0:00:07 > 0:00:09Hello.
0:00:09 > 0:00:12This is Business Live from BBC News with Ben Thompson and David Eades.
0:00:12 > 0:00:14Is Bitcoin about to get a clearer future?
0:00:14 > 0:00:18Traders can now bet on the price of the crypto currency rising
0:00:18 > 0:00:19and falling.
0:00:19 > 0:00:21So could banks be holding Bitcoin alongside their gold
0:00:21 > 0:00:22and dollar reserves?
0:00:22 > 0:00:25Live from London, that's our top story on Monday
0:00:25 > 0:00:27the 11th of December.
0:00:38 > 0:00:41The price of Bitcoin has surged as the crypto currency goes
0:00:41 > 0:00:43mainstream and begins trading on a major exchange
0:00:43 > 0:00:46for the first time.
0:00:46 > 0:00:48We'll be explaining what it all means.
0:00:48 > 0:00:51Also in the programme: talking tough on trade -
0:00:51 > 0:00:53the WTO rejects President Trump's protectionist rhetoric and calls for
0:00:53 > 0:01:03a more free-flowing relationship.
0:01:03 > 0:01:07And markets across Europe are looking like this: It is a big week
0:01:07 > 0:01:11for Central bank action. We will have all the details.
0:01:11 > 0:01:13And we'll be getting the Inside Track on the man bringing
0:01:13 > 0:01:15the family name back to the chocolate business.
0:01:15 > 0:01:17James Cadbury will be here to talk about his ethical
0:01:18 > 0:01:23chocolate business.
0:01:23 > 0:01:27And new research suggests the price of Christmas is rising
0:01:27 > 0:01:30significantly. Today we want to know if you will be celebrating this
0:01:30 > 0:01:35year, do you have any clever tricks to bring the price down? Let us
0:01:35 > 0:01:45know. Just use the hashtag #BBCBizLive.
0:01:45 > 0:01:47Hello and welcome to Business Live.
0:01:47 > 0:01:48Welcome to the programme.
0:01:48 > 0:01:52We start with a major step for the digital currency Bitcoin.
0:01:52 > 0:02:02It's begun trading on a major exchange for the first time.
0:02:02 > 0:02:04The CBOE Futures Exchange in Chicago opened trading
0:02:04 > 0:02:06in Bitcoin futures on Sunday, and the cryptocurrency
0:02:06 > 0:02:09rose above $18,000.
0:02:09 > 0:02:13Bitcoin started the year at around $1,000, but the crypto-currency has
0:02:13 > 0:02:20surged in value recently and last week hit $17,000 for the first time.
0:02:20 > 0:02:28Last Friday, it fell by 14% in a single day,
0:02:28 > 0:02:30but supporters say this weekend's introduction of futures trading
0:02:30 > 0:02:34will make it more mainstream.
0:02:34 > 0:02:37That allows investors to lock in a price at which they can buy
0:02:37 > 0:02:39or sell something in the future.
0:02:39 > 0:02:41This allows them to profit from price increases
0:02:41 > 0:02:49or limit their losses if prices fall.
0:02:49 > 0:02:51Thank you very much, Ben.
0:02:51 > 0:02:53Simon Taylor, Co-Founder and Blockchain Practice Lead
0:02:53 > 0:02:55at 11:FS, a consultancy which advises banks
0:02:55 > 0:03:05and governments on the future of money, he joins me
0:03:06 > 0:03:13now.
0:03:13 > 0:03:17It is one-way traffic, which begs the question, who is losing? This is
0:03:17 > 0:03:24an asset which is limited in supply, there are only 21 million bitcoin,
0:03:24 > 0:03:30after all.So will it continue on this extraordinary journey upwards?
0:03:30 > 0:03:37Who knows? It has the capacity to surprise, it went from less than
0:03:37 > 0:03:40$100 to nearly $1000 before, and then fell off a cliff, and this may
0:03:40 > 0:03:45happen again just as much as it continues to grow.It is now trading
0:03:45 > 0:03:50in Chicago, it has gone a certain level of respectability? That is the
0:03:50 > 0:03:55first step, isn't it?It is certainly a mainstream moment, but
0:03:55 > 0:03:59it is interesting that the volumes are very low. That could be just
0:03:59 > 0:04:05because it is early and it may continue. It is also interesting
0:04:05 > 0:04:12that, the mainstream media is paying attention, we are talking about it
0:04:12 > 0:04:16on the BBC, instants. I have had 37 people get in touch at the last week
0:04:16 > 0:04:21asking how to buy it, which says a lot.We were reflecting on Christine
0:04:21 > 0:04:27Lagarde from the IMF saying, it is not the time for bitcoin, far too
0:04:27 > 0:04:31early, and looking at the dark side of the criminal underworld that uses
0:04:31 > 0:04:36it as well, and yet as we sit here, that has been relegated to the last
0:04:36 > 0:04:39question I am going to ask you rather than the first.I think that
0:04:39 > 0:04:42is important, because that used to be the perception, whereas when you
0:04:42 > 0:04:47look at the data, that is a very small useful bitcoin. Because it was
0:04:47 > 0:04:55assumed to behave like cash, people treated it like that, and
0:04:55 > 0:04:57unfortunately cash is used for illicit goods quite often, but what
0:04:57 > 0:05:00they don't look at is, why would I spend bitcoin when it is going up in
0:05:00 > 0:05:03value so much? It is a very bad form of cash right now because it is
0:05:03 > 0:05:06gaining value so quickly.So you wouldn't do it for that reason. You
0:05:06 > 0:05:10took out bitcoin a long while ago, is so you have seen the one-way
0:05:10 > 0:05:15traffic, hence you have 38 very good friends you forgot you had.Yes, it
0:05:15 > 0:05:20is something where it was just this strange story after the side, and
0:05:20 > 0:05:23now everybody is paying attention just because the price has moved.
0:05:23 > 0:05:26But let's not lose sight of the fact that this currency was invented by
0:05:26 > 0:05:29people on the Internet that was anonymous that is getting a
0:05:29 > 0:05:31mainstream attention from central banks, so the really interesting
0:05:31 > 0:05:39question is, is losing? I really don't know. When the price of gold
0:05:39 > 0:05:44goes up, jewellery makers lose, technology makers lose. Who loses
0:05:44 > 0:05:47when the price of bitcoin goes up? That is a very good question. Thank
0:05:47 > 0:05:49you very much indeed.
0:05:49 > 0:05:52Let's take a look at some of the other stories making the news.
0:05:52 > 0:05:54The French baby milk formula maker Lactalis has ordered a global
0:05:54 > 0:05:56product recall over fears of salmonella contamination.
0:05:56 > 0:06:01It covers hundreds of baby milk powder products marketed
0:06:01 > 0:06:04globally under the Milumel, Picot and Celi brands.
0:06:04 > 0:06:07Health authorities in France says 26 infants in the country have become
0:06:07 > 0:06:11sick since early December.
0:06:12 > 0:06:15The Gulf State of Qatar has signed another major deal to buy
0:06:15 > 0:06:23hi-tech defence equipment.
0:06:23 > 0:06:26It will spend $8 billion on 24 Typhoon fighter jets,
0:06:26 > 0:06:27which will be built in the UK.
0:06:27 > 0:06:30It follows a deal struck last week with a French supplier for nearly
0:06:31 > 0:06:32500 armoured vehicles.
0:06:32 > 0:06:34And Germany's intelligence agency claims that China has been
0:06:34 > 0:06:36using fake LinkedIn profiles to gather information on German
0:06:36 > 0:06:37officials and politicians.
0:06:37 > 0:06:39The agency alleges that Chinese intelligence used the networking
0:06:39 > 0:06:44site to target at least 10,000 Germans, possibly to recruit
0:06:44 > 0:06:48them as informants.
0:06:51 > 0:06:54Now, a meeting of the World Trade Organisation has opened
0:06:54 > 0:06:56in Buenos Aires with a call for the 164 member international
0:06:56 > 0:06:58trade body to be strengthened.
0:06:58 > 0:07:06Mariko Oi is in Singapore.
0:07:06 > 0:07:09Is this basically a message for Donald Trump that we don't like so
0:07:09 > 0:07:14much protectionism talk?
0:07:14 > 0:07:18You can definitely say that, as you mentioned the World Trade
0:07:18 > 0:07:21Organisation has been criticised a lot lately, especially from
0:07:21 > 0:07:26President Donald Trump. This is the first meeting since he took office,
0:07:26 > 0:07:30he has called the global trade body a disaster, as he pushes his America
0:07:30 > 0:07:35first policy. He has for example threatened to pull the US out of the
0:07:35 > 0:07:41trade organisation, and not only that, the WTO is racked by
0:07:41 > 0:07:44disagreements over China, Beijing wants to be recognised as a market
0:07:44 > 0:07:49economy as opposed to the current status of a nonmarket economy, while
0:07:49 > 0:07:52some of its members accused China of selling its products cheaper than
0:07:52 > 0:07:59the market rate, everything from steel to alimony, and the WTO has
0:07:59 > 0:08:04been unable to solve these problems and kick-start a stalled trade
0:08:04 > 0:08:08talks, not just the transpacific partnership. So the trade
0:08:08 > 0:08:11organisation is facing quite a lot of challenges as it continues its
0:08:11 > 0:08:17meeting until Wednesday.As always, good to see you, thank you very much
0:08:17 > 0:08:21explaining all of that. A quick look at the numbers for you. This is what
0:08:21 > 0:08:26the picture looked like across Asia overnight. Some optimism over what
0:08:26 > 0:08:30is going to be a big week for the Central banks, notably the Fed and
0:08:30 > 0:08:35whether we will get a rate rise on Wednesday. This gives us an
0:08:35 > 0:08:38indication of quite how monetary policy is changing, and the very
0:08:38 > 0:08:40different response that we are seeing in places like the United
0:08:40 > 0:08:44States versus what for example we are seeing here in the UK. Let me
0:08:44 > 0:08:47just show you what Europe is doing at this point in the day as well,
0:08:47 > 0:08:50and yes, little bit of optimism ahead of what is going to be
0:08:50 > 0:08:53starting to wind down before the Christmas holiday, of course, and we
0:08:53 > 0:08:58will discuss these numbers in just a moment, Jane Foley is standing by to
0:08:58 > 0:09:02do that. But first we will head to the US, because Samir has the
0:09:02 > 0:09:06details of the day ahead on Wall Street.
0:09:06 > 0:09:09The focus this week will be on the US Federal reserve is two-day
0:09:09 > 0:09:10meeting in Washington, which begins on Tuesday.
0:09:10 > 0:09:13Now, the Fed will announce its decision on interest
0:09:13 > 0:09:14rates the next day.
0:09:14 > 0:09:16The Fed kept interest rates unchanged at the previous meeting
0:09:16 > 0:09:18while pointing to a solid US economic growth and
0:09:18 > 0:09:20strengthening labour market.
0:09:20 > 0:09:23Now, investors will focus on the quarterly results of some
0:09:23 > 0:09:26major companies on Thursday.
0:09:26 > 0:09:27Oracle, Adobe Systems and Costco wholesale
0:09:27 > 0:09:31will be reporting earnings.
0:09:31 > 0:09:34But on Monday, the focus will be on Bitcoin, the crypto currency that
0:09:34 > 0:09:38has been skyrocketing in value in the last few weeks.
0:09:38 > 0:09:48Now, the first Bitcoin futures will be traded
0:09:48 > 0:09:50on the CBOE's Futures Exchanges.
0:09:50 > 0:09:55This could be a gateway into giving the crypto currency some legitimacy,
0:09:55 > 0:09:58but others worry that the volatility of Bitcoin may make these kinds
0:09:58 > 0:10:00of futures somewhat unreliable.
0:10:00 > 0:10:07Joining us is Jane Foley, Senior Currency Strategist at Rabobank.
0:10:07 > 0:10:10Thank you for joining us. We are all sort of looking forward to
0:10:10 > 0:10:16Christmas, but this is a busy week for the central bank.It is. You
0:10:16 > 0:10:18have the Federal reserve announcement on Wednesday, and the
0:10:18 > 0:10:22market is fully priced for another rate hike.
0:10:22 > 0:10:25The Fed tipped to hike interest rates by 0.25% to 1.5% on Wednesday.
0:10:25 > 0:10:28But perhaps that would be the interesting thing about this
0:10:28 > 0:10:33meeting, because we really want to know the message. We are seeing tax
0:10:33 > 0:10:36reform going through the process, and that could have an impact on
0:10:36 > 0:10:40growth, and of course that could have an impact then potentially an
0:10:40 > 0:10:45inflation, so is the Fed is going to hike more or less than we think?
0:10:45 > 0:10:49That is the message that we want to hear on Wednesday.And that message
0:10:49 > 0:10:53could give us an indication about whether there will be further rate
0:10:53 > 0:10:57rises in 2018. We were still talking about potentially four rate rises
0:10:57 > 0:11:00next year, and I touched on it there, it is so different to what
0:11:00 > 0:11:04we're seeing in the UK, where we have had one rate rise, and that is
0:11:04 > 0:11:08it fair now, we don't do anything too soon.That might be the case,
0:11:08 > 0:11:14but certainly we still draw, features, and one of these is
0:11:14 > 0:11:18despite the fact and we have very low unemployment levels. We are not
0:11:18 > 0:11:21seeing the wage rises come through, and without wage rises, you don't
0:11:21 > 0:11:28get the demand for your deflation, and the federal government said it
0:11:28 > 0:11:32was a mystery that we are not seeing more inflation in the US despite the
0:11:32 > 0:11:37low unemployment rate, and I think that is one of the reasons why,
0:11:37 > 0:11:42we're not seeing wage inflation. Yes, growth is relatively poor here
0:11:42 > 0:11:45than perhaps we are seeing across the pond, and you expect another
0:11:45 > 0:11:49rate rise ASAP?That is different, what the by giving them are saying
0:11:49 > 0:11:53here is that we're not getting the investment that we otherwise would
0:11:53 > 0:11:56because of the political uncertainty, and without investment,
0:11:56 > 0:12:00you don't get the extra capacity and therefore you hit inflationary
0:12:00 > 0:12:04constraints. But there are similarities with the labour market,
0:12:04 > 0:12:09certainly.Jane, thank you very much, and Jane will return to talk
0:12:09 > 0:12:13as though some of the papers later.
0:12:13 > 0:12:16Still to come.
0:12:16 > 0:12:21We are going to get the Inside Track of the man putting ethics back in
0:12:21 > 0:12:24the chocolate business. James Cadbury will be here to talk to us
0:12:24 > 0:12:29about it, and most importantly, he has got samples, we are told!
0:12:29 > 0:12:32You're with Business Live from BBC News.
0:12:36 > 0:12:41He has just given me the thumbs up! Boxes of chocolate! He hasn't got
0:12:41 > 0:12:46mince pies or Brussels sprouts.
0:12:46 > 0:12:48Christmas wouldn't be Christmas without a table
0:12:48 > 0:12:49piled high with food.
0:12:49 > 0:12:52But the price of the festive grocery shop has spiralled this year,
0:12:52 > 0:12:56thanks to growing food inflation.
0:12:56 > 0:13:02Joining us now is Yael Selfin, Chief UK Economist at KPMG.
0:13:03 > 0:13:06Good morning. Explain this for us. It is no surprise that prices are
0:13:06 > 0:13:10going up, but we are so used to food prices coming down as a result of
0:13:10 > 0:13:15price wars between the big supermarkets.Indeed, we have had
0:13:15 > 0:13:18that for quite some time, but now with the fall of the pound, what we
0:13:18 > 0:13:25have seen is the cost of imports rising, and that causes inflation
0:13:25 > 0:13:31overall, and food prices as well, to rise.It is a seasonal issue, too,
0:13:31 > 0:13:37for some things as well. Brussels sprouts up 8.5%. Is that down to the
0:13:37 > 0:13:42strength of the pound or the weakness of the season?There will
0:13:42 > 0:13:50be different factors each food category if you like. For example we
0:13:50 > 0:13:54have seen fish going up quite significantly, we above what we have
0:13:54 > 0:13:59seen on the rise for meat, for example, over the year to October.
0:13:59 > 0:14:03But overall, I would say the pound made a big impact given that we
0:14:03 > 0:14:08import a lot of our food, but there will be other seasonal effect as
0:14:08 > 0:14:15well as weather and labour related issues.And how much will people
0:14:15 > 0:14:22stop paying Christmas to? Not very much.Thank you very much. Smoked
0:14:22 > 0:14:27salmon up 22%, would you believe. There is much more on the Business
0:14:27 > 0:14:32Live page, if I can show you some of the numbers. It includes food, but
0:14:32 > 0:14:38also things like laptops, up by 14%, premium smartphones up nearly 7%,
0:14:38 > 0:14:42and as David touched on there, the pound falling by as much as 20%
0:14:42 > 0:14:46relative to other currencies, it makes clear there, so that means the
0:14:46 > 0:14:52stuff that is being imported by retailers is much more expensive.
0:14:52 > 0:14:55Much more on the Business Live page if you want to take a look,
0:14:55 > 0:14:59including the latest market news for you this morning, and snow related
0:14:59 > 0:15:01of course, you know a lot of disruption yesterday, we have just
0:15:01 > 0:15:06heard from Eurotunnel, they are telling us, if we can get the
0:15:06 > 0:15:08pictures to load, services back to normal after a difficult day for
0:15:08 > 0:15:10them yesterday.
0:15:15 > 0:15:18You're watching Business Live. Our top story:
0:15:18 > 0:15:20Bitcoin has begun trading on a major exchange
0:15:20 > 0:15:23for the first time.
0:15:23 > 0:15:25It launched on the CBOE futures exchange in Chicago late on Sunday,
0:15:25 > 0:15:27allowing investors to bet on whether Bitcoin prices
0:15:27 > 0:15:33will rise or fall.
0:15:33 > 0:15:36A quick look at how markets are faring.
0:15:36 > 0:15:42Markets are looking like this across Europe in the first 45 minutes and
0:15:42 > 0:15:47we are going to keep a close eye on those, because as we discussed with
0:15:47 > 0:15:50Jane earlier, the Fed is expected to raise rates on Wednesday so they
0:15:50 > 0:15:53will be keeping a close eye on what the minutes tell us about potential
0:15:53 > 0:15:56rate rises for next year.
0:15:58 > 0:16:01The name Cadbury is synonymous with chocolate here in the UK,
0:16:01 > 0:16:06but it's now owned by Kraft after a takeover in 2010.
0:16:06 > 0:16:10And that's prompted one descendant of founder
0:16:10 > 0:16:15John Cadbury to re-enter the chocolate business.
0:16:15 > 0:16:17Sir James Cadbury founded Love Cocoa last year,
0:16:17 > 0:16:18inspired by his great-great-great grandfather's ethical
0:16:18 > 0:16:21and philanthropic business ideals.
0:16:21 > 0:16:24Well, Love Cocoa aims to use ingredients from
0:16:24 > 0:16:26independent British suppliers where possible and his start-up
0:16:26 > 0:16:33donates 10% of all profits to charity.
0:16:33 > 0:16:37We are going to join James now. Thank you for coming into the
0:16:37 > 0:16:43studio. We are bound to say, with a name like Cadbury how can you fail,
0:16:43 > 0:16:48but it is not on the box, you're Love Cocoa. Why didn't you pick up
0:16:48 > 0:16:55the Cadbury mantle?I wanted it to be my own brand. There is a big
0:16:55 > 0:17:00player doing that sort of thing so I wanted it to be me own brand. So I
0:17:00 > 0:17:04thought Love Cocoa.So you couldn't have used your own name even if you
0:17:04 > 0:17:09wanted to?No, I looked into a lot, but it was going to create too much
0:17:09 > 0:17:13issues. I didn't think it was worth it. I wanted to create something
0:17:13 > 0:17:16which I was really proud about and I didn't want to rely on the Cadbury
0:17:16 > 0:17:22name.How frustrating is it not being able to use the Cadbury name?
0:17:22 > 0:17:27Is it frustrating?It was a bit frustrating at the start especially
0:17:27 > 0:17:32when everybody said why are you not calling it James Cadbury? Yeah, it
0:17:32 > 0:17:36is frustrating, but at the same time I didn't want to just rely on that,
0:17:36 > 0:17:39it is nice to have some independent and also we are aiming at a
0:17:39 > 0:17:43different customer. We are using the principles when Cadbury first
0:17:43 > 0:17:47started, it was about being the purest and the best and they had a
0:17:47 > 0:17:50really amazing packaging which was hand drawn. We use the principles
0:17:50 > 0:17:58with Love Cocoa. So we wanted to create something different.Pass it
0:17:58 > 0:18:05over. If you look inside, when we started
0:18:05 > 0:18:11the business, it was all about providing better box to consumers.
0:18:11 > 0:18:22So we saw stuff going to consumers and we wanted wanted to get feedback
0:18:22 > 0:18:29and we have got into Harvey Nichols. This is hand-made chocolate rather
0:18:29 > 0:18:32than from a factory. I can see the high end appeal. What difference
0:18:32 > 0:18:37does it make in terms of the product?Sorry.What difference does
0:18:37 > 0:18:42it make if it's hand-made?In terms of being hand-made you're
0:18:42 > 0:18:44guaranteeing the quality will be there. We are employing people in
0:18:44 > 0:18:49the UK so rather than it being made in a huge factory in other parts of
0:18:49 > 0:18:54the world, we are making it in the UK. And there is a lot of detail and
0:18:54 > 0:19:00attention going into that.That's grown-up packaging. You talk about
0:19:00 > 0:19:04the traditional element, don't you? This is grown-up packaging. I'm
0:19:04 > 0:19:09going to share some! I note your name is on it?We have
0:19:09 > 0:19:16got it on there. By James Cadbury. That was allowed, but I wasn't
0:19:16 > 0:19:25allowed to call it James Cadbury Chocolates.This is organic. This is
0:19:25 > 0:19:32a more sophisticated view when you might have your chocolate with a
0:19:32 > 0:19:36glass of wine or with coffee?We wanted to do something for adults
0:19:36 > 0:19:42and we are going with lots of different flavours. We have got
0:19:42 > 0:19:47avocado and a gym bar. We wanted to stand out. We do try and do things
0:19:47 > 0:19:51differently. I was listening about how Bitcoin is rising. We take
0:19:51 > 0:19:54Bitcoin which is something to stand out from the market. So all these
0:19:54 > 0:19:58little things to stand out is where you need to be because that's what
0:19:58 > 0:20:03Cadbury did when they started. They were a challenger brand and they
0:20:03 > 0:20:07came from being challenger to being the biggest in the UK and we want to
0:20:07 > 0:20:10do something similar, but retain the quality.James, thank you very much
0:20:10 > 0:20:16indeed. Good luck with it.
0:20:16 > 0:20:23Later this week the EU Summit will take place in Brussels.
0:20:23 > 0:20:27Businesses across Europe, of course, are following the talks closely.
0:20:27 > 0:20:32That includes the airline industry and the BBC's correspondent spoke to
0:20:32 > 0:20:37the account and CEO of the Dutch airline, KLM and asked him how
0:20:37 > 0:20:40crucial a Brexit deal was for European carriers.
0:20:40 > 0:20:46For KLM, the UK is an extremely important market. Swerve out of
0:20:46 > 0:20:50Amsterdam 16 destinations in the UK and swerve more cities in the UK if
0:20:50 > 0:20:55Amsterdam by KLM than BA does out of London Heathrow. It underlines the
0:20:55 > 0:21:00relevance of the UK market for us. If we look to the Brexit, obviously,
0:21:00 > 0:21:05it will create a complicated picture even more complicated picture for
0:21:05 > 0:21:11the UK carriers as compared to the European carriers. So, we need to
0:21:11 > 0:21:15see what the exact structure is going to be. And there is a lot of
0:21:15 > 0:21:18unclarity. There is unclarity with the various parties and stakeholders
0:21:18 > 0:21:22as to how it will look like and clearly for us, as a business,
0:21:22 > 0:21:25clarity is an extremely important thing to get going forward.What
0:21:25 > 0:21:32would be the ideal scenario from a KLM point of view?There should not
0:21:32 > 0:21:37be an EU a la carte, you can pick and choose what you want. It's very
0:21:37 > 0:21:41important from an EU prospective that there is pros and cons and
0:21:41 > 0:21:45there is things you like and things you like less. It is very relevant
0:21:45 > 0:21:49even if we look to the aviation sector we are part of a global trade
0:21:49 > 0:21:59system between the EU and the UK. So I think it's very important that
0:21:59 > 0:22:02even a aviation should be considered which is found in other industries
0:22:02 > 0:22:10as well.
0:22:10 > 0:22:15Jane Foley has joined up again.
0:22:15 > 0:22:19There is a lot of change in Saudi Arabia in terms of the crowned
0:22:19 > 0:22:23prince wanting to open up the kingdom, from early 2018, they will
0:22:23 > 0:22:27allow cinemas in the country. Up until now, there has been no cinemas
0:22:27 > 0:22:33there. So, a new industry opening up in Saudi Arabia. Opening up to
0:22:33 > 0:22:37foreign films that we would also expect, but they say the first
0:22:37 > 0:22:41cinemas could open from March 2018. That's a significant change, isn't
0:22:41 > 0:22:46it?It is the latest story of change. We heard that they are going
0:22:46 > 0:22:48allow women to drive. They want tourism and perhaps these two
0:22:48 > 0:22:52reforms are tied in with that. They want tour ym. They have a lot of
0:22:52 > 0:22:56pressure on their budget and this is because, of course, the price of oil
0:22:56 > 0:23:00in recent years has fallen dramatically, from an economic point
0:23:00 > 0:23:04of view, there is a need for Saudi to move into different areas, hence
0:23:04 > 0:23:10the tourism, but it is about a clamp down on corruption and reform. Huge
0:23:10 > 0:23:15changes really in Saudi over the last couple of months.There must be
0:23:15 > 0:23:17so many businesses, cinema operators, now waiting on the
0:23:17 > 0:23:22sidelines trying to find out what the change is and waiting to go in.
0:23:22 > 0:23:26So be the tourism companies and be the cinema operators and the
0:23:26 > 0:23:31popcorn, all those wanting to move into Saudi Arabia?One of the
0:23:31 > 0:23:35interesting things about the stories, we haven't seen much push
0:23:35 > 0:23:37back from the Conservatives because a lot of people said well, surely
0:23:37 > 0:23:41the Conservatives are going to push back on this, saying this is too
0:23:41 > 0:23:46far, too fast in terms of opening up this economy. If there is a push
0:23:46 > 0:23:49back, it will have a business implication for those companies who
0:23:49 > 0:23:53want to move into Saudi from a business prospective.This is in the
0:23:53 > 0:23:57FT on New Zealand looking to ban foreigners from buying houses. This
0:23:57 > 0:24:01is a country which had an open door policy until recently about trying
0:24:01 > 0:24:07to bring more people in, but now such is the shortage of stock, it's
0:24:07 > 0:24:10putting up the shutters.It is amazing, we have seen strong house
0:24:10 > 0:24:13price gains in a number of countries in recent years and of course, I
0:24:13 > 0:24:19would say that this is one of the main features that buyers, the
0:24:19 > 0:24:22recent election in New Zealand. Auckland house prices have gone up
0:24:22 > 0:24:2790% in a decade and that's squeezing people out. Now, we had the election
0:24:27 > 0:24:32recently. We had the Labour Party coalition come in, and that was,
0:24:32 > 0:24:37what we saw is a king maker was the New Zealand first. A real
0:24:37 > 0:24:42nationalist party who wanted to ban foreigners from buying houses so
0:24:42 > 0:24:46that domestics can buy, but to stop foreigners from investing in the
0:24:46 > 0:24:51country. This is real nationalistic policies that we're seeing in New
0:24:51 > 0:24:56Zealand which I think is really quite dramatic given that it's a G
0:24:56 > 0:25:00scene 10.Jane, do you think you will spend more this Christmas than
0:25:00 > 0:25:04you have in previous years? Probably.It is always the way. We
0:25:04 > 0:25:07have been asking you for your comments this morning about how you
0:25:07 > 0:25:11might save a few quid. William says, "Don't buy stuff you don't need. It
0:25:11 > 0:25:23will cost money and cost the environment." I like this from
0:25:23 > 0:25:26Citizen "Get yourself invited to someone else's Christmas party. It
0:25:26 > 0:25:31will save you money." Buy in the sales, you can't really do it, you
0:25:31 > 0:25:35would save 50%, but lose credibility at home. Food price inflation means
0:25:35 > 0:25:39that things are getting more expensive, but somehow we always
0:25:39 > 0:25:44spend more. It is an easy hit for the sellers, isn't it, retailers,
0:25:44 > 0:25:48you have got to buy?Yes. Marketing is so big this time of year as well.
0:25:48 > 0:25:52Jane, lovely to see you, thank you very much indeed.
0:25:52 > 0:25:57Thank you for your company, we will be back at the same time, same place
0:25:57 > 0:26:00tomorrow. Bye-bye.