0:00:05 > 0:00:07This is Business Live from BBC News with Alice Baxter
0:00:07 > 0:00:09and Samantha Simmonds.
0:00:09 > 0:00:11Jubilation in South Africa after President Zuma's resignation -
0:00:11 > 0:00:12but will the economy follow suit?
0:00:12 > 0:00:22Live from London, that's our top story on Thursday, 15th February.
0:00:35 > 0:00:38The country's currency - the rand - has strengthened in the hopes Mr.
0:00:38 > 0:00:41Zuma would step down.
0:00:41 > 0:00:43Now all eyes are on his successor.
0:00:43 > 0:00:46Also in the programme - one of India's richest men
0:00:46 > 0:00:49is accused of swindling over a billion dollars
0:00:49 > 0:00:54from a state lender.
0:00:54 > 0:01:00We'll be in Delhi to find out more. Asian stocks rose on Thursday
0:01:00 > 0:01:03after Wall Street brushed aside strong US inflation data and surged,
0:01:03 > 0:01:06in a move that also saw the dollar pinned to two-week lows.
0:01:06 > 0:01:09A sip in the right direction - Keep Cup is a reusable coffee
0:01:09 > 0:01:11container that is cutting down on waste and making money
0:01:11 > 0:01:12by helping the environment.
0:01:12 > 0:01:14We'll find out more.
0:01:14 > 0:01:17And Austria is banning the smoking ban.
0:01:17 > 0:01:19So would you avoid places where smoking is allowed
0:01:19 > 0:01:21or are you not that bothered?
0:01:21 > 0:01:31Just use the hashtag BBCBizLive.
0:01:32 > 0:01:37Hello and welcome to Business Live.
0:01:37 > 0:01:39South Africa's beleaguered President Jacob Zuma has resigned
0:01:39 > 0:01:42with immediate effect - avoiding a no-confidence
0:01:42 > 0:01:45vote planned for today.
0:01:45 > 0:01:51He faced persistent allegations of corruption and will now
0:01:51 > 0:01:52be formally succeeded by Cyril Ramaphosa,
0:01:52 > 0:02:01the new leader of the ANC.
0:02:01 > 0:02:03Markets have reacted positively to the prospect of a new President.
0:02:03 > 0:02:06Since the start of December, the South African Rand has been
0:02:06 > 0:02:09the best performing currency out of all of the emerging economies-
0:02:09 > 0:02:11here you can see the dollar declining against the strengthening
0:02:11 > 0:02:13rand.
0:02:13 > 0:02:16It rallied a further 2% on the news of Mr Zuma's resignation.
0:02:16 > 0:02:18Many suggest Mr Zuma was not committed to
0:02:18 > 0:02:20serious economic reforms.
0:02:20 > 0:02:22GDP growth has slowed over the course of his tenure.
0:02:22 > 0:02:25Unemployment has risen steadily over the last few years and could remain
0:02:25 > 0:02:27stubbornly high until the turn of the decade.
0:02:27 > 0:02:29Let's hear the moment when President Zuma announced
0:02:29 > 0:02:39he is stepping down.
0:02:40 > 0:02:46I have therefore come to the decision to resign as President of
0:02:46 > 0:02:47the republic with immediate effect.
0:02:47 > 0:02:53decision to resign as President of the republic with immediate effect.
0:02:53 > 0:03:01Everyone though I disagree with the decision of the leadership, of my
0:03:01 > 0:03:11organisation, I have always been a disciplined member of the ANC. As I
0:03:11 > 0:03:17leave, I will continue to serve the people the people of.
0:03:18 > 0:03:19people the people of.
0:03:19 > 0:03:22Lerato Mbele, our Africa business correspondent is in Johannesburg.
0:03:22 > 0:03:27Welcome to you. So he is out, we are going to expect to have a new
0:03:27 > 0:03:30President today, with Cyril Ramaphosa sworn in possibly within a
0:03:30 > 0:03:33few hours' time. Top of his list is going to be sorting out the economy,
0:03:33 > 0:03:41isn't it. What has he got to do first, do you think?Well, after he
0:03:41 > 0:03:44is sworn in, it is about five days before the South African budgets for
0:03:44 > 0:03:49the New Year is tabled, and many people are saying, that is really
0:03:49 > 0:03:53the event to watch, because as you know, yesterday South Africa got its
0:03:53 > 0:03:57latest unemployment figures, they are still very very high, at 26%.
0:03:57 > 0:04:02That is a fifth or a quarter of the population rather, that cannot find
0:04:02 > 0:04:07job, and some of them have simply just stopped trying. We also are
0:04:07 > 0:04:10facing a situation in South Africa where two of the leading
0:04:10 > 0:04:13international credit ratings agencies have downgraded the
0:04:13 > 0:04:17country's sovereign debt to junk status, the only one who hasn't
0:04:17 > 0:04:23taken a stand yet is Moody, and if the signs aren't promising it is
0:04:23 > 0:04:27expected that Moody's will join in the fray. If that happens we can
0:04:27 > 0:04:32expect South Africa to see capital outflow disinvestment and the
0:04:32 > 0:04:37prospects really for growth are going to look really dire. Growth
0:04:37 > 0:04:41coming in at 1.44% is what the central bank forecasts for 2018.
0:04:41 > 0:04:47What is he going to do to attract back in vestment, do you think?
0:04:47 > 0:04:52Well, we know that Cyril Ramaphosa is not just a shrewd negotiator but
0:04:52 > 0:04:56he is a renowned businessman. He is one of South Africa's richest men,
0:04:56 > 0:05:00he has got assets in all sorts of sectors from mining to retail. Media
0:05:00 > 0:05:05and also the food business. So what people really want is a safe pair of
0:05:05 > 0:05:09hands, is what the investment community are saying, someone who
0:05:09 > 0:05:13understands how dealings are done, how they are negotiated. How policy
0:05:13 > 0:05:18serves both the people and the interests of business, how you
0:05:18 > 0:05:20incentivise that investment and basically they are hoping what he
0:05:20 > 0:05:26will do ultimately is just run a tight and clean ship, because
0:05:26 > 0:05:28corruption has really been the albatross round the Government's
0:05:28 > 0:05:34neck over last few years.Not all of his policies are entirely business
0:05:34 > 0:05:40friendly, are they? They? There are suggestions he wants to increase or
0:05:40 > 0:05:46change the plans on aggressive land reform policy.Well, to be fair,
0:05:46 > 0:05:53they are not his policies. The African National Congress is the
0:05:53 > 0:05:56party in Government, they deploy a, into the executive and highest
0:05:56 > 0:05:59office of the land. They are not Cyril Ramaphosa 's policies they are
0:05:59 > 0:06:02the policies is of the Government that has been elected by the people.
0:06:02 > 0:06:08What the ANC has said to the South African is we promise you a radical
0:06:08 > 0:06:14economic transformation, an overhaul of an economy that has led to the
0:06:14 > 0:06:18Eigg highest unemployment rate, the widest inequalities between the rich
0:06:18 > 0:06:22and poor, and has really carried over many of the legacies of
0:06:22 > 0:06:26apartheid that has seen a small minority more privileged than the
0:06:26 > 0:06:34rest. Part of this talk about aggressive land reform radical
0:06:34 > 0:06:37transformation, free education, having wider ownership of strategic
0:06:37 > 0:06:43assets in mining, is is really about creating an ebbing Librium in the
0:06:43 > 0:06:49economy. If people see it as a radical many South Africans see it
0:06:49 > 0:06:53as a necessary intervention to create more equitable society. Is
0:06:53 > 0:06:57challenge is how they will do it in a delicate way that still says to
0:06:57 > 0:07:01the business community come and invest in South Africa and says to
0:07:01 > 0:07:05the average South African person we have your interests at heart.Good
0:07:05 > 0:07:10to see you. Thank Thank you.
0:07:10 > 0:07:11Thank Thank you.
0:07:11 > 0:07:15Let's take a look at some of the other stories making the news.
0:07:15 > 0:07:18European plane maker Airbus has taken another $1.6 billion hit
0:07:18 > 0:07:19on its troubled A400M military transport plane.
0:07:19 > 0:07:22That takes charges on the troubled defence project to over
0:07:22 > 0:07:23eight billion Euros so far.
0:07:23 > 0:07:25The news overshadowed otherwise upbeat full-year results.
0:07:25 > 0:07:33Net profit increased 35% to almost $3.6 billion.
0:07:33 > 0:07:35Amazon has announced it will create 2,000 permanent contract positions
0:07:35 > 0:07:38this year in France - its largest market in Europe
0:07:38 > 0:07:39after Britain and Germany.
0:07:39 > 0:07:41The increase will bring Amazon's total number of French
0:07:41 > 0:07:48staff to 7,500 in 2018.
0:07:48 > 0:07:53Initial talks have been held on what could be the tech
0:07:53 > 0:07:54sector's biggest ever deal.
0:07:54 > 0:07:56Qualcomm has confirmed it met with Broadcom on Wednesday
0:07:56 > 0:07:58to discuss the latter's revised 121 billion dollar bid.
0:07:58 > 0:08:01Qualcomm's board will meet in March to determine the next step
0:08:01 > 0:08:10for the telecommunication equipment-making company
0:08:10 > 0:08:13India's second largest bank has detected a $1.77 billion fraud
0:08:13 > 0:08:14coming from a single branch.
0:08:14 > 0:08:16And it's thought to involved billionaire and diamond
0:08:16 > 0:08:26merchant Nirav Modi.
0:08:26 > 0:08:30Davina, what more do you have on this?Well, definitely the day is
0:08:30 > 0:08:35not shining bright like a diamond for Mr Modi here, what investigators
0:08:35 > 0:08:42have been able to find out so far, is that Mr Modi colluded with the
0:08:42 > 0:08:46Punjab national bank employees to get fake bank guarantees, and
0:08:46 > 0:08:51because of those other banks were able to give him loans and it wasn't
0:08:51 > 0:08:57before seven years and $1.8 billion before this fraud has been detected.
0:08:57 > 0:09:01And now investigations are under way, we haven't heard from Mr Modi
0:09:01 > 0:09:06so far, we are hoping that there would be a statement soon, but
0:09:06 > 0:09:12already pressure is building, because the agencies are now
0:09:12 > 0:09:15conducting searches across his offices in India.
0:09:15 > 0:09:21Many thanks for that.
0:09:21 > 0:09:23Asian shares including Japan's Nikkei share average rose
0:09:23 > 0:09:26significantly on Thursday, as investors bought back some
0:09:26 > 0:09:27recently-battered stocks after the US markets climbed
0:09:27 > 0:09:28overnight, shrugging off stronger-than-expected
0:09:28 > 0:09:35inflation data.
0:09:35 > 0:09:38A total of 28 out of 33 sectors were in positive territory,
0:09:38 > 0:09:39with financial stocks and exporters outperforming, ignoring
0:09:39 > 0:09:44the strong yen.
0:09:44 > 0:09:46The dollar stretched overnight losses against the Japanese yen
0:09:46 > 0:09:48to touch a 15-month low of 106.42, having declined more
0:09:48 > 0:09:53than 2% so far this week.
0:09:53 > 0:09:56Hong Kong stocks - they posted their third consecutive
0:09:56 > 0:09:58day of gains on Thursday, when trading ended at midday
0:09:58 > 0:10:03before a long holiday.
0:10:03 > 0:10:05The blue-chip index, which on Wednesday had its biggest
0:10:05 > 0:10:09single-day percentage rise since May 2016, climbed 5.5% this week.The
0:10:09 > 0:10:12market is now closed on Thursday afternoon for the Lunar New Year
0:10:12 > 0:10:14holiday - trading will resume on Tuesday, Feb.
0:10:14 > 0:10:1620.
0:10:16 > 0:10:18Here in Europe, markets have opened.
0:10:18 > 0:10:21And Yogita Limaye has the details about what's ahead
0:10:21 > 0:10:26on Wall Street Today.
0:10:26 > 0:10:30Canada ease Bombardier will release results for the last quarter of 2017
0:10:30 > 0:10:35and the full year as well. They come soon after the plane maker won a
0:10:35 > 0:10:39trade dispute against American firm Boeing. A US trade body has allowed
0:10:39 > 0:10:43Bombardier to sell its newest aircraft in this country without
0:10:43 > 0:10:48paying duties and investors will be watching for the company's forecast
0:10:48 > 0:10:52for 2018. A raft of economic data will be out as well, industrial
0:10:52 > 0:10:56production numbers will be released and we will find out how the
0:10:56 > 0:11:00producer price index is faring. Which is a measure of wholesale
0:11:00 > 0:11:05inflation here in the US, it is likely to have gone up by 2.5% in
0:11:05 > 0:11:09January after dipping in December. That will be in line with what he
0:11:09 > 0:11:16saw on Wednesday, when data showed that consumer prices had risen.
0:11:16 > 0:11:17that consumer prices had risen.
0:11:17 > 0:11:18Richard Dunbar is Investment Director at Aberdeen
0:11:19 > 0:11:20Standard Investments.
0:11:20 > 0:11:23Good morning. We will talk first about the European growth numbers
0:11:23 > 0:11:29out yesterday, with I were pretty good.Very strong growth. 2.5% in
0:11:29 > 0:11:32the fourth quarter and expectation in the year ahead. That is a change
0:11:32 > 0:11:37from what we were talking about about 18 Mondays ago when there was
0:11:37 > 0:11:41worries about the crisis? The euro and worries in Ireland, Greece,
0:11:41 > 0:11:46Portugal. We have steady growth fuelled by low interest growths and
0:11:46 > 0:11:51quantitative easing. Good investment and exports so making a fairly
0:11:51 > 0:11:56potent cocktail.Spanning all different sectors and like you say
0:11:56 > 0:12:01countries like Spain, like Italy, that we were talking about in
0:12:01 > 0:12:05worrying terms, suddenly coming out much better. Germany particularly.
0:12:05 > 0:12:09Fastest since 2007.The peripheral countries like our London and,
0:12:09 > 0:12:15Spain, Portugal. They have taken some tough medicine, Irish wages
0:12:15 > 0:12:19dropped, property prices halved. But that medicine appears to be working
0:12:19 > 0:12:23and we are seeing your real broad spread growth, albeit some of the
0:12:23 > 0:12:28problems we have spoken about are still there. High unemployment.
0:12:28 > 0:12:31Still political turmoil in Germany. Elections in Italy. So the worries
0:12:31 > 0:12:36are still there, but lots of growth which maybe, certainly more than we
0:12:36 > 0:12:41expected.Let us talk about the US inflation figure, we were trying to
0:12:41 > 0:12:45anticipate what was going to happen with them and what knock-on effect.
0:12:45 > 0:12:50They will not had the impact many feared they would.There is a little
0:12:50 > 0:12:54more inflation about globally and particularly in the US than perhaps
0:12:54 > 0:12:59expected. That is what investors have been looking out for. More
0:12:59 > 0:13:04inflation means the central banks are going to be more aware. So more
0:13:04 > 0:13:09inflation in the US than expected but the markets seems to have
0:13:09 > 0:13:16ignored that.We will see you later Richard.
0:13:16 > 0:13:19Still to come.
0:13:19 > 0:13:20Still to come.
0:13:20 > 0:13:23Can't live without your morning coffee, but you're worried
0:13:23 > 0:13:24about the environmental impact?
0:13:24 > 0:13:26We'll have a reusable option for you in a few minutes.
0:13:26 > 0:13:36You're with Business Live from BBC News.
0:13:36 > 0:13:38"Shamelessly bamboozled" - that's how a parliamentary report
0:13:38 > 0:13:41has described members of the British Steel Workers pension
0:13:41 > 0:13:42scheme who were given unsuitable financial advice,
0:13:42 > 0:13:44leading some to lose out on thousands.
0:13:44 > 0:13:45It happened last year when Tata restructured
0:13:45 > 0:13:48the British Steel Workers pension scheme, meaning its 124,000
0:13:48 > 0:13:58members had to decide what to do with that money.
0:14:07 > 0:14:13Thank you for joining us, a very strongly worded damning report here.
0:14:13 > 0:14:19Yes, and rightly so, I think, there were clearly some system failures
0:14:19 > 0:14:21here, the reports highlighted various things that could have been
0:14:21 > 0:14:24done differently to protect the worker, there was a particular set
0:14:24 > 0:14:29of circumstances towards the end of last year, where they had to make a
0:14:29 > 0:14:34fairly complex decision in a short period of time, their trust in the
0:14:34 > 0:14:38pension scheme had been undermined. They knew which ever of the two
0:14:38 > 0:14:41options they were being presented with, the replacement scheme or
0:14:41 > 0:14:46going into the lifeboat fund would have resulted in some loss of money
0:14:46 > 0:14:49for them, in that environment, unscrupulous advisers started
0:14:49 > 0:14:54knocking on their doors and offering them a third option, which would
0:14:54 > 0:14:57have involved transferring their money out of the pension schemes all
0:14:57 > 0:15:01together, into an individual pension and in the process, giving up the
0:15:01 > 0:15:05valuable guarantees they built up in the original final salary scheme.
0:15:05 > 0:15:09Some scheme members chose to take that option, a couple of thousand of
0:15:09 > 0:15:13them, the transfer values were hundreds of thousands of pounds, but
0:15:13 > 0:15:18the fees the adviser were taking were clearly not appropriate for the
0:15:18 > 0:15:21circumstances, and so now, some of these steelworkers have found
0:15:21 > 0:15:26themselves out of possibility.
0:15:26 > 0:15:26The pensions themselves out of possibility.
0:15:26 > 0:15:27The pensions regulator themselves out of possibility.
0:15:27 > 0:15:28The pensions regulator said themselves out of possibility.
0:15:28 > 0:15:28The pensions regulator said it themselves out of possibility.
0:15:28 > 0:15:29The pensions regulator said it would themselves out of possibility.
0:15:29 > 0:15:31The pensions regulator said it would try to protect savers, not doing a
0:15:31 > 0:15:36great job so far, what are they going to do?They will look up what
0:15:36 > 0:15:41they could have done differently because the situation will come up
0:15:41 > 0:15:43again in a different guise, the Financial Conduct Authority is
0:15:43 > 0:15:46acknowledging there are things they could have done differently to
0:15:46 > 0:15:50tighten up on advice, and for the scheme members, this is a question
0:15:50 > 0:15:55of whether they can get compensation for bad advice.Thank you, head of
0:15:55 > 0:16:04policy at Hargreaves Lansdown. Standard Life Aberdeen loses a
0:16:04 > 0:16:14Lloyd's contract, asset management contract, more on that later.
0:16:15 > 0:16:17You're watching Business Live.
0:16:17 > 0:16:21Our top story...
0:16:21 > 0:16:23South Africa's President Jacob Zuma has resigned
0:16:23 > 0:16:27leaving Cyril Ramaphosa as the acting president.
0:16:27 > 0:16:31He's likely to be sworn in later on Thursday or on Friday.
0:16:31 > 0:16:34A quick look at how markets are faring.
0:16:41 > 0:16:44The European markets all opening in positive territory so far today.
0:16:44 > 0:16:46Many of us can't start the day without one.
0:16:46 > 0:16:50Our morning cup of coffee has become a daily ritual,
0:16:50 > 0:16:56so much so that coffee is actually the most popular drink worldwide.
0:16:56 > 0:17:03I actually do not drink coffee, I drink tea.
0:17:03 > 0:17:06Around 2 billion cups of coffee are consumed every day according
0:17:06 > 0:17:07to the British Coffee Association.
0:17:07 > 0:17:10But our addiction to that cup of Joe is having an adverse
0:17:10 > 0:17:11affect on the environment.
0:17:11 > 0:17:13While the average coffee cup is technically recyclable,
0:17:13 > 0:17:18they are lined with polyethylene plastic on the inside.
0:17:18 > 0:17:22That means they need to be recycled in specialised centres.
0:17:22 > 0:17:24And that means hardly any cups actually get recycled.
0:17:24 > 0:17:28Every year in the UK, we throw away approximately 2.5 billion
0:17:28 > 0:17:29so-called disposable cups.
0:17:29 > 0:17:36So, how can we avoid them becoming landfill?
0:17:36 > 0:17:39One company making reusable cups is KeepCup
0:17:39 > 0:17:45and the general manager, Chris Baker, is here.
0:17:45 > 0:17:52Good morning. Wonderful to see you. You joined KeepCup last year but the
0:17:52 > 0:17:59company launched this product in 2009, a brother and sister team, why
0:17:59 > 0:18:03did they decide there was a need for this new kind of cop?The product
0:18:03 > 0:18:11was launched in 2009 by Abigail and Jamie in Melbourne. What they wanted
0:18:11 > 0:18:15essentially was, they were running a cafe chain, and they saw first-hand
0:18:15 > 0:18:18the amount of disposable cups they were throwing away in Melbourne and
0:18:18 > 0:18:22they wanted something to replicate the form and function that was
0:18:22 > 0:18:26reusable and that is where the KeepCup came in. They realised it
0:18:26 > 0:18:32was a solution to a global problem, over 2.5 billion cups thrown away in
0:18:32 > 0:18:36the UK every year, as you said, the impact is massive.The first
0:18:36 > 0:18:42incarnation they came up with. Us through this.This product is 12
0:18:42 > 0:18:45ounce cup and this is the original product we came up with and it
0:18:45 > 0:18:52replicates the form and function of disposable cup. Heat resistible
0:18:52 > 0:18:56band, a hard lid, and we have developed a range of which
0:18:56 > 0:18:59essentially work for the different ways consumers drink coffee.These
0:18:59 > 0:19:12are the only barista approved cups, aesthetically pleasing, and they
0:19:12 > 0:19:16serve the purpose.They replicate the sizes on the form of the cups
0:19:16 > 0:19:22under the brew head, they work for the consumer and the person serving
0:19:22 > 0:19:25the coffee and that is essential to make the speed of service in the
0:19:25 > 0:19:29coffee shop work and keep everything flowing well.It seems to be
0:19:29 > 0:19:33something we are being slow to catch up on in this country, amazing that
0:19:33 > 0:19:37was started in Australia, massive uptake of the product there, but
0:19:37 > 0:19:43here it has taken until the last year for people to get onto the idea
0:19:43 > 0:19:47that coffee cups most of us purchase wherever we go to get coffee, they
0:19:47 > 0:19:52are not recyclable. We thought they were because they look like they are
0:19:52 > 0:19:56made of paper, but there is plastic in them. What kind of reaction have
0:19:56 > 0:20:00you had around the world to these? Awareness is critical. We have been
0:20:00 > 0:20:04doing this ten years, once you make consumers aware of the issue, they
0:20:04 > 0:20:11want to make a positive change. Paper cups are not recyclable
0:20:11 > 0:20:17because of the plastic layer. Then it is about getting it into daily
0:20:17 > 0:20:24habits. We have sold another 10 million cups. In that time, those
0:20:24 > 0:20:28users would have diverted 5 billion cups going to landfill, but in the
0:20:28 > 0:20:31same time, 5 trillion cups would have still been discarded around the
0:20:31 > 0:20:35world.Your background is in the recycling industry and appoint you
0:20:35 > 0:20:46have made before this is a stretched industry. The news that recyclable
0:20:46 > 0:20:50coffee cups were not totally recyclable came as a surprise to
0:20:50 > 0:20:55many in January and it also came at the same time as talk of the
0:20:55 > 0:21:00so-called punitive measure of charging people, to what degree has
0:21:00 > 0:21:05that affected take up?The mention of a potential levy has meant that
0:21:05 > 0:21:08sales have doubled in the last month, chains are offering a
0:21:08 > 0:21:15discount if you offer a reusable cup, but consumers respond more to a
0:21:15 > 0:21:20fine. At KeepCup, we think a small fine can be a reminder of the
0:21:20 > 0:21:24unnecessary waste and it can lead to more positive choices.You can save
0:21:24 > 0:21:34up to 50p on the coffee?In some chains like Pret, you get 50p.
0:21:34 > 0:21:38Habits are hard to break. To remember to take one with you when
0:21:38 > 0:21:42you leave the house and carry it around in your bag with you and wash
0:21:42 > 0:21:47it up in the evening, some are plastic, this is glass, it is a
0:21:47 > 0:21:51mindset you have to change as well? It is, but you would be amazed how
0:21:51 > 0:21:55quickly it becomes part of the routine. I have a pocket in my bag
0:21:55 > 0:22:03it lives them.And they do not leak, importantly.They do not leak, it
0:22:03 > 0:22:07has a sealed inside.Great to see you, thank you very much for taking
0:22:07 > 0:22:13us through the journey. Many, many thanks.
0:22:13 > 0:22:15In a moment, we'll take a look through the business pages.
0:22:15 > 0:22:22But first, here's a quick reminder of how to get in touch with us.
0:22:22 > 0:22:27Stay up-to-date with the business news as it happens on the BBC's
0:22:27 > 0:22:31Business Live page. There is insight and analysis from around the globe
0:22:31 > 0:22:38and we want to hear from you too. Get involved on the BBC's Business
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0:22:52 > 0:22:56Richard is back to take a look through the papers. Instead of
0:22:56 > 0:23:02happiness reports we sometimes see, you have a really jolly story, the
0:23:02 > 0:23:06world's most miserable economies. Bloomberg are kindly measuring the
0:23:06 > 0:23:09world's most miserable economy is based on mainly inflation and
0:23:09 > 0:23:16unemployment, the most miserable of Venezuela, South Africa and Egypt,
0:23:16 > 0:23:21not surprising, Venezuela's inflation is at 13,000%, South
0:23:21 > 0:23:25Africa's unemployment rate is over 30%, rather miserable areas of the
0:23:25 > 0:23:35world to live in, in essence, I think it is a poor governance index,
0:23:35 > 0:23:38people in South Africa have been poorly led and let down and it
0:23:38 > 0:23:42results in inflation and unemployment.Countries like Mexico,
0:23:42 > 0:23:46that has done really well to improve its ranking on the index, we were
0:23:46 > 0:23:50talking earlier with regards to the US about the focus globally now on
0:23:50 > 0:23:56rising synchronised inflation and that again is something that is
0:23:56 > 0:24:00pointed out here, the way they are measuring misery is by rising costs
0:24:00 > 0:24:06in a country.Ronald Reagan described inflation as a silent
0:24:06 > 0:24:11thief and that is what we have seen in some of the countries at the top
0:24:11 > 0:24:14of the misery index, savings and spending power stolen from the
0:24:14 > 0:24:20population and that is why they rise to the top of the index
0:24:20 > 0:24:24unfortunately.Thailand has claimed the least miserable status but
0:24:24 > 0:24:28question marks about how they measure.Virtually no unemployment,
0:24:28 > 0:24:32but I suspect there is quite a lot of underemployment, but they look
0:24:32 > 0:24:36pretty happy.We also spotted this other story on the BBC website about
0:24:36 > 0:24:41Austria planning to ban the ban on smoking and at the beginning of the
0:24:41 > 0:24:49show, we asked viewers to ask what they think about that, would they
0:24:49 > 0:24:54avoid places where it is not banned, we had some responses. One says, I
0:24:54 > 0:24:59would not, but I would burn places were loud and obnoxious people are
0:24:59 > 0:25:07allowed. Sophie, personal choice will stop -- I would ban places were
0:25:07 > 0:25:11loud and obnoxious people are allowed.Would you avoid a place? I
0:25:11 > 0:25:15think it has been popular here, and even where you would least expect
0:25:15 > 0:25:20it, like France, it has been pretty popular, and I'm surprised Austria
0:25:20 > 0:25:25is moving in this direction and I suspect it will not be as popular as
0:25:25 > 0:25:29they think.The knock-on effect for things like pubs has been tremendous
0:25:29 > 0:25:33because people cannot smoke in them, more anecdotal leaver actually a
0:25:33 > 0:25:39causal link...I suspect it is a causal link and pub loan owners have
0:25:39 > 0:25:54been that losers Asha Crow pub owners have been the losers. -- pub
0:25:54 > 0:25:57owners have been the losers.Thank you very much for coming in.
0:25:57 > 0:25:59That's it from Business Live today.
0:25:59 > 0:26:02There will be more business news throughout the day on the BBC Live
0:26:02 > 0:26:03webpage and on World Business Report.
0:26:03 > 0:26:04We'll see you again tomorrow.