23/02/2018 BBC Business Live


23/02/2018

Similar Content

Browse content similar to 23/02/2018. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Profits surge for the owner of

British airwaves. That is the top

0:00:160:00:20

story.

0:00:200:00:26

-- British Airways.

0:00:330:00:40

IAG profits are up by nearly

a fifth, but investors

0:00:420:00:44

were expecting more,

shares have started

0:00:440:00:46

in the red in early trade.

0:00:460:00:49

Also in the programme:

0:00:490:00:50

the parent company behind Snapchat

saw over a billion dollars wiped

0:00:500:00:53

off its market value

when Kylie Jenner tweeted

0:00:530:00:55

that she was "soo over" the app.

0:00:550:00:57

Can it recover?

0:00:570:00:58

We'll get an expert view.

0:00:580:01:00

Mixed bag as markets open.

0:01:000:01:10

Following a busy week

for the banks and mining giants,

0:01:110:01:13

we'll be delving into the numbers

with our economics

0:01:130:01:16

guru Andrew Walker.

0:01:160:01:17

Following the news about Snapchat

and Kylie Jenner, we want to know

0:01:170:01:25

whether you are influenced by the

influencers? Get in touch using the

0:01:250:01:35

hashtag BBCBizLive.

0:01:350:01:39

International Airlines Group,

which owns British Airways, Iberia,

0:01:410:01:44

Vueling and Aer Lingus,

0:01:440:01:45

has posted a 19% rise

in annual profit.

0:01:450:01:47

The firm's been benifiting

from a shake-up amongst European

0:01:470:01:49

carriers and rising fares.

0:01:490:01:51

Its boss has been upbeat

in what's been a turbulent

0:01:510:01:53

period for airlines.

0:01:530:01:54

Last year, Monarch became the third

European carrier to collapse,

0:01:540:01:56

following Air Berlin

and Alitalia's bankruptcy.

0:01:560:01:58

It's one of the factors helping IAG,

0:01:580:02:00

along with improving fares

after a spell which saw low fuel

0:02:000:02:02

prices force airlines to flood

the market with cheaper tickets.

0:02:020:02:12

Peter Morris is chief economist at

flight global and joins us now. What

0:02:130:02:17

is it that IAG is doing so right

right now?

Three elements, overall

0:02:170:02:28

regulatory framework which is

common, economic geography coverage

0:02:280:02:32

of the region they are in and a

flexibility of business model and

0:02:320:02:37

what IAG is doing very well at at

the moment is that ability of

0:02:370:02:40

business model across the whole

spectrum of markets.

Do you mean

0:02:400:02:46

from cheap right up to the luxury

end of the market?

Leisure to

0:02:460:02:51

business end of the market and also

reflecting the demand in north-west

0:02:510:02:56

Europe and south-west Europe as

well.

There are some gaps in that,

0:02:560:03:01

they have some gaps they could fill

in terms of the market?

Looking at

0:03:010:03:08

Central Europe and Eastern Europe,

the coverage connecting through

0:03:080:03:12

London and Madrid is quite weak. So

I think that is something that was

0:03:120:03:19

indicated about their interests, for

instance in Nicky, to fill the gaps.

0:03:190:03:24

When we talk about IAG we often

think about British Airways because

0:03:240:03:28

it is the big lump within this body

of companies but obviously, their

0:03:280:03:35

main hub remains Heathrow,

discussion about a third runway, how

0:03:350:03:38

important or otherwise is that for

British Airways in terms of looking

0:03:380:03:45

to the future.

They win either way,

if there is constrained song

0:03:450:03:49

capacity at Heathrow, as the major

player, they will be the ones who

0:03:490:03:55

will benefit from it. If something

is built, they do not want it to be

0:03:550:04:00

priced at a level that will make

them non-competitive.

They have

0:04:000:04:03

benefited from the lull oil-price,

with that price expected to rise

0:04:030:04:09

over the next year, do you think it

really will hit the bottom line?

I

0:04:090:04:13

think they have benefited by having

Euro accounts in so far as the euro

0:04:130:04:18

against the dollar has appreciated,

fuel has not gone up as much as

0:04:180:04:23

expected. The question is, what fuel

is going to do, and on the other

0:04:230:04:29

hand, you want to be better than the

other guy, you are running away from

0:04:290:04:33

the gorilla, you want to make sure

you are in front of The Other Guys!

0:04:330:04:36

So it is competitive against the

other players in the market.

0:04:360:04:43

1.3 billion dollars has been knocked

off Snap's stock market value

0:04:480:04:52

after reality TV star Kylie Jenner

tweeted that she no longer

0:04:520:04:55

used its messaging app.

0:04:550:04:56

Kim Kardashian's half-sister posted:

0:04:560:04:59

"does anyone else not

open Snapchat anymore?

0:04:590:04:59

Or is it just me...".

0:04:590:05:05

Royal Bank of Scotland is back in

the black for the first time in a

0:05:050:05:09

decade, the bank, still

majority-owned by the UK taxpayer,

0:05:090:05:12

made an annual profit of just over

$1 billion, compared with the $9.7

0:05:120:05:16

billion loss the year before.

0:05:160:05:22

The troubled Japanese firm Takata

has reached a settlement

0:05:220:05:25

with 44 states in the US

0:05:250:05:27

over claims it concealed dangerous

defects in its exploding airbags.

0:05:270:05:29

Takata's airbags have been linked

to more than a dozen deaths and over

0:05:290:05:33

100 injuries worldwide.

0:05:330:05:39

Chinese regulators say they're

taking over Anbang Insurance for a

0:05:390:05:41

year - and that its former chairman

will face prosecution. Chinese

0:05:410:05:43

regulators say they're taking over

Anbang Insurance for a year - and

0:05:430:05:46

that its former chairman will face

prosecution. -- 300 billion. The

0:05:460:05:50

BBC's Tim McDonald has been

following the story from Singapore.

0:05:500:05:59

This is a bit unusual, the company

is in the hands of the Chinese

0:05:590:06:02

regulators who have taken it over

and will hold onto it for a year,

0:06:020:06:07

and there are former chairman has

been charged with what is described

0:06:070:06:11

as economic crimes. The overseas

spending sprees are something that

0:06:110:06:16

the Chinese regulators are concerned

about, they say that foreign

0:06:160:06:20

purchases, first violate insurance

regulation and secondly severely

0:06:200:06:25

impair the ability of Anbang

Insurance to pay back debts, they

0:06:250:06:29

have a whopping 316 billion of

assets, in addition to trophy

0:06:290:06:33

assets, such as overseas insurers,

hotels, retirement homes... It made

0:06:330:06:40

a bid on star would, the hotel

chain, and the Chinese Gottman is

0:06:400:06:46

worried about the amount of money

heading offshore. -- the Chinese

0:06:460:06:51

government. -- Starwood. And worries

about servicing the debt on the

0:06:510:06:57

assets. Authorities cracking down.

Other big names are subject to this,

0:06:570:07:03

they have come in for closer

scrutiny, we are likely to see quite

0:07:030:07:06

a bit more of this going forward.

0:07:060:07:11

Looking at the markets, fluctuating

widely, as investors have fretted

0:07:110:07:16

about how fast the Federal Reserve,

the US central bank, might raise

0:07:160:07:19

rates in the wake of data showing a

pick-up in the US economy. So shares

0:07:190:07:24

have rebounded somewhat as comments

from a Fed official seem to indicate

0:07:240:07:27

a bit of a slower approach.

Investors dipping their toes back

0:07:270:07:36

into riskier assets. That has

spilled over into Europe as well.

0:07:360:07:49

With the Dax in frankfurt higher But

the FTSe 100 has slipped. Shares in

0:07:490:07:53

RBS have been down around 4%,

despite the bank announcing the

0:07:530:07:55

first set of profits in a decade.

And Yogita Limaye has the details

0:07:550:07:59

about what's ahead on Wall Street

Today.

0:07:590:08:01

More than ever, stock markets here

are on fed watch, each signal from

0:08:010:08:04

the famed At The Races central bank

about monetary policy development

0:08:040:08:08

seems to be setting the course of

the market.

0:08:080:08:12

At least

0:08:120:08:13

until the next signal appears, so

Friday could be another busy day.

0:08:130:08:17

The Fed will release its semiannual

report on monetary policy. -- each

0:08:170:08:21

signal from the Fed. If the report

contains a definitive answer to

0:08:210:08:29

questions it will be something of a

first, but it will not stop

0:08:290:08:33

investors from poring over every

last clue they can find. Then, at a

0:08:330:08:37

conference in New York, senior

policymakers from the Fed including

0:08:370:08:42

the New York Fred president, William

Dudley, will speak about how the Fed

0:08:420:08:46

is forming its response to the

challenges of inflation and new

0:08:460:08:49

government spending.

Joining us is

Richard Hunter, Head of Markets at

0:08:490:08:57

Interactive Investor. Good to see

you here, I want to start on

0:08:570:09:03

Snapchat, cold snap for Snapchat,

big hits to the share price, pinning

0:09:030:09:07

it on Kylie Jenne, lots of other

possible reasons, the redesign has

0:09:070:09:11

gone down terribly, CEO is earning

more money than almost any other CEO

0:09:110:09:17

ever, there are quite a few reasons

to vote against it.

And what we will

0:09:170:09:21

see, going forward, it's a lot more

focus on the big technology

0:09:210:09:25

companies because whilst there is an

element of companies trying to get

0:09:250:09:30

income from other sources, who knows

whether Facebook will still be as

0:09:300:09:35

popular as it is now in ten years'

time. Already rumours that

0:09:350:09:39

potentially, it is going towards an

older audience rather than a young

0:09:390:09:42

audience. When you get fads and

fashions like that, certainly, the

0:09:420:09:47

share price reaction has probably

given Kylie Jenne more credence than

0:09:470:09:55

perhaps that particular message...

The day-to-day show that it was when

0:09:550:09:59

her tweet came out that the stock

really did start to plummet. -- the

0:09:590:10:05

data does show. It seems investors

are using algorithms much more, they

0:10:050:10:10

picked up on tweets.

Yes, and the

trend is changing, if that is the

0:10:100:10:17

thin end of the wedge, that

particular message, then you can

0:10:170:10:21

understand why there is a lot of

caution and worry in terms of stock

0:10:210:10:24

prices.

Talking about the markets

here, it has been driven by Kylie

0:10:240:10:30

Jenne, possibly, influencer, yes,

but you might think, OK, influence

0:10:300:10:36

over social behaviour, but this is

over the hard nuts and bolts of

0:10:360:10:42

business.

Yes it is, and that is

going to continue, as I say, the

0:10:420:10:46

interesting thing around social

media in general, trends and

0:10:460:10:53

fashions.

As we have seen with

President Trump.

Another one, he

0:10:530:10:57

moves markets on a daily basis, some

of his tweets have been retracted

0:10:570:11:01

but for the most part, clearly

shooting from the hip and the market

0:11:010:11:04

tends to react as well.

Kylie Jenne

and Donald Trump in the same

0:11:040:11:10

sentence!

0:11:100:11:12

Still to come.

0:11:130:11:14

Following a busy week

for the banks and mining giants,

0:11:140:11:17

we'll be delving into

the numbers with our economics

0:11:170:11:19

guru Andrew Walker.

0:11:190:11:20

You're with Business

Live from BBC News.

0:11:200:11:22

Banking giant RBS reports first

full-year profit in 10 years,

0:11:330:11:36

since being bailed out by taxpayers

during financial crisis.

0:11:360:11:38

Last year, it made an annual

profit of £752 million,

0:11:380:11:40

compared with a £6.95 billion loss

the year before.

0:11:400:11:42

Our economics editor

Kamal Ahmed has been speaking

0:11:420:11:44

to the chief executive of RBS,

Ross McEwan.

0:11:440:11:50

First off, ten years of losses, this

is symbolic, not just for colleagues

0:11:500:11:53

at work but also for the UK, who put

a lot of money into the bank. We

0:11:530:12:00

have been restructuring, taking

losses, finding a prophet like this,

0:12:000:12:06

it shows how good this bank can be.

Not through all of the issues, we

0:12:060:12:12

still have one very large one, but

the fundamental value of the

0:12:120:12:15

business is starting to show through

great brands, this year, the income

0:12:150:12:18

was up, costs were down, the capital

position, important for the

0:12:180:12:22

stability of the bank, has been up

as well, pretty good set of results,

0:12:220:12:26

lots of work to do.

Is it

sustainable, we still see you have

0:12:260:12:31

big fines ahead, had eagerly from

America, because you of your

0:12:310:12:35

involvement in the sub-prime

mortgage crisis. Is this a one off?

0:12:350:12:39

I think the underlying profitability

of the business was really good,

0:12:390:12:45

adjusted operating profit was up

31%, it is over 4 billion now, that

0:12:450:12:50

shows the underlying value of the

business. One very large issue to

0:12:500:12:54

deal with, mortgage-backed

securities in the US for the

0:12:540:12:58

department of justice, no news on

that, we would like to have tidied

0:12:580:13:01

that up in 2017 but that is not the

case. It just shows that this bank,

0:13:010:13:07

having been brought back to the UK

and the Republic of Ireland, that

0:13:070:13:11

strategy is starting to work.

Do you

think the culture of banks has

0:13:110:13:18

changed, we have had an incredibly

critical report of you and how you

0:13:180:13:22

have dealt with your business

customers, the DRG unit, as it was

0:13:220:13:26

called, showing how you were still

putting bankers first, your

0:13:260:13:32

interests first, above your

customers. Can the public really

0:13:320:13:33

trust that the culture in RBS has

actually changed? -- the GRG unit.

0:13:330:13:41

That report was hard reading for us,

it did bring out the worst of the

0:13:410:13:47

organisation between that time, and

I believe that this organisation is

0:13:470:13:50

changing dramatically, focusing

heavily on customers, for example,

0:13:500:13:56

in the personal business banking,

there are no bonus is paid for any

0:13:560:13:59

sales whatsoever, no bonuses, it is

focus on customer, do the thing. --

0:13:590:14:11

do the right thing.

0:14:110:14:14

You're watching Business Live.

0:14:150:14:18

Our top story:

0:14:180:14:19

International Airlines Group,

which owns British Airways, Iberia,

0:14:190:14:21

Vueling and Aer Lingus,

has posted a 19% rise

0:14:210:14:23

in annual profit.

0:14:230:14:24

The firm's been benifiting

from a shake-up amongst European

0:14:240:14:26

carriers and rising fares.

0:14:260:14:31

It's been a busy week

for corporate earnings.

0:14:310:14:33

Some of the world's biggest

companies reported an interesting

0:14:330:14:35

set of results including Barclays

and the mining giant Glencore.

0:14:350:14:40

Let's get more on this

with our economics

0:14:400:14:42

correspondent Andrew Walker.

0:14:420:14:44

Starting with Barclays Bank, because

it has been, really, there has been

0:14:440:14:48

a backlash after profits were hit

with a string of charges.

Indeed,

0:14:480:14:54

they made an operating profit but

they had a number of special things

0:14:540:14:57

they needed to make provisions for

in their accounts. There was this

0:14:570:15:00

familiar thing that we have with the

banks of conduct problems from the

0:15:000:15:06

past, particularly associated in the

case of Barclays Bank with payment

0:15:060:15:10

protection insurance. That accounted

for more than half of a £1.2 billion

0:15:100:15:17

amount they have to set aside in

their accounts. You also have to

0:15:170:15:20

think about the investigation into

the capital raising exercise they

0:15:200:15:23

have with Qatar.

0:15:230:15:25

Some of the senior chief executives

have been charged with various

0:15:320:15:36

offences associated with that. There

has been a big provision Barclays

0:15:360:15:39

had to make for getting out of their

Africa operation. Other British

0:15:390:15:44

banks have got their own issues with

conduct, RBS has made a full year

0:15:440:15:50

profit, sighs of relief all round

for that I suppose, but they still

0:15:500:15:53

have to worry about what will happen

to them in the United States in

0:15:530:15:56

relation to the investigation into

the selling of mortgage-backed

0:15:560:16:01

securities, then there is the stuff

we have been talking about on the

0:16:010:16:05

BBC Biz Live twig about the way they

have treated some of their small

0:16:050:16:09

business customers.

A varied picture

from the banks. As for the miners of

0:16:090:16:18

the world, more promising for them?

A more consistent picture, not to

0:16:180:16:22

say there are not some issues there.

We have had metal prices rising

0:16:220:16:27

dramatically over the last two years

and, surprise surprise, so have

0:16:270:16:32

profits of mining companies and

their share prices, just to take

0:16:320:16:35

some striking examples in the case

of Anglo-American the share price

0:16:350:16:40

has increased sixfold over that last

period, Glencore is up by something

0:16:400:16:44

like four fold from early 2016, so

inevitably they have been making

0:16:440:16:52

profit as prices have risen but also

doing a lot by way of selling off

0:16:520:16:55

assets that have not been performing

so well, and this improvement in

0:16:550:17:00

their performance has enabled them

to pay down their debt al-ite. One

0:17:000:17:03

incidental point that came up from

Glencore's chief executive was

0:17:030:17:11

talking about kobold in particular,

not something we talk about very

0:17:110:17:15

often but it is important for car

batteries and he sees this as very

0:17:150:17:19

much something that is going to be

in heavy demand in coming years as

0:17:190:17:23

electric cars become a much bigger

part of the transport world, and

0:17:230:17:31

there is cobalt out there but one of

the challenging aspect of it is that

0:17:310:17:34

a lot of it is in the Democratic

Republic of Congo, not an easy place

0:17:340:17:39

for miners to work.

Briefly, BHP

Billington's share price fell after

0:17:390:17:44

is results were out, prices seem to

be rising across the industry?

There

0:17:440:17:50

are some issues with cost, BHP

Billington has particular concern

0:17:500:17:54

about its US shale operations with

it wants to sell so that has been a

0:17:540:18:01

disappointment for investors,

absolutely.

Another crypto currency

0:18:010:18:02

on the horizon, am I overstating it?

On the horizon is the right way of

0:18:020:18:09

putting it. Venezuela has been

conducting what it calls a presale

0:18:090:18:13

of a new currency to be called the

Petro, which it says is backed by

0:18:130:18:20

its oil reserves. There is a lot of

scepticism out there amongst

0:18:200:18:25

professionals, some people are very

sceptical about the figure of $700

0:18:250:18:29

million, they say they have raised

by this, there is also the US

0:18:290:18:33

sanctions issue. One of the appeals

for the Venezuelan is that it might

0:18:330:18:37

be a way of getting around

sanctions, and the US Treasury has

0:18:370:18:40

warned US nationals getting involved

might be exposing themselves to risk

0:18:400:18:45

because they say it appears to be an

extension of credit to the

0:18:450:18:49

Venezuelan Government and Americans

are not supposed to do that.

A very

0:18:490:18:52

quick example, the sense of the

scale of the economic crisis for

0:18:520:18:58

Venezuelan now...

It is

extraordinary, an IMF official

0:18:580:19:01

talking a few weeks ago that by the

end of this year we could be looking

0:19:010:19:05

at a contraction in the Venezuelan

economy of 50% over the course of

0:19:050:19:10

the last six years or thereabouts,

and inflation could be heating a

0:19:100:19:15

level of 13,000%.

Which is why a

crypto currency, many people say it

0:19:150:19:19

is a great idea in such an economy?

It is one of the appeals but I don't

0:19:190:19:23

think it.

The problems. It is linked

to the natural resources and oil so

0:19:230:19:34

that is a problem?

It is one of the

potential appeals but at the same

0:19:340:19:37

time, how would you feel about your

prospects of cashing in your bowels

0:19:370:19:39

of Venezuelan oil if it really came

to it if you needed to? Not an easy

0:19:390:19:43

thing to do, lots of international

companies have founded a hard place

0:19:430:19:47

to work.

Andrew, thank you very much

indeed.

0:19:470:19:51

Airbnb is moving to target wealthy

travellers these days as it goes

0:19:510:19:55

after the luxury end of the market.

The accommodation site says it will

0:19:550:19:59

offer a dedicated section for

boutique hotels, bed and breakfasts,

0:19:590:20:03

and unusual locations like tree

houses and boats.

0:20:030:20:14

Do you think the philosophy of the

company has changed from Budget

0:20:200:20:24

travellers to people who are much

more affluent?

I think it was wrong

0:20:240:20:28

to pigeonhole us as just Budget. We

have a strong value proposition and

0:20:280:20:35

low price points but it was never

our mission that that was all ever

0:20:350:20:38

going to have.

0:20:380:20:48

We actually have, for a long time, a

set of contractors the photography

0:20:530:20:59

per Airbnb, so you claim as

photographers and to do home

0:20:590:21:02

inspections, questions like is the

kitchen fully equipped, the comfort

0:21:020:21:05

of the bed, the speed of the Wi-Fi,

so they work down all these things

0:21:050:21:10

so that you, as a guest, have

certainty.

0:21:100:21:13

True, a lot of homes have been

removed, most of bones were not

0:21:320:21:36

active on the site, though, so when

you look at the number of guest in

0:21:360:21:41

San Francisco that has not been a

dramatic change. But, in general,

0:21:410:21:47

there is progress going forward, we

had 300 agreements with different

0:21:470:21:53

Government and we believe those,

regardless of some of the nuanced

0:21:530:21:58

compromises, have opened the door to

long-term growth.

0:21:580:22:01

Airbnb is making the business pages.

We have been looking through them

0:22:050:22:08

today, Richard has come back to

discuss this, thank you very much.

0:22:080:22:14

What do you make about this gear

change, Airbnb Delhi after the

0:22:140:22:22

wealthy customer?

It is interesting,

like it is reinventing its business

0:22:220:22:26

model. You would have to question

which hotels would be comfortable

0:22:260:22:31

letting Airbnb in, and just where

Airbnb can now progress from here

0:22:310:22:37

because it is an absolute

StepChange, an interesting one as

0:22:370:22:40

well.

An interesting remark, their

fear was that the top and were not

0:22:400:22:46

interested in Airbnb at all yet, if

I am honest, the rare occasions I

0:22:460:22:50

have used Airbnb, I have looked at

matching the amount I paid for the

0:22:500:22:54

hotel with something that is really

rather nice in Airbnb...

0:22:540:22:59

You want something quirky as well,

something more personal?

0:22:590:23:03

There was a perception in the early

days that this was almost for the

0:23:030:23:07

backpackers, the really cheap end of

the market.

Because it started with

0:23:070:23:14

air beds, I interviewed the

co-founder, he said he pumped up an

0:23:140:23:17

air bed and put it in the spare room

and thought, I can make a business

0:23:170:23:20

out of it!

So apart from the Hotel

business they are obviously looking

0:23:200:23:23

to raise perception of themselves as

a brand as well.

I would say they

0:23:230:23:29

have a good chance we have been

acting about celebrities and

0:23:290:23:39

inferences after seeing what Kylie

Jenneker do to Snap's share price.

0:23:390:23:42

Are you influenced by these mega-

influences? We have got some tweets

0:23:420:23:46

for you. I will start with the Baron

says, if, by celebrity, this is an

0:23:460:23:51

age thing I suspect, if by celebrity

you mean Stephen Hawking or

0:23:510:23:57

Professor Brian Cox for example,

then fine, yes but if you need a no

0:23:570:24:06

mock reality star, then no.

Tim says, don't care.

0:24:060:24:10

Yoda says, who?! You have got a

couple?

One says, who is she,

0:24:100:24:17

seriously? That might be another age

thing!

But Ian says, Snap is no

0:24:170:24:22

different from MySpace, once the

initial hype dies, there was no new

0:24:220:24:25

material. The next Apple not provide

paid promoters like the next Jenner

0:24:250:24:36

clone. Is this a problem with social

media sites and crazy is that the

0:24:360:24:40

younger generation will just go onto

the next big thing?

Absolutely, and

0:24:400:24:45

there are two aspect, whether the

site will fall out of fashion in due

0:24:450:24:50

course, let alone the individuals

who are currently perhaps carrying a

0:24:500:24:55

bit more weight than perhaps they

need to be or should be.

I want to

0:24:550:25:02

move on to this story about taxes

for tech companies which could

0:25:020:25:05

include Snap of course, this has

gone from the US Treasury, planning

0:25:050:25:10

to possibly target companies like

Facebook, taxing revenue not

0:25:100:25:14

profits, which is pretty

significant?

Yes, it could be. These

0:25:140:25:24

companies on doing anything wrong,

the stories come up every month or

0:25:240:25:26

so, there is nothing wrong with tax

avoidance, evasion is another thing,

0:25:260:25:29

but they are simply playing the

current rules. The problem we've got

0:25:290:25:33

is that the tax rules need changing

and the even bigger problem is when

0:25:330:25:38

you are talking across

multi-jurisdictional, getting each

0:25:380:25:41

country to synergise those tax

regimes is the real challenge, and

0:25:410:25:44

until that happens there will always

be ways to avoid the tax in any

0:25:440:25:49

given country.

As you say, just a proposal at this

0:25:490:25:54

time. Thank you very much, Richard.

And thank you for joining us here on

0:25:540:26:00

Business Live today.

There will of course be much more

0:26:000:26:02

business news throughout the day on

the web page. Goodbye for now.

0:26:020:26:07

Download Subtitles

SRT

ASS