12/03/2018

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0:00:05 > 0:00:08This is Business Live from BBC News, with Sally Bundock

0:00:08 > 0:00:09and Alice Baxter.

0:00:09 > 0:00:10Taking on the tariffs -

0:00:10 > 0:00:13Australia secures an exemption to US duties on steel

0:00:13 > 0:00:16and aluminium imports.

0:00:16 > 0:00:18Live from London, that's our top story

0:00:18 > 0:00:21on Monday 12th March.

0:00:34 > 0:00:39The European Union and Japan are also looking to be let off

0:00:39 > 0:00:46the hook by President Trump, as fears of a wider trade war heat up.

0:00:46 > 0:00:48We will add an expert view.

0:00:48 > 0:00:51Also in the programme - the oil isn't flowing just yet.

0:00:51 > 0:00:54Speculation grows that Saudi Arabia won't sell of a chunk of its state

0:00:54 > 0:01:01oil company until next year at the earliest.

0:01:01 > 0:01:04Financial markets trading right now in Europe have seen a bumper start

0:01:04 > 0:01:08to the week following the lead from Asia. We tell you all you need to

0:01:08 > 0:01:08know.

0:01:08 > 0:01:10And pouring your money into alcohol -

0:01:10 > 0:01:12we'll find out how you can turn wine into profits,

0:01:12 > 0:01:17and how Asia is driving the demand for wine investing.

0:01:17 > 0:01:19Today we want to know whether you

0:01:19 > 0:01:21think life on Mars - including a Mars Bar -

0:01:21 > 0:01:23could be a reality anytime soon?

0:01:23 > 0:01:26Because that what the maverick entrepreneur boss of SpaceX

0:01:26 > 0:01:26and Tesla, Elon Musk, thinks.

0:01:26 > 0:01:32Let us know know. Just use the hashtag BBCBizLive.

0:01:42 > 0:01:49Hello and welcome to Business Live.

0:01:49 > 0:01:52Yes, Elon Musk has been talking at an event in Texas. You can hear what

0:01:52 > 0:01:59he had to say about Mars, would also about his company, space X, and

0:01:59 > 0:02:01Tesla. Let's talk trade.

0:02:01 > 0:02:03With the clocking ticking down until President Trump's

0:02:03 > 0:02:05tariffs on steel and aluminium imports come into force, countries

0:02:05 > 0:02:07are scrambling to seek exemptions.

0:02:07 > 0:02:15And in the last hour or so, Australia's Prime Minister has

0:02:15 > 0:02:17welcomed his country being given a waiver, which he said

0:02:17 > 0:02:20on Twitter was important for thousands of people who rely

0:02:20 > 0:02:21on the industries for work.

0:02:21 > 0:02:24And the EU and Japan are due to hold more talks this week over

0:02:24 > 0:02:26getting their own exemptions.

0:02:26 > 0:02:29The Trump administration says the tariffs

0:02:29 > 0:02:33are necessary, because the sheer quantity of steel and aluminium

0:02:33 > 0:02:37in the global market is threatening to impair the "national security"

0:02:37 > 0:02:40of the US.

0:02:40 > 0:02:42But America has made legally binding trade commitments

0:02:42 > 0:02:45as part of its membership of the World Trade Organisation

0:02:45 > 0:02:47rules, and other countries are likely to use the WTO

0:02:47 > 0:02:54to challenge the tariffs.

0:02:54 > 0:02:57But whilst WTO rules allow members to seek a "national

0:02:57 > 0:02:59security exception" for industries regarded as important

0:02:59 > 0:03:01for the defence of the country, some experts have already questioned

0:03:02 > 0:03:07if that can apply here.

0:03:07 > 0:03:09One of the United States' defence allies is Australia, and its

0:03:09 > 0:03:11Prime Minister, Malcolm Turnbull, welcomed his country's exemption

0:03:11 > 0:03:21whilst touring a steel works in Wollongong.

0:03:22 > 0:03:27This is a real example of a win- win. We have got jobs in Australia,

0:03:27 > 0:03:32jobs in the United States. The tariff would simply have put jobs on

0:03:32 > 0:03:39both sides of the Pacific at risk. It is a very important outcome.

0:03:39 > 0:03:44There are 77 anti-dumping measures in place. 51 relate to steal. Seven

0:03:44 > 0:03:48related to aluminium. We are very vigilant in ensuring there is a

0:03:48 > 0:03:52level playing field. We are committed, passionately committed to

0:03:52 > 0:03:55free trade. But it has to be fair. That is the key.

0:03:55 > 0:03:57Aline Doussin is a trade lawyer at Squire Patton Boggs,

0:03:57 > 0:04:00specialising in international trade.

0:04:00 > 0:04:07She joins us in the studio. Good morning. Australia has secured an

0:04:07 > 0:04:10exemption, joining Mexico and Canada. We know this week we will

0:04:10 > 0:04:15see lobbying from EU officials and other countries around the world

0:04:15 > 0:04:19trying to secure the same. Liam Fox from the UK goes to Washington this

0:04:19 > 0:04:22week. What is the likelihood of other countries securing a similar

0:04:22 > 0:04:27exemption?It is a very good question and very difficult to

0:04:27 > 0:04:34answer. We are entering into this 15 day timeline where members are

0:04:34 > 0:04:38apparently allowed to seek exemption on a measure that most trade

0:04:38 > 0:04:46lawyers, including myself, view as completely contradictory to the

0:04:46 > 0:04:53philosophy of the WTO rules. The EU, even though it reserves its right to

0:04:53 > 0:04:56challenge the measure, is focusing on negotiating an exemption. It is

0:04:56 > 0:05:00very unclear, the legal business research exemption, where it

0:05:00 > 0:05:13resides. Which criteria it uses. It seems to be discretionary.Although

0:05:13 > 0:05:19not totally unprecedented, this is uncharted territory, using this

0:05:19 > 0:05:25national security exemptions under article 21 of WTO rules to justify

0:05:25 > 0:05:28tariffs being imposed. One guest that we spoke to rarely went further

0:05:28 > 0:05:34to suggest this pick and mix approach to is entitled to an

0:05:34 > 0:05:40exemption and who isn't, is actually illegal. What do you think?The

0:05:40 > 0:05:45national security exemptions exist under WTO agreements. There is an

0:05:45 > 0:05:53Article 21 and 14 which allows a member, for national security

0:05:53 > 0:06:04threats... It was raised before in the past. The UAE and Qatar got

0:06:04 > 0:06:13exemption. It has never been adjudicated at the WTO panel level.

0:06:13 > 0:06:18So it is uncharted territory. Having said that, the president and the

0:06:18 > 0:06:24administration are not at this stage raising Article 21. Everybody is

0:06:24 > 0:06:27commencing on this exemption being used both so far there is no

0:06:27 > 0:06:36challenge at WTO level. The WTO cannot enter the dispute. A country

0:06:36 > 0:06:41as to raise a complaint. Japan have indicated they will do so. They have

0:06:41 > 0:06:44confirmed it is something they are currently looking to do if needs be,

0:06:44 > 0:06:50but nothing has been launched officially as yet.And all of this

0:06:50 > 0:06:58really increases the focus on the WTO as an organisation. Is it really

0:06:58 > 0:07:04fit for purpose? You mentioned the processes involved. It is very long

0:07:04 > 0:07:10winded, isn't it?Yes. I worked at the WTO years ago at some point, and

0:07:10 > 0:07:16it does take a long time to agree on negotiations because there is no

0:07:16 > 0:07:23voting. Having said that, it is the only forum where trade disputes can

0:07:23 > 0:07:28be judged. There is no other forum in the world that has these

0:07:28 > 0:07:32disputes. It is still very relevant. It has some issues that it needs to

0:07:32 > 0:07:40deal with. Including respecting the length of a judgment and the

0:07:40 > 0:07:45negotiations that sometimes take a very long time. But I think at this

0:07:45 > 0:07:49stage it is not the case the WTO is dead. It is a very resilient

0:07:49 > 0:07:55organisation. Thank you. Fascinating story that

0:07:55 > 0:07:59has been unfolding for weeks. We will keep you up to date.

0:07:59 > 0:08:02Let's take a look at some of the other

0:08:02 > 0:08:03stories making the news.

0:08:03 > 0:08:05The takeover battle for UK engineering company GKN has

0:08:05 > 0:08:07intensified with a new $11.2 billion bid from Melrose.

0:08:07 > 0:08:13It also raised the amount GKN shareholders would own in Melrose

0:08:13 > 0:08:20following the deal, and said that this offer is "final".

0:08:20 > 0:08:22Britain is in danger of losing its status

0:08:22 > 0:08:24as a "credible military power", according to the former commander

0:08:24 > 0:08:26of the UK's Maritime Forces.

0:08:26 > 0:08:31Rear Admiral Alex Burton told the BBC that budget cuts and rising

0:08:31 > 0:08:34military threats meant the defence budget needed an urgent boost.

0:08:34 > 0:08:37It comes a day before the UK Chancellor's update on the state

0:08:37 > 0:08:42of the public finances.

0:08:42 > 0:08:45The superhero movie, Black Panther, has taken

0:08:45 > 0:08:49an estimated $65 million on its opening weekend in China.

0:08:49 > 0:08:52It means the film has now made more than $1 billion globally.

0:08:52 > 0:08:54China is the world's second-biggest movie market and has

0:08:54 > 0:09:00become a lucrative country for Disney and Marvel.

0:09:00 > 0:09:04The founder of SpaceX and Tesla, Elon Musk, said

0:09:04 > 0:09:08colonisation of the moon and Mars could help preserve human

0:09:08 > 0:09:10civilization in the event of a Third World War.

0:09:10 > 0:09:12The billionaire entrepreneur Elon Musk was speaking at the South

0:09:12 > 0:09:16by South West conference in Texas.

0:09:24 > 0:09:28We have asked for your views on some of his comments. He had a lot to say

0:09:28 > 0:09:32about Tesla. We will talk about that later.

0:09:32 > 0:09:34One of the world's biggest carmakers looks like is hoping it

0:09:34 > 0:09:37may have a new lease of life in South Korea.

0:09:37 > 0:09:41America's General Motors could get an injection

0:09:41 > 0:09:43of cash from a bank funded by the South Korean government,

0:09:43 > 0:09:46which would mean it doesn't need to close more factories.

0:09:46 > 0:09:51Leisha Santorelli is in our Asia Business Hub.

0:09:52 > 0:09:59What more do you have on this?There have been large protests in South

0:09:59 > 0:10:02Korea over General Motors' plans to close at least one of their four

0:10:02 > 0:10:07factories. The South Korean government is assessing whether they

0:10:07 > 0:10:10should contribute money towards a rescue of GM business in the

0:10:10 > 0:10:15country. GM is the third biggest car-maker in South Korea behind high

0:10:15 > 0:10:18Hyundai and Kia. It has been losing money for several years. Sales at

0:10:18 > 0:10:25home and abroad have been falling. The outlook is not good. GM the

0:10:25 > 0:10:28business decision seems clear. Their strategy has been to focus on the

0:10:28 > 0:10:38big market of and China,... They have done this in Russia, Australia

0:10:38 > 0:10:41and parts of Southeast Asia. When it comes to Korea, GM has offered a

0:10:41 > 0:10:48lifeline. They have offered nearly $3 billion investment plan and

0:10:48 > 0:10:53offered to upgrade its operations in the next ten years. This is critical

0:10:53 > 0:10:56the South Korean government can contribute money, and if they don't,

0:10:56 > 0:10:59we could see tens of tens of thousands of workers lose their jobs

0:10:59 > 0:11:01in South Korea when those factories

0:11:01 > 0:11:09close. Thank you. Let's show you financial

0:11:09 > 0:11:16markets. Across the board in Asia we had strong gains. Also in Japan. And

0:11:16 > 0:11:19in Hong Kong at the close. Asian stocks, following on from what

0:11:19 > 0:11:25happened in Wall Street on Friday, the Nasdaq closing at a record high.

0:11:25 > 0:11:30Basically concerned about a trade war taking a back-seat. Economic

0:11:30 > 0:11:34optimism kicked in as regards the jobs report out on Friday. It showed

0:11:34 > 0:11:43more people employed but wage growth not as robust as some thought. Let's

0:11:43 > 0:11:48look at Europe right now and how the European Day is starting. Not such

0:11:48 > 0:11:53strong gains seen in Europe. Germany must up a percent. We will talk more

0:11:53 > 0:12:00about marketing a second. First, Joe Mellor is in New York.

0:12:00 > 0:12:03After a bust employment figures drove markets to the close on

0:12:03 > 0:12:07Friday, Monday will give investors time to breathe ahead of Tuesday's

0:12:07 > 0:12:10inflation report, which last month showed the price of goods and

0:12:10 > 0:12:16services in the United States had grown at nearly 2.9%. Wall Street is

0:12:16 > 0:12:21expecting the yearly figure to have risen to 2.2%, but a significant

0:12:21 > 0:12:24uptake in the rate of inflation would weigh on markets and could

0:12:24 > 0:12:28prompt the Federal reserve, under the new leadership, to be more

0:12:28 > 0:12:32aggressive with interest rate rises in the coming months. And in a week

0:12:32 > 0:12:36to void of major company news, we will hear whether sports retailer

0:12:36 > 0:12:41Dicks has been hurt by its decision to stop selling assault rifles in

0:12:41 > 0:12:46the wake of a shooting at a Florida high school.

0:12:46 > 0:12:47Joining us is Mike Bell, Global Market Strategist,

0:12:47 > 0:12:48JP Morgan Asset Management.

0:12:48 > 0:12:57Good to see you. Let's talk about those numbers. Unemployment was

0:12:57 > 0:13:03expected to fall and actually it was flat. What does that tell us?It is

0:13:03 > 0:13:07quite complicated, but what happened was actually very positive. The

0:13:07 > 0:13:10number of people who are working is now more than 300,000 more than was

0:13:10 > 0:13:15previously. The reason that didn't cause the unemployment rate to fall

0:13:15 > 0:13:18is because the number of people looking for a job went up. The way

0:13:18 > 0:13:22the numbers are calculated meant he didn't go forward in the

0:13:22 > 0:13:26unemployment rate. The simplest way to think about it is, if nobody was

0:13:26 > 0:13:33looking for a job, then even, than the unemployment rate would be zero.

0:13:33 > 0:13:36As soon as more people start looking, the unemployment rate would

0:13:36 > 0:13:41rise. That is how it is possible to have job gains put the unemployment

0:13:41 > 0:13:49rate to be flat.Strong numbers, softer wage growth. Potentially the

0:13:49 > 0:13:52Fed increasing rate rises sooner than thought. What are your

0:13:52 > 0:13:58thoughts?I think there is positive news on that front. It may seem

0:13:58 > 0:14:02counterintuitive that lower wage growth numbers is viewed as a good

0:14:02 > 0:14:06thing. What everybody got concerned about last month is that low -- wage

0:14:06 > 0:14:10growth numbers were picking up quite quickly. We have seen it has become

0:14:10 > 0:14:14clear that that was due to weather distortions. Even the wages are

0:14:14 > 0:14:18rising gradually, it is at a much slower pace than people were

0:14:18 > 0:14:21concerned about. The central bank would have to put interest rates up

0:14:21 > 0:14:23as fast as they might otherwise have two.

0:14:23 > 0:14:29In terms of the week ahead, there was so much economics at last week,

0:14:29 > 0:14:38European Central Bank, the bank of Japan, the jobs figures in the US...

0:14:38 > 0:14:44I think the ECB was interesting. They removed the easing bias, the

0:14:44 > 0:14:52view that if things got worse they might have to do more QE. I think by

0:14:52 > 0:14:59the end of this year they will have stopped doing QE. We don't think

0:14:59 > 0:15:07that means they will stop -- start putting interest rates up but we

0:15:07 > 0:15:14don't think that will be the case. Thank you.

0:15:14 > 0:15:16Still to come...pouring your money into alcohol.

0:15:16 > 0:15:19We'll find out how you can turn wine into profits and how Asia

0:15:19 > 0:15:21is driving the demand for wine investing.

0:15:21 > 0:15:30You're with Business Live from BBC News.

0:15:30 > 0:15:34A record 660,000 customers switched electricity supplier in February

0:15:34 > 0:15:37with over 1 million doing so this year so far.

0:15:37 > 0:15:39Energy UK, which released the figures today, claims

0:15:39 > 0:15:42the energy market has never been so competitive.

0:15:42 > 0:15:44We're joined in Salford now by Clare Bailey,

0:15:44 > 0:15:51founder of Retail Champion.

0:15:51 > 0:15:57Thanks for joining us. Why do you think so many people have chosen to

0:15:57 > 0:16:02change at this time?I think there's a couple of factors in play. With

0:16:02 > 0:16:05the energy switch guarantee we have procedures that make consumers more

0:16:05 > 0:16:10confident in the process of switching, and nine tenths of the

0:16:10 > 0:16:13market are already subscribed to that which is a process that ensures

0:16:13 > 0:16:20that when customers choose to switch the processes run seamlessly. Also,

0:16:20 > 0:16:24looking at other figures out today, there has been issues around

0:16:24 > 0:16:28consumer confidence, reductions in consumer spending and people are

0:16:28 > 0:16:33tightening their belts. So actually looking to make savings on moving

0:16:33 > 0:16:38energy provider to reduce costs of gas and electric is contextual with

0:16:38 > 0:16:41everything else in the market in terms of seeing reduction in

0:16:41 > 0:16:46spending and trying to tighten their belts.Also has the weather had

0:16:46 > 0:16:51anything to do with it? The fact we are experiencing quite adverse

0:16:51 > 0:16:55weather conditions and people might think that is a trend that is here

0:16:55 > 0:17:02to stay.We would typically get the seasonal cold spells some time

0:17:02 > 0:17:06between December and February every year. It has been late this year but

0:17:06 > 0:17:11that might encourage people to think harder. But from my point of view it

0:17:11 > 0:17:14is around the confidence and process, and the fact suppliers are

0:17:14 > 0:17:20making it a lot easier. There's a lot of the and the fact people are

0:17:20 > 0:17:23finding things difficult. The statistics show people are spending

0:17:23 > 0:17:27far less in terms of the consumer side of the market so I think

0:17:27 > 0:17:34looking savings in any of your bills, energy as well as telecoms,

0:17:34 > 0:17:38our ways consumers will try to ensure they moderate the fact that

0:17:38 > 0:17:42income growth is not catching up with inflation and I think switching

0:17:42 > 0:17:47energy provider is a great way to do that in terms of immediately taking

0:17:47 > 0:17:57a saving.Thank you.

0:17:57 > 0:18:05Clare Bailey, founder of Retail Champion.

0:18:27 > 0:18:30You're watching Business live - our top story: Australia's Prime

0:18:30 > 0:18:32Minister has welcomed his country being given an exemption

0:18:32 > 0:18:34to US tariffs on steel and aluminium imports.

0:18:34 > 0:18:37It comes as the EU and Japan step up efforts to secure their own waivers.

0:18:37 > 0:18:42A quick look at how markets are faring...

0:19:03 > 0:19:05We talk about trading in commodities like oil and gold

0:19:05 > 0:19:08but did you know you can also bet on the performance of burgundy,

0:19:08 > 0:19:09chardonnay and Champagne?

0:19:09 > 0:19:11It's pretty popular too.

0:19:11 > 0:19:14In 2016, wine was the top performing asset class on the Knight Frank

0:19:14 > 0:19:16Luxury Investment Index, with growth of 24%.

0:19:16 > 0:19:18Last year it came in second place, after art.

0:19:18 > 0:19:19So what's driving it?

0:19:19 > 0:19:22Well most of the demand is coming from Asia.

0:19:22 > 0:19:27According to Cult Wines, sales there increased by 123% in 2017.

0:19:27 > 0:19:31Cult Wines is an investment manager in fine and rare wines

0:19:31 > 0:19:34and currently manages assets in excess of 90 million dollars.

0:19:34 > 0:19:35The company has around 2,400 customers spanning

0:19:35 > 0:19:3870 countries worldwide.

0:19:38 > 0:19:48Tom Gearing is the co-founder and Managing Director of the firm.

0:19:49 > 0:19:54Thanks for joining us. That return figure is something a lot of asset

0:19:54 > 0:19:58managers would really like to have on their balance sheets, isn't it?

0:19:58 > 0:20:03Talk me through the thoughts behind the company, is what got you into

0:20:03 > 0:20:11wine?My family background helped to lead me into this as a career and I

0:20:11 > 0:20:14was lucky to go around some of the greatest vineyards at a young age

0:20:14 > 0:20:19with my father so I was always growing up around wine. He started a

0:20:19 > 0:20:26price comparison website for fine wines in the early 2000 so I spent a

0:20:26 > 0:20:32lot of time typing in prices, and data. Winds have historically

0:20:32 > 0:20:36increased in value because the best wines in the world are produced in

0:20:36 > 0:20:39small quantities and it's a consumable product so every time a

0:20:39 > 0:20:44bottle is opened that wine doesn't exist any more and it will keep

0:20:44 > 0:20:48dwindling until there's none left some fine wine prices will always

0:20:48 > 0:20:53continue to rise.You started this company more than ten years ago?

0:20:53 > 0:20:58Yes.When you were at university with your brother and friends, and

0:20:58 > 0:21:07your dad is involved as well because of his expertise. Talk us through

0:21:07 > 0:21:13how you made a success of it through the financial crisis.Our timing was

0:21:13 > 0:21:16fantastic, sometimes you need some luck and to be coming into the

0:21:16 > 0:21:22market at the right time. With the global financial crisis people lost

0:21:22 > 0:21:27confidence, there was a lot of market volatility. We are in a

0:21:27 > 0:21:32record low interest rate environment and that's not just in the UK, it is

0:21:32 > 0:21:35globally. People were having to look outside of the normal areas for

0:21:35 > 0:21:41sources of return. When you spoke about the Knight Frank index, things

0:21:41 > 0:21:46like classic cars and wine have done so well because investors want to

0:21:46 > 0:21:51make a decent return. We have been one of the market leaders in this

0:21:51 > 0:21:56particular industry.For some of you who think you might recognise Tom,

0:21:56 > 0:22:01that's because this is not your first time on television, is it? You

0:22:01 > 0:22:06were on the Apprentice. How did you find the whole experience, and did

0:22:06 > 0:22:12it help with the business or was it just something you did on the side?

0:22:12 > 0:22:18From a personal perspective I was 23 years old and it was a remarkable

0:22:18 > 0:22:21experience. It's a once-in-a-lifetime opportunity and I

0:22:21 > 0:22:26loved every minute of it, regardless of the pressure and even Claude's

0:22:26 > 0:22:31interview. I want to this day so that was one of the worst

0:22:31 > 0:22:35experiences of my life! It was outrageous. Apart from that on the

0:22:35 > 0:22:40business side of things it was great for us because it gives you a great

0:22:40 > 0:22:45reputation and I get to meet people like you this morning and on a media

0:22:45 > 0:22:50publication like the BBC so it was a great helping hand in that regard.

0:22:50 > 0:22:54And you became runner-up which is no mean feat because it's not easy.

0:22:54 > 0:22:58This was under Alan Sugar in the UK, how do you think you would have got

0:22:58 > 0:23:04on if it was Donald Trump saying you're fired?It's funny because I

0:23:04 > 0:23:09was in Beijing meeting some people, I told them I was on the Apprentice,

0:23:09 > 0:23:24and they said "Oh, Trump! Trump!" I thought they probably don't know who

0:23:24 > 0:23:32Alan Sugar is!We have got to leave it there. This is how to stay in

0:23:32 > 0:23:40touch, and we will be back in a moment to talk about Elon musk.

0:23:43 > 0:23:46We have insight and analysis from our team of editors around the globe

0:23:46 > 0:23:51and we want to hear from you too, get involved on the BBC Business

0:23:51 > 0:24:04Live web page. We are on Twitter, and Facebook. Business Live, on TV

0:24:04 > 0:24:16and online. What you need to know, when you need to know.

0:24:16 > 0:24:18What other business stories has the media been

0:24:18 > 0:24:19taking an interest in?

0:24:19 > 0:24:22Joining us again is Mike Bell, Global Market Strategist,

0:24:22 > 0:24:26JP Morgan Asset Management.

0:24:26 > 0:24:35One thing that piqued our interest was comments made by Elon Musk over

0:24:35 > 0:24:40the weekend. He spoke about whether life on Mars could be a reality any

0:24:40 > 0:24:45time soon. We have had a few responses in. We have heard from

0:24:45 > 0:24:49Mark, who says, it depends on what you classed as soon. I would have

0:24:49 > 0:24:55thought we would want a base on the moon first as a springboard to Mars.

0:24:55 > 0:25:02I'm sure Elon Musk wants to achieve a landing in his lifetime. I don't

0:25:02 > 0:25:08know whether you think life on Mars will be possible in the time soon,

0:25:08 > 0:25:12but what did you make of Elon Musk said, not only in terms of

0:25:12 > 0:25:17colonising Mars but also when he went on to talk about the precarious

0:25:17 > 0:25:26health of Tesla and space X.The Mars thing seems far-fetched to me,

0:25:26 > 0:25:31it seems like a long time before we could be going to Mars. On companies

0:25:31 > 0:25:36struggling in the early stages, that is nothing abnormal at all.

0:25:36 > 0:25:42Obviously start-ups tend to come into difficulty, if you take Space X

0:25:42 > 0:25:52as an example it requires a lot of investment with no real revenues. I

0:25:52 > 0:25:59think there will be some people in the city who will be upset about it

0:25:59 > 0:26:02being delayed, a lot of fees on whoever manages to list that but it

0:26:02 > 0:26:08will still happen.Mike, many thanks for coming on. Goodbye.