0:00:07 > 0:00:10This is Business Live from BBC News with Sally Bundock and Ben Bland.
0:00:10 > 0:00:13A huge new leak of financial documents -
0:00:13 > 0:00:16known as the Paradise Papers - has revealed how the powerful
0:00:16 > 0:00:18and wealthy secretly invest vast amounts of money in offshore tax
0:00:18 > 0:00:20havens.
0:00:20 > 0:00:26Live from London, that's our top story.
0:00:39 > 0:00:43The details are contained in millions of documents from a law
0:00:43 > 0:00:45firm which specialises in offshore arrangements for
0:00:45 > 0:00:50individuals and companies.
0:00:50 > 0:00:54We will talk you through the detail you need to know.
0:00:54 > 0:00:57Also in the programme - all smiles on the golf course
0:00:57 > 0:00:59but President Trump is talking tough on trade with Japan.
0:00:59 > 0:01:06We'll get the latest on Donald Trump's visit to one
0:01:06 > 0:01:10of Asia's most important economies.
0:01:10 > 0:01:15The markets starting flat, if not a little lower, in Europe this week.
0:01:15 > 0:01:18We will talk you through the winners and losers.
0:01:18 > 0:01:21And we'll be getting the inside track on a startup that
0:01:21 > 0:01:23tackles a topic that's long been taboo - sanitary products.
0:01:23 > 0:01:26For women in the developed world, access to feminine hygiene products
0:01:26 > 0:01:27is as easy as buying groceries.
0:01:27 > 0:01:30But it's a very different story in developing countries.
0:01:30 > 0:01:34We speak to an entrepreneur who helps young women get better
0:01:34 > 0:01:36access to such products thanks to a subscription service.
0:01:36 > 0:01:39And we'd love to hear from you - just use the hashtag BBCBizLive
0:01:39 > 0:01:45to join in the conversation.
0:01:47 > 0:01:51Hello and welcome to Business Live.
0:01:51 > 0:01:56The people who manage the Queen's finances have
0:01:56 > 0:01:59defended their investment practices after the revelation that some
0:01:59 > 0:02:02of her wealth has been placed in two offshore funds.
0:02:02 > 0:02:08It follows a huge new leak of financial documents,
0:02:08 > 0:02:10dubbed the "Paradise Papers", revealing how the rich and powerful
0:02:10 > 0:02:12invest their money in tax havens around the world.
0:02:12 > 0:02:18The BBC does not know the source of the leak,
0:02:18 > 0:02:21which contains more than 13 million documents, mostly from one finance
0:02:21 > 0:02:22firm based in Bermuda.
0:02:22 > 0:02:24The vast majority of transactions did not involve
0:02:24 > 0:02:27any illegal activity.
0:02:27 > 0:02:32Here's our Economics correspondent Andy Verity.
0:02:32 > 0:02:35Bermuda.
0:02:35 > 0:02:37Where the law firm at the heart of the biggest leak
0:02:37 > 0:02:39in offshore history, Appleby, has its head office.
0:02:39 > 0:02:43The Queen is the head of state here but until now we did not know
0:02:43 > 0:02:45that some of her private money was invested in tax
0:02:45 > 0:02:47havens like this one.
0:02:47 > 0:02:48The Duchy of Lancaster, the private investment
0:02:48 > 0:02:52vehicle for the Queen, put £10 million, a small fraction
0:02:52 > 0:02:54of its overall investments, in offshore funds with $7.5 million
0:02:54 > 0:02:59of that in one fund in the Cayman Islands.
0:02:59 > 0:03:01In 2007, it was asked to put £350,000 into investment projects
0:03:01 > 0:03:08including the purchase of two retailers.
0:03:08 > 0:03:10One was the company that owned Threshers that later went bust
0:03:10 > 0:03:13owning £70 million in tax, and the other was BrightHouse,
0:03:13 > 0:03:15the controversial rent-to-own retailer which was recently forced
0:03:15 > 0:03:19to compensate a quarter of a million customers.
0:03:19 > 0:03:22I am pretty furious with those who advise her and that are bringing
0:03:22 > 0:03:26her reputation into disrepute.
0:03:26 > 0:03:30It is so obvious that if you are looking after the money
0:03:30 > 0:03:33of the monarchy, you have got to be cleaner than clean and you must
0:03:33 > 0:03:38never go near the dirty world of money laundering,
0:03:38 > 0:03:45tax avoidance, tax evasion or making money in dubious ways.
0:03:45 > 0:03:48The Duchy told us that all of the investments were fully
0:03:48 > 0:03:51audited and legitimate.
0:03:51 > 0:03:54The documents also reveal that Donald Trump's commerce secretary,
0:03:54 > 0:03:59Wilbur Ross, has business links with Russian allies
0:03:59 > 0:04:01of president Vladimir Putin.
0:04:01 > 0:04:03Mr Ross has a secret stake in a shipping company
0:04:03 > 0:04:11called Navigator Holdings.
0:04:11 > 0:04:13One of its major clients is Sibur, a Russian energy company.
0:04:13 > 0:04:18The associate of Vladimir Putin, Gennady Timchenko, is a shareholder,
0:04:18 > 0:04:21and sanctioned by the US government in 2014.
0:04:21 > 0:04:24Mr Ross told us none of the funds he managed ever owned a majority
0:04:24 > 0:04:26of Navigator shares and never met Gennady Timchenko.
0:04:26 > 0:04:31More revelations are to come.
0:04:31 > 0:04:37Andrew Walker, our economics correspondent, is here.
0:04:37 > 0:04:41After the Panama papers, now the Paradise papers. What's being done
0:04:41 > 0:04:49to tackle this?Specifically on the question of tax, and not all these
0:04:49 > 0:04:52stories are about tax, but minimising tax liabilities is a very
0:04:52 > 0:04:58important theme in many of them. There has been work going on in the
0:04:58 > 0:05:08organisations for the economic development, the OECD, they have
0:05:08 > 0:05:12been working on getting countries to do more by way of exchanging
0:05:12 > 0:05:17information about the tax affairs of citizens and other countries'
0:05:17 > 0:05:24citizens who might be earning money in your jurisdiction. On the
0:05:24 > 0:05:29specific area of exchanging information on request from another
0:05:29 > 0:05:33tax jurisdiction, the OECD has said there has been massive progress. A
0:05:33 > 0:05:37recent assessment they have done says the only country they regard as
0:05:37 > 0:05:41being noncompliant at all is Trinidad and Tobago. All of the
0:05:41 > 0:05:45others, including some of the countries featuring in the Paradise
0:05:45 > 0:05:48papers, have at least had some progress and are complying in some
0:05:48 > 0:05:55respects. Where they say there has been less progress is in doing this
0:05:55 > 0:05:59information exchange automatically. An arrangement whereby you wouldn't
0:05:59 > 0:06:03need to have an initial suspicion before you need to ask someone else.
0:06:03 > 0:06:06Massive progress they say, but a lot of campaigners will say there is
0:06:06 > 0:06:11still a long way to go.We have a lot of details on the website and
0:06:11 > 0:06:14some of the estimates on what governments are missing out on in
0:06:14 > 0:06:20unpaid taxes. As you said, the OECD has been pretty much on it, but also
0:06:20 > 0:06:22individual governments and organisations like the European
0:06:22 > 0:06:27Commission.European Commission has taken assertive action against some
0:06:27 > 0:06:34individuals and countries in relation to some companies, for
0:06:34 > 0:06:39example, Appleby with Ireland. But also Starbucks, Fiat, they found
0:06:39 > 0:06:43themselves on the wrong end of action. The striking thing about the
0:06:43 > 0:06:47European Commission's action, is not explicitly about the idea of
0:06:47 > 0:06:51companies not paying the tax they ought to pay, but it's more about
0:06:51 > 0:06:57whether they have been receiving some unfair state aid, some unfair
0:06:57 > 0:07:02competitive advantage. One of the things in the European Commission's
0:07:02 > 0:07:06minds when they take this action is that the biggest companies should be
0:07:06 > 0:07:10paying their fair share.Andrew Wilkie, thank you.
0:07:10 > 0:07:12For more in-depth comment and analysis on that story.
0:07:12 > 0:07:17Just head to bbc.com/news.
0:07:18 > 0:07:23Let's take a look at some of the other stories making the news...
0:07:23 > 0:07:27The UK Prime Minister is set to warn business leaders that it will not
0:07:27 > 0:07:30protect the economy from "market forces" when Britain
0:07:30 > 0:07:32leaves the European Union.
0:07:32 > 0:07:34Speaking at a conference held by the Confederation
0:07:34 > 0:07:36of British Industry, Theresa May will tell firms
0:07:36 > 0:07:38the government has to make "strategic decisions" about how best
0:07:38 > 0:07:48to support different sectors of the economy.
0:07:50 > 0:07:53Qatar Airways is buying a near 10% stake in Cathay
0:07:53 > 0:07:54Pacific for $660 million
0:07:54 > 0:07:56giving the Middle Eastern airline more access to China's
0:07:56 > 0:07:57lucrative aviation market.
0:07:57 > 0:07:59The deal will make the airline Cathay Pacific's third
0:07:59 > 0:08:00biggest shareholder.
0:08:00 > 0:08:03It is the first known investment by a Middle Eastern airline
0:08:03 > 0:08:07into a South East Asian carrier.
0:08:07 > 0:08:10US President Donald Trump has urged Saudi Arabia to choose New York
0:08:10 > 0:08:13for the initial public offering of the state-owned oil giant Aramco.
0:08:13 > 0:08:16Mr Trump told reporters aboard Air Force One that he had
0:08:16 > 0:08:18spoken to the Saudi king and he would like Aramco
0:08:18 > 0:08:21to consider US exchanges.
0:08:21 > 0:08:25The Aramco IPO is expected to be the largest in history,
0:08:25 > 0:08:27raising around $100 billion in much-needed revenue
0:08:27 > 0:08:29for the kingdom.
0:08:33 > 0:08:36It's Donald Trump's first day of formal talks
0:08:36 > 0:08:41with the Japanese Prime Minister, Shinzo Abe, and he wants
0:08:41 > 0:08:47to get tough on trade.
0:08:47 > 0:08:51They had a round of golf and a hamburger lunch on the first day. We
0:08:51 > 0:08:59can go to Tokyo now. What do you think will be the highlights of the
0:08:59 > 0:09:03conversation that we will be privy to? I'm sure a lot of it will be
0:09:03 > 0:09:11kept under wraps.Indeed. And North Korea, not surprisingly, has been
0:09:11 > 0:09:15top of the agenda. But trade issues, some of the uncomfortable
0:09:15 > 0:09:19disagreements between the two countries, have been raised today. I
0:09:19 > 0:09:24guess President Trump did not have much of a choice. It was one of his
0:09:24 > 0:09:29main promises during his election campaign to tackle the huge trade
0:09:29 > 0:09:34deficit America has. He has previously accused Japan and China
0:09:34 > 0:09:37for keeping their currencies on fairly weak in order to take
0:09:37 > 0:09:45advantage in exports. He went on to say in front of Japanese business
0:09:45 > 0:09:50leaders, why don't you make cars in America instead of just ship them
0:09:50 > 0:09:53over? That raised eyebrows because Japanese companies have been making
0:09:53 > 0:10:01cars in the United States since the 1980s. 75% of Japanese brand cars
0:10:01 > 0:10:07sold in America built there. That raised eyebrows here in Tokyo. In
0:10:07 > 0:10:12terms of the currency manipulation, he did not use that term, but he is
0:10:12 > 0:10:19talking about that, he has spoken quite tough it.Thanks Art, good to
0:10:19 > 0:10:22see you. I'm sure we will have more on President Trump this time
0:10:22 > 0:10:27tomorrow as he continues his tour of Asia. The markets were pretty flat,
0:10:27 > 0:10:33no big movements in Asia today. The Dow Jones on Friday there. The price
0:10:33 > 0:10:38of oil is in focus because of an anti-corruption crackdown going on
0:10:38 > 0:10:43in Saudi Arabia with Brent crude above $62 per barrel at the Mount, a
0:10:43 > 0:10:49two year high. The European markets at the start of a brand-new week,
0:10:49 > 0:10:52again, extremely flat. Last week was packed with earnings news, central
0:10:52 > 0:10:58bank action and a lot of action. I think markets around the world will
0:10:58 > 0:11:06take a breather. We can now head to the news on Wall Street.
0:11:06 > 0:11:09CBS will be reporting on Monday.
0:11:09 > 0:11:14Profits may take a hit as retail business was a little sluggish,
0:11:14 > 0:11:16because of less foot traffic in stores.
0:11:16 > 0:11:23But investors will be clamouring to hear any details on CBS's
0:11:23 > 0:11:25potential bid for health insurer Aetna.
0:11:25 > 0:11:27It could give them more leveraged in negotiating
0:11:27 > 0:11:29prices with drug makers, but it could also attract more
0:11:29 > 0:11:30anti-trust scrutiny.
0:11:30 > 0:11:32It could also help protect the pharmacy business.
0:11:32 > 0:11:36Especially now online retail giant Amazon is getting into the business.
0:11:36 > 0:11:41And the luxury handbag maker Michael Kors will also be reporting.
0:11:41 > 0:11:43The company cut costs and scaled back their promotions,
0:11:43 > 0:11:51which will help profits for the quarter.
0:11:51 > 0:11:54But the bag maker might continue to report a slump in sales
0:11:54 > 0:11:56is because of weakness in North America.
0:11:56 > 0:12:03And its efforts to sell more bags at full price or with fewer discounts.
0:12:03 > 0:12:06Joining us is Kathleen Brooks, Research Director at City Index.
0:12:06 > 0:12:11We had a busy week, as Sally mentioned last week, lots of results
0:12:11 > 0:12:15and central bank action, for those who are fans of central bank news.
0:12:15 > 0:12:20What are you watching this week? It's quite quiet, but a couple of
0:12:20 > 0:12:24things later in the week that I will be looking at, pretty much UK
0:12:24 > 0:12:28focused. Marks & Spencer results, they did OK in the first half of the
0:12:28 > 0:12:34year but can they continue that? Homeware and clothing has been a
0:12:34 > 0:12:40thorn in their side. That could set them up well for the crucial sales
0:12:40 > 0:12:47period we are entering. And Brexit talks, could we move onto trade
0:12:47 > 0:12:50talks in January? If these don't do well as we move into December, that
0:12:50 > 0:12:56could be off the cards and it could wear on Sterling.Theresa May
0:12:56 > 0:12:59talking to the Confederation of British Industry later today where
0:12:59 > 0:13:03she will be addressing them, and saying they need to approach this
0:13:03 > 0:13:08from a rational point of view. Quite a tricky audience for her today.It
0:13:08 > 0:13:12is a tricky audience but there seems to be more optimism, certainly in
0:13:12 > 0:13:17the city, compared to what it was a year ago. UBS saying they will not
0:13:17 > 0:13:21cut people out. Deutsche Bank signing a new lease for a London
0:13:21 > 0:13:26office.A Bank of England warning a week ago saying 75,000 jobs could be
0:13:26 > 0:13:32on the move.UBS said last week that you have enough clarity now on
0:13:32 > 0:13:36regulation for them to be willing to keep people here for now. I think
0:13:36 > 0:13:42that's quite significant.Shifting our attention to the Middle East,
0:13:42 > 0:13:47and the purge going on in Saudi Arabia, this anti-corruption purge,
0:13:47 > 0:13:52it's having an impact on the oil price, contributing to it.
0:13:52 > 0:13:55Interestingly the oil price is going up, even though you would think this
0:13:55 > 0:13:59political instability could weigh on the oil price and investments. It's
0:13:59 > 0:14:05largely because this is part of the new regime's plans to impose a new
0:14:05 > 0:14:08economic regime and for that they need oil to be above $60. That
0:14:08 > 0:14:14pretty much guarantees production cuts when Opec meets later this
0:14:14 > 0:14:20month.As far as financial markets are concerned, we are coming to a
0:14:20 > 0:14:23really interesting period, the run-up to Christmas, it's so
0:14:23 > 0:14:28important to countries around the world. Retailers in particular. What
0:14:28 > 0:14:32will investors be doing in the next few weeks in positioning themselves
0:14:32 > 0:14:36and the geopolitics in the background? Donald Trump talking
0:14:36 > 0:14:41about North Korea in Asia. Interesting times.It really is.
0:14:41 > 0:14:48Stocks hit further records last week. The FTSE 100 and SNP did. Will
0:14:48 > 0:14:54we see stocks slide as he had to the end of the year, or we will we get
0:14:54 > 0:14:59the much touted Santa rally and see stocks rise because volatility
0:14:59 > 0:15:02remains low. Unless something pushes of volatility, I don't see how
0:15:02 > 0:15:06stocks will fall off a cliff. Investors across the other side of
0:15:06 > 0:15:11the Atlantic in the US will be watching for the US jobless data out
0:15:11 > 0:15:18later.That was actually out on Friday. That wasn't as good as
0:15:18 > 0:15:21expected, but it's very difficult to read the job data at the moment
0:15:21 > 0:15:25because we had the September hurricane destruction. It's all
0:15:25 > 0:15:29about inflation and wage growth was flat last month. That's very
0:15:29 > 0:15:32difficult coming up to the December Federal reserve meeting, where they
0:15:32 > 0:15:36are expected to hike rates. It be interesting to see how that
0:15:36 > 0:15:43develops. They hike rates as fast in 2018?
0:15:47 > 0:15:48Still to come:
0:15:48 > 0:15:52How the plight of refugees fuelled one UK entrepreneur to found
0:15:52 > 0:15:54a start-up that helps women in developing countries access
0:15:54 > 0:15:55better sanitary products.
0:15:55 > 0:16:03You're with Business Live from BBC News.
0:16:16 > 0:16:27It is a very important day for Theresa May.
0:16:27 > 0:16:33You can see on the BBC online page what she will be saying. It is an
0:16:33 > 0:16:38interesting audience. They have got their real concerns about how the
0:16:38 > 0:16:45Brexit negotiations are going and basically what's ahead in terms of
0:16:45 > 0:16:54Brexit negotiations. The CBI urging craic Down on sexual harassment at
0:16:54 > 0:17:00work. This is after the allegations by politicians at Westminster.
0:17:00 > 0:17:03Theresa May, details there, about Theresa May due to tell business
0:17:03 > 0:17:12leaders we won't shield the UK economy from market forces. Let's
0:17:12 > 0:17:18speak to the chief economist at the CBI. Just tell us more about today's
0:17:18 > 0:17:22reception for Theresa May. We are talking about the fact that she has
0:17:22 > 0:17:26a clear message she wants to deliver to you, but will she be listened to?
0:17:26 > 0:17:31Absolutely. I mean everyone is excited to be here. We have got
0:17:31 > 0:17:35leaders from across business and government. We're here to hear the
0:17:35 > 0:17:38Prime Minister and what she has to say and we have got Jeremy Corbyn
0:17:38 > 0:17:41and some great innovators from British industry and we're really
0:17:41 > 0:17:45keen to hear what they have to say. Well, you say you're pleased to hear
0:17:45 > 0:17:50what they have to say, buff said that you are frustrated with how the
0:17:50 > 0:17:54Brexit negotiations are going.I think there is two things that
0:17:54 > 0:17:58British business wants right now and that's a clear transition agreement
0:17:58 > 0:18:01with the EU so that we have time to prepare for that new relationship
0:18:01 > 0:18:05with the EU. We'd like to see the Prime Minister deliver that, but
0:18:05 > 0:18:10importantly, we also want the focus on the domestic agenda, on our
0:18:10 > 0:18:13industrial strategy, on making sure we have the right investment in our
0:18:13 > 0:18:16infrastructure, and our young people to make us ready for the modern
0:18:16 > 0:18:19economy that's out there. There is so much technological change that's
0:18:19 > 0:18:24happening at the moment and we have got to make sure we are match fit
0:18:24 > 0:18:28for the 21st century.We will have to leave it there, thank you very
0:18:28 > 0:18:32much. Chief economist at the Crib. That gets under way later. We have
0:18:32 > 0:18:42mentioned Theresa May is the main keynote speaker today.
0:18:49 > 0:18:53You're watching Business Live.
0:18:53 > 0:18:56Our top story, a huge new leak of financial documents,
0:18:56 > 0:18:58known as the Paradise Papers, has revealed how the powerful
0:18:58 > 0:19:00and wealthy secretly invest vast amounts of money
0:19:00 > 0:19:01in offshore tax havens.
0:19:01 > 0:19:05A quick look at how markets are faring.
0:19:05 > 0:19:08A new trading week. In Europe, they are flat. No big moves in either
0:19:08 > 0:19:11direction.
0:19:11 > 0:19:19Now, we'll be talking about the business of feminine hygiene.
0:19:19 > 0:19:22And if you think about it, this really does concern a lot of us,
0:19:22 > 0:19:25around half the population from the ages of about 12 to 50.
0:19:25 > 0:19:27Each woman uses an average of 12,000 sanitary products
0:19:27 > 0:19:28during her lifetime.
0:19:28 > 0:19:30And where you live can make a big difference,
0:19:30 > 0:19:32according to the UN.
0:19:32 > 0:19:35One in ten schoolgirls in Africa do not go to school
0:19:35 > 0:19:38during menstruation or drop out when puberty starts.
0:19:38 > 0:19:41Freda is one company is hoping to address this problem.
0:19:41 > 0:19:45Every woman who signs up for a subscription sanitary box
0:19:45 > 0:19:48will see a percentage of the fee going to provide hygiene products
0:19:48 > 0:19:50to women and girls in Tanzania.
0:19:50 > 0:19:55Afsaneh Parvizi-Wayne is co-founder of Freda.
0:19:56 > 0:20:04Good to see you. Welcome to the programme. What was it that prompted
0:20:04 > 0:20:10you to get Freda off the ground and launch the idea.I am from refugee
0:20:10 > 0:20:24stock. My parents were Iranian asylum seekers.
0:20:25 > 0:20:29Watching the images you ask yourself, what do they do when they
0:20:29 > 0:20:40have their periods. I was looking at innovation and how products were
0:20:40 > 0:20:44perceived. Putting the two together, I looked at them and was thinking
0:20:44 > 0:20:47what do they do, market research kicks in and you make phone calls
0:20:47 > 0:20:58and the answer was nothing.
0:21:00 > 0:21:04Menstruation does not feature on their radar.You go from the point
0:21:04 > 0:21:18of compassion to starting a company. This area of feminine hygiene is
0:21:18 > 0:21:21dominated the big pharmaceutical companies.Well, they similar to the
0:21:21 > 0:21:26journey that razor blades have taken. These are products that are
0:21:26 > 0:21:36hyper engineered. Mainly because they want if you look at period care
0:21:36 > 0:21:40products and what they give you is significantly more than what a woman
0:21:40 > 0:21:46needs. So therefore, looking at it, thinking OK, let's look into what
0:21:46 > 0:21:50goes into the product. I realised there was a complete lack of
0:21:50 > 0:21:56ingredient transparency. As consumers, a lot of our products
0:21:56 > 0:22:00have come under scrutiny.With sanitary products, you can imagine
0:22:00 > 0:22:04the damage to the environment because I guess these things...They
0:22:04 > 0:22:08are not sustainable.They don't break down quickly either. It is
0:22:08 > 0:22:21like nappies.Yes, very similar to nappies.
0:22:30 > 0:22:35The price?What the service provides you can choose the products you
0:22:35 > 0:22:42want. As women we buy a box of this, a box of that, pads and night pads.
0:22:42 > 0:22:47Here, you don't. You pick what you need and the postage is included. So
0:22:47 > 0:22:53compared to other organic products, the price is not as high. If you
0:22:53 > 0:23:01compare it to milk and organic milk, the price differential is higher
0:23:01 > 0:23:07than big brand tampons with Freda tampons. Another thing that's
0:23:07 > 0:23:11important to mention we don't actually ship our products to
0:23:11 > 0:23:17Tanzania, we are supporting a microenterprise where the women
0:23:17 > 0:23:20produce reusable sanitary products so they have a problem with waste.
0:23:20 > 0:23:24In terms of your products, everything about it is fairly
0:23:24 > 0:23:29sustainable because I grilled you about that?You did and quite
0:23:29 > 0:23:35rightly too.They are made in a factory in Switzerland...Sweden.
0:23:35 > 0:23:40Each step is a fairly sustainable step.A lot of products have the tag
0:23:40 > 0:23:43natural organic, but the way they are produced is not necessarily that
0:23:43 > 0:23:51sustainable. So, our manufacturing plant has, you know, uses, it is
0:23:51 > 0:23:57almost zero carbon footprint. So it's sustainable throughout its
0:23:57 > 0:24:01manufacturing process and our products are, you know, they are
0:24:01 > 0:24:05either the tampons are 100% organic cotton and the pads are made with
0:24:05 > 0:24:08renewable material.How have you been received in the industry. Have
0:24:08 > 0:24:13you had opposition? Or not? Are they not concerned by you at the moment
0:24:13 > 0:24:18because you are very small?We are very small and the market is
0:24:18 > 0:24:23massive. Three big brands, there is, and we just want to be an
0:24:23 > 0:24:32alternative. We are not, you know, as David versus Goliath as a
0:24:32 > 0:24:34start-up, but globally, you know, we are talking half the world's
0:24:34 > 0:24:39population.But it is, I mean it is half the world's population and it's
0:24:39 > 0:24:43half of the, you know, me and whoever, we are spending on these
0:24:43 > 0:24:46goods every single month. We don't really have a choice on that?Not
0:24:46 > 0:24:51only that. That. It is not just access in the developing world. It
0:24:51 > 0:24:59is access in workplace and access in schools. I was asked once what does
0:24:59 > 0:25:04a Freda world looks like. When my daughter's daughter goes to work or
0:25:04 > 0:25:09my daughter goes to work, I want them to think my mum used to have to
0:25:09 > 0:25:13carry her own tampons to work because we don't carry our own
0:25:13 > 0:25:18toilet paper. Why are women expected to be their own responsibility.How
0:25:18 > 0:25:22much of the ambition is that you not just provide the products to women
0:25:22 > 0:25:27in the developing world, but some of the education, to get rid of the
0:25:27 > 0:25:33praej disand stereotypes and the taboos.The project in Tanzania that
0:25:33 > 0:25:36we are supporting, they go into schools, we buy the pads from the
0:25:36 > 0:25:40women who make them and so they get menstrual health education and then
0:25:40 > 0:25:46they get the pads free of charge. So, it's education, and delivery of
0:25:46 > 0:25:50the product together.OK. It has been fascinating. Thank you for
0:25:50 > 0:25:54coming in.Thank you for having me on this programme.We will see you
0:25:54 > 0:25:56soon. Thank you too for your company.