0:00:08 > 0:00:12This is Business Live from BBC News, I'm Ben Thompson in London,
0:00:12 > 0:00:18and I'm Sally Bundock in Davos at the World Economic Forum.
0:00:18 > 0:00:20Optimism about the global economy is at its highest level in years
0:00:20 > 0:00:25according to the world's top business leaders.
0:00:25 > 0:00:29Live from Davos and London, that's our top story
0:00:29 > 0:00:32on Tuesday 23rd January.
0:00:46 > 0:00:50Despite that pick-up in the global economy the US approves
0:00:50 > 0:00:52controversial tariffs on Chinese solar panels and South
0:00:52 > 0:00:55Korean washing machines.
0:00:55 > 0:00:59We'll get the latest live from Shanghai.
0:00:59 > 0:01:02Also today: UK regulators block Fox's bid to buy
0:01:02 > 0:01:07satellite broadcaster Sky - it throws the $16bn deal into doubt.
0:01:07 > 0:01:10And markets power to new highs after the US government deadlock
0:01:10 > 0:01:12is resolved for now.
0:01:12 > 0:01:22We'll assess what happens next.
0:01:22 > 0:01:30And with India's Prime Minister Narendra Modi the keynote speaker
0:01:30 > 0:01:35here at Davos today, we get the inside track from atop Indian boss
0:01:35 > 0:01:39who leads an IT services company to find out what he is hoping for. As
0:01:39 > 0:01:44usual, we want you to be a part of the conversation. As global leaders
0:01:44 > 0:01:49in politics and business gather here to solve the challenges facing the
0:01:49 > 0:01:53global economy, what one problem would you like them to solve? Use
0:01:53 > 0:02:02the hashtag BBCBizlive.
0:02:02 > 0:02:08Hello and welcome to Business Live.
0:02:08 > 0:02:12The prospects for the global economy are at their brightest for nearly a
0:02:12 > 0:02:16decade. That is the view of business leaders and the International
0:02:16 > 0:02:20monetary fund. They have both launched their latest forecasts at
0:02:20 > 0:02:23the World Economic Forum getting underway in Davos. It is the
0:02:23 > 0:02:27get-together of the top business leaders and politicians in the
0:02:27 > 0:02:31world. What are the latest figures say? The IMF has raised its growth
0:02:31 > 0:02:36predictions for the year to come and next year. They have raised them to
0:02:36 > 0:02:433.9%. It says that reflects growing momentum, and President Trump's
0:02:43 > 0:02:47recent tax cuts have given the economy a boost. IMF says that
0:02:47 > 0:02:53optimism is being felt around the world, 120 countries, representing
0:02:53 > 0:02:5775% of the world economy, are expected to see stronger growth in
0:02:57 > 0:03:022017. Business leaders have noticed that 57% of the world's top bosses
0:03:02 > 0:03:09think that growth will improve in the next year, according to a
0:03:09 > 0:03:14survey. That has been reflected on stock markets oblate around the
0:03:14 > 0:03:18world, setting new record highs since last year's Davos gathering.
0:03:18 > 0:03:21Let's had there now. Sally is braving the cold. Normally when
0:03:21 > 0:03:26we're talking about Davos, it is about how we repair the world
0:03:26 > 0:03:30economy, but this time, the message is very much, it is on the men.
0:03:30 > 0:03:34Absolutely. That's definitely the message we've had so far here. You
0:03:34 > 0:03:43talked about what the IMF had to say about the outlook for 2018, on top
0:03:43 > 0:03:48of that, you have mentioned the survey from PWC about business
0:03:48 > 0:03:52leaders being the most optimistic they have been for years. Here, they
0:03:52 > 0:03:57are well aware of the challenges we are facing. In fact, the theme is
0:03:57 > 0:04:00all about how to create an environment where we are sharing in
0:04:00 > 0:04:08terms of trade, expertise, in our fractured world. When they talk
0:04:08 > 0:04:11about the fractures in the world at the moment, there are lots of
0:04:11 > 0:04:17issues, of course, but the main one is the thinking about the US and the
0:04:17 > 0:04:22actions of President Donald Trump. Today, we have already seen some
0:04:22 > 0:04:27action in terms of protectionism, you could call it - fresh tariffs
0:04:27 > 0:04:31slapped on steel products coming out of Asia, and pretty substantial
0:04:31 > 0:04:39tariffs, too. Let's get more detail on that from Robin Brant in
0:04:39 > 0:04:42Shanghai. Interesting, Donald Trump will be heading to Davos in just a
0:04:42 > 0:04:47few days, and here, the talk is all about global trade, and yet,
0:04:47 > 0:04:52barriers are going up.Yes, they are, and President Trump is living
0:04:52 > 0:04:57up to his campaign promises. For the next four years, we have tariffs on
0:04:57 > 0:05:04solar panel goods going from China into the US, with a 30% tariff.
0:05:04 > 0:05:09Washing machines coming out of South Korea, $1 billion a year in trade,
0:05:09 > 0:05:14will face tariffs of up to 50% going into the US. This looks like, and it
0:05:14 > 0:05:19is, the beginning of a trade war between the United States and its
0:05:19 > 0:05:23long-term ally, South Korea, and its rival, as you might describe it,
0:05:23 > 0:05:27China. The Chinese Government won't be surprised. A campaign promise,
0:05:27 > 0:05:33but in reaction, it has expressed its strong dissatisfaction at Donald
0:05:33 > 0:05:37Trump, saying it believes the US is now a threat to the international
0:05:37 > 0:05:41trading system. Will it hit the Chinese solar panel industry? Well,
0:05:41 > 0:05:46it is their biggest in the world, but there is a glut in supply and it
0:05:46 > 0:05:50is likely that the slight will be picked up by manufacturers outside
0:05:50 > 0:05:55of China, perhaps in places like Malaysia. It is no doubt it will
0:05:55 > 0:05:59have an effect on Chinese manufacturers. One slight irony,
0:05:59 > 0:06:07this time last year, China's leader was in Davos is trying to be the
0:06:07 > 0:06:10champion of global trade. That is something some people think he
0:06:10 > 0:06:15achieved. Some people think Donald Trump is helping him to achieve it.
0:06:15 > 0:06:20OK, Robin. Thank you very much indeed. Add very interesting story
0:06:20 > 0:06:29developing on that front today. More analysis on that. Kamal is with us
0:06:29 > 0:06:36in Davos. Robin just making the point that last year, the big
0:06:36 > 0:06:44keynote speaker was President Xi Jin Ping. This year, we are talking
0:06:44 > 0:06:51about Donald Trump, and the two of them are in a spat about steel.
0:06:51 > 0:06:55These increased tariffs set up the arrival of President Trump on
0:06:55 > 0:07:01Friday. As you say, what a contrast with this time last year, Xi Jin
0:07:01 > 0:07:13Ping talking about globalisation. He is the first president to visit the
0:07:13 > 0:07:16economic forum since 2000 and Bill Clinton. Will he be telling the
0:07:16 > 0:07:20world comedy with America's wait while we will go it alone? From what
0:07:20 > 0:07:26we have seen today, it looks like he will be heavy on protectionism and
0:07:26 > 0:07:29the America- first time. A pretty aggressive message for the
0:07:29 > 0:07:34delegates.It is interesting, because among the speakers today, we
0:07:34 > 0:07:38have the prime minister of Canada, Justin Trudeau, and we are hearing
0:07:38 > 0:07:43about steel tariffs being slapped on Asian economies today, but the North
0:07:43 > 0:07:47American Free Trade Agreement is a big issue, and we know that
0:07:47 > 0:07:50President Trump is talking about renegotiating that completely. It is
0:07:50 > 0:07:56all about these trade agreements around the world that are being
0:07:56 > 0:08:00renegotiated or completely changed. You're right. I think from Prime
0:08:00 > 0:08:06Minister Trudeau line from the renderer Modi -- Narendra Modi, you
0:08:06 > 0:08:11will get a different message from Xi Jin Ping last year, which was that
0:08:11 > 0:08:15globalisation was the way to lift people out of poverty and create
0:08:15 > 0:08:19global growth. President Trump is going on a different line. He says
0:08:19 > 0:08:22that being aggressive on protectionism means that he can
0:08:22 > 0:08:27protect American jobs. And so far, the jobs market in America has been
0:08:27 > 0:08:29very strong. The upgrade of US growth has been strong, though not
0:08:29 > 0:08:35the strongest in the world. So there is this division in approach, and I
0:08:35 > 0:08:39think that sets up the big tension, the big debate, at the World
0:08:39 > 0:08:44Economic Forum, which we will see played out over the next few days.
0:08:44 > 0:08:47Kamal, thank you very much indeed. That is it from us just for the time
0:08:47 > 0:08:54being. I will rejoin you in a few minutes.Thank you very much, Sally.
0:08:54 > 0:08:58We will be back with you in a moment or two.
0:08:58 > 0:09:01Let's take a look at some of the other stories making the news.
0:09:01 > 0:09:03Low cost airline easyJet says revenues are up
0:09:03 > 0:09:0514% to £1.1 billion - that's just over $1.5bn -
0:09:05 > 0:09:07for the last three months of last year.
0:09:07 > 0:09:10Its cost per seat - a key measure of performance -
0:09:10 > 0:09:13had fallen by 1.6% thanks to lower fuel costs and cutting other costs.
0:09:13 > 0:09:15Passenger numbers were also up at 1.4 million.
0:09:15 > 0:09:17The boss said that was because they were offering "better
0:09:18 > 0:09:21quality options" to their customers.
0:09:21 > 0:09:23The world's second largest retailer, Carrefour, plans to cut 2,400 jobs
0:09:23 > 0:09:25and expand its e-commerce business.
0:09:25 > 0:09:28The company will invest $3.4 billion in its online platform amid fierce
0:09:28 > 0:09:29competition with Amazon.
0:09:29 > 0:09:33Carrefour has also announced that it will partner with the Chinese
0:09:33 > 0:09:39internet giant Tencent.
0:09:39 > 0:09:41Bacardi will buy tequila maker Patron in a deal worth around
0:09:41 > 0:09:45$5 billion as it looks to expand in the US and cash in the growing
0:09:45 > 0:09:47taste for the Mexican spirit.
0:09:47 > 0:09:49Sales of tequila have been climbing in recent years,
0:09:49 > 0:09:51while other alcohols like vodka and brandy have
0:09:51 > 0:09:55fallen in popularity.
0:09:55 > 0:09:57The deal will make Barcardi the second largest spirit company
0:09:57 > 0:10:03in the United States.
0:10:03 > 0:10:08The UK's Competition regulator has ruled that Fox's proposed
0:10:08 > 0:10:11takeover of Sky is not in the public interest.
0:10:11 > 0:10:13It says the deal would give the Murdoch family too much control
0:10:13 > 0:10:15over news providers in the UK.
0:10:15 > 0:10:21Andrew Walker is following the story for us.
0:10:21 > 0:10:25Andrew, we were waiting for this ruling, won't we? It is an
0:10:25 > 0:10:30interesting one, and they say it is not in the public interest?The
0:10:30 > 0:10:35Competition and Markets Authority looked at this proposed takeover.
0:10:35 > 0:10:39One basis was broadcasting standards, and it was happy with the
0:10:39 > 0:10:44implication standards. But on the question of media plurality, it was
0:10:44 > 0:10:48not. It takes the view that the Murdoch family would have access to
0:10:48 > 0:10:53about 30% of the UK audience, and it regarded that as excessive. It
0:10:53 > 0:10:58proposes a number of possible remedies, not coming down in favour
0:10:58 > 0:11:02of any particular option at this stage. One is to prohibit the deal.
0:11:02 > 0:11:07Another is to look at the idea of spinning off Sky News, and a third
0:11:07 > 0:11:12one is what it calls a behavioural remedy, which would be some sort of
0:11:12 > 0:11:16system for ring fencing Sky News from the rest of the Murdoch
0:11:16 > 0:11:19business.Andrew, thanks very much. I know you will stay across that
0:11:19 > 0:11:25story for us. In the early minutes of trade, Sky shares are unmoved by
0:11:25 > 0:11:33that.
0:11:33 > 0:11:35Tokyo's Nikkei index closes at a 26-year-high in Tokyo,
0:11:35 > 0:11:38after Wall Street powered to another set of records following a deal
0:11:38 > 0:11:39to end the US government shutdown.
0:11:39 > 0:11:41Investors confident the deal will keep the government
0:11:41 > 0:11:44funded in the short term, and it's unlikely to have a lasting
0:11:44 > 0:11:54impact on the US economy.
0:11:56 > 0:11:59That is the current state of play in Europe. We have had an update one
0:11:59 > 0:12:04networks overnight, saying that subscriber numbers are up even
0:12:04 > 0:12:14though it has raised its prices.If you have heard of The Crown And
0:12:14 > 0:12:19Stranger Things, They Are Part Of The Reason Why Networks Profits Are
0:12:19 > 0:12:24Soaring. The Streaming Service Has Been Investing More Money In
0:12:24 > 0:12:31Original Programming, Meaning It Is Short On Cash.
0:12:31 > 0:12:36In The Last Three Months, Networks Added More International Subscribers
0:12:36 > 0:12:42than it expected, more than 6 million. It added more than 8
0:12:42 > 0:12:47million subscribers globally. Networks is now worth about $100
0:12:47 > 0:12:50billion and has more subscribers than other streaming services like
0:12:50 > 0:12:57Amazon, which means is only a media company with deep pockets could
0:12:57 > 0:13:01really compete with networks.
0:13:01 > 0:13:05Never a truer word spoken - deep pockets to take on networks.
0:13:05 > 0:13:07Joining us is Trevor Greetham, head of multi-asset
0:13:07 > 0:13:11at Royal London Asset Management.
0:13:11 > 0:13:16Things are on the up. Yesterday, markets didn't move a huge amount.
0:13:16 > 0:13:20They thought, we have seen a US shutdown before, we're not too
0:13:20 > 0:13:23bothered, but they like it now that it is over.The American stock
0:13:23 > 0:13:35market is up 25% year on year now. Is it just moved over the 25% mark.
0:13:35 > 0:13:38The markets like the strong global growth we have been hearing about
0:13:38 > 0:13:43from Kamal and the IMF, so we have a strong global picture, but at the
0:13:43 > 0:13:47moment, inflation is low. The question for 2018 is whether
0:13:47 > 0:13:52inflation will spoil the party. Let's bring in Sally from Davos.
0:13:52 > 0:13:58Hello to both of you in your cosy, one studio! I wanted to but in,
0:13:58 > 0:14:03Trevor, at this point. Nice to see you. I wanted to ask you about that
0:14:03 > 0:14:07issue and what Kamal was saying, but also, it was surprising how
0:14:07 > 0:14:13optimistic business leaders are, the 1300 that PwC spoke to all over the
0:14:13 > 0:14:17world. They spoke to those business leaders before the US tax reforms
0:14:17 > 0:14:21were cleared and agreed upon, and yet, they are talking about hiring
0:14:21 > 0:14:27and investing. The majority of them are extremely optimistic. Your take
0:14:27 > 0:14:32on that?It's not that surprising, because you have very low interest
0:14:32 > 0:14:37rates, and you have this big tax cut in terms of the headline corporation
0:14:37 > 0:14:41tax rate, the biggest in American history. At the moment, it looks
0:14:41 > 0:14:47like this expansion can continue. It is an eight and a half year
0:14:47 > 0:14:48expansion, making it the longest in history, and if inflation doesn't
0:14:48 > 0:14:53pick up this year in a big way, interest rates will stay low and it
0:14:53 > 0:14:57will carry on. It could even challenge the 1990s, which was a
0:14:57 > 0:15:0410-year expansion. The question is whether tax cuts create inflation,
0:15:04 > 0:15:09and whether the slowdown in China, which is not getting much coverage,
0:15:09 > 0:15:13pulse commodity prices down again and gives us a breather for another
0:15:13 > 0:15:16year or two.It will be one to watch, how long that sugar Rush can
0:15:16 > 0:15:27continue. Trevor, thanks very much for now. Sally, you've got a guest
0:15:27 > 0:15:33there in Davos.I do. Indeed I will be talking to the Chief Executive of
0:15:33 > 0:15:40a company. We have got the Prime Minister of India as the keynote
0:15:40 > 0:15:44speaker here today. It is the first time an Indian Prime Minister has
0:15:44 > 0:15:48been here for a few years. We want to know what are the top bosses in
0:15:48 > 0:15:55India looking for from those in charge of India? See you soon.
0:15:55 > 0:16:00You're with Business Live from the BBC.
0:16:03 > 0:16:08UK bookmakers are bracing themselves for a hit later
0:16:08 > 0:16:11when the Government concludes a review into tackling
0:16:11 > 0:16:12problem gambling.
0:16:12 > 0:16:17Shares in bookmakers William Hill and Ladbrokes Coral slumped
0:16:17 > 0:16:19yesterday on reports that the maximum bet on some
0:16:19 > 0:16:26gambling machines could be cut from £100 to just £2.
0:16:26 > 0:16:33Richard Hunter is head of markets at Interactive Investor.
0:16:33 > 0:16:36Richard, talk us through this. The Government says we need to clamp
0:16:36 > 0:16:41down on problem gambling. This is the way they think they can do it by
0:16:41 > 0:16:46reducing the amount people can spend.It is around fixed odds
0:16:46 > 0:16:51betting terminals which are in place in shops around the country. At the
0:16:51 > 0:16:55moment the maximum stake is £100. There has been a government
0:16:55 > 0:16:58consultation is it will be curcts but it could be anywhere between £2
0:16:58 > 0:17:04and £50 which is an extremely large spread. There was a report in a
0:17:04 > 0:17:07newspaper at the weekend suggesting that actually it was the £2 end of
0:17:07 > 0:17:13the spectrum that we should be expecting and so the share prices of
0:17:13 > 0:17:19the likes of Ladbrokes and Coral and William Hill took a beating. The
0:17:19 > 0:17:23estimation is should this go through, ie the £2 level it could
0:17:23 > 0:17:29take around 25% of both of their revenues.It is an emotive issue
0:17:29 > 0:17:34this, isn't it? Clearly the betting firms are ones that really cash in
0:17:34 > 0:17:37on people that maybe shouldn't be spend that money, can't afford to
0:17:37 > 0:17:40spend that money and that's where they make their profits?Yes, that's
0:17:40 > 0:17:45right. There has been similar moves in Australia which is of interest to
0:17:45 > 0:17:48William Hill for example where the ability to lend on credit so that
0:17:48 > 0:17:54you could gamble is now a loophole they are trying to shut. Obviously
0:17:54 > 0:17:58from the bookmakers point of view in the UK, what they are arguing is
0:17:58 > 0:18:02that should the £2 levy be introduced directly that will affect
0:18:02 > 0:18:05a great number of betting shops around the UK, they will need to
0:18:05 > 0:18:10close which obviously will result in the loss of a number of jobs and a
0:18:10 > 0:18:15lesser tax take for the Treasury. Richard, thank you for explaining
0:18:15 > 0:18:19that. It is one we will watch closely and shares actually in the
0:18:19 > 0:18:23two biggest in the UK actually opening up marginally at the moment.
0:18:23 > 0:18:28I want to show you news on the Business Live page. There is further
0:18:28 > 0:18:33deals about the Sky deal. It raises questions too for the proposed deal
0:18:33 > 0:18:43with Disney. The full details are there on the website.
0:18:46 > 0:18:52You're watching Business Live.
0:18:52 > 0:18:57I'm Sally Bundock.I'm Ben Thompson in London.
0:18:57 > 0:18:59Our top story: The United States has approved controversial tariffs
0:18:59 > 0:19:01on Chinese solar panel and South Korean washing machines.
0:19:01 > 0:19:06Both countries have criticised the tariffs.
0:19:06 > 0:19:11Sally talking about the growth forecast for the world economy being
0:19:11 > 0:19:16upgraded off the back of the tax cut in the United States. A quick flash
0:19:16 > 0:19:21at how the markets in Europe are faring in early trade. The boost on
0:19:21 > 0:19:25Wall Street after the deadlock in the United States was broken with a
0:19:25 > 0:19:29last minute deal yesterday. We see markets following the lead of Wall
0:19:29 > 0:19:34Street and indeed, Asia, opening up pretty sharply.Now, let's take a
0:19:34 > 0:19:41look at today's events in Davos. The keynote speaker today, in a few
0:19:41 > 0:19:46hours, is the Prime Minister of India. How critical is it to Indian
0:19:46 > 0:19:54businesses that he is present here at Davos? Well, I'm joined by it the
0:19:54 > 0:19:58Chief Executive of an IT services company in India. Welcome to
0:19:58 > 0:20:04Business Live. So, how important do you think it is that the Indian
0:20:04 > 0:20:07Prime Minister does come to Davos, the first time for many, many years
0:20:07 > 0:20:18that an Indian Prime Minister has been here.I think Prime Minister
0:20:18 > 0:20:22Modi represents the new set of ambition for India, aspirations of
0:20:22 > 0:20:33India and he is now the leader of almost 300 CEOs and politicians and
0:20:33 > 0:20:39NGOs and different parts of the Indian society, 300 plus people who
0:20:39 > 0:20:45are here in Davos today. Who better than Prime Minister Modi.Now, he
0:20:45 > 0:20:50has been very sort of proactive since he has come into power as
0:20:50 > 0:20:55Prime Minister in terms of talk talking about trade with many global
0:20:55 > 0:20:58leaders, notably the likes of Theresa May and others. Clearly,
0:20:58 > 0:21:02he's keen to do global trade deals. To what extent do you feel his
0:21:02 > 0:21:06presence here this year is overshadowed by that of US President
0:21:06 > 0:21:11Donald Trump who is coming in a few days' time and of course, Trump
0:21:11 > 0:21:19today announcing new tariffs?You know, the reality is that I think
0:21:19 > 0:21:23the two book ends of Davos, the beginning has been done by Prime
0:21:23 > 0:21:29Minister Modi and the closing would be done by President Trump. We
0:21:29 > 0:21:35couldn't have had a better Davos, so the delegates, I can only say,
0:21:35 > 0:21:39getting President Trump here, talking about his own tax reforms,
0:21:39 > 0:21:43his own policies and the road ahead and particularly as we know he's
0:21:43 > 0:21:49going to do a lot of investment in infrastructure, he is coming in
0:21:49 > 0:21:53towards the end and Prime Minister Modi...You are a global company. I
0:21:53 > 0:21:58mean you work over the world, in Sweden, in Switzerland, the United
0:21:58 > 0:22:01States, Italy and Israel to name a few. How concerned are you about the
0:22:01 > 0:22:05actions of the United States in terms of putting up tariffs. Today
0:22:05 > 0:22:09we are hearing about tariffs on Asian steel products, but are you
0:22:09 > 0:22:13worried that this could sort of set a wave of protectionism across the
0:22:13 > 0:22:23globe?That global trade has always had some entry barriers. I mean WTO
0:22:23 > 0:22:28has succeeded, but not fully succeeded. That we have always seen
0:22:28 > 0:22:41is anti-dumpling duties in the previous regimes also. That current
0:22:41 > 0:22:46President Trump wants to use his muscle to negotiate better
0:22:46 > 0:22:49agreements in global trade. They are being upfront and they are more
0:22:49 > 0:22:55vocal about it. I am concerned, but I would not say that it is not in
0:22:55 > 0:23:04the best interest of the US to allow Indian visa holders.And what are
0:23:04 > 0:23:09you hoping to gain from being here yourself? What does this event mean
0:23:09 > 0:23:13for you and your company?Many things. Number one is being able to
0:23:13 > 0:23:23interact and you know, make sure that the vision is alined with the
0:23:23 > 0:23:28other powerful, if not, all, but at least 100 odd CEOs that I will
0:23:28 > 0:23:32interact with.All right. So there is a lot you want to achieve and we
0:23:32 > 0:23:36must let you get on with that, but thank you for taking the time to
0:23:36 > 0:23:50talk to us on Business Live. The CEO of a IT company.
0:23:51 > 0:23:52Trevor Greetham from Royal London Asset Management
0:23:53 > 0:23:56is joining us again to discuss.
0:23:56 > 0:24:00This is a backlash against social networks?The big tech companies,
0:24:00 > 0:24:05they are used to being the disruptors of the status quo, they
0:24:05 > 0:24:08have become so big now that they have become the status quo and they
0:24:08 > 0:24:12are having to spend money on removing offensive content and there
0:24:12 > 0:24:15are a lot of things that are challenging them, but they are
0:24:15 > 0:24:20growing rapidly.I suppose the backlash is on so many sides. It is
0:24:20 > 0:24:26about what we use the social networks for and whether people are
0:24:26 > 0:24:29using them for the wrong reasons, spreading extremist content, but
0:24:29 > 0:24:33things like tax and that's where it really hits them?It does. The fact
0:24:33 > 0:24:37that most of the big entrepreneurs of big tech say things like, "I
0:24:37 > 0:24:42don't let my children use Facebook." ." They are going through an
0:24:42 > 0:24:46interesting phrase of development, but there is more to come from them.
0:24:46 > 0:24:55A quick look at this We Work. It has become Central London's biggest
0:24:55 > 0:25:01occupier.This is people just wanting to hire a desk and these
0:25:01 > 0:25:08companies like We Work are buying up office buildings and renting out
0:25:08 > 0:25:12desks. You can't tell how much spare capacity there is in the office
0:25:12 > 0:25:16market in London because these guys buy it up and maybe their buildings
0:25:16 > 0:25:19are half empty, we don't know. Trevor, Todd for explaining that. It
0:25:19 > 0:25:27is one we'll keep a close eye on. Sally, we have been asking what
0:25:27 > 0:25:31people like to see changed in Davos. Bob says climate change and I bet
0:25:31 > 0:25:36you feel that in the cold there. Another viewer says inequality. What
0:25:36 > 0:25:40are people talking about there? Inequality is a big issue on the
0:25:40 > 0:25:46agenda particularly when it comes to women empowerment and getting more
0:25:46 > 0:25:49people in the workforce, but you will hear from me in the hours ahead
0:25:49 > 0:25:53so I will talk some more about that later.Stay warm. Nice to see you.
0:25:53 > 0:25:58See you back here very soon. From all of us on the team, thank you for
0:25:58 > 0:26:06watching. Have a great day. Bye-bye.