16/11/2017 BBC Business Live


16/11/2017

Similar Content

Browse content similar to 16/11/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

This is Business Live from BBC News

0:00:090:00:11

with Jamie Robertson

and Sally Bundock.

0:00:110:00:15

Zimbabweans are waiting to see

what steps the military will take

0:00:150:00:17

next after seizing control

of the country.

0:00:170:00:21

Live from London, that is the top

story, Thursday, 16th November.

0:00:210:00:27

-- Zimbabweans are waiting to see

what happens next after the military

0:00:290:00:31

seize control of the country.

0:00:310:00:35

The soaring cost of living

in Zimbabwe,

0:00:410:00:43

could the dark days

of hyperinflation be returning?

0:00:430:00:44

And warnings about serious risks

facing China's economy.

0:00:440:00:46

Senior government officials say

the country's financial sector needs

0:00:460:00:49

needs to reform quickly

if it is to avoid a crisis.

0:00:490:00:58

Market starting on a positive note

but we have seen some fairly sharp

0:00:580:01:01

falls. Market seem a bit tired of

going upwards for ever. We will have

0:01:010:01:07

a bit more of that in a moment.

0:01:070:01:16

Also in the programme,

0:01:160:01:23

there may be uncertainty

in Zimbabwe,

0:01:230:01:28

but across the border

in South Africa,

0:01:280:01:30

there's a thriving

community of young entrepreneurs.

0:01:300:01:32

We'll talk to the woman behind

the incubator looking

0:01:320:01:34

to harness all that potential.

0:01:340:01:35

We want your views on the Da Vinci

frenzy, was it worth it?

0:01:350:01:42

What you make of the record-breaking

da Vinci auction.

0:01:420:01:54

We start in Zimbabwe.

0:02:020:02:06

President Mugabe remains under house

arrest

0:02:060:02:12

after what the African Union says

"seems like a coup",

0:02:120:02:14

something denied by

the country's military.

0:02:140:02:15

The economy is a huge source

of unrest in Zimbabwe.

0:02:150:02:18

Its currency was scrapped in 2009

after hyperinflation reached

0:02:180:02:20

several BILLION percent!

0:02:200:02:23

It was replaced with

foreign currencies,

0:02:230:02:25

today it's mostly the US dollar.

0:02:250:02:26

But that hasn't helped

ordinary people.

0:02:260:02:36

Zimbabwe's official inflation rate

was 2.24% in October.

0:02:370:02:39

But some analysts who track the cost

of consumer goods in Zimbabwe think

0:02:390:02:42

they're rising at over 65% a year.

0:02:420:02:43

That's because of a shortage

of dollars needed to pay

0:02:430:02:46

for imported goods.

0:02:460:02:47

In fact, economist Steve Hanke

from John Hopkins University thinks

0:02:470:02:49

the situation is far worse.

0:02:490:02:51

He recently wrote in Forbes magazine

that the actual inflation rate

0:02:510:02:53

is almost

243%.

0:02:530:02:54

He's warning that hyperinflation

is returning to the country.

0:02:540:03:04

Theo Acheampong is a Senior

Analyst at IHS Markit.

0:03:070:03:09

A lot of commentary on what is

unfolding in Zimbabwe, what is your

0:03:090:03:16

prediction on what might happen in

the next 24, 48 hours, it is hard to

0:03:160:03:20

tell.

It is hard to tell but we have

also seen some really good

0:03:200:03:25

indicators of how this might play

out. We are likely to see the ousted

0:03:250:03:31

vice president, coming back to lead

some form of transitional government

0:03:310:03:38

in the country, but this is more so

because he has the active backing of

0:03:380:03:44

not just the military, but the likes

of the important political backers.

0:03:440:03:52

In terms of the indicators going

forward, what we have observed over

0:03:520:03:57

the last 72 hours, our prediction

and assessment is that yes, there is

0:03:570:04:02

a high possibility that the ousted

vice president Emmerson Mnangagwa

0:04:020:04:07

comes in and would lead a

transitional government, while

0:04:070:04:13

Robert Mugabe and his wife are

removed from the country.

Let's talk

0:04:130:04:19

about what that means, it is a

political crisis, a political split

0:04:190:04:25

within ZANU-PF, those who support

Grace Mugabe and those who support

0:04:250:04:28

the vice president, as it were, but

behind-the-scenes, economic crisis

0:04:280:04:34

that has been gripping Zimbabwe

full-year score, that was being

0:04:340:04:37

outlined with some statistics, but

one I find astonishing, 95% of the

0:04:370:04:42

working population is out of work.

This issue with a cash crisis...

0:04:420:04:52

They are allowed to withdraw a few

dollars a day, and they try to do

0:04:520:04:55

that each day.

There is a big

political/ economic appearance to

0:04:550:05:03

all of this but going forward, the

indication to look out for is the

0:05:030:05:10

likes of the finance minister, who

was ousted in the cabinet, in a

0:05:100:05:16

reshuffle, on October nine, Ignatius

Chombo, he was trying to push for

0:05:160:05:22

economic reforms. With the vice

president likely coming back to lead

0:05:220:05:27

the transition, we will see him and

a couple of the allies who are much

0:05:270:05:32

more pro-business and pro-reform and

pro-economics, coming in, and they

0:05:320:05:39

would see reforms and measures put

in place that would then be to the

0:05:390:05:42

economy picking up.

Is there a mood

for re-form, a mood for

0:05:420:05:48

liberalisation, for foreign

companies to come in?

Yes, to an

0:05:480:05:54

extent, not really big or massive,

but we have seen indications to that

0:05:540:05:58

effect. Basically, with the vice

president and the finance minister,

0:05:580:06:06

we saw them driving and engaging

with the IMF, with the donor

0:06:060:06:11

community and with the Chinese,

trying to get investment into the

0:06:110:06:16

country, the Chinese had actually

promised at some point to bring in 4

0:06:160:06:21

billion US dollars over three years,

into the country, but that comes

0:06:210:06:25

with reforms and comes with some

conditionality attached to it,

0:06:250:06:31

particularly from the IMF. There is

the mood for reform, but the

0:06:310:06:35

question remains, how far would that

go?

We will be watching with great

0:06:350:06:41

interest, Theo Acheampong, with his

analysis. Obviously, today,

0:06:410:06:47

tomorrow, we will be across it,

telling you any development as we

0:06:470:06:50

hear them.

0:06:500:06:55

Let's take a look at some

of the other stories

0:06:550:07:01

making the news.

0:07:010:07:05

Barbie maker Mattel has

rebuffed the latest takeover

0:07:050:07:07

approach from rival Hasbro,

according to sources

0:07:070:07:09

quoted by Reuters, casting

doubt over the potential

0:07:090:07:11

merger between the world's two

largest toy companies.

0:07:110:07:13

Mattel believes the offer

undervalues it and doesn't address

0:07:130:07:15

potential antitrust concerns,

the sources claim.

0:07:150:07:19

European regulators have warned

banks working on post-Brexit plans

0:07:190:07:21

that they will "need to have

substance locally" to

0:07:210:07:23

serve European clients.

0:07:230:07:24

The European Central Bank says some

proposals are inadequate and risk

0:07:240:07:27

creating "empty shells".

0:07:270:07:28

Many banks currently

access the European market

0:07:280:07:29

through UK offices

0:07:290:07:30

but are working on contingency

plans,

0:07:300:07:32

adding space in cities such

as Frankfurt and Dublin.

0:07:320:07:36

The president of Angola,

Joao Lourenco, has fired

0:07:360:07:38

the daughter of his predecessor

as head of the country's state

0:07:380:07:40

oil company Sonangol.

0:07:400:07:41

Isabel Dos Santos,

the billionaire daughter of former

0:07:410:07:43

President Jose Eduardo dos Santos,

is Africa's richest woman with a net

0:07:430:07:46

worth of over $3 billion.

0:07:460:07:47

President Lourenco, known as JLo,

says he will tackle corruption.

0:07:470:07:57

Interesting story that broke earlier

in China today.

0:08:050:08:07

A senior Chinese government official

has warned that China's financial

0:08:070:08:10

sector faces bubble risks due

to the build-up of

0:08:100:08:12

debt in the economy.

0:08:120:08:16

Leisha Santorelli is in

Singapore with more on this.

0:08:160:08:23

Quite extraordinary for an official

to come out and say this?

Comments

0:08:230:08:27

were candid, the warning comes from

a widely respected financial policy

0:08:270:08:34

expert who was recently promoted to

the top ranks of government after

0:08:340:08:38

having served as the mayor of one of

the biggest cities in China, the

0:08:380:08:41

issue has to do with Chinese

economic growth, which has come in

0:08:410:08:45

at a huge economic growth. Huang

Qifan said today that the ratio of

0:08:450:08:52

the financial sector to the overall

economy is the highest ratio in the

0:08:520:08:57

world, which is not a good thing.

International investors have been

0:08:570:09:03

warning about this for years,

policymakers are aware of the

0:09:030:09:06

problem because recently they have

been cracking down on speculative

0:09:060:09:09

investments in areas like shadow

banking, we must see those areas

0:09:090:09:12

work not just in financial sector

but in the problematic property

0:09:120:09:16

sector.

Thank you very much.

0:09:160:09:23

Little bit of a slide going on here,

we will talk about that in more

0:09:260:09:29

detail. European markets... All

started up, and they are still up,

0:09:290:09:36

not a huge amount, but a bit. And

Samira Hussein has the details about

0:09:360:09:42

what's ahead on Wall Street Today.

The big business story will be

0:09:420:09:46

Walmart's earnings report, the

company has been able to get more

0:09:460:09:49

people into its physical

0:09:490:09:52

stores,

0:09:520:09:52

like to give sales numbers a boost.

Walmart is the largest retailer in

0:09:520:09:57

the world, continuing to cut prices,

making more investments into its

0:09:570:10:00

online business. Of course,

investors are going to want to hear

0:10:000:10:05

about the upcoming quality. Also

reporting earnings, Best buy, so the

0:10:050:10:13

holiday season is very key for the

country, -- company, historically it

0:10:130:10:18

makes up almost half of its profit

for the entire year. -- Best Buy.

0:10:180:10:22

What could impact however this

quarter is the waves of Hurricane

0:10:220:10:25

Matthew Burrell that have hit the

US. And Feynman -- finally, Gap will

0:10:250:10:33

report earnings. -- the waves of

hurricanes.

0:10:330:10:46

Joining us is Richard Hunter,

Head of Research,

0:10:480:10:50

Wilson King Investment Management.

0:10:500:10:54

Bit of a shift, this rally that went

on and on, it is a blip?

They are

0:10:540:11:04

taking the air out of the tyres, all

their indexes have hit record highs

0:11:040:11:08

in the States and also we have just

put the match finished third quarter

0:11:080:11:12

reporting season, for the most part,

extraordinarily strong. Justifying

0:11:120:11:17

those valuations, the problem is,

this is kind of after the party now,

0:11:170:11:23

with the lack of any immediate

catalysts it is time to take

0:11:230:11:27

profits.

One of those catalysts

might be movement on US tax reform,

0:11:270:11:32

nothing has happened with that yet,

that is kind of getting on

0:11:320:11:37

peoples... Can I say nervous?

And if

anything does happen that could be a

0:11:370:11:41

good story to kick us off in 2018,

obviously, most unlikely.

Is the US

0:11:410:11:48

market trading on hopes of tax

reform or what you were just saying,

0:11:480:11:52

are they trading on solid earnings?

Solid earnings, I believe, it is

0:11:520:11:58

very difficult to price in any tax

reforms at the moment, not least of

0:11:580:12:02

which because nobody is entirely

sure what US companies will do with

0:12:020:12:05

the money, whether they will

reinvest in staff and technology or

0:12:050:12:09

immediately to manoeuvre their own

balance sheet, in terms of increased

0:12:090:12:14

dividends etc, which would be less

of a boost to the economy, but at

0:12:140:12:17

this moment, even if you listen to

US commentators, the debate is, is

0:12:170:12:23

it tax reform, is it a tax cut?

Briefly, your thoughts on oil, up

0:12:230:12:28

and down like a yo-yo.

It is indeed

but if we look over the last few

0:12:280:12:33

months, seems to have settled in a

range of 55 to 60, certainly the oil

0:12:330:12:38

companies are comfortable with that,

because they have had time to adjust

0:12:380:12:41

to local levels.

Thank you very

much, later, Richard will be giving

0:12:410:12:47

us his views on many things not

least, the Leonardo da Vinci

0:12:470:12:50

painting going for $400 million.

I

would not have spent that much.

That

0:12:500:12:59

wasn't me that spent that money, I

want to reveal that on air.

Yes, I

0:12:590:13:05

dropped out very early... (!)

0:13:050:13:13

coming up: young, gifted and South

African, we will meet the woman

0:13:130:13:16

looking to promote the country's

next superstar entrepreneurs.

0:13:160:13:27

The Royal Mail has posted its latest

results and it's sales are up.

0:13:270:13:30

Our business correspondent

Theo Leggett joins us

0:13:300:13:32

from the business newsroom

with the details.

0:13:320:13:34

These results problem be about as

good as Royal Mail could have hoped

0:13:340:13:38

for, revenues up 2%, operating

profit down 33% but if you strip out

0:13:380:13:43

what the company calls

transformation cost, cost associated

0:13:430:13:46

with modernisation of the business,

they were up 7%. The letters

0:13:460:13:53

business used to be the core of the

business, that is in decline but the

0:13:530:13:57

international parcels business, GLS,

doing rather well, revenues up 9%.

0:13:570:14:02

Pretty good result for the company

all told, you can see that in the

0:14:020:14:06

share price, rallying very sharply.

Failing off a little bit, some of

0:14:060:14:10

that may be due to people betting on

the share price, settling positions,

0:14:100:14:16

but generally, enthusiastic

reception. Well mail is under

0:14:160:14:17

pressure at the moment, these

results are about as good as we

0:14:170:14:21

could have hoped for.

You have voice

got to worry about industrial action

0:14:210:14:25

with Royal Mail, that is always in

the wind, in the background.

0:14:250:14:30

Certainly is at the moment,

Communication Workers Union have

0:14:300:14:34

voted for a strike at Royal Mail in

the run-up to Christmas, Royal Mail

0:14:340:14:37

went to the courts to prevent that

happening and forced the union to go

0:14:370:14:41

into mediation but it admits that

industrial unrest could hit profits

0:14:410:14:45

over the rest of the financial year.

What about pension costs, things

0:14:450:14:49

like that.

Royal Mail is trying to

adapt, close down expensive pension

0:14:490:14:54

system and introduce a cheaper

system, that is what the

0:14:540:14:58

Communication Workers Union does not

like. Another pressure on the

0:14:580:15:03

company, the parcels market is

extremely competitive, doing well at

0:15:030:15:06

the moment but the run-up to

Christmas will be very important

0:15:060:15:08

indeed.

Thank you very

0:15:080:15:10

I like Ted Baker. I shouldn't

actually endorse that. We will

0:15:170:15:23

retract that comment. Revenues up by

seven points 2% in three months.

0:15:230:15:28

Bucking the trend with many clothing

retailers, Marks and Spencer... I

0:15:280:15:35

like them too. You like them too!

Spreading it about. Digging myself

0:15:350:15:39

deeper. Let's move on. Bank of

England Governor Mark Carney in the

0:15:390:15:44

headlines... I like him to start

your gushing today. I know. The Bank

0:15:440:15:50

of England in the news, read all

about it on the website.

0:15:500:15:55

You're watching Business

Live - our top story:

0:15:590:16:05

Zimbabweans are waiting to see

what steps the military will take

0:16:050:16:07

next after seizing control

of the country.

0:16:070:16:12

We are keeping a really close eye

and BBC News and will update chill

0:16:120:16:15

on any developed ones.

0:16:150:16:17

A quick look at how

markets are faring....

0:16:170:16:21

Trading for 45 minutes. Games

across-the-board following a mixed

0:16:210:16:24

day in Asia and is a day of declines

before on Wall Street.

0:16:240:16:30

They say when jobs are scarce,

it brings out the entrepreneurial

0:16:300:16:33

spirit in people.

0:16:330:16:34

That's the thinking behind one

initiative in South Africa -

0:16:340:16:36

a collaboration between a famous

whisky brand, and entrepeneurs

0:16:360:16:38

in Johannesburg.

0:16:380:16:39

For young South Africans,

prospects are bleak -

0:16:390:16:41

nearly half of those aged between 15

and 34 were out of work last year.

0:16:410:16:45

The economy is under duress,

despite emerging from recession

0:16:450:16:47

and growing by 2 and half percent

in the 3 months to September.

0:16:470:16:50

So two years ago, J&B Hive was set

up by the 268-year J&B whisky

0:16:500:16:54

brand, owned by Diageo,

and Independents United to help

0:16:540:16:58

South Africa's budding entrepreneurs

get free access to a workspace,

0:16:580:17:03

computers, WiFi and training.

0:17:030:17:10

Today, it has around 100 members.

0:17:100:17:14

And a big part of its

work is helping female

0:17:140:17:17

entrepreneurs to get started.

0:17:170:17:21

Clare Beaumont-Adam

is Senior Strategist

0:17:210:17:25

at Independents United.

0:17:250:17:31

Your extremely involved in terms

with J and B hive, tell us more

0:17:310:17:38

about how this operates in

Johannesburg and who is making the

0:17:380:17:42

most of the opportunity?

As you said

we were set up predominantly for

0:17:420:17:47

18-35 -year-olds, based in

Johannesburg. We have a co-working

0:17:470:17:50

space which is free for members to

use, camera and video equipment and

0:17:500:17:56

importantly we run skills and

training workshops, mentoring and

0:17:560:18:00

offers some investment.

This concept

of an incubator, big company

0:18:000:18:05

providing incubators for small, new

companies is quite well-established

0:18:050:18:08

within TEC knowledge of but this is

quite new, food and tricks.

0:18:080:18:13

Importantly what we are based on as

creative entrepreneurs, social

0:18:130:18:22

entrepreneurs, for the designers to

content makers. Slightly different

0:18:220:18:25

who we are attracting but relevant

to the market. What does JMP get out

0:18:250:18:30

of it? It was about recognition as a

brand, they needed to look at

0:18:300:18:35

connecting with consumers in a

different way. Traditionally brands

0:18:350:18:38

will tell a consumer of what they

need to think and feel what we did

0:18:380:18:42

is we said actually, what you need

to do is provide what consumers

0:18:420:18:45

need. JMP, the entrepreneurs in the

space, we ask them integrate JMB

0:18:450:18:53

whiskey in a way that feels

authentic... Give me an example. An

0:18:530:18:57

example could be if we have an

artist, we had an artist who created

0:18:570:19:02

this book packaging for one of their

products, and it was all their

0:19:020:19:05

design come of what they wanted,

their vision. If they are a content

0:19:050:19:10

maker and they have an event

screaming they sampled JMP whiskey

0:19:100:19:13

there.

I think I am probably going

to ask the same question as you. We

0:19:130:19:19

will see, you can tell me

afterwards. The people you're

0:19:190:19:22

meeting, in their 20s, these are

young people who have not grown up

0:19:220:19:27

under apartheid, many of them you

said to us earlier, their parents

0:19:270:19:30

would not have had access to

education going on to further

0:19:300:19:34

education if they were from the

black community and you are seeing a

0:19:340:19:38

shift from that point of view.

Absolutely, it had a difficult

0:19:380:19:42

political background and I think

when you look at this now, there is

0:19:420:19:46

a hunger for making a change and

authentically telling the African

0:19:460:19:51

story from Africa. A lot of the

entrepreneurs we work with tell us

0:19:510:19:55

how Africa is portrayed by western

media outside the country and it's a

0:19:550:19:59

brilliant place, vibrant place, lots

going on, it this is an opportunity

0:19:590:20:04

to give people a platform to tell

the world what is going on. Why are

0:20:040:20:08

you concentrating on women? Not

women specifically, we had 20% women

0:20:080:20:14

in year one, the second intake that

was down to 15% and that was

0:20:140:20:18

important for us to recognise

whether the barriers to entry was

0:20:180:20:22

something we were doing or something

coming externally. Interesting

0:20:220:20:25

statistics, look out there, men are

60% more likely to get funding for

0:20:250:20:31

their business than women when

pitching the same idea, so it's like

0:20:310:20:34

OK, what can we do to try and level

the playing field? Why, do you

0:20:340:20:39

think? We asked men and women to

save what is the barrier, why are

0:20:390:20:44

people not coming in, what is the

hesitation? And interesting enough,

0:20:440:20:49

women are at more risk averse, this

is what we found and they like to be

0:20:490:20:53

fully prepared when they have got a

business idea and have a long vision

0:20:530:20:57

for it. What we found with male

entrepreneurs, they would tested

0:20:570:21:02

quickly, doesn't matter, we will

make it work. We win it. I think

0:21:020:21:07

that's it. You look, there is a

massive lack of skills and training

0:21:070:21:12

in South Africa as a market, the

global entrepreneurship index ranks

0:21:120:21:17

South Africa at 55 out of 137.

You

provide mentoring as well. I want to

0:21:170:21:22

get an example of a kind of business

which you have brought on, a woman

0:21:220:21:27

running it. Can you give me an idea

of the kind of person you have

0:21:270:21:32

brought on?

Absolutely, a lady who

does fashion for plus size woman,

0:21:320:21:37

she recognised as a plus size woman

herself there was few channels and

0:21:370:21:41

outlets for her to have great

fashionable clothing so she set it

0:21:410:21:45

up, got some products out there and

recently was invited to Brussels for

0:21:450:21:49

Fashion Week and it has escalated.

How do you bring that into JMB?

It's

0:21:490:21:56

a content play as well, the brand

can go we have this amazing woman

0:21:560:22:00

showing at Fashion Week, working

with celebrities and we can create

0:22:000:22:04

stories out of that and the brand

can use it on their content.

0:22:040:22:08

Fascinating. Thank you so much for

coming in, it really is fascinating

0:22:080:22:12

and I imagine you could serve

whiskey. You prepare so well before

0:22:120:22:16

these programmes and I just wing it.

That is why you need more women on

0:22:160:22:20

the boards. It is true. Let's tell

you how to stay in touch with us.

0:22:200:22:34

We will keep you up-to-date with all

the latest analysis and we want to

0:22:360:22:40

hear from you, get involved in the

BBC Business live web page. On

0:22:400:22:46

Twitter, and you can find us on

Facebook. Business live on TV and

0:22:460:22:52

online. Whenever you need to know.

0:22:520:22:58

Joining us is Richard Hunter,

Head of Research, Wilson King

0:22:580:23:00

Investment Management.

0:23:010:23:06

You have just heard from Michelle

how to keep in touch with us, you

0:23:060:23:09

have not held back, we are talking

about the Leonardo da Vinci painting

0:23:090:23:14

which went for $400 million. A lot

more to this story than what

0:23:140:23:17

happened overnight.

Quite apart from

the eye watering figure of $400

0:23:170:23:24

million, this is a painting which

for example in 1958 was sold in a

0:23:240:23:28

London auction for £45. There is a

bit of inflation for you. Underneath

0:23:280:23:33

all of that it would appear in the

art community there is some debate

0:23:330:23:39

as to further its a real, genuine,

da Vinci at all.

I always have my

0:23:390:23:44

doubts! LAUGHTER soul underneath

that, a quite extraordinary thing,

0:23:440:23:54

not 100% justifiable potentially.

The other thing, it's an absolute

0:23:540:24:00

public relations triumph in terms of

the marketing campaign for

0:24:000:24:03

Christies, they send out videos

previous to the auction, they have

0:24:030:24:07

been dropping up interest and they

have had $100 million reserve.

0:24:070:24:13

Ironically it was sold in 1958 for

$45, at auction in London. The way

0:24:130:24:20

they describe it, fascinating, they

hyped it up as this amazing event,

0:24:200:24:24

it's like discovering a new planet.

That was Christies. Absolutely

0:24:240:24:28

right, the other thing they did was

put it into the contemporary art

0:24:280:24:32

sale when of course it is an old

master.

Isn't that the Czar? That's

0:24:320:24:37

because the old Masters market is...

Doesn't appear to be as sexy. It is

0:24:370:24:45

interesting that Leonardo Vinci is a

contemporary! Let's see what some of

0:24:450:24:48

you have to say, Camilla who says,

it's got nothing to do with art, it

0:24:480:24:53

was worth $10,000 some years ago,

it's just about money. Chuck says

0:24:530:24:59

art is like the emperor's new

clothes, it is to whoever bought it.

0:24:590:25:04

I guess. I wonder what will happen

to it. As it is going to sit in a

0:25:040:25:09

room and someone will look at it?

Some are hoping it will go on

0:25:090:25:13

display and an art gallery in New

York. We don't know yet. What would

0:25:130:25:17

you do with it, Richard?

I would

probably do witches hang onto it for

0:25:170:25:21

about five years and sell it at a

massive profit? Sold about three

0:25:210:25:26

times in the last 12 years. In 2005

at $10,000, and we have 127 million

0:25:260:25:36

last purchased prior to this.

No

shortage of money around. Was

0:25:360:25:39

watching another option the other

day for the biggest diamond... In

0:25:390:25:43

Geneva. Went for 29, Christies

really on a roll.

They are, they

0:25:430:25:49

absolutely. And we've got a couple

of people within the story saying

0:25:490:25:55

this marketing is the way forward.

Richard thanks so much. If you

0:25:550:26:00

bought it, let us know.

0:26:000:26:02

That's it from Business Live today.

0:26:020:26:03

Download Subtitles

SRT

ASS