0:00:04 > 0:00:07This is Business Live from BBC News with Rachel Horne
0:00:07 > 0:00:08and Ben Bland.
0:00:08 > 0:00:11Online retailer Amazon leads a barrage of tech earnings.
0:00:11 > 0:00:13Its sales were up 34% as the retailing giant
0:00:13 > 0:00:18continues its global growth.
0:00:18 > 0:00:27Live from London, that's our top story on Friday the 27th of October.
0:00:38 > 0:00:40Google's parent company Alphabet reported a 24% rise in sales.
0:00:40 > 0:00:47We'll find out what's behind the upward trend.
0:00:47 > 0:00:48And it's bye bye bye
0:00:48 > 0:00:50to floor trading on the Hong Kong Stock Exchange.
0:00:50 > 0:00:57After more than 30 years, it's going fully electronic.
0:00:57 > 0:01:00The markets in Europe are open. I should be able to tell you where
0:01:00 > 0:01:04they are. The ibex is slightly down.
0:01:08 > 0:01:10I'm here, I'm waiting! There you are.
0:01:10 > 0:01:12It's been a big week for central banks -
0:01:12 > 0:01:17we'll round up the week's events with our business editor
0:01:17 > 0:01:18Simon Jack.
0:01:18 > 0:01:21Spending on Halloween is expected to hit a record $9.1bn
0:01:21 > 0:01:22in the US this year.
0:01:22 > 0:01:24Today we want to know is it scary how much
0:01:24 > 0:01:26people are spending?
0:01:26 > 0:01:29Just use the hashtag #BBCBizLive.
0:01:35 > 0:01:37Hello and welcome to Business Live.
0:01:37 > 0:01:42Thursday was a huge day for technology company results.
0:01:42 > 0:01:44Four of the big global tech giants reported their latest earnings.
0:01:44 > 0:01:46Alphabet - Google's parent company, Microsoft and Twitter
0:01:46 > 0:01:49all posted their key numbers.
0:01:49 > 0:01:54But let's start with a look at Amazon.
0:01:54 > 0:01:57The retailer reported revenues of almost $44 billion
0:01:57 > 0:01:59in the three months between July and September.
0:01:59 > 0:02:03That's a jump of 34% over the same period last year.
0:02:03 > 0:02:06But profits were virtually unchanged since last year.
0:02:06 > 0:02:10That's because this is often the quarter when Amazon chooses
0:02:10 > 0:02:12to pile a bunch of money into its own projects -
0:02:12 > 0:02:14like tech gadgets, streaming video and warehouses.
0:02:14 > 0:02:17The company has operated on this model for years and it seems
0:02:17 > 0:02:20to have served it well.
0:02:20 > 0:02:23In fact, analysts now estimate that Amazon will command about 43.5%
0:02:23 > 0:02:25of all commercial online sales this year - that's nearly half
0:02:25 > 0:02:33of all the stuff sold online.
0:02:33 > 0:02:36Quite a staggering figure.
0:02:36 > 0:02:37James Collier, co-founder of the data monetisation
0:02:37 > 0:02:40firm Prism, is here.
0:02:40 > 0:02:45Rachel was talking about the absolute dominance that Amazon has
0:02:45 > 0:02:51online. What is interesting is the move into bricks and mortar retail
0:02:51 > 0:02:54with the acquisition of Whole foods. Given they have been doing the
0:02:54 > 0:02:58online thing so well do you think it was a sensible decision?Amazon have
0:02:58 > 0:03:07been diverse in other areas, media, video, bricks and mortar is a
0:03:07 > 0:03:12natural transition as they bring off-line data into the online world.
0:03:12 > 0:03:16Alphabets are also doing very, very well, the parent company of Google.
0:03:16 > 0:03:21What are the reasons for that? Where is the growth coming from?Lodged
0:03:21 > 0:03:25its coming from an increase in the volume of clicks. Advertising is
0:03:25 > 0:03:28really the big story for Alphabet, but they have seen growth in other
0:03:28 > 0:03:31areas, other bets are starting to come through. Google cloud services
0:03:31 > 0:03:36have seen an increase and it represents 5% of market share.Let's
0:03:36 > 0:03:41talk about Microsoft, often seen as the grandfather of tech, but they
0:03:41 > 0:03:46have reinvented themselves under the chief Executive and it is all about
0:03:46 > 0:03:52the cloud?They set themselves a hard goal of $20 billion from cloud
0:03:52 > 0:03:56services. They achieved that this quarter and now they have
0:03:56 > 0:04:00transitioned. If you look five years ago it was 5% of the business, now
0:04:00 > 0:04:06it is 20%. That includes services from 360, the cat marked office
0:04:06 > 0:04:14suite, all the way through to the enterprise package.The other thing
0:04:14 > 0:04:19we keep hearing about is how much they are interested and investing in
0:04:19 > 0:04:22artificial intelligence and the internet of things, home connected
0:04:22 > 0:04:27devices.Right, again, it is all about information. The internet of
0:04:27 > 0:04:30things is about your fridge being connected to the internet, it is
0:04:30 > 0:04:36about your car and self driving things, AI is driving a lot of that
0:04:36 > 0:04:40and it helps businesses make better decisions. For companies like
0:04:40 > 0:04:45Microsoft and Amazon, where they have huge infrastructure to support
0:04:45 > 0:04:49AI, it is a massive area of interest. Self driving cars, moon
0:04:49 > 0:04:55shots, it is a big topic for them. Going back to Alphabet and Google,
0:04:55 > 0:05:02the increasing clicks is partly what has given them the increased
0:05:02 > 0:05:05revenue, but what countries are willing to pay for those clicks has
0:05:05 > 0:05:08declined significantly. What can they do to combat that?They are
0:05:08 > 0:05:18doing deals, so there is a plan for Siri to be the surge of choice. But
0:05:18 > 0:05:24it cost them a huge amount of money. They have something called TAC,
0:05:24 > 0:05:27traffic acquisition costs, and that has gone up significantly. The cost
0:05:27 > 0:05:32per click has gone down by 20%. It is a transition to mobile, so it is
0:05:32 > 0:05:35where they start to compete with services like Amazon, and how they
0:05:35 > 0:05:40bring in things like Google Home, which they are investing in
0:05:40 > 0:05:47massively which is going to transition that back-up.
0:05:49 > 0:05:53Let's take a look at some of the other stories making the news.
0:05:53 > 0:05:55Royal Bank of Scotland has settled a US criminal investigation that
0:05:55 > 0:05:57accused its traders of lying to clients over investments
0:05:57 > 0:06:00between 2008 and 2013.
0:06:00 > 0:06:03The US Department of Justice said RBS will pay $44 million under
0:06:03 > 0:06:04the non-prosecution agreement.
0:06:04 > 0:06:08RBS said it self-reported the issue to the US authorities.
0:06:08 > 0:06:17Toymaker Mattel is suspending its quarterly dividend
0:06:17 > 0:06:20after being hit by the bankruptcy of its largest retailer Toys R Us.
0:06:20 > 0:06:22Mattel shares fell after the company announced losses of over
0:06:22 > 0:06:24$600 million in its latest results.
0:06:24 > 0:06:26The California-based company was also hurt by weak demand
0:06:26 > 0:06:28for products like Barbie, Hot Wheels and Thomas & Friends.
0:06:28 > 0:06:31Strong pickup truck and SUV sales in the US boosted
0:06:31 > 0:06:34Ford's bottom line.
0:06:34 > 0:06:37The carmaker saw profits jump 60% compared to the same period last
0:06:37 > 0:06:39year when it faced a recall.
0:06:39 > 0:06:41However, it still faces an uphill battle in China,
0:06:41 > 0:06:43where sales have been have been lower.
0:06:45 > 0:06:49More revelations about Japanese companies.
0:06:49 > 0:06:51Nissan reportedly carrying out faulty checks on vehicles sold
0:06:51 > 0:06:55in Japan since 1979.
0:06:55 > 0:06:58And reports Subaru carried out illegal inspections on its vehicles.
0:06:58 > 0:07:04Leisha Santorelli is in Singapore.
0:07:04 > 0:07:10What more can you tell us about the latest reports about Subaru?Well,
0:07:10 > 0:07:14Rachel, shares in Subaru took a tumble on these reports that an
0:07:14 > 0:07:17certified technicians were allowed to conduct a vital vehicle
0:07:17 > 0:07:21inspections at one of the factories north of Tokyo. If confirmed, Subaru
0:07:21 > 0:07:26might have to conduct a major recall. One report put it at about
0:07:26 > 0:07:37300,000 cars. Subaru is scheduled to hold a press conference at 8am GMT.
0:07:37 > 0:07:40If the situation sounds familiar, it is. Subaru is facing the same
0:07:40 > 0:07:46problem that Nissan admitted to. Bloomberg is reporting that Nissan's
0:07:46 > 0:07:50certification scandal might have stretched back to 1979, nearly 40
0:07:50 > 0:07:55years. It was actually because of Nissan's for the inspection process
0:07:55 > 0:07:59that Japan's transport Ministry ordered all domestic car-makers to
0:07:59 > 0:08:02conduct internal investigations. That is why we are seeing these
0:08:02 > 0:08:05revelations and reports coming out about Subaru facing the same
0:08:05 > 0:08:10problem.OK, thank you for the update. Let's see how the markets
0:08:10 > 0:08:16have been going on. We have the Australian all ordinaries up.
0:08:16 > 0:08:18A court has ruled that the Deputy PM
0:08:18 > 0:08:21Barnaby Joyce and four other politicians were wrongly elected
0:08:21 > 0:08:24because they held dual citizenship.
0:08:24 > 0:08:28Spinnaker that has stripped the government of the one seat majority.
0:08:28 > 0:08:31In Hong Kong, you can see that stocks were up overnight, inspired
0:08:31 > 0:08:36by strength and Wall Street. You can see the Dow Jones up after strong
0:08:36 > 0:08:38earnings figures.
0:08:38 > 0:08:42And what about Europe - yesterday the European Central Bank
0:08:42 > 0:08:46said they will extend their stimulus programme although they will
0:08:46 > 0:08:50start the cut the levels of bond buying from January.
0:08:50 > 0:08:53And we've got the Spanish stock exchange up - the Ibex -
0:08:53 > 0:08:55because today the Spanish Senate may approve the take-over of Catalonia's
0:08:55 > 0:08:58institutions and police, Barcelona could respond
0:08:58 > 0:09:03by declaring independence.
0:09:03 > 0:09:05Let's go to Wall Street.
0:09:05 > 0:09:09On Friday we will see just how fast the US economy grew
0:09:09 > 0:09:11in the last three months.
0:09:11 > 0:09:13In the previous quarter, between April and June,
0:09:13 > 0:09:17the US economy grew 3.1%.
0:09:17 > 0:09:20For this quarter, however, many are expecting to see a bit
0:09:20 > 0:09:23of a slowdown and estimate that gross domestic product, or GDP,
0:09:23 > 0:09:26will be coming in at about 2.5%.
0:09:26 > 0:09:30Two oil companies will be reporting earnings on Friday.
0:09:30 > 0:09:34Exxon Mobile, the world's largest publicly traded oil producer,
0:09:34 > 0:09:39is expected to show a rise in profit, while cost-cutting
0:09:39 > 0:09:41is likely to help Chevron also report a jump in profit
0:09:41 > 0:09:43for the quarter.
0:09:43 > 0:09:47Finally, the pharmaceutical giant Merck will be reporting earnings.
0:09:47 > 0:09:50Investors will be on the lookout for information on the sales
0:09:50 > 0:09:54of its cancer drug Keytruda.
0:09:54 > 0:09:58Updates on a cyber security attack that Merck said last quarter
0:09:58 > 0:10:02would likely impact its profits will also be of interest.
0:10:04 > 0:10:07Joining us is James Bevan, Chief Investment Officer at CCLA
0:10:07 > 0:10:17Investment Management
0:10:17 > 0:10:22The last time we had growth figures, pretty robust, 3.1%. What do we
0:10:22 > 0:10:26think this time?Definitely a slow number, the Fed's own numbers
0:10:26 > 0:10:33suggest 2.7. There are some people expecting a higher number on the
0:10:33 > 0:10:37back of hurricane interest, leading to faster car sales. Better numbers
0:10:37 > 0:10:41coming out of China, international dimension is as well.At the top of
0:10:41 > 0:10:45the programme we were talking about the tech titans.Fascinating stuff!
0:10:45 > 0:10:50How dependent is Wall Street on the big tech stocks?Very dependent.
0:10:50 > 0:10:54They have been the principal driver of market progress to date. It is
0:10:54 > 0:10:57not surprising because the numbers are sparkling and people are really
0:10:57 > 0:11:00betting on the long-term future. There are companies like Twitter who
0:11:00 > 0:11:05are yet to report a profit.Just looking at President Trump and his
0:11:05 > 0:11:10plans for tax reforms in the US, what impact could it have on tech
0:11:10 > 0:11:13companies? In his election campaign we heard a lot about him saying he
0:11:13 > 0:11:16wanted to reduce tax for the big tech company is to bring profits
0:11:16 > 0:11:20back to the US. Do you think that could still happen?Absolutely.
0:11:20 > 0:11:24There is a bi- location of issues for Trump on tech companies. He
0:11:24 > 0:11:30would dearly love to see the money off shored backs The Backed the
0:11:30 > 0:11:37United States, providing the push for growth. The second issue is at
0:11:37 > 0:11:42what point does he get bored of these companies really driving the
0:11:42 > 0:11:46shape of the US economy? Think he has real reservations that Amazon,
0:11:46 > 0:11:53example, in purchasing Wholefoods was more about getting market share
0:11:53 > 0:12:01than driving profit.I suppose that is the other concern, traders and
0:12:01 > 0:12:05investors will lose patience with the promised tax reforms. They had
0:12:05 > 0:12:08been promised them for a long time. They cleared a hurdle in the last
0:12:08 > 0:12:12day or so. The hope must be that there isn't a market correction
0:12:12 > 0:12:18before the tax changes come in?I think a correction would be fine. A
0:12:18 > 0:12:21descent into a bear market would be a different proposition and we are a
0:12:21 > 0:12:25long way from that. We are a long way from having a US recession. As
0:12:25 > 0:12:32perverse as it might seem, if we got a rapid growth, followed by a
0:12:32 > 0:12:38clamp-down by the Federal Reserve, if Professor Taylor were to become
0:12:38 > 0:12:42chairman, the market would be uncomfortable.We will delve into
0:12:42 > 0:12:50that with Simon Jeff later in the programme. Thanks for coming in.
0:12:50 > 0:12:53Lots of speculation over who'll be the next Fed Chair -
0:12:53 > 0:12:55and we'll get some more from our business editor Simon Jack
0:12:55 > 0:12:57as he wraps up the week's biggest economic stories.
0:12:57 > 0:13:00You're with Business Live from BBC News.
0:13:06 > 0:13:08IAG, the parent company of British Airways, has
0:13:08 > 0:13:12reported passenger and cargo revenue growth today.
0:13:12 > 0:13:16Passenger revenue rose by 1.6% to £5.15 billion between July
0:13:16 > 0:13:25and September while cargo grew by 7.9% to £213 million.
0:13:25 > 0:13:27Our Economics Correspondent, Andrew Walker, joins us now
0:13:27 > 0:13:32from our Business Newsroom.
0:13:32 > 0:13:36How have they managed to achieve these figures?Well, it is a
0:13:36 > 0:13:40striking performance. In one sense they managed quite an increase in
0:13:40 > 0:13:45profits for the first nine months of the year of 11%. That goes up to 1.9
0:13:45 > 0:13:51billion euros, and as you indicated a significant part of that is down
0:13:51 > 0:13:55to what has been going on on the revenue side. Passenger numbers were
0:13:55 > 0:14:01up. They took an extra 2.5 million people in that period, just over 80
0:14:01 > 0:14:08million passengers all told. There was actually a slight fall in the
0:14:08 > 0:14:12weight of cargo that they took. They seem to have taken it further and
0:14:12 > 0:14:17they actually increased revenue from that as well. The company says that
0:14:17 > 0:14:21there were particularly strong performances on the passenger side
0:14:21 > 0:14:24in East Asia, Latin America, especially Latin America, and the
0:14:24 > 0:14:27Caribbean, although they say that the biggest markets, Europe and
0:14:27 > 0:14:32North America, also did well with British Airways in particular making
0:14:32 > 0:14:40good sales of some of its premium fares, business class and so fourth.
0:14:40 > 0:14:44What about the cost?The movements have been in the right direction
0:14:44 > 0:14:51from the company perspective. Total costs down by 1.8%. Fuel in
0:14:51 > 0:14:56particular is down by 8.4%. This is reflecting what is going on in
0:14:56 > 0:15:01markets. There is also hedging activity going on which does tend to
0:15:01 > 0:15:06dampen the impact that market moves have on the cost that airlines
0:15:06 > 0:15:19faced. But overall, encouraging performance and cost side as well.
0:15:19 > 0:15:23You know when you look at hotel rooms online, you get that message
0:15:23 > 0:15:31saying that six other people are trying to book a? The authorities
0:15:31 > 0:15:35are looking into that to see if you're getting the best deal or not.
0:15:35 > 0:15:40They are worried about the clarity and accuracy of information given to
0:15:40 > 0:15:43consumers. If you think you're not getting the best deal, you may not
0:15:43 > 0:15:48be, and you can read more on that on our website.
0:15:48 > 0:15:49You're watching Business Live.
0:15:49 > 0:15:51Our top story: Online retailer Amazon leads
0:15:51 > 0:15:52a barrage of tech earnings.
0:15:52 > 0:15:54It's sales were up 34% in July to September,
0:15:54 > 0:15:56while Google's parent company Alphabet also reported bumper
0:15:56 > 0:15:59sales for the period.
0:15:59 > 0:16:01Now, it's been a big week for central banks -
0:16:01 > 0:16:05with speculation about who will be the next head of the Fed.
0:16:05 > 0:16:09While in Europe, the ECB indicated it'll start slowing down key
0:16:09 > 0:16:12bond-buying stimulus measures And there's been movement
0:16:12 > 0:16:15on Trump's tax policy.
0:16:15 > 0:16:22Simon Jack is our business editor and joins us now.
0:16:22 > 0:16:26Thanks for coming in.Good morning. Let's start with the new head of the
0:16:26 > 0:16:33Federal Reserve - who do we think it will be?Janet Yellen, the
0:16:33 > 0:16:38incumbent, her term expires in February. She has been comfortable
0:16:38 > 0:16:41with unconventional monetary policy, quantitative easing. The big task
0:16:41 > 0:16:44for the next person will be reversing some of that. Donald Trump
0:16:44 > 0:16:48was critical of her in his election campaign. Having said that, last
0:16:48 > 0:16:53week, he said she was to rhetoric. He said the stock market was going
0:16:53 > 0:16:59fine and warmed up to her. The two front runners are John Taylor, an
0:16:59 > 0:17:04academic from Stanford University. A hawk, meaning he likes to put
0:17:04 > 0:17:10Upminster -- interest rates faster than other people -- put up interest
0:17:10 > 0:17:16rates. The other candidate has talked about easing the stress tests
0:17:16 > 0:17:25that have been put on the banks. That chimes with Donald Trump.
0:17:25 > 0:17:29Whoever gets the job, it will be interesting because they have two
0:17:29 > 0:17:34reverse the biggest monetary policy experiment of all time, when the
0:17:34 > 0:17:41Federal Reserve bot $4.5 trillion worth of assets. -- bought $4.5
0:17:41 > 0:17:47trillion worth of assets.I lose track of how long we have been
0:17:47 > 0:17:53talking about the promised tax reforms. Finally, some progress?
0:17:53 > 0:17:57They seem to be inching towards it, passing a bill last week which got
0:17:57 > 0:18:05it to the next stage. Everyone agrees in the US that corporate tax
0:18:05 > 0:18:12is too high, 35% in the US, whereas it is only 20% in the UK. The big
0:18:12 > 0:18:16debate is about how you pay for it. A lot of people are saying, we could
0:18:16 > 0:18:23take away some pension relief, reduce the tax thresholds, so you
0:18:23 > 0:18:28would raise some money from them. Some people worry that that is a tax
0:18:28 > 0:18:35on the middle classes, not what Donald Trump promise. The question
0:18:35 > 0:18:38everyone agrees on is that it should happen, it is how it should be paid
0:18:38 > 0:18:43for. The Ronald Reagan economics that Donald Trump is talking about,
0:18:43 > 0:18:51the bet is that economy grows faster, so the tax take goes up,
0:18:51 > 0:18:55even though you reduce the rate. Talking about the corporate tax
0:18:55 > 0:18:59rate, we were discussing it with James Bevan in relation to the big
0:18:59 > 0:19:04tech companies who have had results in the last 24 hours. Do you think
0:19:04 > 0:19:09they would bring their money home if the rate was reduced?It is more
0:19:09 > 0:19:16about the money that is already sloshing over there. Apple has $250
0:19:16 > 0:19:23million sloshing around in various places. The boss of Apple has said
0:19:23 > 0:19:28he would be happy to bring it back. There are a lot of people who think
0:19:28 > 0:19:32that companies will buy back their own shares and reduce the number of
0:19:32 > 0:19:36slices of the pie so that each shareholder gets a bit richer.
0:19:36 > 0:19:40People say that is not real investment in the economy. Jamie
0:19:40 > 0:19:45Diamond, the boss of JP Morgan, says even if they do use it for share
0:19:45 > 0:19:49buy-backs, so what? It's all money and money coming back to the US. I
0:19:49 > 0:19:54don't think we are there yet, but that flood of cash coming back to
0:19:54 > 0:19:57the US would have a big effect on the dollar. It would be an
0:19:57 > 0:20:00interesting thing to witness. You would probably see the dollar go up,
0:20:00 > 0:20:06reducing inflation in the US, which might be a problem for the Federal
0:20:06 > 0:20:11Reserve. When it comes to tax reform, it gets everywhere.And ECB
0:20:11 > 0:20:18talking about bond buying.They are reducing it. Downsizing is the word
0:20:18 > 0:20:23emerging. Every time you take away stimulus, people get a bit sweaty
0:20:23 > 0:20:31about it, so Mario druggie yesterday managed to say he was going to
0:20:31 > 0:20:38reduce bond buying the 30 billion a month until September 20 18th, but
0:20:38 > 0:20:42decided to leave it open ended. There was no one facing the threat.
0:20:42 > 0:20:49He said it could be done for longer and that interest rates won't be
0:20:49 > 0:20:52increased until the bond buying is over. He's taking it down a bit but
0:20:52 > 0:20:59leaving it open ended in order to withdraw stimulus, some of it,
0:20:59 > 0:21:03without giving people the shakes. But the euro takes a hit as a
0:21:03 > 0:21:10result?Yes, because we were gearing ourselves up for a bit more of a
0:21:10 > 0:21:15tightening, saying this was when it was going to be over. When you make
0:21:15 > 0:21:19interest rates go up a bit, that makes deposits in those currencies
0:21:19 > 0:21:26more valuable. They will downsize it but keep it open ended, and that
0:21:26 > 0:21:31will loosen money policy, which brings the currency down, so the
0:21:31 > 0:21:39euro took a hit.Simon Jack, thank you very much.
0:21:39 > 0:21:42The Hong Kong stock exchange will close its trading floor,
0:21:42 > 0:21:43after 31 years, on Friday.
0:21:43 > 0:21:46In its heyday, the floor was home to more than a thousand stockbrokers.
0:21:46 > 0:21:49But the rise of electronic and Internet trading has changed
0:21:49 > 0:21:50the industry permanently.
0:22:02 > 0:22:07TRANSLATION:The world is changing. Financial technology is developing.
0:22:07 > 0:22:12We should get with the Times, even if we don't want to go.
0:22:18 > 0:22:23TRANSLATION:I started as a broker after finishing school. It has been
0:22:23 > 0:22:28over 40 years. There used to be four exchanges. Then they combined to
0:22:28 > 0:22:38become one exchange in 1986, and we moved into this hole. We started out
0:22:38 > 0:22:42as a small, regional stock exchange, but then Hong Kong became an
0:22:42 > 0:22:46international financial centre. I think stockbrokers working here
0:22:46 > 0:22:51contributed a lot. We have gone through countless financial crises,
0:22:51 > 0:22:54and we persevered. Stockbrokers made great contributions. This is
0:22:54 > 0:23:03something we are very proud of.And with that, the lights fade on the
0:23:03 > 0:23:09Hong Kong stock exchange floor.
0:23:09 > 0:23:13James is back to look through the papers.
0:23:13 > 0:23:19Have you been in the Hong Kong stock exchange itself on the trading
0:23:19 > 0:23:24floor?Twice. I went in 1994, when it was the only way you could trade
0:23:24 > 0:23:28shares. There were 1000 people and it was exciting. A bit like a
0:23:28 > 0:23:33football match - lots of shouting and lots of red jackets. A poster
0:23:33 > 0:23:36child for the capitalist system. I went again in 2000, and it was
0:23:36 > 0:23:47nearly empty, such change in such a short period.Is it New York and
0:23:47 > 0:23:51Frankfurt left?If you go to New York, you will do it as a Taurus
0:23:51 > 0:23:57rather than because of a genuine interest in trading. It is a
0:23:57 > 0:24:01marketing tool for the stock exchange rather than a principal
0:24:01 > 0:24:06driver.Do you think that losing the trading floor and that atmosphere is
0:24:06 > 0:24:10progress?It is absolute reality. As soon as light becomes digital,
0:24:10 > 0:24:15everything will be on the screen. Did you enjoy the trading floor?
0:24:15 > 0:24:22Sweaty moments?That was all too frenetic, lots of shouting. It was a
0:24:22 > 0:24:29bit like going to an auction.It was like you transported us there! I
0:24:29 > 0:24:34also want to talk about Halloween. It is creeping up upon us, and the
0:24:34 > 0:24:40latest figures suggest that the US will spend $9 billion and more on
0:24:40 > 0:24:44Halloween this year. We have been asking for your comments on this.
0:24:44 > 0:24:50Does that thought scare you? Luca Thorne says: It is frightening but
0:24:50 > 0:24:56it shows how popular Halloween is in America. Kyle says: Dentists must be
0:24:56 > 0:25:06thrilled, all those sweets being eaten. Are you spending any money on
0:25:06 > 0:25:13Halloween?Absolutely not.James? There are people buying things they
0:25:13 > 0:25:16don't really want with money they haven't really got, very often to
0:25:16 > 0:25:19impress people they don't really like. And it's a bad cocktail.
0:25:19 > 0:25:25That's depressing!What are you spending on Halloween?My children
0:25:25 > 0:25:29want to dress up as zombies, which means getting old clothes and
0:25:29 > 0:25:35covering them in ketchup.In the States, 16% of households spend
0:25:35 > 0:25:41money on dressing up their dogs. That's true, pet Halloween.The most
0:25:41 > 0:25:50popular ones are hotdogs, for pets. Hotdogs?I thought you meant
0:25:50 > 0:25:54dressing up hotdogs.
0:25:54 > 0:25:55That's it from Business Live today.
0:25:55 > 0:25:58There will be more business news throughout the day on the BBC Live
0:25:58 > 0:25:59webpage and on World Business Report.