0:00:00 > 0:00:04you agree or is Facebook right to defend itself?
0:00:04 > 0:00:07Send your comments to hashtag BBCBizLive.
0:00:15 > 0:00:21Lots of comments from you already. So keep them coming in.
0:00:21 > 0:00:24Is Facebook ripping society apart? Facebook says no. Many of you
0:00:24 > 0:00:28disagree. We will talk about that later.
0:00:28 > 0:00:29The World's most powerful Central Bank -
0:00:29 > 0:00:32the US Federal Reserve - will today announce if it plans
0:00:32 > 0:00:34on raising interest rates for the world's biggest economy.
0:00:34 > 0:00:37Any rise will be seen as an endorsement of not only
0:00:37 > 0:00:43the strength of the American economy, but also the global
0:00:43 > 0:00:46economy.
0:00:46 > 0:00:50This is ten years on from the financial crisis.
0:00:50 > 0:00:53There have been three rises since December 2016 and markets
0:00:53 > 0:00:54are already factoring in another rise later.
0:00:54 > 0:00:57US economic growth has hit an annualised rate of more than 3%
0:00:57 > 0:01:03in the past two quarters, while the unemployment rate
0:01:03 > 0:01:06in the US is at its lowest since 2000.
0:01:06 > 0:01:09US jobs growth was better than expected in November
0:01:09 > 0:01:11with the number of new jobs rising by 228,000 with the unemployment
0:01:11 > 0:01:17rate holding steady at 4.1%.
0:01:17 > 0:01:21And in October, the IMF upped its forecast for the global
0:01:21 > 0:01:26economy and now predicts growth of 3.6% this year and 3.7% in 2018.
0:01:26 > 0:01:28We're joined by Karen Ward, Chief Strategist, JP
0:01:28 > 0:01:32Morgan Asset Management.
0:01:32 > 0:01:39Hello Karen.Good morning.I am assuming that we are going to see a
0:01:39 > 0:01:44rate rise today. Is this the right medicine?That's right today. It is
0:01:44 > 0:01:47largely expected to see another quarter point increase. The question
0:01:47 > 0:01:51really is what they tell us about next year and how many more they
0:01:51 > 0:01:55think are in the pipeline.So what do you think they will say and let's
0:01:55 > 0:01:59remember that Jerome Powell takes over in February from Janet Yelland
0:01:59 > 0:02:02so a New Year with a new boss? That's right. We have heard a lot
0:02:02 > 0:02:07from him in recent months and it doesn't sound like that's going to
0:02:07 > 0:02:12deliver many changes at the Fed in the terms of their thinking or the
0:02:12 > 0:02:18policy. The question is about tax reform and what that is going to
0:02:18 > 0:02:23deliver and if it passes and how much it will boost the economy and
0:02:23 > 0:02:31how monetary policy fits into the shift into fiscal policy.The news
0:02:31 > 0:02:34overnight about Alabama, it might be more difficult for the Trump
0:02:34 > 0:02:37administration to get through the tax reform in the way that they
0:02:37 > 0:02:42wanted at least?Exactly right. So the marredin is 49-51 so that does
0:02:42 > 0:02:46add to the uncertainty of what that final tax package could look like
0:02:46 > 0:02:50and what a stimulus it will be.So what will be on the mind do you
0:02:50 > 0:02:55think of the Fed in 2018? Given the year we have had with a strong surge
0:02:55 > 0:02:59on Wall Street and good steady economic growth in the US. What are
0:02:59 > 0:03:05we looking like in 2018?Not just the Fed, but all the central banks
0:03:05 > 0:03:09are walking this difficult balance at the moment of trying to continue
0:03:09 > 0:03:12to foster the recovery, generate a little bit more inflation. If
0:03:12 > 0:03:17anything, wage growth is still a little bit low in the US as it is in
0:03:17 > 0:03:20most of the developed world. So that suggests, you know, keep some
0:03:20 > 0:03:24stimulus in the pipeline. But at the same time, they are not wanting to
0:03:24 > 0:03:29stoke up any asset bubbles, you know, make the mistakes of the 2000s
0:03:29 > 0:03:35when at the peak of the crisis in 2007, they were criticised for doing
0:03:35 > 0:03:38too little, too late. So that's the difficult balance they will be
0:03:38 > 0:03:43weighing up. That still points this them being fairly cautious and
0:03:43 > 0:03:47fairly gradual, but continuing to get to some sort of normal rate over
0:03:47 > 0:03:54the course of the next two years. What is the normal rate? In
0:03:54 > 0:03:59textbooks it says it should be around 4%, but what is the normal
0:03:59 > 0:04:04now? Is there a new normal?It's the big debate. A lot of the things that
0:04:04 > 0:04:09made us think that it was a lot lower were factors like very low
0:04:09 > 0:04:12productivity, perhaps a global savings glut still continuing, some
0:04:12 > 0:04:16of those signs look a little bit better. We do see trade picking up.
0:04:16 > 0:04:21We see investment picking up. That could maybe help with productivity.
0:04:21 > 0:04:24So maybe that old concept of normal hasn't completely gone away.Karen,
0:04:24 > 0:04:30thank you very much indeed. The chief strategist of JP Morgan Asset
0:04:30 > 0:04:34Management. It is a story we will be watching throughout the day. Of
0:04:34 > 0:04:37course, it is affecting markets as they trade in anticipation really.
0:04:37 > 0:04:40We will talk more about that a little later.
0:04:40 > 0:04:43Let's take a look at some of the other stories making the news.
0:04:43 > 0:04:46The Financial Times reports that Walt Disney is close to confirming
0:04:46 > 0:04:51a deal to buy 21st Century Fox's entertainment business
0:04:51 > 0:04:54for around $60 billion.
0:04:54 > 0:04:57The sale would include the 20th Century Fox film studio and the Sky
0:04:57 > 0:05:00and Star satellite broadcasters in the UK, Europe and Asia.
0:05:00 > 0:05:03Facebook has responded to a former executive
0:05:03 > 0:05:06who said the social network and other services like it,
0:05:06 > 0:05:07were "ripping society apart".
0:05:07 > 0:05:11Chamath Palihapitiya made the comments last month
0:05:11 > 0:05:16but what he said only hit the headlines on Monday.
0:05:16 > 0:05:19Facebook said the company was different no to when he had
0:05:19 > 0:05:21worked there six years ago and "as we have grown
0:05:21 > 0:05:28we have realised how our responsibilities have grown too."
0:05:28 > 0:05:35That's our Twitter question today. Send in your xhevenlts
0:05:35 > 0:05:36-- comments.
0:05:36 > 0:05:39Ryanair passengers face disruption to their Christmas travel plans
0:05:39 > 0:05:41after pilots and crew announced industrial action in a bid
0:05:41 > 0:05:43to win union recognition and better conditions.
0:05:43 > 0:05:45In Ireland, pilots based in Dublin will strike for one
0:05:45 > 0:05:46day on 20th December.
0:05:46 > 0:05:49Meanwhile Ryanair pilots and cabin crew in Italy are to strike for four
0:05:49 > 0:05:53hours on 15th December.
0:05:55 > 0:06:01The American computer data storage company Western Digital has
0:06:01 > 0:06:09settled its long running legal dispute with Toshiba.
0:06:09 > 0:06:12The dispute could have prevented the $18 billion sale of Toshiba's
0:06:12 > 0:06:13prized memory chip unit.
0:06:13 > 0:06:23Monica Miller is following this from our Asia Business Hub in Singapore.
0:06:23 > 0:06:28Finally there could be an end in sight?Yes. It has been an ugly,
0:06:28 > 0:06:36bitter divorce. Yes, it's finally over. Both Toshiba and Western
0:06:36 > 0:06:39Digital have agreed to resolve disputes which now paves the way for
0:06:39 > 0:06:48the sale f Toshiba of's $18 billion unit. The global investment firm has
0:06:48 > 0:06:56partnered with South Korea's SK Hynec. The legal battle started this
0:06:56 > 0:07:03year. It was Toshiba after said it would have to sell the chip dftion
0:07:03 > 0:07:08in order to recover big losses it had accrued. The US partner, Western
0:07:08 > 0:07:12Digital, threatened to block the sale, but now it's over, Western
0:07:12 > 0:07:17Digital can now pursue other pursuits including investing in a
0:07:17 > 0:07:22new product line of memory chips. Toshiba Can shore up its balance
0:07:22 > 0:07:27sheets by the end of the fiscal year in March and avoid being delisted on
0:07:27 > 0:07:37the Tokyo stock exchange. Monica, thank you. Relief all-round
0:07:37 > 0:07:44especially for all of those who have had to talk about it for so long.
0:07:44 > 0:07:47Markets in the US seeing new record highs last night,
0:07:47 > 0:07:49on reports that policy-makers could push through that tax deal
0:07:49 > 0:07:53which would see the US corporate tax rate cut to 21% next year.
0:07:53 > 0:07:56It's not yet a done deal yet, but was enough
0:07:56 > 0:07:59to push markets higher.
0:07:59 > 0:08:03Up 0.5% yesterday.
0:08:03 > 0:08:05But that's not feeding through to this morning's open in Europe.
0:08:05 > 0:08:08There are a lot of questions that need answers as far
0:08:08 > 0:08:09as policy is concerned.
0:08:09 > 0:08:12We might get some answers from today's Fed meeting
0:08:12 > 0:08:14as well as tomorrow's Bank of England and European
0:08:15 > 0:08:21Central Bank rate meetings.
0:08:21 > 0:08:23In the UK, they'll be looking closely at what yesterday's rise
0:08:23 > 0:08:25in inflation data means, hitting 3.1% in November,
0:08:25 > 0:08:31the highest level in five years.
0:08:31 > 0:08:41Not welcome news for consumers. We will get an update on employment.
0:08:41 > 0:08:49It is expected to fall to 4.3%, that would be a 42 year low.
0:08:49 > 0:08:52More on that in a moment, but first Samira has
0:08:52 > 0:08:54the details about what's ahead on Wall Street today.
0:08:54 > 0:08:57Many will be watching what happens with the US Federal Reserve
0:08:57 > 0:09:00at the end of their two-day meeting, but taxes will also be
0:09:00 > 0:09:02the focus on Wednesday.
0:09:02 > 0:09:05US President Donald Trump will deliver a speech on the plan
0:09:05 > 0:09:07to overhaul the American tax code.
0:09:07 > 0:09:10And this comes on the same day lawmakers in Washington will host
0:09:10 > 0:09:12the one and only open conference on tax legislation.
0:09:12 > 0:09:14Republicans are planning to have a final agreement nailed
0:09:14 > 0:09:20down by the end of this week.
0:09:20 > 0:09:23And finally, the US Labor Department will release data on consumer
0:09:23 > 0:09:27prices for November.
0:09:27 > 0:09:29The low rate of inflation has been a persistent economic
0:09:29 > 0:09:33mystery in recent months, as falling unemployment and rising
0:09:33 > 0:09:35economic growth have failed to push up prices.
0:09:35 > 0:09:37But new figures on Wednesday will shed light on where
0:09:37 > 0:09:40we are with inflation, and if it gets any closer
0:09:40 > 0:09:45to the Fed's 2% target.
0:09:51 > 0:09:53That was Samira, of course.
0:09:53 > 0:09:55Joining us now is Tom Stevenson, Investment Director
0:09:55 > 0:10:00at Fidelity International.
0:10:00 > 0:10:03We have talked about markets and what's going on. From your point of
0:10:03 > 0:10:07view, is it one game in town and that's the Fed?It is one game in
0:10:07 > 0:10:11town and that's central banks. Lots of central banks getting their final
0:10:11 > 0:10:15meetings of the year out of the way before the holidays start. I mean,
0:10:15 > 0:10:20here in the UK, we've got an interesting meeting tomorrow, you
0:10:20 > 0:10:24mentioned it, Ben, we've had inflation figures which were pretty
0:10:24 > 0:10:29high. Today we're going to get unemployment data which will show a
0:10:29 > 0:10:3240 year low for unemployment, but the important thing is that wage
0:10:32 > 0:10:36growth is not there. So I think that's what the bank will be looking
0:10:36 > 0:10:42at. It will say, well, inflation is high, wage growth is low. It will
0:10:42 > 0:10:45stifle the economy. There is no incentive for us to raise interest
0:10:45 > 0:10:50rates in the UK unlike will the US. I think that gap is going to widen
0:10:50 > 0:10:54between the US and the UK.How concerned are you as far as the UK
0:10:54 > 0:10:57economy is concerned. There is a lot of doom sayers about the situation
0:10:57 > 0:11:03at the moment?Well, it is a mixed bag actually. Growth is low, but it
0:11:03 > 0:11:07is positive. I think the gap between wage growth and inflation is a real
0:11:07 > 0:11:11problem for the consumer side of the economy and of course, that's a big,
0:11:11 > 0:11:15and important part of the UK economy and of course, you know, hanging
0:11:15 > 0:11:19over everything is the uncertainty of the Brexit negotiations. You
0:11:19 > 0:11:23know, so we had some good news last week, you know, we maybe edging
0:11:23 > 0:11:26towards a deal, but for the next year, at least, there is going to be
0:11:26 > 0:11:30a lot of uncertainty.Tom, a quick word on oil. It is a long time since
0:11:30 > 0:11:36we've spoken about oil. $65 for Brent, up 2.4% and that's because of
0:11:36 > 0:11:43the explosion?Yes, well, there are two things. There is the shutdown of
0:11:43 > 0:11:47the Fortes pipeline which caused a short-term spike, the direction of
0:11:47 > 0:11:53travel for oil is upwards. There is discipline from Opec and Russia in
0:11:53 > 0:11:58terms of curbing production. That's keeping a floor on the oil price and
0:11:58 > 0:12:05I think that's likely to continue. I think that oil will stay in the $60
0:12:05 > 0:12:13to $70 range.You say it is a while since you talked about oil. We
0:12:13 > 0:12:16talked about it yesterday! Ben wasn't listening. We have got that
0:12:16 > 0:12:22story we just talked about, we had other issues regards with supply
0:12:22 > 0:12:29from gas from Italy to Russia. Gas exports in Britain's North Sea, they
0:12:29 > 0:12:35will be halted until January, 2nd due to the shutdown of the Fortes
0:12:35 > 0:12:39pipeline. Knock on effect with gas exports affected by this as well.
0:12:39 > 0:12:43Which, of course, is a critical time of year with it being winter, our
0:12:43 > 0:12:47demand for energy is going up at this time of year. So, interesting
0:12:47 > 0:12:51to keep an eye on that.It shows how vulnerable we are to some things
0:12:51 > 0:12:56like that. A little crack in the pipeline can have such an impact on
0:12:56 > 0:13:00prices. We will have more for you later.
0:13:00 > 0:13:01Still to come:
0:13:01 > 0:13:02It's a bugs life.
0:13:02 > 0:13:05We speak to the man who is using insects to make animal feed -
0:13:05 > 0:13:07freeing up crops for humans to eat.
0:13:07 > 0:13:11You're with Business Live from BBC News.
0:13:28 > 0:13:37First, let's talk about Dixons Carphone.
0:13:37 > 0:13:39Pre-tax profits at the tech retailer have slumped more
0:13:39 > 0:13:41than 60% in the six months to the end of October.
0:13:41 > 0:13:44It's warned that the mobile phone market remains "challenging",
0:13:44 > 0:13:45with customers hanging onto handsets for longer.
0:13:45 > 0:13:48Let's speak to Eleanor Parr, a retail analyst at GlobalData.
0:13:48 > 0:13:51It is a familiar tale, we have heard from the boss of Dixons Carphone
0:13:51 > 0:13:53that people just aren't changing their technology as quickly as they
0:13:53 > 0:13:55used to.Absolutely. In times of austerity that we are going through
0:13:55 > 0:13:59at the moment, people just can't afford to upgrade their mobile
0:13:59 > 0:14:02phones. There has also been an indication that consumers are less
0:14:02 > 0:14:09inclined to upgrade their phones, iPhone in numeric Severn, 6, numeric
0:14:14 > 0:14:29, people are not seeing the difference. But there is a
0:14:29 > 0:14:38difference with the very new iPhone by.And the less money that they are
0:14:38 > 0:14:41making when they go overseas with the phone, because with the roaming
0:14:41 > 0:14:45charges being knocked down, thankfully and EU wider decision,
0:14:45 > 0:14:55but it hits Dixons.Yes they said this could cost them up to £40
0:14:55 > 0:14:58million.What we talk about consumers having less money in their
0:14:58 > 0:15:03pocket, we're talking about inflation rising quickly, it is that
0:15:03 > 0:15:07familiar tale again, people just don't have the money right now.Yes,
0:15:07 > 0:15:11electrical is has been very hard hit by this. Retailers have seen big
0:15:11 > 0:15:19increases in cost prices, and although some has been passed to the
0:15:19 > 0:15:24customer, retailers themselves have had to take a hit.Eleanor, thank
0:15:24 > 0:15:27you very much. Digging deep into the Dixons Carphone figures that were
0:15:27 > 0:15:31out early today. It is that time of year. Google has told us what are
0:15:31 > 0:15:37the most searched for terms on the UK website. No surprises, Meghan
0:15:37 > 0:15:50Markle is the top one on the list, and fidgets spinners also up there.
0:15:56 > 0:15:58You're watching Business Live.
0:15:58 > 0:16:01Our top story: US interest rates are expected to rise
0:16:01 > 0:16:05by 0.25% later today.
0:16:05 > 0:16:07It would be the third increase by the Federal Reserve this year.
0:16:07 > 0:16:10But with inflation still relatively low, there's a big debate
0:16:10 > 0:16:19about whether raising rates is the right answer.
0:16:19 > 0:16:25A quick look at how markets are faring.
0:16:25 > 0:16:28The markets are digesting some corporate news stories that are out
0:16:28 > 0:16:33there. But also treading water ahead of a Fed announcement later today.
0:16:33 > 0:16:37That is how Europe is trading at the moment. I like it when it changes
0:16:37 > 0:16:42from red to green like that while we are on it. It doesn't happen
0:16:42 > 0:16:45from red to green like that while we are on it. It doesn't happen! Little
0:16:45 > 0:16:46things.
0:16:46 > 0:16:49Now, here's a question - how do you feed a rapidly growing
0:16:49 > 0:16:50world which has limited resources?
0:16:50 > 0:16:53The UN predicts that by 2050 the global population will have
0:16:53 > 0:16:54reached almost ten billion, raising big questions
0:16:55 > 0:16:56over food security.
0:16:56 > 0:16:59Will there be enough to go around, and where will it come from?
0:16:59 > 0:17:01Well, one French start-up thinks it has answer.
0:17:01 > 0:17:03By reducing agriculture's dependence on traditional animal feed,
0:17:03 > 0:17:06it would free up food like soybeans, corn and oats for human consumption
0:17:06 > 0:17:11rather than animals.
0:17:11 > 0:17:14It's secured more than $1 million of funding, and produces animal feed
0:17:14 > 0:17:24from insect larvae using waste fruit and vegetables.
0:17:24 > 0:17:25Syrine Chaalala is co-founder and Chief Operating
0:17:25 > 0:17:32Officer at Next Protein.
0:17:32 > 0:17:39That is the company behind all of this. Good morning. Syrine
0:17:39 > 0:17:40That is the company behind all of this. Good morning. Syrine, you and
0:17:40 > 0:17:43your husband co-founded this, you used to work at the UN and your
0:17:43 > 0:17:47husband is a chemist, so put the two together and you end up with this
0:17:47 > 0:17:51company.Exactly, and it works out great because we both have our own
0:17:51 > 0:17:56skill sets, and it allows us to work and live together, because I was
0:17:56 > 0:18:00working in the UN in the field, and as a professional woman it is not
0:18:00 > 0:18:04always easy to work away, so it is a great opportunity.Say you are both
0:18:04 > 0:18:10based in Tunisia but you also have offices in Paris, so you are between
0:18:10 > 0:18:15the two?Our headquarters is in Paris, but the production plant is
0:18:15 > 0:18:20in Tunisia, because the insects we have chosen, insects in general have
0:18:20 > 0:18:24to have certain parameters in place would include lighting, temperature,
0:18:24 > 0:18:31so for us it made sense to have our production plant in Tunisia where
0:18:31 > 0:18:35the temperatures are ambient audio long.We are looking at pictures
0:18:35 > 0:18:42here of what appeared to be bugs. Just explain this for us.To give
0:18:42 > 0:18:49you an idea of what a day looks like at baulk, we start receiving some
0:18:49 > 0:18:56fruits and vegetables that would have ended up in landfill, and they
0:18:56 > 0:19:02have already gone through triage, but we also make sure they are clean
0:19:02 > 0:19:06and authorised fruits and vegetables by the European Commission. Then we
0:19:06 > 0:19:11have our own recipe, puree that we have created through lots of
0:19:11 > 0:19:16research which is the optimal puree from the insect growth. We grind the
0:19:16 > 0:19:21fruits and vegetables, we take it, we feed the lava, which are placed
0:19:21 > 0:19:29in their own chamber, and once they reach a certain size, we take 95% of
0:19:29 > 0:19:36them, which are processed into three main products, we have our protein
0:19:36 > 0:19:44powder, oil and the Next grow, a natural fertiliser.It sounds quite
0:19:44 > 0:19:50expensive and labour-intensive. Is it expensive for farmers who will be
0:19:50 > 0:19:55buying this feed, and to what extent will it help with the issue of food
0:19:55 > 0:20:01security in the future?It will help in many ways. The product that we
0:20:01 > 0:20:06are putting on the market is very competitive. Currently as you may
0:20:06 > 0:20:10know the what is used as a source of protein, the traditional protein
0:20:10 > 0:20:18sources that are used are soy bean and fishmeal. We know that the
0:20:18 > 0:20:24fishmeal is depleting, and soy beans are resource intensive. What we are
0:20:24 > 0:20:29doing is offering an alternative that is sustainable and that has
0:20:29 > 0:20:34close to no carbon footprint. And also has a nutritional value that is
0:20:34 > 0:20:38equivalent.And why is this better than animal standing in fields
0:20:38 > 0:20:43eating grass? What difference does it make?Our product will not be
0:20:43 > 0:20:46consumed by cows, for example. The main animals that will consume our
0:20:46 > 0:20:53product are fish, aqua culture, authorised in Europe, poultry and
0:20:53 > 0:20:59pigs. And as you may know, we are going back to nature. Chickens eat
0:20:59 > 0:21:04insects naturally, fish eat insects naturally, and pigs are omnivores.
0:21:04 > 0:21:10So it is better for their health. It is so much more to talk about, as
0:21:10 > 0:21:14usual. Time is getting the better us. Syrine
0:21:14 > 0:21:17usual. Time is getting the better us. Syrine, thank you very much, and
0:21:17 > 0:21:21your new adventure starts in a few months with your first baby.
0:21:21 > 0:21:26Yes, we are already preparing for succession!You will have to figure
0:21:26 > 0:21:32out how to run the country -- the company and be parents!
0:21:32 > 0:21:34In a moment we'll take a look through the business pages,
0:21:34 > 0:21:38but first here's a quick reminder of how to get in touch with us.
0:21:38 > 0:21:40Stay up-to-date with all of the day's business news as it happens on
0:21:40 > 0:21:44the live page. There is insight and analysis from our team of editors
0:21:44 > 0:21:51right around the globe, and we want to hear from you, too. Get involved
0:21:51 > 0:21:56on our web page.
0:22:03 > 0:22:09BBC live, what you need to know, when you need to know it. Do get in
0:22:09 > 0:22:19touch with us. That's talk about some of those questions at the
0:22:19 > 0:22:23start, whether Facebook is indeed caring society apart, that is the
0:22:23 > 0:22:26accusation. People saying yes and no, both positive and negative
0:22:26 > 0:22:35influences on me. We have pink bag lady, who says I am largely
0:22:35 > 0:22:38housebound, Facebook is my window into the world, my life is poorer
0:22:38 > 0:22:45without it. And then Queen caffeine says negative, I left Facebook in
0:22:45 > 0:22:48favour of Twitter and Instagram, much less drama, messages are to the
0:22:48 > 0:22:53point, although the characters are getting more and more, are they? And
0:22:53 > 0:22:56one here, Facebook totally negative, young people and students waste
0:22:56 > 0:22:59their time taking of posting pictures.
0:22:59 > 0:23:08, Tom, what do you think?There are pros and cons, and they? Everything
0:23:08 > 0:23:13in moderation.I'm always reminded, when we do these stories, we have
0:23:13 > 0:23:19certain demographic watching us. Let's talk about Disney and
0:23:19 > 0:23:2221st-century fox, this was breaking yesterday afternoon when the news
0:23:22 > 0:23:28that Comcast had pulled out came through, and we also saw Disney and
0:23:28 > 0:23:3421st-century shares up on Wall Street, too.This is an interesting
0:23:34 > 0:23:39deal for Disney, a reflection of the changing face of entertainment.
0:23:39 > 0:23:44Clearly streaming services, the likes of Netflix and Amazon,
0:23:44 > 0:23:48are really taking over from traditional television, cable,
0:23:48 > 0:23:53satellite subscriptions. And I think the Disney is very much in that
0:23:53 > 0:23:56latter camp, and it needs to move into that streaming world. So this
0:23:56 > 0:24:03would be a very interesting deal.So much consolidation and working out
0:24:03 > 0:24:06what bits might need to be sold off to make the deal go through.What it
0:24:06 > 0:24:16looks like is the Murdochs will keep whole of the new things, which is
0:24:16 > 0:24:21their main interest. Thanks the company today. We will do
0:24:21 > 0:24:26it all again tomorrow. Are you here tomorrow? I'm not. I am here.
0:24:26 > 0:24:29Goodbye.