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