02. | :10:08. | |
exporters. From the United States, the rhetoric from the White House | :10:09. | :10:11. | |
suggesting tensions may finally be easing with North Korea. That is | :10:12. | :10:17. | |
certainly one to watch as far as the markets are concerned. Let's show | :10:18. | :10:20. | |
you what is happening in Europe, BP's share price boosted the wider | :10:21. | :10:23. | |
market but we also think that deal has been agreed with creditors over | :10:24. | :10:28. | |
Greece's debts. We will discuss that more in a moment but that is likely | :10:29. | :10:32. | |
to boost markets because the debt crisis rearing its ugly head once | :10:33. | :10:35. | |
again as far as Greece is concerned and that really concerns investors | :10:36. | :10:40. | |
elsewhere. We will talk about that more in a moment but first to the | :10:41. | :10:44. | |
United States because Samira Hussein has details about the trading day | :10:45. | :10:45. | |
ahead at Wall Street. The Federal Reserve | :10:46. | :10:48. | |
begins its two-day meeting | :10:49. | :10:53. | |
on interest rates on Tuesday. The policymakers will be issuing | :10:54. | :10:55. | |
a statement at the end of the meeting with their assessment | :10:56. | :10:57. | |
of the US economy and most crucially whether they vote in favour | :10:58. | :11:00. | |
of a rise to US interest rates. On Tuesday the world's largest tech | :11:01. | :11:03. | |
company will be reporting earnings and all eyes will be on Apple's | :11:04. | :11:06. | |
iPhone sales for the quarter, Investors clearly have | :11:07. | :11:09. | |
high expectations. The stock price for Apple hit | :11:10. | :11:11. | |
a new record high in And also reporting, | :11:12. | :11:14. | |
pharmaceutical giants The big story for Pfizer | :11:15. | :11:18. | |
is that a few of their patents are about to expire | :11:19. | :11:28. | |
while Merck has a cancer drug significant growth driver for the | :11:29. | :11:32. | |
company. Interesting, so a lot to talk about | :11:33. | :11:44. | |
in the United States, Samira Hussein will be on the case when it comes to | :11:45. | :11:46. | |
Apple etc. Joining us is Kathleen Brook, | :11:47. | :11:48. | |
research director for City Index. It is a busy time with Apple | :11:49. | :11:55. | |
earnings and BP etc. One thing we wanted to talk about was Greece, | :11:56. | :11:59. | |
coming through in the early hours of the morning that finally a deal on | :12:00. | :12:04. | |
new measures and new reforms meaning they get much-needed funding. This | :12:05. | :12:08. | |
has been going on for absolutely years. They are trying to extend the | :12:09. | :12:12. | |
pension age. Make people older before they receive their pension, | :12:13. | :12:15. | |
trying to sell off state assets, coal mines, power plants and that | :12:16. | :12:19. | |
kind of thing. This still needs to be agreed by the Greek government. | :12:20. | :12:26. | |
What I think is interesting is the Syriza party still in control, the | :12:27. | :12:29. | |
far left, even they have got to grips with the reality of the | :12:30. | :12:31. | |
financial situation. Greece has a massive payment to its lenders | :12:32. | :12:34. | |
coming in July and needs its money now so we are really down to the | :12:35. | :12:38. | |
wire. Reading a sigh of relief because it kept going beyond the | :12:39. | :12:42. | |
deadline last year. Let's talk about a couple of stats because we have UK | :12:43. | :12:48. | |
manufacturing, PMI, and Eurozone unemployment, snapshots of what is | :12:49. | :12:54. | |
going on but it paints a picture of things on the mend? Certainly in the | :12:55. | :12:58. | |
Eurozone. Their data has surprised expectations, it is outpacing the US | :12:59. | :13:02. | |
and UK. Their first-quarter growth released this week is expected to | :13:03. | :13:06. | |
show the Eurozone grew at a stronger rate than the US and UK in the first | :13:07. | :13:12. | |
three months of the year. If we get a weaker PMI for the UK that will | :13:13. | :13:16. | |
show alarm bells because we saw a slowdown in GDP for the first | :13:17. | :13:19. | |
quarter, that is backward looking, this is a snapshot of now. If we are | :13:20. | :13:23. | |
still weak going into the election, could that have implications? We | :13:24. | :13:27. | |
will have to see. What are your thoughts on President from's | :13:28. | :13:31. | |
comments on big banks on Wall Street? A throwaway comment in a TV | :13:32. | :13:36. | |
interview when he said, I'm thinking of separating their consumer | :13:37. | :13:38. | |
business from their investment banking business, and that meant | :13:39. | :13:42. | |
stocks went all over the place on the marketplace. That is | :13:43. | :13:44. | |
contradictory to what he said in January when he said he would scrap | :13:45. | :13:47. | |
financial regulation to make it easier for these big banks to make | :13:48. | :13:51. | |
money. Yes, there is a liability when it comes to President Trump | :13:52. | :13:54. | |
about what he says and what impact that has on the markets but it also | :13:55. | :13:59. | |
shows there are two imposing influences, the Republican Party | :14:00. | :14:02. | |
want to see regulations scrapped but his electorate, the people who voted | :14:03. | :14:05. | |
for him, don't like the big banks and want them broken up so he's | :14:06. | :14:08. | |
balancing a fine line and sometimes he's not getting it quite right. The | :14:09. | :14:12. | |
throwaway comments coming from Trump. They keep us busy! We will | :14:13. | :14:18. | |
see you in a minute. Kashiling will be back later. -- Kathleen. | :14:19. | :14:22. | |
We meet the Singaporean entrepreneur behind | :14:23. | :14:26. | |
You're with Business Live from BBC News. | :14:27. | :14:33. | |
That's what the British Chambers of Commerce is calling | :14:34. | :14:37. | |
It's published its manifesto, titled - Brexit and Beyond - | :14:38. | :14:46. | |
in which it also calls for clarity on what the UK's departure | :14:47. | :14:48. | |
Mike Spicer is director of Economics at the BCC - | :14:49. | :14:54. | |
Good morning to you. So, they are asking for clarity, | :14:55. | :15:04. | |
asking for no more taxes. How hopeful are you that you will get | :15:05. | :15:07. | |
either? What we really want to do is to | :15:08. | :15:11. | |
reinforce the fact that for many businesses, although Brexit of | :15:12. | :15:13. | |
course is very important and getting a good deal is important, decisions | :15:14. | :15:17. | |
that are made around domestic policy matter as much if not more. As you | :15:18. | :15:21. | |
said in your earlier piece, we have just had a weak quarter of GDP | :15:22. | :15:25. | |
growth and one of the major components of that story was the | :15:26. | :15:28. | |
upward pressure on prices and the effect that has on consumer spending | :15:29. | :15:32. | |
and investment. We think there are many things the government can do | :15:33. | :15:35. | |
starting with upfront costs that businesses paid, businesses do rates | :15:36. | :15:43. | |
and so on to free up businesses to investigate. You will probably get | :15:44. | :15:48. | |
very little in terms of promises from Theresa May because she said | :15:49. | :15:51. | |
she will not make specific proposals on taxes. We have already heard some | :15:52. | :15:57. | |
things over the weekend about VAT and so on. We are still hopeful that | :15:58. | :16:03. | |
there is room for manoeuvre for the government after the election to be | :16:04. | :16:07. | |
able to act on those upfront costs. It has made some movements in that | :16:08. | :16:10. | |
direction over the past year but we need it to go further. Businesses in | :16:11. | :16:15. | |
the UK pay the highest property taxes in the developed world. That | :16:16. | :16:19. | |
can't be consistent with the competitive tax regime. In a period | :16:20. | :16:23. | |
of economic uncertainty when we really want to create a great | :16:24. | :16:26. | |
environment for businesses to grow and invest. For now, we have run out | :16:27. | :16:32. | |
of time, thank you for your time, Mike Spicer, director of the colonic | :16:33. | :16:35. | |
Sabha British Chambers of Commerce outwith its manifesto today, with | :16:36. | :16:40. | |
hopes from the various candidates. We have the economic data coming in | :16:41. | :16:46. | |
dropping in in the last few minutes. Revenues up and shares down, the | :16:47. | :16:50. | |
online delivery app and takeaway firm says revenues were up by 46%, | :16:51. | :16:56. | |
orders in the UK up by 17%. But as the headline suggests, whilst they | :16:57. | :17:00. | |
are doing well it has not impressed shareholders. | :17:01. | :17:03. | |
Keep NI on Just eat, something with kept an eye on in the business unit, | :17:04. | :17:11. | |
its results have been but not enough for the markets today. | :17:12. | :17:15. | |
BP shares are rising sharply after the British oil giant returned to a | :17:16. | :17:26. | |
profit for the first three months of the year. | :17:27. | :17:30. | |
All of that helped by higher oil prices. The company reporting $1.4 | :17:31. | :17:33. | |
billion. A quick look at how | :17:34. | :17:35. | |
markets are faring. has a fairly hefty weighting. That's | :17:36. | :17:49. | |
a snapshot of how things are going with. We're almost into 50 minutes | :17:50. | :17:51. | |
of trade so far in Europe today. While the global economy may be | :17:52. | :17:57. | |
showing signs of fatigue, the health and fitness sector is one | :17:58. | :18:00. | |
area that continues to go According to a leading research | :18:01. | :18:06. | |
firm, the so-called wellness industry is benefiting | :18:07. | :18:10. | |
from an emerging Revenues are forecast to grow 6% | :18:11. | :18:12. | |
between 2015 and 2020 and one company which is hoping | :18:13. | :18:22. | |
to benefit from this The business was founded in 1996 | :18:23. | :18:23. | |
by one of Singapore's best known entrepreneurs, | :18:24. | :18:27. | |
Cynthia Chua. The group now has outlets in London, | :18:28. | :18:29. | |
Shanghai and New York. Sharanjit Leyl caught up | :18:30. | :18:32. | |
with the company's founder over Thank you very much | :18:33. | :18:34. | |
for inviting us into your spa. We're going to get a manicure | :18:35. | :18:52. | |
while we do this interview. So, tell us a little bit about how | :18:53. | :18:55. | |
you got into this business. So, I had a really | :18:56. | :18:58. | |
short spell in banking. I felt that I didn't | :18:59. | :19:00. | |
like the nine to five job. It was really short. | :19:01. | :19:03. | |
I didn't like that. There were several options | :19:04. | :19:07. | |
I was exploring, it could be childcare, it could be wellness, | :19:08. | :19:13. | |
it could be day spa, so I contacted it and felt | :19:14. | :19:18. | |
it was OK it was something that | :19:19. | :19:21. | |
I would like to pursue and that's So when you first started | :19:22. | :19:23. | |
tell awes bit about some So some of the challenges | :19:24. | :19:26. | |
were like customer issues, business and corporation, | :19:27. | :19:29. | |
there was so many areas and aspects to starting a business, not just | :19:30. | :19:33. | |
mixing oils, holistic therapy. It was nice to have a combination | :19:34. | :19:36. | |
of different people and when I got into the business I was perhaps 23 | :19:37. | :19:40. | |
or 25 so it was nice to have partners that | :19:41. | :19:44. | |
were like in their 30s, who have been in | :19:45. | :19:46. | |
company for sometime. So those challenges were kind | :19:47. | :19:50. | |
of looked into by them and then I get to focus on the fun | :19:51. | :19:53. | |
bits that I love to do. But you're also in other | :19:54. | :19:56. | |
cities beyond Singapore, you're in London, New York, | :19:57. | :19:58. | |
and Shanghai, multiple I think every city | :19:59. | :20:00. | |
it is very different. For example going to China, | :20:01. | :20:13. | |
you would think OK going to China could be easier than going to London | :20:14. | :20:16. | |
or New York, but it was not true, I had like such a steep learning | :20:17. | :20:20. | |
curve in China. The product registration | :20:21. | :20:25. | |
is extremely difficult. So just to get the products before | :20:26. | :20:29. | |
you could even have their products used in the saloon or for retail, | :20:30. | :20:34. | |
the guidelines were strict, So all this cross-country | :20:35. | :20:37. | |
intelligence and cultural thing that you need to know, | :20:38. | :20:41. | |
they were very, very different. You feel that something | :20:42. | :20:44. | |
is not suitable for you, That's very difficult and then | :20:45. | :20:46. | |
the compliance, in terms of taxation, accounting, | :20:47. | :20:55. | |
licensing of the beauty treatments, so there were a lot of things that | :20:56. | :20:57. | |
were very, very difficult and I always think that in every | :20:58. | :21:01. | |
city that you want it takes almost Someone said if you want to do | :21:02. | :21:04. | |
something really well, You go in with that passion | :21:05. | :21:09. | |
and I want to make London work. No matter what it is, | :21:10. | :21:19. | |
I will make London work. The problems will come, | :21:20. | :21:24. | |
but you tweak it, I'm creating a prototype, | :21:25. | :21:26. | |
but we will work initially, but how do you fix it | :21:27. | :21:29. | |
back and make it work? So I think every little step counts | :21:30. | :21:31. | |
and then when you get that Now, you ventured into London | :21:32. | :21:34. | |
in a big way just last year right before Brexit and we know | :21:35. | :21:39. | |
there is a lot of uncertainty about the UK economy, so how is that | :21:40. | :21:41. | |
impacting your future plans there? Well, of course, Brexit took | :21:42. | :21:44. | |
everyone by surprise. So yeah, so the beauty block | :21:45. | :21:46. | |
was really committed So with the Brexit, I wouldn't | :21:47. | :21:48. | |
say that it impacted a lot on my business, | :21:49. | :21:52. | |
but what I found disturbing was perhaps it creates | :21:53. | :21:54. | |
a lots of nervousness among the staff because there is so many | :21:55. | :21:57. | |
different nationalities that work in the cafe or the beauty tree | :21:58. | :21:59. | |
and they are worried they will be So there is a lot of uncertainty | :22:00. | :22:03. | |
and also with the currency exchange rate, it is quite | :22:04. | :22:10. | |
a substantial drop. Almost like 20% and | :22:11. | :22:12. | |
that's quite a bit. So that's there are pros and cons | :22:13. | :22:17. | |
because of the exchange rate and that can affect the business | :22:18. | :22:19. | |
in terms of purchase price So, we have come from your spa | :22:20. | :22:25. | |
to one of your restaurants just down the road which is quite | :22:26. | :22:30. | |
an unusual concept. But we're going to your | :22:31. | :22:32. | |
restaurant cafe now. From cafes to spas, what next? The | :22:33. | :23:02. | |
idea of having a farm in the city is something different. It is the | :23:03. | :23:06. | |
journey of how I got here. So every little step, you know, got me here. | :23:07. | :23:16. | |
Maybe we should have a manicure during Business Live! | :23:17. | :23:25. | |
Kathleen is back. The head of the World Bank is | :23:26. | :23:32. | |
pushing a terrifying prediction about jobs and it is all about | :23:33. | :23:38. | |
robots? Two-thirds of jobs maybe lost to ought owemation. We think it | :23:39. | :23:44. | |
might be bad in the UK, in the US Trump ran on that. The trouble is | :23:45. | :23:49. | |
the robots, it is not like for like. There is not another job being | :23:50. | :23:52. | |
replaced for the people displaced by the robots. The worrying thing of | :23:53. | :23:59. | |
what that causes, mass unemployment, can lead to things like the Arab | :24:00. | :24:05. | |
Spring. It does depend on how far does technology go? Will it continue | :24:06. | :24:11. | |
to expand at the pace it has? If it does, will any of us have a job | :24:12. | :24:14. | |
left? That's creating higher skilled jobs. It is getting rid of jobs, but | :24:15. | :24:23. | |
this is focussed on developed economies where the jobs are | :24:24. | :24:27. | |
relevant and needed? Where there is large populations that don't have | :24:28. | :24:31. | |
the skills that need to be gainfully employed, but this will lead to | :24:32. | :24:35. | |
things, an economic theme that's coming up is the national Living | :24:36. | :24:39. | |
Wage which isn't just national, this could be global Living Wage to pay | :24:40. | :24:43. | |
people if robots are taking over their jobs. That theme will get more | :24:44. | :24:48. | |
and more relevant as the years go by. The comments we had from | :24:49. | :24:55. | |
viewers, do you work with a robot, or would you do that. I feel I do! | :24:56. | :25:03. | |
Annabel said yes. Another viewer says, "We need to find a balance | :25:04. | :25:07. | |
between man and machine." But had is something we have been doing for | :25:08. | :25:10. | |
generations, the balance between man and machine. I want to talk about | :25:11. | :25:18. | |
TV. Netflix and Amazon Prime, loads of good TV? It is difficult to | :25:19. | :25:21. | |
choose. The trouble is now we're getting more series that have | :25:22. | :25:25. | |
shorter number of episodes. In the past episodes used to be like 22 | :25:26. | :25:30. | |
episodes a season. Writers get paid per script. So per episode, but | :25:31. | :25:35. | |
these new shows that are coming on board take as long to film and | :25:36. | :25:41. | |
writers have are not allowed to take on work for the whole production | :25:42. | :25:43. | |
themement they are getting paid less, but not allowed to work | :25:44. | :25:49. | |
elsewhere in that period while those shows are getting shot. So they | :25:50. | :25:53. | |
could go on strike and the decision is today, isn't it? It is and we'll | :25:54. | :25:59. | |
watch it closely. We're out of time. Thank you, Kathleen. | :26:00. | :26:00. | |
Bye. Good morning. The sun was out to | :26:01. | :26:11. | |
start the day in parts | :26:12. | :26:12. |