Browse content similar to 11/08/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
The tainted eggs scandal that began in the Netherlands has spread | :00:00. | :00:00. | |
20 tonnes have been sold in Denmark. | :00:07. | :00:09. | |
Susannah Streeter is here. It is time to World Business Report. | :00:10. | :00:17. | |
More troubles for the founder and former boss of Uber. | :00:18. | :00:20. | |
Now Travis Kalanick is slapped with a lawsuit for fraud. | :00:21. | :00:28. | |
Shares of the owner of Snapchat plunged 14% after the social media | :00:29. | :00:32. | |
firm reported more than $400m in quarterly losses and fewer | :00:33. | :00:34. | |
Hello and welcome to World Business Report. My name is Susannah | :00:35. | :00:46. | |
Streeter. In a minute we'll look at the very | :00:47. | :00:47. | |
expensive business of having a baby. ride-sharing giant Uber's | :00:48. | :00:51. | |
horrible 2017 continues. In June its co-founder, | :00:52. | :00:58. | |
Travis Kalanick, was ousted as chief executive after a series | :00:59. | :01:01. | |
of scandals hit the company. He is now being sued for fraud | :01:02. | :01:03. | |
by one of their biggest investors. When Travis Kalanick was forced out | :01:04. | :01:14. | |
as chief executive of Uber, he kept a seat on the company's board, and | :01:15. | :01:19. | |
also a 10% stake in the firm. But since then, it is alleged that he | :01:20. | :01:24. | |
has been concocting a plan to get his seat back. He told allies that | :01:25. | :01:33. | |
he was doing what Steve Jobs did, having left only to front and the | :01:34. | :01:41. | |
return to Apple. It is said that he fraudulently expanded the board to | :01:42. | :01:47. | |
make such a return possible to him. Benchmark Capital said it would not | :01:48. | :01:50. | |
have agreed to more board seats if it knew Travis Kalanick's plans. If | :01:51. | :01:56. | |
successful, it could seek Travis Kalanick kicked out of the company | :01:57. | :02:00. | |
that he helped build into what it is today. Dave Lee, BBC News, San | :02:01. | :02:04. | |
Francisco. Shares in Snap, the company that | :02:05. | :02:10. | |
runs Snapchat, have fallen again after its latest set of results | :02:11. | :02:13. | |
disappointed investors. Snapchat launched in 2012 | :02:14. | :02:15. | |
as a mobile app that allows users to send photos that vanish | :02:16. | :02:18. | |
within seconds, and has gone on to become a big | :02:19. | :02:21. | |
hit with millennials. Snap said the number | :02:22. | :02:23. | |
of daily active users, the measure the markets | :02:24. | :02:25. | |
are most interested in, rose by 4% to 173 million, | :02:26. | :02:27. | |
compared with the first three a service on the Instagram platform | :02:28. | :02:30. | |
that closely resembles Snapchat - Revenues at Snap almost doubled | :02:31. | :02:37. | |
for the quarter to $181.7 million, which was lower than what analysts | :02:38. | :02:45. | |
had been forecasting. The tech firm made a loss of $443.1 | :02:46. | :02:47. | |
million, which was quite The company has had a rough ride | :02:48. | :02:53. | |
on the markets since it went public in March with blockbuster | :02:54. | :02:59. | |
valuation of $28 billion. These results came out | :03:00. | :03:04. | |
after the closing bell in the US but in after-hours trading | :03:05. | :03:07. | |
shares were down by 14%. With me is Mike Weston, | :03:08. | :03:09. | |
Founder of marketing agency Hello. Thank you for coming in. | :03:10. | :03:19. | |
These are some disappointing results. Particularly its active | :03:20. | :03:26. | |
daily users number. Yes. It is clear that the growth in daily active | :03:27. | :03:31. | |
users has slowed down from where I was 12 months ago. What is | :03:32. | :03:36. | |
disappointing is that here is a category that Snap invented, and | :03:37. | :03:39. | |
they are being outplayed by, as you say, Instagram and Facebook with | :03:40. | :03:50. | |
WhatsApp. It does show that a very successful company, which are | :03:51. | :03:57. | |
undoubtedly Snap is in terms of its attraction to millennials, those | :03:58. | :04:01. | |
younger users that the tech firms are desperate to attack. They are | :04:02. | :04:07. | |
still faced with the might of Facebook and it is difficult to | :04:08. | :04:16. | |
grain down, is that? -- difficult to gain ground, isn't it? Yes, the | :04:17. | :04:25. | |
advertising market is not there that they need to bring the losses down. | :04:26. | :04:30. | |
But the active users are still growing. And there is a lot of | :04:31. | :04:34. | |
innovation within Snapchat, offering different devices and technology to | :04:35. | :04:40. | |
attract users. What do you forecast for the company? They are in a | :04:41. | :04:44. | |
difficult spot. They have demonstrated over the last four or | :04:45. | :04:48. | |
five years that they are capable of innovating quickly and effectively. | :04:49. | :04:51. | |
The problem they have is that everything they do get copied very | :04:52. | :04:56. | |
quickly and effectively, by Instagram in particular. They need | :04:57. | :05:03. | |
to up the anti-in innovation stakes. -- ante in. We have yet to see what | :05:04. | :05:13. | |
Snap could be of the pullout of the back to rescue their fortunes at | :05:14. | :05:17. | |
this point. Facebook seems to have a stranglehold on the market, don't | :05:18. | :05:21. | |
they? It shows how difficult it is for disrupters to come in and | :05:22. | :05:28. | |
disrupt, not just in this realm, but in other rounds in the tech sector. | :05:29. | :05:35. | |
For instance, as on, every competitor finds it hard to break | :05:36. | :05:43. | |
through. Is interesting to see what happens with us on an debt messaging | :05:44. | :05:47. | |
platform, which has been spoken about over the last few weeks. -- | :05:48. | :06:00. | |
Amazon and their messaging. Their number of active users are not | :06:01. | :06:05. | |
trivial, but it is just not enough. Thank you very much to join us, Mike | :06:06. | :06:07. | |
Weston. -- for joining. Babies are big business | :06:08. | :06:16. | |
and an increasing number of parents think that what's best | :06:17. | :06:18. | |
for their child has In the US that's fuelled | :06:19. | :06:21. | |
by a growing premium market, as parents blow budgets to make sure | :06:22. | :06:24. | |
they have the get hold of luxury brands, as Michelle Fleury | :06:25. | :06:28. | |
reports from New York. When we were growing up, we never | :06:29. | :06:34. | |
had all of these options. I never even had a car seat. Shopping for a | :06:35. | :06:39. | |
baby is not would be used to be. Meet us, women would come down and | :06:40. | :06:42. | |
see the stroller pitch, and they were start crying, because there are | :06:43. | :06:45. | |
so many options. There is an explosion of choice. Just takes | :06:46. | :06:51. | |
rollers. It is an easy fold. This man, also known as the Baby Guy, is | :06:52. | :06:58. | |
an expert on the gear. There were two reverse investment, spending | :06:59. | :07:03. | |
more money in the Cribbin the mattress. To him, the current trend | :07:04. | :07:08. | |
started with the bugaboo stroller. They were the start. They cannot | :07:09. | :07:14. | |
with this great stroller, and others had to step up their game. -- | :07:15. | :07:18. | |
Bugaboo stroller. And that trickle-down into other categories. | :07:19. | :07:21. | |
In America, women are waiting longer to have children. By then, they | :07:22. | :07:25. | |
often have more disposable income. And the industry is growing fast to | :07:26. | :07:30. | |
cater to them. This year, the global market for babycare products is | :07:31. | :07:35. | |
expected to reach $66.8 billion. For all the cuteness, this is a | :07:36. | :07:39. | |
billion-dollar industry, with baby companies focused on trying to | :07:40. | :07:43. | |
figure out how to get expectant parents to spend more. And the | :07:44. | :07:49. | |
choices can be world in -- and Jones can be the world are in. These | :07:50. | :07:54. | |
parents to to know just how well how daunting it can be. It was an upper | :07:55. | :08:02. | |
tier of product available, which is aimed at people who are very | :08:03. | :08:06. | |
wealthy. It is easy to get wrapped up in it. It is very expensive. You | :08:07. | :08:10. | |
can get so caught up in it, especially on Instagram, when you | :08:11. | :08:14. | |
look at the Pavic lies some of these families have. They always | :08:15. | :08:17. | |
beautiful, and their homes are so wonderful, and they have so many | :08:18. | :08:20. | |
perfect baby items, so you think you need certain things. Take every | :08:21. | :08:25. | |
parent's desire to get the best for their kids, filled with the classic | :08:26. | :08:28. | |
key consumer desire to keep up with the Joneses and big profits for the | :08:29. | :08:34. | |
babycare companies seem to be child's play. | :08:35. | :08:36. | |
What do you think? Please join in on the conversation online. How much is | :08:37. | :08:47. | |
enough to spend on your new baby? Let us know your thoughts. | :08:48. | :09:02. | |
on Facebook or whatever platform you choose.. | :09:03. | :09:06. | |
In other news, corporate regulators in Australia say they're reviewing | :09:07. | :09:10. | |
money-laundering accusations against Commonwealth Bank. | :09:11. | :09:11. | |
The chairman of the country's Securities and Investment Commission | :09:12. | :09:13. | |
told parliament this morning that they're looking into whether other | :09:14. | :09:15. | |
Australia's treasurer described the latest scandal engulfing | :09:16. | :09:18. | |
the country's biggest bank as "an epic fail" and "incredibly | :09:19. | :09:21. | |
Cyberspace administration of China accuses certain sites of failing to | :09:22. | :09:27. | |
remove violent and obscene content, as was terrorism content and fake | :09:28. | :09:36. | |
news. This includes sites such as we chat and we bow. That's check in | :09:37. | :09:41. | |
with the financial markets now. The standoff between the US | :09:42. | :09:43. | |
and North Korea has been Appetite for risky assets is low - | :09:44. | :09:46. | |
instead investors are piling into perceived safe | :09:47. | :09:50. | |
haven assets like gold, the Swiss franc, and the yen that's | :09:51. | :09:55. | |
put a bit of pressure on the Nikkei feeling the effects | :09:56. | :09:59. | |
of the sabre-rattling on wall street - Dow Jones, | :10:00. | :10:15. | |
and S 500 suffered their biggest | :10:16. | :10:20. |