Browse content similar to 08/05/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:08. | |
Emmanuel Macron wins the French Presidency, | :00:09. | :00:12. | |
but that may prove to have been the easy part. | :00:13. | :00:15. | |
Movement hopes to tackle the huge problems facing the French economy. | :00:16. | :00:20. | |
Live from London, that's our top story on Monday 8th May. | :00:21. | :00:36. | |
Emmanuel Macron beats the eurosceptic Marine Le Pen | :00:37. | :00:43. | |
Following the election result, we're live from a City trading floor | :00:44. | :00:48. | |
Markets today, in mixed picture opening up across Europe but some | :00:49. | :01:00. | |
relief for global investors. Is the smartphone set to replace our | :01:01. | :01:05. | |
doctors and opticians? Later in the programme we'll get | :01:06. | :01:07. | |
the Inside Track on a tech company which aims to tackle the worldwide | :01:08. | :01:10. | |
problem of poor eyesight. A new survey has found that online | :01:11. | :01:13. | |
spending in the UK has fallen Today we want to know | :01:14. | :01:16. | |
whether your expectations of the future are affecting | :01:17. | :01:20. | |
your spending decisions? Do get in touch - just use | :01:21. | :01:25. | |
the hashtag BBCBizLive. So Emmanuel Macron has won | :01:26. | :01:36. | |
the French presidency, His first challenge will be to form | :01:37. | :01:40. | |
a government with crucial The outcome of that will determine | :01:41. | :01:46. | |
how much power the new president has to tackle the lengthy list | :01:47. | :01:52. | |
of economic problems. France has had a high unemployment | :01:53. | :01:56. | |
rate for decades: currently around 10% of the workforce - | :01:57. | :01:59. | |
or 3 million people. That compares with less than half - | :02:00. | :02:08. | |
4.3% across the border in Germany. The problem is worse for young | :02:09. | :02:11. | |
people: 24% of those between the ages of 15 and 24 don't | :02:12. | :02:14. | |
have a job. The other big issue is the size | :02:15. | :02:19. | |
of the public sector in France - one of the largest in the world - | :02:20. | :02:23. | |
last year it accounted for over This is something Macron | :02:24. | :02:26. | |
has promised to tackle With an economy that has seen | :02:27. | :02:29. | |
faltering growth for years some experts say it will bring | :02:30. | :02:34. | |
much needed savings. Let's start by giving new market | :02:35. | :02:49. | |
reaction. Tanya Beckett joins me now | :02:50. | :02:51. | |
from a trading floor in the City... We had 30 minutes trading in Europe, | :02:52. | :03:01. | |
how is it going? Very much a sense of relief, the Halo hunt stockbroker | :03:02. | :03:07. | |
floor. The bars are starting as the markets open, we saw some | :03:08. | :03:11. | |
fluctuation in the Euro but largely this was priced in, the opinion | :03:12. | :03:15. | |
polls suggesting this outcome and thoughts now moving to Fort next. | :03:16. | :03:21. | |
Post-election France. More importantly post-election eurozone | :03:22. | :03:25. | |
and EU. Can Emmanuel Macron as you've raised the question can he | :03:26. | :03:30. | |
actually deliver on these reforms or what next for France or is populism | :03:31. | :03:34. | |
going to be an issue that is going to find itself coming back in a few | :03:35. | :03:39. | |
years? That's the big question. As you know, Tanya, it typical to know | :03:40. | :03:44. | |
what happens next but I guess in terms of political risk there was | :03:45. | :03:47. | |
concern at the start of this year, we've had France, the Netherlands, | :03:48. | :03:52. | |
Germany is next. Yes, Germany is next but are not facing exactly the | :03:53. | :03:58. | |
same problems between Angela Merkel and Schultz in Germany because | :03:59. | :04:02. | |
France has said different economic trajectory from Germany and this is | :04:03. | :04:05. | |
part of the problems which underlies this move to populism. France if we | :04:06. | :04:11. | |
come back to France, the problem has been there has been a widening of | :04:12. | :04:14. | |
the wealth gap of course, we seen that elsewhere, in terms of Germany, | :04:15. | :04:19. | |
its growth path has been very weak indeed, compared to its larger | :04:20. | :04:23. | |
European partner and France now wants to make up that gap, there is | :04:24. | :04:28. | |
a little bit of envy there but whether it can push through these | :04:29. | :04:32. | |
labour reforms which many see as being absolutely key to achieving | :04:33. | :04:36. | |
the German side of the border this the German side of the border this | :04:37. | :04:40. | |
is an excellent outcome. Micron has stated he is a committed to the EU, | :04:41. | :04:45. | |
committed to the eurozone, he is not committed to the German trade | :04:46. | :04:49. | |
surplus, there will be a little fire between the countries but economic | :04:50. | :04:53. | |
it, much more on the same page than they have been for the last decade | :04:54. | :04:58. | |
in terms of what is required because again, look to Berlin, we've seen | :04:59. | :05:01. | |
some profound labour reforms, what many see as key to delivering that | :05:02. | :05:05. | |
economic growth we've seen and particularly that has shown itself | :05:06. | :05:11. | |
in post-financial crisis, hasn't emerged in France. Whether Macron | :05:12. | :05:15. | |
can deliver that, he's advocating slow pace to reform but he thinks | :05:16. | :05:20. | |
that will deliver, we could be talking many years before it does. | :05:21. | :05:23. | |
Tanya, thank you, we'll see you again later. | :05:24. | :05:24. | |
With me is Dr Francoise Boucek, Lecturer | :05:25. | :05:26. | |
at the School of Politics and International | :05:27. | :05:29. | |
Nice to see you and welcome. Tanya running through some of the economic | :05:30. | :05:41. | |
issues that Mr Macron has to do with, I suppose the question is | :05:42. | :05:45. | |
where does he start on fortune be first on his list? Firstly, he has | :05:46. | :05:49. | |
to win a majority in parliament next month and that will be a tall order. | :05:50. | :05:54. | |
He is more likely to have to do with a coalition government in which case | :05:55. | :05:59. | |
he will have possibly some awkward partners who are going to try and | :06:00. | :06:03. | |
block some of his more drastic reforms that he wants to bring in. | :06:04. | :06:08. | |
Particularly -- particularly to reform the labour market and because | :06:09. | :06:12. | |
he is more likely to form a coalition with parties on the left, | :06:13. | :06:14. | |
he is lucky to have a lot of opposition there. Plus he will have | :06:15. | :06:19. | |
to conduct with the power of the street and in France, whenever it | :06:20. | :06:25. | |
there are any large important reforms of social policy or economic | :06:26. | :06:29. | |
policy there is usually people coming down on the street. Listening | :06:30. | :06:33. | |
to you and what you said, you think has he any hope at all because he | :06:34. | :06:38. | |
will have a coalition, difficult government. Also he has the front | :06:39. | :06:43. | |
National as the main opposition, the power of the street, can he get | :06:44. | :06:49. | |
through any radical reform? It's more likely we'll end up with | :06:50. | :06:56. | |
legislative gridlock, I think, he is threatening to push these labour | :06:57. | :07:02. | |
reforms by presidential decree and the French President has these | :07:03. | :07:06. | |
powers because the reforms were already introduced by the Francois | :07:07. | :07:15. | |
Hollande government that reform the French labour code, which is a huge | :07:16. | :07:19. | |
already there, people descended on already there, people descended on | :07:20. | :07:24. | |
the streets and protested. We covered it all, regular protesting. | :07:25. | :07:29. | |
The issue of voter dissatisfaction is so interesting, looking at the | :07:30. | :07:32. | |
first round of voting, nearly half of all voters backed a ticket that | :07:33. | :07:36. | |
was an anti globalisation ticket, they said they wanted something | :07:37. | :07:41. | |
entirely different, barriers to run free, trade to end, he have to | :07:42. | :07:46. | |
recognise some of that, wouldn't he? Absolutely, his project is embedded | :07:47. | :07:50. | |
in the European project as well and he's the only one who's pushed the | :07:51. | :07:57. | |
European agenda so 40 has in mind for the eurozone is quite drastic, | :07:58. | :08:01. | |
whether he can get it through. He wants major institutional changes, | :08:02. | :08:06. | |
he wants a Europe list of finance for the Eurozone countries and he | :08:07. | :08:11. | |
wants a eurozone parliament and he has a vision of bringing about a | :08:12. | :08:17. | |
transferring of fiscal federalism which Germany will not go along with | :08:18. | :08:21. | |
but that is kind of his vision. He's very likely to also come up against | :08:22. | :08:25. | |
opposition because of his approach, it's almost on a European scale, | :08:26. | :08:32. | |
what he has in mind. That's all we have time for which is a real shame | :08:33. | :08:37. | |
but to ask you, which part of France are you from? Brittany. Which is one | :08:38. | :08:42. | |
of the highest regions to vote for Macron, a huge majority. Very | :08:43. | :08:46. | |
interesting, thank you for coming in, we appreciate your analysis. I | :08:47. | :08:53. | |
used to live in Brittany. You did? That is for I am from,! You should | :08:54. | :09:02. | |
go for coffee. Great coastline. We have a life page dedicated to all of | :09:03. | :09:13. | |
this analysis. Many leaders congratulating Emmanuel Macron. | :09:14. | :09:15. | |
Stay tuned to BBC News - we'll have plenty more | :09:16. | :09:17. | |
In just over an hour, both Emmanuel Macron | :09:18. | :09:26. | |
and the outgoing President - Francois Hollande - | :09:27. | :09:27. | |
will attend a ceremony commemorating the end of the Second World War. | :09:28. | :09:39. | |
Let's take a look at some of the other stories | :09:40. | :09:41. | |
Facebook has broadened its campaign to raise awareness about fake news, | :09:42. | :09:45. | |
by publishing adverts in the UK press. | :09:46. | :09:48. | |
The adverts carry a list of ten things to look out for when deciding | :09:49. | :09:52. | |
They include checking the article date and website address, | :09:53. | :09:55. | |
as well as making sure it isn't intended as satire. | :09:56. | :09:59. | |
Facebook is under fresh political pressure to tackle | :10:00. | :10:03. | |
fake news in the run up to the UK general election. | :10:04. | :10:08. | |
China's exports and imports rose in April but missed | :10:09. | :10:10. | |
analysts' expectations, as domestic and foreign demand | :10:11. | :10:13. | |
Exports rose 8 percent in April, while imports were up 11.9 percent. | :10:14. | :10:25. | |
The country's trade surplus last month came in at $38.05 billion, | :10:26. | :10:28. | |
Reports say the Pentagon has backed a plan to invest nearly $8 billion | :10:29. | :10:33. | |
to boost the US presence in the Asia-Pacific region. | :10:34. | :10:35. | |
The Wall Street Journal says the money will be used | :10:36. | :10:37. | |
to upgrade its military infrastructure, conduct additional | :10:38. | :10:39. | |
exercises and deploy more forces and ships over the next five years. | :10:40. | :10:48. | |
Dulux paint owner AkzoNobel has turned down a third takeover bid | :10:49. | :10:51. | |
from US rival PPG which valued the business at about $29.5 billion. | :10:52. | :10:54. | |
The firm says its chief executive and chairman met with PPG, | :10:55. | :10:56. | |
but decided that the business was "best-served by its own strategy | :10:57. | :10:59. | |
to accelerate growth and value creation". | :11:00. | :11:14. | |
That means they just didn't agree! Would have saved us a lot of time. | :11:15. | :11:21. | |
The Dulux dog is leaving. Thanks but no thanks was the message. | :11:22. | :11:24. | |
The start of a new trading week and as European markets digest news | :11:25. | :11:27. | |
of the French Presidential election and that victory for | :11:28. | :11:29. | |
Emmanuel Macron, over in the US it's all about corporate earnings. | :11:30. | :11:31. | |
Samira has the details of a busy week ahead on Wall Street. | :11:32. | :11:38. | |
Earnings continue this week with companies that are worth | :11:39. | :11:44. | |
highlighting. On Tuesday we will hear from media companies Walt | :11:45. | :11:46. | |
Disney and news coanda on Wednesday when he first century Fox will | :11:47. | :11:51. | |
report its earnings. This is significant as the company is | :11:52. | :11:53. | |
waiting on approval from the British government for its 14 and a half | :11:54. | :11:58. | |
billion dollar takeover bid of Sky News. And on Thursday to hear from | :11:59. | :12:06. | |
American retail giant Macy's, the companies will close about 100 | :12:07. | :12:10. | |
stores in the next few years, about 15% of all stores. Macy's continues | :12:11. | :12:15. | |
to face intense pressure from online retailers as well a struggling with | :12:16. | :12:18. | |
underperforming stores. On Friday will focus on some economic news | :12:19. | :12:23. | |
with the latest numbers on retail sales in the United States as well | :12:24. | :12:27. | |
as consumer sentiment on the consumer Price index, inflation. | :12:28. | :12:35. | |
That this era in New York. -- some era. | :12:36. | :12:36. | |
Joining us is James Bevan, Chief Investment Officer at CCLA | :12:37. | :12:38. | |
We've touched on Europol ready, a quick take not, we have seen some | :12:39. | :12:48. | |
reaction the other way. This is unambiguously positive for the Euro | :12:49. | :12:53. | |
project and the next big test is Italy, not Germany. For the moment, | :12:54. | :12:59. | |
great news. Interestingly the price of oil edging up today, news from | :13:00. | :13:02. | |
Opec which is helping oil stocks on the market. Oil price is pretty | :13:03. | :13:07. | |
bumpy and I'm not expecting it to go up in any trend basis because every | :13:08. | :13:12. | |
time Opec says it will cost maintain low production the US pond is more. | :13:13. | :13:16. | |
In terms of the announcement at the Saudi Arabia of saying they will | :13:17. | :13:20. | |
extend lives as Opec generally is doing everything it can... But when | :13:21. | :13:26. | |
we look at the rig count in the States, last week it was up again, | :13:27. | :13:29. | |
every time there is a little bit of relaxation from Opec US is straight | :13:30. | :13:34. | |
in. Big week for corporate earnings, what are you watching? For me it's | :13:35. | :13:39. | |
not just a big week for corporate earnings, bigwig in terms of | :13:40. | :13:43. | |
statements about Central Bank policy because we all know the central bank | :13:44. | :13:47. | |
will want to tighten up at some point, were going to be looking for | :13:48. | :13:51. | |
early signals in press briefings, in announcements as to think that is | :13:52. | :14:00. | |
likely to be. Give us your take on the company we mentioned saying no | :14:01. | :14:04. | |
to PPG. That has an excellent engine for delivering shareholder growth | :14:05. | :14:07. | |
and on that basis it doesn't believe that combine will add value, the | :14:08. | :14:12. | |
shareholders who corporate are told we will not do that and they will be | :14:13. | :14:15. | |
grumpy but I think the April statement that Akzo but I'd is clear | :14:16. | :14:22. | |
for the generation will come from and I think the bulk of investors. | :14:23. | :14:28. | |
For that, they are discounting this will go away. Thank you, James will | :14:29. | :14:33. | |
be back later. More to touch on with James in the programme. | :14:34. | :14:34. | |
Is the smartphone set to replace our doctors and opticians? | :14:35. | :14:39. | |
Later in the programme we'll get the Inside Track on a tech company | :14:40. | :14:42. | |
which aims to tackle the worldwide problem of poor eyesight. | :14:43. | :14:44. | |
You're with Business Live from BBC News. | :14:45. | :15:00. | |
The Halifax has just released its house price study. | :15:01. | :15:02. | |
The research has found that annual house price growth | :15:03. | :15:04. | |
Let us go to Leeds now and speak to Martin Ellis, | :15:05. | :15:13. | |
an Economist from the Halifax for the rest of its findings. | :15:14. | :15:17. | |
Talk us through the numbers because it is watched closely this. We're | :15:18. | :15:24. | |
obsessed by house prices, but this gives us an indication what's | :15:25. | :15:27. | |
happening out there at the moment in the real world? We have seen house | :15:28. | :15:32. | |
prices fall slightly. Just down 0.1%. And that comes after a couple | :15:33. | :15:37. | |
of months where we've had no change in house prices at all. So, we're | :15:38. | :15:42. | |
seeing a state here where house prices have really plateaued and | :15:43. | :15:46. | |
actually if you look at the latest three months, they're down slightly | :15:47. | :15:49. | |
on the previous three months. That's the first time we have seen a | :15:50. | :15:53. | |
decline in house prices on a quarterly basis since the end of | :15:54. | :15:58. | |
2012. So the first time for quite a while. It is very, very fractional. | :15:59. | :16:04. | |
Just a slight decline. Martin, if we look at different parts of the UK, | :16:05. | :16:07. | |
what stands out to you? A story we had last week on this programme was | :16:08. | :16:10. | |
estate agents offering a free car with a house sale in London. They're | :16:11. | :16:14. | |
having such a tough time? Well, that's right. There are parts of | :16:15. | :16:19. | |
London, typically the more expensive areas where we are seeing lots of | :16:20. | :16:23. | |
incentives now to try and get people into buy. We are seeing falls in | :16:24. | :16:28. | |
house prices in some parts in London. In outer London, we are | :16:29. | :16:33. | |
still seeing house price growth, but the main story here is really that | :16:34. | :16:38. | |
we have seen a period where house prices have risen very rapidly | :16:39. | :16:44. | |
particularly between 2014 and 2016. And much more sharply than average | :16:45. | :16:47. | |
earnings. People's earnings really doing very little. So, it has just | :16:48. | :16:53. | |
become incredibly ex-expensive for a lot of people to be able to afford | :16:54. | :16:57. | |
that home. That's putting a natural constraint on housing demand and | :16:58. | :17:01. | |
that's really why we have seen this sharp slowdown in house price | :17:02. | :17:06. | |
inflation. Now if we look backment we're talking about an annual rate | :17:07. | :17:10. | |
of below 4%. That's unchanged from last month, but over a year ago, we | :17:11. | :17:14. | |
were seeing double digit house price inflation. House prices were 10% | :17:15. | :17:19. | |
higher than a year earlier. Martin, thank you. Martin Ellis at | :17:20. | :17:25. | |
the Halifax. There is more on the Business Live | :17:26. | :17:30. | |
page. More reaction to events in France. | :17:31. | :17:39. | |
You're watching Business Live. Our top story: | :17:40. | :17:43. | |
All the reaction to the victory of Emmanuel Macron in France in the | :17:44. | :17:51. | |
French Presidential elections. Markets are mixed. It had factored | :17:52. | :17:57. | |
in a victory for Emmanuel Macron. A fact will markets. So since the | :17:58. | :18:03. | |
first round of the presidential election in France the CAC has gone | :18:04. | :18:08. | |
up by 7%. Today, down 0.5%. No surprise. No. | :18:09. | :18:20. | |
Now, does the future of medical diagnosis depend on the smartphone? | :18:21. | :18:29. | |
Peek is one social enterprise hoping to change all of this. | :18:30. | :18:35. | |
The company's portable eye examination kit contains | :18:36. | :18:39. | |
a 3D-printed adapter that clips onto a smartphone camera and allows | :18:40. | :18:41. | |
Estimates suggest that there are currently 2.5 billion people | :18:42. | :18:47. | |
in the world with poor vision and no access to treatment. | :18:48. | :18:51. | |
The Peek School Screening programme has already test more than 84,000 | :18:52. | :18:55. | |
children in developing countries such as Botswana, India and Kenya | :18:56. | :18:58. | |
as part of the Peek School Screening programmes. | :18:59. | :19:00. | |
With me is Dr Andrew Bastawrous, co-founder and Chief Executive | :19:01. | :19:02. | |
I've got your name wrong. Andrew, you have brought your device in. | :19:03. | :19:29. | |
Just quickly show us how it works. To being able to see inside the eye | :19:30. | :19:36. | |
is hugely beneficial for diagnosing eye problems and other problems. | :19:37. | :19:40. | |
What we have been able to do is put this device... Put it up higher so | :19:41. | :19:46. | |
our viewers can have a look. We put this device on to a smartphone so | :19:47. | :19:51. | |
you can see inside the eye while looking at the screen. You can | :19:52. | :19:54. | |
record the image and share it with someone else to review. The medical | :19:55. | :19:58. | |
practitioner, the trained person, has the smartphone. They need to buy | :19:59. | :20:04. | |
the extra add on bit and that's $200 and that means clearly, it is much | :20:05. | :20:08. | |
more accessible then for anyone around the world to be able to | :20:09. | :20:11. | |
travel out. They need the smartphone and the kit that sticks on the top? | :20:12. | :20:17. | |
I can give you an example of where it has been used recently. I was | :20:18. | :20:20. | |
living in ken why for a couple of years and there was a lady in her | :20:21. | :20:27. | |
90s, one of our field workers went to her home, it was a typical old | :20:28. | :20:35. | |
mud village and they found her and did a vision test on our app and | :20:36. | :20:38. | |
found that she was blind in both eyes. As soon as they identified she | :20:39. | :20:42. | |
couldn't see, the information was sent to the hospital three hours | :20:43. | :20:47. | |
away. She was taken to the hospital because she was geotaged, she she | :20:48. | :20:51. | |
haved treatment and had her sight restored having been blind for over | :20:52. | :20:56. | |
20 years. When she was taken home, she started to see things that she | :20:57. | :21:00. | |
hadn't seen in over two decades and stood at the doorway to her house | :21:01. | :21:03. | |
with her son, but she didn't know that was her son and he was looking | :21:04. | :21:07. | |
at her with great anticipation until he spoke and said, "How are you | :21:08. | :21:12. | |
doing?" It was only in that moment that she realised it was her son. | :21:13. | :21:16. | |
She recognised his voice. That's incredible. There are millions of | :21:17. | :21:19. | |
people who are unnecessarily blind and what we're trying to do is | :21:20. | :21:23. | |
increase the access to that community. To those who can provide | :21:24. | :21:31. | |
services. You're blind, aren't you, and your story and your background | :21:32. | :21:35. | |
is why you're involved? Yes. Although a lot of people are blind | :21:36. | :21:38. | |
from cataracts, you can be blind from needing a pair of glasses. I'm | :21:39. | :21:43. | |
short-sighted, but with contact lenses in I have perfect vision and | :21:44. | :21:47. | |
the estimates are 2.5 billion people can't see as well as they could if | :21:48. | :21:50. | |
they had basic treatment like glasses. You can use technology as | :21:51. | :21:54. | |
well to explain that. Many parents of young children might not know | :21:55. | :21:57. | |
that their children are suffering and I don't know if we can show this | :21:58. | :22:01. | |
to viewers. This is part of the app and it gives parents or anyone else | :22:02. | :22:05. | |
an understanding of what it is their children can actually see and what | :22:06. | :22:07. | |
they should be able to see and that really paints a picture then of why | :22:08. | :22:11. | |
that help is so needed? It is hugely important. If you tell someone that | :22:12. | :22:18. | |
your vision is 6/60 that means something if you're in my world. | :22:19. | :22:24. | |
This image there on the left, obviously you can see it blurs | :22:25. | :22:27. | |
according to the prescription of whoever is suffering from the sight | :22:28. | :22:30. | |
loss and that would be normal vision on the side. So that gives a really | :22:31. | :22:34. | |
visual indication of how problematic it is for people who don't actually | :22:35. | :22:38. | |
know they're suffering from sight loss? Exactly. I was one of those | :22:39. | :22:43. | |
children. I didn't know I couldn't see. I knew I was doing well at | :22:44. | :22:50. | |
school. When I got my first pair of glasses, I could see stars and | :22:51. | :22:54. | |
leaves on trees and it changed my life. That's why we're empowering | :22:55. | :23:00. | |
teachers, teachers are screening in schools, but they understand what it | :23:01. | :23:05. | |
means. So rather than just having a result they're empowered on | :23:06. | :23:08. | |
following up and making sure the child gets treatment and we are | :23:09. | :23:11. | |
close to having screened 100,000 children to make sure they get the | :23:12. | :23:14. | |
right treatment. Andrew, thank you very much for coming in. It has been | :23:15. | :23:22. | |
great to hear the story about Peek. You work with other companies with | :23:23. | :23:25. | |
similar technology and advancement to help people see around the world. | :23:26. | :23:28. | |
Yes, best of luck with it. Thank you for coming in. | :23:29. | :23:31. | |
In a moment we'll take a look through the Business Pages but first | :23:32. | :23:34. | |
here's a quick reminder of how to get in touch with us. | :23:35. | :23:37. | |
The Business Live page is where you can stay | :23:38. | :23:39. | |
ahead of all the day's breaking business news. | :23:40. | :23:41. | |
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with insight and analysis from the BBC's team of editors | :23:44. | :23:45. | |
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Volkswagen is in the news again. Now they are in the papers talking about | :24:12. | :24:26. | |
a US turn around plan? It is a very grand plan indeed. They are saying | :24:27. | :24:31. | |
they're going to get costs down and productivity up and they want | :24:32. | :24:36. | |
margins of 4% by 2020 and in 2020 they're going to shift focus into | :24:37. | :24:39. | |
becoming dominant in electric vehicles over the period that then | :24:40. | :24:43. | |
follows to 2025. That's a big ask. Yes, they have got their work cut | :24:44. | :24:48. | |
out anyway, image wise after the emissions scandal? What they have | :24:49. | :24:53. | |
done well is launch sports utility vehicles, popular in the American | :24:54. | :24:56. | |
markets so they have been increasing sales and we learnt that from the | :24:57. | :24:59. | |
numbers last week. I guess they're trying to ride the popular, | :25:00. | :25:04. | |
enthusiasm that's been engendered. Let's look at the consumer spending | :25:05. | :25:11. | |
story. This is UK spending consuming spending dipping. Online is dipping | :25:12. | :25:16. | |
because people have been spending on things like chocolate and hot cross | :25:17. | :25:23. | |
buns and leisure. But there is a bigger issue here which is that we | :25:24. | :25:27. | |
are having higher import prices, poor wage growth and since Brexit, | :25:28. | :25:31. | |
the consumer has been borrowing money and clearly their preparedness | :25:32. | :25:36. | |
and appetite to borrow money is diminishing and that's not good news | :25:37. | :25:39. | |
for the UK economy. James, thank you very much for rattling through those | :25:40. | :25:42. | |
stories. Thank you for your company today. We | :25:43. | :25:46. | |
will do at the same time, same place tomorrow. Yes, do join us. See you | :25:47. | :25:49. | |
then. Bye-bye. Hello. It's a new week, but it's not | :25:50. | :26:09. | |
a particularly new weather story. At least not in the first part of the | :26:10. | :26:12. | |
week. We have the high pressure | :26:13. | :26:13. |