Browse content similar to 07/06/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:13. | |
So less than 24 hours until Britian goes to the polls, so which party | :00:14. | :00:16. | |
has the policies to make voters prosper in a post-Brexit world? | :00:17. | :00:19. | |
Live from London, that's our top story on Wednesday, 7th June. | :00:20. | :00:38. | |
We'll hear from both main parties on how they'll pay for public | :00:39. | :00:41. | |
services and manage the country's finances. | :00:42. | :00:43. | |
Australia sees yet another quarter of economic growth, | :00:44. | :00:50. | |
but is 26 years of growth a world record? | :00:51. | :00:58. | |
We will have the details. Markets are looking like this across Europe | :00:59. | :01:05. | |
as the last day of campaigning gets under way before the UK's general | :01:06. | :01:07. | |
election. We will have all the details. | :01:08. | :01:09. | |
100,000 hotel rooms and 20 million visitors. | :01:10. | :01:13. | |
Dubai sets its sights high as it prepares for the 2020 World Expo. | :01:14. | :01:16. | |
We'll get the inside track from the hotelier hoping to cash | :01:17. | :01:20. | |
So luxury hotelsment we want to know what's the best perk you got from a | :01:21. | :01:29. | |
hotel. Keep it clean. I dread to think what people will | :01:30. | :01:32. | |
send after that comment from Sally. There is just one day | :01:33. | :01:46. | |
to go until voters here in the UK head to the polls | :01:47. | :01:48. | |
for the general election. It's the second national | :01:49. | :01:51. | |
poll in two years after the referendum | :01:52. | :01:54. | |
on EU membership. In light of recent terror attacks, | :01:55. | :01:57. | |
security been a key issue on the campaign trail, | :01:58. | :01:59. | |
but the economy will be a key factor And that could be | :02:00. | :02:02. | |
determined by Brexit. Minimising disruption to the economy | :02:03. | :02:11. | |
is one of the most divisive issues between the governing Conservatives | :02:12. | :02:17. | |
and the opposition Labour Party. Since the 2005 election, | :02:18. | :02:21. | |
you can see how the UK economy has gradually recovered | :02:22. | :02:24. | |
since the 2008 financial crisis. But growth has been | :02:25. | :02:26. | |
slow and unsteady. For many businesses, | :02:27. | :02:34. | |
Brexit means uncertainty. 29th March 2019 is the current | :02:35. | :02:43. | |
deadline for the UK Without a trade deal in place firms | :02:44. | :02:46. | |
in the UK and in the EU And maintaining growth is critical | :02:47. | :02:50. | |
for the UK's growing national debt. This year it's expected | :02:51. | :02:58. | |
to be 88% of GDP or everything the country produces - | :02:59. | :03:02. | |
which is higher than most In the year to the end of March | :03:03. | :03:04. | |
the government spent $67 billion more than it raised through tax | :03:05. | :03:10. | |
and other revenues. The Conservatives say that they'll | :03:11. | :03:12. | |
get this deficit back down zero Labour says it wants to eliminate | :03:13. | :03:15. | |
the deficit on day to day spending in five years, | :03:16. | :03:19. | |
but will borrow to invest. But the independent economic | :03:20. | :03:22. | |
think-tank the Institute for Fiscal Studies says Labour's | :03:23. | :03:24. | |
figures don't add up. That's something we put | :03:25. | :03:28. | |
to Shadow Chief Secretary I disagree with the Institute for | :03:29. | :03:36. | |
Fiscal Studies. What we've tried to do in our manifesto is set out what | :03:37. | :03:41. | |
our spending plans are going to be and we've got another document which | :03:42. | :03:45. | |
sets out how we're going to raise those figures. They are set out | :03:46. | :03:50. | |
clearly. It is the most clearly costed manifesto for many years. It | :03:51. | :03:55. | |
is certainly more clearly costed than the Conservative manifesto and | :03:56. | :04:00. | |
it is there for all to see and the Institute for Fiscal Studies have | :04:01. | :04:02. | |
had the opportunity to pour over our figures. They disagree to some | :04:03. | :04:08. | |
extent, but nevertheless we stand by the figures. | :04:09. | :04:10. | |
With me is David Gauke who is the UK's Chief Secretary | :04:11. | :04:12. | |
to the Treasury and the Conservative candidate for South West | :04:13. | :04:15. | |
Hertfordshire which is just north of London. | :04:16. | :04:22. | |
Good morning David. Now, of course, everybody now in this country is | :04:23. | :04:29. | |
trying to crystallise its thought process on what's been a very swift, | :04:30. | :04:34. | |
but for some, very confusing campaign period. For Theresa May she | :04:35. | :04:39. | |
wanted to present a strong and stable message, but many are saying | :04:40. | :04:43. | |
she has not really delivered a credible picture on what life will | :04:44. | :04:47. | |
be like outside of the European Union which was kind of her trump | :04:48. | :04:52. | |
card. What's your response to Well, I disagree. Clearly, we are going to | :04:53. | :04:56. | |
enter into a period of negotiations. Negotiations that begin in 11 days' | :04:57. | :05:00. | |
time. They are crucial for the future of this countriment they are | :05:01. | :05:04. | |
crucial for the economy. And what is very important is we have the right | :05:05. | :05:08. | |
leadership to go in and undertake that negotiation, to get the best | :05:09. | :05:12. | |
possible deal for the United Kingdom, one that strengthens our | :05:13. | :05:18. | |
economy, makes best use of the opportunities that are created, but | :05:19. | :05:21. | |
also addresses some of the risks that may arise from Brexit. It's | :05:22. | :05:24. | |
really, really important that we have the right leadership with a | :05:25. | :05:27. | |
strong mandate to go out there and negotiate that deal. But looking at | :05:28. | :05:32. | |
your manifesto, the Institute for Fiscal Studies, if I can get my | :05:33. | :05:36. | |
words out, says it is extremely light when it comes to the details | :05:37. | :05:39. | |
on the tax and spend proposals as is the Labour manifesto. There is a lot | :05:40. | :05:42. | |
of detail in there, but they don't believe it adds up. But in terms of | :05:43. | :05:47. | |
yours, not enough detail? Well, the difference, of course, is that we | :05:48. | :05:52. | |
produced a Budget in March, signed off by the Office for Budget | :05:53. | :05:56. | |
Responsibility, we set out more detail there in terms of what we are | :05:57. | :06:01. | |
doing and as the Institute for Fiscal Studies have said we build on | :06:02. | :06:04. | |
that approach. It's not a vast departure from what we've said | :06:05. | :06:07. | |
before in the very detailed Budget. What we got from the Labour Party is | :06:08. | :06:11. | |
a huge wish-list of spending proposals with some very dubious tax | :06:12. | :06:15. | |
increases, dubious in terms of unlikely to raise anything like the | :06:16. | :06:20. | |
revenue that they say in the short-term, they'll clearly fail to | :06:21. | :06:23. | |
get the money, but in the longer term really damaging the capacity of | :06:24. | :06:27. | |
the United Kingdom, damaging business confidence and as a | :06:28. | :06:29. | |
consequence, really weakening the economy and that's a huge risk for | :06:30. | :06:33. | |
the British people that they face when they go to the polls tomorrow. | :06:34. | :06:38. | |
You criticised Labour for not having detail about how it would fund some | :06:39. | :06:42. | |
of the proposals in its manifesto. The criticism of the Conservative | :06:43. | :06:45. | |
manifesto is you can't afford the austerity measures that you're | :06:46. | :06:48. | |
putting in place. That after seven years of austerity, already, you | :06:49. | :06:52. | |
can't actually deliver the promised spending cuts. How can people | :06:53. | :06:55. | |
believe that you will deliver what you're saying. ? Well, if you look | :06:56. | :06:59. | |
at what we have done over the last seven years, we have delivered the | :07:00. | :07:02. | |
spending reductions that we promise that had we would deliver and in | :07:03. | :07:06. | |
that time, we have got more children going to good or outstanding | :07:07. | :07:09. | |
schools. We have seen crime fall. You know, the NHS is treating more | :07:10. | :07:13. | |
people than it has ever treated before. So I believe that we can | :07:14. | :07:17. | |
continue to deliver the spending plans we've set out. Yes, there is | :07:18. | :07:21. | |
more money for the NHS, yes, there is more money for schools. But | :07:22. | :07:26. | |
within the great scheme of things, that is continuing an approach which | :07:27. | :07:29. | |
I think has delivered for the British people, we've got record | :07:30. | :07:32. | |
levels of employment in the UK. We have been one of the faster growing | :07:33. | :07:35. | |
major economies of the last three years or so, so I think we can build | :07:36. | :07:40. | |
on that. But just briefly, David, for businesses whether they be | :07:41. | :07:43. | |
small, medium or large, I mean the situation with Europe and leaving is | :07:44. | :07:47. | |
one of their key concerns and they are very concerned about the | :07:48. | :07:50. | |
commitment you've made to net migration of the tens of thousands | :07:51. | :07:54. | |
and what that will do to the labour market, to the skilled workers | :07:55. | :07:57. | |
they're relying on from outside the UK? Well, what I would say to they | :07:58. | :08:03. | |
will, look,er' not going to end immigration, but it is -- look, | :08:04. | :08:07. | |
we're not going to end immigration, but we are looking to move to a | :08:08. | :08:12. | |
different model because it is not sustainable. What is important is | :08:13. | :08:17. | |
that we train up our people that we do more on skills, that employers | :08:18. | :08:22. | |
are engaged with that's a key part of our modern industrial strategy so | :08:23. | :08:25. | |
we have got our own skilled workforce so that employers have got | :08:26. | :08:29. | |
the people that they need. All right, David Gauke, thank you. | :08:30. | :08:36. | |
The UK's Chief Secretary to the Treasury and a member of the | :08:37. | :08:37. | |
Conservative Party. And there's plenty more on the UK | :08:38. | :08:39. | |
election on a special section of our website including | :08:40. | :08:42. | |
on the economy and the policies You can also access via the BBC News | :08:43. | :08:44. | |
app and select Election 2017. You can also access via the BBC News | :08:45. | :08:49. | |
app and select Election 2017 tab. Let's take a look at some of | :08:50. | :08:53. | |
the other stories making the news: The Spanish bank Banco Popular has | :08:54. | :08:56. | |
been rescued by its larger Santander will pay just one euro | :08:57. | :09:04. | |
for the bank but inject almost Banco Popular has been struggling | :09:05. | :09:12. | |
since the eurozone crisis of 2012 because of billions of dollars | :09:13. | :09:16. | |
of toxic loans and The ride hailing app Uber has fired | :09:17. | :09:18. | |
20 of its staff as part of an investigation into sexual | :09:19. | :09:23. | |
harassment and other problems around Action is also being taken | :09:24. | :09:25. | |
against other staff. The company launched | :09:26. | :09:28. | |
an investigation in February after former employee wrote a blog | :09:29. | :09:31. | |
detailing what she said was systemic sexual harassment and gender | :09:32. | :09:34. | |
bias at the company. The boss of Tesla says that | :09:35. | :09:36. | |
new buyers of its Model 3 vehicle It will be the end of next year | :09:37. | :09:40. | |
before they receive their new car. They've each paid a deposit | :09:41. | :09:57. | |
of $1,000 to Tesla but the firm has needed to raise funds to prepare | :09:58. | :10:00. | |
for the launch. That's something our correspondent | :10:01. | :10:08. | |
prejicted would happen! Some breaking news coming into it | :10:09. | :10:12. | |
us. It is news from Iran. State media is reporting two operate | :10:13. | :10:17. | |
attacks in Tehran. In the first, gunmen, we're told opened fire | :10:18. | :10:21. | |
inside the Iranian Parliament. It's reported that several people have | :10:22. | :10:25. | |
been injured. One member of Parliament told local media that | :10:26. | :10:28. | |
there were four gunmen inside the complex at one point. They were | :10:29. | :10:40. | |
armed with rivals and a peus -- rifles and a pistol. As and when we | :10:41. | :10:44. | |
get more detail what about is happening, we will update you. | :10:45. | :10:49. | |
Here's a staggering statistic for you. | :10:50. | :10:56. | |
Australia has just reported its 103rd quarter of economic growth | :10:57. | :10:59. | |
Hence the nickname the Wonder from Down Under! | :11:00. | :11:05. | |
Monica Miller has the details from our Asia Business hub. | :11:06. | :11:09. | |
I suppose we're wondering how they have done this. China has a big part | :11:10. | :11:16. | |
to play. It is a long streak, however some economists are | :11:17. | :11:19. | |
questioning whether this is a record and this is why. They say that Japan | :11:20. | :11:25. | |
actually experienced better growth between the 1960s and 1990s so that | :11:26. | :11:30. | |
kind of phrase is actually, you know, it's a bit under question at | :11:31. | :11:35. | |
this point. What it means is that Australia's economy grew by 0.3%. | :11:36. | :11:40. | |
Now, that's modest compared to what they had a quarter ago which was | :11:41. | :11:45. | |
1.1%. But, you know, exists were having their doubts going into | :11:46. | :11:48. | |
today's announcement and that's because a lot of families in | :11:49. | :11:51. | |
Australia really aren't seeing the benefits of this strong economy. | :11:52. | :11:54. | |
They're struggling with low wages and punishing debt. The results | :11:55. | :12:01. | |
should however be a relief to the reserve bank of Australia. Yesterday | :12:02. | :12:06. | |
they decided to keep their interest rate at 1.5% where it has been since | :12:07. | :12:10. | |
August because they were worried about lower GDP, we will have to see | :12:11. | :12:13. | |
what happens next session. Back to you Sally and Ben. Monica, thank | :12:14. | :12:19. | |
you. We will be back with you for the latest in the region. | :12:20. | :12:23. | |
Shares in Japan barely moved. Investors are waiting to see | :12:24. | :12:28. | |
what happens in potentially market moving global events later this week | :12:29. | :12:38. | |
including, as we've discussed, the general election in the UK, | :12:39. | :12:40. | |
a European Central Bank policy decision and former FBI director | :12:41. | :12:43. | |
James Comey's Senate testimony There's also a whole load of data | :12:44. | :12:45. | |
from China due this week. Tensions in the Gulf also not | :12:46. | :12:55. | |
helping oil prices much. In Europe it's all eyes on the UK | :12:56. | :12:58. | |
ahead of the general election. The opinion polls all show different | :12:59. | :13:01. | |
outcomes for tomorrow's vote. The pound hasn't been | :13:02. | :13:10. | |
significantly affected, but is still vulnerable | :13:11. | :13:13. | |
if there's a hung parliament More on that shortly, | :13:14. | :13:15. | |
but first let's head to the US where Michelle has the details | :13:16. | :13:19. | |
about what's ahead on Wall Street. With economic data light and with | :13:20. | :13:28. | |
politics on the minds of many investors this week, from the UK | :13:29. | :13:33. | |
election to former FBI director James Comey's testimony before the | :13:34. | :13:36. | |
Senate on Thursday, unsurprisingly markets are shying away from taking | :13:37. | :13:41. | |
on too much risk. Against this backdrop Donald Trump continues his | :13:42. | :13:45. | |
push this week to spend more on infrastructure. On Monday you may | :13:46. | :13:49. | |
recall the president spoke of the need to upgrade America's air | :13:50. | :13:53. | |
traffic technology by privatising the system. This Wednesday, he will | :13:54. | :14:07. | |
be in Cincinnati. Trump's economic agenda from infrastructure to tax | :14:08. | :14:10. | |
reform as well as deregulation proved popular with voters, | :14:11. | :14:14. | |
businesses and with the stock market, but lately fears have grown | :14:15. | :14:17. | |
about just how much of his agenda will the president be able to | :14:18. | :14:19. | |
deliver? That's the question on many people's | :14:20. | :14:24. | |
minds, since November last year. Joining us is Jeremy Stretch, | :14:25. | :14:28. | |
head of currency strategy Good morning. Good morning. We are | :14:29. | :14:39. | |
looking at the story of Santander rescuing a bank. Give us your take. | :14:40. | :14:43. | |
It is a reminder of the risk out there in Europe? This is one of the | :14:44. | :14:46. | |
reasons why Europe has been slower in terms of the recovery process | :14:47. | :14:50. | |
because a until of banks in Europe have still been rather under | :14:51. | :14:53. | |
capitalised and one of the reasons why this bank was struggling was the | :14:54. | :14:59. | |
fact they had almost 37 billion of non performing real estate loans. So | :15:00. | :15:06. | |
it is a reminder if it were needed that there are still problems in the | :15:07. | :15:09. | |
banking sector, not just in Spain, but in parts of Europe which have | :15:10. | :15:13. | |
been holding back the eurozone recovery somewhat. Sepp | :15:14. | :15:21. | |
Some reaction to the acquisition of Banco Popular. This is Nick Leeson. | :15:22. | :15:28. | |
He says that banks are getting cheaper, Banco Popular only 1 euro. | :15:29. | :15:34. | |
He says this underlines the risk of that banks face and the desperate | :15:35. | :15:38. | |
need to recapitalise. Indeed. We have been seeing these problems in | :15:39. | :15:41. | |
the banking sector going back to Northern Rock in the UK, although we | :15:42. | :15:47. | |
had a liquidity crisis which has been one of the problems for this | :15:48. | :15:50. | |
particular bank. And there are still ongoing concerns. And for viewers in | :15:51. | :15:56. | |
Spain, the European Commission is at pains to say that their deposits are | :15:57. | :16:01. | |
safe. Indeed. That is the message we are getting, that the supervisory | :16:02. | :16:05. | |
mechanism across Europe is doing what it should do in terms of making | :16:06. | :16:10. | |
sure, and guaranteeing that a failing bank is taking over by | :16:11. | :16:14. | |
another one, well funded institution such as Santander so that investors | :16:15. | :16:19. | |
will see their deposits maintained. We note that there will be no | :16:20. | :16:22. | |
uncertainty in that context. Jeremy is coming back later. Two. To us | :16:23. | :16:29. | |
about other stories. -- to talk to us. | :16:30. | :16:30. | |
Still to come, build it and they'll come. | :16:31. | :16:32. | |
We get the inside track on Dubai's latest building boom - for hotels. | :16:33. | :16:35. | |
AS the city prepares for 20 million visitors ahead | :16:36. | :16:37. | |
You're with Business Live from BBC News. | :16:38. | :16:53. | |
Another day, another house price survey and a week after nationwide | :16:54. | :16:58. | |
reported a cooling of prices, Halifax are saying that growth is | :16:59. | :17:02. | |
slowing, too. If we look at the overall figure, prices have gone up | :17:03. | :17:09. | |
by 3.3% year on year but have fallen by 0.2% over the last quarter. There | :17:10. | :17:14. | |
has been a shift. Feel like it has been crunching the numbers. He is in | :17:15. | :17:23. | |
our business newsroom. -- Theo Leggett. This has been pretty | :17:24. | :17:26. | |
consistent. The message coming out of the moment is that the housing | :17:27. | :17:31. | |
market is cooling. If you take that figure of 3.3% growth over the past | :17:32. | :17:36. | |
year, a little more than a year ago it was 10%. This quarterly fall of | :17:37. | :17:43. | |
0.2% is only the second quarterly fall since 2012. We're seeing that | :17:44. | :17:46. | |
house prices have risen to such an extent in London and the south-east | :17:47. | :17:49. | |
in particular that they are now becoming less affordable, and it is | :17:50. | :17:53. | |
tailing off. That is not the case according to many of the surveys | :17:54. | :17:57. | |
that we have had in the north of the country in particular. Those prices | :17:58. | :18:00. | |
are still pretty buoyant. But because of the slowdown in the | :18:01. | :18:04. | |
south, the picture across the country is that prices are easing | :18:05. | :18:08. | |
off. And what is so interesting is that we get caught up in these | :18:09. | :18:13. | |
numbers. We have to give it a bit of context and a bit of perspective | :18:14. | :18:16. | |
because there is no point getting caught up on month by month, the | :18:17. | :18:20. | |
overall trend is what we should care about. Yes, and the overall trend | :18:21. | :18:26. | |
means you look at the trend year on year, where house prices are rising | :18:27. | :18:29. | |
but not as quickly. Over the past year, don't forget that we have had | :18:30. | :18:33. | |
a great deal of political uncertainty following the EU | :18:34. | :18:36. | |
referendum vote, we got a general election, and people are not | :18:37. | :18:40. | |
entirely sure what is happening with interest rates. What Halifax says is | :18:41. | :18:44. | |
that there is still a relatively short supply of houses, would not | :18:45. | :18:48. | |
that much on the market. Interest rates are still fairly low and there | :18:49. | :18:52. | |
is every reason to expect that they will firm up a bit over the coming | :18:53. | :18:55. | |
months. Thanks a lot. We will see you very soon. Stay away from the UK | :18:56. | :19:02. | |
election for a few more minutes, Anglo-American has named a new | :19:03. | :19:09. | |
chairman. A big player on the FTSE 100. They have appointed steward | :19:10. | :19:12. | |
chambers, who was with a UK ship maker. Stewart is on the right-hand | :19:13. | :19:21. | |
side there he is with the boss of Softbank. That is some more news. | :19:22. | :19:39. | |
Our top story here, politicians across Britain making their last | :19:40. | :19:44. | |
full day of campaign stops before the election. Both main parties have | :19:45. | :19:48. | |
been criticised over their plans for the public finances. Labour | :19:49. | :19:52. | |
criticised for how it plans to fund some of its manifesto promises and | :19:53. | :19:56. | |
the Conservatives under fire for how they will continue austerity cuts. | :19:57. | :20:00. | |
Looking at the market is very briefly, don't forget that we have | :20:01. | :20:04. | |
got fact checking and all sorts on our website. Take a look at the | :20:05. | :20:09. | |
manifestos and what they promise. The markets in Europe are fairly | :20:10. | :20:14. | |
flat, as you can see. There is a European Central Bank meeting | :20:15. | :20:16. | |
tomorrow, as well as the European election -- UK election. Investors | :20:17. | :20:22. | |
remaining cautious. You might think the last thing Dubai needs is more | :20:23. | :20:25. | |
hotels, but as the country prepares to hold the world Expo intention -- | :20:26. | :20:32. | |
world export to limit exposure in 2020s says it needs more than | :20:33. | :20:37. | |
100,000 hotel rooms to cope with an extra 20 million visitors. | :20:38. | :20:39. | |
So as well as building new hotels, the city | :20:40. | :20:42. | |
is expanding existing ones - including the Atlantis Resort, built | :20:43. | :20:44. | |
I met up with Serge Zaalof, the Managing Director | :20:45. | :20:49. | |
at Atlantis Dubai and asked him what's driving Dubai's building | :20:50. | :20:52. | |
The good thing about to buy, we have over 20 different nationalities in | :20:53. | :21:02. | |
Dubai. If you are successful in Europe occupation, it does not | :21:03. | :21:06. | |
matter what religion or ethnic to see you are, you will be taken | :21:07. | :21:12. | |
seriously. It is a very good society. Logistically, they are | :21:13. | :21:16. | |
working on it and it is improving year-on-year. But there is always | :21:17. | :21:19. | |
some instruction happening. It is for the good of the country and the | :21:20. | :21:24. | |
city and the people working here also, and for tourists of course. | :21:25. | :21:29. | |
The last time I was in Dubai, I was astonished at how many new hotels | :21:30. | :21:33. | |
were there. So many more hotel rooms. Does that worry you? No | :21:34. | :21:40. | |
because we have been talking about this since the 90s. We thought we | :21:41. | :21:48. | |
would be suffering from low occupancy rates but this is not | :21:49. | :21:53. | |
happening. Compared to last year, we are 93% occupancy. In the old days | :21:54. | :21:59. | |
we had a lot of problems and then the Russians started coming, and now | :22:00. | :22:03. | |
we have the Chinese and the Indians. The Germans and French are coming | :22:04. | :22:06. | |
back. And Russia is coming back also. You currently have the | :22:07. | :22:11. | |
Atlantis hotel and you are about to expand and open a new one down the | :22:12. | :22:16. | |
road. Tell me about that. We are opening at the end of 2019 and we | :22:17. | :22:21. | |
have a very iconic architecture, a bit of a departure from what we have | :22:22. | :22:24. | |
right now. It is very modern architecture. It will be linked by a | :22:25. | :22:29. | |
bridge in the middle and I think that we are going to look at the | :22:30. | :22:34. | |
Guinness book of records because we will have 94 swimming pools in the | :22:35. | :22:38. | |
building, between the hotel and the residences. A lot of challenges for | :22:39. | :22:46. | |
the global travel industry at the moment, be that travel bans or | :22:47. | :22:49. | |
people having less money in their pocket. How do you keep people | :22:50. | :22:57. | |
coming to your hotels? We have a lot of attractive offers for our | :22:58. | :23:00. | |
customers. We are very flexible. One thing that is amazing about Dubai is | :23:01. | :23:05. | |
that tourism works very closely with the private sector. The Minister of | :23:06. | :23:12. | |
tourism, he calls me every two weeks. This would not happen in any | :23:13. | :23:20. | |
other country. So to buy, they are keeping their hands on it, and it is | :23:21. | :23:26. | |
very effective. The Emirates airline reported a big fall in profits last | :23:27. | :23:33. | |
year, does that worry you? No. Emirates have dropped rates because | :23:34. | :23:38. | |
they have to, and we have to also. Atlanta's have dropped their rates | :23:39. | :23:42. | |
less than the competition, and we are doing what we expected to do, | :23:43. | :23:46. | |
the same numbers in 2016. We are beating the budget and we are very | :23:47. | :23:51. | |
happy. But we are not worried about Emirates. Dubai has a 2020 vision | :23:52. | :23:56. | |
and it is all about getting everybody aligned behind that for | :23:57. | :24:00. | |
the world Expo. How important is something like that for all the | :24:01. | :24:06. | |
different parts of the economy to get behind? The committee for 2020 | :24:07. | :24:12. | |
is meeting with us at Atlantis, and we are very much involved in the | :24:13. | :24:17. | |
discussion. It will happen and it will be positive. When Dubai does | :24:18. | :24:21. | |
something, it does it well or does not. We are confident it will be a | :24:22. | :24:27. | |
good success. The managing director of Atlantis India by speaking to me | :24:28. | :24:30. | |
about their expansion plans. 100,000 hotel the target by 2020. So we | :24:31. | :24:38. | |
asked you if you had had any incredible free hotel perks, and | :24:39. | :24:40. | |
what was important to you when staying in a hotel. Suzy got in | :24:41. | :24:44. | |
touch. She works for Alltel because she says, we arrange for guests to | :24:45. | :24:50. | |
see the on the beach. -- we arranged for a guest to sleep on the beach. | :24:51. | :24:56. | |
They moved the entire room out to the beach. Let's reintroduce Jeremy. | :24:57. | :24:59. | |
He is back with us. The most important thing for you in a hotel? | :25:00. | :25:04. | |
Obviously why fight is won, and I think a very good shower is always | :25:05. | :25:10. | |
very useful. -- obviously wi-fi is one. I find that those cards that | :25:11. | :25:13. | |
they use instead of a key, they always many function -- there was | :25:14. | :25:18. | |
not auction. Let's talk about Qatar because they are looking at the | :25:19. | :25:24. | |
diplomatic spat between Qatar and its neighbours. They are trying to | :25:25. | :25:27. | |
count the economic cost as anger continues. It is an interesting | :25:28. | :25:34. | |
story. Clearly there is this diplomatic impasse between the | :25:35. | :25:38. | |
powers within the region and clearly that is related Berkeley to | :25:39. | :25:42. | |
negotiations or relations with Iran, which obviously are a thorny issue | :25:43. | :25:50. | |
for Saudi Arabia. In the context of Qatar, there are real concerns about | :25:51. | :25:52. | |
price pressures and shortages of goods. Good to see you. Time is | :25:53. | :25:58. | |
tight but thank you for coming in. We are back tomorrow. | :25:59. | :26:02. | |
A busy day ahead of the general election. Bye-bye. | :26:03. | :26:07. |