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Sally is sitting right next to me. You can't see her yet. | :00:00. | :00:15. | |
The French capital attempts to romance business away from London | :00:16. | :00:19. | |
Shares of Netflix have surged 20% in after hours trading as market | :00:20. | :00:28. | |
watchers binge on the streaming giant's skyrocketing membership | :00:29. | :00:30. | |
In a minute, we'll have the latest on the gold plated carrot that | :00:31. | :00:48. | |
Hollywood directors are being offered to make | :00:49. | :00:50. | |
It is no secret that Paris is trying to woo business away from London | :00:51. | :00:57. | |
after the Brexit vote in June raised questions about the future dominance | :00:58. | :01:00. | |
of London as Europe's financial capital. | :01:01. | :01:02. | |
Reads the ad that La Defense business district in Paris hopes | :01:03. | :01:16. | |
There are warnings the city of London could lose | :01:17. | :01:27. | |
its position as the only financial capital to rival New York, | :01:28. | :01:30. | |
if foreign banks decide to move across the channel. | :01:31. | :01:32. | |
London currently accounts for 41% of global foreign exchange | :01:33. | :01:35. | |
turnover, that is more than double New York, | :01:36. | :01:37. | |
so says the Bank for International Settlements. | :01:38. | :01:39. | |
About 85% of Europe's hedge fund assets are managed | :01:40. | :01:41. | |
in London, which also happens to be the leading market for international | :01:42. | :01:44. | |
Frankfurt is putting itself forward as a "financial services bridge" | :01:45. | :01:51. | |
between London and the European Union. | :01:52. | :02:01. | |
And so are several other cities in Europe. | :02:02. | :02:05. | |
With me now is Marie-Celie Guillaume the Chief Executive of Defacto, | :02:06. | :02:08. | |
who manage La Defense, the business district of Paris. | :02:09. | :02:14. | |
Good morning. Good morning. Welcome to the programme. We saw the poster, | :02:15. | :02:22. | |
which will grab everybody's attention. Why does Paris have the | :02:23. | :02:28. | |
aid? Paris has the best business edge. We have the best combination | :02:29. | :02:35. | |
of both soft and hard factors. The Paris business district, La Defense, | :02:36. | :02:40. | |
is the first European business district with a lot of offers | :02:41. | :02:47. | |
capacity. We are able today to have new staff members if they decide to | :02:48. | :02:52. | |
come to Paris. We have a thriving business ecosystem which is very | :02:53. | :02:58. | |
international. Half of the 500 companies based in La Defense are | :02:59. | :03:05. | |
international. 35% of them are already working in banking and | :03:06. | :03:09. | |
finance. Many of the business leaders I talk to, and some in | :03:10. | :03:12. | |
financial and legal services, who are thinking about relocating, are | :03:13. | :03:18. | |
not considering Paris, they are thinking of Dublin, Frankfurt, even | :03:19. | :03:23. | |
Luxembourg. France is not on their radar because of how stringent the | :03:24. | :03:29. | |
labour laws are and how difficult it is to do business compared to other | :03:30. | :03:33. | |
European cities. It is not difficult to do business in France. For | :03:34. | :03:39. | |
instance, the Paris region is the best region for start-ups. It is a | :03:40. | :03:46. | |
known fact that the labour laws are very draconian compared to other | :03:47. | :03:52. | |
cities. They are. It will change this year because the labour laws | :03:53. | :03:57. | |
were changed before the summer. Today, there is a wide understanding | :03:58. | :04:01. | |
and consensus between the Socialist Party and the Conservative Party | :04:02. | :04:05. | |
that things have to be more flexible for high salaries and basically the | :04:06. | :04:09. | |
financial jobs in order to be able to hire them quickly and fire them | :04:10. | :04:15. | |
quickly. What about the fear factor as well. People considering | :04:16. | :04:19. | |
security. France has had a very difficult couple of years and is | :04:20. | :04:23. | |
terrible tragedies in Paris and other cities as well in and around | :04:24. | :04:28. | |
France. Have you thought about that in your campaign to bring people to | :04:29. | :04:33. | |
Paris? Seriously, we think that terrorism is a problem. | :04:34. | :04:36. | |
Unfortunately it is everywhere, in every capital. And not even in just | :04:37. | :04:41. | |
the capitals, it can happen in any small town. It is a problem that | :04:42. | :04:46. | |
every city is facing. And in terms of your hope to ring in people, how | :04:47. | :04:51. | |
will you compete with the likes of Frankfurt? What is your selling | :04:52. | :04:59. | |
point? Where would you rather live? Paris or Frankfurter? It is not only | :05:00. | :05:06. | |
living, but good healthcare, education for children, equality, | :05:07. | :05:10. | |
Paris has all of that. All right. We have run out of time. But thank you | :05:11. | :05:15. | |
so much for coming in. And we shall see what happens and we will see | :05:16. | :05:20. | |
where everyone goes and report on it if and when it happens. | :05:21. | :05:22. | |
Netflix has shaken off growth worries with new subscriber numbers | :05:23. | :05:25. | |
that beat estimates and sent its shares soaring. | :05:26. | :05:27. | |
The video streaming company added 3.2 million international customers | :05:28. | :05:30. | |
in the last three months, far more than the two million | :05:31. | :05:33. | |
In the US, numbers rose 21% to 370,000 as hit shows such | :05:34. | :05:37. | |
as Stranger Things and Narcos one over more subscribers. | :05:38. | :05:39. | |
It helped quarterly revenues rise 31.% to $2.29bn, | :05:40. | :05:41. | |
sparking a 20% jump in Netflix's share price in after hours trading. | :05:42. | :05:45. | |
The company also that it plans to license content to existing | :05:46. | :05:48. | |
on line service providers in China rather than operate its own service | :05:49. | :05:51. | |
Our New York business correspondent, Samira Hussain, has the details. | :05:52. | :06:18. | |
After the last few quarters of disappointing subscriber growth, | :06:19. | :06:24. | |
investors are quite pleased with the latest results from Netflix. They | :06:25. | :06:29. | |
have been able to dramatically increase their users, both | :06:30. | :06:33. | |
internationally and here in the. So the question is, what is behind all | :06:34. | :06:38. | |
of this? A big part of the story has to do with original content. Netflix | :06:39. | :06:43. | |
has been creating its own television shows and series. And that has been | :06:44. | :06:50. | |
something that has been bringing a lot of users to the streaming | :06:51. | :06:55. | |
service. So what can we expect from them going forward? Well, with | :06:56. | :07:00. | |
regards to original content, Netflix has said that by 2017 they want to | :07:01. | :07:04. | |
be able to stream 1000 hours of original content. So that is really | :07:05. | :07:10. | |
great for those who are subscribing or who want to subscribe. But, flex | :07:11. | :07:15. | |
is still going to be facing some stiff competition from the likes of | :07:16. | :07:20. | |
Amazon, who are also creating original content, and from streaming | :07:21. | :07:26. | |
sites like Hulu. -- Netflix. This is a step in the right direction. And | :07:27. | :07:33. | |
if you look at results, investors are really happy. Samira Hussain, | :07:34. | :07:34. | |
BBC News, New York. Now here's a financial offer that | :07:35. | :07:36. | |
already sounds like its already had Dalian Wanda, the Chinese | :07:37. | :07:39. | |
media and property giant, has done a deal with the country's | :07:40. | :07:42. | |
government to offer a 40% tax rebate to lure US filmmakers | :07:43. | :07:45. | |
to use its new studio in eastern The offer is the brainchild | :07:46. | :07:48. | |
of the Wanda group Chairman, and China's richest person, | :07:49. | :07:52. | |
Wang Jianlin who has already snapped up the production company behind | :07:53. | :07:54. | |
films including "Interstellar" and "Jurassic World" in his quest | :07:55. | :07:56. | |
to put the Chinese entertainment Mariko Oi joins us | :07:57. | :07:59. | |
now from Singapore. Let us talk to her. It is nice to | :08:00. | :08:14. | |
see you. It would seem that Dalian Wanda is on a mission and is trying | :08:15. | :08:18. | |
all different ways to get Hollywood. That is right. The company has been | :08:19. | :08:23. | |
making news headlines quite often lately, not just with the investment | :08:24. | :08:28. | |
in the US, but also in the UK as well. These moves have also raised | :08:29. | :08:36. | |
concerns among some US loss -- lawmakers over China's increasing | :08:37. | :08:41. | |
investment in Hollywood affecting the US media. But after the latest | :08:42. | :08:47. | |
offer of a 40% discount, Hollywood producers want to film in their | :08:48. | :08:53. | |
studios in China, he said this is an opportunity for Hollywood, not a | :08:54. | :08:58. | |
competition, repeating that he is doing this as a businessman, and it | :08:59. | :09:01. | |
does not come with a political twist. He also emphasised how | :09:02. | :09:06. | |
China's box office market is growing rapidly. You actually predicted it | :09:07. | :09:10. | |
could match the biggest market in the US by 2018, and in order to | :09:11. | :09:16. | |
succeed in China, he said, those films have to have Chinese elements, | :09:17. | :09:21. | |
filming these films in their studios in China will be a great way to do | :09:22. | :09:27. | |
this, he said. I am sure we will have more news soon. Great to see | :09:28. | :09:29. | |
you. Thank you. And there appears to be something | :09:30. | :09:30. | |
in the water CEO's are drinking because two major bosses have | :09:31. | :09:34. | |
announced that they're Caterpillar CEO and Chairman, | :09:35. | :09:36. | |
Doug Oberhelman, will retire The company has seen a large decline | :09:37. | :09:39. | |
in sales in recent years, triggered Meanwhile, the CEO of Visa, | :09:40. | :09:46. | |
Charlie Scarf, says he is resigning after four years because he finds it | :09:47. | :09:50. | |
to difficult to see his family who live on the opposite side | :09:51. | :09:54. | |
of the country to San Francisco The former president | :09:55. | :09:57. | |
of American Express, Alfred Kelly, will replace him at the end | :09:58. | :10:00. | |
of the month. That is all from World Business | :10:01. | :10:27. | |
Report. I will see you in a moment when we review the | :10:28. | :10:28. |