0:00:04 > 0:00:07This is Business Live from BBC News, with Sally
0:00:07 > 0:00:07Bundock and Ben Thompson.
0:00:07 > 0:00:11Bundock and Ben Thompson.
0:00:11 > 0:00:16And shakes and trade deals. -- handshakes.
0:00:16 > 0:00:19The UK Prime Minister begins her three-day visit to China.
0:00:19 > 0:00:21Business is top of the agenda.
0:00:21 > 0:00:23Live from London, that's our top story
0:00:23 > 0:00:31on Wednesday 31st January.
0:00:37 > 0:00:40Theresa May has arrived in China at a crucial period for the UK.
0:00:40 > 0:00:42We'll be asking a leading expert about the future relationship
0:00:42 > 0:00:46between the two countries.
0:00:46 > 0:00:48Also in the programme.
0:00:48 > 0:00:51Just how "great" is the American economy?
0:00:51 > 0:00:53We weigh up the reaction to President Trump's State
0:00:53 > 0:00:54of the Union Address.
0:00:54 > 0:00:57And January has been the best month on record
0:00:57 > 0:01:04for global financial markets.
0:01:04 > 0:01:07Today, we look ahead to the Fed.
0:01:07 > 0:01:08Is this the end of consumerism?
0:01:08 > 0:01:10New research confirms young people are buying fewer things,
0:01:10 > 0:01:12but choosing to live new experiences instead.
0:01:12 > 0:01:14So how is business adapting to the change?
0:01:14 > 0:01:16We meet the boss of one entertainment company
0:01:16 > 0:01:21with a bit of a difference.
0:01:21 > 0:01:23So we want to know, are you buying less stuff.
0:01:23 > 0:01:26Are you spending less time in the shops and more time
0:01:26 > 0:01:27in restaurants and cinemas?
0:01:27 > 0:01:28Let us know.
0:01:28 > 0:01:31Just use the hashtag BBCBizLive.
0:01:38 > 0:01:45Hello and welcome to Business Live.
0:01:45 > 0:01:51We hope you enjoyed this experience!
0:01:51 > 0:01:55The UK Prime Minister Theresa May has announced new education
0:01:55 > 0:01:58links with China as she arrives for a three-day visit to boost trade
0:01:58 > 0:02:00and investment after Brexit.
0:02:00 > 0:02:03She has claimed her visit "will intensify the golden era
0:02:03 > 0:02:06in UK-China relations".
0:02:06 > 0:02:08But she also stressed China must adhere to free
0:02:09 > 0:02:12and fair trade practices.
0:02:12 > 0:02:22Trade between the two is already worth more
0:02:24 > 0:02:30than $80 billion and the UK's trade secretary Liam Fox
0:02:30 > 0:02:32says that exports to China increased by over 25%
0:02:33 > 0:02:34in the last year alone.
0:02:34 > 0:02:36But the talks are about more than just trade.
0:02:36 > 0:02:38The two sides will want to ensure that investment
0:02:38 > 0:02:40between the two countries is both fair and transparent.
0:02:40 > 0:02:43Chinese businesses have been pursuing huge
0:02:43 > 0:02:45international expansion plans, with investment in the UK more
0:02:45 > 0:02:55than doubling in 2017.
0:03:01 > 0:03:02Matthew Rous the Chief Executive of China-Britain
0:03:02 > 0:03:03business council joins us.
0:03:03 > 0:03:09Thank you for joining us. Theresa May has already announced new
0:03:09 > 0:03:13education links with China. All well and good but should we be aiming
0:03:13 > 0:03:17higher? Should there be a bigger trade deal in place rather than just
0:03:17 > 0:03:22a relatively small-scale education link which is useful but it's not
0:03:22 > 0:03:28going to help a lot of businesses? We are aiming high, my company is
0:03:28 > 0:03:31aiming high and the UK is aiming high as well, this visit will help
0:03:31 > 0:03:35build momentum towards a free trade agreement in the medium-term. But in
0:03:35 > 0:03:41the meantime, there are gains to be made. This visit will usefully build
0:03:41 > 0:03:45the momentum.It is all about small steps, I suppose. You have
0:03:45 > 0:03:49highlighted it there and Theresa May has made very clear it must be our
0:03:49 > 0:03:52shared objective over the coming years, suggesting this isn't about a
0:03:52 > 0:03:55big announcement but about lots of handshakes and meetings like this
0:03:55 > 0:04:00and lots of gatherings to try to improve relations on a day-to-day
0:04:00 > 0:04:04basis.Sometimes it is Big Bang but generally speaking, China is a long
0:04:04 > 0:04:10game for UK business. As an organisation, we've been never 65
0:04:10 > 0:04:14years, helping companies to make success, to achieve success in a big
0:04:14 > 0:04:21and challenging market in many ways. But various such a thing as
0:04:21 > 0:04:24Brailsford's law, fans of British cycling will know you accrue the
0:04:24 > 0:04:27incremental gains one by one and that applies in business as well and
0:04:27 > 0:04:32we want to see good things coming out of this.The British delegation
0:04:32 > 0:04:35is about 50 or so people with Theresa May, not the biggest but at
0:04:35 > 0:04:39the same time important in terms of who is there, we know Jaguar Land
0:04:39 > 0:04:45Rover and firms like BP are there, well and good for big firms but what
0:04:45 > 0:04:47about small business?It's actually quite a diverse delegation. The
0:04:47 > 0:04:51government has done a good job in assembling a mix of companies large
0:04:51 > 0:04:54and small from different sectors and there are some new faces there and I
0:04:54 > 0:05:00think that is welcome as it helps to put new people in front of Chinese
0:05:00 > 0:05:04audiences and to showcase everything we do. As China gets older and
0:05:04 > 0:05:08richer, the UK's offer in terms of world beating financial services,
0:05:08 > 0:05:12health care and consumer goods is really strong.But it's not without
0:05:12 > 0:05:15controversy, though, particularly when it comes to things like steel
0:05:15 > 0:05:18exports from China, a lot of manufacturers say it is done too
0:05:18 > 0:05:21cheaply and locked them out of the market and lots of concern about
0:05:21 > 0:05:24Chinese technology involvement in things like Hinkley Point. Will she
0:05:24 > 0:05:28address those on this visit?I think we can be proud of the fact that
0:05:28 > 0:05:34Britain is one of the world's most open economies and we have been very
0:05:34 > 0:05:37open to Chinese investment in key sectors.But can Theresa May have
0:05:37 > 0:05:42tough talks with the Chinese without jeopardising the investment?It is
0:05:42 > 0:05:46part of a mature conversation between two long-standing partners.
0:05:46 > 0:05:50So yes, is my answer, I would not expect it to dominate but she will
0:05:50 > 0:05:54be looking to get the point across. We will watch and wait and see what
0:05:54 > 0:05:56is announced. Thank you for joining us.
0:05:56 > 0:05:58Let's take a look at some of the other
0:05:58 > 0:06:01stories making the news.
0:06:01 > 0:06:03Japan's Fujifilm is to cut a fifth
0:06:03 > 0:06:05of its global workforce - that's around 10,000
0:06:05 > 0:06:07jobs, blaming a decline in the photocopying business.
0:06:07 > 0:06:11Fujifilm owns 75% of the joint venture, called Fuji Xerox,
0:06:11 > 0:06:13which accounts for nearly half of the Japanese company's
0:06:13 > 0:06:21sales and profits.
0:06:21 > 0:06:25It comes as Fuji film looks set to take over Xerox.
0:06:25 > 0:06:28Workers in Germany have begun a series of 24-hour strikes
0:06:28 > 0:06:32in a row over pay and working hours.
0:06:32 > 0:06:35The powerful Ee Gay Metall union has called on its members to down tools
0:06:35 > 0:06:37for the rest of the week.
0:06:37 > 0:06:40The union is demanding an 8% pay rise and shorter working hours
0:06:40 > 0:06:50for 3.9 million workers.
0:06:52 > 0:06:54Samsung has reported a record 73% jump
0:06:54 > 0:06:56in its fourth quarter profit, to $11.4 billion.
0:06:56 > 0:06:58That was mainly driven by demand for its memory
0:06:58 > 0:06:59chips and display panels.
0:06:59 > 0:07:02The South Korean giant's shares surged more than 8%,
0:07:02 > 0:07:03after suggesting the outlook for the memory sector
0:07:03 > 0:07:04is forecast to remain strong.
0:07:04 > 0:07:07Donald Trump has given his first State of the Union speech,
0:07:07 > 0:07:15where he outlined his achievements during his first year in office.
0:07:15 > 0:07:18One hour and 20 minutes, that is how long it was. I listened to the whole
0:07:18 > 0:07:20thing!
0:07:20 > 0:07:21The US President also reiterated his stance
0:07:21 > 0:07:27on international trade - here's what he had to say.
0:07:27 > 0:07:32The era of economic surrender is totally over. From now on, we expect
0:07:32 > 0:07:40trading relationships to be fair and very importantly, reciprocal.
0:07:47 > 0:07:51We will work to fix bad trade deals and negotiate new ones and they will
0:07:51 > 0:07:58be good ones but they will be fair. We will protect American workers and
0:07:58 > 0:08:04American intellectual property through strong enforcement of our
0:08:04 > 0:08:11trade rules.
0:08:11 > 0:08:12Our Asia Business Correspondent Karishma Vaswani
0:08:12 > 0:08:15is in Singapore for us.
0:08:15 > 0:08:21It interesting, talking about trade but not a lot of detail.I think it
0:08:21 > 0:08:24would be fair to say there was not a lot of detail in many aspects of the
0:08:24 > 0:08:27President's speech today but the State of the Union is all about
0:08:27 > 0:08:32laying out an agenda for the next 12 months or so and President Trump
0:08:32 > 0:08:35certainly did that and when it came to trade, as you said, in the clip
0:08:35 > 0:08:39you have just run for the audiences, he's repeated some of the things we
0:08:39 > 0:08:44have heard before so many times, he wants free trade, fair trade,
0:08:44 > 0:08:47reciprocal trade, some of his favourite words when it comes to
0:08:47 > 0:08:51talking about trade policies. What we did not hear however is that he
0:08:51 > 0:08:56was not as hard on China as many had expected him to be. Ahead of the
0:08:56 > 0:09:00State of the Union, there were lots of comments, lots of expectations,
0:09:00 > 0:09:05certainly from people out in the Asian business community that
0:09:05 > 0:09:08perhaps we would see some hard policy moves on China with regard to
0:09:08 > 0:09:13intellectual property, the investigation of the US has launched
0:09:13 > 0:09:18an China, or something even on steel and aluminium tariffs, especially
0:09:18 > 0:09:21after he slapped tariffs on solar panels and washing machines last
0:09:21 > 0:09:26week, which we have talked about before. But beyond saying that he
0:09:26 > 0:09:31wants trade to be fair and reciprocal, that he will get out of
0:09:31 > 0:09:35bad trade deals, no specifics so far on what he is actually going to do
0:09:35 > 0:09:39with China. Many of the Asian businesses I have been speaking to
0:09:39 > 0:09:43our breathing a sigh of relief because for now, at least, but not
0:09:43 > 0:09:51for long, but because as one member of the Asian trade business
0:09:51 > 0:09:55Association in Singapore told me does not mean there is not a trade
0:09:55 > 0:09:58war on the horizon because it was not mentioned in the State of union.
0:09:58 > 0:10:03We should that warning. So the Twitter or teleprompter president
0:10:03 > 0:10:06delivered his State of the Union address and we will talk more about
0:10:06 > 0:10:13that in a minute but let's look at the market. Japan down by 0.8% at
0:10:13 > 0:10:19the close. Some of the key losers, like Fuji film, one of the big
0:10:19 > 0:10:21stories, Hong Kong bouncing back after slides across the board on
0:10:21 > 0:10:25Wall Street the night before. We are in the midst of the Federal Reserve
0:10:25 > 0:10:29meeting. The last one presided over by Janet Yellen as chair. We will
0:10:29 > 0:10:36talk about that in a moment. January in Europe has proved to be the
0:10:36 > 0:10:41strongest month on record -- January on record for global financial
0:10:41 > 0:10:44markets but some profit-taking going on around the world, the Footsie
0:10:44 > 0:10:49down just a touch having opened, but gains in Europe and Stirling
0:10:49 > 0:10:53bouncing back today against some guarantees. Let's look ahead to the
0:10:53 > 0:10:56day on Wall Street.
0:10:56 > 0:10:57Yogita Limaye has the details.
0:10:57 > 0:10:59It's a big day for corporate results here.
0:10:59 > 0:11:01Technology giant Microsoft is expected to report a strong
0:11:01 > 0:11:03performance as is Facebook.
0:11:03 > 0:11:06Investors will be waiting to hear how the new tax bill will impact
0:11:06 > 0:11:09earnings in the months ahead for the two companies.
0:11:09 > 0:11:10Meanwhile, profits are expected to have risen at
0:11:10 > 0:11:13American plane-maker Boeing because more people
0:11:13 > 0:11:16are choosing to travel by air.
0:11:16 > 0:11:19Wall Street will be watching for comments on the trade battle
0:11:19 > 0:11:21with Canada's Bombardier, which Boeing recently lost,
0:11:21 > 0:11:23and they will also be looking for more details of
0:11:23 > 0:11:27the company's proposed tie-up with Brazilian firm Embraer.
0:11:27 > 0:11:29Telecoms company AT&T and chip-maker Qualcomm,
0:11:29 > 0:11:32will also be releasing earnings.
0:11:32 > 0:11:34And we will be hearing from the Federal
0:11:34 > 0:11:38Reserve as well which will conclude its monetary policy meeting today.
0:11:38 > 0:11:42Rates are not expected to be changed but it will be interesting to see
0:11:42 > 0:11:45what the committee makes of the slightly lower than expected
0:11:45 > 0:11:53growth rate in the last quarter of 2017.
0:11:53 > 0:11:55We were just chatting about Janet Yellen!
0:11:55 > 0:11:58Joining us is Mike Amey, Managing Director and Portfolio
0:11:58 > 0:12:00Manager at PIMCO.
0:12:00 > 0:12:05Good morning. Let's stay in the US because we saw pictures of Janet
0:12:05 > 0:12:07Yellen, her last Federal Reserve meeting in charge but she's had a
0:12:07 > 0:12:12pretty good run, held a steady ship. A very good run, yeah, she's
0:12:12 > 0:12:15achieved a number of things, one is the US economy continuing to do very
0:12:15 > 0:12:19well and she should take some credit for that. She has also managed to
0:12:19 > 0:12:25get interest rates away from effectively zero and that, a couple
0:12:25 > 0:12:29of years ago, was a very big deal. It was uncertain whether they would
0:12:29 > 0:12:33be able to raise rates and there would not be problems somewhere in
0:12:33 > 0:12:39the system and she has achieved that well. She's done a good job.And
0:12:39 > 0:12:42also the massive quantitative easing experiment, she has kind of got the
0:12:42 > 0:12:46US economy off the intravenous drip and she has done it without any
0:12:46 > 0:12:51tapered tantrums that we saw previously.They learned from
0:12:51 > 0:12:57previous experience and the so-called template -- taper tantrum
0:12:57 > 0:13:01way you got volatility was all about market is being surprised but now
0:13:01 > 0:13:05they have been making it very clear they will be slow about it and the
0:13:05 > 0:13:11rate rises, for example, it has taken in two years to get up to 1.5%
0:13:11 > 0:13:14from 0.25%, it's been steadily done which has been the right thing as it
0:13:14 > 0:13:18has turned out, so good job.A quick word on the state of union, we heard
0:13:18 > 0:13:22Donald Trump talking about trade earlier but he was also very keen to
0:13:22 > 0:13:25point out the tax cut that he says has handed business a big boost and
0:13:25 > 0:13:31lots of infrastructure spending and US business will like that. It looks
0:13:31 > 0:13:36like the theme going forward is infrastructure spending.The tax cut
0:13:36 > 0:13:39gave the stock market a boost at the year's end and they are looking to
0:13:39 > 0:13:42the midterms at the end of this year so we will hear more about
0:13:42 > 0:13:46infrastructure but as we know, getting infrastructure spend done is
0:13:46 > 0:13:49difficult and takes time and he's trying to do what other countries
0:13:49 > 0:13:52have done which is in gauge the government and the private sector
0:13:52 > 0:13:55and that can be a very difficult combination, as we know. -- is
0:13:55 > 0:13:59engaged the government.We will learn the lessons from Carillion.
0:14:00 > 0:14:01Still to come...
0:14:01 > 0:14:02Tapping in to the $1 trillion experience industry.
0:14:02 > 0:14:04We meet the entrepreneur putting on virtual reality
0:14:04 > 0:14:10entertainment shows.
0:14:10 > 0:14:13That is what these pictures relate to.
0:14:13 > 0:14:18You're with Business Live from BBC News.
0:14:26 > 0:14:28The number of cars made in the UK fell last year
0:14:28 > 0:14:31for the first time since 2009.
0:14:31 > 0:14:34Lower demand is partly to blame, according to the Society
0:14:34 > 0:14:36of Motor Manufacturers and Traders.
0:14:36 > 0:14:38It's just released the latest figures.
0:14:38 > 0:14:45Chief executive Mike Hawes joins us now.
0:14:45 > 0:14:52So tell us a bit more about how things have gone.Over the past
0:14:52 > 0:14:58year, production output from UK car manufacturing plants fell about 3%,
0:14:58 > 0:15:01primarily due to a drop in demand in local markets, so basically cars
0:15:01 > 0:15:07built in the UK for UK customers. What we have seen is slowing growth,
0:15:07 > 0:15:09declining business and consumer confidence which has affected demand
0:15:09 > 0:15:14last year, as has a lot of the confusion in the UK around potential
0:15:14 > 0:15:17diesel changes that the government is looking to make. But both of
0:15:17 > 0:15:21those factors together and it's depressed new car registrations last
0:15:21 > 0:15:26year which has a knock-on effect on production as well.But coming from
0:15:26 > 0:15:30a pretty high level, every time we speak to you it has done a story of
0:15:30 > 0:15:33sales and new registrations going up but at the same time, a lot of
0:15:33 > 0:15:37concern about financing deals, people able to get cars cheaply but
0:15:37 > 0:15:41you end up with a flood of second-hand cars in the market would
0:15:41 > 0:15:45ultimately affects new-car sales. Potentially but what has been very
0:15:45 > 0:15:48encouraging is the residual value of the second-hand car market has been
0:15:48 > 0:15:52very strong and second-hand values have held up which is good for the
0:15:52 > 0:15:56finance packages that are available. There has been a degree of
0:15:56 > 0:16:00examination of the finance arrangements but essentially, they
0:16:00 > 0:16:05are delivering what the consumer wants and that is enabling the
0:16:05 > 0:16:09consumer to purchase a car or at least effectively lease one third or
0:16:09 > 0:16:13four years and at the conclusion of the lease, they can flip into a new
0:16:13 > 0:16:16one, had the car back or pay a bit more to own it outright and that is
0:16:16 > 0:16:20very attractive, it is just the changing nature of the new-car
0:16:20 > 0:16:22consumer.Thank you for joining us.
0:16:25 > 0:16:28OK, Andrew
0:16:40 > 0:16:45OK, Mike, thanks.
0:16:45 > 0:16:50boss of the company, Ellipsis Entertainment. And polenta is in
0:16:50 > 0:16:53trouble over possible insider trading, so there will be updates
0:16:53 > 0:17:03you the Business Live page. You can find out more on the website.
0:17:03 > 0:17:09You're watching Business Live - our top story:
0:17:09 > 0:17:12UK Prime Minister Theresa May has announced new education links with
0:17:12 > 0:17:16China as she begins her three-day tour of the country. Of course she
0:17:16 > 0:17:20is looking to boost trade and investment after Brexit. She has
0:17:20 > 0:17:25claimed her visit will intensify the golden era in UK and China
0:17:25 > 0:17:28relations, but she has also stressed China must agree to free and fair
0:17:28 > 0:17:37trade practices. Claims of steel exports being dumped earlier.
0:17:37 > 0:17:39We are in the grip of a spending revolution,
0:17:39 > 0:17:41with the rise of the so-called "experience economy."
0:17:41 > 0:17:44That's where people are spending more cash on doing things -
0:17:44 > 0:17:46like going to concerts - than buying objects like
0:17:46 > 0:17:49clothes or gadgets.
0:17:49 > 0:17:52It's being fuelled by the changing tastes of millennials.
0:17:52 > 0:17:56Research in the US suggests 78% of young people
0:17:56 > 0:17:58would rather buy access to an event or experience, rather
0:17:58 > 0:18:01than buying objects.
0:18:01 > 0:18:03The same study says that more than half of millennials
0:18:03 > 0:18:08are spending more on events and live experiences than ever before.
0:18:08 > 0:18:17And that's good for business, and our next guest.
0:18:17 > 0:18:19His company - Ellipsis Entertainment - is planning to stage innovative
0:18:19 > 0:18:21theatre events using virtual reality and augmented reality.
0:18:21 > 0:18:24He's already managed to raise around $4.5 million in investment to stage
0:18:24 > 0:18:28the first event in London in March.
0:18:28 > 0:18:30Andrew McGuiness is the boss of Ellipsis Entertainment
0:18:30 > 0:18:35and joins me now.
0:18:35 > 0:18:40This event in March was your big idea. Can you just explain how it
0:18:40 > 0:18:45will work?We are bringing together technology, virtual reality,
0:18:45 > 0:18:50augmented reality, with theatre, so we have large-scale sets with
0:18:50 > 0:18:54actors, 20,000 square feet, so very large spaces, together with the
0:18:54 > 0:18:58physical aspect, and it is bringing together of those things, the kind
0:18:58 > 0:19:02of layering if you like of those different experiences that makes
0:19:02 > 0:19:06ours unique.Who is the customer for this? Are we talking about those
0:19:06 > 0:19:11millennial is we just mentioned there?They will be a big part of
0:19:11 > 0:19:16it, you know. They are very keen to have new and experiences. They want
0:19:16 > 0:19:19to have both those expenses with their friends but also to share them
0:19:19 > 0:19:24with the wider community to show they have had them. But the truth is
0:19:24 > 0:19:29this data is focused on millennials but many of us... I want to buy less
0:19:29 > 0:19:33stuff, I want to do things I remember, and really what we're
0:19:33 > 0:19:36trying to do is create really memorable experiences for people. It
0:19:36 > 0:19:40might just explain how this works. As you were saying to me earlier in
0:19:40 > 0:19:46the green room -- so can you just explain how this works?During a
0:19:46 > 0:19:51mass of warehouse with real actors and you go on a bit of a journey, a
0:19:51 > 0:19:56bit of story -- you are in a massive warehouse. Some of it is physical?
0:19:56 > 0:20:01Is that right?Yes, you go in groups of six, how you travel through it,
0:20:01 > 0:20:06and it is a big physical experience and some of it is fairly invasive,
0:20:06 > 0:20:09like virtual reality, incredible in terms of what it can deliver, but
0:20:09 > 0:20:12then we are combining that with actors and sets to make it much
0:20:12 > 0:20:16richer, but we are also using other technologies, so other things people
0:20:16 > 0:20:23may not have experienced at all.It is £50 for a ticket?Yes, for 90
0:20:23 > 0:20:26minutes, to two hours, the whole experience. The equivalent of going
0:20:26 > 0:20:30to a West End theatre but for a new generation of people looking for a
0:20:30 > 0:20:33different experience.Talking about the cost, we constantly hear young
0:20:33 > 0:20:36people have less money in their pocket because it is harder to get
0:20:36 > 0:20:41on the housing ladder and everything is costing more, European student
0:20:41 > 0:20:44loans, although what sort of thing. Does that worry you? As a business
0:20:44 > 0:20:51that target young people, that they have less money? -- you are paying
0:20:51 > 0:20:53student loans.Of course we would love people to have more money in
0:20:53 > 0:20:56their pocket but what we have on from research is they prioritise
0:20:56 > 0:20:59these experiences. They are willing to spend it, partly because they
0:20:59 > 0:21:03can't have other things in their lives, so they may not have a home,
0:21:03 > 0:21:07a car, some of the things I may have aspired to have in my 20s but it is
0:21:07 > 0:21:11a choice they are having they want to spend the money on experiences
0:21:11 > 0:21:14rather than that staff.Presumably being located in London where you
0:21:14 > 0:21:19are launching this, I know you have global ambitions, New York,
0:21:19 > 0:21:21Singapore etc, but you are also banking on the tourism market,
0:21:21 > 0:21:28Irish? It is a catchall in a city like London? -- you are banking on
0:21:28 > 0:21:35the tourism market, I assume?Yes, the website gives you an idea of
0:21:35 > 0:21:41what the experience is like.Did you just throw that one in?
0:21:41 > 0:21:44LAUGHTER It is my job. We will get tourists,
0:21:44 > 0:21:48but this is for the people of London, and we want to do something
0:21:48 > 0:21:52that particularly the young people of London love and deliver them some
0:21:52 > 0:21:57fantastic memories.Andrew, thank you. Good luck with it and let us
0:21:57 > 0:22:00know how it goes. Andrew McGuiness, director of Ellipsis Entertainment.
0:22:00 > 0:22:04Lots of you getting in touch with us about this. We spoke about this at
0:22:04 > 0:22:08the start of the programme, spending less money on stuff and moronic
0:22:08 > 0:22:12abuses. Here is one. The only stuff I need is a stack of photos from the
0:22:12 > 0:22:22awesome places I have been. Experiences overstuffed any day --
0:22:22 > 0:22:30spending less money on stuff and more on experiences. Lots of you are
0:22:30 > 0:22:38getting in touch. Here's another reason why.
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0:22:58 > 0:23:01Business Live, on TV and online - what you need to know,
0:23:01 > 0:23:08when you need to know.
0:23:08 > 0:23:14Mike is back, as promised. And they said not a day goes by when we don't
0:23:14 > 0:23:19talk about crypto currencies, and we don't want to break that rule so we
0:23:19 > 0:23:27are talking about it again. Facebook is banning ads for Bitcoin and other
0:23:27 > 0:23:32crypto currencies.Interesting, yes, Facebook trying to respond to some
0:23:32 > 0:23:36of the alleged misinformation going through Facebook and of course the
0:23:36 > 0:23:39volatility and uncertainty over crypto currencies so I think they
0:23:39 > 0:23:43catch two with one decision.And also because of the anonymous
0:23:43 > 0:23:46nature, crypto currencies can be used for money-laundering and that
0:23:46 > 0:23:52kind of activity?Yes, that's right. The challenge with crypto currencies
0:23:52 > 0:23:55if you are in authority is to know where they are going, and that is
0:23:55 > 0:24:02one thing they are aware of.I guess it is no big deal for Facebook
0:24:02 > 0:24:04because the amount of advertising on their platform, Facebook and Google
0:24:04 > 0:24:08between them get over half of global ads on their platform.I think that
0:24:08 > 0:24:14is right and a lot of crypto currencies have questions in other
0:24:14 > 0:24:18ways because of the volatility of the prices, so probably a relatively
0:24:18 > 0:24:23cheap one for them. It lets talk about this story in the Telegraph.
0:24:23 > 0:24:34Cards.This in terms of the diesel emissions issue. German
0:24:34 > 0:24:37manufacturers with blood on their hands...Yes, one of the chief
0:24:37 > 0:24:40scientific advisers who was in the job when diesel cars and engines
0:24:40 > 0:24:46were perceived as being the best for the environment, and of course now
0:24:46 > 0:24:49we know, we have the emissions scandal, and get more information
0:24:49 > 0:24:57coming out now with Volkswagen and one or two match of the other German
0:24:57 > 0:24:59manufacturers allegedly using unfortunately monkeys to create
0:24:59 > 0:25:02potentially miss information on the amount of diesel emission, so sadly
0:25:02 > 0:25:06this story just keeps coming and unfortunately doesn't get any
0:25:06 > 0:25:11better.You say that, but it was not that long ago Volkswagen released
0:25:11 > 0:25:14its sales and profits numbers, really strong, and everybody
0:25:14 > 0:25:18thought, it has drawn a line, but clearly not. The headlines keep
0:25:18 > 0:25:25coming.Obviously it is costing them financially in fines, but the things
0:25:25 > 0:25:28they are really worried about, VW, is getting the car sales back up
0:25:28 > 0:25:31again so I would say they would be saying this is not welcome news, but
0:25:31 > 0:25:35the fact they have car sales are up for them is clearly helpful,
0:25:35 > 0:25:39amazing, actually.Yes or no map, buying more staff, are less stuff
0:25:39 > 0:25:47and bought experiences?Less stuff, more experiences.Virtual reality
0:25:47 > 0:25:53sets in a big warehouse, with iPod, what do you think?I'm more into
0:25:53 > 0:25:59music.Live concerts? -- with a pod.