Browse content similar to 04/09/2017. 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. | :00:09. | |
Rising North Korea tensions following the nation's most powerful | :00:10. | :00:13. | |
nuclear test to date and fears Pyongyang may be preparing | :00:14. | :00:15. | |
Live from London, that's our top story on Monday, 4th September 2017. | :00:16. | :00:37. | |
Donald Trump warns he could sever ties with the nation's trading | :00:38. | :00:39. | |
partners in response to the missile threat. | :00:40. | :00:45. | |
We will have all you need to know about that. | :00:46. | :00:48. | |
Counting the cost of Hurricane Harvey. | :00:49. | :00:53. | |
AS the deadly storm dents the US oil industry, | :00:54. | :00:55. | |
we find out what it mean for the world's largest economy? | :00:56. | :00:58. | |
And some nervousness on the markets after that North Korean bomb test, | :00:59. | :01:01. | |
but investors are keeping a closer eye on the international response | :01:02. | :01:04. | |
We'll be getting the inside track on the cost | :01:05. | :01:09. | |
Yep, summer's officially over when children go back to school. | :01:10. | :01:15. | |
We ask the boss of a major uniform maker is schoolwear | :01:16. | :01:18. | |
So today we want to know - congested roads and selfish drivers. | :01:19. | :01:29. | |
Does the school run make your blood boil? | :01:30. | :01:33. | |
Just hours after Pyongyang said it tested a hydrogen bomb, | :01:34. | :01:56. | |
President Trump tweeted that the US could impose trade embargos | :01:57. | :01:58. | |
on all countries that do business with North Korea. | :01:59. | :02:02. | |
That list includes India, Russia, Pakistan and perhaps | :02:03. | :02:04. | |
The latest figures show that trade between the US and China is worth | :02:05. | :02:11. | |
This makes China the United States' | :02:12. | :02:15. | |
Many experts believe that Washington is leaning on Beijing | :02:16. | :02:20. | |
Trade with China is crucial to the fortunes of Pyongyang, | :02:21. | :02:31. | |
with over 80% of all North Korean exports | :02:32. | :02:32. | |
being purchased by their neighbours across the border. | :02:33. | :02:34. | |
Good toads you, Robin. This is a Trump tweet, isn't it? Talking about | :02:35. | :02:47. | |
trade sanctions with any country that do business with North Korea? | :02:48. | :02:52. | |
Yes, China wasn't named, but clearly this is aimed as China responsible | :02:53. | :02:57. | |
for the vast majority of trade with North Korea. Trade that keeps that | :02:58. | :03:00. | |
country going and that is part of the reason why China does it because | :03:01. | :03:06. | |
the prospect of an implosion, an economic implosion in North Korea is | :03:07. | :03:09. | |
something that China does not want to entertain. That could bring with | :03:10. | :03:14. | |
it humanitarian crisis on its border perhaps, even the reunification of | :03:15. | :03:19. | |
the whole of this peninsula and US troops up by the Chinese border. | :03:20. | :03:23. | |
China doesn't want to entertain the prospect of an economic collapse and | :03:24. | :03:27. | |
trade remains important. The idea of suddenly stopping trade with China | :03:28. | :03:31. | |
and that long list as Ben mentioned of other countries that do trade | :03:32. | :03:35. | |
with North Korea, it is almost laughable because the figures are | :03:36. | :03:40. | |
staggering, aren't they? Remember as well there are countless US firms | :03:41. | :03:44. | |
among them the biggest in the world Apple, who have a significant | :03:45. | :03:49. | |
revenue exposure in China. They rely on trade between China and the US. | :03:50. | :03:53. | |
So, they would be damaged as well. In terms of China, what reaction | :03:54. | :03:57. | |
have we had from them if any to this? Well, interesting grid we're | :03:58. | :04:03. | |
waiting to hear from the Ministry of Foreign Affairs who are due to have | :04:04. | :04:08. | |
their usual press conference today. We have heard though some official | :04:09. | :04:15. | |
reaction coming from the summit in the east where President Xi is | :04:16. | :04:20. | |
hosting a handful of world leaders at the bricks summit and they in a | :04:21. | :04:25. | |
statement communique at the end of that two-day meeting condemned as | :04:26. | :04:29. | |
deplorable the actions of the north. I think behind the scenes the | :04:30. | :04:33. | |
Chinese leadership are far more angry at the actions of Kim Jong-un, | :04:34. | :04:42. | |
but China, you know has a different view from the United States on some | :04:43. | :04:46. | |
aspects of this dispute. It does want to see a denuke scholarised | :04:47. | :04:52. | |
peninsula, but it doesn't want to see the collapse of the north and | :04:53. | :04:55. | |
the problems that may bring for it on its border. All right, Robin, | :04:56. | :05:01. | |
thank you very much. Robin Brant. There has been reaction on markets. | :05:02. | :05:04. | |
We will look at this in a few minutes. | :05:05. | :05:08. | |
At least 47 people have died since Hurricane Harvey hit Texas | :05:09. | :05:10. | |
Some residents have been allowed to return to their homes but flood | :05:11. | :05:14. | |
waters are still rising in other areas. | :05:15. | :05:18. | |
President Trump has asked Congress for $7.8 billion as an initial | :05:19. | :05:21. | |
payment to help with recovery efforts following the flooding | :05:22. | :05:24. | |
The White House says about 100,000 homes, | :05:25. | :05:28. | |
not all of which were fully insured, had been affected by | :05:29. | :05:31. | |
the storm and the flooding that accompanied it. | :05:32. | :05:37. | |
Texas Governor, Greg Abbott, said the state could need as much | :05:38. | :05:39. | |
as $180 billion from the federal government to help it recover. | :05:40. | :05:43. | |
The storm at its height knocked up to 24% of US oil | :05:44. | :05:46. | |
It's also believed the nation's largest refinery in Port Arthur may | :05:47. | :05:52. | |
be shut for up to two weeks, sending petrol prices | :05:53. | :05:54. | |
Michelle Fleury reports from Houston. | :05:55. | :06:02. | |
I'm standing by the Upper Houston channel. | :06:03. | :06:05. | |
I'm standing by the Upper Houston Channel. | :06:06. | :06:07. | |
It is about 23 miles long and on each side it is lined | :06:08. | :06:11. | |
This area around Houston is vitally important to the energy industry. | :06:12. | :06:16. | |
Much of the refinery capacity was impacted | :06:17. | :06:19. | |
when Hurricane Harvey made land fall. | :06:20. | :06:24. | |
As they try to restore operations to get in and to get that refining | :06:25. | :06:28. | |
capacity back up and running, one crucial part will be getting | :06:29. | :06:32. | |
the waterways open again so that vessels can come in and out | :06:33. | :06:38. | |
of here carrying crude oil and other vital supplies and it is not | :06:39. | :06:41. | |
that come through here, consumer goods travel on vessels | :06:42. | :06:44. | |
through here making their way to shelves of stores | :06:45. | :06:47. | |
Given its strategic importance, American authorities have made | :06:48. | :06:51. | |
it a priority to get this area reopened. | :06:52. | :06:54. | |
We have been told some estimates that if this port, | :06:55. | :06:58. | |
if this area is closed for a week, it could cost the economy as much | :06:59. | :07:02. | |
as $2.5 billion which is why all efforts are being made to try | :07:03. | :07:05. | |
and clear the debris as fast as possible. | :07:06. | :07:10. | |
Ingrid Hobbs is an insurance specialist and litigation partner | :07:11. | :07:12. | |
at the law firm Mayer Brown International. | :07:13. | :07:14. | |
Michelle looking a the aftermath. It is very difficult, isn't it, to | :07:15. | :07:25. | |
calculate at this point what this will cost and to whom and whether | :07:26. | :07:31. | |
they are insured oar not? It is extremely difficult partly because | :07:32. | :07:36. | |
the water has only stopped pouring down recently and it is difficult | :07:37. | :07:39. | |
for loss adjusters to get in and to see the extent of the devastation. | :07:40. | :07:42. | |
There are huge different losses involved as well. You mentioned | :07:43. | :07:45. | |
earlier the oil industry and the impact on the production levels. | :07:46. | :07:49. | |
I've read in different reports that there is something like a 25% impact | :07:50. | :07:53. | |
on production per day. So that is going to have a significant impact | :07:54. | :07:59. | |
on pricing, but on a personal level for those affected having been | :08:00. | :08:05. | |
displaced losing their homes, maybe looking at long-term re-housing, | :08:06. | :08:09. | |
rebuilding costs, how much of that will actually be insured, flood | :08:10. | :08:15. | |
ex-clueses operating in the domestic insurance policies, ought owe motive | :08:16. | :08:18. | |
industry affected, the amount of cars you can see floating through | :08:19. | :08:22. | |
the water, those will be claims on personal ought owe motive policies | :08:23. | :08:25. | |
and the ex-at any time of the cover available remains to be seen. The | :08:26. | :08:29. | |
Total cost they are saying will be in the order of $100 billion, so | :08:30. | :08:36. | |
even more than Hurricane Katrina. I wanted to ask you about how it | :08:37. | :08:40. | |
compares because there are clearly direct costs and indirect costs and | :08:41. | :08:46. | |
the indirect costs could go on for years of just trying to put things | :08:47. | :08:50. | |
right. Where do we start in that job as a loss adjuster, where do you | :08:51. | :08:54. | |
start to look? There are so many different elements to this? It | :08:55. | :08:57. | |
splits down into different kinds of insurance. The State will be | :08:58. | :09:02. | |
incredibly busy, the national insurance flood programme, will | :09:03. | :09:07. | |
respond immediately, but there will be individual insurers involved on | :09:08. | :09:11. | |
the ground in the United States and then reinsured through the Lloyds | :09:12. | :09:14. | |
community here in London and they will be looking at each individual | :09:15. | :09:18. | |
insurer instructing loss adjusters to go out on their behalf for their | :09:19. | :09:24. | |
policyholder, damage assessments and then also looking at longer term | :09:25. | :09:31. | |
economic losses. In this particular case, unlike Hurricane sandy and | :09:32. | :09:34. | |
Katrina, many businesses and individuals are uninsured for | :09:35. | :09:38. | |
various reasons, aren't they, that makes it much more complicated? We | :09:39. | :09:42. | |
don't know the extent of non insurance, but there is difficulty | :09:43. | :09:47. | |
in obtaining cover for properties that are in the flood plain and | :09:48. | :09:51. | |
Texas and Houston in particular is well-known as a flooding risk. So we | :09:52. | :09:55. | |
need to wait and see the extent of what is covered, but there will be | :09:56. | :09:59. | |
loss of profits claims down the line. Damage claims, personal injury | :10:00. | :10:05. | |
claims and we will have to see what the extent of each of those classes | :10:06. | :10:09. | |
of insurance and loss looks like and whether or not exclusions in the | :10:10. | :10:15. | |
policies bite, flood exclusions, act of god exclusions, we don't have any | :10:16. | :10:18. | |
real handle on the extent of the damage now. Ingrid, thank you for | :10:19. | :10:23. | |
sharing your expertise with us this morning. There is a lot more detail | :10:24. | :10:27. | |
on our website about what is going on there in at moment and how it | :10:28. | :10:31. | |
stands. Yes, something we will be covering for a good while to come | :10:32. | :10:32. | |
yet. Let's take a look at some of | :10:33. | :10:33. | |
the other stories making the news. Fast-food chain McDonald's | :10:34. | :10:36. | |
is facing its first strike in the UK as workers at two sites walk-out | :10:37. | :10:39. | |
in a dispute over zero-hours Workers at Cambridge and Crayford | :10:40. | :10:42. | |
in south-east London The Bakers, Food and | :10:43. | :10:45. | |
Allied Workers Union, said staff want a wage | :10:46. | :10:51. | |
of at least ?10 an hour James Henderson, the chief executive | :10:52. | :10:53. | |
of one of the UK's best known public relations firms, | :10:54. | :10:59. | |
has stood down amid claims it stirred up racial | :11:00. | :11:04. | |
tensions in South Africa. Bell Pottinger has faced criticism | :11:05. | :11:08. | |
from the country's main opposition party after it ran a media campaign | :11:09. | :11:11. | |
for the wealthy Gupta family. South Africa's Democratic Alliance | :11:12. | :11:16. | |
Party said the PR firm emphasised The EU's Brexit negotiator, | :11:17. | :11:18. | |
Michel Barnier, says he plans to "educate" the British people | :11:19. | :11:22. | |
about the price it would pay The European Union suggested that | :11:23. | :11:25. | |
little progress had been made The British Government has hit back, | :11:26. | :11:30. | |
claiming that the EU was not I wonder how they plan to educate | :11:31. | :11:50. | |
people? Maybe it will be a leaflet drop from a plane with facts! | :11:51. | :11:54. | |
We will talk about that with our markets guest in a moment. Pirelli | :11:55. | :12:01. | |
is planning a market listing. The tyre maker is planning to return to | :12:02. | :12:06. | |
the stock market in Milan, Italy, it is the world's fifth biggest tyre | :12:07. | :12:13. | |
maker. It delisted in 2015 after a mandatory offer launched by an | :12:14. | :12:16. | |
investment vehicle. It is coming back to market. Some markets for you | :12:17. | :12:22. | |
before we speak to Richard Hunt ir. He is head of research at Wilson | :12:23. | :12:30. | |
King Investment Management. We would expect there could be a reaction to | :12:31. | :12:35. | |
what happened with North Korea, but the markets are taking it in their | :12:36. | :12:39. | |
stride? The difficulty is how to price it in? Are we talking about a | :12:40. | :12:45. | |
skirmish or something more serious? Clearly, it is not something that | :12:46. | :12:49. | |
investors can runaway and keeping a close eye as you would probably | :12:50. | :12:52. | |
expect overnight in the Asian markets we have had interests in the | :12:53. | :12:57. | |
likes of the yen seeing it is a defensive currency as well as gold | :12:58. | :13:05. | |
and some sovereign bonds. Is it the geopolitical stuff or does it come | :13:06. | :13:13. | |
down to sanctions and trade? I think from a kind of human point of view, | :13:14. | :13:18. | |
the geopolitical part of the equation is much more concerning. I | :13:19. | :13:23. | |
think from practical point of view and something investors will | :13:24. | :13:26. | |
arguably be more interested in is what sort of sanctions may come in, | :13:27. | :13:32. | |
but as we have been hearing earlier, the US, China, relationship is so | :13:33. | :13:37. | |
large that it might be crimped at the edges, but they will be looking | :13:38. | :13:43. | |
to keep that intact. Tell us about your comments on Michel Barnier's | :13:44. | :13:47. | |
advice that perhaps the British are not really across the full | :13:48. | :13:50. | |
consequences of leaving the European Union? There is this danger, as we | :13:51. | :13:56. | |
knew since day one, that there is a possibility that Britain will be | :13:57. | :14:01. | |
used as a scapegoat so as not to encourage other members of the EU | :14:02. | :14:05. | |
even to think about some kind of exit which was obviously one of the | :14:06. | :14:08. | |
concerns from the EU's prospective at the start this could be the thin | :14:09. | :14:13. | |
end of the wedge. There are the complications begin, of course, with | :14:14. | :14:17. | |
I don't think the UK is disputing the fact that there are certain | :14:18. | :14:21. | |
contracts we have already entered into what we will see through. The | :14:22. | :14:24. | |
questions, of course, in terms of some of the money that the EU made | :14:25. | :14:27. | |
whilst the UK has been a member and some of the assets that the UK is | :14:28. | :14:33. | |
entitled to, how that off sets this so-called divorce bill. Sclaerl, at | :14:34. | :14:36. | |
this stage, we are making little progress. There is an irony about | :14:37. | :14:44. | |
the education, given that during the referendum campaign that education | :14:45. | :14:47. | |
was one thing that people talked about, maybe people were told lies | :14:48. | :14:54. | |
and it comes down to information. On the top of that we don't know what | :14:55. | :14:59. | |
could happen. It is so confusing? Michel Barnier is trying to speak | :15:00. | :15:03. | |
with 27 tongues, isn't he? Representing the entirety of the EU. | :15:04. | :15:07. | |
At any given time you have to question how much is the EU bloc and | :15:08. | :15:12. | |
how much is personal? Thank you, Richard. Nice to see you. Shedding | :15:13. | :15:16. | |
come light on that. We'll talk more about it, I'm sure. | :15:17. | :15:24. | |
Back to school for children across the northern hemispheres, we will | :15:25. | :15:29. | |
find out why uniforms are becoming more expense of full. -- more | :15:30. | :15:45. | |
expensive. Before we grapple with ties, blazers, polo shirt, let's | :15:46. | :15:49. | |
talk about Europe's biggest tech show. Samsung, Apple, they have | :15:50. | :15:54. | |
given it a wide berth, the exhibition in Burlington | :15:55. | :16:03. | |
forthcoming. The IFA exhibition. Now, smaller competitors are using | :16:04. | :16:06. | |
the event to make a case for their innovations. Joe Miller is there. | :16:07. | :16:12. | |
This is LG's new V30. No modular design, no side screen, the focus is | :16:13. | :16:19. | |
on taking pictures and shooting video. Two new cameras on the back, | :16:20. | :16:24. | |
a deep and beautiful screen, and a lovely zoom feature, you can pick a | :16:25. | :16:28. | |
particular object or person in the distance and then the camera will | :16:29. | :16:33. | |
very smoothly zoom in towards it. Question for this phone, as with | :16:34. | :16:38. | |
previous LG models, some of which had cutting edge features but have | :16:39. | :16:45. | |
not sold well, can it make inroads into a crowded and competitive | :16:46. | :16:50. | |
smartphone market? I think LG has aways been about choice, it may not | :16:51. | :16:54. | |
be number one in phones, it may not be the thinnest, the cheapest, the | :16:55. | :16:58. | |
brightest, there is a lot of things that we are not but one thing we | :16:59. | :17:04. | |
have always been is giving people an alternative choice. Two ways you can | :17:05. | :17:11. | |
compete with Samsung and Apple, one is with cutting edge features and | :17:12. | :17:16. | |
the other, such as with this 400 dollar Moto X4 is to compete | :17:17. | :17:23. | |
aggressively on price. It targets the disk ruminating consumer, | :17:24. | :17:26. | |
someone who wants a high-quality smartphone experience but is not | :17:27. | :17:30. | |
looking for the flagship prices. We design a phone to provide all the | :17:31. | :17:34. | |
benefits but price it very well accordingly. In just a couple of | :17:35. | :17:38. | |
weeks, a new iPhone is likely to dominate the headlines, | :17:39. | :17:43. | |
manufacturers like those here in Berlin will hope that they too are | :17:44. | :17:44. | |
still able to make a splash. fresh food could be left rotting if | :17:45. | :18:12. | |
strict customs control for EU goods are put in place of the Brexit. | :18:13. | :18:24. | |
If your commute into the office has got a bit busier, probably because | :18:25. | :18:30. | |
the summer break is officially over for many schoolchildren, roads are | :18:31. | :18:34. | |
busy, schoolchildren across the northern hemisphere are back at | :18:35. | :18:35. | |
school. Which means many parents are | :18:36. | :18:48. | |
counting the cost of buying everything they need for the new | :18:49. | :18:50. | |
school year. One of the most expensive things they'll fork out | :18:51. | :18:53. | |
for is a new school uniform. So why are uniforms becoming more | :18:54. | :18:55. | |
expensive? Our next guest will know. He's the boss of Trutex, the UK's | :18:56. | :18:57. | |
number one brand in school uniforms and sportswear. The company was | :18:58. | :19:01. | |
founded over 150 years ago under a different name, and has been | :19:02. | :19:03. | |
operating under the Trutex name since the 1920s. In 2010 when it was | :19:04. | :19:06. | |
teetering on the brink of administration, Trutex was bought | :19:07. | :19:09. | |
out by a private equity firm, and then underwent a management buyout. | :19:10. | :19:11. | |
Success ensued, and now Trutex has expanded into China, where it has | :19:12. | :19:13. | |
ten factories and manufactures over 1.5 million garments a year. Prince | :19:14. | :19:21. | |
George will soon be wearing a Trutex uniform - the company supplies to St | :19:22. | :19:23. | |
Thomas's prep school in Battersea, where the young Prince will begin | :19:24. | :19:24. | |
his education. So, good news for you royal | :19:25. | :19:33. | |
watchers. Matthew Easter is with us, | :19:34. | :19:40. | |
he's managing director at Trutex. Good morning. Good morning. Thank | :19:41. | :19:51. | |
you so much for coming in. I have three boys, I know the cost, you get | :19:52. | :19:55. | |
through the uniform like you would not believe, and also, lose it, week | :19:56. | :19:59. | |
one, they come home without the school jumper, nowhere to be seen, | :20:00. | :20:04. | |
but the name is in it, that is key. Give us a sense of the size and | :20:05. | :20:08. | |
scale of your business. It has ballooned since you moved into | :20:09. | :20:14. | |
China. ?30 million business, we manufacture 4 million garments a | :20:15. | :20:17. | |
year, exporting to 15 countries across the world. Not everywhere has | :20:18. | :20:24. | |
the uniform, so we focus on China in particular. When you had to start | :20:25. | :20:30. | |
working there, you have to get used to the culture, their uniform is... | :20:31. | :20:33. | |
Explain. Traditionally, the uniform is very much in line with the | :20:34. | :20:40. | |
communist state, a pretty horrible set of shell suits, sorry for | :20:41. | :20:43. | |
anybody who wants to wear those, but these days it is far more akin to a | :20:44. | :20:48. | |
European or British style education uniform. The schools are becoming | :20:49. | :20:53. | |
more branded and more focused on brand. Talking about the history of | :20:54. | :20:56. | |
the firm, touching on it briefly there, chequered past, the | :20:57. | :21:02. | |
management buyout, private equity, you were instrumental in that | :21:03. | :21:06. | |
process and talk us through it. 2010, the business had obviously | :21:07. | :21:09. | |
been through a period of decline, over a number of years, and that | :21:10. | :21:16. | |
forced a chain, in 2010. -- change. I came in at that point and along | :21:17. | :21:20. | |
with the team, we were lucky, a number of people were in the | :21:21. | :21:23. | |
business who had experience in the business, we had to bring in new | :21:24. | :21:26. | |
focus. What were they getting wrong, it strikes me, parents have to buy a | :21:27. | :21:33. | |
uniform, how could you get that wrong? In principle you cannot, the | :21:34. | :21:39. | |
product, the brand, it was very well recognised, like every other | :21:40. | :21:42. | |
business, you have to do everything right, manage your customers, your | :21:43. | :21:46. | |
finances, very seasonal business, cash management, and managing stock | :21:47. | :21:54. | |
is hugely important. And requires a lot of focus. Something we have said | :21:55. | :21:58. | |
since you have come in, uniform is getting more expensive, is it | :21:59. | :22:03. | |
getting more expensive? How do you... How do you sell that in the | :22:04. | :22:08. | |
sense that parents are forced to buy it, we have to buy the gear for our | :22:09. | :22:12. | |
kids and it is a huge expense, and for families who cannot afford it, | :22:13. | :22:17. | |
it is a real issue. It is not getting more expensive, overall, the | :22:18. | :22:20. | |
cost of uniforms is cheaper than it was 20 years ago. Clearly, the | :22:21. | :22:25. | |
devaluation of the pound has had an impact on lots of things, post | :22:26. | :22:29. | |
Brexit, and clothing is one of those. Why would argue what we make | :22:30. | :22:33. | |
is good value, there is an upfront cost but it is something you want | :22:34. | :22:36. | |
the kids to wear all year, passed down as well. There is pressure on | :22:37. | :22:41. | |
schools to make it more affordable and have less branded uniform and | :22:42. | :22:44. | |
more stuff you can get from your high street retailer. We try to work | :22:45. | :22:50. | |
with the schools and have a sensible blend of branded and unbranded | :22:51. | :22:56. | |
uniform so it is not too expensive. Schools... That is not good news for | :22:57. | :23:00. | |
the business model. There is plenty of schools we can go and get to, and | :23:01. | :23:04. | |
on that model, we will get more business over time, by doing it | :23:05. | :23:08. | |
right. Very good to see you, thank you for joining us. Matthew Easter, | :23:09. | :23:12. | |
managing director of Trutex. In a moment we will be spinning | :23:13. | :23:19. | |
through the business pages, but first, a quick reminder of how to | :23:20. | :23:20. | |
get in touch with us: we will keep you up-to-date with all | :23:21. | :23:27. | |
the latest details with insight and analysis from the BBC's team of | :23:28. | :23:31. | |
editors right around the world. And we want to hear from you, too, get | :23:32. | :23:36. | |
involved on the business live web page. You can find us on Facebook as | :23:37. | :23:42. | |
well. The Brix Conference, Brazil, Russia, | :23:43. | :24:03. | |
India and China, it is something we were mentioning all of the time in | :24:04. | :24:07. | |
its heyday, when they were all thriving, these economies. -- the | :24:08. | :24:14. | |
Brics. 2001, Goldman Sachs, coined this term for the emerging | :24:15. | :24:18. | |
economies, took on a political life because these countries, as well as | :24:19. | :24:20. | |
being emerging markets, were men to take on some of the world economic | :24:21. | :24:25. | |
leadership away from the US and Europe, they have this annual | :24:26. | :24:27. | |
conference but it has not worked out like that, powers have diverged. | :24:28. | :24:32. | |
China, the driving economy and all of this, is much cleaner now on the | :24:33. | :24:38. | |
economies closer to its home, so it really is forgetting this notion of | :24:39. | :24:45. | |
the Brics and going to a much more to graphically centric. Cynics said, | :24:46. | :24:50. | |
you cannot lump these economies together thanks on -- based on vague | :24:51. | :24:56. | |
similarities, looking at someone of the size, power and scale of China. | :24:57. | :25:03. | |
It suited them at the time, they wanted to be this alternative power | :25:04. | :25:06. | |
source in the world economy, there are such disparities now, and you | :25:07. | :25:10. | |
cannot horse these things together, apart from India and China, Brazil, | :25:11. | :25:14. | |
Russia and South Africa, their economies are not doing well, and so | :25:15. | :25:19. | |
there is also a divergence from the past. Wall Street Journal, Nissan | :25:20. | :25:23. | |
hopes drivers will turn to its new electric car... The Chief Executive | :25:24. | :25:31. | |
of Nissan has pushed this he thought there would be selling 1.5 million | :25:32. | :25:35. | |
electricals at least by now, and they are selling about one third of | :25:36. | :25:40. | |
that, so big hope for the new one, riding on the coat-tails, doing even | :25:41. | :25:42. | |
better than Tesla. They are jealous of Tesla's success. It is a market | :25:43. | :25:47. | |
car, it should do quite well. We will keep an eye on it, we will | :25:48. | :25:50. | |
watch this space. Thank you for your company today. We | :25:51. | :25:56. | |
will both be here tomorrow. We will see you, goodbye. | :25:57. | :26:04. |