02/05/2017 BBC Business Live


02/05/2017

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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

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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

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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

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pushing a terrifying prediction about jobs and it is all about

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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

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the robots, it is not like for like. There is not another job being

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replaced for the people displaced by the robots. The worrying thing of

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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

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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

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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.

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Bye. Good morning. The sun was out to

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start the day in parts

:26:12.:26:12.

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