05/09/2017 BBC Business Live


05/09/2017

A look at the global business stories.


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

:00:00.:00:08.

China calls for closer ties of member states to speed up

:00:09.:00:13.

Live from London, that's our top story on Tuesday 5th September.

:00:14.:00:34.

As the BRICS - that's Brazil, Russia, India,

:00:35.:00:36.

China and South Africa - wrap up their summit,

:00:37.:00:38.

we ask an expert whether these emerging giants are still relevant.

:00:39.:00:43.

the agency is expelled from the UK trade body for the worst breach

:00:44.:00:50.

And investors remain nervous amid expectations North Korea

:00:51.:00:57.

will launch another missile - we'll look at what it

:00:58.:00:59.

means as investors take money out of stocks.

:01:00.:01:06.

And we'll be getting the inside track on a booming tech sector.

:01:07.:01:09.

If you do anything online, from storing photos to buying stuff,

:01:10.:01:12.

We speak to tech boss who explains why its big business.

:01:13.:01:26.

We will speak to the former boss of eBay.

:01:27.:01:30.

Are you worried are about storing precious stuff -

:01:31.:01:33.

from cherished photos to personal data - on the cloud?

:01:34.:01:38.

It's the final day of the summit involving leaders of Brazil, Russia,

:01:39.:01:56.

India, China and South Africa - also known as the BRICS.

:01:57.:02:03.

The group has been quick to condemn North Korea

:02:04.:02:06.

for their nuclear missile tests, but discussions have also centred

:02:07.:02:08.

While the White House is pushing a protectionist trade agenda,

:02:09.:02:13.

President Xi Jinping wants to use this summit

:02:14.:02:17.

to promote what he describes as "an open world economy".

:02:18.:02:21.

Then there's the BRICS bank - a smaller, alternative

:02:22.:02:24.

to the World Bank- used by governments to fund

:02:25.:02:27.

It handed out one and a half billion dollars of loans last year and has

:02:28.:02:36.

pledged 2.5 billion in funding for this year.

:02:37.:02:38.

China itself has pledged 80 million dollars in funding for BRICS

:02:39.:02:41.

projects, including an economic and technology cooperation plan.

:02:42.:02:43.

But there are doubts about whether the BRICS summit

:02:44.:02:45.

Beijing is busy with its own hugely ambitious Belt and Road initiative,

:02:46.:02:55.

pledging $124 billion to expand trade links between

:02:56.:03:01.

Craig Botham, emerging markets economist at Schroders, is with me.

:03:02.:03:13.

Good morning. Ben gave us a little outline and some of those numbers

:03:14.:03:23.

look pretty big. How influential are the BRICS organisation now? Good

:03:24.:03:27.

question. The BRICS concept started largely as a marketing exercise.

:03:28.:03:33.

There was a question about whether it made sense to lump those

:03:34.:03:36.

disparate economies together. They have rarely delivered much of

:03:37.:03:39.

substance, it is usually a statement and a pledge to welcome cooperation

:03:40.:03:43.

and investment etc, probably the most tangible development was the

:03:44.:03:50.

New Investment Bank, all the BRICS Bank. China's economy is tendril in

:03:51.:03:58.

dollars, they pledged $100 billion per year for the road funding. For

:03:59.:04:02.

the BRICS Stutz macro seems small, it looks like a platform to promote

:04:03.:04:07.

a brand rather than getting real business done.

:04:08.:04:12.

So why are they persevering with this? Sony years ago it was the

:04:13.:04:15.

buzzword in business, we were talking about BRICS all the time

:04:16.:04:19.

because each of the components of the BRICS was in a very strong

:04:20.:04:23.

position, emerging markets doing incredibly well and seeing huge

:04:24.:04:28.

growth, but for many, South Africa, Brazil, that is not the case?

:04:29.:04:33.

Only China and India have really strong growth rates and India has

:04:34.:04:36.

taken a bit of a hit in the last couple of quarters. For the other

:04:37.:04:41.

BRICS it is handy to be associated with China and seen as a peer, if

:04:42.:04:47.

you like. For China it is a way to show its global leadership at a time

:04:48.:04:50.

when America seems to be taking a stumble. This has been completely

:04:51.:04:58.

overshadowed by the situation with North Korea, despite china's efforts

:04:59.:05:02.

to keep the BRICS summit on the agenda every single journalist is

:05:03.:05:06.

grilling them about North Korea, particularly China? It is a bit

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embarrassing for China, it is almost as if North Korea has done the

:05:11.:05:13.

specifically to needle President Xi at a time when he is trying to

:05:14.:05:18.

consolidate his power base. They are still very reluctant to push further

:05:19.:05:22.

sanctions on North Korea. They are North Korea's major trade partner,

:05:23.:05:27.

90% of North Korean trade. Serve anyone has a lever to pull against

:05:28.:05:33.

them it is China, that they seem unwilling to do so.

:05:34.:05:38.

The BRICS summit is kind of wrapping up. Some of the wires are talking

:05:39.:05:43.

about comments from India's Foreign Secretary, who is talking about

:05:44.:05:47.

North Korea to journalists now, basically saying India and China

:05:48.:05:50.

both agree that more effort needs to be done to enhance mutual trust,

:05:51.:05:55.

that is one of the latest lines. We will keep you across that. But I

:05:56.:05:57.

were the main story. The public relations firm

:05:58.:06:01.

Bell Pottinger has been expelled The Public Relations

:06:02.:06:06.

and Communications Association says the company was unethical

:06:07.:06:09.

and unprofessional and brought In an unprecedented move it's

:06:10.:06:11.

expelled Bell Pottinger for 5 years. It follows the firm's media campaign

:06:12.:06:15.

for the wealthy Gupta family of South Africa -

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which has been heavily criticised for stirring up racial

:06:18.:06:19.

tensions in the country. The Guptas have been

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accused of benefiting financially from close links

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to South Africa's President Zuma, and they hired Bell Pottinger

:06:30.:06:31.

to change their image. To do this, Bell Pottinger began

:06:32.:06:39.

a plan to raise awareness of "economic apartheid"

:06:40.:06:42.

in South Africa. They set up a social media campaign,

:06:43.:06:45.

and advised on political messaging and speeches that blamed

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unemployment and inequality in South Now the UK trade body says that this

:06:53.:06:54.

activity is the worst breach Earlier I spoke to the head

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of the PRCA, Francis Ingham. We have expelled Bell Pottinger for

:07:00.:07:14.

at least five years. That is unprecedented and what we have done

:07:15.:07:18.

in the past. We did it because their breach of ethics, the work I have

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seen, is the worst I have seen in my ten years as director general of the

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PRCA. It is important to show the industry have standards, that is why

:07:28.:07:31.

we expelled Bell Pottinger for at least five years. To James

:07:32.:07:35.

Henderson's decision to carry the can was not enough? It was necessary

:07:36.:07:41.

but not sufficient. The industry needs to make a stand and say that

:07:42.:07:44.

stirring up racial tension and hatred in quite a tense country,

:07:45.:07:50.

quite flattering democracy, in many ways, is unacceptable. That is what

:07:51.:07:54.

we have done, we have expelled them from the PRCA. We have done nothing

:07:55.:07:58.

of this magnitude before, we want to make it very clear that the industry

:07:59.:08:02.

is ethical, have standards and wants to enforce them.

:08:03.:08:05.

Bell Pottinger is very well-established, one of the world's

:08:06.:08:20.

biggest, it has been around for a very long time, how can it get it so

:08:21.:08:23.

wrong? Either they knew what was happening

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and turned a blind eye, or their internal management processes were

:08:27.:08:28.

so bad that a couple of road people could go off and do these things.

:08:29.:08:31.

Either way it is not acceptable and that is why they are no longer a

:08:32.:08:33.

member of the industry body. The cynical amongst us in journalism

:08:34.:08:36.

were saying that this is how PR operates? It is not, that is why we

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have expelled them. The vast majority of PRCA members are

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ethical, professional, run their companies well and care about doing

:08:45.:08:48.

the right thing. That is why we have expelled Bell Pottinger, they did

:08:49.:08:52.

the wrong thing. That was France's Ingham, the

:08:53.:08:53.

director-general of the PRCA. Let's take a look at some of

:08:54.:08:56.

the other stories making the news. US aircraft maker Boeing has won

:08:57.:08:59.

a long-running dispute The World Trade Organization has

:09:00.:09:01.

reversed a ruling that Boeing received some state aid to help

:09:02.:09:04.

build its newest aircraft, the 777. However, Airbus said "the game

:09:05.:09:07.

is far from over" as other complaints over alleged aid

:09:08.:09:10.

are still to be resolved. TalkTalk is exploring an exit

:09:11.:09:15.

from its mobile operations, after opening talks with other

:09:16.:09:19.

providers over the future TalkTalk been talking to rivals

:09:20.:09:21.

Vodafone, O2 and Virgin Media, aiming to strike a deal

:09:22.:09:25.

in the coming weeks. It's all part of a plan to overhaul

:09:26.:09:27.

Talk Talk's business and focus on fixed-line broadband,

:09:28.:09:30.

as it returns to its roots That was not TalkTalk, as you might

:09:31.:09:33.

have noticed. First, Estonian start-up Taxify

:09:34.:09:45.

to go head to head with Uber as it drives into London

:09:46.:09:47.

with its taxi-hailing service today. Stephen, going on at Uber's

:09:48.:10:04.

experience in China, I bet it is worried about the move in London?

:10:05.:10:10.

At the moment people probably think in London Taxify, how can they

:10:11.:10:16.

compete with Uber, Uber has such a massive presence there. I think

:10:17.:10:22.

Taxify is in 25 cities, Uber is in 600. But now Taxify has teamed up

:10:23.:10:28.

with another company. Around the world, in many countries, people

:10:29.:10:32.

will never have heard of them. But they have in China. The company,

:10:33.:10:41.

Didi, has 400 million users here. Didi took on and smashed Uber in

:10:42.:10:47.

China, buying out Uber here. So Taxify has a very big back indeed.

:10:48.:10:52.

To give you an idea of the presence in Didi, there is nobody else on the

:10:53.:10:58.

scene here, it dominates. It has a virtual monopoly position in China

:10:59.:11:02.

so its future is looking pretty rosy unless somebody comes along to

:11:03.:11:06.

somehow challenge them. Thank you very much, Stephen in

:11:07.:11:09.

Beijing. Let me run you through what the

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markets are doing. Shares in Asia down

:11:12.:11:13.

for the second day after North Korea's nuclear test -

:11:14.:11:15.

with investors watching signs that the country could be preparing

:11:16.:11:17.

another rocket launch, possibly an intercontinental

:11:18.:11:19.

ballistic missile similar to the one But we saw bigger falls

:11:20.:11:21.

on earlier missile tests, some suggesting that this just

:11:22.:11:30.

becomes a new normal, rather than the unease we saw

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when tensions first escalated yesterday didn't do much to boost

:11:37.:11:40.

confidence either and today it's the turn of service data from Spain,

:11:41.:11:48.

Italy, France and Germany but after a good start to the year

:11:49.:11:54.

and some healthy July numbers we could also see some slight fall

:11:55.:11:57.

off here too. More on that shortly,

:11:58.:12:06.

but first Michelle has the details about what's ahead

:12:07.:12:08.

on Wall Street today. When Wall Street re-opens, no doubt

:12:09.:12:12.

refreshed after the holiday weekend, it will have some economic data

:12:13.:12:14.

and some corporate The Department of Commerce releases

:12:15.:12:16.

factory goods orders for July. Now, the report reflects demands

:12:17.:12:23.

for goods from fridges to cars and even clothing,

:12:24.:12:25.

giving investors a snapshot of the Many are predicting a drop in July

:12:26.:12:28.

after climbing 3% in June. On the corporate front

:12:29.:12:40.

Hewlett Packard Enterprise is expected to report

:12:41.:12:41.

its third quarter results. Revenue at the tech giant could be

:12:42.:12:44.

lower, a drop in sales of servers, networking and also at its data

:12:45.:12:47.

storage equipment The company is led by Meg Whitman

:12:48.:12:49.

who was one of the final three executives in the running to become

:12:50.:12:56.

CEO of Uber. It is all happening. Michelle Fleury

:12:57.:13:07.

is based in New York, of course. Jeremy Stretch is head of currency

:13:08.:13:11.

strategy at CIBC World Markets. Good morning, nice to see you. We

:13:12.:13:19.

had Labour Day in the States, we have had no steer from Wall Street

:13:20.:13:25.

and markets are treading water a bit at the moment? Indeed, they are

:13:26.:13:30.

oscillating a bit. We have the North Korean situation on the one side,

:13:31.:13:33.

and on the other hand we are really seeing how markets are reacting to

:13:34.:13:37.

the presumption about further interest rate moves in a number of

:13:38.:13:41.

markets, a number of central banks making rate decisions this week.

:13:42.:13:46.

There is the Federal reserve in the US, the central bank which dominates

:13:47.:13:48.

everything else. Yesterday we had construction,

:13:49.:13:54.

interesting in a sense that house-building was still doing OK

:13:55.:13:58.

but it was commercial construction still a problem. In some respects

:13:59.:14:03.

not surprising? It is not, but clearly there has

:14:04.:14:08.

been a downdraught in construction sentiment in terms of institutional

:14:09.:14:11.

commercial level, so the sector is back at the lowest level since last

:14:12.:14:15.

August and businesses are certainly waiting for a degree of clarity on

:14:16.:14:21.

the macroeconomic situation beyond just Brexit, it is certainly

:14:22.:14:24.

bearable. That is causing the sector to

:14:25.:14:30.

decelerate. The real kicker as far as sentiment in terms of the UK is

:14:31.:14:33.

how the services sector plays out. It will be fascinating to see how

:14:34.:14:37.

that stands up. And more European data coming out

:14:38.:14:42.

this morning as well? How is the European economy doing? The Eurozone

:14:43.:14:47.

economy is in a pretty good place, I suspect that will be reflected in

:14:48.:14:50.

the language from the European Central Bank when they make their

:14:51.:14:53.

own decision on Thursday, but Europe looks in a far better place. We're

:14:54.:14:57.

not just seeing one economy or Germany leading the way but a much

:14:58.:15:01.

broader economic expansion in the Eurozone which is quite

:15:02.:15:05.

constructive. Strong growth across the piece, that is one of the

:15:06.:15:08.

reasons why markets are looking to see what the European Central Bank

:15:09.:15:17.

will do to start to pull back from its own monetary policy experiment

:15:18.:15:20.

in terms of negative rates and its own quantitative easing. Helpful for

:15:21.:15:23.

Angela Merkel heading to the polls? She looks to be heading to victory,

:15:24.:15:27.

but it is not used who she wins bid to her coalition partner will be. --

:15:28.:15:33.

it is not just if she wins but who her coalition partner will be.

:15:34.:15:34.

Still to come: It's all in the cloud - this growing tech services sector

:15:35.:15:38.

We ask a tech pedigree boss - who used head up eBay -

:15:39.:15:42.

He has his head in the clouds! Definitely.

:15:43.:15:45.

You're with Business Live from BBC News.

:15:46.:15:55.

I love a cup of tea. I have probably had six this morning. That's water

:15:56.:16:02.

in there this morning. We're buying less tea

:16:03.:16:04.

than we were a year ago, but spending more on speciality

:16:05.:16:07.

teas. That's according to industry stats

:16:08.:16:10.

seen by the BBC today. So are we falling out of love

:16:11.:16:12.

with the humble cuppa? Sean Farrington is at one

:16:13.:16:15.

tea manufacturer this So this machine turns out 2,000

:16:16.:16:17.

of these every minute and if you look at one of these big

:16:18.:16:28.

reels, tea bag paper reel, it is not In a whole year, about

:16:29.:16:32.

five billion tea bags are made in this factory,

:16:33.:16:38.

but the bulk of it, just like the industry,

:16:39.:16:41.

itself is original tea. That's what you can see

:16:42.:16:43.

going into the boxes here, but on the whole,

:16:44.:16:45.

that is what is becoming a little bit of a problem for the industry

:16:46.:16:48.

because we're buying fewer back tea bit of a problem for the industry

:16:49.:16:51.

because we're buying fewer black tea It's down about 5% on the year last

:16:52.:16:54.

year which has meant Now, the way the industry has

:16:55.:16:59.

adapted is by branching out because our tastes

:17:00.:17:03.

are changing as well. So also in these figures out today,

:17:04.:17:05.

we can see that sales have changed So you've got a lot more fruit teas,

:17:06.:17:08.

a lot more herbal teas, we're spending more

:17:09.:17:14.

on those and decaf teas which is why the likes of Taylor's

:17:15.:17:20.

will be spending quite a bit of money upgrading this part

:17:21.:17:23.

of the plant as well because they see the value

:17:24.:17:25.

in increasing stuff like this. So it will be very interesting

:17:26.:17:28.

how flavours change Will black tea be

:17:29.:17:30.

able to hold its own? If there is one thing I've

:17:31.:17:33.

learnt over this morning, is that however you make your black

:17:34.:17:37.

tea, I have been told here, You put the water in first and put

:17:38.:17:41.

the milk in afterwards. We were talking to Sean earlier and

:17:42.:18:03.

he is getting a lot of top tea tips! Aveva to mench with Schneider

:18:04.:18:10.

Electric. If you wonder what it does. It is this sort of stuff. It

:18:11.:18:17.

makes 3D diagrams and processors in factories and warehouses. You don't

:18:18.:18:21.

have to draw it by hand. Full details are on the BBC website.

:18:22.:18:32.

You're watching Business Live. Our top story:

:18:33.:18:37.

Rebuilding the bricks nations. China calls for closer ties of member

:18:38.:18:42.

states to speed up economic development.

:18:43.:18:45.

We will keep you across the developments as that bricks summit

:18:46.:18:49.

wraps up and any headlines that come out of that, but let's talk about

:18:50.:18:51.

cloud computing. Photos, videos, documents -

:18:52.:18:53.

that you store on the internet Well, it's a booming market and it's

:18:54.:18:57.

not just for storage. More and more IT services,

:18:58.:19:04.

apps and software are stored New figures show the sector

:19:05.:19:07.

is growing at about 18% a year and will be worth more

:19:08.:19:14.

than $380 billion by 2020. Service Now is one of the world's

:19:15.:19:21.

top ten cloud providers according to Forbes -

:19:22.:19:23.

and it says it's on track to reach It's boss is John Donahoe -

:19:24.:19:26.

who used to be eBay's chief executive, and is also

:19:27.:19:30.

the chair at PayPal. You have sent in some questions.

:19:31.:19:40.

Good morning. Welcome to the programme. Nice to be here. So John,

:19:41.:19:47.

you're now in charge of Service Now. Just explain exactly what it does.

:19:48.:19:53.

Service Now does at work what many of the consumer applications do at

:19:54.:19:57.

home which is simplify our lives and make things easier, easier to work

:19:58.:20:02.

and enhance your quality work. So how does it do that? Take a simple

:20:03.:20:07.

example. One of the most frustrating things that can happen at work is

:20:08.:20:11.

that you can't get into your e-mail. Right. You're on the road. You're at

:20:12.:20:15.

home. You want to get into your e-mail. So you need to reset your

:20:16.:20:20.

password. What would have been required, you would have to call

:20:21.:20:24.

someone from IT and hope to get them on the fond and be put on hold and

:20:25.:20:27.

wait for someone to come back to you. Now using Service Now you can

:20:28.:20:33.

get your password reset. Simply when you need it to be done quickly and

:20:34.:20:39.

easily. So it is simplifying what was complicated so you can have a

:20:40.:20:44.

much better experience. Is this a case of consumer technology

:20:45.:20:47.

overtaking what corporate technology can do? It strikes me in an

:20:48.:20:51.

organisation like the BBC you painted that picture, if I want to

:20:52.:20:57.

change my password, it takes me forever, I have to ring various

:20:58.:21:01.

people and prove who I am. If I want to do it on my phone, it is easy.

:21:02.:21:09.

They have to make sure that people aren't clicking on phishing links

:21:10.:21:12.

and open to fraud and hacking and in an organisation like the BBC, that's

:21:13.:21:18.

a prime target? But it is using the same cloud based technology. PayPal

:21:19.:21:23.

is your personal information. Cloud technology has enabled you to pay,

:21:24.:21:26.

do things like change your password if you need to safely on your mobile

:21:27.:21:31.

phone. The same principles can be applied at work and until now you

:21:32.:21:35.

didn't have software that enabled you to do that. Cloud based

:21:36.:21:39.

platforms like Service Now enable the same kind of user experiences at

:21:40.:21:43.

work as you'd get at home. Why aren't more businesses taking it on?

:21:44.:21:47.

Is it a cost issue? Or a legacy issue? That's what is driving

:21:48.:21:53.

Service Now's growth. That's why it is the fastest growing enterprise

:21:54.:21:56.

company in the world over $1 billion. Companies are taking

:21:57.:22:00.

advantage of cloud based platforms like Service Now to transform how

:22:01.:22:04.

you operate at work starting with IT and HR and security and other areas.

:22:05.:22:09.

Now, you moved from eBay to Service Now, is that right? Yes. You were

:22:10.:22:20.

global Chief Executive, bid you take over from Meg Witman. EBay is a

:22:21.:22:24.

company we have heard of. Service Now not. Why would you move from

:22:25.:22:29.

eBay to Service Now? What's your thinking? I had a wonderful decade

:22:30.:22:40.

at eBay. I took a year off and surveyed the industry, technology

:22:41.:22:43.

landscape and I said where is the action going to be in the next five

:22:44.:22:49.

to ten years. In the next five to ten years, it is applying technology

:22:50.:22:53.

to our lives at work as we've been talking about. Service Now is

:22:54.:22:56.

positioned to lead that transformation, to lead that

:22:57.:23:02.

revolution. How do you feel about starting something brand-new in

:23:03.:23:06.

Silicon Valley, having had a long career and a very, you know, well

:23:07.:23:11.

established career, there is so many new companies coming up in Silicon

:23:12.:23:15.

Valley run by guys in their 20s and 30s and women in their 3020s and

:23:16.:23:21.

30s, do you ever feel, you know, I'm trying to think of the right word,

:23:22.:23:26.

do you feel insecure about that? I doubt you do, but do you know what I

:23:27.:23:31.

mean? Silicon Valley and technology are exciting innovation is happening

:23:32.:23:34.

all the time. My particular focus however is in those technologies

:23:35.:23:38.

that begin to break through. Service Now is one of the very, very few

:23:39.:23:44.

enterprise software companies that have broken through $1 billion and

:23:45.:23:48.

will reach $2 billion and the opportunity is enormous to take that

:23:49.:23:52.

and have Service Now impact our lives at work, the same way eBay or

:23:53.:23:58.

PayPal or Amazon or Google impacted our lives at home and that

:23:59.:24:01.

opportunity exists and Service Now is one of the few enterprise

:24:02.:24:05.

software companies in a world position to really capitalise on

:24:06.:24:09.

that. All right. We will watch with great interest. Thank you John for

:24:10.:24:12.

coming in. Nice to see you, John, thank you very much.

:24:13.:24:21.

Here's a quick reminder of how to get in touch with us.

:24:22.:24:24.

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:24:27.:24:28.

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:24:34.:24:39.

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:24:42.:24:54.

You have been sending you your thoughts.

:24:55.:24:58.

The BBC's Dominic O'Connell is with us.

:24:59.:25:05.

A viewer says, "There is no such thing as a cloud, it is someone

:25:06.:25:16.

else's computer." The really big player in the cloud, not many people

:25:17.:25:22.

know it, is Amazon. Amazon global services division, it is its biggest

:25:23.:25:27.

earner. It is big in the UK. It runs the big cloud operations and not

:25:28.:25:33.

many people know that. Did you speak to Francis Ingham this morning? I

:25:34.:25:37.

haven't. The BBC have been speaking to him at length. He is the head of

:25:38.:25:41.

the trade body... He was on our programme earlier. I found that

:25:42.:25:45.

having read the ruling, this is interesting, normally you expect a

:25:46.:25:49.

ruling from what Dubs the industry regulator, it is just a trade

:25:50.:25:52.

association, it should have evidence in it, but a high-level thing. It

:25:53.:25:59.

says they infringe this guideline and that guideline. No smoking guns

:26:00.:26:04.

in there. Thanks, Dominic. Welds you very soon. Bye-bye.

:26:05.:26:09.

Good morning. We have got heavy rainfall this morning across

:26:10.:26:14.

north-west England and western Wales.

:26:15.:26:16.