:00:00. > :00:33.Protests across California, with residents up in arms about how long
:00:34. > :00:41.you can rent your property. We will find out if this is going to put
:00:42. > :00:43.businesses like Airbnb at risk. And the tobacco market keeps going from
:00:44. > :00:58.strength to strength. Gives me about eight minutes and I
:00:59. > :01:03.will give you a fascinating snapshot about the world of money and
:01:04. > :01:05.business. What is going on? Let us look at this.
:01:06. > :01:07.The accommodation website Airbnb has shaken up
:01:08. > :01:10.the global travel industry, but in its home town of San Francisco,
:01:11. > :01:15.Residents are due to vote later on Tuesday on a proposal to limit
:01:16. > :01:18.short-term rentals on apartments and homes to just 75-days per year,
:01:19. > :01:20.with hosting websites like Airbnb responsible for removing listings
:01:21. > :01:26.The company has spent $8 million in an effort to defeat
:01:27. > :01:29.the measure as well as hiring top political operatives.
:01:30. > :01:32.This could be a crucial setback for Airbnb as it prepares to go public.
:01:33. > :01:35.And this is what is making some locals in San Francisco angry.
:01:36. > :01:40.Over the past five years, average rent has risen by more than
:01:41. > :01:43.75%, with sites like Airbnb being blamed for pushing up prices.
:01:44. > :01:47.And prices are climbing in New York and LA, with those cities too
:01:48. > :02:11.Dave Lee in San Francisco has the details.
:02:12. > :02:17.One of San Francisco's many nicknames is the seven x seven,
:02:18. > :02:22.so-called because they city is just packed into 49 square miles of
:02:23. > :02:25.land. It is because of this condensed space and the reputation
:02:26. > :02:29.of San Francisco as both a great place to live and visit that have
:02:30. > :02:34.seen rent prices soaring. Many people have blamed different factors
:02:35. > :02:38.for this, including Airbnb, the website that allows people to list
:02:39. > :02:43.their on homes for people to stay in. We have lost housing that has
:02:44. > :02:47.been converted into full-time tourist accommodation at the time
:02:48. > :02:51.when the city has been going through its worst housing crisis in more
:02:52. > :02:55.than 100 years. On Tuesday, the matter is being put to vote. The new
:02:56. > :02:59.proposition would limit the number of days someone could temporarily
:03:00. > :03:04.rent out a room to just 75 days per year, which would have a dramatic
:03:05. > :03:07.impact on Airbnb's business. If the people of San Francisco vote in
:03:08. > :03:12.favour of the measure, it could be highly symbolic. The city in which
:03:13. > :03:22.Airbnb was eventually found and will have essentially kicked it out. --
:03:23. > :03:26.was essentially founded. Many Airbnb hosts have been calling people not
:03:27. > :03:34.in multiple languages. The greatest concern of this is that it takes a
:03:35. > :03:39.disproportionate measures to address the housing crisis. It cannot and
:03:40. > :03:43.will not do any such thing. If this proposition passes, rents will not
:03:44. > :03:47.go down. Home prices will not go down. Thousands of apartment will
:03:48. > :03:51.not suddenly be made available for rent. The yes campaign, which
:03:52. > :03:55.includes the hotel industry, is much less well resourced but it has also
:03:56. > :03:59.been putting out its own television ads. This does not say that you
:04:00. > :04:04.cannot rent out an extra room in your house. That is fine if you want
:04:05. > :04:13.to do that. But the vast majority of Airbnb's listings and almost the
:04:14. > :04:16.entire lot of listings on other websites are not people renting
:04:17. > :04:22.spare rooms in their homes. They are renting full units that people do
:04:23. > :04:28.not live in. Early polls suggest the no vote is winning but this will not
:04:29. > :04:32.be the end of it. Other cities like New York are also considering what
:04:33. > :04:40.the impact of Airbnb's popularity will be on their communities.
:04:41. > :04:47.Now, the global tobacco industry is worth a whopping $530 billion a year
:04:48. > :04:49.and despite tougher regulations in many developing countries, plain
:04:50. > :04:52.packaging legislation and increased awareness about the risks of
:04:53. > :05:04.smoking, that number is expected to increase.
:05:05. > :05:07.That is largely due to growing demand in emerging economies.
:05:08. > :05:10.Imperial Tobacco, the fourth largest tobacco company in the world,
:05:11. > :05:13.is reporting results later in a few hours and will not only be
:05:14. > :05:20.banking on tradition cigarettes but also the burgeoning e-cig market,
:05:21. > :05:24.Professor Linda Bauld is health policy director at the Institute
:05:25. > :05:26.of Social Marketing and dean of research at the University
:05:27. > :05:42.Thank you for joining us at this ungodly hour. Is it that we are
:05:43. > :05:49.giving up smoking in the West but those in the developing world are
:05:50. > :05:53.taking up smoking more and more? That is correct. Sales are falling
:05:54. > :05:58.in western Europe and Northern America, for example, but they are
:05:59. > :06:05.increasing in China. Tobacco related deaths in China among men will rise
:06:06. > :06:11.from 10% in 1991 to 30% in 2030. That is where the market is growing.
:06:12. > :06:18.Not the West but elsewhere in the world. Even many years ago, you
:06:19. > :06:24.would think that lots of people smoke in China. But they used to
:06:25. > :06:30.smoke local brands. Now that they have the money to smoke these
:06:31. > :06:34.Western brands, have they changed? Absolutely. The Chinese market is a
:06:35. > :06:39.global market for the tobacco industry. We also have markets in
:06:40. > :06:43.South America and in Africa, where there is very little legislation to
:06:44. > :06:53.limit the tobacco industry's ability to market products there. Imperial
:06:54. > :06:56.Tobacco has admitted that it has been very slow to jump on the
:06:57. > :07:00.e-cigarette bandwagon but it has now caught up on that and has its own
:07:01. > :07:05.e-cigarette division. But additional cigarette makers, is this the
:07:06. > :07:10.future? -- for a traditional cigarette makers. The global
:07:11. > :07:16.e-cigarette market is around 6 billion. They have a 100 fold
:07:17. > :07:21.increase on that in place of tobacco because the place where e-cigarette
:07:22. > :07:27.users come from is the same place as smokers. These are tobacco users.
:07:28. > :07:30.These are the markets they can expand in. We know that Imperial
:07:31. > :07:36.Tobacco purchased the company that was set up by the Chinese pharmacist
:07:37. > :07:40.who actually invented e-cigarettes. Although they were slow to begin,
:07:41. > :07:45.they have come into it now and they are making products that are
:07:46. > :07:48.appealing to smokers. We have 2.6 million e-cigarette users in the UK
:07:49. > :07:52.and they are far less harmful than tobacco, so this could well be a
:07:53. > :08:00.step for the future. Plain packaging... We have in Australia.
:08:01. > :08:03.Does it work? We are forecast to have over 1 billion tobacco related
:08:04. > :08:08.deaths this century unless we take more action and standardising
:08:09. > :08:12.packaging removes the last form of tobacco marketing. We will also be
:08:13. > :08:16.introducing it in Europe soon. Thank you.
:08:17. > :08:19.Now, luxury smartphone maker Vertu has been sold to Chinese investors.
:08:20. > :08:28.Let's go to our business hub in Singapore and Rico Hizon.
:08:29. > :08:38.This is a company that sold its first phone in 2002. Yes, and now
:08:39. > :08:43.the Chinese companies want a larger cut of the smartphone market. They
:08:44. > :08:47.have made their mark in the low-end smartphone market and now they want
:08:48. > :08:52.to dominate the luxury smartphone space as well. Not many smartphone
:08:53. > :08:58.users are aware of Vertu, which is formally owned by Nokia. It makes
:08:59. > :09:13.handcrafted luxury smartphones that feature leather cases, precious
:09:14. > :09:25.stones and so on. Very wing bling. -- bling-bling. Vertu and EQT has
:09:26. > :09:36.not disclosed the terms of the deal. If you bet on the Melbourne Cup
:09:37. > :09:42.winner, which was a 100 to one chance when, you might just be able
:09:43. > :09:48.to afford one of the smartphones. -- win.
:09:49. > :09:59.Don't forget you can get in touch with me and some
:10:00. > :10:00.If you tweet me I will tweet you back. Be nice, by the