0:00:00 > 0:00:03But does this herald a new era for the distressed economy?
0:00:03 > 0:00:05Live from London, that's our top story on Business Live,
0:00:05 > 0:00:15on Monday 18th December.
0:00:18 > 0:00:22We're live in Johannesburg to assess whether a new political future can
0:00:22 > 0:00:26revive investor confidence and kick-start the troubled economy.
0:00:27 > 0:00:33Also in the programme...
0:00:33 > 0:00:35Donald Trump's much-hyped tax cuts move a step closer,
0:00:35 > 0:00:37but will they really create jobs and lure back big
0:00:37 > 0:00:39business to the US?
0:00:39 > 0:00:44And ahead of the holiday week - traders sign off, but they'll be
0:00:44 > 0:00:47keeping an eye on eurozone inflation due later and US growth figures
0:00:47 > 0:00:54expected later in the week.
0:00:54 > 0:00:57And we'll be getting the inside track on culture vultures -
0:00:57 > 0:01:00and how technology has changed the way we book tickets to concerts,
0:01:00 > 0:01:01the cinema or theatre.
0:01:01 > 0:01:02Also, we want to know...
0:01:02 > 0:01:04Facebook finally admits social media can harm mental health,
0:01:04 > 0:01:06but says post more to improve wellbeing -
0:01:06 > 0:01:07what do you think?
0:01:07 > 0:01:17Just use the hashtag BBCBizLive.
0:01:23 > 0:01:28Let's get this right, Facebook says it could harm mental health, but
0:01:28 > 0:01:32also it says to solve that, you should post more? Let us know what
0:01:32 > 0:01:36you think, just use the hashtag and we will be discussing this later in
0:01:36 > 0:01:37the programme.
0:01:37 > 0:01:40South Africa's ruling ANC party is electing a new leader.
0:01:40 > 0:01:44There are two candidates - Deputy President Cyril Ramaphosa,
0:01:44 > 0:01:46or Nkosazana Dlamini-Zuma, a former cabinet minister
0:01:46 > 0:01:48and ex-wife of President Zuma.
0:01:48 > 0:01:51But whoever gets the job, faces a monumental challenge of reviving
0:01:51 > 0:01:53investor confidence in South Africa and revitalising an economy which
0:01:53 > 0:02:00has been left in tatters by Zuma.
0:02:00 > 0:02:02The current president inherited an economy in distress in 2009,
0:02:02 > 0:02:10but he also made it worse.
0:02:10 > 0:02:12Under his leadership - which has been defined by corruption
0:02:12 > 0:02:14and the weakening of the country's institutions -
0:02:14 > 0:02:16South Africa has endured two economic recessions
0:02:16 > 0:02:18in less than a decade.
0:02:18 > 0:02:23Unemployment stands at a whopping 27.7%.
0:02:23 > 0:02:26The growth forecast for this year is just 0.7%.
0:02:26 > 0:02:31And government debt is more than two trillion rand.
0:02:31 > 0:02:38The dire state of the economy and its level of debt have led S&P
0:02:38 > 0:02:42and Fitch to cut SA's credit rating to junk, while Moody's
0:02:42 > 0:02:44is keeping it just above junk status, but on review.
0:02:44 > 0:02:48Lerato Mbele joins us from Johannesburg.
0:02:48 > 0:02:53It's good to see you. Bring us up to date with the latest, as we said,
0:02:53 > 0:02:56it's down to these final two candidates. What can we expect to
0:02:56 > 0:03:04hear later?It has been an evening of voting and early hours of voting
0:03:04 > 0:03:09for delegates at the ANC conference. A short while ago we were told that
0:03:09 > 0:03:12one more region was due to cast their votes and then counting would
0:03:12 > 0:03:17begin. It is a slow and arduous process but hopefully by the
0:03:17 > 0:03:21mid-afternoon we should be hearing who the new president of the ANC
0:03:21 > 0:03:25will be, along with his five officials who will lead the
0:03:25 > 0:03:30organisation in what many expect to be a new era. Of course, as you are
0:03:30 > 0:03:40suggesting, there is a lot of speculation as to who is likely to
0:03:40 > 0:03:42win in a two horse race between Nkosazana Dlamini-Zuma and Cyril
0:03:42 > 0:03:45Ramaphosa. All bets, it seems, are on Cyril Ramaphosa winning and to
0:03:45 > 0:03:47that end we have seen the South African rand recovering by nearly
0:03:47 > 0:03:5370% overnight. While the voting has been taking place, the round is at
0:03:53 > 0:03:58its strongest level since September. Traders are hoping the winner will
0:03:58 > 0:04:02be the businessmen turned politician Cyril Ramaphosa, but for us to get
0:04:02 > 0:04:05confirmation, we still have a few more hours to wait as the votes are
0:04:05 > 0:04:14tallied.Thank you, we know that you will keep us up to date with events
0:04:14 > 0:04:15there.
0:04:15 > 0:04:18Ben Payton is the Head of Africa Research at global risk
0:04:18 > 0:04:20consultancy Verisk Maplecroft.
0:04:20 > 0:04:23Welcome to the programme. You were listening to all of that, what is
0:04:23 > 0:04:29your thoughts? We were just talking about the fact that the rand has
0:04:29 > 0:04:31gained overnight, is that because they are hoping that Cyril Ramaphosa
0:04:31 > 0:04:37is going to get the job because they know that this marks the ending of
0:04:37 > 0:04:45President Zuma's rain?I think it is because investors are desperate for
0:04:45 > 0:04:48Cyril Ramaphosa to win, it looks like he is in strong possession,
0:04:48 > 0:04:54there is a chance of upset. Investors have been hoping for the
0:04:54 > 0:04:57end of the Jacob Zuma error for a long time and they will be looking
0:04:57 > 0:05:04for Cyril Ramaphosa to signal a new economic direction -- era. If he
0:05:04 > 0:05:12takes over the ANC and institute a period of do no harm economy.He is
0:05:12 > 0:05:15one of the wealthiest in South Africa, he is the deputy leader of
0:05:15 > 0:05:22the ANC at the moment. Is he free of any questions surrounding
0:05:22 > 0:05:26corruption? It isn't just President Zuma seen as someone who has dodgy
0:05:26 > 0:05:31dealings, as it were, but other people within the ANC?Cyril
0:05:31 > 0:05:37Ramaphosa has had a successful career as a trade unionist, what he
0:05:37 > 0:05:42is accused of is failing to stand up to Jacob Zuma. He has been the
0:05:42 > 0:05:44deputy president for the last several years and has kept fairly
0:05:44 > 0:05:50quiet about the corruption and cronyism state and a Jacob Zuma
0:05:50 > 0:05:55until quite recently. But personally, he is not tainted in the
0:05:55 > 0:06:00same way by corruption.And if he were to get the job, Zouma will
0:06:00 > 0:06:04remain president until 2019 unless there is something going on after
0:06:04 > 0:06:08Cyril Ramaphosa's appointment, what is your hope of seeing a beginning
0:06:08 > 0:06:12of a turnaround for the South African economy, as Ben pointed out,
0:06:12 > 0:06:18statistics right now are pretty dire?The economy is in bad shape,
0:06:18 > 0:06:23that could be due to them pushing Jacob Zuma out more quickly than we
0:06:23 > 0:06:28expect. If Ramaphosa takes over the ANC, in theory, it would be quite
0:06:28 > 0:06:32easy for him to force Zuma out of office and he can get on with the
0:06:32 > 0:06:36job of turning the economy around and a key point will be the budget
0:06:36 > 0:06:42announced in February, the fiscal deficit is now up to about 4% of
0:06:42 > 0:06:47GDP. So, investors will be looking for Ramaphosa to take steps to lower
0:06:47 > 0:06:51that. That could be the last chance to save South Africa's credit rating
0:06:51 > 0:06:59with Moody 's.Ben, thank you. Of course, they want to try and win the
0:06:59 > 0:07:03election in 2019, it's quite a task on their hands.
0:07:03 > 0:07:10Absolutely. Full coverage on that as we get more news from South Africa.
0:07:10 > 0:07:13Let's take a look at some of the other stories making the news.
0:07:13 > 0:07:15A power failure has caused massive disruption
0:07:15 > 0:07:18at the world's busiest airport - Atlanta in the US.
0:07:18 > 0:07:20The failure seems to have been caused by a fire
0:07:20 > 0:07:21in an underground plant.
0:07:21 > 0:07:23Three major airlines, United, American and South-West,
0:07:23 > 0:07:24all suspended operations at the airport.
0:07:24 > 0:07:29The airport said power has now been restored.
0:07:29 > 0:07:31A UK think tank has proposed a post-Brexit trading deal based
0:07:31 > 0:07:34on the UK and the EU sharing each other's markets.
0:07:34 > 0:07:37The Institute for Public Policy Research says it would expect
0:07:37 > 0:07:40the two markets to share the same rules and regulations but form
0:07:40 > 0:07:46a new customs union similar to the existing one.
0:07:46 > 0:07:48Ryanair pilots have suspended a one-day strike planned
0:07:48 > 0:07:50for before Christmas.
0:07:50 > 0:07:52The Impact union, which represents Irish-based pilots, has agreed
0:07:52 > 0:07:54to meet Ryanair's management on Tuesday, ahead of the planned
0:07:54 > 0:07:59action on Wednesday.
0:07:59 > 0:08:02The strike could have caused misery for thousands of travellers
0:08:02 > 0:08:11as the great Christmas getaway got underway.
0:08:11 > 0:08:13The latest Star Wars movie, The Last Jedi, has generated more
0:08:13 > 0:08:16than $450 million in ticket sales on its opening weekend.
0:08:16 > 0:08:17In North America, it's at second place
0:08:17 > 0:08:20in the all-time box office list, behind only Star Wars:
0:08:20 > 0:08:30The Force Awakens, released in 2015.
0:08:36 > 0:08:46Time for a look at the markets... US numbers finishing higher... As we
0:08:46 > 0:08:49mentioned at the start, the rest will pass tax reform plans, that
0:08:49 > 0:08:57would cut business tax, down to 21%. The big question is, will that be
0:08:57 > 0:09:01enough to get funds to move back to the US if they have moved overseas,
0:09:01 > 0:09:06or actually create jobs? Using money they saved from the tax bill to
0:09:06 > 0:09:11invest in business? That's a question a lot of investors are
0:09:11 > 0:09:13banking on. The week before Christmas is normally quiet but
0:09:13 > 0:09:18there are things for us to watch out for this week. Europe, let's get an
0:09:18 > 0:09:24inflation of date. It is expected to come in at 1.5%, slightly up from
0:09:24 > 0:09:301.4%. Remember, the European Central Bank, like the Bank of England, has
0:09:30 > 0:09:34a target of 2%, it's the opposite problem here in the UK. The
0:09:34 > 0:09:40president of the EU no sense -- the president of the Central bank will
0:09:40 > 0:09:45try and give this a notch. On Thursday we get the revised
0:09:45 > 0:09:49third-quarter figures in the US. That's how the markets are looking.
0:09:49 > 0:09:57Let's go over to Wall Street. Everybody is waiting for President
0:09:57 > 0:10:01Trump to sign the Republican tax reform Bill. It's his first major
0:10:01 > 0:10:04economic victory since taking office. Companies are looking
0:10:04 > 0:10:10forward to a Christmas gift in the shape of a big reduction in
0:10:10 > 0:10:13corporate tax rate. Figures will also show how many construction
0:10:13 > 0:10:17rejects were started in November and they are expected to be a little
0:10:17 > 0:10:21lower than in October. Sales of new homes are likely to have slowed but
0:10:21 > 0:10:27there might be some good news, consumer spending numbers are
0:10:27 > 0:10:31expected to have risen, and companies releasing earnings this
0:10:31 > 0:10:40week are package delivery firm FedEx as well as Nike.
0:10:40 > 0:10:42Joining us is Simon Derrick, Chief Markets Strategist,
0:10:42 > 0:10:44at the Bank of New York Mellon.
0:10:44 > 0:10:50When you away for Christmas?This Thursday!Nothing is happening in
0:10:50 > 0:10:54the city on Friday?It always happens while I'm away!LAUGHTER
0:10:54 > 0:11:01Don't leave your desk on a Friday! Simon is not around! We were talking
0:11:01 > 0:11:05about various stories Aldi today, Ben talking about record highs in
0:11:05 > 0:11:09the States, a strong session in Asia and looking at Europe now, following
0:11:09 > 0:11:16this upward trend.It is, a of it has been driven by the excitement of
0:11:16 > 0:11:21tax cuts or proposed tax cuts, this will give an enormous boost to the
0:11:21 > 0:11:28economy.And earnings in particular, some say a 15% rise in earnings
0:11:28 > 0:11:33because of the corporate tax rate coming down?That's the theory but
0:11:33 > 0:11:37I've struggled a little, and the reason is over because of the last
0:11:37 > 0:11:41five, six or seven years, the cost of borrowing for companies has been
0:11:41 > 0:11:48ultralow. If anybody wanted to make advances for their companies, it was
0:11:48 > 0:11:52incredibly easy for them to do so. I'm not really certain that cutting
0:11:52 > 0:11:57the corporate tax rate will do that. The money has to come from
0:11:57 > 0:12:02somewhere, we are talking about over £1 trillion of tax cuts. That adds
0:12:02 > 0:12:06to the US deficit, the money will be borrowed, the pressure of borrowing
0:12:06 > 0:12:13rates, that will make life a little harder. It is like borrowing from
0:12:13 > 0:12:17Peter to pay Paul. I'm not certain it feeds through in the way that F1
0:12:17 > 0:12:25is so excited about.-- everyone is so excited about. They do have a
0:12:25 > 0:12:30point though, in some respects, for business, it isn't immediately going
0:12:30 > 0:12:37to translate?That's the argument, some tax cuts come in but on an
0:12:37 > 0:12:41individual level, it will not start to impact until late next year at
0:12:41 > 0:12:43the earliest. In terms of an immediate boost to spending,
0:12:43 > 0:12:50probably not.We will talk more later...Simon will give us his
0:12:50 > 0:12:53response to a question we've had on the programme. So many of you have
0:12:53 > 0:12:58got in search with us, that Facebook have admitted that social media is
0:12:58 > 0:13:05bad for your mental health.A lot of comments coming in. Holly says that
0:13:05 > 0:13:12her doctor told her this, but here she is, on social media!Maybe we
0:13:12 > 0:13:17should have a social media free day? That is my weekend!You are quite
0:13:17 > 0:13:21good at switching off over the weekend. We cannot get hold of you!
0:13:21 > 0:13:28Forget it!
0:13:28 > 0:13:33Still to come, we speak to the boss of one firm who lets you pay less
0:13:33 > 0:13:43for the theatre. This is Business Live on BBC News.
0:13:43 > 0:13:46The Department for Work and Pensions is set to publish its review
0:13:46 > 0:13:48of automatic enrolment today.
0:13:48 > 0:13:51Under new plans, workers as young as 18 will be
0:13:51 > 0:13:55auto-enroled into pensions, in a bid to boost savings.
0:13:55 > 0:13:57Joining us now is Nathan Long, Senior Pension Analyst,
0:13:57 > 0:14:04Hargreaves Lansdown.
0:14:04 > 0:14:10It was in a lot of the Sunday papers yesterday, this attempt to get more
0:14:10 > 0:14:14young people saving from an earlier age. That has got to be welcome news
0:14:14 > 0:14:18because people simply are not putting enough away?Absolutely.
0:14:18 > 0:14:24People are -- young people are being auto enrolled earlier, 18 instead of
0:14:24 > 0:14:2922. The other big change is for people paying into their pension,
0:14:29 > 0:14:34their contribution will start from the first pounds note they earn. --
0:14:34 > 0:14:42from the first pound they earn. That would be a big benefit. We estimate
0:14:42 > 0:14:48that someone an average earnings, they will have £60,000 more in their
0:14:48 > 0:14:53pension pot. Really positive changes.Can business afford this?
0:14:53 > 0:14:58That is a good question. The change in the contribution structure itself
0:14:58 > 0:15:05we think will cost £176 per employee for businesses. I think what we have
0:15:05 > 0:15:08seen from the review is that it is not going to be implemented
0:15:08 > 0:15:13straightaway. They are talking about mid-2000 and 20. Plenty of lead in
0:15:13 > 0:15:18time for businesses. -- mid 2020s. The bigger issue for businesses is
0:15:18 > 0:15:25that from April of next year and April 2019, the amount that needs to
0:15:25 > 0:15:30be paid in by employers will be increasing anywhere.Thank you very
0:15:30 > 0:15:34much, Nathan. Thank you for explaining that. It is really
0:15:34 > 0:15:41interesting, getting more of us to save at an earlier age. Do you know
0:15:41 > 0:15:49the story we have been following about the honour of pound land?
0:15:49 > 0:15:56Doubts over pounds and suppliers after insurance caught. -- Cook.
0:15:56 > 0:16:06Credit insurers reduced their cover for the retailer. This is all after
0:16:06 > 0:16:10one of its leading companies has basically been called into question.
0:16:10 > 0:16:19More detail on that story. Do take a look when you have time.
0:16:19 > 0:16:22You're watching Business Live - our top story - South Africa's
0:16:22 > 0:16:24economy under the spotlight as its ruling party scrabbles
0:16:24 > 0:16:34to find a new leader.
0:16:35 > 0:16:40Looking for a new leader of the ANC to take over from President Zuma.
0:16:40 > 0:16:45Let's look at financial markets in Europe. All extremely strong and
0:16:45 > 0:16:49positive following a similar session in Asia and record closes in Wall
0:16:49 > 0:16:53Street on Friday. When we hear news of who has been selected to lead the
0:16:53 > 0:17:00ANC, we will let you know. I had a very cultural week last week. I went
0:17:00 > 0:17:04to the theatre twice and the cinema once.I have got social life envy
0:17:04 > 0:17:09when it comes to Ben!
0:17:09 > 0:17:12It's that time of year - when we might think about a trip
0:17:12 > 0:17:14to a concert, the cinema, or the theatre.
0:17:14 > 0:17:17And technology has been changing the way we book tickets
0:17:17 > 0:17:18for cultural events.
0:17:18 > 0:17:20And it's a growing industry.
0:17:20 > 0:17:27Box office income rose by 18% between 2013 and 2016.
0:17:27 > 0:17:30That growth is partly due to more tickets being available but theatres
0:17:30 > 0:17:33being able to fill more seats, more easily.
0:17:33 > 0:17:38One firm that's tapped into that market is TodayTix.
0:17:38 > 0:17:41It allows users to buy tickets at the last minute or up
0:17:41 > 0:17:42to a month in advance.
0:17:42 > 0:17:44It's got 3.6 million users around the world who've spent
0:17:45 > 0:17:48$150 million on tickets.
0:17:48 > 0:17:52But that's mostly in the US so the company has
0:17:52 > 0:17:55big plans to expand.
0:17:55 > 0:18:03Merritt Baer is co-founder and Head of Europe for TodayTix.
0:18:03 > 0:18:10Welcome to the programme. You are mostly in American cities. You are
0:18:10 > 0:18:15in Toronto. You are also in London. When did you establish your?We
0:18:15 > 0:18:20launched two and a half years ago. We have a wonderful interface and a
0:18:20 > 0:18:25user base of hundreds of thousands of users. With an average age of 29.
0:18:25 > 0:18:30A younger demographic.How do you compete in London? There are so many
0:18:30 > 0:18:36different apps, websites, way to get tickets rather than ringing the
0:18:36 > 0:18:41theatre itself?Sure. We have focused on a preemie user
0:18:41 > 0:18:51experience. Via our mobile app, website. We make sure we have the
0:18:51 > 0:18:55best prices, the best seats across the West End and across culture.
0:18:55 > 0:19:02Musicals, plays, opera, dance. With these amazing access programmes we
0:19:02 > 0:19:07work with a third of the shows in the West End on lottery programmes,
0:19:07 > 0:19:15maybe for £20 tickets for the front row for a show. Where you can on the
0:19:15 > 0:19:20day sign up first thing in the morning and access tickets for the
0:19:20 > 0:19:25best of the West End.How does the relationship you have with the
0:19:25 > 0:19:29theatre work? Why is it not cheaper for me just to call the theatre? Why
0:19:29 > 0:19:37go through a middleman?We work directly with every theatre owner,
0:19:37 > 0:19:40producer and director in the West End to offer our customers the best
0:19:40 > 0:19:45seats at the best prices. We have great prices. Some of these access
0:19:45 > 0:19:51programmes. You can see the RSC at the Barbican for £10.Does the
0:19:51 > 0:19:54theatre, go to you and say, we have got 50 seats still empty, we need to
0:19:54 > 0:20:01get rid of them? Can they offer you a cheaper rate?We work in a variety
0:20:01 > 0:20:11of ways with different shows. Working with our partners and
0:20:11 > 0:20:15finding out their needs. Do they need more audience numbers for this
0:20:15 > 0:20:20Tuesday? How do we help them with fulfilling seats for weeks in
0:20:20 > 0:20:24advance because they are already sold out for this week?I was
0:20:24 > 0:20:28excited when I learned about your app a week ago -- a year ago. I have
0:20:28 > 0:20:34got three children. To take a big party to the theatre is really
0:20:34 > 0:20:38expensive. You want to expose your children to the magic of theatre.
0:20:38 > 0:20:42Yet you can't afford it. Yet every time I went on your app to find
0:20:42 > 0:20:46something, I couldn't find it for four people or more. Lots of tickets
0:20:46 > 0:20:52for one and Briton. I struggled to get a booking for four or more. Is
0:20:52 > 0:21:00that an issue? There are not many tickets together.I think it depends
0:21:00 > 0:21:05on the show. It is whatever the show has available. If you are looking
0:21:05 > 0:21:12for tonight, if you look for maybe this Saturday, the next anatomy,
0:21:12 > 0:21:20even for the hottest shows, whether that is Aladdin, maybe a few days
0:21:20 > 0:21:26out we could find you four great seats together.Briefly, how did it
0:21:26 > 0:21:33come about? You look dead Uber and thought, we need this for theatres?
0:21:33 > 0:21:37We found that the company about five years ago. We were twentysomethings
0:21:37 > 0:21:42at the time. We were inspired by a bunch of other great user
0:21:42 > 0:21:45experiences that are mobile. Brian and I have produced Broadway shows
0:21:45 > 0:21:49and working on the West End. We thought, why is there not a similar
0:21:49 > 0:21:57experience? That is how it came about.How does this compare to
0:21:57 > 0:22:02putting on a Broadway show?There are two very different experiences.
0:22:02 > 0:22:05We have an amazing team in London and New York. It has been a
0:22:05 > 0:22:11fantastic experience.Thanks for coming in today.Thank you.
0:22:11 > 0:22:12And staying with theatres and cinemas - chances
0:22:12 > 0:22:15are you've seen a movie lately on a huge screen.
0:22:15 > 0:22:18The cinema company IMAX has been working with studios to shoot more
0:22:18 > 0:22:19and more films especially for their super-sized
0:22:19 > 0:22:22screens - like Dunkirk and the latest Star Wars.
0:22:22 > 0:22:24But boss Richard Gelfond admits that when he took over the firm,
0:22:24 > 0:22:27he might have gone a little over-board in promoting
0:22:27 > 0:22:35the new technology.
0:22:35 > 0:22:39The CEO's secret is don't try to make people go into a new niche
0:22:39 > 0:22:43business. Figure out a way to go into a business they are used to,
0:22:43 > 0:22:49not make people change what they do.
0:23:03 > 0:23:06The strategy in general was to get mainstream film-makers to film movie
0:23:06 > 0:23:12in IMAX. And on the other hand to get exhibition chains around the
0:23:12 > 0:23:18world to build IMAX theatres. I will never forget Stephen Spielberg, we
0:23:18 > 0:23:22asked for a film in IMAX early on, and he said, tell them to call me
0:23:22 > 0:23:28when they have a thousand theatres. We had less than 100. It was a
0:23:28 > 0:23:30chicken and egg macro situation.
0:23:38 > 0:23:44We figured out a way to take regular films not needing the cameras, and
0:23:44 > 0:23:48convert them to IMAX. We figured out a way to take regular theatres and
0:23:48 > 0:23:59developed new equipment to create the IMAX image. So essentially we
0:23:59 > 0:24:02went into their business rather than the other way around.
0:24:02 > 0:24:07I have never heard a news report with such dramatic music.Where have
0:24:07 > 0:24:15you been?! They were talking about Star Wars and Dunkirk. I've been
0:24:15 > 0:24:20trying to do some work. Let's talk about Facebook. Social media is bad
0:24:20 > 0:24:24for your mental health, Facebook admits. We have had such a huge
0:24:24 > 0:24:32response. Most people say, yes.I think the truly remarkable bit is
0:24:32 > 0:24:38the bit that Ben Pate up on at the start. They say the solution to it
0:24:38 > 0:24:44is to do more Facebook.Clearly they need to keep engagement. They make
0:24:44 > 0:24:50money from the advertisers.I have to say, there are bits of social
0:24:50 > 0:24:54media I absolutely love macro. I love Instagram. And I love the
0:24:54 > 0:24:59responses you get back. I love the fact your family and friends...You
0:24:59 > 0:25:05see it as positive?Absolutely. You have to pick and choose. If you
0:25:05 > 0:25:08become obsessive, that can be different. If there is a bit that
0:25:08 > 0:25:14fits in your life, like Instagram, it is great.They are here to stay,
0:25:14 > 0:25:18social media. It is not like we're going to stop using them. They are
0:25:18 > 0:25:24around. Cos they invaluable.For everything we do it matters. Whether
0:25:24 > 0:25:28you're talking about it on a personal level, interacting with
0:25:28 > 0:25:31clients, whether you're talking about giving commentary about the
0:25:31 > 0:25:36markets, it matters.Thank you, Simon. Have wonderful Christmas. And
0:25:36 > 0:25:41you. We will see you tomorrow.I will see you