22/06/2017 BBC Business Live


22/06/2017

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This is Business Live from BBC News with Ben Thompson and Sally Bundock.

:00:00.:00:09.

Divided by Brexit - as leaders gather for

:00:10.:00:11.

a summit in Brussels - we look at what the other

:00:12.:00:13.

27 EU members want out of Britain's departure

:00:14.:00:18.

Live from London, that's our top story

:00:19.:00:19.

Immigration, trade, human rights or reform.

:00:20.:00:40.

As Brexit talks continue, we'll assess what's at stake

:00:41.:00:44.

Overseas tech firms say they'll still want to buy

:00:45.:00:55.

the ailing tech firm, despite government efforts to keep

:00:56.:00:57.

And it was a disappointing session in Europe and the US yesterday,

:00:58.:01:04.

with falling oil prices, and inflation denting confidence.

:01:05.:01:09.

Oil prices are now down 17% from the peak in May.

:01:10.:01:16.

Taking the human out of human resources.

:01:17.:01:18.

We meet the woman who's software aims to automate the personnel

:01:19.:01:20.

process in the vibrant Nigerian economy.

:01:21.:01:24.

Today a survey reveals that four in ten millennials have no pensions

:01:25.:01:27.

Who or what will look after you in your old age?

:01:28.:01:35.

Sally, I'll look after you in your old age. It will probably be a

:01:36.:02:00.

robot, he will do a better job of starting the programme than I did.

:02:01.:02:02.

We start in Brussels where as you've been hearing -

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European Union leaders begin a two day summit.

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Top of the agenda of course - Brexit - after formal talks

:02:07.:02:09.

on the UK's departure from the EU began this week.

:02:10.:02:13.

But there are different views around Europe

:02:14.:02:15.

on what Brexit should look like - let's take a look.

:02:16.:02:21.

The new French president Emmanuel Macron wants to keep

:02:22.:02:24.

Britain a close partner - saying the "door remains

:02:25.:02:27.

open" to the UK changing its mind about leaving.

:02:28.:02:32.

For Germany's chancellor Angela Merkel it's about maintaining

:02:33.:02:35.

Like the single market and freedom of movement.

:02:36.:02:41.

She has urged other member states to stand firm over these.

:02:42.:02:46.

In Italy, Brexit is very much being seen as a wake up call for Europe.

:02:47.:02:50.

Especially on curbing migration from outside the Union.

:02:51.:02:55.

Then there's Ireland - which will have the EU's only land

:02:56.:02:58.

Checkpoints with Northern Ireland were scrapped at the end

:02:59.:03:09.

of the Troubles almost 20 years ago - it's worried a "hard"

:03:10.:03:12.

Finally - a big issue of course for all the countries -

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the future of the 3.6 MILLION EU citizens living in the UK

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If affects some more than others of course -

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He is here to represent the view of at Henley Business School.

:03:23.:03:38.

He is here to represent the view of Ireland, good to see you. Give us

:03:39.:03:42.

that perspective, we touched on the view of the only land border, tell

:03:43.:03:47.

us more. I think the direct impact will be greatest in Ireland,

:03:48.:03:51.

particularly because it has the only land border but it reflects the

:03:52.:03:53.

relationship between Ireland and the UK, the common travel area has been

:03:54.:03:59.

there since 1923, more formally since 1952, the fact that Ireland is

:04:00.:04:04.

one of the key negotiating priorities identified by the

:04:05.:04:06.

European Union reflects the importance of this and also, even

:04:07.:04:11.

quite in tangible, sorry intangible -- tangible things like trade

:04:12.:04:18.

between Ireland and the UK, the second busiest ever ridden a world

:04:19.:04:22.

between Dublin and London, for the half million passengers each year.

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Sorry, adding to this, to complicate things, UK Prime Minister looking to

:04:30.:04:34.

do a deal with the DUP of Northern Ireland, what will that mean in

:04:35.:04:37.

terms of how this plays out, is that good or bad for economics and trade,

:04:38.:04:42.

we leave the politics alone, that's extremely, the catered. There are

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positives and negatives. The DUP had a meeting with the new Irish Prime

:04:48.:04:51.

Minister last Friday in Dublin, they came out talking about a sensible

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Brexit which works for Northern Ireland and the Republic and I think

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we have failed to understand that Northern Ireland particularly is

:05:01.:05:03.

quite dependent on trade with the EU and probably up to 30% of its

:05:04.:05:09.

exports come from that macro or exported to the Republic so it's

:05:10.:05:13.

important for the Northern Ireland economy as well as the Republic. And

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what we understand we are looking at a deal for it the UK will be outside

:05:18.:05:21.

the customs union and the single market so will that be very damaging

:05:22.:05:25.

for Ireland or is Ireland already given review for that outcome and

:05:26.:05:31.

positioning itself? The fact that the new Cabinet in Ireland last

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Wednesday week, we have the Minister for foreign affairs is designated to

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be the Brexit Minister, that reflects a clear recognition of this

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at the level of government. I think there are going to be impacts, there

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was a report this morning from the economic and social research

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Institute in Dublin which suggests a monetary impact might be in the

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region of over 600 million euros over three years, other important

:05:58.:06:01.

issues relate to the way in which particularly the food industry is

:06:02.:06:05.

dealt with, I think that's furry important but the wider context, a

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fact that the UK is an important trading partner, other parts of the

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world have become more important for Ireland over time, exports to the UK

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since 2010 have only increased by five and a half percent in

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comparison to Nafta which increased by 44% and others which increased by

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51%. The balance and composition of trade in the Irish public as trade

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-- is changing. We appreciate your time and analysis. And just to say,

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the two de summit kicks off now embrace all is and we keep you

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across any news coming out of that. We will. -- the summit kicks off in

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Brussels. Let's take a look at some of

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the other stories making the news... Shares in the car parts maker

:06:51.:07:08.

Takata Corporation have slumped by more than half following reports

:07:09.:07:11.

it could be preparing It's lost three quarters

:07:12.:07:13.

of its value since last week. Takata is at the centre of the car

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industry's biggest ever recall - nearly 100 million cars -

:07:17.:07:19.

over faulty airbag inflators. George Clooney's luxury Tequila

:07:20.:07:28.

brand is being bought by drinks giant Diageo -

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in a deal that values it Casamigos, which means "house

:07:31.:07:33.

of friends," was founded in 2013 by the Hollywood star

:07:34.:07:39.

and his friends - nightlife entrepreneur Rande Gerber,

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who is married to model Cindy Crawford, and real estate

:07:43.:07:46.

developer Mike Meldman. Iran's Zagros Airlines has signed

:07:47.:07:55.

a deal to buy 28 new Airbus planes It will take 20 new A320 Neo jets,

:07:56.:07:58.

and eight A330 aircraft. Iran has stepped up its order

:07:59.:08:02.

of planes following the lifting How can Tequila be worth $1 billion?

:08:03.:08:23.

If you have George Clooney involved, his brand alone adds value. You are

:08:24.:08:29.

a bit of a fan, I'm due? Well, you know, I'm not saying it either way,

:08:30.:08:34.

George Clooney, if he wants to be on the programme, we have something to

:08:35.:08:38.

talk about. You are very welcome George. You sound very envious, have

:08:39.:08:44.

you got Clooney envy? It's $1 billion, he is not going to be

:08:45.:08:46.

envious? The boss of Foxconn has said

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he will still try to buy Toshiba's chip business,

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despite news that a government consortium has been named

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the preferred bidder. Nice to see you. We won't ask you

:08:52.:09:02.

about George Clooney but Phil are saying about the latest on Toshiba!

:09:03.:09:07.

I had a perfect answer for you but I'll answer about Toshiba. Tell us,

:09:08.:09:12.

tell us about George Clooney, I want to know. I think we all should start

:09:13.:09:20.

our own tequila brand and try to match that. Anyway... Just yesterday

:09:21.:09:25.

we told you that Toshiba appears to have selected the Japanese remained

:09:26.:09:31.

led group as a preferred but the issue was that the offer was lower

:09:32.:09:37.

come third to the one offered by the Thai Burmese company and its been

:09:38.:09:42.

speculated that Toshiba might be reluctant to take the offer because

:09:43.:09:45.

of that close ties with China. But to be fair, the company which took

:09:46.:09:53.

over at another troubled company Sharp, Sharp is starting to make

:09:54.:10:01.

money and its applying to relist its shares on the Tokyo stock exchange

:10:02.:10:07.

so at the Foxconn AGM, the boss said he is not giving up on buying the

:10:08.:10:12.

crown jewel of Toshiba, the only unit that seems to be still making

:10:13.:10:18.

money. And hopefully we'll find out the Toshiba final decision by next

:10:19.:10:21.

Wednesday when Toshiba holds its shareholder meeting. Good stuff,

:10:22.:10:30.

thank you. We have a little break from George Clooney news and I'll

:10:31.:10:33.

talk about the markets. The story we mentioned in the round-up, to cats

:10:34.:10:39.

and the airbag recall weighing on the Nick Cave. Shares coming down.

:10:40.:10:46.

We then following the roller-coaster rides over the next few months and

:10:47.:10:51.

it could now end up in the bankruptcy court.

:10:52.:10:55.

Weaker oil prices dragged down the US markets too.

:10:56.:10:57.

Oversupply of shale and concern about Saudi Arabia's policy

:10:58.:10:59.

towards oil and OPEC have left markets a little tense.

:11:00.:11:04.

In Europe we get eurozone consumer confidence figures later today -

:11:05.:11:06.

expected to see a slight improvement - but that's ahead of

:11:07.:11:09.

those Brexit talks - and as we've been hearing -

:11:10.:11:11.

what the UK's departure could mean for everyone else.

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Maybe it will mean nothing, maybe they don't really care that as we

:11:25.:11:30.

have heard already, the repercussions likely all around the

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world. First let's head to the US

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and Michelle has the details about what's ahead on Wall Street

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this Thursday. How healthy are the American

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financial institutions, can they withstand recession? The Federal

:11:47.:11:50.

Reserve will release results of its round of stress tests, the first

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round and these were mandated under the Frank reform law. Wall Street

:11:56.:12:00.

will learn how much money hangs can devote to dividends and stock

:12:01.:12:03.

buy-backs over the next year, but was one of those banking stock

:12:04.:12:10.

investors, King attention to accentuate, the consulting firm

:12:11.:12:14.

expected to report a rise in its third 40 revenue and a drugmaker my

:12:15.:12:19.

long faces a key test from shareholders, hitting the headlines

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after hiking the price of heavy pins, several large US pension funds

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are pushing for key executives to be ousted. That was Michelle and the

:12:27.:12:33.

United States, looking ahead to the day in Wall Street. Good morning to

:12:34.:12:43.

Trevor who is a representative of the pound has been on the weak side,

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I don't think today will be that critical for the pound, it's more

:13:00.:13:05.

about the reciprocal rights for the UK and EU citizens and that should

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be relatively uncontentious but there's loads of contentious stuff

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coming along. We would expect to see moments where it feels like the two

:13:13.:13:18.

sides aren't talking to each other, maybe we start to worry we will

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leave without a deal and the pound could weaken, there is lots of

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possibilities, at the moment with a hung parliament you have rebels

:13:25.:13:29.

within the main parties pushing for a much softer Brexit, maybe staying

:13:30.:13:33.

in the single market, if the markets said that, they could go up. For

:13:34.:13:39.

currency speculators this is a gift, to what extent do they exaggerate

:13:40.:13:43.

the move in Stirling, do you think? I don't know, I would say the

:13:44.:13:48.

speculators, the markets, dry to work out what the sensible level for

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the pound is based on the economic fundamentals and the key thing is,

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when the Brexit boat happened, the pound fell about 15%. Because

:13:57.:14:01.

markets took the view that the UK economy will be weaker and this is

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what the markets are focused on, is the UK going to come through

:14:06.:14:09.

absolutely plain sailing, leaving the EU, fine? Maybe the pound has to

:14:10.:14:13.

go for that reason, more difficulties, I think it will go

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down. The old price was on a moment ago, if we were God since the start

:14:18.:14:24.

of the peak, it is down 17%, too much supply, not enough demand, and

:14:25.:14:30.

now this concern over what Saudi Arabia is going to do, where are we?

:14:31.:14:36.

The energy markets seasonally is usually strong in the summer, it's

:14:37.:14:40.

the summer driving season in America but supply coming out of the

:14:41.:14:45.

woodwork, US showers they've managed to do that cheaply, it was at what

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one could they not afford to get it out of the ground, normally it's

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more expensive. The root account has risen quite rapidly, coming back on

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stream, but personal western over the dollar, the Chinese economy

:14:59.:15:03.

suggestions that it's slowing down. We may be getting a forewarning of

:15:04.:15:06.

bonds ahead for the stock market, people focusing on the weaker data

:15:07.:15:12.

in China. People buying equities, interest rates low, which is not

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rising, the central bank will keep things moving. Trevor, thank you.

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Trevor will be back later and we will be grilling him about pensions.

:15:21.:15:24.

That kind of what he does for a living. And lots of you have been in

:15:25.:15:29.

touch about what you think will happen when you retire or get older.

:15:30.:15:31.

Keep your comments coming in. This is all to do with the number of

:15:32.:15:39.

young people who don't have any sort of savings for old age. It is not

:15:40.:15:42.

just young people either. Middle-aged.

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We'll meet the woman whose software firm

:15:44.:15:46.

is aiming to automate Human Resources in Nigeria.

:15:47.:15:48.

But is it a good idea to take the personal out of personnel?

:15:49.:15:51.

You're with Business Live from BBC News.

:15:52.:16:07.

When I was little, I used to go strawberry picking. It was great

:16:08.:16:12.

fun. We ate more than we brought home but it was great.

:16:13.:16:15.

Think of summer - maybe you think of strawberries,

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raspberries or salad tomatoes and lettuce.

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All that fresh stuff that is in season in the UK.

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But there's a warning today that British farms can't hire enough

:16:25.:16:27.

workers to pick the fruit and salad, with more than half of farmers

:16:28.:16:30.

saying they don't know if they will have enough migrant

:16:31.:16:33.

Many growers blame the weak pound, which has

:16:34.:16:36.

reduced their workers' earning power, as well as uncertainty over

:16:37.:16:38.

Sean Farrington is on a soft fruits farm in Surrey.

:16:39.:16:47.

Good morning, we are actually farm in Surrey, mainly strawberries, they

:16:48.:16:53.

do lots of other food here, where we are talking about this BBC survey

:16:54.:16:57.

where more than half of growers of fruit and salad across the country

:16:58.:17:00.

are a bit worried that this summer they won't have enough migrant

:17:01.:17:04.

workers coming from overseas to be a will to pick all the fruit needed

:17:05.:17:07.

over the summer. We can talk to Lawrence, who represents the British

:17:08.:17:12.

summer fruit industry. Lawrence, how important our overseas workers to

:17:13.:17:17.

the British fruit industry? Absolutely vital, 95% of our workers

:17:18.:17:21.

are from Europe, and if we didn't have them, we wouldn't have an

:17:22.:17:25.

industry. And so what are the key thing is, is it Brexit negotiations,

:17:26.:17:29.

the strength of the pound or the weakness of the pound making these

:17:30.:17:32.

workers think I might want to work elsewhere, what other things that

:17:33.:17:35.

would change that would help you out? We are losing workers because

:17:36.:17:42.

of the devaluation of the pound, 50% reduction, remittances will be

:17:43.:17:47.

lower, but also there is a xenophobic feeling that they are not

:17:48.:17:52.

welcome in this country. It is a global market. We have growers in

:17:53.:17:55.

Portugal who are employing Romanians and Bulgarians. They can go

:17:56.:18:00.

anywhere, they don't have to come to this country. What difference does

:18:01.:18:03.

it make us if the workers are going elsewhere around Europe, so we may

:18:04.:18:07.

have to get our food from elsewhere around Europe, does it make much

:18:08.:18:11.

difference to consumers around here? We import 140,000 tonnes or so, if

:18:12.:18:16.

we had to import half of that from Holland, Belgium and America, our

:18:17.:18:23.

prices would go up by 50% at least, because they are not waiting for us

:18:24.:18:27.

to to say we want their fruit. The businesses here have that

:18:28.:18:33.

uncertainty. The price of fruit in the UK couldn't up going up if those

:18:34.:18:36.

rules don't go in the way the industry wants them to.

:18:37.:18:44.

Our top story, European Union leaders are beginning a two

:18:45.:18:48.

Brexit is of course top of the agenda, after formal talks

:18:49.:18:55.

on the UK's departure from the EU began this week.

:18:56.:19:02.

Today is the first time the UK Prime Minister Theresa May

:19:03.:19:04.

will face European leaders after she lost her

:19:05.:19:07.

An interesting day ahead in Brussels.

:19:08.:19:13.

When you apply for a job - these days, chances are that it's

:19:14.:19:16.

Paperwork, interviews and short lists.

:19:17.:19:19.

But in Nigeria things are a little different.

:19:20.:19:23.

HR in the country is informal at best, but the market is growing.

:19:24.:19:28.

Our next guest is starting an industry from scratch.

:19:29.:19:32.

Nigerian female entrepreneur, Chika Uwazie, has launched TalentBase -

:19:33.:19:34.

which is available to small and medium-sized

:19:35.:19:36.

The software enables users to manage the records of their employees,

:19:37.:19:44.

create employee roles, as well as being able to track

:19:45.:19:46.

development of their staff with performance reports.

:19:47.:19:50.

And she's hoping TalentBase will help African firms move

:19:51.:19:52.

away from paper systems to a more automated one.

:19:53.:19:58.

Chika Uwazie, the Chief Executive of TalentBase, is with us now.

:19:59.:20:03.

Really nice to see you, thanks for coming in. So do tell us in a bit

:20:04.:20:10.

more detail the problem that your software sort of resolved to a

:20:11.:20:15.

degree in Nigeria. Yes, so, in Nigeria, and across Africa, 90% of

:20:16.:20:20.

small to medium enterprises still use very manual processes, and when

:20:21.:20:24.

I say manual, it is paper. They are still going to the bank physically

:20:25.:20:30.

to pay their employees, they still use XL to do very complicated tax

:20:31.:20:42.

sums. One statistic that surprise me was the number of adults in Nigeria

:20:43.:20:46.

that don't have bank accounts. Something like 56% of Nigerian

:20:47.:20:50.

adults who don't have access to an account, how does your system help?

:20:51.:20:55.

Yes, and so we did was we took it a step further. So primarily, HR

:20:56.:20:58.

systems across the world can pay into a bank account, that because so

:20:59.:21:05.

many Nigerian adults and across Africa don't have a bank account, we

:21:06.:21:09.

partnered with an organisation so you could also pay into a mobile

:21:10.:21:13.

wallet, so then you also get access to a credit card, so now you are

:21:14.:21:17.

added to the financial system, you can do normal payments and you can

:21:18.:21:21.

card. The government are rubbing card. The government are rubbing

:21:22.:21:24.

their hands with glee, because it means they will get more tax

:21:25.:21:29.

revenues in, presumably, if this system is so easy to follow through.

:21:30.:21:32.

Whereas if you had to go to the bank to collect your wages and pay your

:21:33.:21:38.

taxes, you are less likely to do that. Yes, and so currently across

:21:39.:21:40.

Nigeria only tempered scent of people are remitting their what we

:21:41.:21:46.

call pay or employee taxes, so we are partnering with the government

:21:47.:21:49.

to actually automate that process, so that employers can pay on behalf

:21:50.:21:54.

of their employees their taxes. You have made it all sound very simple

:21:55.:21:59.

for us, so we are grateful for that, I imagine when you have

:22:00.:22:02.

conversations with banks or financiers trying to get funding to

:22:03.:22:05.

set up this organisation, as we said, you are sort of doing it from

:22:06.:22:09.

scratch, might have been a little bit more difficult? Yes, very

:22:10.:22:14.

difficult! Because when I started this business I thought I would plug

:22:15.:22:17.

in with a regular system and start a new payroll and I didn't realise how

:22:18.:22:20.

broken the system was. We took it upon ourselves to go to the banks

:22:21.:22:23.

and integrate into the banks is dumb. The first few banks we went to

:22:24.:22:28.

was like, no, I don't understand this, I don't see the need for this,

:22:29.:22:32.

so it definitely did this about a year to get the first bank on board.

:22:33.:22:36.

Now we have four banks on board and gives us access to 80 African

:22:37.:22:40.

countries. I was just about ask you that. You are operating in Nigeria,

:22:41.:22:45.

but this could be something used anywhere in Africa presumably? Yes,

:22:46.:22:52.

definitely. I2 other bank partnerships have access to 18

:22:53.:22:55.

countries, we are looking to go to Francophone next year and then East

:22:56.:23:02.

Africa, starting with Kenya. Exciting, Chika, thank you for

:23:03.:23:03.

coming in. In a moment, we'll take a look

:23:04.:23:05.

through the Business Pages but first here's a quick reminder of how

:23:06.:23:09.

to get in touch with us. The Business Live pages where you

:23:10.:23:15.

can stay ahead of all the day's breaking business news. We will keep

:23:16.:23:19.

you up-to-date with all the latest details, within sight and analysis

:23:20.:23:23.

from the BBC's team of editors, right around the world, and we want

:23:24.:23:27.

to hear from you, too. Get involved on the BBC Business Live web page.

:23:28.:23:35.

On Twitter. And you can find us on Facebook. Business Live, on TV and

:23:36.:23:42.

online, whenever you need to know. Joining us is Trevor Greetham,

:23:43.:23:45.

head of multi asset Loads to talk about but I'm

:23:46.:23:53.

interested, as we discussed earlier, this story in the paper, four in ten

:23:54.:23:56.

millennials have no pension provision. We all know that we

:23:57.:24:00.

should be saving, but it is one thing, knowing we shared, very

:24:01.:24:03.

different to actually doing it. Yes, it is. But you can turn that around,

:24:04.:24:09.

six in ten millennials do have pension provision, and that is

:24:10.:24:13.

because Oporto in Roman. If you ask the same question in 2012 you would

:24:14.:24:16.

have had a much lower figure, so it is not where everyone wants it to be

:24:17.:24:20.

but it is getting better. That auto in Roman, the point is you actually

:24:21.:24:24.

have to physically, consciously opt out, so you are kind of nudged into

:24:25.:24:27.

putting a small amount of money into a pension early on, and if you want

:24:28.:24:32.

to opt out you can but most people actually don't. We were asking at

:24:33.:24:35.

the start of the programme for viewers to say who will fund your

:24:36.:24:40.

retirement. Allison says doesn't national insurance play a part? Yes,

:24:41.:24:45.

but those who have saved sensibly all their lives shouldn't have to

:24:46.:24:48.

pay for them. Sean says I am in a good position with a private pension

:24:49.:24:51.

but could not say the same when it worked in retail. That is a really

:24:52.:24:56.

patchy picture. Colin says, in terms of millennials not putting aside the

:24:57.:25:00.

pensions, he says good on them. The government local authority would

:25:01.:25:03.

only take all their savings anyway once they become ill. This is very

:25:04.:25:06.

controversial right now because of what was not in the Queen's Speech

:25:07.:25:10.

yesterday with regards to pensions, things like the dementia tax and

:25:11.:25:11.

these kind of things, it is a really tricky problem to

:25:12.:25:26.

solve. It is, but the earlier you start trying to do something better.

:25:27.:25:29.

In that same survey, a lot of millennials are quite sceptical as

:25:30.:25:32.

to whether they will ever get a state pension. Is it a case of

:25:33.:25:34.

burying your head in the sand, I could get on housing ladder, can't

:25:35.:25:37.

get a pension, so it is just going to enjoy now. As you get older you

:25:38.:25:41.

start to think I was sure started earlier, that is what the auto

:25:42.:25:43.

enrolment can do. But increasingly people will find themselves saving

:25:44.:25:45.

for other reasons, and perhaps some of that saving becomes long-term

:25:46.:25:49.

saving, so people might use and I account for example. The thing we

:25:50.:25:52.

say is don't save for the long-running cash, cash rates are

:25:53.:25:56.

way below inflation, you are giving money to the government if you do

:25:57.:26:02.

that. Multi-asset. An old tin under the bed. Thank you very much.

:26:03.:26:05.

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