Browse content similar to 10/01/2017. Check below for episodes and series from the same categories and more!
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Hello I'm Ros Atkins. Welcome to Outside source. The first stop is | :00:07. | :00:13. | |
Washington. The US Senate is grilling Jeff sessions, the man | :00:14. | :00:16. | |
Donald Trump wants to be the next US Attorney-General. This is the live | :00:17. | :00:20. | |
feed from the Senate. We are six-and-a-half hours into the | :00:21. | :00:22. | |
session. We've been listening to all of. It we'll tell you the most | :00:23. | :00:28. | |
significant moments. In Tehran, hundreds of thousands of | :00:29. | :00:33. | |
mourners paid their respect to the former Iranian president Akbar | :00:34. | :00:39. | |
Hashemi Rafsanjani. We will play this report from Ivory Coast of | :00:40. | :00:43. | |
chimps showing a huge degree of intelligence when it comes to | :00:44. | :00:51. | |
finding water. Volkswagen is saying it has a concrete draft for a | :00:52. | :00:54. | |
multibillion dollar settlement with the US government over the emissions | :00:55. | :00:58. | |
cheating scandal. We're live in New York with details on that. | :00:59. | :01:15. | |
This is senator Jeff sessions. Donald Trump would like him to be US | :01:16. | :01:26. | |
Attorney-General. This is in the middle of his confirmation hearing. | :01:27. | :01:30. | |
It's been going on for hours and hours, six-and-a-half to be precise. | :01:31. | :01:34. | |
It has covered an extraordinary range of issues. We'll work through | :01:35. | :01:38. | |
some of the most important ones in the next few minutes. There have | :01:39. | :01:45. | |
been protests too. The hearing has been inrupted | :01:46. | :01:50. | |
several times. That may be because Mr Sessions is seen as one of the | :01:51. | :01:53. | |
most conservative members of the Senate. Some Americans don't like | :01:54. | :01:56. | |
the idea of him being their Attorney-General. He's been | :01:57. | :02:00. | |
questioned on a huge number of positions he holds on a variety of | :02:01. | :02:05. | |
issues. Let's work through some of those now. The BBC's Anthony Zirka | :02:06. | :02:11. | |
is in Washington. First of all, we've heard this extraordinary | :02:12. | :02:14. | |
situation of Mr Sessions being quizzed on whether he's a racist or | :02:15. | :02:20. | |
not. Right, absolutely. The racism issue has been hanging over | :02:21. | :02:25. | |
Sessions' head since he was nominated. His nomination back in | :02:26. | :02:30. | |
1986 to be a federal judge was derailed because he made racially | :02:31. | :02:35. | |
insensitive comments and jokes and so now people are looking at this as | :02:36. | :02:40. | |
perhaps an opportunity to rehash those racism issues. Actually that | :02:41. | :02:44. | |
was brought out fairly early on in his opening statements. He condemned | :02:45. | :02:49. | |
the KKK said he wasn't a racist, tried to tout his record on civil | :02:50. | :02:55. | |
rights, on prosecuting Ku Klux Klan member when he was a local state | :02:56. | :03:04. | |
attorney and he had could quay with -- kcolloquay about how it was | :03:05. | :03:07. | |
difficult to dole with the issues of racism and he may not have responded | :03:08. | :03:11. | |
in the best way earlier in his career, but he's learned from his | :03:12. | :03:14. | |
mistakes. They're trying to diffuse this. They knew this would be a key | :03:15. | :03:18. | |
angle of criticism going forward. We've pulled out various clips from | :03:19. | :03:21. | |
the hearing. We'll play them and get you to respond to them. This is | :03:22. | :03:25. | |
senator Sessions being asked about Donald Trump's idea a temporary ban | :03:26. | :03:32. | |
on Muslims entering the US. I have no belief and do not support the | :03:33. | :03:38. | |
idea that Muslims as a religious group should be denied admission to | :03:39. | :03:42. | |
the United States. We have great Muslim citizens who've contributed | :03:43. | :03:45. | |
in so many different ways and America, as I said in my remarks at | :03:46. | :03:52. | |
the occasion that we discussed in committee, are great believers in | :03:53. | :03:55. | |
religious freedom and the right of people to exercise their religious | :03:56. | :03:59. | |
beliefs. That's not what Donald Trump was saying on the campaign | :04:00. | :04:04. | |
trail. No, that's not what he was saying in December of 2015, at | :04:05. | :04:08. | |
least. Donald Trump has modulated his position as Jeff sessions noted, | :04:09. | :04:14. | |
to not an all-out Muslim ban, but intense scrutiny of people coming | :04:15. | :04:19. | |
over from countries that have a history of terrorism relations, | :04:20. | :04:23. | |
terrorism activity. Though it was interesting that Jeff sessions did | :04:24. | :04:28. | |
say that immigration officials can look at a person's religion to see | :04:29. | :04:36. | |
if it's conducive to public safety. There's a little bit of wriggle room | :04:37. | :04:40. | |
even in the comments we heard today. Let's talk about abortion. It's t | :04:41. | :04:48. | |
was inevitable it came up. Mr Sessions described a landmark | :04:49. | :04:53. | |
Supreme Court ruling as colossally erroneous. He was asked if that was | :04:54. | :04:59. | |
still his view? . It is. I believe it violated the constitution and | :05:00. | :05:04. | |
really attempted to set policy and not follow law. It is the law of the | :05:05. | :05:08. | |
land. It has been so established and settled for quite a long time. It | :05:09. | :05:12. | |
deserves respect and I would respect it and follow it. As such, should we | :05:13. | :05:19. | |
expect Mr Trump to attempt a fundamental shift in America's | :05:20. | :05:22. | |
position on abortion? I don't think so. I don't think Donald Trump, | :05:23. | :05:28. | |
well, he's said different things during the campaign. He said women | :05:29. | :05:32. | |
could be prosecuted for having abortions if it were illegal. Other | :05:33. | :05:36. | |
times he backed away from that. I don't think we'll see a fundamental | :05:37. | :05:41. | |
shift. From Jeff Sessions and other people Donald Trump is appointed, | :05:42. | :05:44. | |
we'll see attempts to chip away at the edges of abortion rights to | :05:45. | :05:48. | |
limit the amount of time a woman can have an abortion from say 24 weeks | :05:49. | :05:54. | |
of pregnancy down to 20 weeks of pregnancy, perhaps limiting | :05:55. | :05:56. | |
different hospitals can perform abortions, what clinics, the | :05:57. | :06:00. | |
requirements on clinics to be able to have abortions. There have been | :06:01. | :06:05. | |
Supreme Court decisions in the past that have tried uphold the abortion | :06:06. | :06:09. | |
rights. Donald Trump if he poise a Supreme Court justice who is as | :06:10. | :06:12. | |
strongly against abortion rights, we could see those policies change as | :06:13. | :06:17. | |
well. The next clip I've got and those of you just joining us, we're | :06:18. | :06:22. | |
running through some of the most significant moments as senator | :06:23. | :06:26. | |
Sessions goes through a hearing ahead of his being appointed as | :06:27. | :06:30. | |
Attorney-General. He was asked about an incident where Mr Trump was | :06:31. | :06:35. | |
caught on tape boasting about grabbing women by the genitals. Mr | :06:36. | :06:40. | |
Sessions said he wouldn't characterise that as sexual assault, | :06:41. | :06:45. | |
previously. The confusion about the question was hypothetical. And it | :06:46. | :06:48. | |
related to what was said on the tape. I did not remember at the time | :06:49. | :07:03. | |
whether this was suggested to be an unaccepted, unwanted, it would | :07:04. | :07:06. | |
certainly meet the definition. That's what the tapes said, then | :07:07. | :07:13. | |
that would be - My question is grabbing a woman by a genitals | :07:14. | :07:16. | |
without consent, is that sexual assault? Yes. Thank you. A range of | :07:17. | :07:22. | |
difficult questions. Nonetheless, you wouldn't bet against Mr Sessions | :07:23. | :07:26. | |
becoming the Attorney-General, would you? No, I think it would be hard to | :07:27. | :07:31. | |
bet against that, because everything that happened today, it looks like | :07:32. | :07:40. | |
Sessions' raurt support is -- Republican Party support is strong. | :07:41. | :07:44. | |
It takes just 50 votes to confirm him. One Democrat, of West Virginia, | :07:45. | :07:51. | |
has come out in support. It would have to be a pretty sizeable swing | :07:52. | :07:56. | |
erosion of Republican support for him not to be confirmed. There is no | :07:57. | :07:59. | |
indication of that happening any time today. Thank you very much. No | :08:00. | :08:06. | |
doubt we'll talk tomorrow. That's one major story we've been | :08:07. | :08:09. | |
covering in the news room. Let's turn to another. Let me show you | :08:10. | :08:14. | |
some of the pictures coming in of the funeral of Iran's former | :08:15. | :08:23. | |
president. First of all, this is the country's Supreme Leader leading | :08:24. | :08:25. | |
funeral prayers at Tehran University. You can see Iran's | :08:26. | :08:31. | |
current president next to him. The coffin was carried out of the | :08:32. | :08:37. | |
university campus with with his famous white cleric's turban on top. | :08:38. | :08:40. | |
I'm sure you'll recognise that. Then these were the extraordinary scenes | :08:41. | :08:44. | |
outside, hundreds and hundreds of thousands, some people estimated up | :08:45. | :08:47. | |
to two million people, came out to pay their respects. His body was | :08:48. | :08:54. | |
buried next to the founder of the Islamic Republic. There was only one | :08:55. | :08:59. | |
person to speak to about this, the BBC's Lyse Doucet. | :09:00. | :09:06. | |
I attended the funeral, the last major funeral in Iran, in ayatollah | :09:07. | :09:19. | |
Khamenhi in 1989. This is the most significant death since then. It's | :09:20. | :09:23. | |
been widely discussioned as a possible political turning point in | :09:24. | :09:26. | |
Iran. I was going to ask you about that. It's a day of mourning, is it | :09:27. | :09:31. | |
also a day of politics? Very much so. There's a lot of reporting about | :09:32. | :09:36. | |
the fact that state television carrying extraordinary images live, | :09:37. | :09:39. | |
some 2. 5 million people are said to have turned out from right across | :09:40. | :09:44. | |
the political spectrum. Yet mixed in with the lamentation, opposition | :09:45. | :09:48. | |
slogans went up into the crowds and the state television tried to reduce | :09:49. | :09:54. | |
the sounds, raise the sound of the chanting to somehow try to hide the | :09:55. | :09:58. | |
fact that some of the opposition groups that were there were trying | :09:59. | :10:02. | |
to dominate the sound from the crowds. Everyone found their own | :10:03. | :10:08. | |
moment in the crowds today. Interesting reading the obituaries | :10:09. | :10:13. | |
in the western press. A lot have warmed to him in recent years. He's | :10:14. | :10:19. | |
a unique character who played a awe neeck role in Iran. You hear the | :10:20. | :10:24. | |
bitterness being expressed by some people who remember him in the early | :10:25. | :10:27. | |
years of the revolution. He's the man who is identified with the | :10:28. | :10:31. | |
repressive rule, responsible, they say, for the deaths of many | :10:32. | :10:35. | |
dissidents, deaths never resolved. In later years, particularly the | :10:36. | :10:40. | |
younger generation and the middle classes warmed to him. They saw him | :10:41. | :10:45. | |
as a man who had both the credentials and the cloud and the | :10:46. | :10:48. | |
courage to speak out. He could speak truth to power and who is powerful | :10:49. | :10:52. | |
in the Islamic Republic? The Supreme Leader. Interests how he said we had | :10:53. | :11:03. | |
our differences, but they were the last two big pillars of the | :11:04. | :11:07. | |
revolution. I must take the opportunity to mesh together our two | :11:08. | :11:10. | |
lead stories. Huge political change in Washington. Political moments of | :11:11. | :11:14. | |
great significance in Tehran. How do you foresee those two cities, those | :11:15. | :11:18. | |
two governments operating alongside each other? It's interesting because | :11:19. | :11:22. | |
now everyone is looking at the legacy of Barack Obama. There are | :11:23. | :11:25. | |
many things which he did not do. One of the things he did do was this | :11:26. | :11:30. | |
landmark nuclear deal. In Iran there is real unease about what's going to | :11:31. | :11:34. | |
happen to the deal now with Donald Trump coming to power. And the fact | :11:35. | :11:41. | |
that the reformists have lost their strong voice in that Rafsanjani. | :11:42. | :11:48. | |
They are worried they won't be able to manoeuvre in a very pole rised -- | :11:49. | :11:52. | |
polarised system in the way they used. To they've lost one of their | :11:53. | :11:57. | |
weapons. Thanks very much. Next, the centre of the earth. We | :11:58. | :12:02. | |
know you find iron and Nichol there. Now Japanese scientists think they | :12:03. | :12:04. | |
know of a third element. This is an exciting science story. If you don't | :12:05. | :12:09. | |
believe me, here's this report. The centre of the earth, this | :12:10. | :12:13. | |
mysterious place. We know it's a hard ball about 1200 kilometres | :12:14. | :12:18. | |
across. We know it's mainly made of iron, about 85% by weight and | :12:19. | :12:22. | |
Nichol, about so % by weight, that leaves 5%. For decades scientists | :12:23. | :12:26. | |
have been argue about what it might be. Now they've done a really neat | :12:27. | :12:31. | |
experiment. There are two ways to study the centre. See what happens | :12:32. | :12:34. | |
to seismic waves as they pass through the earths. The other way is | :12:35. | :12:38. | |
try and recreate the conditions of the centre of the earth in the lab. | :12:39. | :12:42. | |
That's what this team in Japan have done. They've subjected different | :12:43. | :12:46. | |
elements to incredibly high temperatures and high pressure. They | :12:47. | :12:50. | |
say the missing element is silicone. It's about 5%. Can they be sure? No. | :12:51. | :12:57. | |
But it looks quite good. Some other scientists a few years ago suggested | :12:58. | :13:01. | |
oxygen. This suggests more strongly it's silicone. Why silicone? Why is | :13:02. | :13:06. | |
this important, if you're a chemist you like silicone, so it's cool. But | :13:07. | :13:09. | |
it tells you about the formation of the earth, what was going on at that | :13:10. | :13:14. | |
time. You don't need to justify finding out about the centre of the | :13:15. | :13:19. | |
earth, it's interesting. How we learn about it, how does it inform | :13:20. | :13:23. | |
how we behave? It tells us more about what happened when we started | :13:24. | :13:28. | |
out. The solar system formed 4. 6 billion years ago. The earth then | :13:29. | :13:34. | |
formed. Rocks coming together. For a while molten rock, liquid moving | :13:35. | :13:37. | |
around. Gradually it cooled down and out of this hard crust on the | :13:38. | :13:42. | |
outside, you got this centre. By working out what's in there can tell | :13:43. | :13:45. | |
you much more about these processes. I think the best thing about this is | :13:46. | :13:48. | |
actually what the centre would look like. Because if it is alloys of | :13:49. | :13:56. | |
nickel and iron and silicone, it would be cystals, spectacular, that | :13:57. | :13:59. | |
we could never see but good to know they're probably there. | :14:00. | :14:03. | |
Rebecca always enthused but particularly so today. For more | :14:04. | :14:06. | |
background on that story, find it from her and her colleagues online | :14:07. | :14:10. | |
on the BBC News app. In a few minutes, another remarkable | :14:11. | :14:14. | |
science story, something different, showing us footage from Ivory Coast | :14:15. | :14:19. | |
of chimpanzees making tools out of wood to access water. Play that in a | :14:20. | :14:24. | |
few motorbike minutes. -- few minutes. | :14:25. | :14:33. | |
Jeremy Corbyn has said he isn't wedded to the idea of keeping | :14:34. | :14:39. | |
freedom of movement. He was addressing supporters in | :14:40. | :14:41. | |
Peterborough. The Labour leader pulled back from recommended a pay | :14:42. | :14:48. | |
cap on top earners. In the 1920s, JP Morgan, the Wall | :14:49. | :14:55. | |
Street banker, yes, JP Morgan, the Wall Street banker limited salaries | :14:56. | :14:59. | |
to 20 times that of junior employees. Another advocate of pay | :15:00. | :15:08. | |
ratios was David Cameron. His government proposed a 20-1 pay ratio | :15:09. | :15:11. | |
to limit sky high pay in the public sector. Now all salaries higher than | :15:12. | :15:16. | |
?150,000 must be signed off by the Cabinet Office. We'll go further, | :15:17. | :15:22. | |
and extend that to any company that is awarded a Government contract. | :15:23. | :15:27. | |
This is not about limiting aspiration or penalising success. | :15:28. | :15:42. | |
This is outsite source. The lead story is from Washington. | :15:43. | :15:49. | |
Jeff Sessions, the man picked to be the next US attorney-general, | :15:50. | :15:54. | |
Is six hours into his Senate confirmation hearing. First to | :15:55. | :15:59. | |
Afghanistan. BBC Pashto reports | :16:00. | :16:01. | |
on a bombing in Kabul. No hope of the Gambian political | :16:02. | :16:03. | |
stalemate getting sorted out soon. The Supreme Court says it won't have | :16:04. | :16:10. | |
enough judges until May to consider a petition from the President | :16:11. | :16:14. | |
detailing why his defeat French police are investigating | :16:15. | :16:18. | |
whether Kim Kardashian's chauffeur was involved in her being held | :16:19. | :16:24. | |
at gunpoint and robber Millions of dollars worth | :16:25. | :16:27. | |
of jewellery was stolen. The are looking into the theory | :16:28. | :16:32. | |
that the chauffeur may have For the first time ever, | :16:33. | :16:35. | |
researchers have filmed chimpanzees making and using tools to get access | :16:36. | :16:45. | |
to collect water. It's in this report | :16:46. | :16:48. | |
from Victoria Gill. A mother and baby in | :16:49. | :16:52. | |
Ivory Coast's Comoe National Park It's the dry season, | :16:53. | :16:59. | |
so to reach a water supply hidden deep within these tree holes, | :17:00. | :17:04. | |
they are making and using tools. It's just another insight | :17:05. | :17:08. | |
into the remarkable behaviour If you think they've got 90-95% | :17:09. | :17:10. | |
the same DNA as humans, We've seen it, working at Chester | :17:11. | :17:16. | |
zoo with these animals, The different cultures | :17:17. | :17:23. | |
of chimpanzees have So it's certainly not new to find | :17:24. | :17:29. | |
chimpanzees using tools. The animals are already known to use | :17:30. | :17:33. | |
sticks to fish for termites and to dip into beehives for honey, | :17:34. | :17:36. | |
but the researchers were particularly impressed by how well | :17:37. | :17:40. | |
crafted these drinking tools were. Chimps selected and stripped long | :17:41. | :17:44. | |
thin sticks and chewed the ends And for captive breeding | :17:45. | :17:48. | |
programmes like this one, zoos have to understand these | :17:49. | :17:54. | |
natural behaviours to keep the animals as mentally | :17:55. | :17:57. | |
stimulated as possible. And then we give them an area | :17:58. | :18:01. | |
where they keep honey, And they have to use their sticks, | :18:02. | :18:07. | |
make them into a certain way so they can put the stick | :18:08. | :18:13. | |
in the hole and get the food out. It's all gone very quiet | :18:14. | :18:16. | |
here at Chester Zoo because it's feeding time for | :18:17. | :18:20. | |
the chimpanzees, and these are actually Western chimpanzees, | :18:21. | :18:23. | |
the same subspecies that was looked Nimble fingered, very clever, | :18:24. | :18:26. | |
toolmaking and tool-using, but sadly, critically | :18:27. | :18:30. | |
endangered primates. In the wild, the population of these | :18:31. | :18:35. | |
great apes continues to decline, largely because of poaching | :18:36. | :18:38. | |
and the destruction Findings like this show just how | :18:39. | :18:41. | |
much more we have to learn Some news on the VW | :18:42. | :18:46. | |
emmissions scandal. Volkswagen has agreed | :18:47. | :18:58. | |
a draft settlement with US Let's bring in our correspondent in | :18:59. | :19:11. | |
New York. A few questions here. There's been some preliminary deals, | :19:12. | :19:17. | |
so what's different about this one? Well, this one resolves yet another | :19:18. | :19:20. | |
of the investigations and it's a key one, but I think the most striking | :19:21. | :19:25. | |
thing about it is that Volkswagen is expected to plead guilty to charges | :19:26. | :19:31. | |
that include wire fraud, that it violated the clean air act. It's | :19:32. | :19:36. | |
expected to plead guilty it to customs fraud. This is the result of | :19:37. | :19:41. | |
several investigations into the manipulation of diesel emission | :19:42. | :19:44. | |
tests. They began more than a year ago. The crucial thing for the | :19:45. | :19:49. | |
company is that as much as possible, they're trying to resolve this | :19:50. | :19:53. | |
criminal investigation, so they can move past the scandal that really | :19:54. | :19:58. | |
has cast a shadow. Remember right now, it's the Detroit autoshow. It | :19:59. | :20:03. | |
should be a golden moment to show off its wares and instead it's | :20:04. | :20:06. | |
talking about this. This is a draft deal. What needs to happen for it to | :20:07. | :20:12. | |
become a reel deal? -- real deal? It has to be approved by both sides. | :20:13. | :20:16. | |
We're expecting Volkswagen's board to meet possibly and approve it | :20:17. | :20:19. | |
possibly as early as today, maybe tomorrow. That's the process. The | :20:20. | :20:28. | |
key thing is if you compare this potential deal to recent ones | :20:29. | :20:32. | |
involving General Motors and Toyota, General Motors and Toyota in cases | :20:33. | :20:36. | |
of safety defects, neither of them had to plead guilty. They did pay | :20:37. | :20:40. | |
large fines. But they didn't plead guilty. That's what makes this | :20:41. | :20:44. | |
significant compared to those past ones. Michelle, thank you. I have a | :20:45. | :20:51. | |
report of yours that I'm going to play everyone watching about | :20:52. | :20:54. | |
President Obama's economic legacy. Have a look. | :20:55. | :20:59. | |
Wall Street is left reeling from some of the biggest blows... It's a | :21:00. | :21:05. | |
nightmare for Wall Street... Bankruptcies, bailouts and | :21:06. | :21:08. | |
unemployment rate that peaked at 10% in 2009. When Barack Obama became | :21:09. | :21:13. | |
president he and his team were confronting the total collapse of | :21:14. | :21:18. | |
the financial system. 15 million Americans were out of work, when he | :21:19. | :21:22. | |
delivered his first State of the Union Address. People are out of | :21:23. | :21:27. | |
work, they're hurting. They need our help. That is why jobs must be our | :21:28. | :21:36. | |
number one focus in 2010. Perhaps his biggest achievement - stopping | :21:37. | :21:39. | |
the recession from turning into another Great Depression. It started | :21:40. | :21:45. | |
with the rescue of a symbol of US industrial might, the American car | :21:46. | :21:51. | |
industry. Something this investment banker remembers well. Stephen | :21:52. | :21:55. | |
Ratner led Obama's autoindustry recovery team. It was a testament to | :21:56. | :22:01. | |
President Obama's impartiality that he made a decision that was | :22:02. | :22:05. | |
unpopular, but was clearly in retrospect the right decision. If we | :22:06. | :22:10. | |
had allowed those car companies to continue to liquidate, there would | :22:11. | :22:13. | |
have been a loss of potentially a million jobs, in the short run, at a | :22:14. | :22:19. | |
time in the economy was lose soing many jobs. -- losing so many jobs. | :22:20. | :22:25. | |
An unprecedented amount of money was spent to stimulate the economy. | :22:26. | :22:30. | |
Nearly $4 million made its way here to the Bronx community health | :22:31. | :22:34. | |
centre, saving 15 jobs. Not everyone was a fan of the stimulus plan. We | :22:35. | :22:43. | |
were. We were great fans of it, because it allowed us to really | :22:44. | :22:49. | |
enhance our mission. Under President Obama, a staggering 11 million jobs | :22:50. | :22:53. | |
have been created. While hiring has picked up, many of those positions | :22:54. | :22:57. | |
are temporary or part-time, not the kind of work you can raise a family | :22:58. | :23:02. | |
on. That's why many people I spoke to were gloomy. Do you feel more | :23:03. | :23:05. | |
hopeful than eight years ago or less? It's like so-so. Prices are up | :23:06. | :23:13. | |
and salaries remain the same. President Obama hands over an | :23:14. | :23:17. | |
economy near full employment, following the longest stretch of job | :23:18. | :23:22. | |
growth in history. But many Americans have forgotten what | :23:23. | :23:26. | |
prosperity feels like, a challenge facing the incoming administration. | :23:27. | :23:34. | |
Let's shift from the US to the UK, because this is what's happening to | :23:35. | :23:40. | |
the FTSE 100 indevil -- index. It made history today. It's been going | :23:41. | :23:44. | |
up and up. It closed at a record high for a ninth day in a row, | :23:45. | :23:48. | |
that's the longest streak ever and it's not unrelated to what's been | :23:49. | :23:51. | |
happening to the value of the pound since the UK voted to leave the | :23:52. | :23:55. | |
European Union. That's the moment of Brexit. But the pound has been | :23:56. | :23:59. | |
making its way down since. A weaker pound is boosting the profits of | :24:00. | :24:03. | |
many multinational companies, when they convert foreign earnings into | :24:04. | :24:06. | |
pounds. That does the world of good for their share price. The UK tech | :24:07. | :24:12. | |
sector got good news today. Snap is behind Snapchat. It announced its | :24:13. | :24:16. | |
going to set up its international base in the UK. | :24:17. | :24:21. | |
The point is that a lot of social media companies, like Facebook and | :24:22. | :24:25. | |
Google have run into trouble over setting up tax bases in lower tax | :24:26. | :24:29. | |
jurisdictions in Europe and then diverting profits from other large | :24:30. | :24:33. | |
markets into those jurisdictions in order to minimise their tax bills. | :24:34. | :24:38. | |
So snapping is not doing that. They're setting up in the UK and | :24:39. | :24:41. | |
channelling their profits from the UK first of all, but also from other | :24:42. | :24:44. | |
countries, where they don't have a major base, that includes Australia | :24:45. | :24:47. | |
and Saudi Arabia, and paying tax on them in the UK. Now that tax bill at | :24:48. | :24:52. | |
the moment won't actually be very high because Snapchat's revenues are | :24:53. | :24:55. | |
not that high, at the moment. But it's expanding rapidly. It's taking | :24:56. | :25:02. | |
on more advertising. So there will be more money coming in. That money | :25:03. | :25:06. | |
will be going through the UK. Let's not forget, the UK itself, as a | :25:07. | :25:11. | |
major economy, has a relatively low corporation tax rate, 20% at the | :25:12. | :25:14. | |
moment. It's going to fall to 17% by 2020. By doing this, Snap Inc is | :25:15. | :25:25. | |
avoiding regulatory problems, the UK Government and European Commission | :25:26. | :25:28. | |
clamping down on companies are aggressive tax policies. At the same | :25:29. | :25:36. | |
It's basing itself in the UK where it has -- -- It's basing itself in | :25:37. | :25:43. | |
the UK. We have live feeds coming in from Capitol Hill in Washington. | :25:44. | :25:46. | |
Various confirmation hearings continue ahead of Donald Trump | :25:47. | :25:50. | |
becoming president on the 20th January. Speak to you in a couple of | :25:51. | :25:52. | |
minutes. | :25:53. | :25:57. |