0:00:05 > 0:00:06This is Business Live from BBC News with Jamie Robertson
0:00:07 > 0:00:08and Samantha Simmonds.
0:00:08 > 0:00:11Open Banking is set to shake up the way we bank -
0:00:11 > 0:00:21but will you be happy with tech companies looking after your
0:00:21 > 0:00:23financial data in the future?
0:00:23 > 0:00:33Live from London, that's our top story on Friday 12 January.
0:00:34 > 0:00:36The Open Banking revolution.
0:00:36 > 0:00:42New rules will give consumers control of their own financial data
0:00:42 > 0:00:44- making shopping around easier - and challenging the power
0:00:44 > 0:00:47of the big banks.
0:00:47 > 0:00:49Also in the programme:
0:00:49 > 0:00:52Facebook has announced big changes to how its news feed works.
0:00:52 > 0:00:54With the aim of making posts from businesses,
0:00:54 > 0:00:58brands and media less prominent.
0:00:58 > 0:01:02Is the social media site returning to its roots?
0:01:14 > 0:01:22And as it's Friday we'll be getting the inside track on the big stories
0:01:22 > 0:01:24of the week with our business editor, Simon Jack -
0:01:24 > 0:01:26looking at the price of oil, Brexit and the impact
0:01:26 > 0:01:28of President Trump's cancelling his UK visit.
0:01:28 > 0:01:31And as Facebook announces its going to make posts from businesses
0:01:31 > 0:01:32and brands less prominent,
0:01:32 > 0:01:35today we want to know if you think these changes mean that the social
0:01:35 > 0:01:37media site is returning to its roots?
0:01:37 > 0:01:38Let us know.
0:01:38 > 0:01:43Just use #BBCBizLive.
0:01:47 > 0:01:53Hello and welcome to Business Live.
0:01:53 > 0:01:56We start here in the UK - where tomorrow will see the start
0:01:56 > 0:01:59of a revolution in the way we manage our money.
0:01:59 > 0:02:02It's known as Open Banking - and it will soon be rolled out
0:02:02 > 0:02:04across Europe, giving more power to customers and potentially
0:02:04 > 0:02:07weakening the power of the banks.
0:02:07 > 0:02:09So what is it?
0:02:09 > 0:02:11At the moment your financial data is held by your bank.
0:02:11 > 0:02:14But under new rules, ownership of this data will be
0:02:14 > 0:02:19transferred to the consumer.
0:02:19 > 0:02:22This will allow you to share it with other companies to see
0:02:22 > 0:02:25if they can give you a better deal - on anything from overdrafts
0:02:25 > 0:02:27to mortgages and loans to insurance.
0:02:27 > 0:02:31Open Banking has already been welcomed by some consumer groups -
0:02:31 > 0:02:35as a way to bring more competition into the market
0:02:35 > 0:02:38Others though are uneasy about what might happen to all this
0:02:38 > 0:02:42previously private financial data.
0:02:42 > 0:02:46They worry about security - and dealing with unknown third parties.
0:02:46 > 0:02:49It could also could pose a major threat to traditional banking.
0:02:49 > 0:02:52One report claims almost a third of European banks' profits -
0:02:52 > 0:02:58some $35 billion a year - are at risk from new rivals
0:02:58 > 0:03:04in the financial technology or 'fintech' sector.
0:03:04 > 0:03:06Jeremy Light, Accenture Managing Director of Payment Service, Europe,
0:03:06 > 0:03:10Africa and Latin America is with me.
0:03:10 > 0:03:18Thank you for coming in, how huge is this change?I believe this will be
0:03:18 > 0:03:22the biggest revolution in banking since the big band in the city in
0:03:22 > 0:03:281986. That was about investment banking and stockbroking but this is
0:03:28 > 0:03:32about retail banking and high street banks.How keen do you think
0:03:32 > 0:03:36customers will be to take up the offer of selling out financial
0:03:36 > 0:03:40detail, giving you access to two other companies, people like me who
0:03:40 > 0:03:44have had the same bank account since I was 18, I would be concerned were
0:03:44 > 0:03:49that data would go.It will take time, we will not see a lot of
0:03:49 > 0:03:52activity over the next few months but over the course of the year
0:03:52 > 0:03:56we'll start seeing new propositions, for example, able to pay directly
0:03:56 > 0:04:01out of your bank account on retail websites without using cards. You
0:04:01 > 0:04:05can load your banking information into product comparison websites to
0:04:05 > 0:04:10get the best deal for current accounts and accounts. And a lot of
0:04:10 > 0:04:14consumers, 20 or 30% of them have accounts at more than one bank and
0:04:14 > 0:04:17you will be able to see all those accounts in one place, the balances,
0:04:17 > 0:04:22the transactions are new will have apps which will do spread analysis,
0:04:22 > 0:04:28identified deals and so on.For instance if I want to get a mortgage
0:04:28 > 0:04:32at the moment I go on to different websites and compare the different
0:04:32 > 0:04:37prices, how will it be different from that?At the moment the easiest
0:04:37 > 0:04:40way to get a mortgage is from your own bank because they know you and
0:04:40 > 0:04:45have your data and can make a quick decision on what you can afford. You
0:04:45 > 0:04:49can go to other banks and building societies but you have to give them
0:04:49 > 0:04:54the data, statements, download them or e-mail them, and then you have to
0:04:54 > 0:04:57sit down with them to explain what your income is and what you spend
0:04:57 > 0:05:01your money on and so on. With open banking you can do it at a press of
0:05:01 > 0:05:06a button. You can see it gives the consumer a lot more choice, I'd take
0:05:06 > 0:05:11things out of the process.What happens when you press the button?
0:05:11 > 0:05:15The bag get access to your bank account data, up to two years of
0:05:15 > 0:05:19transactions, they can see your income, how you manage your money in
0:05:19 > 0:05:24terms of keeping in credit are having an overdraft and so on.How
0:05:24 > 0:05:28concerned are banks about this because initially they were quite
0:05:28 > 0:05:32reluctant, they had to comply with the law now, will it damage them or
0:05:32 > 0:05:39is it going to open up fresh ideas and new business.If they embrace it
0:05:39 > 0:05:42it's a huge opportunity. It is an opportunity to allow third parties
0:05:42 > 0:05:47to in effect distribute their products. The biggest change with
0:05:47 > 0:05:52open banking is in addition to the edition ways of banking, Mobile, the
0:05:52 > 0:05:57Internet, and branches. You can do your banking outside of the banking
0:05:57 > 0:06:00environment. Make payments on retail website, go on to social media and
0:06:00 > 0:06:08make payments, see all your accounts in one place. If banks are
0:06:08 > 0:06:14discoverable, it's a bit like in other industries, like, say, with
0:06:14 > 0:06:20travel. You can buy a ticket on an airline website or a hotel but they
0:06:20 > 0:06:24are discoverable on apps like XP they are and so on and you can, by
0:06:24 > 0:06:29being on there, those airlines and hotels are actually helping
0:06:29 > 0:06:38distribute the products so it'd be the same with banking.Big changes
0:06:38 > 0:06:42ahead, great to see you.
0:06:42 > 0:06:45Let's take a look at some of the other stories making the news.
0:06:45 > 0:06:47Facebook says it will change its focus -
0:06:47 > 0:06:49to emphasize what it calls 'meaningful social
0:06:49 > 0:06:51interactions' between friends - rather than posts from media
0:06:51 > 0:06:52outlets and businesses.
0:06:52 > 0:06:54The social network has faced criticism over fake news
0:06:55 > 0:06:57and being too addictive.
0:06:57 > 0:07:00The chief executive Mark Zuckerberg has warned it might hit the business
0:07:00 > 0:07:03in the short term but would be better for the company
0:07:03 > 0:07:07and the community in the long term.
0:07:07 > 0:07:10The US carmaker Fiat Chrysler says it will invest $1bn in its plant
0:07:10 > 0:07:13just outside Detroit so that it can move production of some
0:07:13 > 0:07:16pick up trucks there.
0:07:16 > 0:07:20The vehicles are popular in the US and are currently made in Mexico
0:07:20 > 0:07:23but that could atttract hefty taxes if President Trump pulls out
0:07:23 > 0:07:24of the Nafta free trade deal.
0:07:24 > 0:07:31The Mexican factory will now make cars for the rest of the world.
0:07:31 > 0:07:33There's been a breakthrough in talks in Germany on forming
0:07:33 > 0:07:34a new coalition government.
0:07:34 > 0:07:37Chancellor Angela Merkel's Christian Democrats and their former coalition
0:07:37 > 0:07:40partners, the Social Democrats, had been working through the night,
0:07:40 > 0:07:43in a bid to strike a deal.
0:07:43 > 0:07:45They've now agreed a basis upon which a coalition
0:07:45 > 0:07:51treaty can be negotiated.
0:07:51 > 0:07:56The latest from Reuters is that parties are prepared to boost German
0:07:56 > 0:07:59contribution to the EU budget which is a sticking point.
0:07:59 > 0:08:02Our Berlin corresopondent Jenny Hill joins us now.
0:08:02 > 0:08:09Bring us the latest?Yes it looks as though Angela Merkel's dinner seems
0:08:09 > 0:08:13to have helped clinch the deer after gruelling overnight talks which
0:08:13 > 0:08:17appear to have got blocked up over policy areas like finance and
0:08:17 > 0:08:25predictably of course refugee policies. Angela Merkel has not
0:08:25 > 0:08:30emerged, when she does it will no doubt be with a smile, this comes as
0:08:30 > 0:08:33a huge relief as she was running out of options on how to form a stable
0:08:33 > 0:08:39government. But she's not out of the woods just yet. This is German
0:08:39 > 0:08:44politics, it is complex, a lengthy process. These were just exploratory
0:08:44 > 0:08:48talks designed to establish whether or not there was a basis upon which
0:08:48 > 0:08:53a formal coalition treaty can be negotiated. So what happens next is
0:08:53 > 0:08:58a round of more detailed formal negotiations. But before that can
0:08:58 > 0:09:00begin the social Democrats rank and file will gather at a party
0:09:00 > 0:09:04conference later this month to vote on whether they want to take this
0:09:04 > 0:09:08any further. Bear in mind of course the social Democrats initially said
0:09:08 > 0:09:13they did not want to ever work with Angela Merkel again. They changed
0:09:13 > 0:09:16their mind but there is still a deep sense of discomfort within the party
0:09:16 > 0:09:20over whether they really want another four years of an Angela
0:09:20 > 0:09:24Merkel government. First of all we will see that vote. If those talks
0:09:24 > 0:09:30then proceed and it will take some time before they can get under way,
0:09:30 > 0:09:33all 400,000 members of the SPD will have devote any postal ballot on any
0:09:33 > 0:09:40final coalition. Angela Merkel may be released this morning but there
0:09:40 > 0:09:43are still some way to go.
0:09:43 > 0:09:45China's annual trade surplus with the US has hit
0:09:45 > 0:09:47a record high in 2017, according to data
0:09:47 > 0:09:50released by China today.
0:09:50 > 0:09:56First, Karishma Vaswani is in Singapore.
0:09:56 > 0:10:01Tell us about these figures, this will not help relations with the US
0:10:01 > 0:10:07will it?Absolutely, you have hit on exactly the right point. The trade
0:10:07 > 0:10:11surplus between China and the US according to data from the Chinese
0:10:11 > 0:10:18shows it went up by about 10% to a record $275 billion and analysts say
0:10:18 > 0:10:22that figure could actually be a few percentage points bigger than that
0:10:22 > 0:10:26because some of the trade from China to the US goes through Hong Kong and
0:10:26 > 0:10:31that is of course unaccounted for in this set of data. A bigger trade
0:10:31 > 0:10:35surplus between the US and China is exactly the opposite of what
0:10:35 > 0:10:39President Trump has been talking about over the last year since he's
0:10:39 > 0:10:43been in office. This is a problem which is only going to get larger.
0:10:43 > 0:10:49Growth United States picks up as we expect, so Americans will buy more
0:10:49 > 0:10:53from China and as Chinese growth stabilises or slows down which we
0:10:53 > 0:10:57expect this year as well the Chinese are importing less from the United
0:10:57 > 0:11:04States. So what do you get? You get an even wider trade surplus. With
0:11:04 > 0:11:07the US dollar strengthening this year all the factors point towards
0:11:07 > 0:11:11the trade surplus getting wider. But these figures were not the only ones
0:11:11 > 0:11:16which were interesting in the data, China also released its trade
0:11:16 > 0:11:23figures for North Korea showing a fall of 81% and imports. Hopefully
0:11:23 > 0:11:26that will go some way towards convincing the Trump administration
0:11:26 > 0:11:33that China is trying to clean up the North Korea problem.Thank you very
0:11:33 > 0:11:39much, let's look at how the markets have been progressing.
0:11:43 > 0:11:47Is that it's going to be a good week for the US markets, in fact all the
0:11:47 > 0:11:53markets.
0:11:54 > 0:12:02The oil price coming off its high, down to just below $70 a barrel, we
0:12:02 > 0:12:07will talk about that in a second, the oil price symptomatic of a
0:12:07 > 0:12:09growing healthy global economy.
0:12:09 > 0:12:11And Yogita Limaye has the details about what's ahead
0:12:11 > 0:12:14on Wall Street Today.
0:12:14 > 0:12:19It's going to be a busy day because their eyes a lot happening on both
0:12:19 > 0:12:21the corporate and economic fronts. Fourth-quarter earnings season
0:12:21 > 0:12:29starts today led by major banks here in the US. JP Morgan Chase, Wells
0:12:29 > 0:12:33Fargo and PNC financial services will be revealing how they performed
0:12:33 > 0:12:36from October - December. All eyes will be on how the new tax law will
0:12:36 > 0:12:41impact these banks. Investment manager Blackrock will also report
0:12:41 > 0:12:45earnings and there is an important economic data to be released as
0:12:45 > 0:12:49well. Numbers for the consumer price index, a key measure of inflation
0:12:49 > 0:12:53will be out and they are expected to show a sluggish price rise continues
0:12:53 > 0:12:58to be a feature of American growth stories right now, one economists,
0:12:58 > 0:13:02policymakers and even the people at the Federal reserve cannot explain
0:13:02 > 0:13:04but they do expect it to change soon.
0:13:04 > 0:13:08Joining us is Lawrence Gosling, Editor-in-chief, What Investment.
0:13:08 > 0:13:13We are going to look at this Facebook story, Mark Zuckerberg made
0:13:13 > 0:13:16it his New Year 's resolution to go back to the roots of what he
0:13:16 > 0:13:21envisaged it as. He said he's going to stop pushing, that's not the
0:13:21 > 0:13:26words he used, but business, I don't know if it's going to be adverts or
0:13:26 > 0:13:30just posts, that will be interesting, but business will have
0:13:30 > 0:13:35something to say about that because they pay a huge amount of money.
0:13:35 > 0:13:38This is it, Facebook spent the last few years not really bothering what
0:13:38 > 0:13:43is pushed in front of its users as long as the advertisers are happy.
0:13:43 > 0:13:46There was a wave last year about the mental health issues of Facebook and
0:13:46 > 0:13:51other social media platforms. They are trying to be more responsible,
0:13:51 > 0:13:55talking about content which is more engaging and fits in more with their
0:13:55 > 0:14:01sort of personal use at I think we'll have to see how it emerges the
0:14:01 > 0:14:12year, it's a genuine content.How is my bit coin investment doing?Not as
0:14:12 > 0:14:19good as it was...I gladly have any! The prize came down, the South
0:14:19 > 0:14:22Korean government the latest to become concerned, they are talking
0:14:22 > 0:14:26about banning the exchanges that investors can buy them, crypto
0:14:26 > 0:14:32currency through. The price coming down from closed in 19,000 just
0:14:32 > 0:14:39before Christmas to 13,000 yesterday. Only up 1000% last year,
0:14:39 > 0:14:42would have been an amazing investment...If I had bought them
0:14:42 > 0:14:46at the beginning of last year you would still be in the money.People
0:14:46 > 0:14:54are still trying to find those old computers they bought them in.End
0:14:54 > 0:14:58of year results, interesting data, the first week, the first week
0:14:58 > 0:15:04financial markets sorry, an interesting analysis.It's one that
0:15:04 > 0:15:09stat was like. If you look at the first trading week of the year, if
0:15:09 > 0:15:13it is positive foresee the FTSE 100 there is an 80% chance the index
0:15:13 > 0:15:20will finish the year up.That is statistical? Purely statistical.
0:15:20 > 0:15:23Yeah, there is no great primary is on but a big part of what drives the
0:15:23 > 0:15:28is sentiment.You might be able to work out if it is over clouded on
0:15:28 > 0:15:36Tuesday in the first week of the year...We debate if there will be a
0:15:36 > 0:15:41stock market crash in October because we had won in 1987.Thank
0:15:41 > 0:15:43you very much.
0:15:43 > 0:15:46Still to come we'll be getting the inside track on the big stories
0:15:46 > 0:15:49of the week with our business editor, Simon Jack -
0:15:49 > 0:15:50including the latest on Brexit and President Trump's
0:15:51 > 0:15:52cancelling his UK visit.
0:15:52 > 0:15:56You're with Business Live from BBC News.
0:16:27 > 0:16:32Housing commentator Henry Pryor, joins us now.
0:16:32 > 0:16:39It is interesting to see these results. All big house builders and
0:16:39 > 0:16:46developers, these results are optimistic for 2018. They have had a
0:16:46 > 0:16:53dismal 2017. They appear to be putting their house in order.What
0:16:53 > 0:16:58about the sector as a whole? They had a tremendous few years. Since
0:16:58 > 0:17:022012, we saw housing stocks going through the roof.Jolly difficult
0:17:02 > 0:17:08not to make money in the sector at the moment. If you look at
0:17:08 > 0:17:11everything sitting behind housing at the moment, the Government is making
0:17:11 > 0:17:16huge efforts now to build more homes and get more built and indeed they
0:17:16 > 0:17:20are funding a party funding the actual customers buying the
0:17:20 > 0:17:28products. We can see there with firms like Bovis, about 30% of their
0:17:28 > 0:17:31transactions are taking out the controversial Help to Buy scheme and
0:17:31 > 0:17:35that means it is jolly difficult for anybody to lose money at the present
0:17:35 > 0:17:40time in this sector.What about house-buyers? It is certainly not
0:17:40 > 0:17:46been good in London for sellers. What I would call the marzipan
0:17:46 > 0:17:50layer, the top end of the housing market, but in the bread-and-butter
0:17:50 > 0:17:54market things are looking actually pretty robust across the UK. Demand
0:17:54 > 0:18:00outstrips supply and the way the Government is underpinning demand by
0:18:00 > 0:18:04giving people a leg up onto the housing market will ensure we
0:18:04 > 0:18:09continue to see house price growth indeed growth in the builders and
0:18:09 > 0:18:18developers creating those homes. Thank you.
0:18:18 > 0:18:26You're watching business Live. Let's look at what is on the website. This
0:18:26 > 0:18:31is a Friday story, Chris Johnson does admit. Users like-for-like
0:18:31 > 0:18:39sales are at 3.9%. 225,000 meals sold on Christmas Day. Five of 5%
0:18:39 > 0:18:45more than last year.
0:18:46 > 0:18:50You're watching Business live - our top story
0:18:50 > 0:18:51is about Open Banking...
0:18:51 > 0:18:53New rules coming in this weekend will give consumers more control
0:18:53 > 0:18:56of their own financial data - which could ultimately challenge
0:18:56 > 0:18:57the power of the big banks.
0:18:57 > 0:19:03A quick look at how markets are faring...
0:19:03 > 0:19:10They are still up.
0:19:14 > 0:19:17A slightly weaker dollar at the moment.
0:19:17 > 0:19:20And now let's get the inside track on all the big business stories
0:19:20 > 0:19:23of the week including oil prices hovering around $70 a barrel
0:19:23 > 0:19:24and more Brexit developments.
0:19:24 > 0:19:31Our business editor is Simon Jack.
0:19:31 > 0:19:40Oil is doing pretty well?Yes, $70 a barrel, which is the highest for
0:19:40 > 0:19:44three years, since 2013, we have been as high as 110 and as low as
0:19:44 > 0:19:5026. So we're pushing back up. There are three things to consider,
0:19:50 > 0:20:02demand, disruption and this claim. In the US and Asia and the Eurozone,
0:20:02 > 0:20:07doing well, that meant plenty of demand and economic activity pushing
0:20:07 > 0:20:13it up. Disruption, we have had some from Venezuelan, Iraq, and then the
0:20:13 > 0:20:16big one, the most interesting one is discipline. What do they do when it
0:20:16 > 0:20:21starts getting up? The shale gas in the US has made a huge change in the
0:20:21 > 0:20:26market. And it gets toward these levels, do they start drilling like
0:20:26 > 0:20:31mad or do they have discipline and start paying down some of the
0:20:31 > 0:20:36massive debts?That is not much to impose discipline on them, unlike
0:20:36 > 0:20:42Opec.Opec get-together at a big club and try to get prices, when it
0:20:42 > 0:20:47went low, that was seen as an attempt to put the shale gas are
0:20:47 > 0:20:51people out of business. But the thing is, will these shale gas guys
0:20:51 > 0:20:56be disciplined enough not to start drilling like crazy and bring it
0:20:56 > 0:21:02down? There was a report released that says Shale operators are being
0:21:02 > 0:21:07more disciplined and using money to pay down large debts. All we know
0:21:07 > 0:21:12about this oil price is about 80 is considered too high, 40 is
0:21:12 > 0:21:15considered too low, somewhere in the middle at the moment... It will be
0:21:15 > 0:21:22interesting to see whether this affects global inflation. High
0:21:22 > 0:21:26demand, high oil price, and then the Fed would have to raise rates
0:21:26 > 0:21:31quickly on the market would crash... You have a story about banks paying
0:21:31 > 0:21:37for EU access.Basically, Philip Hammond and David Davis went to
0:21:37 > 0:21:41Germany this week and they're trying to coax from the other side is some
0:21:41 > 0:21:46sort of, what is about you guys want? You keep criticising us. We
0:21:46 > 0:21:50would like you to make us an offer. That might include something like,
0:21:50 > 0:21:54because they want to keep close ties with the UK, stick around and you
0:21:54 > 0:21:58can have access to a single market, things like banking, I'm forced to
0:21:58 > 0:22:02financial services. But you have to pay for that. Banking sources say
0:22:02 > 0:22:05this is not on the table at the moment, the Government does not want
0:22:05 > 0:22:09to be the one to raise it, politically unpalatable to say they
0:22:09 > 0:22:16will pay for single market access. But banking sources have said if we
0:22:16 > 0:22:25could pay for access, we might be prepared to. Basically, our overall
0:22:25 > 0:22:31bill to the access for its single market is ex-building, let's divvy
0:22:31 > 0:22:35it up between banks, pharmaceuticals, car manufacturers,
0:22:35 > 0:22:42and obviously we are an exporter which is successful.What about Mr
0:22:42 > 0:22:49Trump? Is he coming over here?I have no special political insight.
0:22:49 > 0:22:53He is saying he's not coming to open the US Embassy in Grosvenor Square.
0:22:53 > 0:22:57A prestige pay for a location which has now moved to nine elms. I don't
0:22:57 > 0:23:02want to be rude to people that live there but does not Grosvenor Square.
0:23:02 > 0:23:06He said he thought it was a bad deal by the Obama administration to move
0:23:06 > 0:23:11from a prestigious location, sell it for peanuts and moved to this new
0:23:11 > 0:23:18location. All I will say is that ever since Theresa May went over to
0:23:18 > 0:23:23be the first leader into the White House, organising the return leg has
0:23:23 > 0:23:27not been straightforward! There would obviously be some level of
0:23:27 > 0:23:31protest. People are speculating that because the Queen will not be
0:23:31 > 0:23:35involved and there will be bells and whistles and golden carriages...
0:23:35 > 0:23:38That he may well come, this is just a cancellation of this particular
0:23:38 > 0:23:46visit to open the embassy.Yes, there is a meeting planned with
0:23:46 > 0:23:53Theresa May, I think... All I can tell you as a -- all I can tell you
0:23:53 > 0:23:58is that some residents in Battersea will be disappointed they will not
0:23:58 > 0:24:00get to see the president.
0:24:00 > 0:24:03In a moment, we'll take a look through the Business Pages -
0:24:03 > 0:24:12but first here's a quick reminder of how to get in touch with us...
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0:24:39 > 0:24:40What other business stories has the media been
0:24:40 > 0:24:41taking an interest in?
0:24:41 > 0:24:47Lawrence Gosling is joining us again to discuss.
0:24:47 > 0:24:54It is all about Carillion.Yes. It is involved in schools, motorways,
0:24:54 > 0:25:04the Armed Forces and the HS2 ruling. It has $1.5 billion of debt. The
0:25:04 > 0:25:09company is only worth £100 these days. It's an absolute mess. For the
0:25:09 > 0:25:17Government, they have had a meeting to figure out what they will do.It
0:25:17 > 0:25:24employs 43,000 people globally.Half of those in the UK, so is important.
0:25:24 > 0:25:28Infrastructure is a long-term driver for growth.There was talk last week
0:25:28 > 0:25:35about a bailout.I would suspect we will probably see a bailout. A bit
0:25:35 > 0:25:41of Government money and a large overdraft from the major banks
0:25:41 > 0:25:46supporting it.We must leave it there.
0:25:46 > 0:25:53That's it from Business Live today.
0:25:53 > 0:26:03We'll see you again tomorrow.