Browse content similar to 16/05/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is business life. Brexit means what in the UK general election? The | :00:10. | :00:19. | |
Labour Party unveils its manifesto, we will be weighing up the | :00:20. | :00:20. | |
arguments. The leader of the UK's Labour Party | :00:21. | :00:43. | |
has prioritised access to the single market- | :00:44. | :00:45. | |
we'll speak to business leaders to get their view | :00:46. | :00:49. | |
on the upcoming negotiations. And reports suggest Ford could shed | :00:50. | :00:59. | |
10% of its workforce - Europe is open - big day | :01:00. | :01:02. | |
for data with UK inflation, and euro area GDP figures - | :01:03. | :01:04. | |
we'll keep and eye on the numbers. And we'll be getting | :01:05. | :01:08. | |
the Inside Track on the global It's faced some choppy | :01:09. | :01:10. | |
waters in recent times - we'll ask whether the Brexit | :01:11. | :01:14. | |
negotiations can make And what do you buy | :01:15. | :01:16. | |
from vending machines? Drinks, sweets, how | :01:17. | :01:19. | |
about a supercar?! A "vending machine" in Singapore | :01:20. | :01:24. | |
is offering luxury vehicles including Bentleys, | :01:25. | :01:27. | |
Ferraris and Lamborghinis. Today we want to know - | :01:28. | :01:31. | |
what's the most surprising thing you've ever seen | :01:32. | :01:34. | |
in a vending machine? Today, the UK's Labour party | :01:35. | :01:35. | |
will release its manifesto ahead Although the formal announcement | :01:36. | :01:55. | |
is expected in a few hours;time, Although the formal announcement | :01:56. | :02:05. | |
is expected in a few hours' time, last week a leaked copy | :02:06. | :02:08. | |
of the document revealed Labour's plans to scrap the government's | :02:09. | :02:10. | |
existing white paper The Conservative manifesto | :02:11. | :02:12. | |
is expected in the next few days. So where do the two | :02:13. | :02:16. | |
parties stand on Brexit? The Labour Party favours managed | :02:17. | :02:18. | |
migration, but will stop short of committing to specific | :02:19. | :02:20. | |
immigration targets, unlike the Conservatives, who have | :02:21. | :02:22. | |
pledged to limit net migration Jeremy Corbyn's Labour Party says it | :02:23. | :02:24. | |
wants to retain the benefits of the European Single Market | :02:25. | :02:28. | |
and will negotiate on that basis. By contrast, Theresa May's | :02:29. | :02:31. | |
Conservative paper has suggested it is prepared to take the UK out | :02:32. | :02:34. | |
of the single market if necessary. Labour has also rejected the idea | :02:35. | :02:38. | |
that Britain can leave the European Union without first | :02:39. | :02:41. | |
agreeing a formal trade agreement. Meanwhile, Theresa May's says "no | :02:42. | :02:43. | |
deal is better than a bad deal". John Mills is chairman of JML, | :02:44. | :02:52. | |
Labour donor and part John, thanks for being on the | :02:53. | :03:10. | |
programme. Just clarify your position a bit further for our | :03:11. | :03:11. | |
viewers come so that they are clear. viewers come so that they are clear. | :03:12. | :03:16. | |
We mentioned you are a Labour donor, have been for many years, but | :03:17. | :03:22. | |
actually, you are a bit of a hard Brexiteer, you were definitely in | :03:23. | :03:27. | |
the Leave camp? Yes, I think there is quite a wide consensus in this | :03:28. | :03:31. | |
country that the best outcome would be for us to come out of the single | :03:32. | :03:35. | |
market, come out of the European Economic Area, out of the customs | :03:36. | :03:38. | |
union, but then to negotiate a free trade deal, which in trading terms | :03:39. | :03:43. | |
would get us back pretty well to where we are at the moment, but | :03:44. | :03:47. | |
without all of the costs of the single market. If we could achieve | :03:48. | :03:49. | |
that, I think it would be a big results. Going on what you have just | :03:50. | :03:54. | |
said to me, we assume that you're not with the Labour Party stands | :03:55. | :03:59. | |
when it comes to its, which is of Brexit? I think that one I have just | :04:00. | :04:05. | |
said and suggested would give British exporters access to the | :04:06. | :04:10. | |
terms as they have at the moment. I terms as they have at the moment. I | :04:11. | :04:15. | |
think there is a risk that that deal will not be agreed within two years, | :04:16. | :04:19. | |
in which case it will be a more difficult situation. Either the | :04:20. | :04:24. | |
European Union will offer us membership of the European Economic | :04:25. | :04:28. | |
Area, and give us access to the market, but with cost involves. I | :04:29. | :04:33. | |
think it will depend on how high those costs are, as to weather it is | :04:34. | :04:38. | |
worth Britain saying, that is too expensive, we're going to go for the | :04:39. | :04:42. | |
WTO option. I think that is the Government's stands. Many people | :04:43. | :04:45. | |
from companies listening to you now might be thinking, that is not my | :04:46. | :04:50. | |
stance at all, actually, I want access to the single market, I want | :04:51. | :04:54. | |
every soft exit approach, just give them a sense of how your company | :04:55. | :04:58. | |
operates, you make goods in China which are then exported all over the | :04:59. | :05:03. | |
world. Yes. And you're not concerned about the chaos, the delay, that | :05:04. | :05:09. | |
could become part of the normal bottle at least for a foreseeable | :05:10. | :05:14. | |
time, as a consequence of the UK leaving the European Union? I don't | :05:15. | :05:18. | |
think there ought to be long views and big problems. I mean, there are | :05:19. | :05:22. | |
going to be changes in administrative arrangements. There | :05:23. | :05:27. | |
is a difference between having free movement of goods and a free-trade | :05:28. | :05:30. | |
area. The customs arrangements would be more complicated. Many would | :05:31. | :05:35. | |
argue that it would be much more complicated to get goods, lorries, | :05:36. | :05:39. | |
across borders, that kind of thing? There is no reason why it should. We | :05:40. | :05:46. | |
are very familiar with these customs procedures. You have got to get them | :05:47. | :05:50. | |
organised in advance, and that I think is what the Government should | :05:51. | :05:54. | |
be doing. There is a computer system which needs to be in place by the | :05:55. | :05:57. | |
time all of this happens, to make sure that you can clear containers | :05:58. | :06:02. | |
and lorries through customs quickly. These are not insurmountable | :06:03. | :06:04. | |
problems, just things which the Government needs to tackle. A lot of | :06:05. | :06:08. | |
the businesses we have spoken to have said that a tariff is something | :06:09. | :06:11. | |
they could potentially stomach, as long as they do not have the delays | :06:12. | :06:17. | |
and disruption - do you really feel there would be no period of | :06:18. | :06:19. | |
transition which will damage business in the UK? I don't think | :06:20. | :06:22. | |
there needs to be. Of course there will be problems. At why should the | :06:23. | :06:27. | |
Government take that stance? They have got briefly to do it, they need | :06:28. | :06:32. | |
to recruit the people, get the procedures in place, get the IT | :06:33. | :06:35. | |
systems organised, is what needs to be done. John, we appreciate your | :06:36. | :06:40. | |
time this morning, thank you for coming in and being on Business | :06:41. | :06:47. | |
Life. Later in the programme, we will be speaking to the chief | :06:48. | :06:52. | |
executive of the UK Chamber Of Shipping, who has a different take | :06:53. | :06:55. | |
on what this might mean for businesses. | :06:56. | :07:00. | |
of the other stories making the news. | :07:01. | :07:04. | |
The Wall Street Journal is reporting that Ford is planning to cut | :07:05. | :07:14. | |
about 10% of its 200,000-strong global workforce. | :07:15. | :07:15. | |
The firm had already announced plans to cut costs by 3-billion dollars - | :07:16. | :07:23. | |
The firm had already announced plans to cut costs by $3 billion | :07:24. | :07:26. | |
In a statement, Ford says it has not announced any new "efficiency | :07:27. | :07:31. | |
actions" and it does not comment on speculation. | :07:32. | :07:33. | |
A court has told Uber it must return thousands of "pilfered" files | :07:34. | :07:36. | |
from Google's self driving car division - Waymo. | :07:37. | :07:38. | |
from Google's self driving car division Waymo. | :07:39. | :07:39. | |
The judge has also banned a top Uber engineer | :07:40. | :07:41. | |
from involvement in the firms autonomous driving project. | :07:42. | :07:43. | |
Waymo sued Uber over claims that a former employee stole trade | :07:44. | :07:46. | |
secrets that were later used by its rival. | :07:47. | :07:48. | |
Although a blow to Uber, the ruling stopped short of shutting | :07:49. | :07:50. | |
Vodafone, the world's second biggest mobile operator, | :07:51. | :07:54. | |
reported a $6.71 billion loss for the 12 months to the end | :07:55. | :07:57. | |
of March, earnings dragged down by its troubled Indian unit. | :07:58. | :07:59. | |
The company has been hit by fierce competition in India, | :08:00. | :08:02. | |
one of the world's fastest mobile markets, and has been forced | :08:03. | :08:05. | |
to merge its operations there with the country's Idea | :08:06. | :08:07. | |
Asian stocks climbed to a fresh-two year high. | :08:08. | :08:27. | |
Asia was following Wall Street's lead, | :08:28. | :08:31. | |
where commodity-linked stocks and currencies got a lift | :08:32. | :08:33. | |
from rising crude oil prices after major producers Saudi Arabia | :08:34. | :08:36. | |
and Russia said they would extend oil supply cuts into 2018. | :08:37. | :08:38. | |
Busy day in Europe - markets will be waiting on UK | :08:39. | :08:42. | |
inflation data out - Germanys confidence gauge and GDP | :08:43. | :08:45. | |
about what's ahead on Wall Street Today. | :08:46. | :08:53. | |
In today's depressed retailing world, are there any companies which | :08:54. | :08:59. | |
can buck the trend? American shoppers' hunger for a bargain is | :09:00. | :09:07. | |
expected to help the retailer which is the owner of TK Maxx and | :09:08. | :09:16. | |
Marshalls. America's housing recovery is also expected to help | :09:17. | :09:22. | |
people avoid retailing blues. Rising house prices is putting more money | :09:23. | :09:28. | |
into the pockets of consumers. That boom is also showing up in the | :09:29. | :09:31. | |
latest data from the US commerce department - at least it is expected | :09:32. | :09:40. | |
to. Housing starts for April are forecast to have risen to 1.26 | :09:41. | :09:45. | |
million units. Finally, something for football fan is, keep your eyes | :09:46. | :09:47. | |
peeled for the latest earnings from Manchester United. | :09:48. | :09:50. | |
Joining us is Richard Fletcher, the Business Editor | :09:51. | :09:54. | |
We were just commenting that there is so much going on at the moment, | :09:55. | :10:04. | |
it is almost like we can't touch on it all. Here in the UK we have got | :10:05. | :10:09. | |
inflation data and, later in the week employment numbers. It is a big | :10:10. | :10:14. | |
week for data in the UK. There is the election, and also we have seen | :10:15. | :10:20. | |
the pound push up, touching $1.3. And also some indications that | :10:21. | :10:24. | |
people are more positive about the pound, despite the fact that the | :10:25. | :10:28. | |
signs about the UK economy, there are some worrying signs. Consumer | :10:29. | :10:35. | |
confidence surveys showing a downturn and house prices showing a | :10:36. | :10:38. | |
bit of a downturn as well. It is an interesting time. Also, we are | :10:39. | :10:43. | |
getting inflation data today which will probably show a rise to | :10:44. | :10:48. | |
something like 2.7. What is interesting is that on Monday, we | :10:49. | :10:53. | |
heard that wage rises were likely to come in at about 1%. So for the | :10:54. | :10:58. | |
first time since 2013, people will see wages going down in real terms. | :10:59. | :11:03. | |
I wonder what the Bank of England will be thinking on that? Mark | :11:04. | :11:07. | |
Carney talked last week when he gave the inflation report about it being | :11:08. | :11:10. | |
a challenging time ahead for UK households. So, it's going to be a | :11:11. | :11:15. | |
squeeze on real wages which will affect consumer spending, and that | :11:16. | :11:20. | |
could push through into the real economy. We have had reports that | :11:21. | :11:24. | |
Ford are set to cut 10% of their workforce potentially. It is | :11:25. | :11:28. | |
interesting in the car industry, we had a headline that Tessa had | :11:29. | :11:33. | |
surpassed Ford and General Motors as the most valuable car company, yet | :11:34. | :11:38. | |
they make a fraction of the amount of cars, it is tough times for the | :11:39. | :11:44. | |
traditional producers? Absolutely. Ford making $3 billion of cost cuts, | :11:45. | :11:49. | |
and they will be on a bit of a collision course with Donald Trump. | :11:50. | :11:53. | |
There was this thing about opening a plant in Mexico, and they scrapped | :11:54. | :11:56. | |
that plan and instead promised to have more jobs in Michigan. This | :11:57. | :12:00. | |
report in the Wall Street Journal, talking about 10% of jobs in North | :12:01. | :12:05. | |
America and Asia. 200,000 people worldwide. That's a large number of | :12:06. | :12:10. | |
people. And Ford's response has been not clear one way or the other? No, | :12:11. | :12:15. | |
it looks as if this is quite a well sourced report, a bit of kite | :12:16. | :12:19. | |
flying. And a quick word on oil? We have seen Russia and Saudi Arabia | :12:20. | :12:24. | |
talk about cutting further their output channels 1.2 billion barrels | :12:25. | :12:33. | |
a day. That has sent oil higher. But oil is in this kind of Goldilocks | :12:34. | :12:39. | |
period at a trading price which is great for the world economy. And the | :12:40. | :12:44. | |
international energy agency will release its estimates of April Opec | :12:45. | :12:47. | |
production today, which will give us a sense about the Opec members and | :12:48. | :12:50. | |
how they are sticking to those production cuts which they agreed on | :12:51. | :12:56. | |
last year. Still to come, we will be getting the inside track on the | :12:57. | :12:59. | |
global shipping industry, which has faced some choppy waters in recent | :13:00. | :13:01. | |
times. You're with Business | :13:02. | :13:04. | |
Live from BBC News. Low-cost airline easyJet slumped | :13:05. | :13:10. | |
into a half-year loss despite boasting a record | :13:11. | :13:20. | |
number of passengers. EasyJet shares currently down about | :13:21. | :13:25. | |
4% in London. Theo Leggett is in | :13:26. | :13:31. | |
the Business newsroom with more. Shares have actually been down as | :13:32. | :13:39. | |
much as 6% in early trading this morning. Investors are not happy. In | :13:40. | :13:44. | |
one sense, EasyJet is not doing too much wrong. Passenger numbers are up | :13:45. | :13:49. | |
about 9%, revenues are up, but the problem is, the company isn't making | :13:50. | :13:54. | |
as much money, and a big factor is the fall in the value of sterling | :13:55. | :13:58. | |
since the Brexit referendum last June. EasyJet reckons that alone has | :13:59. | :14:03. | |
cost them ?180 million. It has also increased the companies costs | :14:04. | :14:08. | |
because its fuel bill is paid for in dollars. Also, Easter was later this | :14:09. | :14:11. | |
year, meaning it falls outside the six-month period come and Easter is | :14:12. | :14:15. | |
a very profitable time for the airlines generally. So, that was a | :14:16. | :14:21. | |
problem as well. Let's hear what the chief executive of EasyJet had to | :14:22. | :14:26. | |
say earlier today. Outlines ten to make losses, 19 out of 21 years, | :14:27. | :14:30. | |
EasyJet has lost money in the winter. The two years we made money, | :14:31. | :14:34. | |
all the stars aligned of foreign exchange and everything. So | :14:35. | :14:42. | |
actually, ?80 million of that was foreign exchange, the weakness of | :14:43. | :14:45. | |
the pound against the dollar. Because we buy our fuel in dollars. | :14:46. | :14:51. | |
And of course, the ?45 million is a hit in the first half but it is a | :14:52. | :14:54. | |
benefit in the second-half, because Easter moved into April effectively. | :14:55. | :14:59. | |
We also got some information in the earnings they today about what | :15:00. | :15:06. | |
EasyJet is planning to do in the post-Brexit world. It says as a | :15:07. | :15:11. | |
result of the UK referendum, it expects to establish an air | :15:12. | :15:14. | |
operator's certificate in another member state during the summer. This | :15:15. | :15:18. | |
will secure the flying rights of the 30% of routes which are within the | :15:19. | :15:22. | |
EU. It still has not said which country that will be in. But it | :15:23. | :15:27. | |
still leaves legal uncertainty over what happens with routes from | :15:28. | :15:30. | |
Britain to the European Union after Brexit. | :15:31. | :15:36. | |
You can tell me we're live when there are people sneezing in the | :15:37. | :15:43. | |
background! The Labour manifesto is due later | :15:44. | :15:44. | |
today. You're watching Business Live. | :15:45. | :15:49. | |
Our top story: The UK's Labour Party | :15:50. | :15:54. | |
will release its manifesto ahead Although the formal announcement | :15:55. | :15:56. | |
is expected in a few hours time, last week a leaked copy | :15:57. | :16:00. | |
of the document revealed Labour's plans to scrap the Government's | :16:01. | :16:04. | |
existing white paper The Conservative Party are expected | :16:05. | :16:06. | |
to release their manifesto The UK public will head | :16:07. | :16:12. | |
to the polls on 8th June. Now let's get the inside track | :16:13. | :16:17. | |
on the shipping industry which is under pressure | :16:18. | :16:21. | |
like never before. From a global perspective, | :16:22. | :16:24. | |
overcapacity has been squeezing profits, but in the UK | :16:25. | :16:29. | |
the impending departure from the European Union means even | :16:30. | :16:32. | |
more disruption for the industry. In 2015, more than 80% | :16:33. | :16:35. | |
of all the world's goods were moved It's also an important industry | :16:36. | :16:40. | |
for the British economy. Government figures suggest | :16:41. | :16:45. | |
the maritime sector is worth about $14 billion a year | :16:46. | :16:48. | |
to the country. But Brexit means there are questions | :16:49. | :16:54. | |
about Customs controls And also about the falling | :16:55. | :17:07. | |
number of seafarers, people who work at sea and will be | :17:08. | :17:13. | |
crucial as the UK seeks We're joined by Guy Platten, | :17:14. | :17:16. | |
Chief Executive of the UK Thank you very much for joining us | :17:17. | :17:29. | |
this morning. Thank you. Give us a bit of a background of who you are | :17:30. | :17:34. | |
and how you got into shipping? I finished my A-levels and runaway to | :17:35. | :17:39. | |
sea in romantic style. I became a master mariner and did time at sea | :17:40. | :17:44. | |
and came ashore and looked after lifeboat crews for a while and | :17:45. | :17:48. | |
salvaged ships and got into the management and this job here. That | :17:49. | :17:54. | |
is the normal process, isn't it, for those who go into that career? | :17:55. | :17:58. | |
Typically someone going away to sea will spend a period of their career | :17:59. | :18:03. | |
at sea serving on board ships and then they will come on board to fill | :18:04. | :18:08. | |
a variety of jobs, it could be technical superintendents, it could | :18:09. | :18:11. | |
be in Government, in our regulator, it could be as lawyers or ship | :18:12. | :18:16. | |
broking or any type of careers as well. In terms of recruitment that's | :18:17. | :18:20. | |
something you're concerned about. There is 800 people a year training? | :18:21. | :18:26. | |
Yes, we have got 800 young people who start their careers in the | :18:27. | :18:31. | |
Merchant Navy and we'd like to see the number increase by 50% and | :18:32. | :18:35. | |
hopefully double as well. We need those people to man the shipping | :18:36. | :18:39. | |
offices and to man the regulator and these things further down the line. | :18:40. | :18:45. | |
It takes ten years to get to that position so we need to start | :18:46. | :18:49. | |
training the people now to fulfil the jobs in the future. There is a | :18:50. | :18:52. | |
recruitment crisis because of the cost. It's the industry that's | :18:53. | :18:58. | |
bearing the cost of seeing the new young wannabes come through? That's | :18:59. | :19:02. | |
rightment at the moment two-thirds of the cost of training is borne by | :19:03. | :19:06. | |
the sponsoring companies and there is some support from Government and | :19:07. | :19:11. | |
it's called SMART funding and that ratio used to be 50% and it has | :19:12. | :19:17. | |
dropped to a third. It is a disincentive to train more than they | :19:18. | :19:20. | |
could. A lot of companies would train and source more UK cadets if | :19:21. | :19:24. | |
the cost could fall. Shipping is international and they can source | :19:25. | :19:27. | |
people from all over the world, some highly trained people. To us it's a | :19:28. | :19:32. | |
priority to try as reduce some of that burden to companies and in | :19:33. | :19:35. | |
return they'll offer good careers for the young people coming through. | :19:36. | :19:39. | |
Now, earlier in the programme we were speaking to John Mills, he is a | :19:40. | :19:45. | |
businessman and Labour donor, but voted for the Leave campaign. He was | :19:46. | :19:51. | |
arguing that when it comes to Brexit, customs, trade, issues at | :19:52. | :19:54. | |
borders are all things that we should be able to get around. It | :19:55. | :19:58. | |
should not cause excessive disruption if the UK leaves the | :19:59. | :20:01. | |
single market. What's your experience? The concern for us is | :20:02. | :20:06. | |
not so much on the container, the low load, the load on, load off type | :20:07. | :20:09. | |
market because things can be sorted. We have a concern about the | :20:10. | :20:17. | |
processing from the system for processing customs declarations, the | :20:18. | :20:22. | |
volumes will vastly increase when we come out of the credit union so that | :20:23. | :20:27. | |
needs -- customs union so that needs to be upgraded. But our real concern | :20:28. | :20:33. | |
is on the roll on/roll off sector. At the moment lorries turn up at the | :20:34. | :20:36. | |
ferry ports and go on board the ferries and come across and on to | :20:37. | :20:42. | |
the road network whether it be the UK or Europe. Any barrier through a | :20:43. | :20:47. | |
hard customs board are will be catastrophic in terms of the ports | :20:48. | :20:51. | |
and the business model and the ferry companies as well because you know | :20:52. | :20:55. | |
every small delay, the lorry getting through is going to, operation stack | :20:56. | :21:00. | |
will be a permanent feature on the M20. Operation stack being a road in | :21:01. | :21:09. | |
the UK which was standing for miles, lorries stuck, not able to move | :21:10. | :21:15. | |
across through to France. Just explain the daily movement at Dover, | :21:16. | :21:26. | |
just on its own. 10500 vehicles? It is 8,000 vehicles in total. It does | :21:27. | :21:31. | |
peak. In November it was over 10,000. It is 7,000 EU vehicles and | :21:32. | :21:36. | |
500 non-EU vehicles and that's where our concern is. On average it takes | :21:37. | :21:41. | |
about 20 minutes to clear to the Customs. Things can be improved and | :21:42. | :21:46. | |
things can be made more efficient, but either so any day with 8,000 | :21:47. | :21:54. | |
vehicles passing through will be really difficult for the ports and | :21:55. | :21:59. | |
for the ferry companies to manage. The physical constraints... But they | :22:00. | :22:06. | |
have to find a way to manage. I find it very difficult to see how that's | :22:07. | :22:09. | |
going to happen other than what's going to be a massive disruption to | :22:10. | :22:12. | |
trade and if you think about it, it is just in time. You've got tomatoes | :22:13. | :22:19. | |
coming up from Spain. You put delays there and you've got, you put the | :22:20. | :22:23. | |
whole just in time sort of business model in jeopardy. | :22:24. | :22:27. | |
Gosh, it's really interesting. Guy, thank you for coming in. Guy Platten | :22:28. | :22:34. | |
the Chief Executive of the UK Chamber of Shipping. | :22:35. | :22:37. | |
In a moment we'll take a look through the Business Pages but first | :22:38. | :22:40. | |
here's a quick reminder of how to get in touch with us. | :22:41. | :22:43. | |
The Business Live page is where you can stay | :22:44. | :22:45. | |
ahead of all the day's breaking business news. | :22:46. | :22:47. | |
We'll keep you up-to-date with all the latest details, | :22:48. | :22:49. | |
with insight and analysis from the BBC's team of editors | :22:50. | :22:51. | |
Get involved on the BBC business live web page: bbc.com/business. | :22:52. | :23:01. | |
On Twitter, we are at @BBCBusiness and you can find us on Facebook | :23:02. | :23:04. | |
Business Live on TV and online, whenever you need to know. | :23:05. | :23:09. | |
And you have been in touch today which is great. We asked you the | :23:10. | :23:16. | |
question what surprises have you seen, received, or paid for from a | :23:17. | :23:18. | |
haven'ting machine? The BBC's Dominic | :23:19. | :23:20. | |
O'Connell is with us. First of all, explain what is on | :23:21. | :23:29. | |
offer in Singapore? Super cars! Not little ones? Not little toys, but | :23:30. | :23:40. | |
full sized super cars. If you're a billionaire that fancies add to go | :23:41. | :23:44. | |
the stable, you push a button and a couple of minutes a car is delivered | :23:45. | :23:48. | |
and you can take it for a drive and buy it. It's not really a vending | :23:49. | :23:54. | |
machine, but it is like a stack of cars, it is a novel way of selling | :23:55. | :23:58. | |
things. I'm just wondering about how you pay for it? . Not with notes. | :23:59. | :24:04. | |
You put in the PIN number and hope that it's approved. Something like | :24:05. | :24:08. | |
that. A viewer from Leeds said the best thing he got from a vending | :24:09. | :24:14. | |
machine is a hot kebab! I once saw eggs in a vending machine in Japan. | :24:15. | :24:20. | |
Japan has got everything in vending machines. Let's not mention what you | :24:21. | :24:25. | |
can get there. Dominic have you had any surprise snz In Japan, | :24:26. | :24:31. | |
everything. And on every street corner. They are almost everywhere | :24:32. | :24:36. | |
you walk along, vending machines are there selling just about everything | :24:37. | :24:38. | |
you require really. There you have it. | :24:39. | :24:43. | |
Let's talk about JP Morgan. It's part of the trickle of jobs out of | :24:44. | :24:52. | |
the City. They're convinced they're not going to be able to hold obto | :24:53. | :24:58. | |
passporting rights so they're moving to other European capitals so they | :24:59. | :25:02. | |
can keep their clients inside the European Union once we leave. What's | :25:03. | :25:06. | |
going on in their thinking when it comes to where? It depends on the | :25:07. | :25:10. | |
institution. There are all sorts of factors at play. We haven't seen any | :25:11. | :25:15. | |
particular things about tax. Everyone thought it would be tax | :25:16. | :25:19. | |
deals. Ireland does have a low rate of corporate taxment it is a low tax | :25:20. | :25:24. | |
environment. It depends, it seems to depend on where they have been | :25:25. | :25:28. | |
established before, property costs and just the individual | :25:29. | :25:31. | |
circumstances, JP Morgan for example was big in Dublin and it is getting | :25:32. | :25:35. | |
bigger. Frankfurt, we have seen a similar thing. The banks moving to | :25:36. | :25:40. | |
Frankfurt have been there before. Brussels lured Lloyds of London's | :25:41. | :25:44. | |
headquarters which nobody thought would happen. It hasn't quite played | :25:45. | :25:48. | |
out the way we expected. Thanks, Dominic. Good to see you. That's it | :25:49. | :25:52. | |
from Business Live today. There will be more business news throughout the | :25:53. | :25:55. | |
day on the BBC. See you soon. Bye-bye. | :25:56. | :25:59. |