Browse content similar to 25/05/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Sally Bundock and Ben Thompson. | :00:00. | :00:08. | |
Can Opec fire up the price of oil without fuelling | :00:09. | :00:15. | |
Live from London, that's our top story on Thursday 25th May. | :00:16. | :00:38. | |
The price of Brent Crude is already on the rise as the Opec cartel | :00:39. | :00:41. | |
recommends a nine month extension to production cuts. | :00:42. | :00:50. | |
President Trump comes under pressure from European leaders to stick | :00:51. | :00:57. | |
with the Paris agreement on climate change. | :00:58. | :01:03. | |
He is meeting with them today and we will tell you all you need to know. | :01:04. | :01:11. | |
Markets are trading higher, taking their lead from Asia. | :01:12. | :01:14. | |
And I sit down with the man who makes Hollywood Blockbusters | :01:15. | :01:17. | |
Jason Blum tells me why making movies on the cheap gives him more | :01:18. | :01:21. | |
And as the boss of J Crew says he underestimated how technology | :01:22. | :01:27. | |
We want to know how has it tech changed the way you shop? | :01:28. | :01:34. | |
Do get in touch about your online retail shopping experiences. What | :01:35. | :01:59. | |
did you buy in the midnight hour after a big night out? That will be | :02:00. | :02:01. | |
interesting! We start with the price of oil | :02:02. | :02:03. | |
and whether that goes up or down will be decided later at a meeting | :02:04. | :02:06. | |
of the world's top producers. Opec - the Organisation | :02:07. | :02:09. | |
of the Petroleum Exporting Countries is led by Saudi Arabia, | :02:10. | :02:11. | |
with other major producers including They're being joined by non-Opec | :02:12. | :02:14. | |
members inclduing Russia and are expected to announce a deal | :02:15. | :02:19. | |
later to try and push prices higher. In December Opec and non-Opec | :02:20. | :02:23. | |
countries agreed to cut production by 1.8 million barrels | :02:24. | :02:36. | |
per day, about 2% Those cuts were agreed for six | :02:37. | :02:38. | |
months, but that expires in June. After yesterday's meeting to monitor | :02:39. | :02:45. | |
progress on that a nine month The price of Brent rose sharply | :02:46. | :02:48. | |
in December when those That was the trigger point in | :02:49. | :02:53. | |
December last year. But it's been volatile | :02:54. | :02:59. | |
since then and struggling Russia can cope with this level - | :03:00. | :03:01. | |
Moscow has based its budget But the biggest Opec producer | :03:02. | :03:08. | |
Saudi Arabia wants $60 per barrel. Shale oil production | :03:09. | :03:18. | |
in the US fell sharply when prices hit rock bottom - | :03:19. | :03:27. | |
it just wasn't worth their while to But now prices are higher they're | :03:28. | :03:30. | |
back - and their technology is improving making it cheaper | :03:31. | :03:35. | |
and more efficient. And it means US oil production has | :03:36. | :03:39. | |
surged by a million barrels a day over the past year | :03:40. | :03:44. | |
and all that is adding With me is Alan Gelder, an expert | :03:45. | :03:49. | |
at oil analysts, Wood Mackenzie. Welcome to the programme. A lot to | :03:50. | :04:11. | |
get through, Saleh laying out some of the issues and that is what Opec | :04:12. | :04:19. | |
the break even point, what price do the break even point, what price do | :04:20. | :04:25. | |
certain countries needed to be. That will be a key point of the | :04:26. | :04:31. | |
negotiations. Saudi Arabia has declared 60 and other countries need | :04:32. | :04:34. | |
a higher number to achieve a fiscal balance. If not, they need to borrow | :04:35. | :04:40. | |
Opec need a higher number, Opec need a higher number, | :04:41. | :04:46. | |
Venezuelan would be the highest. How hopeful of a that they will get the | :04:47. | :04:53. | |
higher price? If they sustain production cuts over the next nine | :04:54. | :04:58. | |
months, we might get to level the Saudis are expecting towards the end | :04:59. | :05:01. | |
of the year, but something that is high 50s by the end of the year. We | :05:02. | :05:08. | |
should say non-Opec members, Russia involved in this. They are concerned | :05:09. | :05:12. | |
about the United States. We talked about shale production coming | :05:13. | :05:16. | |
online. A real contender because it is the traditional producers we | :05:17. | :05:23. | |
associate this with. When the price fell saw a lot of the production | :05:24. | :05:28. | |
falling away, but this is coming back? This is Opec's dilemma, there | :05:29. | :05:35. | |
is a new player in town. They can do it in a commercial way, so the | :05:36. | :05:40. | |
challenge for Opec is, with these cuts, when do they online the cuts? | :05:41. | :05:44. | |
What is the pacing of that, how does the manual group work? We're looking | :05:45. | :05:49. | |
at the extension to nine months because the first quarter is when | :05:50. | :05:54. | |
demand dips and that is not when you want to return barrels to the | :05:55. | :05:59. | |
market. We saw parallels as far as the price is concerned in trying to | :06:00. | :06:03. | |
push shale producers out of business, so there is a threshold, | :06:04. | :06:07. | |
there is no point in getting this oil out of the ground in terms of | :06:08. | :06:11. | |
shale because it is expensive. We have seen technology improve that | :06:12. | :06:17. | |
makes it cheaper to get shale out of the ground, so that argument doesn't | :06:18. | :06:21. | |
work any more? It is a balance. We have seen a number of companies | :06:22. | :06:27. | |
fail, but we have seen consolidation, costs come down and | :06:28. | :06:30. | |
technology improvement has meant it has gone from break evens of 60 to | :06:31. | :06:34. | |
50. The question we have, what the balance between technology | :06:35. | :06:41. | |
improvements and cost inflation as a result of activity which requires | :06:42. | :06:46. | |
higher prices. There has been a big development in West Texas, that is | :06:47. | :06:50. | |
where most of the growth is coming from. Other places near higher | :06:51. | :06:56. | |
prices. Opec is facing a different dynamic now than its traditional | :06:57. | :07:00. | |
market. It is so different how things have changed. Thank you for | :07:01. | :07:01. | |
explaining that. The White House has denied | :07:02. | :07:05. | |
accusations that the President's budget proposals contain | :07:06. | :07:11. | |
a serious maths error. Former US Treasury Secretary Larry | :07:12. | :07:12. | |
Summers says the spending plan $2 trillion of extra federal revenue | :07:13. | :07:18. | |
twice - by using it to both to cut But White House's budget director | :07:19. | :07:22. | |
says he stands by the numbers. The budget unveiled | :07:23. | :07:29. | |
on Tuesday proposed deep cuts Aston Martin has posted a | :07:30. | :07:40. | |
first-quarter profit for the first time in a decade. Revenues in the | :07:41. | :07:44. | |
first three months of the year more than doubled after strong sales of | :07:45. | :07:49. | |
its new model. It was sold by Ford in 2007 to its investment firms. The | :07:50. | :07:56. | |
company has gone bankrupt seven times in its history and is now | :07:57. | :07:59. | |
reported to consider a stock market flotation in London next year. | :08:00. | :08:03. | |
Mongolia has received a $5.5 billion aid package | :08:04. | :08:07. | |
to stabilise its economy and push through much-needed reforms. | :08:08. | :08:09. | |
In return, Mongolia agreed to cut spending and raise taxes | :08:10. | :08:12. | |
as well as build a stronger network for its financial services. | :08:13. | :08:16. | |
The resource-rich nation which holds presidential elections next month | :08:17. | :08:20. | |
suffered a slowdown after commodity prices collapsed, and demand slowed. | :08:21. | :08:31. | |
Not often we talk about Mongolia and not often we talk about the next | :08:32. | :08:36. | |
story either. A Chinese group is buying | :08:37. | :08:37. | |
the world's second Humanwell Healthcare Group will pay | :08:38. | :08:39. | |
the Australian health care giant Ansell $600 million | :08:40. | :08:43. | |
for the business. It is a big deal? It is. It is a | :08:44. | :09:04. | |
condom brand named after James bond. They are selling their business to | :09:05. | :09:16. | |
the Chinese consortium. You have Humanwell health care group, | :09:17. | :09:23. | |
partners and among the brands its selling sounds like James Bond. | :09:24. | :09:30. | |
China's condom market is lucrative, set to triple by $5 million and that | :09:31. | :09:38. | |
is according to a report out. There is a lot more awareness of the | :09:39. | :09:42. | |
benefits of condom is. Sales in China have jumped in two double | :09:43. | :09:48. | |
digits in a year. And also the manufacture of wide range of drugs | :09:49. | :09:57. | |
to contraceptive drugs to HIV test kits. There are many Chinese | :09:58. | :10:01. | |
manufacturers seeking to buy foreign firms to try to expand beyond their | :10:02. | :10:06. | |
home market and no big surprise that the shares have jumped above 4% in | :10:07. | :10:11. | |
Australia today but we note the transaction is still subject to | :10:12. | :10:14. | |
regulation and approval. It is expected to be completed by the end | :10:15. | :10:18. | |
of September. Could be a breaking news story when the regulators give | :10:19. | :10:21. | |
its approval. Thank you very much. I have to say, it is green arrows | :10:22. | :10:34. | |
across the board. The broader market in America, with another record high | :10:35. | :10:39. | |
on Wall Street. Markets across Asia doing well, a weaker dollar of the | :10:40. | :10:46. | |
back of what was said on the back of the Federal Reserve minutes. We will | :10:47. | :10:50. | |
cut that in a second. Let's look at Europe now. Slightly higher. Could | :10:51. | :10:57. | |
see another record high for the FTSE 100? Another record close. It is | :10:58. | :11:01. | |
interesting to see how markets are trading around the world and we will | :11:02. | :11:04. | |
talk about that in detail in a moment, but let's look ahead to what | :11:05. | :11:06. | |
is on Wall Street. On Thursday, Sears will be reporting | :11:07. | :11:14. | |
earnings. They warned investors in March there was a chance it may not | :11:15. | :11:18. | |
be able to continue operating after years of losses and declining sales. | :11:19. | :11:25. | |
But Sears has said it is expecting a net profit as it undertakes a plan | :11:26. | :11:30. | |
to cut $1.25 billion in costs this year. In contrast, dollar tree is | :11:31. | :11:35. | |
expecting stronger earnings this quarter and are boosted by a higher | :11:36. | :11:40. | |
in-store traffic. Several retailers have blamed low traffic in stores | :11:41. | :11:45. | |
for very weak sales. Finally, there will be a new company trading on the | :11:46. | :11:53. | |
New York Stock Exchange on Thursday. Wide-open West is the sixth largest | :11:54. | :11:58. | |
cable operator in the United States and will trade under the symbol Wow! | :11:59. | :12:03. | |
Joining us is Tom Stebenson, Investment Director | :12:04. | :12:04. | |
Good morning. Let's talk the Fed. I like your glasses. Where are your | :12:05. | :12:15. | |
glasses by the way? I just haven't got them on. All eyes were on the | :12:16. | :12:22. | |
Fed yesterday and expectation is still of June rate rise, but some | :12:23. | :12:25. | |
doubts creeping in yesterday, is that fair to say? Yes, two keywords, | :12:26. | :12:33. | |
the first was soon. The Fed rate setters said they felt if things | :12:34. | :12:36. | |
carry Dom on their current trajectory it would be appropriate | :12:37. | :12:41. | |
to raise interest rates soon. The second was transitory. The reason | :12:42. | :12:44. | |
why they think they will raise rate is because they think the recent | :12:45. | :12:49. | |
sockless in economy, softness in the inflation is transitory and it will | :12:50. | :12:54. | |
pass. The odds are very short on June rate rise and another one in | :12:55. | :12:57. | |
September and then potential will turn to how the Federal Reserve | :12:58. | :13:02. | |
starts to unwind its balance sheet. It has bought $4.5 trillion of bonds | :13:03. | :13:08. | |
to try to underpin the economy. It has two let them role off an | :13:09. | :13:13. | |
reversed that easing policy. In the meantime you have the SNP closing on | :13:14. | :13:20. | |
a high, the FTSE 100, it would suggest markets are on the up? Yes, | :13:21. | :13:25. | |
markets are looking at not rising interest rates, but the reason why | :13:26. | :13:29. | |
interest rates are rising. The reason why the Feds feel relaxed | :13:30. | :13:33. | |
about pushing rate is because the global economy is picking up pace | :13:34. | :13:37. | |
and that is what markets are focused on. For now, thank you. Retail | :13:38. | :13:45. | |
shopping disasters, have a ponder on back. | :13:46. | :13:47. | |
I meet the man who makes some of Hollywood's biggest | :13:48. | :13:52. | |
And without the big money pressure, Jason Blum tells me it means he can | :13:53. | :13:57. | |
You're with Business Live from BBC News. | :13:58. | :14:08. | |
Bicycle and Motoring chain Halfords saw a 10% drop in profits, | :14:09. | :14:11. | |
The retailer blamed the weak pound for driving up the cost of imports. | :14:12. | :14:20. | |
Andrew Walker has been looking at the figures. | :14:21. | :14:31. | |
Did you cycle in this morning? I normally would have done, but sadly | :14:32. | :14:42. | |
not. Let's talk numbers. Halfords, the same tale, the weak pound | :14:43. | :14:46. | |
affecting their bottom right? Yes, this is a business whose revenues | :14:47. | :14:52. | |
are in Stirling, selling stuff to British customers but has a high | :14:53. | :14:57. | |
proportion of its costs on imported goods. It has two convert sterling | :14:58. | :15:04. | |
into Borren currency. That has been reflected in a decline in the | :15:05. | :15:08. | |
profits despite relatively good performance on revenues. The chief | :15:09. | :15:11. | |
executive says she has been pleased with the performance in that | :15:12. | :15:16. | |
respect. The company puts a figure of ?14 million on the cost of the | :15:17. | :15:24. | |
decline in sterling. The way in which it has impacted its outgoings. | :15:25. | :15:29. | |
That is more than the decline in profits. It does suggest the company | :15:30. | :15:34. | |
is, if you like, getting on top of this issue. But it is an unwelcome | :15:35. | :15:38. | |
development for shareholders. It is a striking contrast compared with | :15:39. | :15:47. | |
many in the 100 share index, bigger companies who make a lot of money in | :15:48. | :15:51. | |
foreign currency, they have done well. But those more dependent on | :15:52. | :15:55. | |
the bridge 's consumer have suffered. If you look at the share | :15:56. | :16:01. | |
price, it fell sharply by 25% in the immediate aftermath of the | :16:02. | :16:04. | |
referendum. It has recovered a lot of the ground since car but not all | :16:05. | :16:20. | |
Thank you. Other retailers out, Pets At Home looking pretty good, they | :16:21. | :16:23. | |
are making their money in the grooming service and the veterinary | :16:24. | :16:27. | |
service as well. They saw a big rise in the veterinary business, up 25%, | :16:28. | :16:31. | |
but they are having to admit they will have to bring down their pet | :16:32. | :16:38. | |
food prices, which I would imagine for Pets At Home, that is your | :16:39. | :16:41. | |
bog-standard. I am just looking at that hairdo, quite a bow on the dog | :16:42. | :16:43. | |
in the picture. You're watching Business Live - | :16:44. | :16:47. | |
our top story... We are watching closely the price of | :16:48. | :16:57. | |
oil today, and Opec and non-Opec members who are meeting in Vienna to | :16:58. | :17:01. | |
decide on whether they will extend their supply cuts and whether that | :17:02. | :17:06. | |
will have any impact on prices. Something that might use a lot of | :17:07. | :17:09. | |
oil, a rocket launch. New Zealand has successfully | :17:10. | :17:12. | |
launched its first test rocket into space - | :17:13. | :17:14. | |
the work of a Kiwi-American The seventeen-metre high craft | :17:15. | :17:16. | |
took-off from a private launch pad on New Zealand's North Island | :17:17. | :17:20. | |
and is designed to carry small A company in New Zealand has sent | :17:21. | :17:22. | |
a rocket into space from the world's The launch was a success but | :17:23. | :17:35. | |
crucially didn't get into orbit, explained that for us? This is a | :17:36. | :17:40. | |
Little Rock it, much smaller than something you might see Nasa launch, | :17:41. | :17:48. | |
only 70 metres tall, and designed, as you say, the tiny cube satellites | :17:49. | :17:51. | |
that are revolutionising the markets. They made it into space, | :17:52. | :17:55. | |
took about three winners to get up there but not quite into orbit. The | :17:56. | :17:59. | |
company stressed this is just a test, in fact the launch was | :18:00. | :18:06. | |
codenamed hashtag it's a test, just to make sure everyone knows this is | :18:07. | :18:11. | |
not good for them, and they will launch later this year again, also a | :18:12. | :18:15. | |
test, then on the third test they will take a pay payload with them. | :18:16. | :18:20. | |
This fast developing market is really what they want to get into. | :18:21. | :18:26. | |
It is companies not countries in the space race at the moment, and it is | :18:27. | :18:30. | |
a beak -- a big leap forward for this. | :18:31. | :18:33. | |
Making films on a tight budget isn't easy - | :18:34. | :18:35. | |
One firm that's made its name with micro-budget films | :18:36. | :18:38. | |
One of its first films was Paranormal Activity. | :18:39. | :18:50. | |
It cost just $15,000 to make - but made nearly $200 million | :18:51. | :18:53. | |
It then went on to produce another horror film called Insidious - | :18:54. | :18:57. | |
production costs there were a bit higher - | :18:58. | :19:03. | |
And it's a niche it's continued to pursue. | :19:04. | :19:11. | |
Get Out - released in January this year - | :19:12. | :19:13. | |
has already made more than $230 million at the box | :19:14. | :19:23. | |
office but cost just $4.5 million to make. | :19:24. | :19:25. | |
So I caught up with the founder and chief executive | :19:26. | :19:27. | |
of Blumhouse Productions - Jason Blum. | :19:28. | :19:28. | |
And asked what makes these low budget films so different | :19:29. | :19:31. | |
It allows us to try very different things. We did the purge, get out, | :19:32. | :19:36. | |
split, all low-budget movies, but they wouldn't have got made at 820 | :19:37. | :19:41. | |
or $15 million, typical studio budget, because their ideas were | :19:42. | :19:45. | |
such oddball ideas. But by doing low-budget movies we can try weird | :19:46. | :19:50. | |
ones. So talk us through the financing. This is very much about | :19:51. | :19:53. | |
not spending a lot of money up front, and then with the marketing | :19:54. | :19:56. | |
budget you manage to turn these movies into really big returns. The | :19:57. | :20:01. | |
green light about movies is very simple because again they are | :20:02. | :20:05. | |
low-budget, not a lot of risk. The real big moment for our movies is | :20:06. | :20:09. | |
whether or not they get a wide release around the world or not. | :20:10. | :20:19. | |
And, oddly, the marketing budget for our movies is six times the negative | :20:20. | :20:23. | |
cost. So our green light is we are going to release it in 3000 screens. | :20:24. | :20:28. | |
That we don't determine until after the movie is finished, we determine | :20:29. | :20:31. | |
it with a studio, and that is when we know we have a winner, when we | :20:32. | :20:37. | |
will get a big release. So what does this low-cost model do that you | :20:38. | :20:40. | |
couldn't do if you had a multi-million dollar budget? You | :20:41. | :20:45. | |
don't have two cast movie stars, you can kill the hero of the movie | :20:46. | :20:48. | |
halfway into it, it is a great freedom, and also not to have a 3000 | :20:49. | :20:53. | |
screen release hanging over your head. So it really allows us to try | :20:54. | :20:58. | |
different things. Sometimes it works, sometimes it doesn't, but | :20:59. | :21:02. | |
when it doesn't work we don't get hurt too badly. If you had a massive | :21:03. | :21:08. | |
budget, what could you not do? Expensive movies by definition have | :21:09. | :21:13. | |
two appeal to all four quadrants of the audience, so the storytelling I | :21:14. | :21:16. | |
think gets watered down, and the decision is very much by committee. | :21:17. | :21:22. | |
The fun of movie-making is I think if this rated, the bigger the budget | :21:23. | :21:26. | |
is. Then they'll like the storytelling and everything else | :21:27. | :21:29. | |
gets compromised. We only only make a certain kind of movie, thrillers | :21:30. | :21:34. | |
and genre movies, which really benefit from low-budget. I don't | :21:35. | :21:39. | |
presume to think that every movie could be made on a low budget. If I | :21:40. | :21:45. | |
go and see a vengeance, we want to see -- if we go and see the | :21:46. | :21:52. | |
avengers. We want to see big budgets. You have to spend a bit | :21:53. | :21:57. | |
more money on TV, why is that? Micro-budget doesn't work the TV | :21:58. | :22:01. | |
because the television market is a much healthier market. The way we do | :22:02. | :22:05. | |
low-budget movies, everyone works are free, we don't take a fee, the | :22:06. | :22:09. | |
actors, the director, the writer, they all work for low pay scale, if | :22:10. | :22:19. | |
it works, people get paid, if it doesn't, they don't. For TV, in a | :22:20. | :22:23. | |
movie, we say we're not going to pay you but you get to do what you want | :22:24. | :22:27. | |
to do is very a feeling in the movie business. In television if you said | :22:28. | :22:29. | |
that, they would say it is good to hear that, but this guy over here is | :22:30. | :22:33. | |
going to pay me and I get to do what I want to do. So it is much more | :22:34. | :22:38. | |
competitive. For that reason micro-budget in TV is not the | :22:39. | :22:40. | |
solution. We have a different idea of how to crack TV but it's not | :22:41. | :22:45. | |
that. Are you ever surprised when you see the success of your movies, | :22:46. | :22:50. | |
how well they do? Well, a hit movie is a magical thing. No matter how | :22:51. | :22:55. | |
many times it happens, when we have one, get out was our most recent | :22:56. | :23:00. | |
success, and we thought it was going to do quite well, and it opened, and | :23:01. | :23:04. | |
it had a very good opening, not our best but a very good opening | :23:05. | :23:08. | |
weekend. But when we knew it was something special was the second | :23:09. | :23:11. | |
weekend, because typically genre movies dropped 50 to 60% from the | :23:12. | :23:17. | |
first weekend to the second. Yet Outcrop about forgiveness and. We | :23:18. | :23:26. | |
knew the magic had happened -- Get Out dropped about 20%. If I stop | :23:27. | :23:30. | |
getting thrilled it is time for me to do something else because that is | :23:31. | :23:33. | |
the fun of the business, that no one really knows until these movies come | :23:34. | :23:37. | |
out into the world, and when they resonate or connected a big way | :23:38. | :23:42. | |
there is better. Really interesting chat with him about how he does it | :23:43. | :23:45. | |
on the cheap. That brings in some massive returns on those films. Tom | :23:46. | :23:51. | |
is back and we are going to talk about President Trump, who is in | :23:52. | :23:54. | |
Brussels right now meeting with European leaders. There is lots to | :23:55. | :23:58. | |
discuss. But from the point of view of Brussels, they will be putting a | :23:59. | :24:02. | |
lot of pressure on the US president to stick to the Paris climate | :24:03. | :24:05. | |
accord. Front page of the Financial Times today. It follows on from his | :24:06. | :24:10. | |
meeting with the Pope yesterday, which was a similar theme. That's | :24:11. | :24:14. | |
right, when the Pope handed him one of the that can's in cyclicals, a | :24:15. | :24:20. | |
big report on climate change, to encourage him to changes thinking. | :24:21. | :24:23. | |
Donald Trump hasn't achieved everything he planned to deliver one | :24:24. | :24:27. | |
of the things he has done, a lot of executive orders reversing climate | :24:28. | :24:29. | |
change issues. The Europeans are very keen to change his view on | :24:30. | :24:34. | |
this. The German line is particularly interesting, because | :24:35. | :24:37. | |
what they are saying the President Trump is, look, it is not just jobs | :24:38. | :24:42. | |
or reversing climate change, you can have both, but actually these | :24:43. | :24:46. | |
measures can be good economic growth and the jobs as well. It is quite | :24:47. | :24:49. | |
interesting, because when you think about this, during the election | :24:50. | :24:53. | |
campaign he said many times he would rip up the Paris accord. When you | :24:54. | :24:57. | |
think about the time, the effort and the energy to get to these accords, | :24:58. | :25:02. | |
the transpacific partnership, Obamacare, Paris climate change, it | :25:03. | :25:06. | |
is years of negotiations and hours and hours of discussions. | :25:07. | :25:09. | |
Absolutely, and what we are seeing is a real split in the White House | :25:10. | :25:15. | |
actually between those who are really firmly against action against | :25:16. | :25:18. | |
climate change, and those who are more persuaded. I think Peter this | :25:19. | :25:25. | |
might be his daughter, Ivanka, and her husband Jared Kushner, who | :25:26. | :25:29. | |
really are much more along the European way of thinking that maybe | :25:30. | :25:33. | |
the president. Tom, thank you, really good to see you. I want to | :25:34. | :25:39. | |
talk about shops and retailing. You are getting in touch with us and we | :25:40. | :25:43. | |
have asked about the underestimation of the power of technology. This | :25:44. | :25:47. | |
went as I can't remember the last time I bought something in the | :25:48. | :25:52. | |
street. I use my phone and return it using the label. Not good for bricks | :25:53. | :25:57. | |
and mortar retailers. That is all from Business Live, we will see you | :25:58. | :25:59. | |
very soon. Good morning. Yesterday was the | :26:00. | :26:12. | |
warmest day of the year so far. We got to 26.6 Celsius in | :26:13. | :26:16. | |
Worcestershire. Today is actually going to be even warmer. Hot across | :26:17. | :26:21. | |
most parts of the UK and there | :26:22. | :26:22. |