Browse content similar to 23/10/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Jamie Robertson and Ben Bland. | :00:00. | :00:09. | |
Full speed ahead for Shinzo Abe and Abenomics. | :00:10. | :00:14. | |
His election win means the Japanese Prime Minister | :00:15. | :00:16. | |
can continue his economic reform programme. | :00:17. | :00:17. | |
Live from London, that's our top story | :00:18. | :00:19. | |
Another $18 billion worth of stimulus has been promised | :00:20. | :00:40. | |
to help boost Japan's flagging inflation and lift productivity. | :00:41. | :00:46. | |
Also in the programme - Tesla could be the first foreign | :00:47. | :00:49. | |
car company to have a manufacturing operation wholly "made in China". | :00:50. | :00:52. | |
We'll find out more about the obstacles | :00:53. | :00:53. | |
Not a huge amount of movement in the markets at the moment. We were | :00:54. | :01:04. | |
following them throughout the day. Sending a message | :01:05. | :01:08. | |
from the past to the future - the postcard is getting a digital | :01:09. | :01:11. | |
revamp from tech company TouchNote. We'll find out why it's | :01:12. | :01:13. | |
growing in popularity. Today we want to know - | :01:14. | :01:15. | |
do you still send postcards? Wish you were here, that sort of | :01:16. | :01:18. | |
thing. Who was the last person | :01:19. | :01:20. | |
you sent one to and why? Let us know Just use | :01:21. | :01:23. | |
the hashtag #BBCBizLive. The outlook for the world's third | :01:24. | :01:31. | |
biggest economy will be shaped He's won another term | :01:32. | :01:37. | |
in Sunday's elections. His second stint as Prime | :01:38. | :01:43. | |
Minister began in 2012. And if the main stock index | :01:44. | :01:49. | |
the Nikkei is anything to go by he's had a good influence | :01:50. | :01:58. | |
for the economy. Much has been made of his Abenomics | :01:59. | :02:00. | |
platform for reform. But one of the big problems | :02:01. | :02:02. | |
is that whilst inflation has been going up, and he wants | :02:03. | :02:10. | |
it to, it's only 0.7%. To try and boost that flagging | :02:11. | :02:13. | |
number, Mr Abe has overseen The latest bundle is worth almost | :02:14. | :02:17. | |
$18bn and will be spent on childcare | :02:18. | :02:23. | |
and increasing productivity. It's being paid for by a 2% | :02:24. | :02:26. | |
increase in sales tax. The plan to make it 10% from October | :02:27. | :02:35. | |
2019 was a big election issue. For more we're joined | :02:36. | :02:42. | |
by Karishma Vaswani, Shinzo Abe has been trying to boost | :02:43. | :02:53. | |
the economy, to kick-start it for some time. How much more patience to | :02:54. | :02:59. | |
think the bubble have and how much stronger position do you think he is | :03:00. | :03:03. | |
now in after this election? Let me answer the second part of that | :03:04. | :03:08. | |
question first. As a result of the figures that we are seeing out of | :03:09. | :03:11. | |
Japan with regard to the election, he certainly seems to be winning a | :03:12. | :03:16. | |
decisive victory. He will be in a much stronger position than he was | :03:17. | :03:20. | |
perhaps right before he called the election with regards to the | :03:21. | :03:24. | |
economy. This election was never about the Japanese economy but about | :03:25. | :03:28. | |
North Korea, about constitutional reform and certainly Abenomics, his | :03:29. | :03:36. | |
self named pillars of economic policy, the three pillars that he | :03:37. | :03:38. | |
tried to jump-start the Japanese economy with, it has been a sort of | :03:39. | :03:45. | |
unfinished business aspect to those policies. To some extent, the | :03:46. | :03:49. | |
Japanese economy has done relatively well. It would be fair to say, over | :03:50. | :03:54. | |
the past few years that he has been in office. But the structural | :03:55. | :03:57. | |
reforms side of that Abenomics policy has yet to fully come through | :03:58. | :04:01. | |
and have the impact that I think he wanted it to have. In that first | :04:02. | :04:07. | |
press conference he gave a couple of hours ago, he was specific about | :04:08. | :04:14. | |
certain measures, things like about streamlining the workforce, the | :04:15. | :04:17. | |
ageing population and falling birth rate and those are problems that are | :04:18. | :04:23. | |
easy to identify but hard to solve. This is the kind of stuff we have | :04:24. | :04:27. | |
consistently heard from Shinzo Abe. It is nothing new. Japan has had an | :04:28. | :04:33. | |
ageing problem for the last Nite in 15 years, a shrinking workforce were | :04:34. | :04:39. | |
about just as long. There are easy, simple solutions to this, bringing | :04:40. | :04:41. | |
more foreign talent into the country, that was part of the | :04:42. | :04:46. | |
structural reform, adding no women into the workforce, again, another | :04:47. | :04:49. | |
thing that Shinzo Abe has consistently talked about whilst in | :04:50. | :04:53. | |
office, but as I was saying earlier, he has been able to push ahead with | :04:54. | :04:57. | |
monetary policy, fiscal stimulus, he's not been able to address the | :04:58. | :05:02. | |
key structural reforms in the Japanese economy and there are so | :05:03. | :05:06. | |
many estimate is coming out about the Japanese economic GDP in the | :05:07. | :05:09. | |
future that if the structural reforms are not get fixed we are | :05:10. | :05:13. | |
likely to see growth rates dipping again to around 0% in the next | :05:14. | :05:18. | |
couple of years. Why has he been unable to reform the economy in that | :05:19. | :05:24. | |
way? To reform the way that people work in Japan. There are a lot of | :05:25. | :05:31. | |
reasons for that. To put it simply, there are items of cultural baggage | :05:32. | :05:34. | |
in Japan that make this difficult to achieve. I do not want to take away | :05:35. | :05:38. | |
from some of the successes that Shinzo Abe has had. But looking at | :05:39. | :05:42. | |
the examples we have been seen from corporate Japan in recent weeks, | :05:43. | :05:46. | |
that we have been talking about on this channel for the last couple of | :05:47. | :05:50. | |
days, issues with accounting problems, fabrication of data, | :05:51. | :05:58. | |
looking at companies like Kobe Steel, the top-down hierarchy in | :05:59. | :06:02. | |
companies in Japan needs to be addressed and this is a long-term | :06:03. | :06:05. | |
problem and it will not be solved overnight. The fact that Shinzo Abe | :06:06. | :06:10. | |
has made structural reform such a primary part of Abenomics is a | :06:11. | :06:13. | |
credit in itself but he has got a lot of work left to do now that he | :06:14. | :06:18. | |
has got such a strong mandate. Thank you very much indeed. | :06:19. | :06:20. | |
Let's take a look at some of the other stories making the news. | :06:21. | :06:24. | |
Two of Italy's richest northern regions | :06:25. | :06:25. | |
The regional leaders claim more than 90% of voters | :06:26. | :06:32. | |
In Lombardy, home to Italy's financial capital Milan, | :06:33. | :06:37. | |
and the Veneto region around Venice. The referendum is non-binding. | :06:38. | :06:40. | |
The regions together account for about 30% | :06:41. | :06:42. | |
Britain's five biggest business lobby groups issued a joint letter | :06:43. | :06:49. | |
to Brexit Secretary David Davis calling for an urgent Brexit | :06:50. | :06:52. | |
transition deal to prevent job losses and | :06:53. | :06:54. | |
The UK Government maintains the talks are "making real, | :06:55. | :06:58. | |
China lifts a ban on imports of mould-ripened cheeses - | :06:59. | :07:06. | |
including Camembert, Brie and Roquefort - | :07:07. | :07:08. | |
following a meeting between European Commission | :07:09. | :07:10. | |
An EU-China delegation said over the weekend that trade would be | :07:11. | :07:16. | |
Let's have a look at the markets. The Australian market, the Hang Seng | :07:17. | :07:33. | |
and the Dow are up, the other ones are down. The Japanese market up 1% | :07:34. | :07:40. | |
but we are seeing the yen falling, which helps lots of the Japanese | :07:41. | :07:45. | |
companies. Generally a feeling of excitement and enthusiasm behind the | :07:46. | :07:50. | |
fact that Shinzo Abe has returned as Prime Minister of Japan. Looking at | :07:51. | :07:53. | |
the European markets, this is how they started. Not much movement. | :07:54. | :08:03. | |
Michelle Fleury has the details about what's ahead | :08:04. | :08:05. | |
The recent hurricanes have had an impact on earnings for the third | :08:06. | :08:15. | |
quarter. As the American stock market rally has its good legs? | :08:16. | :08:19. | |
There are profit outlooks today just over the next few days. So far with | :08:20. | :08:24. | |
the exception of the disappointing results from General Electric, the | :08:25. | :08:27. | |
news from corporate America has been good. Looking ahead to this Monday, | :08:28. | :08:31. | |
Halliburton is expected to report an increase in third-quarter profits. | :08:32. | :08:38. | |
The oilfield sector has benefited from increased drilling activity in | :08:39. | :08:40. | |
North America. But Wall Street beware. The company is likely to | :08:41. | :08:45. | |
warn that the good times in the region are not sustainable. Hasbro | :08:46. | :08:50. | |
has turned in third-quarter results. The toy maker said the Belkov 's | :08:51. | :08:54. | |
profits are likely to come later in the year to coincide with the | :08:55. | :08:57. | |
release of the latest film from the Star Wars franchise. | :08:58. | :09:02. | |
Lawrence Gosling, editor in chief of Investment Week joins me now. | :09:03. | :09:07. | |
Let's kick off with events in Tokyo. As Jamie mentioned, that has been a | :09:08. | :09:17. | |
lukewarm response to this election result from the Nikkei. It is | :09:18. | :09:20. | |
stability, and everyone knows what they're going to get from Shinzo | :09:21. | :09:24. | |
Abe, and he has been re-elected and with a good majority so that is the | :09:25. | :09:29. | |
sort of news people want. It allows them to build... You could say a | :09:30. | :09:34. | |
third bite at the cherry, to get reforms and the stimulus going and | :09:35. | :09:39. | |
inflation up. He's had two goes at it. Now it is his third. Will he | :09:40. | :09:44. | |
make it? Will he be able to sort of breakthrough? Robert Lui not | :09:45. | :09:48. | |
universally, because we are talking about decades of kind of Japanese -- | :09:49. | :09:54. | |
probably not universally. The session, in a sense. He's going in | :09:55. | :09:59. | |
the right way, very steadily. Japan has an ageing population and they do | :10:00. | :10:04. | |
not raise enough tax, hence the increase in VAT to help pay for the | :10:05. | :10:12. | |
ageing population. What about in Europe, is Spain having an affect on | :10:13. | :10:16. | |
the ECB? A couple of weeks ago it looked like Spain has settled down. | :10:17. | :10:19. | |
Now it seems to be flaring up. One of the issues, talking about that | :10:20. | :10:26. | |
whether we are in a bubble or not, professional investors are looking | :10:27. | :10:30. | |
at the big risk that will crack the good general economic news that | :10:31. | :10:34. | |
seems to be going on in the world. It is a very gloomy sort of boom, | :10:35. | :10:39. | |
isn't it? We are thinking that it is all going to go horribly wrong at | :10:40. | :10:45. | |
some point. But just had the anniversary of the 1987 crash in the | :10:46. | :10:50. | |
UK. Younger investors, the Lever Brothers moment are still in the | :10:51. | :10:54. | |
back of their minds. It is nine years ago. People remember how bad | :10:55. | :11:03. | |
that was -- Lehman Brothers. It is one of the things that people point | :11:04. | :11:09. | |
out, that a lot of of movement, the push upwards is coming from | :11:10. | :11:14. | |
technology stocks. The Nasdaq is doing incredibly well. People are | :11:15. | :11:21. | |
drawing parallels with the dotcom boom, with overvalued stocks. | :11:22. | :11:27. | |
Microsoft is a 40-year-old company. It is almost like a utility company | :11:28. | :11:31. | |
now. It was different this time. It is a dangerous expression to use, | :11:32. | :11:35. | |
but I don't think we are moving into a bubble area around technology | :11:36. | :11:42. | |
stocks. State gloomy, stay gloomy. Is that your phrase for life, | :11:43. | :11:44. | |
Jamie?! Under the mattress! Giving a technological twist | :11:45. | :11:54. | |
to an old favourite - sending postcards in | :11:55. | :11:57. | |
the digital age. We'll find out more about an app | :11:58. | :11:59. | |
that let's you do just that. You're with Business | :12:00. | :12:02. | |
Live from BBC News. Consumer confidence has rallied | :12:03. | :12:12. | |
in the third quarter of 2017 from professional | :12:13. | :12:15. | |
services firm Deloitte. It's the first quarterly rise | :12:16. | :12:20. | |
in consumer confidence Ben Perkins is head of consumer | :12:21. | :12:22. | |
research at Deloitte. In some ways it is slightly | :12:23. | :12:37. | |
surprising given that we are seeing prices increasing faster than wages | :12:38. | :12:40. | |
within some cases people having to borrow to pay for the basics and yet | :12:41. | :12:44. | |
consumer confidence reportedly doing better. Yes, it is. In terms of the | :12:45. | :12:54. | |
drivers behind that it is confidence around two things. One is the | :12:55. | :12:58. | |
security of employment. We know that we have record low unemployment at | :12:59. | :13:04. | |
the moment so consumers are not feeling much concern around that | :13:05. | :13:08. | |
and, as you mentioned, consumers continue to have access to plentiful | :13:09. | :13:16. | |
and relatively cheap credit. It is a year now and which consumer | :13:17. | :13:20. | |
confidence in this survey has been suppressed. Why is it unable to get | :13:21. | :13:26. | |
going because, for instance, we have got full employment. You highlighted | :13:27. | :13:29. | |
some of the major points at the start. One, the squeeze on | :13:30. | :13:37. | |
disposable income so in the short-term, consumer confidence is | :13:38. | :13:42. | |
quarter on quarter, but we look at disposable income and, year-on-year, | :13:43. | :13:45. | |
disposable income is down nine points. So there is a considerable | :13:46. | :13:52. | |
squeeze on consumers' incomes and we expect that to continue. Consumer | :13:53. | :13:59. | |
spending has not been terribly strong but it hasn't collapsed. | :14:00. | :14:05. | |
Given the lack of confidence, it suggests it might do. It feels like | :14:06. | :14:08. | |
we're waiting for the trigger point. If you look at the graph of | :14:09. | :14:14. | |
unsecured borrowing, it has risen dramatically over the past two | :14:15. | :14:19. | |
years. Consumers have been dipping into their savings as we can see | :14:20. | :14:22. | |
from the decline in the savings ratio. We're waiting for that | :14:23. | :14:29. | |
trigger point which sort of force this gradual slowdown in demand, | :14:30. | :14:35. | |
into something a bit sharper. Ben Perkins from Deloitte, thank you | :14:36. | :14:41. | |
very much. More throughout the day on the website, the BBC Business | :14:42. | :14:44. | |
Live page. Japan's Prime Minister Shinzo Abe | :14:45. | :14:57. | |
wins another term in office - which is being seen as a vote | :14:58. | :15:01. | |
of confidence for his A quick look at how | :15:02. | :15:04. | |
markets are faring. Pathy and getting everybody behind | :15:05. | :15:09. | |
your course of action is very important, if you get the support, | :15:10. | :15:12. | |
you will have a group of very motivated people, who will always | :15:13. | :15:14. | |
make much better decisions than ever you can. | :15:15. | :15:15. | |
The European markets have just opened. They have decided to head | :15:16. | :15:17. | |
down now. Not a huge amount. Nothing to panic | :15:18. | :15:20. | |
about. I am sure we have time do that later. | :15:21. | :15:22. | |
That is the latest doom and gloom update from Jamie. | :15:23. | :15:25. | |
Now, let's get a new twist on an old - but increasingly | :15:26. | :15:28. | |
In the last 20 years, the number of people sending | :15:29. | :15:32. | |
The postcard boom began around 1900 after printing methods | :15:33. | :15:36. | |
improved and postal charges became more affordable. | :15:37. | :15:37. | |
And the rise of technology has meant sending photos quickly and easily | :15:38. | :15:40. | |
to friends and family from nearly everywhere around the world. | :15:41. | :15:44. | |
But an app that is bridging the gap is TouchNote - | :15:45. | :15:46. | |
which sends digital postcards using the sender's own photos. | :15:47. | :15:48. | |
So far, ten million have been sent since the app went live in 2008. | :15:49. | :15:58. | |
Oded Ran is the chief executive of TouchNote. | :15:59. | :16:04. | |
How much does it cost? I can get a postcard in a shop for 50 experience | :16:05. | :16:13. | |
send it for another pound, so that is about $50 experience send it for | :16:14. | :16:16. | |
another pound, so that is about a dollar, is.30. If you send a single | :16:17. | :16:19. | |
karkt it will cost you 2.99. If you send lots it will go down to 1.50, | :16:20. | :16:24. | |
the nice thing about it is you don't need to go and select a card, buy | :16:25. | :16:29. | |
stamp, wait in the Post Office, you can do it all from the comfort of | :16:30. | :16:33. | |
your home. You take your own picture, right? Correct. Put it in | :16:34. | :16:38. | |
the app and what? This is a card someone sends on holiday, and you | :16:39. | :16:42. | |
literally, you upload a photo. We do the rest. Part of the reason people | :16:43. | :16:48. | |
haven't been sending cards for the last few year, is really because it | :16:49. | :16:52. | |
has been much more complicated than to do it on line. We make it easy to | :16:53. | :16:59. | |
send something meaningful, tangible as it is to send it digitally. It is | :17:00. | :17:05. | |
all typewritten. I don't think I want to send one. You can send hand | :17:06. | :17:11. | |
writing. My own? You can. No-one could read it then, Jamie. You are | :17:12. | :17:16. | |
right there. One of the things people love to customise if you see | :17:17. | :17:20. | |
here, we put a stamp with our logo on it. People can customise the | :17:21. | :17:24. | |
stamp itself, so if you dreamed about having your face replaced, the | :17:25. | :17:28. | |
face of the Queen in the stamp you can send a postcard with TouchNote | :17:29. | :17:32. | |
and it will be sent with your face or the face of your child on the | :17:33. | :17:36. | |
postcard when it is sent in the post. Other companies do this as | :17:37. | :17:40. | |
well, what is it that yours does, that makes you stand out from what | :17:41. | :17:43. | |
is a very competitive market? The market is very large, we are talking | :17:44. | :17:49. | |
about 20 billion dollar market or ?15 billion, the vast majority are | :17:50. | :17:53. | |
generated in the high street, in retail shops. Only a small | :17:54. | :17:57. | |
proportion 10% is online. Out of which mobile is very small. So this | :17:58. | :18:01. | |
is a very large market. To give you a history, TouchNote was the first | :18:02. | :18:05. | |
app of its kind, in 2008, to do what we do. We have grown substantially. | :18:06. | :18:11. | |
Last year our revenued grossed 57 million. We sent our 10 millionth | :18:12. | :18:16. | |
card last wreak. What people love about it is how easy it is do and | :18:17. | :18:21. | |
you don't need to even on the computer spend hours creating the | :18:22. | :18:24. | |
card or another product to send. Are you making a profit yet? We have | :18:25. | :18:27. | |
been profitable last year. When did you start? We started in 2008. 2016 | :18:28. | :18:35. | |
was a year where we were profitable, which is hard for any tech company, | :18:36. | :18:43. | |
we are happy to be in, this year we are doubling down on our expansion. | :18:44. | :18:47. | |
How do you expand, now you are making money, what you going to do, | :18:48. | :18:52. | |
have long holidays and send post cards? Good one. There are two | :18:53. | :18:56. | |
billion people in the world right now, with smartphones and we all | :18:57. | :19:00. | |
carry these amazing phone, they have cameras and we take thousands of | :19:01. | :19:05. | |
photos every month. These photos, we help people turn them into the best | :19:06. | :19:09. | |
products out there. We are the beginning of the journey. Behind my | :19:10. | :19:14. | |
comment, how are you going to expand, what are you spending your | :19:15. | :19:18. | |
Monday on to expand? You have done the hard work of designing the app, | :19:19. | :19:22. | |
what do you do now? It is never ending so we have increasing the | :19:23. | :19:26. | |
team in the UK, we doubled the size of the team last year, in the UK, | :19:27. | :19:31. | |
and we spent a lot of time recruiting the best people. We are | :19:32. | :19:36. | |
doubling the marketing, this year we launched a successful marketing | :19:37. | :19:42. | |
campaign in the just as we enter the US market. I am interested, what are | :19:43. | :19:47. | |
your margins? We have been profitable a year, a, we launch | :19:48. | :19:51. | |
additional products. Your margin, what kind of margins do you have? | :19:52. | :19:57. | |
The profit margin last year we broke profit, just above the operating | :19:58. | :20:00. | |
cost, we are focussing this year on doing whatever it takes to grow the | :20:01. | :20:04. | |
market, to be more relevant. I mean, just further for the benefit of the | :20:05. | :20:09. | |
viewers beaming up at us from the table, an example of some of the | :20:10. | :20:14. | |
other stuff they do. It is canvas, they have very kindly printed off | :20:15. | :20:18. | |
the presenter, unfortunately Sally and Ben aren't here. If we pop that | :20:19. | :20:22. | |
there, you know, it is like they are with us, almost. They are on | :20:23. | :20:27. | |
holiday. I here that Ben is in Dubai, I am sure he is watching us, | :20:28. | :20:32. | |
I am sure he is sending a holiday postcard. We are asking today, | :20:33. | :20:38. | |
whether you still send post cards, we had lots of tweets. Ian says no, | :20:39. | :20:44. | |
I put photos on Facebook, Ryan says I haven't gone anywhere worthy to | :20:45. | :20:48. | |
send one but sure I would. David said the last one I sent were in | :20:49. | :20:53. | |
Tokyo ten years ago. Another one says I use the postal service, I | :20:54. | :21:00. | |
sent the last one to my mother. And another says I send post cards, I | :21:01. | :21:05. | |
don't need a phone to do it for me. They are still round. You still see | :21:06. | :21:10. | |
them sold everywhere. Indeed. We will make sure this gets to Ben and | :21:11. | :21:14. | |
Sally and thank you for talking to us. See you soon. Thank you. | :21:15. | :21:24. | |
He found there was one big difference between the running | :21:25. | :21:26. | |
a business in theory in running one in practice. | :21:27. | :21:29. | |
People matter more than he'd ever thought. | :21:30. | :21:35. | |
It's all about trusting and delegating the team underneath you. | :21:36. | :21:55. | |
The big difference between advising and doing is that you are crucially | :21:56. | :22:03. | |
reliant on the team of people around you, understanding people's | :22:04. | :22:07. | |
feelings, having basic human empathy and getting everybody | :22:08. | :22:09. | |
behind your course of action is very important. | :22:10. | :22:11. | |
If you get the support, you will have a group | :22:12. | :22:13. | |
of very motivated people, who will always make much better | :22:14. | :22:16. | |
Lawrence is back to look through the papers. | :22:17. | :22:34. | |
Big question but this question about whether capitalism has had its day. | :22:35. | :22:39. | |
Significant because it is coming from some of the UK's top business | :22:40. | :22:43. | |
leaders. I think people will remember the Prime Minister stood up | :22:44. | :22:47. | |
at the Tory party conference and defended free market capitalism. We | :22:48. | :22:51. | |
have people like Caroline fair burn who runs the CBI, and a former | :22:52. | :23:02. | |
Business Minister who chairs Santander, saying, capitalism has | :23:03. | :23:08. | |
been going one way for too long, and perhaps, you know, employees, | :23:09. | :23:12. | |
everybody else has been missed out the equation over the drive to | :23:13. | :23:14. | |
increase profits and look after shareholders. One of the things | :23:15. | :23:18. | |
about capitalism and free markets is if you take it to extreme or let it | :23:19. | :23:24. | |
go unbridled the obvious thing do is you end up cheating, don't you, | :23:25. | :23:29. | |
because, if the ultimate competitive market is when you do everything you | :23:30. | :23:33. | |
can to get ahead and so you have to cheat. Isn't that what happens? For | :23:34. | :23:38. | |
some, I would argue it is like the party where there be somebody who | :23:39. | :23:41. | |
drinks a bit too much if the alcohol is free. Not even does that and it | :23:42. | :23:46. | |
is significant some of the big businesses and some are | :23:47. | :23:48. | |
representative of the high street banks who have not covered | :23:49. | :23:51. | |
themselves in Gloucestershire ray in the last decade, not necessarily the | :23:52. | :23:55. | |
case with Santander, I might add. It's a question of where is the | :23:56. | :23:59. | |
balance, capitalism can be good if everybody is included in the | :24:00. | :24:03. | |
equation. These people are all saying actually there is big parts | :24:04. | :24:05. | |
of society who have been missed out. There is a need for a sort of, they | :24:06. | :24:10. | |
call it a reboot, so look at what... Regulation. It is partly regulation | :24:11. | :24:16. | |
it is about ethics, people running companies, what are they trying to | :24:17. | :24:19. | |
do? Are they trying to get themselves rich or are they trying | :24:20. | :24:22. | |
to make a reasonable amount of money and look after their colleague, the | :24:23. | :24:25. | |
shareholders, and the wired society. I think that is what the debate is | :24:26. | :24:31. | |
about. Move on to the this story in which paper? The New York Times. | :24:32. | :24:38. | |
Tesla potentially becoming the first foreign car company to have a wholly | :24:39. | :24:42. | |
owned manufacturing operation in China. It will test that | :24:43. | :24:47. | |
relationship between foreign companies and Chinese companies. | :24:48. | :24:50. | |
There Trump goes to China next month so this is a test. China is the | :24:51. | :24:55. | |
largest conup soar and producers of electric cars, so you can see who | :24:56. | :24:58. | |
why Tesla wants to get in there. There is a massive tariff of 25% to | :24:59. | :25:05. | |
export cars into China. China. New York Times says it is close to | :25:06. | :25:10. | |
setting up a base in shack hire, and becoming the sort of -- Shanghai and | :25:11. | :25:14. | |
becoming the first foreign car company to have its own subsidiary. | :25:15. | :25:18. | |
That would be hugely important to Tesla and the broader growth of the | :25:19. | :25:22. | |
Chinese market. Quickly on craft beer, boom pushes a number of Brewer | :25:23. | :25:27. | |
over 2,000, what is interesting is that 27 pubs close every week. Yes. | :25:28. | :25:34. | |
Interesting contradiction. Those who have complained Gordon Brown did | :25:35. | :25:38. | |
nothing when he was Chancellor can thank him for this. | :25:39. | :25:45. | |
Beer is good but they are not drinking it in pubs any more. We are | :25:46. | :25:49. | |
hearing the music which is the bell for last orders or the equivalent. | :25:50. | :25:53. | |
Good to see you, good to see you too, we will be back soon. Have a | :25:54. | :25:55. | |
good day. Bye. | :25:56. | :25:56. |