0:00:12 > 0:00:13This is Business Briefing.
0:00:13 > 0:00:15I'm David Eades.
0:00:15 > 0:00:20The Paradise Papers reveal tech giant Apple has a pile of cash worth
0:00:20 > 0:00:23tens of billions of dollars in Jersey, where it pays no tax.
0:00:23 > 0:00:27The US President visits South Korea as he continues his tour of Asia.
0:00:27 > 0:00:30Yesterday, he talked tough on trade, but can we expect more
0:00:30 > 0:00:33of the same today?
0:00:33 > 0:00:39And on the markets: The price of oil still holding above $64 per barrel.
0:00:39 > 0:00:44It has dropped a tiny bit, but still very much on the up
0:00:44 > 0:00:53after the so-called crackdown in Saudi Arabia by King Salman.
0:00:53 > 0:01:00We also have the Australian All Ordinaries.
0:01:09 > 0:01:11There are new revelations from millions of leaked documents
0:01:11 > 0:01:13known as the Paradise Papers.
0:01:13 > 0:01:16The technology giant Apple has been managing most of its untaxed cash
0:01:16 > 0:01:18reserves offshore, on the Channel Island of Jersey.
0:01:18 > 0:01:21It moved the money to Jersey after a tax loophole
0:01:21 > 0:01:22in Ireland was closed.
0:01:22 > 0:01:24Although the company has done nothing illegal,
0:01:24 > 0:01:33its tax arrangements have been criticised by EU and US officials.
0:01:33 > 0:01:36Our business editor Simon Jack reports.
0:01:36 > 0:01:39A rapturous reception for the latest iPhone.
0:01:40 > 0:01:45It's the most popular and profitable consumer product of all time.
0:01:45 > 0:01:48It's generated hundreds of billions in profits for Apple
0:01:48 > 0:01:52since it was introduced ten years ago.
0:01:52 > 0:01:55What these papers show is just how determined Apple has been to keep
0:01:55 > 0:02:00the tax bill on those profits as low as possible.
0:02:00 > 0:02:02And how keen some governments, lawyers, and advisers have been
0:02:02 > 0:02:05to help them do it.
0:02:05 > 0:02:08For many years, Apple sent profits made outside the Americas
0:02:08 > 0:02:11to Ireland, where an elaborate corporate structure meant it paid
0:02:11 > 0:02:13nearly no tax on the billions it was making.
0:02:13 > 0:02:16Taxes that would have been due to the United States,
0:02:16 > 0:02:19where politicians started applying pressure to a defiant Apple CEO Tim
0:02:19 > 0:02:25Cook.
0:02:25 > 0:02:28We pay all the taxes we owe, every single dollar.
0:02:28 > 0:02:32We not only comply with the laws but we comply with the spirit
0:02:32 > 0:02:32of the laws.
0:02:33 > 0:02:41We don't depend on depend on tax gimmicks.
0:02:41 > 0:02:43So, no more fiendishly complicated tax arrangements, right?
0:02:43 > 0:02:44Wrong.
0:02:44 > 0:02:46Documents obtained from the law firm Appleby, based in Bermuda,
0:02:46 > 0:02:48show that when Ireland shot that scheme down,
0:02:49 > 0:02:51the company went shopping for a new way to keep
0:02:51 > 0:03:01their tax bills low.
0:03:01 > 0:03:03A questionnaire was sent to Appleby's offices in seven tax
0:03:03 > 0:03:05havens, all British, including questions that
0:03:05 > 0:03:06made their intention clear.
0:03:06 > 0:03:09"Can you confirm that an Irish company," meaning Apple subsidiary,
0:03:09 > 0:03:11"can conduct management activities without being subject to taxation
0:03:11 > 0:03:12in your jurisdiction?"
0:03:12 > 0:03:14After this offshore beauty parade, Apple plumped for Jersey,
0:03:14 > 0:03:17and company accounts published since show there's been no
0:03:17 > 0:03:27discernible increase in the rate of tax paid worldwide.
0:03:27 > 0:03:30Now, let's be clear, Apple has done nothing illegal
0:03:30 > 0:03:33but hundreds of billions of dollars remain tangled in a web of low-tax
0:03:33 > 0:03:35jurisdictions, seemingly beyond the reach of any government.
0:03:35 > 0:03:41The tax equivalent of outer space.
0:03:41 > 0:03:47And, as these documents show, this is a system that has
0:03:47 > 0:03:49continually eluded international attempts to reform it.
0:03:49 > 0:03:51The boss of the international organisation trying to fix this
0:03:51 > 0:03:54problem at that it's a work in progress.
0:03:54 > 0:03:57Changing the rules that make it legal means that very of these
0:03:57 > 0:04:05companies today pay very little or no tax at all.
0:04:05 > 0:04:07This is what it's about.
0:04:07 > 0:04:10This is what is happening and this is what we're working on.
0:04:10 > 0:04:13Apple actually pays a lot of tax, more than any other company
0:04:13 > 0:04:16in the world, but not as much as many think it should.
0:04:16 > 0:04:17It's also not alone.
0:04:18 > 0:04:20Other multinationals use similar structures and US companies alone
0:04:20 > 0:04:22are estimated to have over $2 trillion stashed offshore.
0:04:22 > 0:04:26The Paradise Papers showed the lengths to which they and their
0:04:26 > 0:04:28advisers are prepared to go to keep their tax bills low.
0:04:28 > 0:04:34Simon Jack, BBC News.
0:04:34 > 0:04:39With me is our economics correspondent Andrew Walker.
0:04:39 > 0:04:48Interesting stuff. In terms of these practices, is it standard?The basic
0:04:48 > 0:04:54idea is to minimise the tax bill and it is common indeed. This specific
0:04:54 > 0:04:57arrangement in Ireland, whereby its companies were not resident anywhere
0:04:57 > 0:05:02for tax purposes doesn't seem so prevalent. Having a legal presence
0:05:02 > 0:05:06in a place where corporate tax rates are low or zero is not unusual at
0:05:06 > 0:05:10all. And there have been some estimates of how much tax is lost as
0:05:10 > 0:05:17a result the government and the OECD, we saw their boss in Simon's
0:05:17 > 0:05:23report, they have published figures in the range of 4% to 10% of total
0:05:23 > 0:05:27corporate tax revenue, which comes to a global annual figure in the
0:05:27 > 0:05:38wide range, hard to pin down, of $100 billion to $200 billion a year,
0:05:38 > 0:05:42which is important for companies dependent on that revenue because it
0:05:42 > 0:05:46is hard to collect income taxes or value-added taxes and that kind of
0:05:46 > 0:05:50thing. There is an international effort to do something on this.Is
0:05:50 > 0:05:56it going to work?This is co-ordinated by the OECD and he
0:05:56 > 0:06:00tries to address issues like the misalignment of tax policies which
0:06:00 > 0:06:03allow profits to slip through the holes so they are not taxed
0:06:03 > 0:06:08anywhere. And to try to ensure that where profits are declared there is
0:06:08 > 0:06:12a relationship to where the activity takes place. What it won't tackle is
0:06:12 > 0:06:18diverges in corporate tax rates. It is zero in some places and even in
0:06:18 > 0:06:23the main countries there is a wide range of 12% in Ireland, if they pay
0:06:23 > 0:06:32the tax, and 35% in the US with state taxes on top of that.Thank
0:06:32 > 0:06:36you very much indeed. Talking about the US :
0:06:36 > 0:06:38The US President has arrived in South Korea
0:06:38 > 0:06:40as he continues his tour of Asia.
0:06:40 > 0:06:43Yesterday, he was in Japan where he held a joint press
0:06:43 > 0:06:45conference with Prime Minister Shinzo Abe.
0:06:45 > 0:06:47Although the situation in North Korea remains top
0:06:47 > 0:06:50of the agenda, President Trump was quick to criticise the state
0:06:50 > 0:06:52of trade ties between the US and Japan.
0:06:52 > 0:06:57Rico Hizon joins us from our Asia business bureau in Singapore.
0:06:57 > 0:07:05He is no role, Mr Trump, what you expect in Seoul?Trade, trade,
0:07:05 > 0:07:08trade, of course, apart from North Korea, it will be at the forefront
0:07:08 > 0:07:19of Mr Trump's visit to Seoul. He called the career Korea- US trade
0:07:19 > 0:07:23deal horrible and we will see the tones it down when he with Moon
0:07:23 > 0:07:29Jae-in later today. He says he wants to achieve fair, free and reciprocal
0:07:29 > 0:07:33trading relationships - we will see if it happens with South Korea. The
0:07:33 > 0:07:37free trade agreement has been in place for five years now but that is
0:07:37 > 0:07:43in jeopardy. South Korea is America's sixth largest trading
0:07:43 > 0:07:48partner, $140 billion in goods and services exchanged in 2016 but since
0:07:48 > 0:07:54the deal came into effect, David, the US deficit with South Korea
0:07:54 > 0:07:59doubled to around $28 billion with Korean auto imports to the US making
0:07:59 > 0:08:04up nearly 90% of that deficit. The US auto industry has been among the
0:08:04 > 0:08:09biggest losers so far from this arrangement but one winner has been
0:08:09 > 0:08:17US beef - Korea has been importing $1 billion in products since last
0:08:17 > 0:08:20year, so hopefully they will come to an agreement regarding this trade
0:08:20 > 0:08:25deal going forward.We will wait to see. Tough words with a smile,
0:08:25 > 0:08:29though, as he is visiting the country. Thank you very much indeed.
0:08:29 > 0:08:32The computer chip industry could be in line for a big shake-up.
0:08:32 > 0:08:34US chip-maker Broadcom has unveiled a $130 billion takeover
0:08:34 > 0:08:37bid for Qualcomm.
0:08:37 > 0:08:39The tie-up would create a company responsible for supplying components
0:08:39 > 0:08:42used in more than a billion smartphones every year.
0:08:42 > 0:08:47Samira Hussain reports.
0:08:47 > 0:08:51Broadcom and Qualcomm are two of the world's biggest chip makers. On the
0:08:51 > 0:08:56one hand Broadcom provides tips for Android phones and the other
0:08:56 > 0:09:00Qualcomm components are found in most new iPhones. Now the Qualcomm
0:09:00 > 0:09:04has been the dominant player in the chipmaking business. But in the last
0:09:04 > 0:09:08decade it has actually fallen on some hard times, falling share
0:09:08 > 0:09:13price, legal battles with its biggest client Apple and an
0:09:13 > 0:09:19anti-trust investigation in Europe. And while Qualcomm was dealing with
0:09:19 > 0:09:22those issues, Broadcom has been steadily growing and is now a
0:09:22 > 0:09:27dominant player in the chip business. So the question is will
0:09:27 > 0:09:30the deal go through? True that Qualcomm's issues make the company
0:09:30 > 0:09:34right for the picking but many analysts believe this particular
0:09:34 > 0:09:38offer by Broadcom will ultimately be rejected because it undervalues
0:09:38 > 0:09:41Qualcomm.
0:09:41 > 0:09:48Now let's brief you some other business stories.
0:09:48 > 0:09:50And, now, what's trending in the business news this morning.
0:09:51 > 0:09:54Business Insider has a story about one of the most exclusive
0:09:54 > 0:09:55apartment blocks in San Francisco.
0:09:55 > 0:09:57The article says that residents are complaining
0:09:57 > 0:09:59that their multi-million dollar homes are now "nearly worthless"
0:09:59 > 0:10:02owing to the fact that the tower has sunk 17 inches since
0:10:02 > 0:10:04it was completed in 2008.
0:10:04 > 0:10:06Following news of the potential tie-up between Broadcomm
0:10:06 > 0:10:09and Qualcomm, CNBC has compiled a list of the biggest tech
0:10:09 > 0:10:12acquisitions in history.
0:10:12 > 0:10:15Dell's $65 billion purchase of EMC tops the list,
0:10:15 > 0:10:18with Nortel's internal buyout following close behind.
0:10:18 > 0:10:23And Fortune Magazine is looking at a research note from Goldman
0:10:23 > 0:10:26Sacks, which predicts that the price of Bitcoin
0:10:26 > 0:10:27could head towards $8,000.
0:10:27 > 0:10:31The cryptocurrency has surged more than sevenfold this year.
0:10:31 > 0:10:34And, don't forget, let us know what you are spotting online.
0:10:34 > 0:10:39Use the hashtag BBC-The-Briefing.
0:10:39 > 0:10:42That's it for Business Briefing this hour.
0:10:42 > 0:10:44But before we go, here are the markets.
0:10:44 > 0:10:46But before we go, here are the markets.
0:10:46 > 0:10:54We were referring to Asia up, the All Ordinaries up, and let's focus
0:10:54 > 0:10:59on Brent crude, that says down, though the message is up, very much,
0:10:59 > 0:11:08with a sharp jump events in Saudi Arabia. That's Business Briefing.
0:11:08 > 0:11:12with a sharp jump events in Saudi Arabia. That's Business Briefing.
0:11:18 > 0:11:21The Foreign Secretary Boris Johnson is expected to call his Iranian
0:11:21 > 0:11:23counterpart this morning, after being accused of making
0:11:23 > 0:11:26a mistake that could see a British woman spending five more years
0:11:26 > 0:11:27in an Iranian prison.
0:11:27 > 0:11:30He's facing calls to retract his claim to a parliamentary committee
0:11:31 > 0:11:32last week that Nazanin Zaghari-Ratcliffe was training
0:11:32 > 0:11:35journalists in Iran when she was arrested last year,
0:11:35 > 0:11:37something her employer and her family have denied.
0:11:37 > 0:11:47Keith Doyle reports.
0:11:47 > 0:11:50Nazanin Zaghari-Ratcliffe was arrested with her baby at Tehran
0:11:50 > 0:11:54airport last year. She was charged with trying to overthrow the
0:11:54 > 0:12:01government and sentenced to five years in jail. She has worked with
0:12:01 > 0:12:05Thomson Reuters foundation and the BBC but insisted this trip was for
0:12:05 > 0:12:08her daughter to meet her grandparents and denies all
0:12:08 > 0:12:11allegations against her. Diplomacy has not helped secure her release
0:12:11 > 0:12:15and is comment by the Foreign Secretary last week has set her case
0:12:15 > 0:12:20back according to her family.She was simply teaching people
0:12:20 > 0:12:24journalism as I understand it.In the last few days she was brought
0:12:24 > 0:12:30back to court and told Mr Johnson's, and shed new light on her case and
0:12:30 > 0:12:34prove she was not on holiday. It is feared Iran may now increase the
0:12:34 > 0:12:39sentence.He needs to make a clear statement that, you know, she wasn't
0:12:39 > 0:12:43working training journalists. She was there on holiday and she was
0:12:43 > 0:12:47innocent of the association. And we have made it very clear for a long
0:12:47 > 0:12:50time she is not being held because of anything she has done. She is
0:12:50 > 0:12:55just not.The Foreign Office says Boris Johnson will be in touch with
0:12:55 > 0:12:59the Iranian Foreign Minister to make sure that his comments are not
0:12:59 > 0:13:01misrepresented.
0:13:01 > 0:13:04Coming up at 6am on Breakfast: Louise Minchin and Dam Walker
0:13:05 > 0:13:07will have all the day's news, business and sport.
0:13:07 > 0:13:10They'll also have more on calls to cut the controversial six-week
0:13:10 > 0:13:13wait for Universal Credit, as demand for foodbanks soars
0:13:13 > 0:13:22across the UK.
0:13:22 > 0:13:24This is The Briefing from BBC News.
0:13:24 > 0:13:27The latest headlines: The latest revelations from the Paradise
0:13:27 > 0:13:28Papers.
0:13:28 > 0:13:30The Formula One champion, Lewis Hamilton, avoided VAT
0:13:30 > 0:13:32on a luxury jet he'd bought, by registering it
0:13:32 > 0:13:37in the Isle of Man.
0:13:37 > 0:13:39President Trump has arrived in South Korean capital Seoul
0:13:39 > 0:13:42on the second leg of his marathon 11-day tour of Asia.
0:13:42 > 0:13:45He's called South Korea's President Moon Jae-in a fine gentleman,
0:13:45 > 0:13:48saying they would work out a way to deal with the nuclear threat
0:13:48 > 0:13:53from North Korea.
0:13:53 > 0:13:57The US Air Force says it may have failed to alert federal authorities
0:13:57 > 0:14:00about the violent past of the man accused of killing 26 people
0:14:00 > 0:14:01in a church in Texas.
0:14:01 > 0:14:04Devin Kelley was discharged from the Air Force in 2012
0:14:04 > 0:14:07for assaulting his wife and step son, and legally should not have
0:14:07 > 0:14:13been able to own a gun.
0:14:13 > 0:14:16The price of oil has surged past $64 per barrel,
0:14:16 > 0:14:24following a crackdown on corruption in Saudi Arabia.
0:14:24 > 0:14:27Now it is time look at the stories that are making the headlines
0:14:27 > 0:14:28in media across the world.
0:14:29 > 0:14:31We begin with the South China Morning Post and US
0:14:31 > 0:14:34President Donald Trump, who says the US will not stand
0:14:34 > 0:14:36by if North Korea menaces America or its allies.
0:14:36 > 0:14:39Mr Trump's Asia tour continues, with the President arriving
0:14:39 > 0:14:40in South Korea today.
0:14:40 > 0:14:43The Telegraph online carries comments from US commerce secretary,
0:14:43 > 0:14:46Wilbur Ross, who warned the UK not to let the European Union dictate
0:14:46 > 0:14:49what shape Brexit will take if Britain hopes to get a speedy
0:14:50 > 0:14:56US trade deal.
0:14:56 > 0:14:59Meanwhile, the Guardian focusses on another warning from Wilbur Ross,
0:14:59 > 0:15:02who said any post-Brexit deal will hinge on the UK scrapping rules
0:15:02 > 0:15:04set by Brussels, including regulations governing the imports
0:15:04 > 0:15:13of chlorinated chicken.
0:15:13 > 0:15:16The Arab News looks forward to Wednesday, and the opening
0:15:16 > 0:15:18of the Louvre in Abu Dhabi.
0:15:18 > 0:15:22More than a decade in the making, it will be the first foreign branch
0:15:22 > 0:15:24of the Parisian landmark museum, and will house a permanent
0:15:24 > 0:15:28collection of more than 600 artworks from across the world.
0:15:28 > 0:15:32And finally, in the Daily Telegraph print edition, parents in the UK
0:15:32 > 0:15:35have been told to get a grip and stop keeping their children off
0:15:35 > 0:15:38school simply because they have a cold or a cough.
0:15:38 > 0:15:40East Sussex Council say the new campaign comes
0:15:40 > 0:15:53as unauthorised absences continue to spiral.
0:15:53 > 0:15:54So let's begin.
0:15:54 > 0:15:57With me is Justin Urquhart-Stewart, who is director at Seven Investment
0:15:57 > 0:16:04Management.
0:16:04 > 0:16:10Too complicated.What would Donald Trump had to say about you, I
0:16:10 > 0:16:14wonder? We look at what the South China Morning Post is saying about
0:16:14 > 0:16:18him with regard to his performance, if I can use that word, in Japan.
0:16:18 > 0:16:24Very hard-hitting stuff with regard to North Korea.It is, and the same
0:16:24 > 0:16:29types of terminology coming up from Trump. Now that he is there, will
0:16:29 > 0:16:33North Korea reacts? Release and offer missile, and if that is the
0:16:33 > 0:16:37case, will Hebe seemed to take action straightaway? And what the
0:16:37 > 0:16:44Chinese are trying to do, has come it all down. -- will he be seen to
0:16:44 > 0:16:48take action? They need the North Korean regime controlled as well in
0:16:48 > 0:16:54South Korea. They equally don't want it starting a global war.And
0:16:54 > 0:17:00obviously we will get the perspective from Seoul, in South
0:17:00 > 0:17:05Korea, and the Beijing perspective. One of the intriguing aspects of
0:17:05 > 0:17:09Donald Trump's approach to North Korea was to tie it immediately to
0:17:09 > 0:17:14selling military kit to Japan as well. It was almost more important.
0:17:14 > 0:17:18And you will hear exactly the same coming out of South Korea as well.
0:17:18 > 0:17:22He needs to focus on trade, because that is something he can try and
0:17:22 > 0:17:26force an agreement on. He can't get anything through taxation at the
0:17:26 > 0:17:29moment. In terms of actually controlling North Korea, he can't do
0:17:29 > 0:17:34very much, but if he can come back with a few trade deals he can say
0:17:34 > 0:17:38this was a success.The message from the South China Morning Post seemed
0:17:38 > 0:17:43to be yes, warm words, but they are not nudging at the moment.And
0:17:43 > 0:17:49America needs them as well. So yes, there is a huge trade imbalance, but
0:17:49 > 0:17:53America has benefited from this. If they are observing that relationship
0:17:53 > 0:17:58with Japan, it is not a very clever move.Looking at matters closer to
0:17:58 > 0:18:04home, Wilbur Ross,, Secretary for the US, happens to be in the UK at
0:18:04 > 0:18:07the moment and was speaking at length yesterday. This is about who
0:18:07 > 0:18:13will be in charge of these Brexit talks. Is it the EU, is it the UK?
0:18:13 > 0:18:18And his message is clear enough. If you want to deal with us, you had
0:18:18 > 0:18:22better take charge.And interestingly, you see these stories
0:18:22 > 0:18:29in the Telegraph as well, saying don't let them control Brexit. You
0:18:29 > 0:18:34will have to scrap all your EU rules if you want to deal with us. The
0:18:34 > 0:18:40wary. America does not do many trade deals, they do rules whereby it is
0:18:40 > 0:18:44our rules or nothing. The idea we can have a special trade
0:18:44 > 0:18:48relationship with America I think is for the birds.It is interesting he
0:18:48 > 0:18:52makes the point about... We live in the EU, which is the land of the
0:18:52 > 0:18:56single market for us. It doesn't matter where you go, you are all
0:18:56 > 0:19:00trading on the same deals. He says it looks great but it is
0:19:00 > 0:19:02protectionist. And for anyone outside the EU, especially fewer
0:19:02 > 0:19:06sitting in Africa and look at the EU, this is a huge, great tariff
0:19:06 > 0:19:11wall, which looks like a fortress. That is what it was designed to do.
0:19:11 > 0:19:15Create a free market inside. What they need to do is start reaching
0:19:15 > 0:19:19better agreements elsewhere, but it is taking a very long time to do so.
0:19:19 > 0:19:24It is trying to do so with India, that has taken over 20 years. And to
0:19:24 > 0:19:28do so with China will take a long time. But it will do a deal probably
0:19:28 > 0:19:33faster with China than the UK will be able to do on its own.We all
0:19:33 > 0:19:36love that cause celebre, is chlorinated chicken out cause
0:19:36 > 0:19:51celebre? Both papers have picked up on it -- our cause celeb. --
0:19:51 > 0:19:57celebre.I suspect we clean our chicken and all sorts of dubious
0:19:57 > 0:20:01chemicals as well, but nonetheless it sounds dreadful. The American
0:20:01 > 0:20:04meat manufacturers have a nasty habit, especially beef, of putting
0:20:04 > 0:20:10all sorts of strange things into it which are not legal in the EU.Well,
0:20:10 > 0:20:15Michael Gove has said forget it, it is not happening. Wilbur Ross's
0:20:15 > 0:20:19message is you are ignoring the science, look at the science. It
0:20:19 > 0:20:24sounds quite funny, it is a small niche market, I suppose, but it will
0:20:24 > 0:20:28be a serious issue.And if that is just chicken, think of all the other
0:20:28 > 0:20:34variations as well. The trade deal with America is a complicated issue
0:20:34 > 0:20:38and it is a rather one-sided argument.Even if he says it can be
0:20:38 > 0:20:41done very quickly, it will not be. 3-on-2 or complicated issue than
0:20:41 > 0:20:46chlorinated chicken, the idea of the Louvre in Abu Dhabi. It will catch a
0:20:46 > 0:20:50lot of people by surprise.I had forgotten about it completely, but
0:20:50 > 0:20:55it must have been coming for about a decade. Good news for Abu Dhabi,
0:20:55 > 0:20:59finding some culture to go and see in Abu Dhabi. It will be interesting
0:20:59 > 0:21:04what they put there and whether it will be a rotation coming out of the
0:21:04 > 0:21:08Louvre in France. This is what the UAE has to be able to do, find other
0:21:08 > 0:21:13reasons to be able to go there. What you have actually seen, was not just
0:21:13 > 0:21:17Abu Dhabi, but their neighbours as well, it is seen as a nice place to
0:21:17 > 0:21:21go to for a break, for a holiday, but it is not seen as wildly
0:21:21 > 0:21:26cultural, so why would you go? And they are prepared to spend a lot of
0:21:26 > 0:21:29money recreating the image, aren't they? I saw the figures running over
0:21:29 > 0:21:37$1 billion deal with France, to be able to use the Louvre name has cost
0:21:37 > 0:21:42them a fortune.Absolutely, and they have got the money to do so. And
0:21:42 > 0:21:46they have got to invest in their future, and this is the problem with
0:21:46 > 0:21:49UAE. Certain parts of some of the other emirates have their oil
0:21:49 > 0:21:52running out, they are having to invest in their future. Dubai has
0:21:52 > 0:21:57had that issue. UAE is not quite in that situation yet but developing
0:21:57 > 0:22:01for their future, making sure you are a hub where people want to go to
0:22:01 > 0:22:05two, that will be very important. There seems to be a picture being
0:22:05 > 0:22:08painted where it will not just be the Louvre, they will have a
0:22:08 > 0:22:12Guggenheim, viz, that and the other. The message from the Guggenheim was
0:22:12 > 0:22:22they haven't got an arrangement yet. Merely having a racetrack and the
0:22:22 > 0:22:27Louvre is not it. If you can have yourself as a cultural regional
0:22:27 > 0:22:30centre, that will be important and it changes the sort of people you
0:22:30 > 0:22:34are getting there, going back, and it changes the style, and I think
0:22:34 > 0:22:39that is very important.And has that started, do you think? Over the
0:22:39 > 0:22:43course of the last decade, it is still not a tourist destination.It
0:22:43 > 0:22:48is hot and sandy, as we know. Are you actually going to go there for
0:22:48 > 0:22:52your holiday? You would probably go to something like Oman, because they
0:22:52 > 0:22:56have a broader range. They need other reasons to be going to Abu
0:22:56 > 0:23:00Dhabi, and that with other developments may be the start of it.
0:23:00 > 0:23:04And we are heading in the winter so everyone has a sniff or a cough or a
0:23:04 > 0:23:09cold. East Sussex Council putting this on buses, saying get a grip,
0:23:09 > 0:23:14stop being soft on your kids if they have got a call for a cold. Send
0:23:14 > 0:23:18them into school anyway, because of absenteeism. What do you think?
0:23:18 > 0:23:26Well, frankly, if a -- as a parent, if a child has a cold I am happy if
0:23:26 > 0:23:31they do go, and don't give it to me! You don't want them to give the
0:23:31 > 0:23:34whole school a bad cold, but frankly nursemaid in people in this
0:23:34 > 0:23:39situation, everybody gets a cold, you still have to go to school.
0:23:39 > 0:23:44Hardluck, live with it. -- nursemaiding.Are we in a slightly
0:23:44 > 0:23:49different culture, we are a little older?I suppose the situations when
0:23:49 > 0:23:54we would say buckle up, chaps, get on with it. Time to be a little bit
0:23:54 > 0:23:58harder. It is a bit like this issue in terms of people taking more
0:23:58 > 0:24:02risks, risky sports and things like that. I appreciate no one had health
0:24:02 > 0:24:06and safety when we were growing up but I think possibly a little bit
0:24:06 > 0:24:10more toughness would go a long way. All right, you heard it from Justin.
0:24:10 > 0:24:13And it is the question we are asking on the Briefing today. Your children
0:24:13 > 0:24:21may well be saying to you, are you going to keep them from school or
0:24:21 > 0:24:23send them in.
0:24:23 > 0:24:26Thanks for watching The Briefing.
0:24:26 > 0:24:31From me and the rest of the team, goodbye.
0:24:31 > 0:24:35It would be very good to hear what you think of the stories we have
0:24:35 > 0:24:39been bringing you, not least from the fine gentleman beside me, and
0:24:39 > 0:24:41stay with us on the BBC.