0:00:06 > 0:00:10This is Business Live from BBC News with Ben Thompson and Sally Bundock.
0:00:10 > 0:00:13Europe's biggest bank scores a huge hike in profits.
0:00:13 > 0:00:17So has HSBC finally put its troubles behind it?
0:00:17 > 0:00:22Live from London, that's our top story on Tuesday 20th of February.
0:00:38 > 0:00:40HSBC has paid a string of fines for misconduct,
0:00:40 > 0:00:44ranging from rigging exchange rates to money laundering.
0:00:44 > 0:00:47Now it's hoping for a fresh start as it gets ready
0:00:47 > 0:00:49for a change of leadership.
0:00:49 > 0:00:50Also in the programme...
0:00:50 > 0:00:53Britain's Brexit Minister is about to address business
0:00:53 > 0:00:55leaders in Austria - he says there'll be no Mad Max-style
0:00:55 > 0:01:05rush to deregulation after leaving the EU.
0:01:06 > 0:01:09Markets in Europe have started trading, they are all headed higher
0:01:09 > 0:01:13for now. We will talk you through the winners and losers.
0:01:13 > 0:01:15Savile Row is world-renowned for its razor sharp
0:01:15 > 0:01:16suits and classic style.
0:01:16 > 0:01:18But in a world of fast fashion how do the traditional
0:01:18 > 0:01:19firms stay relevant?
0:01:19 > 0:01:23We'll meet one man on a mission to do just that.
0:01:23 > 0:01:25And, as Uber's boss says flying cabs will be commercially viable
0:01:25 > 0:01:28in five to ten years, we want to know -
0:01:28 > 0:01:31would you hail a flying taxi?
0:01:31 > 0:01:35Let us know - use the hashtag #BBCBizLive.
0:01:43 > 0:01:51Hello and welcome to Business Live.
0:01:51 > 0:01:54As usual, it is jam-packed. Let's get cracking.
0:01:54 > 0:01:56Europe's biggest bank HSBC has reported a big jump
0:01:56 > 0:01:57in profits for last year.
0:01:57 > 0:02:00But it's mainly because it's been able to shake-off the huge costs
0:02:00 > 0:02:02the company has faced in restructuring after
0:02:02 > 0:02:03a string of problems.
0:02:03 > 0:02:07It means there will be a strong base to build on when the new chief
0:02:07 > 0:02:09executive John Flint takes the reigns from Stuart
0:02:09 > 0:02:13Guillver on Wednesday.
0:02:13 > 0:02:18-- tomorrow.
0:02:18 > 0:02:21The numbers show that HSBC made a pre-tax profit of $17.2 billion
0:02:21 > 0:02:23for the calendar year of 2017.
0:02:23 > 0:02:25That's up a massive 141%.
0:02:25 > 0:02:30However it's still below expectations.
0:02:30 > 0:02:32HSBC says adjusted pre-tax profit of $21 billion gives
0:02:32 > 0:02:33a better idea of how
0:02:33 > 0:02:34the business is performing.
0:02:34 > 0:02:36It excludes one-off items and foreign exchange losses
0:02:36 > 0:02:39and was up 11% on a year ago.
0:02:39 > 0:02:43The banks desire to focus more on Asia, including
0:02:43 > 0:02:46expanding in China, is paying off too with 75% of
0:02:46 > 0:02:56profits now coming from the region.
0:02:58 > 0:03:03With me is Peter Hahn, a professor of banking
0:03:03 > 0:03:07at the London Institute of Banking and Finance.
0:03:07 > 0:03:13Nice to see you. Let's look at the figures, there is a lot of business.
0:03:13 > 0:03:17They are the last from Mr Gulliver. He has had it up job to try to turn
0:03:17 > 0:03:23around the fortunes of the bank? Yes, and the story started long
0:03:23 > 0:03:28before his tenure. In 1998 there was an emerging markets crisis, 20 years
0:03:28 > 0:03:35ago. HSBC to the strategic decision to really invest in the Americas, in
0:03:35 > 0:03:45Europe, not a share. It missed the point. -- the Americas and Europe,
0:03:45 > 0:03:50not Asia. Since 2011 the decision has been reversed, the bank has gone
0:03:50 > 0:03:54back to its roots and found success back in Hong Kong, Shanghai, it
0:03:54 > 0:03:59shows you where the story is connected.The emerging markets
0:03:59 > 0:04:02where the biggest potential returns are, equally where many of the
0:04:02 > 0:04:08biggest risks are. Some would say it is a risky strategy focusing on some
0:04:08 > 0:04:12of these markets, nonetheless one that will pay dividends if they get
0:04:12 > 0:04:19it right?I do not know if it is more risky. Emerging markets are not
0:04:19 > 0:04:24all the same. HSBC, if I invest in HSBC today I am investing in an Asia
0:04:24 > 0:04:31story. Looking where the profits came from it is almost 90% of their
0:04:31 > 0:04:38profits came from Asia. If you invest in shallow oil today, you are
0:04:38 > 0:04:42betting in the long term on the use of oil and the price of oil over
0:04:42 > 0:04:49time. -- if you invest in Shah oil. If you invest in HSBC, it is an Asia
0:04:49 > 0:04:55story with others.Mr Gulliver said HSBC is a simpler, stronger and more
0:04:55 > 0:05:02secure bank than in 2011. Is that true?Yes. They exited perhaps more
0:05:02 > 0:05:05than 20 countries during that time, substantially underperforming in
0:05:05 > 0:05:11Brazil. He has beefed up in China and it has done a lot better. There
0:05:11 > 0:05:16is still work to be done. You mentioned the litigation issues that
0:05:16 > 0:05:20came up, it does not seem as many major ones. Like many other bank
0:05:20 > 0:05:26reports I read there are still several pages of outstanding
0:05:26 > 0:05:32litigation faced by HSBC.I wanted to get on but time is tight. Thank
0:05:32 > 0:05:35you, Peter, as always.
0:05:35 > 0:05:45Let's take a look at some of the other stories making the news.
0:05:52 > 0:05:55Hundreds of Kentucky fried chicken restaurant in the UK remain closed.
0:05:55 > 0:05:59They have been struggling to get supplies since the delivery contract
0:05:59 > 0:06:02with switch. Staff are encouraged to take holidays but are not being
0:06:02 > 0:06:06forced to do that. An astonishing story.
0:06:06 > 0:06:08The world's biggest mining comapny BHP Billiton says profits were up
0:06:08 > 0:06:1125% in the six months to the end of December.
0:06:11 > 0:06:12Underlying profits hit just over $4bn.
0:06:12 > 0:06:14Its chief executive says the Australian firm was helped
0:06:14 > 0:06:17by strong commodity prices and saw returns on its investment
0:06:17 > 0:06:18in new technology to improve productivity.
0:06:18 > 0:06:29It also increased its dividend to shareholders.
0:06:29 > 0:06:32The boss of Uber, the ride hailing app, has said he see flying taxis
0:06:32 > 0:06:34as being commercially viable in five to ten years.
0:06:34 > 0:06:36Dara Khosrowshahi was speaking at an investor forum in Tokyo.
0:06:36 > 0:06:39Back in November Uber said it was working with Nasa to develop
0:06:39 > 0:06:41the technology but some experts have questioned whether it
0:06:41 > 0:06:44will ever get off the ground.
0:06:44 > 0:06:46I see what you did there!
0:06:46 > 0:06:49The social media giant Facebook says it's to send postcards in the US
0:06:49 > 0:06:53mail in order to verify the location of people requesting to buy adverts
0:06:53 > 0:06:54for US election candidates.
0:06:54 > 0:06:55Yes, snail mail!
0:06:55 > 0:06:57The postcard would contain a code which would be required
0:06:57 > 0:06:58to complete the booking.
0:06:58 > 0:07:0013 Russians have been charged with interfering in the 2016
0:07:00 > 0:07:04presidential election.
0:07:04 > 0:07:06The indictment says they bought political advertising and set-up
0:07:06 > 0:07:13groups on social media sites including Facebook.
0:07:17 > 0:07:22I think that is astonishing that a technology firm has to resort to
0:07:22 > 0:07:26using snail mail, oppose cuts through the mail.
0:07:26 > 0:07:29Sometimes you cannot live without the oldest tech.
0:07:29 > 0:07:35Snail mail to verify someone's location? All those apps and
0:07:35 > 0:07:40technology and kit. I love a real letter. You would
0:07:40 > 0:07:43waste of the -- wait for the postcard?
0:07:43 > 0:07:45Absolutely.
0:07:45 > 0:07:47Canada's Prime Minister Justin Trudeau is on a visit to India.
0:07:47 > 0:07:50And, despite speculation that he's being given the cold shoulder
0:07:50 > 0:07:52by the Indian government, he's set to meet business leaders
0:07:52 > 0:07:54in Mumbai in less than an hour.
0:07:54 > 0:07:58Suranjana Tewari is in our business hub in Mumbai.
0:07:58 > 0:08:05Good to see you. Tell us a bit more about his day, who he is meeting
0:08:05 > 0:08:12with and how significant this is?We are not expecting any major
0:08:12 > 0:08:15announcements from today, but Prime Minister Justin Trudeau has been
0:08:15 > 0:08:26meeting CEOs of prominent Indian companies like Tata, Mahindra etc.
0:08:26 > 0:08:32He will be meeting Indian business leaders later. Representatives from
0:08:32 > 0:08:35around 150 Canadian companies are here to try to expand their business
0:08:35 > 0:08:40all-star joint ventures with Indian firms. Reminisced Trudeau is
0:08:40 > 0:08:43expected to make some announcements on what he wants Canada to do in
0:08:43 > 0:08:50India, business and investment wise. India and Canada already have a
0:08:50 > 0:08:54strong trade relationship, around $8 billion worth of bilateral trade,
0:08:54 > 0:09:00particularly in the agriculture sector. Canada imports are lots of
0:09:00 > 0:09:03beans and lentils into India. Canada is a little worried about import
0:09:03 > 0:09:10duties that India has put onto Canada recently, about 40% import
0:09:10 > 0:09:15duty. They will look for reassurance that aren't some investment in
0:09:15 > 0:09:22Indian infrastructure.Thank you for that, an interesting trip for Justin
0:09:22 > 0:09:25Trudeau, I am sure. That show you the financial markets.
0:09:25 > 0:09:30Wall Street was closed on Monday and will reopen today. So this is
0:09:30 > 0:09:35Friday's end to a bumper week for Wall Street. Because these markets
0:09:35 > 0:09:40reopen today for the first end this week there is a bit of treading
0:09:40 > 0:09:44water in Europe, to a degree. HSBC shares down in London when I last
0:09:44 > 0:09:50look, I hope they will move on. HSBC shares in Hong Kong, they were
0:09:50 > 0:09:54trading earlier today, down over 3% after the announcement of their
0:09:54 > 0:09:59earnings. We will bring you the European members a bit later,
0:09:59 > 0:10:03hopefully on the screen. For now, let's talk about Brexit Secretary
0:10:03 > 0:10:08David Davis. He is to insist Britain will not be plunged into what he
0:10:08 > 0:10:13describes as a Mad Max style world after it leaves the European Union.
0:10:13 > 0:10:15In a speech to business leaders in Austria this morning,
0:10:15 > 0:10:18Mr Davis will also reject the idea that Brexit will lead to a "race
0:10:18 > 0:10:20to the bottom" in workers' rights and environmental standards.
0:10:20 > 0:10:26Our correspondent Bethany Bell is in Vienna.
0:10:26 > 0:10:31Outside the building where this is all happening very soon, Bethany. It
0:10:31 > 0:10:35looks extremely cold where you are. Tell us a bit about the reception he
0:10:35 > 0:10:40will receive, will it be warm or not?I think the entrepreneurs will
0:10:40 > 0:10:45be gathering in the house of industry right behind me when they
0:10:45 > 0:10:49can get their way through the snow. They will be listening very hard to
0:10:49 > 0:10:54what he has to say. No one wants bad relations with Britain after Brexit,
0:10:54 > 0:10:59but they are very interested to hear what it is exactly that Britain
0:10:59 > 0:11:07wants. People here say there is not clarity yet. David Davis will say
0:11:07 > 0:11:12that he wants to continue to see close cooperation when it comes to
0:11:12 > 0:11:15regulation, that there will not be this race to the bottom, as he calls
0:11:15 > 0:11:22it. He hopes that will ensure frictionless trade with the EU after
0:11:22 > 0:11:28Brexit. There has not been an official Austrian response so far to
0:11:28 > 0:11:37his planche remarks, -- planned remarks, but one analyst suggested
0:11:37 > 0:11:41he will have questions which are if you want to see things the same, why
0:11:41 > 0:11:46are you leaving the EU in the first place?Many are asking that
0:11:46 > 0:11:48question, and others. Thank you, Bethany.
0:11:48 > 0:11:50Joining us is Trevor Greetham, head of multi-asset
0:11:50 > 0:11:53at Royal London Asset Management.
0:11:53 > 0:11:57Good morning. Staying with that theme, investors will be looking at
0:11:57 > 0:12:02this meeting very closely to see what is discussed, and sterling
0:12:02 > 0:12:07particularly, we will see a reaction that?What is interesting is the
0:12:07 > 0:12:10volatility of sterling, it is quite high. It is not like it is moving
0:12:10 > 0:12:14around very much, but if you want to protect the portfolio against a
0:12:14 > 0:12:18swing one or the other way, the cost of that is one of the highest since
0:12:18 > 0:12:26we have seen since the Brexit referendum. There is a lot at stake
0:12:26 > 0:12:28in deciding the UK position, is it credible, will we end up in
0:12:28 > 0:12:33something similar to the EU or crash out without any deal?The impact of
0:12:33 > 0:12:38currency movement is quite crucial. HSBC have said look at this
0:12:38 > 0:12:44preferred number, it excludes the currency movement to give you a
0:12:44 > 0:12:48better impression of how companies are doing.It can be mastered in the
0:12:48 > 0:12:54UK, about 70 or 80% of the stock market is overseas earnings. -- it
0:12:54 > 0:13:01can be massive in the UK.It is a busy week as far as results are
0:13:01 > 0:13:05concerned, less economic data? Everybody's watching screens, the
0:13:05 > 0:13:10stock market. The Dow Jones rose almost two dozen points in a week
0:13:10 > 0:13:13last week, the biggest percentage increase in it week in five years.
0:13:13 > 0:13:17You might be tempted to say that means we have the all clear and
0:13:17 > 0:13:20everything is fine, but the big moves in stock markets happen when
0:13:20 > 0:13:27they are volatile. You could get a big move down this week easily. The
0:13:27 > 0:13:30fundamentals are positive, a tug of war is going on between strong
0:13:30 > 0:13:33earnings, a tax cut in America and rising interest rates. Interest
0:13:33 > 0:13:38rates are low in America, housing has not slowed down and the big
0:13:38 > 0:13:41central banks in Europe are printing money. It feels like the stock
0:13:41 > 0:13:45market bull market has not finished but we could see short-term
0:13:45 > 0:13:50volatility as people get to grips with this tug-of-war.Lots of speed
0:13:50 > 0:13:54bumps. Seat belts on. Trevor will be back later to talk this through the
0:13:54 > 0:13:55papers.
0:13:55 > 0:13:56Still to come...
0:13:56 > 0:13:59In a world of fast fashion, is there still space
0:13:59 > 0:14:00for traditional tailors?
0:14:00 > 0:14:03We meet one of the Savile Row stalwarts who says it's got
0:14:03 > 0:14:04a new lease of life.
0:14:04 > 0:14:05You're with Business Live from BBC News.
0:14:10 > 0:14:13Betting firm William Hill has been hit with a £6.2 million penalty
0:14:13 > 0:14:17package for breaching anti-money laundering and social
0:14:17 > 0:14:22responsibility regulations.
0:14:22 > 0:14:24Business correspondent Sean Farrington has been
0:14:24 > 0:14:31looking at the details, he's in our Salford newsroom.
0:14:31 > 0:14:35What have they been doing?What have they been doing? The Gambling
0:14:35 > 0:14:40Commission, the regulator looking at this, has used pretty strong words,
0:14:40 > 0:14:44systemic issues. It means it is not just one or two micro people, this
0:14:44 > 0:14:49is the structure of the company not assisting the anti-money-laundering
0:14:49 > 0:14:52practices and executing social responsibility how they should. One
0:14:52 > 0:14:58problem was the gambling commission found that ten customers were able
0:14:58 > 0:15:01to use money found from criminal proceeds to put through William Hill
0:15:01 > 0:15:05accounts, which ended up with William Hill making £1.2 million in
0:15:05 > 0:15:11profit on the back of our cash. So part of the £6.2 million is to pay
0:15:11 > 0:15:16back the £1.2 million, £5 million is a fine linked to breaching
0:15:16 > 0:15:20regulations put in place. Some extraordinary examples being given
0:15:20 > 0:15:24by the Gambling Commission, one of simply placing more than half £1
0:15:24 > 0:15:37million over these accounts over the period of a year or more.
0:15:38 > 0:15:40William Hill having a verbal conversation at assuming they are
0:15:40 > 0:15:42earning more than £300,000, the customer, thinking they could afford
0:15:42 > 0:15:45it. It turned out they earned £30,000 a year and was stealing from
0:15:45 > 0:15:47their employer. So part of these proceeds could be to reimburse
0:15:47 > 0:15:49people who suffered from the criminal act that took place. The
0:15:49 > 0:15:52Gambling Commission told us this morning this could possibly be a
0:15:52 > 0:15:56much wider issue. They do not expect this to be the last decision they
0:15:56 > 0:16:01had to make on this scale when it comes to the gambling industry and
0:16:01 > 0:16:03social responsibility and dealing with anti-money-laundering
0:16:03 > 0:16:16regulations.Thank you, Sean. Thank you for the detail on William Hill.
0:16:16 > 0:16:24More news on the KFC saga that they have run out of chicken. A
0:16:24 > 0:16:29procurement expert has been speaking with us. And views from
0:16:29 > 0:16:34Intercontinental group, 7% rise in profits, launching a new brand.
0:16:34 > 0:16:38Speaking with the chief Executive, earlier, he is talking about lots of
0:16:38 > 0:16:43new expansion plans, Intercontinental hotels group
0:16:43 > 0:16:50benefited a lot from the tax changes in the US.
0:17:01 > 0:17:06You're watching Business Live, our top story,
0:17:06 > 0:17:09HSBC, Europe's biggest bank,
0:17:09 > 0:17:15has seen pre tax profits soar by 141% to more than $17 billion.
0:17:15 > 0:17:19Seventy per cent of that came from its operations in Asia.
0:17:20 > 0:17:23They have called that a pivot to Asia.
0:17:26 > 0:17:32Only half of new firms in the US make it through the first five years
0:17:32 > 0:17:36of business intact so what's the secret to a company
0:17:36 > 0:17:36becoming a long-term success?
0:17:36 > 0:17:38Henry Poole & Co has been running for centuries.
0:17:38 > 0:17:41Setup in 1806 it's been credited as being the founding tailor
0:17:41 > 0:17:42of Savile Row here in London.
0:17:42 > 0:17:44One its most famous clients was Winston Churchill,
0:17:44 > 0:17:46who bought his first suit from the company in 1906.
0:17:46 > 0:17:49But it's also a company with a firm eye on the future,
0:17:49 > 0:17:52in 2006 it setup a made to measure store in Beijing,
0:17:52 > 0:18:01to take advantage of the growing market in Asia.
0:18:08 > 0:18:11Simon Cundey,managing director of prestigious tailoring
0:18:11 > 0:18:14business, Henry Poole & Co.
0:18:14 > 0:18:18Good morning, you have brought in all sorts of bits and pieces, we
0:18:18 > 0:18:23will talk about these, you have been around, not you, personally, but you
0:18:23 > 0:18:28have been around a while, 1806. And it is still a family business.Lucky
0:18:28 > 0:18:33enough to be a family business, very much credited to generations of
0:18:33 > 0:18:36family that have run it and kept it very much for the next generation,
0:18:36 > 0:18:40that is the key element, train within the house, bring in the next
0:18:40 > 0:18:44group of tailors and cutters that make the company.Let's wallow in
0:18:44 > 0:18:48the history for a little bit, really amazing, you have brought in this
0:18:48 > 0:18:52ledger, it is really heavy, I'm going to try to show this to the
0:18:52 > 0:18:59viewers, basically... This is the first major book?1846, he was a
0:18:59 > 0:19:05very clever gentleman, his father was a cloth merchant, but Henry
0:19:05 > 0:19:09Poole became a cutter and a bit of a dandy and a socialite, people like
0:19:09 > 0:19:15Prince Bertie and Napoleon, came to him in 1846...His measurements are
0:19:15 > 0:19:23in here. All handwritten. Plenty in here. What do these numbers tell us,
0:19:23 > 0:19:27not only about the way we have changed, people getting taller and
0:19:27 > 0:19:30wider, but interesting insight into their lives, when they have been
0:19:30 > 0:19:38back a couple of times.Socially, absolutely, it is a little club, the
0:19:38 > 0:19:42aspects of business, very much part of this history line which goes
0:19:42 > 0:19:48through the years.And just to say as well, the cost of a suit, a sort
0:19:48 > 0:19:52of remained the same in terms of relative to peoples income, looking
0:19:52 > 0:19:58at one month 's salary, roughly, to buy one of your suits.Going through
0:19:58 > 0:20:04the situation of choosing fabrics, we have 4000 fabrics, seasonal,
0:20:04 > 0:20:07travel, business, you name it, we can sell it, then we go through
0:20:07 > 0:20:11styling, we go through the fittings with you, it is all about 70 hours
0:20:11 > 0:20:18to make a suit.It is a classic suit, normally, because men will
0:20:18 > 0:20:22wear these for ten years.Minimum, yes.I immediately assumed they
0:20:22 > 0:20:31change its shape in that time.So yes, we do alterations.You have
0:20:31 > 0:20:41things in place.It comes with four inches of extra fabric, so the
0:20:41 > 0:20:45allowance of winter weight and some weight, if call it that, the
0:20:45 > 0:20:52prosperous years, shall we say, that is what we do, we let it out, and
0:20:52 > 0:20:58some people have a two set wardrobe, one for summer, one for winter.The
0:20:58 > 0:21:01suits that you make, never particularly in fashion so they
0:21:01 > 0:21:06never go out of fashion, that is the sign of a classic suit. A lot of
0:21:06 > 0:21:10pressure with fast fashion that you will do something that is
0:21:10 > 0:21:14particularly in vogue, but you don't do that.Complete cycle wheel that
0:21:14 > 0:21:19we go through fashion, pendulum swings between the Pell width,
0:21:19 > 0:21:28height of button, these things always change. -- lapel width.These
0:21:28 > 0:21:32shoes, they do not look several wrote to me, they look very modern,
0:21:32 > 0:21:36he teamed up with Adidas for this.A bit of fun, one customer is with
0:21:36 > 0:21:45Adidas, and... We make a few suits, named after people, one of them is
0:21:45 > 0:21:49the Winston Churchill, but he loved the fabric so much he said, we
0:21:49 > 0:21:53should do something special, we came up with the idea of a commute issue
0:21:53 > 0:22:01and evening shoot...That is how you know this was made in Savile row.--
0:22:01 > 0:22:09evening suit. About £150, but because they are collectors item,
0:22:09 > 0:22:13limited-edition, their value has trebled. As a business point of
0:22:13 > 0:22:19view, good investment.Quick word on skills, this is a family business,
0:22:19 > 0:22:24so many pressures, fabric is made in the UK, you make these suits, you do
0:22:24 > 0:22:28not send them somewhere else, you have to retain the skills. How
0:22:28 > 0:22:33difficult is it to get people who can make a good suit?About 15 years
0:22:33 > 0:22:38ago it was very difficult to find people who would be interested in
0:22:38 > 0:22:42the business, with the situation of skills and craft, a lot of
0:22:42 > 0:22:45manufacturers realise they can train within, within the automotive,
0:22:45 > 0:22:49within the jewellery or clothing, if you train your craft, you have to
0:22:49 > 0:22:55train within. Last ten years, very successful, full programme now, now
0:22:55 > 0:23:00the average age is 40 years old. Absolutely fascinating, thank you
0:23:00 > 0:23:06very much for coming in. We could talk for a long time.120 of them!
0:23:06 > 0:23:10Interesting comparing height and width, and they come back the second
0:23:10 > 0:23:13time and they have got a bit wider!
0:23:13 > 0:23:20Richard Branson is in India, let's see what talking about.There will
0:23:20 > 0:23:23be in a Sayers at the start of any new industry and they are right to
0:23:23 > 0:23:28be naysayers until we have proven wrong. The outside of it is
0:23:28 > 0:23:35gigantic. -- upside. Trains made a big difference to India in the last
0:23:35 > 0:23:39century, I believe that hide the loop will be a giant step forward
0:23:39 > 0:23:43that India needs. It can connect most of the major cities in India in
0:23:43 > 0:23:46well under two hours and the cost of building it will be private money.
0:23:46 > 0:23:53-- hyperloop. The cost to the passenger of travelling on a Virgin
0:23:53 > 0:23:56hyperloop will be competitive with any high-speed train. We think we
0:23:56 > 0:24:02can build it for a lot less then you can build a high-speed train. And
0:24:02 > 0:24:10therefore we should be able to charge less.Richard Branson with
0:24:10 > 0:24:13ambitions for virgin hyperloop one. In India.
0:24:13 > 0:24:20This story, the new boss of Uber, relatively new, saying that it is
0:24:20 > 0:24:23commercially viable, flying taxes, five to ten years, would you climb
0:24:23 > 0:24:25on board?
0:24:25 > 0:24:32Probably but I have a bad habit of ordering a taxi and saying, five
0:24:32 > 0:24:37minutes, ten minutes... Will they be hovering around my rooftop?One
0:24:37 > 0:24:42viewer says, yes, glad to use one if safety is guaranteed and cost is
0:24:42 > 0:24:48friendly. Sean says the same, depends upon the safety. Can you
0:24:48 > 0:24:55tell me how to hail one, says one. Chris says, no. Peter says, at a
0:24:55 > 0:25:01nonsense. Hot debate going on. What else is going on? Brexit,
0:25:01 > 0:25:05interesting story in the FT, campaigners to stop Brexit preparing
0:25:05 > 0:25:13a six-week advertising blitz.A group partly funded by George Soros,
0:25:13 > 0:25:19but also a crowdfunding arrangement, and he will step up advertising over
0:25:19 > 0:25:23the next six weeks, head of the vote for the customs union and he will
0:25:23 > 0:25:27already have people working on Mad Max and David Davis's head, at Best
0:25:27 > 0:25:31for British, I can see this happening. Key votes are coming up.
0:25:31 > 0:25:38The political party launch, Renew, people focusing on this, we will
0:25:38 > 0:25:43hear more and more about it.Time is tight, really good to see you. Thank
0:25:43 > 0:25:47you for explaining the market movements. Thank you for your
0:25:47 > 0:25:51company, we hope you enjoyed the programme and we will be here
0:25:51 > 0:25:56tomorrow.