Browse content similar to 30/05/2017. Check below for episodes and series from the same categories and more!
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The no frills airline Ryanair has reported its latest set | :00:13. | :00:19. | |
The budget airline reports record annual profits, | :00:20. | :00:29. | |
despite tough competition and worries over Brexit. | :00:30. | :00:31. | |
Ryanair slashes ticket prices by 13% as it reports soaring profits. | :00:32. | :00:35. | |
More bank fines in the wake of the 1MDB scandal- | :00:36. | :00:38. | |
And how to stand out in a crowded market? | :00:39. | :00:43. | |
We meet the firm that's using computer games | :00:44. | :00:45. | |
And as critics blame BA for too many cost cuts - we want to know - | :00:46. | :00:53. | |
Do you want more frills, not no frills? | :00:54. | :00:57. | |
Let us know, use the hashtag BBC BizLive. | :00:58. | :01:08. | |
The no frills airline Ryanair has reported its latest set | :01:09. | :01:13. | |
Europe's biggest carrier by passenger numbers announced a 6% | :01:14. | :01:22. | |
jump in full year net profit to $1.46 billion. | :01:23. | :01:27. | |
Ryanair's performance is a sign that its cost-cutting measures | :01:28. | :01:31. | |
are helping the business compete as overcapacity continues | :01:32. | :01:33. | |
Earlier, we spoke to Neil Sorahan, Ryanair's chief financial officer. | :01:34. | :01:44. | |
We saw our unit cost dropped by 11% last year. Excluding fuel, they were | :01:45. | :01:54. | |
down 5%. So we are seeing unit cost savings coming through on all lines. | :01:55. | :01:57. | |
There is a huge amount of uncertainty about Brexit. There is | :01:58. | :02:02. | |
no direction as to which way the UK will go on aviation. The best case | :02:03. | :02:06. | |
scenario would be that they remaining open skies, meaning there | :02:07. | :02:10. | |
is the change. But a hard Brexit is looking more likely, meaning | :02:11. | :02:13. | |
measures will have to be put in place. If things are not negotiated | :02:14. | :02:19. | |
by October 2018, they will not be ratified in time for the exit from | :02:20. | :02:28. | |
the EU on the 31st of March 2019. That could therefore be a distinct | :02:29. | :02:31. | |
possibility of no flights for a period of time in and out of the UK | :02:32. | :02:32. | |
and Europe. That could be days, and Europe. That could be days, | :02:33. | :02:37. | |
weeks or months, nobody knows. But it is a very real possibility. | :02:38. | :02:40. | |
With me is Victoria Moores, Bureau Chief and the European editor | :02:41. | :02:42. | |
So we heard from Ryanair there. The interesting thing is that they are | :02:43. | :02:57. | |
managing to fill their planes. They have cut prices, but they are still | :02:58. | :03:04. | |
filling the planes. Yeah. Ryanair has a strategy where they are load | :03:05. | :03:09. | |
factor passive, passenger active. That means we want to fill up as | :03:10. | :03:12. | |
much as the aircraft as we can by charging low efforts. That does not | :03:13. | :03:16. | |
mean we are desperate to fill them and we must cut the fares, it is | :03:17. | :03:21. | |
their actual strategy to fill the aircraft. Then load factor is 94%. | :03:22. | :03:26. | |
That means 94% of the seats on the aircraft on average are full. In old | :03:27. | :03:35. | |
terms, that would be called pile 'em high, sell them cheap. That makes | :03:36. | :03:41. | |
them very attractive to the airports, because they can get into | :03:42. | :03:44. | |
those airports right the way around the continent. You have to look at | :03:45. | :03:49. | |
the wider environment in aviation at the moment. The legacy carriers like | :03:50. | :03:53. | |
British Airways and Lufthansa and Air France are under a lot of | :03:54. | :03:57. | |
pressure both from the short-haul low-cost airlines like Ryanair, and | :03:58. | :04:00. | |
on long haul from carriers like Etihad and Emirates. So here, you | :04:01. | :04:07. | |
have Ryanair coming in very aggressively. The legacy carriers | :04:08. | :04:12. | |
are tending to cap back. Meanwhile, Ryanair is growing, so it makes it | :04:13. | :04:14. | |
very appealing to have Ryanair aircraft coming into your airport. | :04:15. | :04:20. | |
The things you are vulnerable to, whether you are a cheap upstart when | :04:21. | :04:24. | |
legacy carrier, are things like Brexit and terror attacks. We have | :04:25. | :04:27. | |
seen all the airlines suffer as a result of the terror attacks in | :04:28. | :04:30. | |
various parts of the world. Is there a way to mitigate against that? | :04:31. | :04:34. | |
Ryanair's approach has been typical Ryanair's approach has been typical | :04:35. | :04:38. | |
of Ryanair. If there is a terror attack or some kind of security | :04:39. | :04:42. | |
threat, they drop their fares again. That is to stimulate the market. | :04:43. | :04:46. | |
They can because they have the low cost base and at the moment, fuel is | :04:47. | :04:50. | |
very favourable. So it means they can stimulate the market, but it is | :04:51. | :04:54. | |
a very competitive market and Ryanair has the cheap costs to | :04:55. | :04:59. | |
support that. They say they want to become the Amazon of travel. What do | :05:00. | :05:03. | |
they mean by that? They mean that they want to really extend their | :05:04. | :05:08. | |
business. They have had a huge push into digital focus is part of their | :05:09. | :05:12. | |
new being nice strategy. So they have improved their app. Ryanair did | :05:13. | :05:19. | |
not have the best reputation for nice previously. They had a | :05:20. | :05:22. | |
reputation for cheap, and now they want to be cheap and nice, a bit | :05:23. | :05:26. | |
more like easyJet. Historically, easyJet has been more appealing to | :05:27. | :05:29. | |
the business traveller. Ryanair are going after that market share as | :05:30. | :05:38. | |
well by going into the herbs. -- the hubs. Cheap and nice. Sounds like | :05:39. | :05:48. | |
you, Ben! Victoria, thank you. Not cheap, but nice. | :05:49. | :05:49. | |
Let's take a look at some of the other stories making the news. | :05:50. | :05:52. | |
British Airways says it will operate a normal | :05:53. | :05:57. | |
schedule today after this | :05:58. | :05:58. | |
The airline's Chief Executive blamed a power surge for the computer | :05:59. | :06:02. | |
Many passengers are still without their luggage. | :06:03. | :06:05. | |
Some estimates say the problems could cost BA more than $150m. | :06:06. | :06:09. | |
Retail sales in Japan rose more than 3% in April | :06:10. | :06:11. | |
That's higher than economists had been expecting and comes just weeks | :06:12. | :06:18. | |
after government data showed the economy grew faster | :06:19. | :06:22. | |
than forecast in the first three months of the year. | :06:23. | :06:25. | |
That's its longest period of expansion in more than a decade. | :06:26. | :06:29. | |
New analysis suggests Chinese-speaking criminals may have | :06:30. | :06:31. | |
been behind the WannaCry ransomware that affected thousands | :06:32. | :06:33. | |
Researchers say the language used in the ransom notice indicates | :06:34. | :06:41. | |
the writer was "native or at least fluent" in Chinese. | :06:42. | :06:51. | |
Singapore has fined two banks over the 1MDB scandal following a two | :06:52. | :06:54. | |
Malaysia's 1MDB fund is at the centre of money-laundering | :06:55. | :07:01. | |
investigations in at least six countries. | :07:02. | :07:05. | |
We have talked about this a lot but this is just the latest episode, | :07:06. | :07:17. | |
isn't it? Indeed, we have been talking about 1MDB for several years | :07:18. | :07:21. | |
now. It is basically Malaysia's offer an world fund, set up in 2009 | :07:22. | :07:24. | |
by the country's Prime Minister. It was meant to turn the capital Kuala | :07:25. | :07:32. | |
Lumpur into a financial hub, but instead it started to get negative | :07:33. | :07:35. | |
attention when the Wall Street Journal reported four years ago that | :07:36. | :07:40. | |
some $700 million were transferred from the 1MDB to the personal bank | :07:41. | :07:45. | |
account of the Prime Minister. He denies any wrongdoing, but that | :07:46. | :07:49. | |
triggered investigations in at least half a dozen countries including | :07:50. | :07:55. | |
Singapore. It has so far shutdown two Swiss-based private banks, | :07:56. | :08:00. | |
imposed financial penalties over $20 million and this morning announced | :08:01. | :08:04. | |
fines Credit Suisse. Thanks for that. Let's have a quick look at the | :08:05. | :08:08. | |
markets. The FTSE was closed yesterday | :08:09. | :08:26. | |
because of the bank holiday here in the UK, but it has opened and is | :08:27. | :08:37. | |
down two thirds, quite a sharp fall. We have had quite a sharp fall at | :08:38. | :08:39. | |
the end of the long weekend. And Michelle Fleury has | :08:40. | :08:42. | |
the details about what's ahead Economic data due out this week | :08:43. | :08:44. | |
could support or undermine the case for America's central bank to raise | :08:45. | :08:49. | |
interest rates in June. US markets were closed on Monday | :08:50. | :08:54. | |
for Memorial Day and the unofficial But it is time for investors | :08:55. | :08:56. | |
to put away the barbecue and get back to work, | :08:57. | :09:02. | |
because there is plenty of economic This Tuesday, the US commerce | :09:03. | :09:04. | |
department is expected to report that consumer spending increased | :09:05. | :09:11. | |
0.4% in April. That's after being | :09:12. | :09:14. | |
unchanged in March. The Federal Reserve's favourite | :09:15. | :09:18. | |
measure of inflation, the core PCE price index, | :09:19. | :09:25. | |
could well move the markets. Any pick-up in inflation | :09:26. | :09:28. | |
will raise the prospect of a faster rate hike schedule, | :09:29. | :09:31. | |
something that Wall Street Economists are currently | :09:32. | :09:35. | |
looking for a 1.5% yearly That is still well below the Fed's | :09:36. | :09:40. | |
2% inflation target. Joining us is Justin | :09:41. | :09:47. | |
Urquhart-Stewart, Co-Founder and Director of Seven Investment | :09:48. | :09:50. | |
Management. Let's start with the markets. Those | :09:51. | :10:04. | |
boards tell you all you need to know. There is some unease about | :10:05. | :10:10. | |
Greece again and Italy with a potential election there. Piling | :10:11. | :10:14. | |
more uncertainty on. We have to put this into perspective. Last year, we | :10:15. | :10:19. | |
had the oil price drop, feeding through into the global economy. Not | :10:20. | :10:22. | |
just because of Trump and things like that. We saw a lot of companies | :10:23. | :10:27. | |
come through with big figures. That has also been reflected in Europe, | :10:28. | :10:30. | |
so we have had a good nine months. Then we had the Trump effect. All | :10:31. | :10:36. | |
his promises in terms of tax, which didn't happen, and in terms of | :10:37. | :10:39. | |
infrastructure, which haven't happened and all the other ideas | :10:40. | :10:42. | |
which haven't happened. So the Trump pump has turned into the not so much | :10:43. | :10:48. | |
a dump, but it has faded away. But you are talking about macro | :10:49. | :10:55. | |
economics, the big picture. On a company basis, we are seeing good | :10:56. | :10:57. | |
numbers coming through. That is what is astonishing. You get the odd | :10:58. | :11:00. | |
basket case like dish airways and plugging itself, but the rest have | :11:01. | :11:04. | |
been showing good figures -- British Airways has been unplugging itself. | :11:05. | :11:09. | |
It is not a bad situation. But I am worried because it has all been so | :11:10. | :11:13. | |
good and we are now worrying about Greece again. Are you just being | :11:14. | :11:20. | |
contrary? No, here is an opportunity. When you start seeing | :11:21. | :11:24. | |
numbers like this with a bit of volatility coming into the market, | :11:25. | :11:27. | |
that is a time when a good investor can buy some assets quite cheaply. | :11:28. | :11:31. | |
During the summer, there is often a period of volatility triggered by | :11:32. | :11:35. | |
who knows what. Some build up some cash. So you are saying sell in May? | :11:36. | :11:44. | |
No, I want to buy. If you have got some cash, by during the summer. A | :11:45. | :11:48. | |
word on politics. I normally don't word on politics. I normally don't | :11:49. | :11:51. | |
like talking about politics, but last night in the UK we had | :11:52. | :11:57. | |
interviews with Theresa May, the Prime Minister and Jeremy Corbyn, | :11:58. | :11:59. | |
Leader of the Opposition here. We didn't learn a whole lot. It wasn't | :12:00. | :12:04. | |
particularly exciting. The markets looked at it and walked away. There | :12:05. | :12:08. | |
was nothing on finance there. I would like to see some radical | :12:09. | :12:13. | |
common-sense about your areas of funding, how we get more investment | :12:14. | :12:17. | |
coming in. The key thing with Brexit is to make sure we firstly protect | :12:18. | :12:20. | |
the crucible we have developed in the past few years in starting new | :12:21. | :12:24. | |
companies, which have we have been very effective at and secondly, | :12:25. | :12:27. | |
radical changes with regards to taxation and fundraising and being | :12:28. | :12:31. | |
able to have more investment funds. Not short-term funds, but longer | :12:32. | :12:40. | |
term ones. We have barely got one at the moment. We should go back to | :12:41. | :12:51. | |
regional investment. The northern powerhouse should really have a | :12:52. | :12:55. | |
northern investment mechanism to go with it. Let local people invest in | :12:56. | :12:57. | |
local businesses. Justin, thank you. Can a computer game persuade us | :12:58. | :13:03. | |
to buy more at the supermarket? We meet the firm that | :13:04. | :13:07. | |
says it can cut through the advertising clutter - | :13:08. | :13:09. | |
and it's got big business on board. You're with Business | :13:10. | :13:11. | |
Live from BBC News. On one hand you might think | :13:12. | :13:23. | |
the two are unrelated, but a new report says consumers | :13:24. | :13:31. | |
could put off making a big purchase, or buy a cheaper one, | :13:32. | :13:36. | |
given the uncertainty. Chris Bosworth is Directory | :13:37. | :13:38. | |
of Strategy for Close Brothers Motor Explain a bit more about why this | :13:39. | :13:51. | |
would happen. Why would people be put off by Brexit? It is about | :13:52. | :13:58. | |
certainty and uncertainty. That has been the theme of your programme | :13:59. | :14:03. | |
this morning. When people feel less certain, there is less consumer | :14:04. | :14:07. | |
confidence. It is quite a big investment, usually people's | :14:08. | :14:11. | |
second-biggest capital asset, their car. And they spend less when they | :14:12. | :14:15. | |
are not certain about the future of the economy. Brexit and the election | :14:16. | :14:19. | |
on the mind that certainty. What does that mean for retailers? We | :14:20. | :14:23. | |
have seen record car figures of late. What does it mean for those | :14:24. | :14:31. | |
retailers themselves? It depends where you fit in the ecosystem. The | :14:32. | :14:38. | |
Kadeena can turn it into a positive. They can sell more used cars or | :14:39. | :14:43. | |
different models to say to that new consumer appetite -- the car dealer | :14:44. | :14:48. | |
can turn it into a positive. For the car manufacturer it is more | :14:49. | :14:51. | |
difficult. At the moment, it is quite expensive for a customer who | :14:52. | :14:53. | |
is not sure about the future. Are you just projecting this is what | :14:54. | :15:04. | |
could happen? On the election it a bit too soon to tell but on Brexit | :15:05. | :15:09. | |
we saw capital investment into the motor industry ball last year to | :15:10. | :15:16. | |
1.66, so already the manufacturers are investing less in UK | :15:17. | :15:20. | |
manufacturing debility. That is pretty dramatic. Are people that | :15:21. | :15:25. | |
worried, do you think it will get worse in terms of investment? I am | :15:26. | :15:31. | |
not sure it can get much worse than the 2016 figure, I think that a | :15:32. | :15:37. | |
shock to the system. I think we saw the Nissan discussion with the | :15:38. | :15:44. | |
government, other companies with big facilities in the UK as well. Thank | :15:45. | :15:52. | |
you very much. Remember there is much more on that story and the | :15:53. | :15:56. | |
latest on events at Heathrow Airport as a result of the British Airways | :15:57. | :15:58. | |
disturbances on the website. Our top story, the no | :15:59. | :16:04. | |
frills airline Ryanair has reported its latest set | :16:05. | :16:08. | |
of financial results. Europe's biggest carrier | :16:09. | :16:10. | |
by passenger numbers announced a 6% jump in full year net | :16:11. | :16:14. | |
profit to $1.46 billion. Ryanair's performance is a sign | :16:15. | :16:18. | |
that its cost-cutting measures are helping the business compete | :16:19. | :16:21. | |
as overcapacity continues Full details of that on the website. | :16:22. | :16:23. | |
Turning our attention elsewhere now. Computer games are on our phone, | :16:24. | :16:37. | |
our laptops, and even finding their way | :16:38. | :16:40. | |
onto movie screens. They seem | :16:41. | :16:41. | |
to be almost everywhere. But one company is taking | :16:42. | :16:43. | |
things even further - to purchase goods by playing games | :16:44. | :16:45. | |
right in the shop or supermarket. Ksubaka is a Singapore based tech | :16:46. | :16:49. | |
startup which has established a network of gaming kiosks | :16:50. | :16:52. | |
in supermarket aisles across China, The aim is to tempt shoppers | :16:53. | :17:01. | |
with games featuring global brands like Coca-Cola, | :17:02. | :17:05. | |
Colgate and Heineken - The company says it now reaches more | :17:06. | :17:07. | |
than 15 million people per month. Joining us is Giles Corbett, | :17:08. | :17:18. | |
co-founder of Ksubaka. Good to see you, thank you for | :17:19. | :17:28. | |
coming in. Pleasure. You are based in Singapore but not from there. We | :17:29. | :17:34. | |
are based in London and Singapore, all of the engineering teams and the | :17:35. | :17:37. | |
guys who build the software to enable less are in London and the | :17:38. | :17:42. | |
business development today is predominantly out of Asia and | :17:43. | :17:46. | |
Singapore. We briefly ran through what it is, tell us how it works, | :17:47. | :17:51. | |
it's a kiosk which goes into a store and it is to try to tempt me to | :17:52. | :17:55. | |
maybe buy another can of Coca-Cola or tube of toothpaste by point | :17:56. | :18:00. | |
again? We are helping brands and retailers tell their stories to | :18:01. | :18:05. | |
shoppers in a way which engages them. And by do so when literally a | :18:06. | :18:10. | |
few feet away from the product, you are right, we do this on our fleet | :18:11. | :18:16. | |
of interactive advertising displays. We have some 8000 of them throughout | :18:17. | :18:22. | |
China in over 150 Chinese cities in a whole range of retailers. Shoppers | :18:23. | :18:30. | |
walk up to a kiosk, the display is incredibly attractive, this is using | :18:31. | :18:33. | |
the language of games to get people to go into it. As they touch the | :18:34. | :18:39. | |
screen they engage with what ever story the brand is keen to tell. On | :18:40. | :18:45. | |
average for over a minute time. You have brought one end so we can look | :18:46. | :18:49. | |
at it but it strikes me the last thing I would want to do going into | :18:50. | :18:53. | |
a supermarket is play a game, I want to be in there for the shortest | :18:54. | :18:59. | |
possible time. This one looks attractive, interesting graphics, I | :19:00. | :19:02. | |
would have a look but I would not start playing, I want to get in and | :19:03. | :19:08. | |
get out. And so many of us are in that situation but while you want to | :19:09. | :19:15. | |
go in and get out you are probably with a family member or friend who | :19:16. | :19:19. | |
is not in the same frame of mind of getting the milk and leaving. They | :19:20. | :19:21. | |
are looking for a distraction and those are the people who will engage | :19:22. | :19:25. | |
with it. It works in Asia, what makes you think it will work here, | :19:26. | :19:31. | |
will it be culturally different? Of course, and the content is adapted | :19:32. | :19:35. | |
to each market we are in. However the actual act of looking for a | :19:36. | :19:40. | |
playful distraction is universal. We have piloted this in Australia, we | :19:41. | :19:45. | |
get better results on some metrics. Take the Tube here in London and | :19:46. | :19:51. | |
observe how many people are playing games on the phone, people play | :19:52. | :19:56. | |
games the world over. I am looking at the consul now and it's going to | :19:57. | :20:00. | |
lots of different things, what there would me by, it's one thing to pass | :20:01. | :20:08. | |
time but how do you convert it into sales? Most advertising is putting a | :20:09. | :20:12. | |
message and a brand in the consumer 's mind and we are using the science | :20:13. | :20:17. | |
behind playful learning to facilitate and develop that. We are | :20:18. | :20:21. | |
taking any brand's story and decomposing it into one core message | :20:22. | :20:26. | |
and we will turn that message into a game, maybe a toothpaste you have a | :20:27. | :20:31. | |
special molecule which blocks micro-cavities, we will turn that | :20:32. | :20:35. | |
into a game, you can block the cavities and you have understood | :20:36. | :20:39. | |
this molecule will help. And does it work, does it make me buy more | :20:40. | :20:46. | |
toothpaste? It does! You have to say that! This is what retailers tell | :20:47. | :20:51. | |
us, this is all a big data plate and what we see through the analytics is | :20:52. | :20:55. | |
two things, we see how consumers preferences change over time and how | :20:56. | :21:02. | |
they change sustainably after using one of these experiences but we also | :21:03. | :21:10. | |
see the uplift themselves. You are going to know too much about me. We | :21:11. | :21:15. | |
are going to no amount the types of people in and an door. At times we | :21:16. | :21:22. | |
don't need to know your name or personal identifiers -- we are going | :21:23. | :21:25. | |
to know more about the type of people in a particular store. Thank | :21:26. | :21:32. | |
you for coming in, in a moment we will look at the business pages but | :21:33. | :21:36. | |
first a reminder in how to get in touch with us. | :21:37. | :21:48. | |
We want to hear from you, get involved on the BBC business live | :21:49. | :21:59. | |
web page. And on Twitter. And you can find us on Facebook. Business | :22:00. | :22:06. | |
live, on TV and online, whenever you need to know. | :22:07. | :22:09. | |
The BBC's Dominic O'Connell is with us. | :22:10. | :22:13. | |
We are going to talk through some of the papers stories. This is a | :22:14. | :22:22. | |
fascinating story, a big write-up in the FT, the debt pile up in the US | :22:23. | :22:28. | |
car market sparks sub-prime of the year. It has been talked about being | :22:29. | :22:33. | |
that, we associate it with housing loans which caused the 2008 crash, | :22:34. | :22:40. | |
the fear was that sub-prime had spread to car loans. People who | :22:41. | :22:44. | |
could not afford a car would take a cheap one. The big banks are pulling | :22:45. | :22:51. | |
right back on the car market. Wells Fargo said a third less auto loans | :22:52. | :22:57. | |
in the past quarter. The signs are all beer that the market has reached | :22:58. | :23:01. | |
the top, they have spotted it and are stopping but have they stopped | :23:02. | :23:05. | |
soon enough is the question? The car industry will suffer, car sales in | :23:06. | :23:12. | |
America are expected to slow down sharply because the lone figure is a | :23:13. | :23:17. | |
leading indicator of sales. Do we have an idea of how big it is? It's | :23:18. | :23:23. | |
a few trolley and rather than tens of trillions like the housing | :23:24. | :23:28. | |
market. They are not worried about consumer credit and people not being | :23:29. | :23:32. | |
able to afford loans it is because Ka values are falling, when you | :23:33. | :23:34. | |
repossess a car they sell it. Up until the last set of figures... | :23:35. | :23:54. | |
Done by some kind of consumer finance product which is the auto | :23:55. | :24:00. | |
loans we are talking about. What is driving that, the consumer saying | :24:01. | :24:03. | |
they need to update their card but cannot afford to take it on credit? | :24:04. | :24:10. | |
Cheap finance, and it is also used cars, about 40% of used car sales | :24:11. | :24:16. | |
done on finance. Interest rates, if they continue to go up, we think in | :24:17. | :24:21. | |
the next couple of months in the United States? Certainly everyone | :24:22. | :24:29. | |
thinks one is due. Another reason to steer clear of sub-prime. Brief word | :24:30. | :24:36. | |
on this story, check out free shopping, I like the idea of it but | :24:37. | :24:41. | |
it sounds... We read about this quite often, people scanning things | :24:42. | :24:44. | |
with their smartphones, Anna Zorn has just opened one -- Amazon has | :24:45. | :24:55. | |
opened one and it's based on tracking your movement around the | :24:56. | :24:58. | |
store, I am not sure how to reconcile it. I could buy a whole | :24:59. | :25:05. | |
lot of things I did not think I had. Or you could go into a normal shop | :25:06. | :25:12. | |
and what about all the stuff -- you could go into normal shop and what | :25:13. | :25:15. | |
out all the stuff without paying for it. | :25:16. | :25:20. | |
There will be more business news throughout the day on the BBC live | :25:21. | :25:27. | |
webpage and on World Business Report. | :25:28. | :25:30. |