:00:10. > :00:19.This is business life. Brexit means what in the UK general election? The
:00:20. > :00:20.Labour Party unveils its manifesto, we will be weighing up the
:00:21. > :00:43.arguments. The leader of the UK's Labour Party
:00:44. > :00:45.has prioritised access to the single market-
:00:46. > :00:49.we'll speak to business leaders to get their view
:00:50. > :00:59.on the upcoming negotiations. And reports suggest Ford could shed
:01:00. > :01:02.10% of its workforce - Europe is open - big day
:01:03. > :01:04.for data with UK inflation, and euro area GDP figures -
:01:05. > :01:08.we'll keep and eye on the numbers. And we'll be getting
:01:09. > :01:10.the Inside Track on the global It's faced some choppy
:01:11. > :01:14.waters in recent times - we'll ask whether the Brexit
:01:15. > :01:16.negotiations can make And what do you buy
:01:17. > :01:19.from vending machines? Drinks, sweets, how
:01:20. > :01:24.about a supercar?! A "vending machine" in Singapore
:01:25. > :01:27.is offering luxury vehicles including Bentleys,
:01:28. > :01:31.Ferraris and Lamborghinis. Today we want to know -
:01:32. > :01:34.what's the most surprising thing you've ever seen
:01:35. > :01:35.in a vending machine? Today, the UK's Labour party
:01:36. > :01:55.will release its manifesto ahead Although the formal announcement
:01:56. > :02:05.is expected in a few hours;time, Although the formal announcement
:02:06. > :02:08.is expected in a few hours' time, last week a leaked copy
:02:09. > :02:10.of the document revealed Labour's plans to scrap the government's
:02:11. > :02:12.existing white paper The Conservative manifesto
:02:13. > :02:16.is expected in the next few days. So where do the two
:02:17. > :02:18.parties stand on Brexit? The Labour Party favours managed
:02:19. > :02:20.migration, but will stop short of committing to specific
:02:21. > :02:22.immigration targets, unlike the Conservatives, who have
:02:23. > :02:24.pledged to limit net migration Jeremy Corbyn's Labour Party says it
:02:25. > :02:28.wants to retain the benefits of the European Single Market
:02:29. > :02:31.and will negotiate on that basis. By contrast, Theresa May's
:02:32. > :02:34.Conservative paper has suggested it is prepared to take the UK out
:02:35. > :02:38.of the single market if necessary. Labour has also rejected the idea
:02:39. > :02:41.that Britain can leave the European Union without first
:02:42. > :02:43.agreeing a formal trade agreement. Meanwhile, Theresa May's says "no
:02:44. > :02:52.deal is better than a bad deal". John Mills is chairman of JML,
:02:53. > :03:10.Labour donor and part John, thanks for being on the
:03:11. > :03:11.programme. Just clarify your position a bit further for our
:03:12. > :03:16.viewers come so that they are clear. viewers come so that they are clear.
:03:17. > :03:22.We mentioned you are a Labour donor, have been for many years, but
:03:23. > :03:27.actually, you are a bit of a hard Brexiteer, you were definitely in
:03:28. > :03:31.the Leave camp? Yes, I think there is quite a wide consensus in this
:03:32. > :03:35.country that the best outcome would be for us to come out of the single
:03:36. > :03:38.market, come out of the European Economic Area, out of the customs
:03:39. > :03:43.union, but then to negotiate a free trade deal, which in trading terms
:03:44. > :03:47.would get us back pretty well to where we are at the moment, but
:03:48. > :03:49.without all of the costs of the single market. If we could achieve
:03:50. > :03:54.that, I think it would be a big results. Going on what you have just
:03:55. > :03:59.said to me, we assume that you're not with the Labour Party stands
:04:00. > :04:05.when it comes to its, which is of Brexit? I think that one I have just
:04:06. > :04:10.said and suggested would give British exporters access to the
:04:11. > :04:15.terms as they have at the moment. I terms as they have at the moment. I
:04:16. > :04:19.think there is a risk that that deal will not be agreed within two years,
:04:20. > :04:24.in which case it will be a more difficult situation. Either the
:04:25. > :04:28.European Union will offer us membership of the European Economic
:04:29. > :04:33.Area, and give us access to the market, but with cost involves. I
:04:34. > :04:38.think it will depend on how high those costs are, as to weather it is
:04:39. > :04:42.worth Britain saying, that is too expensive, we're going to go for the
:04:43. > :04:45.WTO option. I think that is the Government's stands. Many people
:04:46. > :04:50.from companies listening to you now might be thinking, that is not my
:04:51. > :04:54.stance at all, actually, I want access to the single market, I want
:04:55. > :04:58.every soft exit approach, just give them a sense of how your company
:04:59. > :05:03.operates, you make goods in China which are then exported all over the
:05:04. > :05:09.world. Yes. And you're not concerned about the chaos, the delay, that
:05:10. > :05:14.could become part of the normal bottle at least for a foreseeable
:05:15. > :05:18.time, as a consequence of the UK leaving the European Union? I don't
:05:19. > :05:22.think there ought to be long views and big problems. I mean, there are
:05:23. > :05:27.going to be changes in administrative arrangements. There
:05:28. > :05:30.is a difference between having free movement of goods and a free-trade
:05:31. > :05:35.area. The customs arrangements would be more complicated. Many would
:05:36. > :05:39.argue that it would be much more complicated to get goods, lorries,
:05:40. > :05:46.across borders, that kind of thing? There is no reason why it should. We
:05:47. > :05:50.are very familiar with these customs procedures. You have got to get them
:05:51. > :05:54.organised in advance, and that I think is what the Government should
:05:55. > :05:57.be doing. There is a computer system which needs to be in place by the
:05:58. > :06:02.time all of this happens, to make sure that you can clear containers
:06:03. > :06:04.and lorries through customs quickly. These are not insurmountable
:06:05. > :06:08.problems, just things which the Government needs to tackle. A lot of
:06:09. > :06:11.the businesses we have spoken to have said that a tariff is something
:06:12. > :06:17.they could potentially stomach, as long as they do not have the delays
:06:18. > :06:19.and disruption - do you really feel there would be no period of
:06:20. > :06:22.transition which will damage business in the UK? I don't think
:06:23. > :06:27.there needs to be. Of course there will be problems. At why should the
:06:28. > :06:32.Government take that stance? They have got briefly to do it, they need
:06:33. > :06:35.to recruit the people, get the procedures in place, get the IT
:06:36. > :06:40.systems organised, is what needs to be done. John, we appreciate your
:06:41. > :06:47.time this morning, thank you for coming in and being on Business
:06:48. > :06:52.Life. Later in the programme, we will be speaking to the chief
:06:53. > :06:55.executive of the UK Chamber Of Shipping, who has a different take
:06:56. > :07:00.on what this might mean for businesses.
:07:01. > :07:04.of the other stories making the news.
:07:05. > :07:14.The Wall Street Journal is reporting that Ford is planning to cut
:07:15. > :07:15.about 10% of its 200,000-strong global workforce.
:07:16. > :07:23.The firm had already announced plans to cut costs by 3-billion dollars -
:07:24. > :07:26.The firm had already announced plans to cut costs by $3 billion
:07:27. > :07:31.In a statement, Ford says it has not announced any new "efficiency
:07:32. > :07:33.actions" and it does not comment on speculation.
:07:34. > :07:36.A court has told Uber it must return thousands of "pilfered" files
:07:37. > :07:38.from Google's self driving car division - Waymo.
:07:39. > :07:39.from Google's self driving car division Waymo.
:07:40. > :07:41.The judge has also banned a top Uber engineer
:07:42. > :07:43.from involvement in the firms autonomous driving project.
:07:44. > :07:46.Waymo sued Uber over claims that a former employee stole trade
:07:47. > :07:48.secrets that were later used by its rival.
:07:49. > :07:50.Although a blow to Uber, the ruling stopped short of shutting
:07:51. > :07:54.Vodafone, the world's second biggest mobile operator,
:07:55. > :07:57.reported a $6.71 billion loss for the 12 months to the end
:07:58. > :07:59.of March, earnings dragged down by its troubled Indian unit.
:08:00. > :08:02.The company has been hit by fierce competition in India,
:08:03. > :08:05.one of the world's fastest mobile markets, and has been forced
:08:06. > :08:07.to merge its operations there with the country's Idea
:08:08. > :08:27.Asian stocks climbed to a fresh-two year high.
:08:28. > :08:31.Asia was following Wall Street's lead,
:08:32. > :08:33.where commodity-linked stocks and currencies got a lift
:08:34. > :08:36.from rising crude oil prices after major producers Saudi Arabia
:08:37. > :08:38.and Russia said they would extend oil supply cuts into 2018.
:08:39. > :08:42.Busy day in Europe - markets will be waiting on UK
:08:43. > :08:45.inflation data out - Germanys confidence gauge and GDP
:08:46. > :08:53.about what's ahead on Wall Street Today.
:08:54. > :08:59.In today's depressed retailing world, are there any companies which
:09:00. > :09:07.can buck the trend? American shoppers' hunger for a bargain is
:09:08. > :09:16.expected to help the retailer which is the owner of TK Maxx and
:09:17. > :09:22.Marshalls. America's housing recovery is also expected to help
:09:23. > :09:28.people avoid retailing blues. Rising house prices is putting more money
:09:29. > :09:31.into the pockets of consumers. That boom is also showing up in the
:09:32. > :09:40.latest data from the US commerce department - at least it is expected
:09:41. > :09:45.to. Housing starts for April are forecast to have risen to 1.26
:09:46. > :09:47.million units. Finally, something for football fan is, keep your eyes
:09:48. > :09:50.peeled for the latest earnings from Manchester United.
:09:51. > :09:54.Joining us is Richard Fletcher, the Business Editor
:09:55. > :10:04.We were just commenting that there is so much going on at the moment,
:10:05. > :10:09.it is almost like we can't touch on it all. Here in the UK we have got
:10:10. > :10:14.inflation data and, later in the week employment numbers. It is a big
:10:15. > :10:20.week for data in the UK. There is the election, and also we have seen
:10:21. > :10:24.the pound push up, touching $1.3. And also some indications that
:10:25. > :10:28.people are more positive about the pound, despite the fact that the
:10:29. > :10:35.signs about the UK economy, there are some worrying signs. Consumer
:10:36. > :10:38.confidence surveys showing a downturn and house prices showing a
:10:39. > :10:43.bit of a downturn as well. It is an interesting time. Also, we are
:10:44. > :10:48.getting inflation data today which will probably show a rise to
:10:49. > :10:53.something like 2.7. What is interesting is that on Monday, we
:10:54. > :10:58.heard that wage rises were likely to come in at about 1%. So for the
:10:59. > :11:03.first time since 2013, people will see wages going down in real terms.
:11:04. > :11:07.I wonder what the Bank of England will be thinking on that? Mark
:11:08. > :11:10.Carney talked last week when he gave the inflation report about it being
:11:11. > :11:15.a challenging time ahead for UK households. So, it's going to be a
:11:16. > :11:20.squeeze on real wages which will affect consumer spending, and that
:11:21. > :11:24.could push through into the real economy. We have had reports that
:11:25. > :11:28.Ford are set to cut 10% of their workforce potentially. It is
:11:29. > :11:33.interesting in the car industry, we had a headline that Tessa had
:11:34. > :11:38.surpassed Ford and General Motors as the most valuable car company, yet
:11:39. > :11:44.they make a fraction of the amount of cars, it is tough times for the
:11:45. > :11:49.traditional producers? Absolutely. Ford making $3 billion of cost cuts,
:11:50. > :11:53.and they will be on a bit of a collision course with Donald Trump.
:11:54. > :11:56.There was this thing about opening a plant in Mexico, and they scrapped
:11:57. > :12:00.that plan and instead promised to have more jobs in Michigan. This
:12:01. > :12:05.report in the Wall Street Journal, talking about 10% of jobs in North
:12:06. > :12:10.America and Asia. 200,000 people worldwide. That's a large number of
:12:11. > :12:15.people. And Ford's response has been not clear one way or the other? No,
:12:16. > :12:19.it looks as if this is quite a well sourced report, a bit of kite
:12:20. > :12:24.flying. And a quick word on oil? We have seen Russia and Saudi Arabia
:12:25. > :12:33.talk about cutting further their output channels 1.2 billion barrels
:12:34. > :12:39.a day. That has sent oil higher. But oil is in this kind of Goldilocks
:12:40. > :12:44.period at a trading price which is great for the world economy. And the
:12:45. > :12:47.international energy agency will release its estimates of April Opec
:12:48. > :12:50.production today, which will give us a sense about the Opec members and
:12:51. > :12:56.how they are sticking to those production cuts which they agreed on
:12:57. > :12:59.last year. Still to come, we will be getting the inside track on the
:13:00. > :13:01.global shipping industry, which has faced some choppy waters in recent
:13:02. > :13:04.times. You're with Business
:13:05. > :13:10.Live from BBC News. Low-cost airline easyJet slumped
:13:11. > :13:20.into a half-year loss despite boasting a record
:13:21. > :13:25.number of passengers. EasyJet shares currently down about
:13:26. > :13:31.4% in London. Theo Leggett is in
:13:32. > :13:39.the Business newsroom with more. Shares have actually been down as
:13:40. > :13:44.much as 6% in early trading this morning. Investors are not happy. In
:13:45. > :13:49.one sense, EasyJet is not doing too much wrong. Passenger numbers are up
:13:50. > :13:54.about 9%, revenues are up, but the problem is, the company isn't making
:13:55. > :13:58.as much money, and a big factor is the fall in the value of sterling
:13:59. > :14:03.since the Brexit referendum last June. EasyJet reckons that alone has
:14:04. > :14:08.cost them ?180 million. It has also increased the companies costs
:14:09. > :14:11.because its fuel bill is paid for in dollars. Also, Easter was later this
:14:12. > :14:15.year, meaning it falls outside the six-month period come and Easter is
:14:16. > :14:21.a very profitable time for the airlines generally. So, that was a
:14:22. > :14:26.problem as well. Let's hear what the chief executive of EasyJet had to
:14:27. > :14:30.say earlier today. Outlines ten to make losses, 19 out of 21 years,
:14:31. > :14:34.EasyJet has lost money in the winter. The two years we made money,
:14:35. > :14:42.all the stars aligned of foreign exchange and everything. So
:14:43. > :14:45.actually, ?80 million of that was foreign exchange, the weakness of
:14:46. > :14:51.the pound against the dollar. Because we buy our fuel in dollars.
:14:52. > :14:54.And of course, the ?45 million is a hit in the first half but it is a
:14:55. > :14:59.benefit in the second-half, because Easter moved into April effectively.
:15:00. > :15:06.We also got some information in the earnings they today about what
:15:07. > :15:11.EasyJet is planning to do in the post-Brexit world. It says as a
:15:12. > :15:14.result of the UK referendum, it expects to establish an air
:15:15. > :15:18.operator's certificate in another member state during the summer. This
:15:19. > :15:22.will secure the flying rights of the 30% of routes which are within the
:15:23. > :15:27.EU. It still has not said which country that will be in. But it
:15:28. > :15:30.still leaves legal uncertainty over what happens with routes from
:15:31. > :15:36.Britain to the European Union after Brexit.
:15:37. > :15:43.You can tell me we're live when there are people sneezing in the
:15:44. > :15:44.background! The Labour manifesto is due later
:15:45. > :15:49.today. You're watching Business Live.
:15:50. > :15:54.Our top story: The UK's Labour Party
:15:55. > :15:56.will release its manifesto ahead Although the formal announcement
:15:57. > :16:00.is expected in a few hours time, last week a leaked copy
:16:01. > :16:04.of the document revealed Labour's plans to scrap the Government's
:16:05. > :16:06.existing white paper The Conservative Party are expected
:16:07. > :16:12.to release their manifesto The UK public will head
:16:13. > :16:17.to the polls on 8th June. Now let's get the inside track
:16:18. > :16:21.on the shipping industry which is under pressure
:16:22. > :16:24.like never before. From a global perspective,
:16:25. > :16:29.overcapacity has been squeezing profits, but in the UK
:16:30. > :16:32.the impending departure from the European Union means even
:16:33. > :16:35.more disruption for the industry. In 2015, more than 80%
:16:36. > :16:40.of all the world's goods were moved It's also an important industry
:16:41. > :16:45.for the British economy. Government figures suggest
:16:46. > :16:48.the maritime sector is worth about $14 billion a year
:16:49. > :16:54.to the country. But Brexit means there are questions
:16:55. > :17:07.about Customs controls And also about the falling
:17:08. > :17:13.number of seafarers, people who work at sea and will be
:17:14. > :17:16.crucial as the UK seeks We're joined by Guy Platten,
:17:17. > :17:29.Chief Executive of the UK Thank you very much for joining us
:17:30. > :17:34.this morning. Thank you. Give us a bit of a background of who you are
:17:35. > :17:39.and how you got into shipping? I finished my A-levels and runaway to
:17:40. > :17:44.sea in romantic style. I became a master mariner and did time at sea
:17:45. > :17:48.and came ashore and looked after lifeboat crews for a while and
:17:49. > :17:54.salvaged ships and got into the management and this job here. That
:17:55. > :17:58.is the normal process, isn't it, for those who go into that career?
:17:59. > :18:03.Typically someone going away to sea will spend a period of their career
:18:04. > :18:08.at sea serving on board ships and then they will come on board to fill
:18:09. > :18:11.a variety of jobs, it could be technical superintendents, it could
:18:12. > :18:16.be in Government, in our regulator, it could be as lawyers or ship
:18:17. > :18:20.broking or any type of careers as well. In terms of recruitment that's
:18:21. > :18:26.something you're concerned about. There is 800 people a year training?
:18:27. > :18:31.Yes, we have got 800 young people who start their careers in the
:18:32. > :18:35.Merchant Navy and we'd like to see the number increase by 50% and
:18:36. > :18:39.hopefully double as well. We need those people to man the shipping
:18:40. > :18:45.offices and to man the regulator and these things further down the line.
:18:46. > :18:49.It takes ten years to get to that position so we need to start
:18:50. > :18:52.training the people now to fulfil the jobs in the future. There is a
:18:53. > :18:58.recruitment crisis because of the cost. It's the industry that's
:18:59. > :19:02.bearing the cost of seeing the new young wannabes come through? That's
:19:03. > :19:06.rightment at the moment two-thirds of the cost of training is borne by
:19:07. > :19:11.the sponsoring companies and there is some support from Government and
:19:12. > :19:17.it's called SMART funding and that ratio used to be 50% and it has
:19:18. > :19:20.dropped to a third. It is a disincentive to train more than they
:19:21. > :19:24.could. A lot of companies would train and source more UK cadets if
:19:25. > :19:27.the cost could fall. Shipping is international and they can source
:19:28. > :19:32.people from all over the world, some highly trained people. To us it's a
:19:33. > :19:35.priority to try as reduce some of that burden to companies and in
:19:36. > :19:39.return they'll offer good careers for the young people coming through.
:19:40. > :19:45.Now, earlier in the programme we were speaking to John Mills, he is a
:19:46. > :19:51.businessman and Labour donor, but voted for the Leave campaign. He was
:19:52. > :19:54.arguing that when it comes to Brexit, customs, trade, issues at
:19:55. > :19:58.borders are all things that we should be able to get around. It
:19:59. > :20:01.should not cause excessive disruption if the UK leaves the
:20:02. > :20:06.single market. What's your experience? The concern for us is
:20:07. > :20:09.not so much on the container, the low load, the load on, load off type
:20:10. > :20:17.market because things can be sorted. We have a concern about the
:20:18. > :20:22.processing from the system for processing customs declarations, the
:20:23. > :20:27.volumes will vastly increase when we come out of the credit union so that
:20:28. > :20:33.needs -- customs union so that needs to be upgraded. But our real concern
:20:34. > :20:36.is on the roll on/roll off sector. At the moment lorries turn up at the
:20:37. > :20:42.ferry ports and go on board the ferries and come across and on to
:20:43. > :20:47.the road network whether it be the UK or Europe. Any barrier through a
:20:48. > :20:51.hard customs board are will be catastrophic in terms of the ports
:20:52. > :20:55.and the business model and the ferry companies as well because you know
:20:56. > :21:00.every small delay, the lorry getting through is going to, operation stack
:21:01. > :21:09.will be a permanent feature on the M20. Operation stack being a road in
:21:10. > :21:15.the UK which was standing for miles, lorries stuck, not able to move
:21:16. > :21:26.across through to France. Just explain the daily movement at Dover,
:21:27. > :21:31.just on its own. 10500 vehicles? It is 8,000 vehicles in total. It does
:21:32. > :21:36.peak. In November it was over 10,000. It is 7,000 EU vehicles and
:21:37. > :21:41.500 non-EU vehicles and that's where our concern is. On average it takes
:21:42. > :21:46.about 20 minutes to clear to the Customs. Things can be improved and
:21:47. > :21:54.things can be made more efficient, but either so any day with 8,000
:21:55. > :21:59.vehicles passing through will be really difficult for the ports and
:22:00. > :22:06.for the ferry companies to manage. The physical constraints... But they
:22:07. > :22:09.have to find a way to manage. I find it very difficult to see how that's
:22:10. > :22:12.going to happen other than what's going to be a massive disruption to
:22:13. > :22:19.trade and if you think about it, it is just in time. You've got tomatoes
:22:20. > :22:23.coming up from Spain. You put delays there and you've got, you put the
:22:24. > :22:27.whole just in time sort of business model in jeopardy.
:22:28. > :22:34.Gosh, it's really interesting. Guy, thank you for coming in. Guy Platten
:22:35. > :22:37.the Chief Executive of the UK Chamber of Shipping.
:22:38. > :22:40.In a moment we'll take a look through the Business Pages but first
:22:41. > :22:43.here's a quick reminder of how to get in touch with us.
:22:44. > :22:45.The Business Live page is where you can stay
:22:46. > :22:47.ahead of all the day's breaking business news.
:22:48. > :22:49.We'll keep you up-to-date with all the latest details,
:22:50. > :22:51.with insight and analysis from the BBC's team of editors
:22:52. > :23:01.Get involved on the BBC business live web page: bbc.com/business.
:23:02. > :23:04.On Twitter, we are at @BBCBusiness and you can find us on Facebook
:23:05. > :23:09.Business Live on TV and online, whenever you need to know.
:23:10. > :23:16.And you have been in touch today which is great. We asked you the
:23:17. > :23:18.question what surprises have you seen, received, or paid for from a
:23:19. > :23:20.haven'ting machine? The BBC's Dominic
:23:21. > :23:29.O'Connell is with us. First of all, explain what is on
:23:30. > :23:40.offer in Singapore? Super cars! Not little ones? Not little toys, but
:23:41. > :23:44.full sized super cars. If you're a billionaire that fancies add to go
:23:45. > :23:48.the stable, you push a button and a couple of minutes a car is delivered
:23:49. > :23:54.and you can take it for a drive and buy it. It's not really a vending
:23:55. > :23:58.machine, but it is like a stack of cars, it is a novel way of selling
:23:59. > :24:04.things. I'm just wondering about how you pay for it? . Not with notes.
:24:05. > :24:08.You put in the PIN number and hope that it's approved. Something like
:24:09. > :24:14.that. A viewer from Leeds said the best thing he got from a vending
:24:15. > :24:20.machine is a hot kebab! I once saw eggs in a vending machine in Japan.
:24:21. > :24:25.Japan has got everything in vending machines. Let's not mention what you
:24:26. > :24:31.can get there. Dominic have you had any surprise snz In Japan,
:24:32. > :24:36.everything. And on every street corner. They are almost everywhere
:24:37. > :24:38.you walk along, vending machines are there selling just about everything
:24:39. > :24:43.you require really. There you have it.
:24:44. > :24:52.Let's talk about JP Morgan. It's part of the trickle of jobs out of
:24:53. > :24:58.the City. They're convinced they're not going to be able to hold obto
:24:59. > :25:02.passporting rights so they're moving to other European capitals so they
:25:03. > :25:06.can keep their clients inside the European Union once we leave. What's
:25:07. > :25:10.going on in their thinking when it comes to where? It depends on the
:25:11. > :25:15.institution. There are all sorts of factors at play. We haven't seen any
:25:16. > :25:19.particular things about tax. Everyone thought it would be tax
:25:20. > :25:24.deals. Ireland does have a low rate of corporate taxment it is a low tax
:25:25. > :25:28.environment. It depends, it seems to depend on where they have been
:25:29. > :25:31.established before, property costs and just the individual
:25:32. > :25:35.circumstances, JP Morgan for example was big in Dublin and it is getting
:25:36. > :25:40.bigger. Frankfurt, we have seen a similar thing. The banks moving to
:25:41. > :25:44.Frankfurt have been there before. Brussels lured Lloyds of London's
:25:45. > :25:48.headquarters which nobody thought would happen. It hasn't quite played
:25:49. > :25:52.out the way we expected. Thanks, Dominic. Good to see you. That's it
:25:53. > :25:55.from Business Live today. There will be more business news throughout the
:25:56. > :25:59.day on the BBC. See you soon. Bye-bye.