Browse content similar to 12/05/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is Business Live from BBC News with Tanya Beckett and Rachel Horne. | :00:09. | :00:11. | |
Zooming exports and crumbling classrooms. | :00:12. | :00:12. | |
The paradox of Germany's lopsided economy. | :00:13. | :00:14. | |
Live from London, that's our top story | :00:15. | :00:16. | |
Growth accelerates in Europe's biggest economy but is Germany | :00:17. | :00:39. | |
Has Donald Trump opened the door to trade with China? | :00:40. | :00:48. | |
Beijing gives the green light to certain US exports. | :00:49. | :00:51. | |
We'll cross live to Asia for the latest reaction. | :00:52. | :00:59. | |
It is a flat start on the markets for Europe. Oil prices remaining | :01:00. | :01:03. | |
relatively firm of course. We'll hear from the young tech | :01:04. | :01:06. | |
entrepreneur behind the UK's It's been a long week for Barclays' | :01:07. | :01:10. | |
CEO Jes Staley and it ends with him fooled into replying | :01:11. | :01:15. | |
to an email he thought was sent by the bank's Chairman | :01:16. | :01:17. | |
but was actually from a prankster. We'll tell you what he wrote later, | :01:18. | :01:20. | |
but first we want to know have you ever sent an email | :01:21. | :01:23. | |
to the wrong person? We start in Europe's | :01:24. | :01:26. | |
economic powerhouse, because in the last half hour | :01:27. | :01:44. | |
Germany has released GDP figures for the first | :01:45. | :01:48. | |
three months of the year, and they show an economy | :01:49. | :01:52. | |
that's accelerating. It grew 0.6% on the | :01:53. | :01:55. | |
previous quarter. That translates to an | :01:56. | :02:04. | |
annual rate of 1.7%. It's being fuelled by global demand | :02:05. | :02:06. | |
for the country's exports, But it's not all cause | :02:07. | :02:08. | |
for celebration. Last year Germany clocked | :02:09. | :02:11. | |
up its biggest ever trade surplus, that's how much more it | :02:12. | :02:20. | |
exports than it imports. At $275 billion, Germany has one | :02:21. | :02:24. | |
of the biggest trade It's a source of tension | :02:25. | :02:26. | |
with its neighbours and allies. Look at how much more Germany sells | :02:27. | :02:33. | |
to these top economies The US in particular has accused | :02:34. | :02:35. | |
Germany of exploiting an undervalued euro to get an unfair | :02:36. | :02:48. | |
trade advantage. An over-reliance on exports | :02:49. | :02:51. | |
isn't the only problem. The European Commission says | :02:52. | :02:56. | |
Germany is just too frugal. It is saving too much, | :02:57. | :02:58. | |
and investing too little. It wants to see some of that cash | :02:59. | :03:00. | |
invested in the region's Paul Kavanagh, Director | :03:01. | :03:03. | |
of Patronus Partners, is with me. Growth of 0.6% for the first three | :03:04. | :03:18. | |
month we were expecting, sounds not bad, so why is there so much | :03:19. | :03:24. | |
criticism of Germany? It is to do with the imbalances within the | :03:25. | :03:29. | |
economy. Germany taxes its popular very highly, around 40% of GDP is | :03:30. | :03:35. | |
made up of taxes. As we approach the elections in September there is a | :03:36. | :03:39. | |
lot of pressure on trying to release some of these taxes that are being | :03:40. | :03:43. | |
imposed, to bring more euros back and to allow people to spend, and if | :03:44. | :03:47. | |
they spend, will be spend on things they need to import? To rebalance | :03:48. | :03:54. | |
this import export argument creating tensions particularly with the US. | :03:55. | :03:58. | |
There is also the issue over the euro. Explain that. Germany has a | :03:59. | :04:04. | |
very strong economy not only domestically but it is the strongest | :04:05. | :04:09. | |
in terms of exports. Normally if you were alone as a country with that | :04:10. | :04:15. | |
sort of thing you would have a very strong currency but they are | :04:16. | :04:19. | |
benefiting from the weak economy of France and Spain and others and so | :04:20. | :04:24. | |
they have had a very good year on the export front. The difficulty is, | :04:25. | :04:30. | |
my issue with looking at a trade surplus, is it is a gross figure, it | :04:31. | :04:35. | |
does not look at margins, profits, you could be selling something that | :04:36. | :04:39. | |
had a very small margin, Germany is not, but it is a pretty crude way of | :04:40. | :04:44. | |
assessing whether there is an imbalance. Absolutely. What happens | :04:45. | :04:50. | |
around the world, this relationship between economies and currencies is | :04:51. | :04:55. | |
becoming more tense and impacts on China and Japan and particularly the | :04:56. | :04:59. | |
US at the moment because the manifesto from Donald Trump has been | :05:00. | :05:03. | |
about protecting the US. It's feeling is that the US has been | :05:04. | :05:08. | |
subsidising the world with a strong dollar and weaker currencies against | :05:09. | :05:12. | |
the weaker yen and euro and when you look at the trade surplus numbers | :05:13. | :05:16. | |
and the strong balance sheet of Germany at the moment, which is not | :05:17. | :05:21. | |
being used to create new investment in schools, construction, and giving | :05:22. | :05:25. | |
more money back to the popular to buy consumable goods, there is a | :05:26. | :05:29. | |
feeling there is imbalance and you are benefiting from the weak | :05:30. | :05:30. | |
currency. Thank you. Let's take a look at some of | :05:31. | :05:34. | |
the other stories making the news. Shares in Macy's have plunged | :05:35. | :05:38. | |
after the US department store owner Rivals Kohls and JC Penney | :05:39. | :05:42. | |
were also down sharply, amid fears about the health | :05:43. | :05:51. | |
of the traditional US retail sector. The rise in online shopping has seen | :05:52. | :05:55. | |
US department stores shed more than 32,000 jobs in the past year, | :05:56. | :05:58. | |
according to US The South Korean government has | :05:59. | :06:01. | |
ordered carmakers Hyundai and Kia Motors to recall | :06:02. | :06:08. | |
about 240,000 cars, after a tip off The ex-Hyundai employee raised | :06:09. | :06:10. | |
concern about defects which affected It is the first time the country's | :06:11. | :06:15. | |
government has issued Kia is an affiliate of Hyundai, | :06:16. | :06:19. | |
and officials are asking the country's prosecutor to look | :06:20. | :06:24. | |
for any evidence of a cover To Asia now, and since US | :06:25. | :06:27. | |
President Donald Trump and Chinese President Xi Jinping met | :06:28. | :06:40. | |
in Florida last month, the two countries have been | :06:41. | :06:43. | |
in talks to try and reduce Well, it looks like those talks are | :06:44. | :06:45. | |
beginning to yield results. Our reporter is in Singapore | :06:46. | :06:52. | |
and can tell us more. They have unveiled a 10.8 package, | :06:53. | :07:02. | |
quite a meaty deal. China is resuming imports of US beef after 13 | :07:03. | :07:06. | |
years and in return the US is allowing Chinese cooked chicken back | :07:07. | :07:11. | |
into their market. Other points of this deal include the entry of | :07:12. | :07:16. | |
Chinese banks into the US and for China they are opening the market to | :07:17. | :07:21. | |
US natural gas and financial services firms and credit rating | :07:22. | :07:25. | |
services. The US commerce secretary says that this deal should actually | :07:26. | :07:29. | |
reduce china's trade surplus with America by the end of the year. On | :07:30. | :07:36. | |
the campaign trail President Trump did a lot of sabre rattling when it | :07:37. | :07:44. | |
did to China. He has not did what he threatened. After the meeting with | :07:45. | :07:50. | |
the president in Florida it seemed like the situation is you scratch my | :07:51. | :07:55. | |
back and I will scratch yours. Thank you. Interesting mix of politics and | :07:56. | :08:01. | |
economics there. There is not a secular driving force | :08:02. | :08:18. | |
in the markets at the moment. -- particular. We know the US central | :08:19. | :08:25. | |
bank says it is ready to hike interest rates. The UK central bank | :08:26. | :08:30. | |
takes a different view about the UK economy which is predicted to grow | :08:31. | :08:33. | |
faster than the German economy this year. This is what is happening in | :08:34. | :08:39. | |
Europe so far. In percentage terms not much movement. This is France, | :08:40. | :08:50. | |
Merck on redefining the relationship between France and Germany. We have | :08:51. | :08:55. | |
the details on what has been going on in Wall Street. Two bits of | :08:56. | :09:01. | |
economic news, the consumer price index and retail sales. Economists | :09:02. | :09:06. | |
estimate that the CBI will increase by 0.2% in April after a fall of | :09:07. | :09:15. | |
0.3% in March. It seems it may be the same story for sales, the | :09:16. | :09:19. | |
expectation is they will be up by 0.6% after falling by 0.2% in March. | :09:20. | :09:27. | |
Speaking of retail sales JCPenney will be reporting earnings. The | :09:28. | :09:31. | |
company is looking to cut costs as sales continue to slide. They said | :09:32. | :09:37. | |
back in February they would close 130-140 underperforming stores over | :09:38. | :09:42. | |
the next few months and they will offer voluntary retirement for about | :09:43. | :09:43. | |
6000 employees. Joining us is Nandini Ramakrishnan, | :09:44. | :09:50. | |
Global Market Strategist at JP Yesterday we had the Bank of England | :09:51. | :09:59. | |
giving their inflation report and their inflation forecast has | :10:00. | :10:02. | |
increased but no sign of an interest rate move. Yes, a combination of | :10:03. | :10:08. | |
higher inflation expected and lower growth, which is making the Bank of | :10:09. | :10:13. | |
England remain on hold. A lot of commentary about the strength of the | :10:14. | :10:16. | |
UK consumer, a little bit of weakness coming from that consumer | :10:17. | :10:20. | |
but other parts of the economy such as exports and potential investment | :10:21. | :10:26. | |
from abroad should balance that. Things get complicated, the impact | :10:27. | :10:30. | |
of the Brexit vote and the potential for inflation to rise and growth to | :10:31. | :10:35. | |
stagnate at the same time, soft data comes in handy. Yes. This is | :10:36. | :10:43. | |
happening globally. Survey data coming out quite strong that we want | :10:44. | :10:47. | |
to see the GDP numbers, some of which we have been seeing coming out | :10:48. | :10:52. | |
quite strong, but we want to see the hard data come out strong as well to | :10:53. | :10:56. | |
support it which is what the Bank of England and lots of central banks | :10:57. | :11:01. | |
around the world are hoping for. Looking at the markets we have had | :11:02. | :11:07. | |
strong US earnings, resolution to the French presidential elections, | :11:08. | :11:11. | |
we are in the middle of the European earnings season, how are the markets | :11:12. | :11:15. | |
feeling? There's a bit of a positive breath after the French elections | :11:16. | :11:20. | |
and we had strong US jobs data last week. Nothing too big on the horizon | :11:21. | :11:25. | |
today or the early parts of next week that should shock the markets. | :11:26. | :11:30. | |
We will see as the data comes out. You will be back in a few minutes to | :11:31. | :11:35. | |
talk through the papers and to let us know if you have ever emailed the | :11:36. | :11:39. | |
wrong person. Let us know if you have done that. I have done that. It | :11:40. | :11:42. | |
was not nice! We'll hear from the young tech | :11:43. | :11:46. | |
entrepreneur behind the UK's You're with Business | :11:47. | :11:49. | |
Live from BBC News. Businesses in all parts of the UK, | :11:50. | :11:59. | |
particularly rural areas, are experiencing full or partial | :12:00. | :12:05. | |
not-spots in their mobile coverage according to the British | :12:06. | :12:12. | |
Chambers of Commerce. The survey shows that 70% | :12:13. | :12:14. | |
of firms experience mobile non-spots, areas of no mobile | :12:15. | :12:17. | |
coverage by any operator, or partial not-spots, | :12:18. | :12:21. | |
where there is some coverage but not from all networks, | :12:22. | :12:23. | |
in their local area. This is a survey put out by the | :12:24. | :12:34. | |
British Chambers of Commerce who have interviewed 1400 companies | :12:35. | :12:39. | |
around the country, many of them small businesses. Mobile phone and | :12:40. | :12:43. | |
internet access is but a clean important for small businesses | :12:44. | :12:47. | |
because often able running them are on the move that they have to keep | :12:48. | :12:54. | |
in touch with clients. 70% of these businesses report that they are | :12:55. | :12:58. | |
experiencing either not spots where they cannot get any 4G coverage or | :12:59. | :13:03. | |
partial not sports were one mobile provider might have coverage but | :13:04. | :13:08. | |
others do not, and it is particularly acute in rural areas. | :13:09. | :13:14. | |
It is a fairly small survey that echoes the national report last year | :13:15. | :13:17. | |
on preparation for five G coverage where it said that 4G, Britain was | :13:18. | :13:25. | |
56th in the world for 4G coverage, simply not good enough. The British | :13:26. | :13:28. | |
Chambers of Commerce are trying to turn this into an election issue. | :13:29. | :13:34. | |
What do they want to be done? What can you do? Surely operators will | :13:35. | :13:40. | |
already have done what they can do. One of the things the British | :13:41. | :13:44. | |
Chambers of Commerce is calling for is easing of planning laws to allow | :13:45. | :13:48. | |
for taller masts because if you are in a rural area that might improve | :13:49. | :13:53. | |
your coverage. The other point is that Ofcom it says must do more to | :13:54. | :13:58. | |
hold providers to account for the service advertised to customers, in | :13:59. | :14:03. | |
other words making sure that if it is advertised people get it. | :14:04. | :14:07. | |
Customers not getting a good service at all. Some rely on 3G but 60% are | :14:08. | :14:13. | |
only getting two G, which is not internet. Not good enough. Have you | :14:14. | :14:27. | |
watched paper pig? ?47 million of extra costs, shares down 2%. | :14:28. | :14:38. | |
Just because you're a tech startup doesn't mean | :14:39. | :14:42. | |
Instead, London-based virtual reality firm, Improbable, | :14:43. | :14:45. | |
has has raised $500 million in a landmark deal | :14:46. | :14:47. | |
Japan's Softbank is backing Improbable in a funding | :14:48. | :14:50. | |
round that values the business at more than $1 billion. | :14:51. | :14:52. | |
Well let's get more on this with Rory Cellan-Jones. | :14:53. | :15:03. | |
We should start with what Improbable dolls. And Improbable story. Founded | :15:04. | :15:11. | |
to Maggie years ago by two Cambridge University computer science | :15:12. | :15:24. | |
graduates. -- founded by two Cambridge University computer | :15:25. | :15:28. | |
science graduates two years ago. The gaming businesses don't make much | :15:29. | :15:34. | |
money. This is an early-stage company. It hasn't got a lot of | :15:35. | :15:40. | |
revenue. It has a huge vision. I've been speaking to one of the | :15:41. | :15:47. | |
co-founders, and I was asking why gaming was quite important. Where | :15:48. | :15:52. | |
they are going somewhere very exciting. It is when people stop | :15:53. | :15:56. | |
seeing games as a distraction and start seeing them as a source of | :15:57. | :16:00. | |
meaningful experience. The generation coming up, when they go | :16:01. | :16:03. | |
into the experience, which we are hopefully able to power, the | :16:04. | :16:06. | |
relationship with that medium will be different. Especially when it | :16:07. | :16:11. | |
comes to time spent and engagement with it. Seeing the technology, the | :16:12. | :16:16. | |
powers, that enables us to build a massive scale in the real world. | :16:17. | :16:24. | |
Those problems tend to converge with the technological path we are on. | :16:25. | :16:30. | |
From SoftBank's perspective, that whole spectrum of problems... How | :16:31. | :16:35. | |
significant is this that the UK Tech centre? This makes Improbable one of | :16:36. | :16:40. | |
the first unicorns. A unicorn is a company valued at more than $1 | :16:41. | :16:43. | |
billion before it comes to the market. Let's stress what a huge bet | :16:44. | :16:49. | |
this is by SoftBank. SoftBank has a lot of money. It is spreading it | :16:50. | :16:55. | |
around the world. It bought the chip designer last year from the UK at a | :16:56. | :16:59. | |
huge premium. It is a bet. It shows that in the UK there is a lot of | :17:00. | :17:04. | |
great tech coming out. Particularly from universities. From the | :17:05. | :17:08. | |
artificial intelligence field, virtual reality field, and the | :17:09. | :17:11. | |
interesting thing about this is this company is staying independent. It | :17:12. | :17:15. | |
is not being bought. It is a minority stake. They have said they | :17:16. | :17:20. | |
want to stay British. That is a relief. Because we see so many | :17:21. | :17:24. | |
companies build to a certain size in the UK and then go. I am thinking | :17:25. | :17:34. | |
about Deepmind. Yes, they were unknown, it was bought by Google a | :17:35. | :17:37. | |
number of years ago for the same amount of money, roughly, as what is | :17:38. | :17:43. | |
being paid for a stake in Improbable. Difference there, Google | :17:44. | :17:48. | |
bought control of Deepmind, which has turned out to be fantastic, in | :17:49. | :17:53. | |
terms of reputation and a leader in artificial intelligence. Whereas | :17:54. | :17:55. | |
SoftBank just have a stake in this company. Snap gave their | :17:56. | :18:00. | |
first-quarter figures this week. Did not get a great result in the | :18:01. | :18:05. | |
markets, did they? They increased users, but 2 million fewer than | :18:06. | :18:08. | |
expected. They are not making a profit. The market share dropped by | :18:09. | :18:14. | |
more than 20%. Interesting parallels with Improbable. A huge bet being | :18:15. | :18:18. | |
placed on Improbable but at a much earlier stage. Equally, enormous bet | :18:19. | :18:26. | |
being made by investors on Snap, that that will be a communications | :18:27. | :18:30. | |
platform of the future. It is growing rapidly. The key thing is it | :18:31. | :18:36. | |
isn't growing as rapidly as investors bet. And it needs to grow | :18:37. | :18:40. | |
at a rate to justify that huge valuation. Question is, will this | :18:41. | :18:47. | |
follow the trajectory of Facebook, confound it... Or can Facebook | :18:48. | :18:53. | |
follow the trajectory of Snap? Exactly. On Twitter, which is | :18:54. | :19:00. | |
disappointingly struggling. The problem is, it isn't Facebook, and | :19:01. | :19:04. | |
it is being attacked by Facebook. Every time it comes up with an | :19:05. | :19:08. | |
innovation, Facebook, which is bigger and more powerful, imitate | :19:09. | :19:11. | |
it. That will weigh on their shares for a long time. The smaller social | :19:12. | :19:21. | |
media companies... The users is 166 million for snap chat, for Facebook | :19:22. | :19:28. | |
it is about 2 million. Do we assume they have to have the same number of | :19:29. | :19:32. | |
subscribers in order to be viable? No, that is where I think investors | :19:33. | :19:37. | |
are making a potential mistake. These companies can survive pretty | :19:38. | :19:41. | |
well and be useful. Twitter is a useful platform for its users. For | :19:42. | :19:45. | |
users like Donald Trump. Snap chat is loved by the young audience. But | :19:46. | :19:49. | |
that doesn't mean it will grow forever and is going to be quite the | :19:50. | :19:54. | |
moneyspinner investors bet it will be. Thank you so much for coming in. | :19:55. | :20:01. | |
Do you Snap? When I'm on this programme with rabbit ears, the | :20:02. | :20:05. | |
whole lot yet. I want to see that. You will see it later. The fact that | :20:06. | :20:11. | |
she knows what it is is pretty good. As for reality, why do you want more | :20:12. | :20:14. | |
of it? That is why we have rabbit ears. | :20:15. | :20:20. | |
Let's move on. OK, we are also looking at Iran | :20:21. | :20:23. | |
which holds its presidential election next week. | :20:24. | :20:26. | |
It will be closely watched by hundreds of companies worldwide | :20:27. | :20:29. | |
The current president, Hassan Rouhani, has opened up Iran | :20:30. | :20:32. | |
to foreign investment and has attracted some of the | :20:33. | :20:35. | |
But conservative challengers have said they would reverse his policy. | :20:36. | :20:38. | |
Later today the candidates hold the last in a series | :20:39. | :20:40. | |
of presidential debates, which will focus on business | :20:41. | :20:42. | |
Two years ago jubilation on the streets of Tehran. World powers | :20:43. | :20:59. | |
promised to lift sanctions on Iran after President Rouhani's government | :21:00. | :21:05. | |
promised to scale back its nuclear programme. Its economy, which was | :21:06. | :21:10. | |
close to collapse, is now growing at over 7% per year. Mr Rouhani says | :21:11. | :21:17. | |
foreign trade and investment are vital for future growth. They have | :21:18. | :21:24. | |
struck deals with Total and Shell. It has ordered new aircraft from | :21:25. | :21:28. | |
Airbus and Boeing. Renault and Peugeot are back in around again to | :21:29. | :21:37. | |
make cars. But Mr Rouhani's main conservative challenger says the | :21:38. | :21:39. | |
failing. One in eight Iranians is failing. One in eight Iranians is | :21:40. | :21:43. | |
unemployed. The wealth gap is widening. He wants to give Iranians | :21:44. | :21:47. | |
firms the lead in rebuilding the economy. And rather than dealing | :21:48. | :21:52. | |
with the West, he wants more trade links with countries like China, | :21:53. | :21:58. | |
Russia. He also promises to create millions of new jobs for young | :21:59. | :22:01. | |
Iranians, but he has not yet said how. | :22:02. | :22:09. | |
Nandini Ramakrishnan, Global Market Strategist at JP | :22:10. | :22:11. | |
Morgan Asset Management is joining us again to discuss. | :22:12. | :22:15. | |
The chief executive of Barclays Bank was sent an e-mail, which he | :22:16. | :22:19. | |
believed was from the chairman, after that, he replied to it. He | :22:20. | :22:29. | |
replied to a prankster. He said you have a sense of what is right, a | :22:30. | :22:32. | |
sense of theatre, you mix humour with grit, thank you, my respect for | :22:33. | :22:39. | |
your guile, one day I want to see an ad lib guitar solo in the ilk of | :22:40. | :22:43. | |
Eric Clapton. Cringe. But he sent it to somebody | :22:44. | :22:49. | |
who was not in fact the chairman. So it is awkward. | :22:50. | :22:53. | |
Have you ever done it? Not to him. I have sent text messages to | :22:54. | :22:58. | |
somebody I was with, and then maybe intended to send it to somebody | :22:59. | :23:05. | |
else, but sent it to them instead. Fortunately not offensive. The worst | :23:06. | :23:09. | |
thing I have done is I have picked up the phone to make a phone call, | :23:10. | :23:14. | |
and the phone rang at exactly the same time, and I happened to talk | :23:15. | :23:18. | |
quite badly about that person. | :23:19. | :23:22. | |
What did they say? There were very good about it. -- | :23:23. | :23:28. | |
they were very good about it. How about you? Sometimes AutoCorrect | :23:29. | :23:36. | |
has allowed me to reply to the wrong person. What a way to end the week. | :23:37. | :23:40. | |
A difficult week. He just wants the week and to start, I imagine. | :23:41. | :23:45. | |
The background as the controversy over the whistle-blower. He | :23:46. | :23:47. | |
reversed out of that because it reversed out of that because it | :23:48. | :23:49. | |
appears he was trying to, maybe you should explain it better, control | :23:50. | :23:55. | |
what the whistle-blower's interaction was with the bank. | :23:56. | :23:59. | |
That's right, isn't it? Yes. Let's talk about... | :24:00. | :24:05. | |
The City of London. In the context of Brexit. There is a lot of debate | :24:06. | :24:07. | |
wane. Two arguments. One, certain wane. Two arguments. One, certain | :24:08. | :24:15. | |
deals cannot be done in the UK if it isn't part of the Eurozone. Another | :24:16. | :24:19. | |
argument is that it has a critical mass, so therefore that size is a | :24:20. | :24:22. | |
market and a market works best when you have all of it going on in the | :24:23. | :24:27. | |
same place. What is your prediction for the first couple of years? It'll | :24:28. | :24:30. | |
be interesting. London is infrastructure. The city, Canary | :24:31. | :24:36. | |
Wharf, built to handle that kind of volume of services and financial | :24:37. | :24:39. | |
services London provides. It has the benefit of being in the middle of | :24:40. | :24:44. | |
the time zone geographically. But you have these issues where if you | :24:45. | :24:48. | |
are settling trades, having collateral movements through certain | :24:49. | :24:49. | |
institutions, and it is based on institutions, and it is based on | :24:50. | :24:52. | |
euros, it must be in the EU for certain aspects of that. That is the | :24:53. | :24:57. | |
real challenge. All businesses move to other European cities? That is a | :24:58. | :25:01. | |
big argument. But also there is a fear from Europeans in general that | :25:02. | :25:02. | |
a lot of businesses go to New York a lot of businesses go to New York | :25:03. | :25:06. | |
or other big financial sectors outside of this region. It would be | :25:07. | :25:10. | |
based on the negotiations which come through with Theresa May and Brexit. | :25:11. | :25:16. | |
We have this image from the article from the New York Times, talking | :25:17. | :25:19. | |
about how nearly one fifth of the wild's banking transactions go | :25:20. | :25:21. | |
through the UK, mostly through London. They have another | :25:22. | :25:26. | |
interesting thing, saying the biggest cross-border banking | :25:27. | :25:28. | |
sectors, why New York is largely centred on the American markets, | :25:29. | :25:32. | |
London is more focused on the world, and we have $4.6 trillion moving | :25:33. | :25:39. | |
through London. It is staggering. It is a huge part of the UK economy. | :25:40. | :25:44. | |
Markets, not just investors, but global citizens will be watching. | :25:45. | :25:47. | |
Thank you very much for your time. Have a lovely weekend. | :25:48. | :25:50. |