0:00:03 > 0:00:06This is Business Live from BBC News with Ben Thompson
0:00:06 > 0:00:09and Victoria Fritz.
0:00:09 > 0:00:13The future of a global retail giant hangs in the balance.
0:00:13 > 0:00:15It might not be a household name but Steinhoff is
0:00:15 > 0:00:19mired in a multi-billion dollar accounting scandal.
0:00:19 > 0:00:21Live from London, that's our top story on Tuesday
0:00:21 > 0:00:29the 19th of December.
0:00:40 > 0:00:48Steinhoff is a global retail empire in 30 countries,
0:00:48 > 0:00:50but today, investors and creditors meet in London to decide
0:00:50 > 0:00:52whether they'll throw the firm a financial lifeline.
0:00:52 > 0:00:56Also in the programme.
0:00:56 > 0:00:59The Trump administration points the finger at North Korea
0:00:59 > 0:01:05for the WannaCry cyber attack that hit organisations across the globe.
0:01:05 > 0:01:08And US markets hit record highs, as President Trump's tax plans look
0:01:08 > 0:01:09set to get the green light.
0:01:09 > 0:01:14We'll assess the possible impact.
0:01:14 > 0:01:16And we'll be getting the inside track on the changing
0:01:16 > 0:01:19world of cinema.
0:01:19 > 0:01:21The global audience for traditional theatres is dwindling,
0:01:21 > 0:01:24so will new ways of watching movies lure us back to the silver screen?
0:01:24 > 0:01:27Today we want to know, are you a fan of the cinema experience
0:01:27 > 0:01:30or is streaming your movie the only way to go?
0:01:30 > 0:01:32Let us know. Just use the hashtag BBCBizLive.
0:01:41 > 0:01:47Hello and welcome to Business Live.
0:01:47 > 0:01:49Lots to fit in today.
0:01:49 > 0:01:51The future of the South African retail group, Steinhoff,
0:01:51 > 0:01:52hangs in the balance.
0:01:52 > 0:01:57It's battling a huge accounting scandal.
0:01:57 > 0:01:59Today, the retailer is meeting its lenders here in London,
0:01:59 > 0:02:02to find out whether those that it owes money to will
0:02:02 > 0:02:05throw them a lifeline.
0:02:05 > 0:02:13Its origins are in the furniture business in Germany in the '60s.
0:02:13 > 0:02:18But it's now a global giant, with brands across Europe and the US
0:02:18 > 0:02:21such as Conforama and Poundland.
0:02:21 > 0:02:24Reflecting the global deal-making, the company has at least 200
0:02:24 > 0:02:26subsidiaries and affiliates and is Dutch-registered and listed
0:02:26 > 0:02:32in Frankfurt and Johannesburg.
0:02:32 > 0:02:35Alarm bells were ringing last week when it failed to publish
0:02:35 > 0:02:41its financial results.
0:02:41 > 0:02:44What we did learn is that it's grappling with a $7 billion
0:02:44 > 0:02:45hole in its finances.
0:02:45 > 0:02:48Little wonder that the regulators are now taking a look.
0:02:48 > 0:02:51The value of shares is down 80% since the news broke,
0:02:51 > 0:02:56as investors stampeded for the exit.
0:02:56 > 0:03:05The scandal has claimed the scalps of both the billionaire chairman
0:03:05 > 0:03:09and the chief executive.
0:03:09 > 0:03:11Both men are among the best-known members
0:03:11 > 0:03:14of the "Stellenbosch mafia" - a close-knit group of wealthy
0:03:14 > 0:03:15businessmen who have properties in the exclusive
0:03:15 > 0:03:16winelands around Cape Town.
0:03:16 > 0:03:18They themselves have lost millions.
0:03:18 > 0:03:21But that is dwarfed by the amount to which creditors
0:03:21 > 0:03:27are out of pocket - $21 billion.
0:03:27 > 0:03:33Lerato Mbele has been following the story from Johannesburg.
0:03:33 > 0:03:37Why is there such interest in Steinhoff?
0:03:37 > 0:03:42Why is there such interest in Steinhoff?There's a lot of interest
0:03:42 > 0:03:46in Steinhoff in the South African context because it blows the lid on
0:03:46 > 0:03:51private sector corruption, when you note to a large extent in South
0:03:51 > 0:03:55Africa, the issues around in fractions and mismanagement and
0:03:55 > 0:03:57maladministration have always been attached to government and now we
0:03:57 > 0:04:03are seeing that actually, it is not exclusively so. Also, as you rightly
0:04:03 > 0:04:07said, Steinhoff has two very significant South African entities
0:04:07 > 0:04:16as shareholders, will and the recent chairperson had the single biggest,
0:04:16 > 0:04:19South Africa's richest man and also the public investment Corporation,
0:04:19 > 0:04:25which is the largest pension fund in the African continent. With a 10%
0:04:25 > 0:04:28take that the PIC has, there is exposure now that ordinary men and
0:04:28 > 0:04:33women have to this saga. People who are just saving for retirement,
0:04:33 > 0:04:36those who might even be going into retirement and having their savings
0:04:36 > 0:04:41wiped away. It then becomes a national tragedy that has the
0:04:41 > 0:04:44financial services board getting involved, the South African Finance
0:04:44 > 0:04:48Minister getting involved and when you look at it in terms of the
0:04:48 > 0:04:50global repercussions, German regulators now getting involved and
0:04:50 > 0:04:55concerns about the 130,000 people worldwide who work for Steinhoff
0:04:55 > 0:04:59subsidiaries. It is a big story not just because of the alleged
0:04:59 > 0:05:01accounting irregularities but because of how it touches and impact
0:05:01 > 0:05:05the lives of ordinary men and women, the pensioners whose savings are
0:05:05 > 0:05:09invested there.The huge amount at stake for a lot of people right
0:05:09 > 0:05:13across the world but briefly, do you think the company can survive this
0:05:13 > 0:05:22or will it implode?At the moment it is being called alleged financial
0:05:22 > 0:05:27irregularities. That stems from the fact that earlier this year, when
0:05:27 > 0:05:31they did their unaudited half-year results, we could see an increase in
0:05:31 > 0:05:35revenue of 48% and yet the company was having liquidity problems. The
0:05:35 > 0:05:39numbers simply didn't stack up. Going forward, the bankers want to
0:05:39 > 0:05:44see whether or not it is truly a case of maladministration, even
0:05:44 > 0:05:49fraud, or simply a case of just making bad acquisitions here and
0:05:49 > 0:05:52there and needing to reschedule the debt. What Steinhoff has to do today
0:05:52 > 0:05:57when it meets with the bankers is come clean, open the books and let
0:05:57 > 0:06:00everybody see whether they have been cutting the numbers or whether it is
0:06:00 > 0:06:05a question of complex mathematics in mergers and acquisitions and if the
0:06:05 > 0:06:09situation can be salvaged. The European Central Bank is a bond
0:06:09 > 0:06:12holder of corporate bonds so there is a lot at stake here and everyone
0:06:12 > 0:06:15wants to make sure that the repercussions are not felt
0:06:15 > 0:06:21worldwide.Absolutely, and thank you for joining us, we will keep across
0:06:21 > 0:06:27the story on BBC News and BBC World News today. The implications will be
0:06:27 > 0:06:28felt far and wide.
0:06:28 > 0:06:30Let's take a look at some of the other stories
0:06:30 > 0:06:32making the news.
0:06:32 > 0:06:34The Russian cybersecurity firm Kaspersky Labs has filed a lawsuit
0:06:34 > 0:06:36against the Trump administration over a ban on its
0:06:36 > 0:06:37anti-virus products.
0:06:37 > 0:06:41Kaspersky says the US has harmed its reputation without any
0:06:41 > 0:06:43credible evidence, after it banned the company's software
0:06:43 > 0:06:45from government agencies.
0:06:45 > 0:06:48Boeing and Bombardier have appeared before the US
0:06:48 > 0:06:50International Trade Commission in the latest round
0:06:50 > 0:06:53of their bitter row.
0:06:53 > 0:06:56Boeing accuses Bombardier of harming sales of its 737 aircraft and has
0:06:56 > 0:07:05asked the commission to impose tariffs on its Canadian rival.
0:07:05 > 0:07:09London stock exchange shareholders will vote later to decide whether to
0:07:09 > 0:07:13remove the Company's chairman Donald Brydon. The vote was proposed by one
0:07:13 > 0:07:16of the biggest investors, which accused Mr Bryden of forcing out the
0:07:16 > 0:07:21LSE's former chief executive.
0:07:21 > 0:07:28The US government has publicly blamed North Korea
0:07:28 > 0:07:30for the WannaCry random-ware attack.
0:07:30 > 0:07:34That attack crippled hospitals, banks and other companies
0:07:34 > 0:07:38across the globe earlier this year and cost the US billions.
0:07:38 > 0:07:43Sharanjit Leyl is in Singapore with more on this.
0:07:43 > 0:07:50And we're talking about the Lazarus Group aren't we?
0:07:50 > 0:07:54That is right, according to a source really but I will get to that
0:07:54 > 0:07:58because obviously this was a huge malware attack that had massive
0:07:58 > 0:08:00repercussions, you mentioned billions of dollars being impacted
0:08:00 > 0:08:07but it was about 300,000 computers in about 150 countries that were
0:08:07 > 0:08:10affected and essentially, the source is saying the US government has
0:08:10 > 0:08:15assessed with a very high level of confidence the hacking entity known
0:08:15 > 0:08:18as the Lazarus Group which works on behalf of the North Korean
0:08:18 > 0:08:22government carried out this particular attack. This group is
0:08:22 > 0:08:26widely believed by many researchers and US officials to have been
0:08:26 > 0:08:30responsible for the 2014 hack that you might recall of the Sony
0:08:30 > 0:08:34pictures entertainment which destroyed lots of files, leaked
0:08:34 > 0:08:37corporate Communications online and led to the departure of several top
0:08:37 > 0:08:41studio executives. But what is interesting is this is the first on
0:08:41 > 0:08:43the US has officially blamed North Korea for this particular attack and
0:08:43 > 0:08:47we know it is not a new accusation because the UK Government said
0:08:47 > 0:08:50pretty much the same thing in November, that it was all but
0:08:50 > 0:08:54certain that North Korea carried out this attack.Thank you for joining
0:08:54 > 0:09:00us. It is a story that will run and run, the war of words between the
0:09:00 > 0:09:02two sides or three sides as President Trump has outlined those
0:09:02 > 0:09:04who he thinks could be at risk.
0:09:04 > 0:09:12It makes a change to see numbers like that, record highs in the US,
0:09:12 > 0:09:19everything finishing at record highs. The Nasdaq and the SNP doing
0:09:19 > 0:09:25particularly well, touching about 7000 for the first time ever.
0:09:25 > 0:09:27That's after more and more Republican senators came
0:09:27 > 0:09:29out and publicly backed President Trump's tax reform plans.
0:09:29 > 0:09:32The vote on the plans could be passed later today that would see
0:09:32 > 0:09:33corporate tax rates cut heavily.
0:09:33 > 0:09:39It would be from about 35% down to 21%, a huge cut.
0:09:39 > 0:09:42It's designed to boost spending and investment in the US and lure
0:09:42 > 0:09:44some businesses back to the US.
0:09:44 > 0:09:48Will it work? Will it be enough? We will discuss in a moment.
0:09:48 > 0:09:50European markets also on the rise in this final full
0:09:50 > 0:09:52trading week of 2017, taking advantage
0:09:52 > 0:09:55of the boost from the US.
0:09:55 > 0:09:58The pound also had a fairly decent day yesterday after the latest CBI
0:09:58 > 0:10:06manufacturing survey showed that industrial orders stayed
0:10:06 > 0:10:08at a 30-year high in December as well as exports.
0:10:08 > 0:10:12That is partly to do with the weak pound.
0:10:12 > 0:10:15More on all that in a moment, but let's head to the US
0:10:15 > 0:10:17where Yogita has the details about what's ahead
0:10:17 > 0:10:18on Wall Street today.
0:10:18 > 0:10:21The big focus of the day will be the Republican tax bill.
0:10:21 > 0:10:24The House is expected to vote on the final draft today.
0:10:24 > 0:10:27If the bill passes, it will be the first major overhaul of the
0:10:27 > 0:10:29US tax system in more than 30 years and also,
0:10:29 > 0:10:31President Trump's first legislative win since taking office.
0:10:31 > 0:10:34The corporate tax rate is to be cut from 35% to 21%.
0:10:34 > 0:10:36The government hopes companies will reinvest the
0:10:36 > 0:10:38money they have saved and that will create more
0:10:38 > 0:10:40jobs and drive growth.
0:10:40 > 0:10:44There will also be some indication of how the economy is performing.
0:10:44 > 0:10:48Numbers of how many housing projects were started in November will be out
0:10:48 > 0:10:53and they are expected to show a slight decrease over October.
0:10:53 > 0:10:56Among major firms releasing earnings data
0:10:56 > 0:10:59is package delivery company FedEx, which is expected to report a rise
0:10:59 > 0:11:08in profit and revenue.
0:11:08 > 0:11:10Joining us is Remi Olu-Pitan, multi-asset fund manager
0:11:10 > 0:11:14at Schroders - what is driving the market sentiment at the moment?
0:11:14 > 0:11:19Ben touched on it a little bit. The tax cuts, and we're expecting more
0:11:19 > 0:11:23about that. As traders been drinking the Kool-Aid or is this the real
0:11:23 > 0:11:28thing, is it going to benefit the world? Is that why we are seeing the
0:11:28 > 0:11:32global rally in equities?You're right, it is a long time coming, we
0:11:32 > 0:11:36have been waiting for this since last year. I think it is very good
0:11:36 > 0:11:41news, a significant tax cut, very significant and important and
0:11:41 > 0:11:44beneficial for US corporate. I think the markets reacted positively to it
0:11:44 > 0:11:52because it is certainly going to lead to better earnings next year.
0:11:52 > 0:11:55Good news for business and the jury is out about whether it will bring
0:11:55 > 0:11:58business back, whether firms will spend and invest more and take on
0:11:58 > 0:12:01more staff but would it not be better to give a tax cut on personal
0:12:01 > 0:12:05income?Typically we are seeing a tax cut on personal income although
0:12:05 > 0:12:10it is a lot lower than the reduction in the corporate tax cuts. I guess
0:12:10 > 0:12:13the advantage right now, what Trump is trying to do is generate more
0:12:13 > 0:12:17jobs in the US and the view is that it needs to come from the corporate
0:12:17 > 0:12:22side. One can only hope that corporations will employ more people
0:12:22 > 0:12:26and I guess what we are seeing right now is an incentive for them to do
0:12:26 > 0:12:30so.The cynic in me says they will just rub their hands with glee and
0:12:30 > 0:12:32said is wonderful because they can give more money to shareholders by
0:12:32 > 0:12:36the question is whether it goes back into the pockets of the people.And
0:12:36 > 0:12:40as you have said it is a win-win for shareholders.Thank you for joining
0:12:40 > 0:12:46us. You will join us later to talk through the papers.
0:12:46 > 0:12:49Still to come, films in fresh air.
0:12:49 > 0:12:52We talk to the man bringing rooftop movies to the masses. Keep your
0:12:52 > 0:12:58comments about that coming in, lots of them already. Stay with us, you
0:12:58 > 0:13:01with Business Live BBC News.
0:13:04 > 0:13:08UK businesses are feeling more optimistic about creating jobs,
0:13:08 > 0:13:10with over half asked by the CBI planning to expand their
0:13:10 > 0:13:14workforce in the New Year.
0:13:14 > 0:13:17But worries over a lack of skills and access to overseas workers
0:13:17 > 0:13:23are overshadowing plans.
0:13:23 > 0:13:26Let's speak to Neil Carberry, a managing director at the CBI,
0:13:26 > 0:13:28the business lobby group that carried out the study.
0:13:28 > 0:13:35Good morning.Good morning.Is this a change of tune? There seems to be
0:13:35 > 0:13:39a bit more optimism than we're used to from business.I think we've had
0:13:39 > 0:13:43a really good record on job creation in the UK over the last few years.
0:13:43 > 0:13:48The survey we have done this morning shows that is going to continue
0:13:48 > 0:13:52through 2018. It reflects the fact the is still growing, relatively low
0:13:52 > 0:13:56and slow but enough to create some jobs through next year. The big
0:13:56 > 0:14:01issue in the survey is looking further on, post Brexit, as to how
0:14:01 > 0:14:06the UK looks for investment then. This will surprise a lot of people
0:14:06 > 0:14:10because a lot of the headlines we read, we are told that all the
0:14:10 > 0:14:12uncertainty means businesses are putting off making decisions about
0:14:12 > 0:14:17expanding or taking on new staff. Why are they so confident? What is
0:14:17 > 0:14:22giving cause rock to miss?Demand is relatively good and the global
0:14:22 > 0:14:25economy, as you reports this morning on the programme have said already,
0:14:25 > 0:14:29is doing pretty well. Companies, particularly exporters, are both
0:14:29 > 0:14:37boosted a bit by the fall in the pound but there is genuinely good
0:14:37 > 0:14:39global growth that companies can leveraged.What did business tell
0:14:39 > 0:14:42you it would like to see next? Clearly, the survey suggest things
0:14:42 > 0:14:45are relatively good but what would help even more to keep things on an
0:14:45 > 0:14:50even keel during the uncertainty of Brexit?Real progress on two things,
0:14:50 > 0:14:54one, skills and making sure we do a lot more to invest in the skills of
0:14:54 > 0:14:59young people in the UK to create a more highly skilled jobs that we
0:14:59 > 0:15:02need. And secondly, we need certainty through the Brexit
0:15:02 > 0:15:07process. The CBI has been clear about beginning a traditional deal
0:15:07 > 0:15:11on Brexit quickly is important. And after that, a clear deal that
0:15:11 > 0:15:14acknowledges we will need labour from across the EU in years to come.
0:15:14 > 0:15:20Good to talk to you. Thank you for joining us. Neil Carbury of the CBI.
0:15:20 > 0:15:24Quickly, Word coming in from the Today programme that Toys R Us with
0:15:24 > 0:15:27its American owner is in deep trouble, it says it is in chapter 11
0:15:27 > 0:15:33bankruptcy protection in the US which puts its UK arm, with 106
0:15:33 > 0:15:37stores, in jeopardy. Plenty more on the website. Check it out.
0:15:43 > 0:15:45You're watching Business Live.
0:15:45 > 0:15:48Our top story, a day of reckoning for retail group Steinhoff
0:15:48 > 0:15:51as the company meets with its creditors over a gaping
0:15:51 > 0:15:55black hole in its finances.
0:15:55 > 0:16:01It owns businesses in 60 countries around the world. Investors are
0:16:01 > 0:16:04meeting to discuss the black hole and they are asking creditors for
0:16:04 > 0:16:08more time to pay the money back. Repercussions could be felt around
0:16:08 > 0:16:09the world.
0:16:09 > 0:16:14A quick look at how markets are faring.
0:16:14 > 0:16:17They have mixed a bit more modestly than we saw over the last few
0:16:17 > 0:16:22sessions. The European markets are by and large following the US
0:16:22 > 0:16:27markets a little higher. This is, as we were discussing, because we are
0:16:27 > 0:16:32seeing the likelihood of a tax cut coming into force just a little bit
0:16:32 > 0:16:36more likely and we think that might be rubber stamped before Christmas
0:16:36 > 0:16:37by President Donald Trump.
0:16:37 > 0:16:41Millennials might have a reputation for splashing cash on experiences,
0:16:41 > 0:16:44rather than buying things, but not when it comes
0:16:45 > 0:16:48to the cinema it seems.
0:16:48 > 0:16:51In the US for example, between 2012 and 2015 the number
0:16:51 > 0:16:54of young people regularly going to the movies fell
0:16:54 > 0:16:57by more than a third.
0:16:57 > 0:17:00So how do cinemas entice the younger generation?
0:17:00 > 0:17:05Well the Rooftop Film Club was setup in 2011 showing films
0:17:05 > 0:17:10on top of buildings.
0:17:10 > 0:17:13It now has four sites here in the UK, it's also in New York,
0:17:13 > 0:17:20Los Angeles and Miami and thinks turnover will reach $6m this year.
0:17:20 > 0:17:26Gerry Cottle Jnr is the founder of the Rooftop Film Club.
0:17:26 > 0:17:31Gerry, nice to see you.You too.Let us get into some of the film stuff
0:17:31 > 0:17:34in a moment. You have got a very interesting family history as well.
0:17:34 > 0:17:38Talk us through that because some may recognise your name?Indeed.
0:17:38 > 0:17:43Obviously my father ran away, did the old adage and ran away to join
0:17:43 > 0:17:49the circus many years ago. That was over 50 years ago. I was born into
0:17:49 > 0:17:53the entertainment world, I grew up clowning around, fire-breathing,
0:17:53 > 0:17:58bungees and trapeze, but I've turned my focus from circus to still
0:17:58 > 0:18:03selling popcorn, still you know... You never know when you might need
0:18:03 > 0:18:10to do a bit of fire-breathing.I saw my dad growing up entertaining and I
0:18:10 > 0:18:14moved into cinema, putting bums on seats, shall we say, in the
0:18:14 > 0:18:18cinematic world.Before the bums hit the seats, you are getting them to
0:18:18 > 0:18:22buy a lot, that is where you are making your money, the add-ones
0:18:22 > 0:18:28before we sit down and watch a film? That is right. With Roof Top Film
0:18:28 > 0:18:32Club, we have be born out of the mundane Multiplex and we are putting
0:18:32 > 0:18:36the social and celebration back into cinema. It's a whole night out.
0:18:36 > 0:18:41People only to us, they have drinks, food, you know, entertainment, bands
0:18:41 > 0:18:48playing, stuff like that. It's about that experience before the film. A
0:18:48 > 0:18:53cinema is a glorified swat shop. For us it's a whole night out. For the
0:18:53 > 0:18:55consumer, it's value for money because they get to come and spend
0:18:55 > 0:18:59three or four hours on a roof top and have a great evening and watch
0:18:59 > 0:19:04their favourite film.We were discussing earlier, if you go to a
0:19:04 > 0:19:06regular cinema, you arrive late, miss the trailers then get straight
0:19:06 > 0:19:10out. So your model is that you want people to get there early and spend
0:19:10 > 0:19:18money?You got it, yes. We are the antithesis to the Multiplex. This is
0:19:18 > 0:19:23different to the normal cinema by the fact we have themed cocktails,
0:19:23 > 0:19:26street food, imMacrat service, you get your ticket from a Smiley human.
0:19:26 > 0:19:30At the end of the night you share this experience with your friends.
0:19:30 > 0:19:36We show a lot of cult movies, it's a shared experience, for people hope
0:19:36 > 0:19:40to new content. We are putting a new generation on to film. That is the
0:19:40 > 0:19:44beauty of it. The film industry is recognising that. We are in fact
0:19:44 > 0:19:49bringing the millennials into film with Instagram. We are an
0:19:49 > 0:19:52Instagram-led cinema.But hang on, there are a few issues with this.
0:19:52 > 0:20:00First off it rains, a lot in the UK! Yes.How does that work? I
0:20:00 > 0:20:03understand that you don't have insurance to cover the fact that you
0:20:03 > 0:20:07might have to call the thing off? It's very tough. It's an issue with
0:20:07 > 0:20:19being in Britain but this is what happened. We used to cancel. We sent
0:20:19 > 0:20:23e-mails out saying, rain or shine, you know, anyone wants their money
0:20:23 > 0:20:28back let us know and 3,000 people were going, six people came back. So
0:20:28 > 0:20:34people were willing to embrace it. It's very British, ponchoes and
0:20:34 > 0:20:40blankets, don't get me wrong, heavy rain, we cancel.Let us talk about
0:20:40 > 0:20:46where you get the Roof Tops from. It sounds simple, find a roof top, but
0:20:46 > 0:20:51you want a good view.Yes.I imagine some are already being used as bars
0:20:51 > 0:20:56and restaurants. How do you negotiate to find the rooves?Also
0:20:56 > 0:21:00safe ones as well. Yes, you think it's easy. When we
0:21:00 > 0:21:05went to New York two years ago, the home of the Room Top, we knocked on
0:21:05 > 0:21:09doors for two years. If they are good roof tops, you normally use
0:21:09 > 0:21:14them, if they are under-yew newsed, you need permits and toilets, so
0:21:14 > 0:21:19what we have started doing, it takes a while to find the roof tops. In
0:21:19 > 0:21:25the US we are starting to use car parks -- under-used. We are using
0:21:25 > 0:21:29the under-used car parks, Houston and Texas next year and we are
0:21:29 > 0:21:33turning them into roof top spaces and it's a great use of space in the
0:21:33 > 0:21:38city that's not being used for much else, especially when it's hot in
0:21:38 > 0:21:41these climates, people don't want to park their cars there but we want to
0:21:41 > 0:21:45put a cinema there.This is a very seasonal business. How do you cope
0:21:45 > 0:21:50with the off-season?Seasonal business absolutely in. The winter,
0:21:50 > 0:21:53we have got other experiences economy activity so this year we
0:21:53 > 0:21:57have got curling in London so we have got six curling lanes and
0:21:57 > 0:22:01igloos and put them on the roof tops. We are heading to Dubai and
0:22:01 > 0:22:06Miami and that will mean we can run 12 months a year as an operation so
0:22:06 > 0:22:12that's exciting for us, it will fill up the winter periods.Good luck
0:22:12 > 0:22:17with it, it's interesting, Gerry, thank you for coming in, founder of
0:22:17 > 0:22:19Roof Top. Thank you.
0:22:19 > 0:22:22In a moment we'll take a look through the Business Pages but first
0:22:22 > 0:22:26here's a quick reminder of how to get in touch with us.
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0:22:53 > 0:22:57you need to know.
0:22:57 > 0:22:59Let's see what stories are being talked about on social media.
0:22:59 > 0:23:03I want to talk about cinemas because loads of messages as a result of
0:23:03 > 0:23:08that interview we have just had there. Phil says, I pay extra to
0:23:08 > 0:23:12watch a Manifesty in a cinema where food is not allowed, otherwise I'll
0:23:12 > 0:23:17stay at home and stream. Ryan says I use Netflix. A lot suggesting going
0:23:17 > 0:23:21to the cinema isn't as fun as it used to be. Are you cinema or
0:23:21 > 0:23:31streaming?It's less about watching the movie, it's the add-ones, one of
0:23:31 > 0:23:37the big strendz going to bars and binding, if you can offer that
0:23:37 > 0:23:42social environment, that offers something different.It says a lot
0:23:42 > 0:23:47about people that are tweeting and texting, they're cyber savvy so
0:23:47 > 0:23:51maybe that suggests they're more streamers. A lot of other news
0:23:51 > 0:23:56around today. The car story, this is a story about what needs to change
0:23:56 > 0:24:00in our every day lives to make cars and electric cars one of the key
0:24:00 > 0:24:04things for the future?Yes. That is really interesting. There is a lot
0:24:04 > 0:24:08happening, a lot of manufacturers are really trying to move into the
0:24:08 > 0:24:11electric vehicle market. I think the real important thing is that it
0:24:11 > 0:24:16needs to be affordable. We need to get prices down. In order for
0:24:16 > 0:24:19manufacturers to do that, they have to have access to the resources, so
0:24:19 > 0:24:26what I love about this story is how do you access that. Lithium.The
0:24:26 > 0:24:30thing in the battery?Yes. Actually the problem is, you can only really
0:24:30 > 0:24:36get it from China or Chile. The price has increased rapidly so if we
0:24:36 > 0:24:41are going to get electric cars cheaper, we really need the
0:24:41 > 0:24:45resources to fall in price.It's so interesting isn't it because on one
0:24:45 > 0:24:49hand the technology allows it, but actually there are so many
0:24:49 > 0:24:52infrastructure things that need to change about charging points and
0:24:52 > 0:24:57road spaces and all that sort of thing. Yes, it's 8.54 in London,
0:24:57 > 0:25:01it's about time we talked about wine.Absolutely, never too early to
0:25:01 > 0:25:08talk about wine.I've been here since 3am so definitely! This is a
0:25:08 > 0:25:12story in The Independent. Today is the busiest wine-buying day of the
0:25:12 > 0:25:16year and we are seeing a big rise in the sales of UK wine.Brilliant.
0:25:16 > 0:25:21That is a good story. Particularly when it's related to wine, sparkling
0:25:21 > 0:25:26wine for that matter. There's been a huge surge in demand for UK wine,
0:25:26 > 0:25:30particularly sparkling wine.Is that because of the weakness of the pound
0:25:30 > 0:25:36making it cheaper abroad, or are there other things?Makes it cheaper
0:25:36 > 0:25:39but there is a value aspect as well. The quality has increased massively
0:25:39 > 0:25:45in the UK. I feel like I need to go and have one.On that note! Let's
0:25:45 > 0:25:48all go for wine. Thank you very much. Have a lovely Christmas.
0:25:48 > 0:25:52That is it. Plenty more later on throughout the day. Bye. See you
0:25:52 > 0:25:55very soon. Bye.