23/01/2018 Newsnight


23/01/2018

With Evan Davis. The business dinner where some of the rich guests grope young hostesses. Plus Boris and the NHS, suicide amongst students, Bitcoin and Hugh Masekela.


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Transcript


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Is this the most grotesquely sexist

charity event anywhere?

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The business dinner where

some of the rich guests

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grope hostesses, and

an auction prize is plastic

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surgery for the wife.

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Stag night type shenanigans,

at the Dorchester Hotel,

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raising money for Great Ormond

Street among others.

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We'll hear the details of what went

on at the Presidents Club dinner

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from the FT's undercover reporter

who was there.

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Are we surprised that this goes on?

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Should we be outraged?

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Also tonight, this is

how you mine diamonds.

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And this is how you mine Bitcoins.

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Why are huge numbers

of supercomputers now being used

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to conjure up cryptocurrency

from thin air?

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Your running costs are 25% of

revenue which makes net profit 75%,

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which is a very high margin.

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Leaving home for the first time.

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It's not always easy

being a student.

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With the suicide rate rising,

should we worry more

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about their mental health?

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If you're paying so much and you're

kind of getting little back,

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you should think that all the extra

stuff around that, all the support

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and all the pastoral care that

you can get, should be

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at least adequate.

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Hello.

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It's not how you'd expect

charities to make money.

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A dinner for some top business names

at the Dorchester Hotel last

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Thursday - a men only event -

at which the rich get

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drunk and are then turned

on by attractive young hostesses,

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who have to put up from some

of the guests with groping

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and from a minority worse.

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A kind of raunchy stag

night, in black tie.

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We can only bring you fleeting

pictures from inside,

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as the hostesses' mobile phones

were locked away beforehand.

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The women also had to sign

non-disclosure agreements.

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But what we have, we can report

as the Financial Times sent two

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women in as hostesses,

in an undercover investigation

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published tonight.

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Now the event does raise money

by the way, a couple of million.

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And it is an annual bash that has

been going for many years.

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But in the wake of the Harvey

Weinstein revelations,

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the dinner seems like a piece

of the worst of the 1980s -

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or 50s even - crashing

into the modern era.

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Is this the night that

unreconstructed attitudes

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in the city and at the top level

of business are exposed?

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Our business editor,

Helen Thomas, reports.

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A 5-star London location. The guest

list scattered with big names and

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big wallets. And innocuous billing,

the President's club charity dinner.

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This was a charity auction like no

other. Last week, according to the

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Financial Times, 360 men from

British business, politics and

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finance came to a black-tie event

here. 360 men but no women except

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they were joined by 130 hostesses.

Young women, reportedly chosen for

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their looks, who are given short,

tight dresses to wear. The women,

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who were paid £150, were paraded in

and distributed around the table.

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Later in the evening, the paper

says, hostesses were groped,

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harassed or propositioned. The

Financial Times had two women under

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cover at the event. According to

them, hostesses reported men

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repeatedly putting hands up their

skirts. One said an

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skirts. One said an attendee had

exposed his Venus to her. According

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to the charitable trust's last set

of accounts for 2016, the Presidents

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Club received donations and income

from an annual event...

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And it raises a lot of money. In

2016, the charity pulled on an

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income from its dinner and donations

of over £2 million. It donates to

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various charities involving children

and children's health. Its chairman,

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Bruce Ritchie, and businessman David

Meller, who sits on the board of

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education and the Mayors fund the

London. Mr Ritchie said tonight...

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The organisers are appalled by

allegations of bad behaviour. Such

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behaviour is totally unacceptable.

The allegations will be investigated

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fully and appropriate action taken.

The Presidents Club hostesses had

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been selected by an agency. It was

compared by David Walliams. There

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were tabled by WPP, property company

Frogmore. Among those listed as

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attending were British business

figures like Peter Jones and Tim

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Steiner was a bit is not clear if

all the men listed attended on the

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night. Also the newly appointed

education minister. The founder of

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artistic events said this is a

really important charity fundraising

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event.

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The newly appointed education

minister said he did not stay long

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enough to comment on the occasion.

Others declined did not respond to

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request for comment. This is an

outdated event which raises money

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for good causes for that many of the

men may not have been aware of the

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particular characteristics. Some

expressed dismay. Still, a secretive

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men only event feels unusual in

today's modern environment.

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today's modern environment. Throw in

the hostesses who reportedly had to

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sign nondisclosure and agreements

and allegations of Miss behaviour

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and it feels very odd indeed. Big

names and big money gives the

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Presidents Club mask of

responsibility.

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Helen Thomas there.

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We should say that there's no

suggestion any of the men named

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engaged in inappropriate behaviour.

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Certainly, now we all know

about the dinner, we can expect

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a debate about what it tells us.

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But let's hear from the FT reporter

who acted as a hostess that night.

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Earlier I spoke to Madison Marriage.

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I asked her what the atmosphere was

like. Incredibly loud. Huge amount

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of testosterone in the room. 130

women hired as hostesses and you

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could have a drink or two on the

night.

You could have a drink on the

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night.

I am not an experienced

hostess I have spoken to several who

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say that is very usual.

Did they

tell you there would be some

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groping? How reasonable would it be

that women expected what was going

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to happen?

I was warned that people

might be annoying.

What was your

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experience of the physicality?

I was

groped several times. I know

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numerous other hostesses said the

same thing had happened to them. It

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is hands on skirts, hands on hips,

on stomachs of arms going around

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your waist unexpectedly. Not

high-level groping. One of the

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strangest things you could be

talking to a man and he would

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suddenly start to hold your hand.

Where you surprised by what you

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found that you were told they might

be annoying and you are paid a

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couple of hundred quid for this was

updated not think that is what you

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would get?

This event has been

running for 33 years. We knew such

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things went on which is why we

wanted to go in there and see it for

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ourselves. I knew stuff like that

might happen on the night but I was

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not 100% sure. There are plenty of

other women who have no idea that

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was the kind of event it would be.

One woman told me that she was

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shocked. She was asked if she was a

prostitute on the night.

Who were

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the other women? What are the

others?

Aspiring lawyers, marketing

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executives, film producers,

ambitious young women. You had the

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students and you also have models,

actresses and dancers who do a lot

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of hostess in work on the time to

make ends meet because their work is

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not very regular.

Your behaviour was

controlled by your side of it, the

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agency. For example, at the toilet.

I was followed and asked, where are

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you going and when will you be back?

The quick. At three in the morning I

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had done a ten hour shift and worked

in an office beforehand. I was

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exhausted. Depressed but I had a

long day ahead of me on Friday.

What

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was the worst you saw on that night?

Clearly there was a lot of grabbing

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and groping going on.

The worst I

was told by a host Tess was a man

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taking his Venus out in the course

of the dinner. The other one was

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another man telling hostess to down

her glass of champagne, rip off her

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knickers and dance on the table. I

cannot believe it still goes on in

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dazzling 18th of it is shocking.

Eye-macro some people would say,

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women go for it.

Sam go back time

after time. -- Sam go back.

Some

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women find it is fun and receive job

offers. That said, I spoke to

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several women... Today I spoke to a

woman who said it was the worst job

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she had ever done in her life. If

you want to run an event where women

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are voluntarily walking in in

knowledge they will be groped, Vine,

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make that clear in the hiring

process. That was not made clear.

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Many women did not have a clue what

they were letting themselves in for.

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The Dorchester hotel said it had a

zero tolerance policy over groping

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of any employees.

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Veteran businesswoman

Nicola Horlick is the Chief

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Executive of Money and Co.

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She worked in senior city

jobs for many years.

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Are you surprised at this? I am

seldom speechless but when I read

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that article I was somewhat

speechless. I felt I was reading

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about something that happened 40 or

50 years ago.

The Lap dancing

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culture in which you might see this

as on that kind of spectrum.

Does

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that still go one? Occasionally you

read about Christmas parties where

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they have ended up in a lap dancing

club but not on the scale it used to

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happen in the 80s and early 90s. I

thought we had moved on from this.

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WPP, their biggest communications

company in the country have said

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they will not be having any

association with this event in the

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future and they did not know about

what went on. What is your

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impression of the clients? How do

you think they justified to

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themselves sitting in something so

obviously not? Their host says it is

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the most un-PC event in the year.

What do you think about them?

I

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don't know how anyone can justify

it. Can you imagine a group of women

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getting together and hosting a

dinner getting some young guys

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around?

You could not imagine a

Chippendales type thing on the

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stage.

I don't think so but it is

highly and rightly we would organise

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such a thing. It seems so weird, so

out of keeping with the present day.

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The Hollywood thing a slightly

different. Hollywood is not

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organised in the way that large

companies are. It does not have HR

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departments. Lots of producers are

acting on their own good you can see

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how that could have happened in

2017/ 18. With this site you have

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major companies, highly regarded

business people. What about their

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wives? What will I think now they

have seen this footage?

This has

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divided viewers to women. I bet HR

departments all have very good

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policies, written policies on

employment and equal pay and then

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they go off and do a night like

that.

It is very hard to understand.

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One of the interesting aspects is

the nondisclosure agreement. The

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other thing is the contracts of the

hostesses saying the club should not

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be held liable for any actions of

members, staff or attendees that

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amounts to harassment. Can you say

they have no responsibility for

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whatever anyone does?

You cannot

sign away your rights in a contract.

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What does the city need to do now?

For a lot of people it will be a bit

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of a shock. Not a shock that it was

happening, the shock that it is

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happening.

A big shock. Also that it

was in aid of charity and charities

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like when Tallman Street and St

Thomas 's Hospital are recipients of

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this money. -- great Ormond. They

must be wondering whether their name

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should be associated with it. I hope

this event will not be happening

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next year. Let's put it this way. It

is 35 years since I went into the

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city and I am a little bit sad that

things have not really changed that

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much.

I was also interested that

some women said they got some job

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offers from people.

What is going on

there? That is also quite curious.

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It is a strange way to go about it.

Nowadays is it is terribly rigid.

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You cannot say I met an attractive

young woman and have offered her a

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PA job.

That sounds highly strange

was even graduate recruitment is

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very orchestrated and it is very

hard for a senior executive did

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tenor others here want this goal to

work with me.

In your junior days,

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sexism was rife.

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No, I was fortunate, I worked for a

bank in the City that was a

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fantastic organisation, a true

meritocracy, and I was made a

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director in my 20s and because I

reach that at an early age after

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that people respected and

fortunately I have never been put in

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that position but I am concerned

about girls put in that position at

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this event.

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this event.

Nicola thank you. We

have to say they're meant who did

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not know what was on the agenda.

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not know what was on the agenda. I

understand Nadhim Zahawi. Was

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invited by David Meller, the

businessman, not the former

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Conservative Cabinet minister. This

David Meller is the director of

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Department for Education where

Nadhim Zahawi. Was appointed

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minister. I understand they left

this event early because they felt

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it was a bizarre and uncomfortable

event. It was worth pointing out he

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has been to the event before. That

is before he was elected an MP in

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2010 but as I understand it he felt

the event was completely different

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to the event he attended last week.

I was told a senior member of David

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Cameron's cabinet did attend this

event whilst they were a member of

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David Cameron's cabinet. I have to

say I have not been able to verify

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that.

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It's been a funny old

few days in politics.

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Just when Theresa May's

position was looking stable,

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there was sudden backbench chatter

that she was lacking

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"Dull, dull, dull", said

one, Nicholas Soames.

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And then a sudden Boris

Johnson initiative -

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How did his demands go down? Asking

for extra money for the NHS and then

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Downing Street keen to say no member

of the Cabinet mentioned any bigger.

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This was not a great day for Boris

Johnson and indeed Theresa May led

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to the isolation of Boris Johnson at

this cabinet when she opened it by

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saying it is an important discussion

by the NHS and we need to have these

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discussions in private and we around

this Cabinet table want to be able

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to spend the additional money the UK

can spend after it leaves

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can spend after it leaves the EU on

the NHS but now is not the time to

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do that and she was supported by

almost every member of the Cabinet

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apart from Michael Gove, still there

with Boris Johnson and I understand

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there was a very strong

intervention, pointed intervention,

0:18:300:18:35

by Amber Rudd, singling out Boris

Johnson.

What did Boris Johnson's

0:18:350:18:41

team said?

It would be fair to say

he is chastened this evening. He

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said to his friends he was mocked

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said to his friends he was mocked up

-- mucked up. His frustrations with

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Brexit and the way it has been

negotiated are well known and he has

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concerns about the Prime Minister's

overall timidity. But he is

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admitting the Cabinet gave him a

kicking. I am told he regarded Amber

0:19:100:19:16

Rudd's intervention as personally

offensive but there is one silver

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lining. He believes Philip Hammond's

robotic response, I gave the NHS 5

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billion, means people who want in

the Conservative Party to protect

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the NHS might be thinking of turning

to Boris Johnson rather than the

0:19:320:19:35

Chancellor.

Thank you.

0:19:350:19:37

Too many students are

taking their own lives,

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while at university.

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We know it can be hard for some

young people to cope,

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a long way from home

for the first time.

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And it is hard for family

and old friends to spot what's

0:19:450:19:48

going on from miles away.

0:19:480:19:50

The numbers have been rising

shockingly over the last decade.

0:19:500:19:53

In 2016, 146 full-time students

killed themselves in England

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and Wales, almost a 60% rise over

the ten years before.

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In a few moments,

we'll ask the big question -

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how can universities help students

cope with the stress

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of self-discovery,

and any associated confusion,

0:20:030:20:05

loneliness or depression?

0:20:050:20:08

But first, let's hear from Bristol,

a city that has experienced the pain

0:20:080:20:11

of several student suicides

in the last 18 months.

0:20:110:20:13

James Clayton has been there today.

0:20:130:20:21

Earlier this month, a third-year law

student studying at Bristol was

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found dead. The university has said

it was a suspected suicide. In the

0:20:270:20:33

last 18 months, seven students are

believed to have taken their lives

0:20:330:20:37

at the University and the deaths

have put the spotlight on how

0:20:370:20:41

universities can help students with

mental-health problems. Numerous

0:20:410:20:46

studies have found that students are

increasingly reporting mental health

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illness in further education. One

study by the Institute for Public

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Policy Research found students are

at risk in a unique way, a cocktail

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of stressful factors including

financial, social and academic

0:21:040:21:06

pressures.

There is a toxic mix of

things impacting on this generation.

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That includes unrealistic

expectations they have of

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themselves. This can be compounded

by the fact with the advent of

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social media, students never have

any downtime, and often feeling

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inadequate because what they see is

the highlights of each other's

0:21:270:21:32

lives.

Universities have a duty of

care towards students but what that

0:21:320:21:36

duty in tales is not clear.

I think

our duty of care as a university is

0:21:360:21:43

to be alert to the fact we have

increasing numbers of students with

0:21:430:21:48

additional support needs. And to aim

to support those students in order

0:21:480:21:52

that they are able to engage with

their studies and make the most of

0:21:520:21:56

their time at university and also to

recognise we are not a health

0:21:560:22:02

service, as the question indicates,

it can be a grey area.

The

0:22:020:22:08

university says it is improving

pastoral care, investing in £1

0:22:080:22:13

million additionally annually in a

student well-being service but not

0:22:130:22:17

everybody is impressed. This is the

well-being editor at the Bristol

0:22:170:22:23

student newspaper. Is there an

expectation students should expect

0:22:230:22:28

better services including mental

health services?

Definitely,

0:22:280:22:32

students pay so much for academic

help and get their degrees so

0:22:320:22:37

especially if you pay so much anger

little back, you should think the

0:22:370:22:42

extra staff, the support and

pastoral care should be at least

0:22:420:22:44

adequate. For students to feel they

have somewhere safe to go. Are they

0:22:440:22:53

adequate here? At Bristol, no. I do

not think... I think they recognise

0:22:530:23:01

things need to change but they are

scrambling after the rise in mental

0:23:010:23:06

health issues and it should be the

other way round.

University students

0:23:060:23:11

ultimately fall into a grey area.

Legally adults but often only just.

0:23:110:23:17

As the mental health needs of young

people are changing, some are

0:23:170:23:22

increasingly looking at how

universities can meet the needs of

0:23:220:23:25

students. The question is, how big a

role can they should they be

0:23:250:23:29

playing?

0:23:290:23:32

With me in the studio

is graduate Vivienne Isebor,

0:23:320:23:35

who spent months looking for mental

health support at her university.

0:23:350:23:38

And joining us from Bristol

is Professor Steve West,

0:23:380:23:42

chair of Universities UK's

Working Group on Mental Health

0:23:420:23:44

in Higher Education and

Vice-Chancellor of the University

0:23:440:23:46

of the West of England.

0:23:460:23:54

Your experience, you had a bad time

in your final year, and was being at

0:23:540:24:00

university, did it make it more

difficult than being at home?

Was it

0:24:000:24:04

different being a student? The fact

you are away from home, especially

0:24:040:24:11

staying on campus, and everybody is

busy, so even having friends on

0:24:110:24:15

campus does not necessarily mean

someone is checking up on you, but

0:24:150:24:19

the stress of deadlines and trying

to stay on top of things it is hard

0:24:190:24:24

to feel connected and part of

something and if you are struggling

0:24:240:24:27

you can fall through the net and

nobody realises.

You can retreat and

0:24:270:24:32

people notice you are not around as

much that they do not know something

0:24:320:24:36

is wrong?

You can go under the radar

and because you are busy and your

0:24:360:24:43

parents are not able to see.

The

number of suicides and other

0:24:430:24:51

mental-health problems seem to be

rising faster than student numbers.

0:24:510:24:56

Is there an easy answer to what is

going on or is it just diagnosis and

0:24:560:25:01

reporting?

I do not think it is

diagnosis and reporting, although

0:25:010:25:06

that is getting better. 50% of

school leavers go to university, a

0:25:060:25:11

massive increase in numbers coming

into universities. The social

0:25:110:25:16

constructs they are leaving and

going into adds pressure. I think

0:25:160:25:22

universities are beginning to

recognise that we need to do more

0:25:220:25:25

than just is what required in terms

of statutory responsibilities. We

0:25:250:25:31

need students to flourish and we

need to do more work.

Is it your

0:25:310:25:36

contention the rise is mainly just

because many more people are going

0:25:360:25:40

to university and you expect more to

have problems, or is there something

0:25:400:25:44

else going on?

There is something

else going on because what we see is

0:25:440:25:50

more people entering university

declaring they have mental

0:25:500:25:54

ill-health as they arrive at

university. As they transition into

0:25:540:25:59

the University through it, we see

increasing demand as they go through

0:25:590:26:03

the transition. They are vulnerable

young people experiencing a

0:26:030:26:10

continuum of ill-health as part of

their overall mental health.

Let's

0:26:100:26:14

talk about treatment. You knew

something was wrong and wanted help.

0:26:140:26:22

You had to wait ages? It was

constantly signposted. My GP

0:26:220:26:30

signposted me back to university and

they signposted me to a counsellor

0:26:300:26:35

and a signpost is me on again and it

was a cycle and when I got help it

0:26:350:26:41

was three months after I first went

to see the GP.

By that time, you got

0:26:410:26:47

help in the end, is that right?

In

the end I got CBT off-campus but it

0:26:470:26:53

was a referral through the

counsellor at the University.

During

0:26:530:26:59

those three months, how serious was

your condition?

It was pretty bad. I

0:26:590:27:03

was missing lectures and seminars. I

was missing deadlines. I had friends

0:27:030:27:09

able to help me through and get on

top of a few things but I was not

0:27:090:27:14

able to do my degree.

When you got

help, the waiting time was so long

0:27:140:27:19

you had to skip a year and do it

again?

They gave me an extension is

0:27:190:27:24

part of the circumstances but it was

quite squashed so I could not hit

0:27:240:27:28

the grade I wanted.

Professor, has

treatment kept up with student

0:27:280:27:36

numbers of the provision of services

with the numbers who have problems

0:27:360:27:39

when they arrived?

We have seen

massive increases and there is

0:27:390:27:45

variability in the sector. The

project we are running, the step

0:27:450:27:49

change project, it tries to identify

best practice in universities and

0:27:490:27:56

evidence -based soup to support

interventions.

What would be your

0:27:560:28:01

best practice?

To create an

environment where students feel

0:28:010:28:04

empowered to seek help, and an

entire community of staff and

0:28:040:28:10

students working together to support

each other. Having permission to

0:28:100:28:14

have conversations and to say it is

OK to not be OK is an important

0:28:140:28:20

step. We can start to target

resources in an appropriate way.

0:28:200:28:25

That has a prevention effect as much

as a curative one?

Absolutely, we

0:28:250:28:30

need to get to the point where we

are working with students and staff.

0:28:300:28:37

We all have mental health and have

periods where our mental health is

0:28:370:28:41

poorer in other periods. We need to

be on to work with that as well as

0:28:410:28:46

provide treatment with services and

charities when people are falling

0:28:460:28:52

into mental ill-health. There is a

continuing but we need to engage

0:28:520:28:56

with the entire community. To work

with schools and parents as well as

0:28:560:29:00

students.

Thank you both.

0:29:000:29:04

If you are feeling emotionally

distressed, and would like details

0:29:040:29:07

of organisations which offer advice

and support, go online to

0:29:070:29:10

bbc.co.uk/actionline.

0:29:100:29:18

Or you can call for free,

at any time, to hear recorded

0:29:180:29:19

information - 0800 066 066.

0:29:190:29:27

Whatever happens to the prices

of Bitcoin and its many derivatives

0:29:270:29:29

over the next few months,

and they've been volatile to say

0:29:290:29:32

the least over the lsat few,

the consensus is that the technology

0:29:320:29:35

underlying Bitcoin -

called blockchain -

0:29:350:29:36

is highly valuable.

0:29:360:29:38

It is the security of

the system, and it manages

0:29:380:29:40

the supply of Bitcoin.

0:29:400:29:41

And one of the clever

things about blockchain,

0:29:410:29:45

is that it is made to work

by a disparate set of self-appointed

0:29:450:29:48

custodians, called miners.

0:29:480:29:51

The whole brilliance of blockchain

is how it creates scarcity

0:29:510:29:54

and security of Bitcoin,

while managing to reward miners

0:29:540:29:56

for making it all hold it together.

0:29:560:29:58

The miners don't even have to go

underground or dirty their hands.

0:29:580:30:01

Our technology editor, David

Grossman, has been looking more

0:30:010:30:03

closely at what they do.

0:30:030:30:11

Lost in a cryptocurrency maze,

which is pretty fitting,

0:30:200:30:23

because cryptocurrencies,

like their most famous incarnation

0:30:230:30:26

Bitcoin, are based on extremely

complicated puzzles.

0:30:260:30:34

These puzzles are programmed

into the source code for Bitcoin.

0:30:370:30:40

Roughly every ten minutes or so,

a new puzzle is released

0:30:400:30:44

and computers all over the world

race to solve it.

0:30:440:30:48

Because the value of Bitcoin has

gone up so markedly over

0:30:480:30:51

the last year or so,

well, this activity has become

0:30:510:30:53

more and more popular.

0:30:530:31:01

It can be fabulously lucrative.

0:31:020:31:04

It's called Bitcoin mining.

0:31:040:31:05

Cryptocurrencies like Bitcoin don't

have a central register.

0:31:050:31:08

Their strength comes from having

what is called a distributed ledger.

0:31:080:31:11

It's a blockchain.

0:31:110:31:12

The blocks on the blockchain contain

details of every transaction

0:31:120:31:15

in the currency's history.

0:31:150:31:16

As new transactions happen,

they have to be placed in blocks

0:31:160:31:19

and added to the change.

0:31:190:31:27

-- the chain.

0:31:280:31:29

A new block contains roughly 2500

new transactions and,

0:31:290:31:31

to validate the new block,

each one contains the answer

0:31:310:31:33

to the puzzle from the last block.

0:31:330:31:41

Success.

0:31:420:31:46

This is the work the Bitcoin miners

are doing and if they, like me,

0:31:460:31:51

succeed and solve the puzzle first,

well, their reward is 12 and a half

0:31:510:31:55

freshly released Bitcoin.

0:31:550:31:56

And then, well the whole process

starts again with a new puzzle.

0:31:560:32:03

The more computers and more

computing power that is actually

0:32:030:32:06

mining Bitcoin, the more secure

the network is from some type

0:32:060:32:10

of cyber attack or attempted theft.

0:32:100:32:13

The Bitcoin miners are also

processing the transaction,

0:32:130:32:16

so if I were to send a Bitcoin

to you, a miner would actually

0:32:160:32:24

verify that that transaction

was legitimate before it was added

0:32:240:32:27

to the blockchain, which is simply

a ledger of all the Bitcoin

0:32:270:32:30

transactions in existence.

0:32:300:32:33

# Working in a coal mine,

going on down, down #

0:32:330:32:37

Working in a coal mine,

oops about to slip down.#

0:32:370:32:43

So what does Bitcoin mining

actually looked like?

0:32:430:32:48

Well, it is taking place

through those doors.

0:32:480:32:52

I'm in a facility somewhere near

London, that's all I can tell you.

0:32:520:32:55

We're not allowed to give

its precise location.

0:32:550:32:58

You may be able to detect already

something about Bitcoin mining.

0:32:580:33:04

It's incredibly noisy and it's

about to get a whole lot noisier

0:33:040:33:07

when we go in there,

so we need these.

0:33:070:33:14

And the first thing you notice

in here is it's not only

0:33:160:33:23

extremely noisy, it's

extremely hot, as well.

0:33:230:33:31

Today's miners aren't

the grimy-faced men

0:33:340:33:35

of granite of the past.

0:33:350:33:39

Today, they have

silk pocket squares.

0:33:390:33:43

They produce around 100 decibels.

0:33:430:33:46

It is basically like a jet

getting off the ground.

0:33:460:33:50

Can you open it up

and we can have a look?

0:33:500:33:52

Absolutely, yes.

0:33:520:33:53

Don't show the combination!

0:33:530:33:58

So these are Bitcoin miners?

0:33:580:34:01

Vlad runs 63 mining computers.

0:34:010:34:02

It is like a hairdryer, isn't it?

0:34:020:34:05

This is, he says, a spectacularly

profitable enterprise.

0:34:050:34:07

But...

0:34:070:34:10

Of course, there is no

guarantee in anything,

0:34:100:34:13

even if you buy dollars or the euro,

there is no guarantee,

0:34:130:34:15

because the price keeps

changing - its volatility.

0:34:150:34:23

You can guarantee your

result in Bitcoins.

0:34:250:34:27

Basically you already know

the network difficulty.

0:34:270:34:28

You can keep track of it.

0:34:280:34:30

You know the performance

of the miners and you know

0:34:300:34:34

your running costs,

so it is quite easy to calculate

0:34:340:34:36

your net profit in Bitcoin.

0:34:360:34:38

What you don't know is the Bitcoin

exchange rate at any given time.

0:34:380:34:42

So you of course depend

on Bitcoin's volatility.

0:34:420:34:44

What is the profit

margin in an industry

0:34:440:34:45

like Bitcoin mining, now?

0:34:450:34:46

The profit margin, it doesn't really

matter where you are,

0:34:460:34:49

you can be in the UK,

China, Iceland and other countries.

0:34:490:34:52

But roughly, usually, your running

costs are about 25% of your revenue.

0:34:520:34:54

Which makes a net profit of around

75%, which is a very high margin.

0:34:540:35:00

That's why lots of

people are in it now?

0:35:000:35:03

Yes, I think so.

0:35:030:35:04

There is huge concern

about how much energy is now

0:35:040:35:06

being spent Bitcoin mining.

0:35:060:35:07

All those computers churning

away all over the world.

0:35:070:35:09

Estimates vary about how much

power they are using.

0:35:090:35:12

Some say it's as much

as Monaco uses annually.

0:35:120:35:20

Others say it is the same

as Ireland's annual consumption.

0:35:200:35:23

I think what gets missed off in this

conversation is that the costs

0:35:230:35:26

of other aspects of our financial

system - the mining of the metals

0:35:260:35:29

that go in into our coins.

0:35:290:35:31

The operations of payment centres

and bank branches and ATMs,

0:35:310:35:36

paper currency and shipping all this

around, is also consuming

0:35:360:35:38

a lot of electricity.

0:35:380:35:39

It has a pretty big

carbon footprint as well.

0:35:390:35:42

When you compare Bitcoin's carbon

footprint to our current financial

0:35:420:35:45

system's carbon footprint,

it doesn't look quite as bad.

0:35:450:35:48

The amount of energy used by Bitcoin

is going up and up -

0:35:480:35:51

partly because people are using more

and more powerful

0:35:510:35:53

computers for mining.

0:35:530:35:57

The Bitcoin algorithm actually

adjusts the difficulty

0:35:570:36:00

of the problem to make sure it only

gets solved every ten minutes.

0:36:000:36:05

As the total computing power

engaged in mining goes up,

0:36:050:36:08

so does the difficulty.

0:36:080:36:15

Nobody really expected it

would become such a big thing.

0:36:150:36:19

So in the beginning you just had

people mining Bitcoin

0:36:190:36:24

with their laptops and computers,

so it was relatively

0:36:240:36:26

easy to get one.

0:36:260:36:28

Mostly people are using Antminers,

which come from China.

0:36:280:36:34

They are kind of very optimised,

very powerful graphics cards,

0:36:340:36:36

but only can do one task.

0:36:360:36:39

They can only mine Bitcoins,

so you can't use them

0:36:390:36:41

for any other currencies,

apart from Bitcoin cash.

0:36:410:36:43

So which direction is this

currency going now?

0:36:430:36:46

The only thing we can say for sure

is the Bitcoin mines

0:36:460:36:49

will fall silent one day.

0:36:490:36:54

Bitcoin source code only allows

the creation of 21 million Bitcoin,

0:36:540:36:57

which, at the rate the puzzle

is being solved every ten

0:36:570:36:59

minutes, will hit in 2140.

0:36:590:37:02

What a Bitcoin will be worth next

week is hard enough to predict,

0:37:020:37:06

so who knows what the economics

of this cryptocurrency

0:37:060:37:09

will be by then?

0:37:090:37:16

South Africa is mourning

the death of Hugh Masekela.

0:37:160:37:19

He was not just one of the old guard

of anti-apartheid campaigners who,

0:37:190:37:22

exiled in 1990, stuck with the cause

and saw his homeland transformed.

0:37:220:37:30

He was also a legendary jazz

trumpeter who used his music to make

0:37:320:37:35

a political point.

0:37:350:37:36

Known as Bra Hugh in his home

country, he was 78 and died

0:37:360:37:40

of prostate cancer.

0:37:400:37:41

He'd been diagnosed in 2008,

and had been campaigning for men

0:37:410:37:43

to get regular check ups.

0:37:430:37:45

So, we thought we'd close

the programme today by hearing

0:37:450:37:48

British jazz saxophonist and Radio 3

presenter, Soweto Kinch -

0:37:480:37:52

a friend, collaborator

and admirer of Masekele -

0:37:520:37:54

play out with a jazz tribute to him.

0:37:540:37:56

But before we do, let's talk to him.

0:37:560:38:02

He was, I got muddled in my dates.

He was excised in 1960, all the way

0:38:020:38:10

through to 1990. An extraordinary

long time. He really was out of the

0:38:100:38:14

country. He actually managed to be a

very effective anti-apartheid

0:38:140:38:20

campaigner from outside.

You have to

remember there were thousands of

0:38:200:38:23

X-Files just like him, not just

musicians but mechanics, lawyers and

0:38:230:38:28

doctors who cast away from their

native land and had to make do in

0:38:280:38:33

Mozambique, Nigeria. One thing that

struck me in the few shows I played

0:38:330:38:37

with him whether of former X

0:38:370:38:43

with him whether of former X --

exiles who had come to remember.

The

0:38:460:38:50

story was he was using politically

charged music to motivate. What was

0:38:500:38:57

he doing?

A lot has been spoken

about his political fight and being

0:38:570:39:02

an agitator. In my personal

interaction with him he was calm and

0:39:020:39:08

charming. There was a real fire

between his eyes but an ability to

0:39:080:39:15

galvanise people through sometimes

Joy and celebration is quite a

0:39:150:39:17

revolutionary act.

I remember there

was a time when very ambivalent

0:39:170:39:25

attitudes towards the ANC existed in

the West and whether it was a good

0:39:250:39:29

force or a terrorist force. Maybe it

was that you were talking about.

0:39:290:39:36

Absolutely. I don't think the same

tension between terrorist and read

0:39:360:39:41

fight was there with people in the

diaspora. He was instrumental,

0:39:410:39:49

particularly in the song, Soweto

Blues, which was recorded to

0:39:490:39:53

commemorate what happened in 1976.

Instrumental in getting the story

0:39:530:39:57

out there. That is what I owe my

name to.

The musical legacy, their

0:39:570:40:04

musical style, how would you

characterise it?

He managed to

0:40:040:40:09

embody something we all strive for

as jazz musicians. It is about

0:40:090:40:17

finding their own voice and

articulating their own culture and

0:40:170:40:21

background. That is what he did. He

revolutionised the way phrasing was

0:40:210:40:25

done with the trumpet.

Township jazz

is the phrase. You have been to

0:40:250:40:33

South Africa so many times they

named the township after you.

True

0:40:330:40:39

story!

You are going to play for us

now. Thank you for that.

0:40:390:40:46

That's it then for tonight.

0:40:460:40:47

Emily is here tomorrow

but here to play us out

0:40:470:40:49

with Hugh Masekela's Grazing

in the Grass, here's Soweto Kinch.

0:40:490:40:53

Good night.

0:40:530:40:55

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