Browse content similar to 16/11/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News | 0:00:09 | 0:00:11 | |
with Jamie Robertson
and Sally Bundock. | 0:00:11 | 0:00:15 | |
Zimbabweans are waiting to see
what steps the military will take | 0:00:15 | 0:00:17 | |
next after seizing control
of the country. | 0:00:17 | 0:00:21 | |
Live from London, that is the top
story, Thursday, 16th November. | 0:00:21 | 0:00:27 | |
-- Zimbabweans are waiting to see
what happens next after the military | 0:00:29 | 0:00:31 | |
seize control of the country. | 0:00:31 | 0:00:35 | |
The soaring cost of living
in Zimbabwe, | 0:00:41 | 0:00:43 | |
could the dark days
of hyperinflation be returning? | 0:00:43 | 0:00:44 | |
And warnings about serious risks
facing China's economy. | 0:00:44 | 0:00:46 | |
Senior government officials say
the country's financial sector needs | 0:00:46 | 0:00:49 | |
needs to reform quickly
if it is to avoid a crisis. | 0:00:49 | 0:00:58 | |
Market starting on a positive note
but we have seen some fairly sharp | 0:00:58 | 0:01:01 | |
falls. Market seem a bit tired of
going upwards for ever. We will have | 0:01:01 | 0:01:07 | |
a bit more of that in a moment. | 0:01:07 | 0:01:16 | |
Also in the programme, | 0:01:16 | 0:01:23 | |
there may be uncertainty
in Zimbabwe, | 0:01:23 | 0:01:28 | |
but across the border
in South Africa, | 0:01:28 | 0:01:30 | |
there's a thriving
community of young entrepreneurs. | 0:01:30 | 0:01:32 | |
We'll talk to the woman behind
the incubator looking | 0:01:32 | 0:01:34 | |
to harness all that potential. | 0:01:34 | 0:01:35 | |
We want your views on the Da Vinci
frenzy, was it worth it? | 0:01:35 | 0:01:42 | |
What you make of the record-breaking
da Vinci auction. | 0:01:42 | 0:01:54 | |
We start in Zimbabwe. | 0:02:02 | 0:02:06 | |
President Mugabe remains under house
arrest | 0:02:06 | 0:02:12 | |
after what the African Union says
"seems like a coup", | 0:02:12 | 0:02:14 | |
something denied by
the country's military. | 0:02:14 | 0:02:15 | |
The economy is a huge source
of unrest in Zimbabwe. | 0:02:15 | 0:02:18 | |
Its currency was scrapped in 2009
after hyperinflation reached | 0:02:18 | 0:02:20 | |
several BILLION percent! | 0:02:20 | 0:02:23 | |
It was replaced with
foreign currencies, | 0:02:23 | 0:02:25 | |
today it's mostly the US dollar. | 0:02:25 | 0:02:26 | |
But that hasn't helped
ordinary people. | 0:02:26 | 0:02:36 | |
Zimbabwe's official inflation rate
was 2.24% in October. | 0:02:37 | 0:02:39 | |
But some analysts who track the cost
of consumer goods in Zimbabwe think | 0:02:39 | 0:02:42 | |
they're rising at over 65% a year. | 0:02:42 | 0:02:43 | |
That's because of a shortage
of dollars needed to pay | 0:02:43 | 0:02:46 | |
for imported goods. | 0:02:46 | 0:02:47 | |
In fact, economist Steve Hanke
from John Hopkins University thinks | 0:02:47 | 0:02:49 | |
the situation is far worse. | 0:02:49 | 0:02:51 | |
He recently wrote in Forbes magazine
that the actual inflation rate | 0:02:51 | 0:02:53 | |
is almost 243%. | 0:02:53 | 0:02:54 | |
He's warning that hyperinflation
is returning to the country. | 0:02:54 | 0:03:04 | |
Theo Acheampong is a Senior
Analyst at IHS Markit. | 0:03:07 | 0:03:09 | |
A lot of commentary on what is
unfolding in Zimbabwe, what is your | 0:03:09 | 0:03:16 | |
prediction on what might happen in
the next 24, 48 hours, it is hard to | 0:03:16 | 0:03:20 | |
tell. It is hard to tell but we have
also seen some really good | 0:03:20 | 0:03:25 | |
indicators of how this might play
out. We are likely to see the ousted | 0:03:25 | 0:03:31 | |
vice president, coming back to lead
some form of transitional government | 0:03:31 | 0:03:38 | |
in the country, but this is more so
because he has the active backing of | 0:03:38 | 0:03:44 | |
not just the military, but the likes
of the important political backers. | 0:03:44 | 0:03:52 | |
In terms of the indicators going
forward, what we have observed over | 0:03:52 | 0:03:57 | |
the last 72 hours, our prediction
and assessment is that yes, there is | 0:03:57 | 0:04:02 | |
a high possibility that the ousted
vice president Emmerson Mnangagwa | 0:04:02 | 0:04:07 | |
comes in and would lead a
transitional government, while | 0:04:07 | 0:04:13 | |
Robert Mugabe and his wife are
removed from the country. Let's talk | 0:04:13 | 0:04:19 | |
about what that means, it is a
political crisis, a political split | 0:04:19 | 0:04:25 | |
within ZANU-PF, those who support
Grace Mugabe and those who support | 0:04:25 | 0:04:28 | |
the vice president, as it were, but
behind-the-scenes, economic crisis | 0:04:28 | 0:04:34 | |
that has been gripping Zimbabwe
full-year score, that was being | 0:04:34 | 0:04:37 | |
outlined with some statistics, but
one I find astonishing, 95% of the | 0:04:37 | 0:04:42 | |
working population is out of work.
This issue with a cash crisis... | 0:04:42 | 0:04:52 | |
They are allowed to withdraw a few
dollars a day, and they try to do | 0:04:52 | 0:04:55 | |
that each day. There is a big
political/ economic appearance to | 0:04:55 | 0:05:03 | |
all of this but going forward, the
indication to look out for is the | 0:05:03 | 0:05:10 | |
likes of the finance minister, who
was ousted in the cabinet, in a | 0:05:10 | 0:05:16 | |
reshuffle, on October nine, Ignatius
Chombo, he was trying to push for | 0:05:16 | 0:05:22 | |
economic reforms. With the vice
president likely coming back to lead | 0:05:22 | 0:05:27 | |
the transition, we will see him and
a couple of the allies who are much | 0:05:27 | 0:05:32 | |
more pro-business and pro-reform and
pro-economics, coming in, and they | 0:05:32 | 0:05:39 | |
would see reforms and measures put
in place that would then be to the | 0:05:39 | 0:05:42 | |
economy picking up. Is there a mood
for re-form, a mood for | 0:05:42 | 0:05:48 | |
liberalisation, for foreign
companies to come in? Yes, to an | 0:05:48 | 0:05:54 | |
extent, not really big or massive,
but we have seen indications to that | 0:05:54 | 0:05:58 | |
effect. Basically, with the vice
president and the finance minister, | 0:05:58 | 0:06:06 | |
we saw them driving and engaging
with the IMF, with the donor | 0:06:06 | 0:06:11 | |
community and with the Chinese,
trying to get investment into the | 0:06:11 | 0:06:16 | |
country, the Chinese had actually
promised at some point to bring in 4 | 0:06:16 | 0:06:21 | |
billion US dollars over three years,
into the country, but that comes | 0:06:21 | 0:06:25 | |
with reforms and comes with some
conditionality attached to it, | 0:06:25 | 0:06:31 | |
particularly from the IMF. There is
the mood for reform, but the | 0:06:31 | 0:06:35 | |
question remains, how far would that
go? We will be watching with great | 0:06:35 | 0:06:41 | |
interest, Theo Acheampong, with his
analysis. Obviously, today, | 0:06:41 | 0:06:47 | |
tomorrow, we will be across it,
telling you any development as we | 0:06:47 | 0:06:50 | |
hear them. | 0:06:50 | 0:06:55 | |
Let's take a look at some
of the other stories | 0:06:55 | 0:07:01 | |
making the news. | 0:07:01 | 0:07:05 | |
Barbie maker Mattel has
rebuffed the latest takeover | 0:07:05 | 0:07:07 | |
approach from rival Hasbro,
according to sources | 0:07:07 | 0:07:09 | |
quoted by Reuters, casting
doubt over the potential | 0:07:09 | 0:07:11 | |
merger between the world's two
largest toy companies. | 0:07:11 | 0:07:13 | |
Mattel believes the offer
undervalues it and doesn't address | 0:07:13 | 0:07:15 | |
potential antitrust concerns,
the sources claim. | 0:07:15 | 0:07:19 | |
European regulators have warned
banks working on post-Brexit plans | 0:07:19 | 0:07:21 | |
that they will "need to have
substance locally" to | 0:07:21 | 0:07:23 | |
serve European clients. | 0:07:23 | 0:07:24 | |
The European Central Bank says some
proposals are inadequate and risk | 0:07:24 | 0:07:27 | |
creating "empty shells". | 0:07:27 | 0:07:28 | |
Many banks currently
access the European market | 0:07:28 | 0:07:29 | |
through UK offices | 0:07:29 | 0:07:30 | |
but are working on contingency
plans, | 0:07:30 | 0:07:32 | |
adding space in cities such
as Frankfurt and Dublin. | 0:07:32 | 0:07:36 | |
The president of Angola,
Joao Lourenco, has fired | 0:07:36 | 0:07:38 | |
the daughter of his predecessor
as head of the country's state | 0:07:38 | 0:07:40 | |
oil company Sonangol. | 0:07:40 | 0:07:41 | |
Isabel Dos Santos,
the billionaire daughter of former | 0:07:41 | 0:07:43 | |
President Jose Eduardo dos Santos,
is Africa's richest woman with a net | 0:07:43 | 0:07:46 | |
worth of over $3 billion. | 0:07:46 | 0:07:47 | |
President Lourenco, known as JLo,
says he will tackle corruption. | 0:07:47 | 0:07:57 | |
Interesting story that broke earlier
in China today. | 0:08:05 | 0:08:07 | |
A senior Chinese government official
has warned that China's financial | 0:08:07 | 0:08:10 | |
sector faces bubble risks due
to the build-up of | 0:08:10 | 0:08:12 | |
debt in the economy. | 0:08:12 | 0:08:16 | |
Leisha Santorelli is in
Singapore with more on this. | 0:08:16 | 0:08:23 | |
Quite extraordinary for an official
to come out and say this? Comments | 0:08:23 | 0:08:27 | |
were candid, the warning comes from
a widely respected financial policy | 0:08:27 | 0:08:34 | |
expert who was recently promoted to
the top ranks of government after | 0:08:34 | 0:08:38 | |
having served as the mayor of one of
the biggest cities in China, the | 0:08:38 | 0:08:41 | |
issue has to do with Chinese
economic growth, which has come in | 0:08:41 | 0:08:45 | |
at a huge economic growth. Huang
Qifan said today that the ratio of | 0:08:45 | 0:08:52 | |
the financial sector to the overall
economy is the highest ratio in the | 0:08:52 | 0:08:57 | |
world, which is not a good thing.
International investors have been | 0:08:57 | 0:09:03 | |
warning about this for years,
policymakers are aware of the | 0:09:03 | 0:09:06 | |
problem because recently they have
been cracking down on speculative | 0:09:06 | 0:09:09 | |
investments in areas like shadow
banking, we must see those areas | 0:09:09 | 0:09:12 | |
work not just in financial sector
but in the problematic property | 0:09:12 | 0:09:16 | |
sector. Thank you very much. | 0:09:16 | 0:09:23 | |
Little bit of a slide going on here,
we will talk about that in more | 0:09:26 | 0:09:29 | |
detail. European markets... All
started up, and they are still up, | 0:09:29 | 0:09:36 | |
not a huge amount, but a bit. And
Samira Hussein has the details about | 0:09:36 | 0:09:42 | |
what's ahead on Wall Street Today.
The big business story will be | 0:09:42 | 0:09:46 | |
Walmart's earnings report, the
company has been able to get more | 0:09:46 | 0:09:49 | |
people into its physical | 0:09:49 | 0:09:52 | |
stores, | 0:09:52 | 0:09:52 | |
like to give sales numbers a boost.
Walmart is the largest retailer in | 0:09:52 | 0:09:57 | |
the world, continuing to cut prices,
making more investments into its | 0:09:57 | 0:10:00 | |
online business. Of course,
investors are going to want to hear | 0:10:00 | 0:10:05 | |
about the upcoming quality. Also
reporting earnings, Best buy, so the | 0:10:05 | 0:10:13 | |
holiday season is very key for the
country, -- company, historically it | 0:10:13 | 0:10:18 | |
makes up almost half of its profit
for the entire year. -- Best Buy. | 0:10:18 | 0:10:22 | |
What could impact however this
quarter is the waves of Hurricane | 0:10:22 | 0:10:25 | |
Matthew Burrell that have hit the
US. And Feynman -- finally, Gap will | 0:10:25 | 0:10:33 | |
report earnings. -- the waves of
hurricanes. | 0:10:33 | 0:10:46 | |
Joining us is Richard Hunter,
Head of Research, | 0:10:48 | 0:10:50 | |
Wilson King Investment Management. | 0:10:50 | 0:10:54 | |
Bit of a shift, this rally that went
on and on, it is a blip? They are | 0:10:54 | 0:11:04 | |
taking the air out of the tyres, all
their indexes have hit record highs | 0:11:04 | 0:11:08 | |
in the States and also we have just
put the match finished third quarter | 0:11:08 | 0:11:12 | |
reporting season, for the most part,
extraordinarily strong. Justifying | 0:11:12 | 0:11:17 | |
those valuations, the problem is,
this is kind of after the party now, | 0:11:17 | 0:11:23 | |
with the lack of any immediate
catalysts it is time to take | 0:11:23 | 0:11:27 | |
profits. One of those catalysts
might be movement on US tax reform, | 0:11:27 | 0:11:32 | |
nothing has happened with that yet,
that is kind of getting on | 0:11:32 | 0:11:37 | |
peoples... Can I say nervous? And if
anything does happen that could be a | 0:11:37 | 0:11:41 | |
good story to kick us off in 2018,
obviously, most unlikely. Is the US | 0:11:41 | 0:11:48 | |
market trading on hopes of tax
reform or what you were just saying, | 0:11:48 | 0:11:52 | |
are they trading on solid earnings?
Solid earnings, I believe, it is | 0:11:52 | 0:11:58 | |
very difficult to price in any tax
reforms at the moment, not least of | 0:11:58 | 0:12:02 | |
which because nobody is entirely
sure what US companies will do with | 0:12:02 | 0:12:05 | |
the money, whether they will
reinvest in staff and technology or | 0:12:05 | 0:12:09 | |
immediately to manoeuvre their own
balance sheet, in terms of increased | 0:12:09 | 0:12:14 | |
dividends etc, which would be less
of a boost to the economy, but at | 0:12:14 | 0:12:17 | |
this moment, even if you listen to
US commentators, the debate is, is | 0:12:17 | 0:12:23 | |
it tax reform, is it a tax cut?
Briefly, your thoughts on oil, up | 0:12:23 | 0:12:28 | |
and down like a yo-yo. It is indeed
but if we look over the last few | 0:12:28 | 0:12:33 | |
months, seems to have settled in a
range of 55 to 60, certainly the oil | 0:12:33 | 0:12:38 | |
companies are comfortable with that,
because they have had time to adjust | 0:12:38 | 0:12:41 | |
to local levels. Thank you very
much, later, Richard will be giving | 0:12:41 | 0:12:47 | |
us his views on many things not
least, the Leonardo da Vinci | 0:12:47 | 0:12:50 | |
painting going for $400 million. I
would not have spent that much. That | 0:12:50 | 0:12:59 | |
wasn't me that spent that money, I
want to reveal that on air. Yes, I | 0:12:59 | 0:13:05 | |
dropped out very early... (!) | 0:13:05 | 0:13:13 | |
coming up: young, gifted and South
African, we will meet the woman | 0:13:13 | 0:13:16 | |
looking to promote the country's
next superstar entrepreneurs. | 0:13:16 | 0:13:27 | |
The Royal Mail has posted its latest
results and it's sales are up. | 0:13:27 | 0:13:30 | |
Our business correspondent
Theo Leggett joins us | 0:13:30 | 0:13:32 | |
from the business newsroom
with the details. | 0:13:32 | 0:13:34 | |
These results problem be about as
good as Royal Mail could have hoped | 0:13:34 | 0:13:38 | |
for, revenues up 2%, operating
profit down 33% but if you strip out | 0:13:38 | 0:13:43 | |
what the company calls
transformation cost, cost associated | 0:13:43 | 0:13:46 | |
with modernisation of the business,
they were up 7%. The letters | 0:13:46 | 0:13:53 | |
business used to be the core of the
business, that is in decline but the | 0:13:53 | 0:13:57 | |
international parcels business, GLS,
doing rather well, revenues up 9%. | 0:13:57 | 0:14:02 | |
Pretty good result for the company
all told, you can see that in the | 0:14:02 | 0:14:06 | |
share price, rallying very sharply.
Failing off a little bit, some of | 0:14:06 | 0:14:10 | |
that may be due to people betting on
the share price, settling positions, | 0:14:10 | 0:14:16 | |
but generally, enthusiastic
reception. Well mail is under | 0:14:16 | 0:14:17 | |
pressure at the moment, these
results are about as good as we | 0:14:17 | 0:14:21 | |
could have hoped for. You have voice
got to worry about industrial action | 0:14:21 | 0:14:25 | |
with Royal Mail, that is always in
the wind, in the background. | 0:14:25 | 0:14:30 | |
Certainly is at the moment,
Communication Workers Union have | 0:14:30 | 0:14:34 | |
voted for a strike at Royal Mail in
the run-up to Christmas, Royal Mail | 0:14:34 | 0:14:37 | |
went to the courts to prevent that
happening and forced the union to go | 0:14:37 | 0:14:41 | |
into mediation but it admits that
industrial unrest could hit profits | 0:14:41 | 0:14:45 | |
over the rest of the financial year.
What about pension costs, things | 0:14:45 | 0:14:49 | |
like that. Royal Mail is trying to
adapt, close down expensive pension | 0:14:49 | 0:14:54 | |
system and introduce a cheaper
system, that is what the | 0:14:54 | 0:14:58 | |
Communication Workers Union does not
like. Another pressure on the | 0:14:58 | 0:15:03 | |
company, the parcels market is
extremely competitive, doing well at | 0:15:03 | 0:15:06 | |
the moment but the run-up to
Christmas will be very important | 0:15:06 | 0:15:08 | |
indeed. Thank you very | 0:15:08 | 0:15:10 | |
I like Ted Baker. I shouldn't
actually endorse that. We will | 0:15:17 | 0:15:23 | |
retract that comment. Revenues up by
seven points 2% in three months. | 0:15:23 | 0:15:28 | |
Bucking the trend with many clothing
retailers, Marks and Spencer... I | 0:15:28 | 0:15:35 | |
like them too. You like them too!
Spreading it about. Digging myself | 0:15:35 | 0:15:39 | |
deeper. Let's move on. Bank of
England Governor Mark Carney in the | 0:15:39 | 0:15:44 | |
headlines... I like him to start
your gushing today. I know. The Bank | 0:15:44 | 0:15:50 | |
of England in the news, read all
about it on the website. | 0:15:50 | 0:15:55 | |
You're watching Business
Live - our top story: | 0:15:59 | 0:16:05 | |
Zimbabweans are waiting to see
what steps the military will take | 0:16:05 | 0:16:07 | |
next after seizing control
of the country. | 0:16:07 | 0:16:12 | |
We are keeping a really close eye
and BBC News and will update chill | 0:16:12 | 0:16:15 | |
on any developed ones. | 0:16:15 | 0:16:17 | |
A quick look at how
markets are faring.... | 0:16:17 | 0:16:21 | |
Trading for 45 minutes. Games
across-the-board following a mixed | 0:16:21 | 0:16:24 | |
day in Asia and is a day of declines
before on Wall Street. | 0:16:24 | 0:16:30 | |
They say when jobs are scarce,
it brings out the entrepreneurial | 0:16:30 | 0:16:33 | |
spirit in people. | 0:16:33 | 0:16:34 | |
That's the thinking behind one
initiative in South Africa - | 0:16:34 | 0:16:36 | |
a collaboration between a famous
whisky brand, and entrepeneurs | 0:16:36 | 0:16:38 | |
in Johannesburg. | 0:16:38 | 0:16:39 | |
For young South Africans,
prospects are bleak - | 0:16:39 | 0:16:41 | |
nearly half of those aged between 15
and 34 were out of work last year. | 0:16:41 | 0:16:45 | |
The economy is under duress,
despite emerging from recession | 0:16:45 | 0:16:47 | |
and growing by 2 and half percent
in the 3 months to September. | 0:16:47 | 0:16:50 | |
So two years ago, J&B Hive was set
up by the 268-year J&B whisky | 0:16:50 | 0:16:54 | |
brand, owned by Diageo,
and Independents United to help | 0:16:54 | 0:16:58 | |
South Africa's budding entrepreneurs
get free access to a workspace, | 0:16:58 | 0:17:03 | |
computers, WiFi and training. | 0:17:03 | 0:17:10 | |
Today, it has around 100 members. | 0:17:10 | 0:17:14 | |
And a big part of its
work is helping female | 0:17:14 | 0:17:17 | |
entrepreneurs to get started. | 0:17:17 | 0:17:21 | |
Clare Beaumont-Adam
is Senior Strategist | 0:17:21 | 0:17:25 | |
at Independents United. | 0:17:25 | 0:17:31 | |
Your extremely involved in terms
with J and B hive, tell us more | 0:17:31 | 0:17:38 | |
about how this operates in
Johannesburg and who is making the | 0:17:38 | 0:17:42 | |
most of the opportunity? As you said
we were set up predominantly for | 0:17:42 | 0:17:47 | |
18-35 -year-olds, based in
Johannesburg. We have a co-working | 0:17:47 | 0:17:50 | |
space which is free for members to
use, camera and video equipment and | 0:17:50 | 0:17:56 | |
importantly we run skills and
training workshops, mentoring and | 0:17:56 | 0:18:00 | |
offers some investment. This concept
of an incubator, big company | 0:18:00 | 0:18:05 | |
providing incubators for small, new
companies is quite well-established | 0:18:05 | 0:18:08 | |
within TEC knowledge of but this is
quite new, food and tricks. | 0:18:08 | 0:18:13 | |
Importantly what we are based on as
creative entrepreneurs, social | 0:18:13 | 0:18:22 | |
entrepreneurs, for the designers to
content makers. Slightly different | 0:18:22 | 0:18:25 | |
who we are attracting but relevant
to the market. What does JMP get out | 0:18:25 | 0:18:30 | |
of it? It was about recognition as a
brand, they needed to look at | 0:18:30 | 0:18:35 | |
connecting with consumers in a
different way. Traditionally brands | 0:18:35 | 0:18:38 | |
will tell a consumer of what they
need to think and feel what we did | 0:18:38 | 0:18:42 | |
is we said actually, what you need
to do is provide what consumers | 0:18:42 | 0:18:45 | |
need. JMP, the entrepreneurs in the
space, we ask them integrate JMB | 0:18:45 | 0:18:53 | |
whiskey in a way that feels
authentic... Give me an example. An | 0:18:53 | 0:18:57 | |
example could be if we have an
artist, we had an artist who created | 0:18:57 | 0:19:02 | |
this book packaging for one of their
products, and it was all their | 0:19:02 | 0:19:05 | |
design come of what they wanted,
their vision. If they are a content | 0:19:05 | 0:19:10 | |
maker and they have an event
screaming they sampled JMP whiskey | 0:19:10 | 0:19:13 | |
there. I think I am probably going
to ask the same question as you. We | 0:19:13 | 0:19:19 | |
will see, you can tell me
afterwards. The people you're | 0:19:19 | 0:19:22 | |
meeting, in their 20s, these are
young people who have not grown up | 0:19:22 | 0:19:27 | |
under apartheid, many of them you
said to us earlier, their parents | 0:19:27 | 0:19:30 | |
would not have had access to
education going on to further | 0:19:30 | 0:19:34 | |
education if they were from the
black community and you are seeing a | 0:19:34 | 0:19:38 | |
shift from that point of view.
Absolutely, it had a difficult | 0:19:38 | 0:19:42 | |
political background and I think
when you look at this now, there is | 0:19:42 | 0:19:46 | |
a hunger for making a change and
authentically telling the African | 0:19:46 | 0:19:51 | |
story from Africa. A lot of the
entrepreneurs we work with tell us | 0:19:51 | 0:19:55 | |
how Africa is portrayed by western
media outside the country and it's a | 0:19:55 | 0:19:59 | |
brilliant place, vibrant place, lots
going on, it this is an opportunity | 0:19:59 | 0:20:04 | |
to give people a platform to tell
the world what is going on. Why are | 0:20:04 | 0:20:08 | |
you concentrating on women? Not
women specifically, we had 20% women | 0:20:08 | 0:20:14 | |
in year one, the second intake that
was down to 15% and that was | 0:20:14 | 0:20:18 | |
important for us to recognise
whether the barriers to entry was | 0:20:18 | 0:20:22 | |
something we were doing or something
coming externally. Interesting | 0:20:22 | 0:20:25 | |
statistics, look out there, men are
60% more likely to get funding for | 0:20:25 | 0:20:31 | |
their business than women when
pitching the same idea, so it's like | 0:20:31 | 0:20:34 | |
OK, what can we do to try and level
the playing field? Why, do you | 0:20:34 | 0:20:39 | |
think? We asked men and women to
save what is the barrier, why are | 0:20:39 | 0:20:44 | |
people not coming in, what is the
hesitation? And interesting enough, | 0:20:44 | 0:20:49 | |
women are at more risk averse, this
is what we found and they like to be | 0:20:49 | 0:20:53 | |
fully prepared when they have got a
business idea and have a long vision | 0:20:53 | 0:20:57 | |
for it. What we found with male
entrepreneurs, they would tested | 0:20:57 | 0:21:02 | |
quickly, doesn't matter, we will
make it work. We win it. I think | 0:21:02 | 0:21:07 | |
that's it. You look, there is a
massive lack of skills and training | 0:21:07 | 0:21:12 | |
in South Africa as a market, the
global entrepreneurship index ranks | 0:21:12 | 0:21:17 | |
South Africa at 55 out of 137. You
provide mentoring as well. I want to | 0:21:17 | 0:21:22 | |
get an example of a kind of business
which you have brought on, a woman | 0:21:22 | 0:21:27 | |
running it. Can you give me an idea
of the kind of person you have | 0:21:27 | 0:21:32 | |
brought on? Absolutely, a lady who
does fashion for plus size woman, | 0:21:32 | 0:21:37 | |
she recognised as a plus size woman
herself there was few channels and | 0:21:37 | 0:21:41 | |
outlets for her to have great
fashionable clothing so she set it | 0:21:41 | 0:21:45 | |
up, got some products out there and
recently was invited to Brussels for | 0:21:45 | 0:21:49 | |
Fashion Week and it has escalated.
How do you bring that into JMB? It's | 0:21:49 | 0:21:56 | |
a content play as well, the brand
can go we have this amazing woman | 0:21:56 | 0:22:00 | |
showing at Fashion Week, working
with celebrities and we can create | 0:22:00 | 0:22:04 | |
stories out of that and the brand
can use it on their content. | 0:22:04 | 0:22:08 | |
Fascinating. Thank you so much for
coming in, it really is fascinating | 0:22:08 | 0:22:12 | |
and I imagine you could serve
whiskey. You prepare so well before | 0:22:12 | 0:22:16 | |
these programmes and I just wing it.
That is why you need more women on | 0:22:16 | 0:22:20 | |
the boards. It is true. Let's tell
you how to stay in touch with us. | 0:22:20 | 0:22:34 | |
We will keep you up-to-date with all
the latest analysis and we want to | 0:22:36 | 0:22:40 | |
hear from you, get involved in the
BBC Business live web page. On | 0:22:40 | 0:22:46 | |
Twitter, and you can find us on
Facebook. Business live on TV and | 0:22:46 | 0:22:52 | |
online. Whenever you need to know. | 0:22:52 | 0:22:58 | |
Joining us is Richard Hunter,
Head of Research, Wilson King | 0:22:58 | 0:23:00 | |
Investment Management. | 0:23:01 | 0:23:06 | |
You have just heard from Michelle
how to keep in touch with us, you | 0:23:06 | 0:23:09 | |
have not held back, we are talking
about the Leonardo da Vinci painting | 0:23:09 | 0:23:14 | |
which went for $400 million. A lot
more to this story than what | 0:23:14 | 0:23:17 | |
happened overnight. Quite apart from
the eye watering figure of $400 | 0:23:17 | 0:23:24 | |
million, this is a painting which
for example in 1958 was sold in a | 0:23:24 | 0:23:28 | |
London auction for £45. There is a
bit of inflation for you. Underneath | 0:23:28 | 0:23:33 | |
all of that it would appear in the
art community there is some debate | 0:23:33 | 0:23:39 | |
as to further its a real, genuine,
da Vinci at all. I always have my | 0:23:39 | 0:23:44 | |
doubts! LAUGHTER soul underneath
that, a quite extraordinary thing, | 0:23:44 | 0:23:54 | |
not 100% justifiable potentially.
The other thing, it's an absolute | 0:23:54 | 0:24:00 | |
public relations triumph in terms of
the marketing campaign for | 0:24:00 | 0:24:03 | |
Christies, they send out videos
previous to the auction, they have | 0:24:03 | 0:24:07 | |
been dropping up interest and they
have had $100 million reserve. | 0:24:07 | 0:24:13 | |
Ironically it was sold in 1958 for
$45, at auction in London. The way | 0:24:13 | 0:24:20 | |
they describe it, fascinating, they
hyped it up as this amazing event, | 0:24:20 | 0:24:24 | |
it's like discovering a new planet.
That was Christies. Absolutely | 0:24:24 | 0:24:28 | |
right, the other thing they did was
put it into the contemporary art | 0:24:28 | 0:24:32 | |
sale when of course it is an old
master. Isn't that the Czar? That's | 0:24:32 | 0:24:37 | |
because the old Masters market is...
Doesn't appear to be as sexy. It is | 0:24:37 | 0:24:45 | |
interesting that Leonardo Vinci is a
contemporary! Let's see what some of | 0:24:45 | 0:24:48 | |
you have to say, Camilla who says,
it's got nothing to do with art, it | 0:24:48 | 0:24:53 | |
was worth $10,000 some years ago,
it's just about money. Chuck says | 0:24:53 | 0:24:59 | |
art is like the emperor's new
clothes, it is to whoever bought it. | 0:24:59 | 0:25:04 | |
I guess. I wonder what will happen
to it. As it is going to sit in a | 0:25:04 | 0:25:09 | |
room and someone will look at it?
Some are hoping it will go on | 0:25:09 | 0:25:13 | |
display and an art gallery in New
York. We don't know yet. What would | 0:25:13 | 0:25:17 | |
you do with it, Richard? I would
probably do witches hang onto it for | 0:25:17 | 0:25:21 | |
about five years and sell it at a
massive profit? Sold about three | 0:25:21 | 0:25:26 | |
times in the last 12 years. In 2005
at $10,000, and we have 127 million | 0:25:26 | 0:25:36 | |
last purchased prior to this. No
shortage of money around. Was | 0:25:36 | 0:25:39 | |
watching another option the other
day for the biggest diamond... In | 0:25:39 | 0:25:43 | |
Geneva. Went for 29, Christies
really on a roll. They are, they | 0:25:43 | 0:25:49 | |
absolutely. And we've got a couple
of people within the story saying | 0:25:49 | 0:25:55 | |
this marketing is the way forward.
Richard thanks so much. If you | 0:25:55 | 0:26:00 | |
bought it, let us know. | 0:26:00 | 0:26:02 | |
That's it from Business Live today. | 0:26:02 | 0:26:03 |