tv World Business Report BBC News July 16, 2021 5:30am-6:01am BST
this is bbc news with the latest headlines for viewers in the uk and around the world. banking on a return to the office. goldman sachs hopes to have 70 percent of london staff back in when restrictions lift on monday. we have been very clear, the centre of our gravity of the workforce will be in the buildings in london, it will be this building. uncovering tensions. england drops its legal requirement for masks from monday, but many businesses will continue to insist on them. financial revolut—ion. the banking app becomes britain's most valuable start up ever, with a price tag of $33 billion. plus — dna detectives. how the boom in genealogy websites is helping police solve cold cases, and
raising privacy concerns. we start with coronavirus restrictions here in the uk because as of monday staff in england will no longer be asked by the government to work from home. while some companies will continue to offer flexible working, many are anxious to get people off zoom and back in the office. investment giant goldman sachs spent a billion pounds on its new london headquarters two years ago. it wants the vast majority of staff back at their desks on monday morning. goldman's global chief executive has been showing the prince of wales round their building this week. he told our business editor simonjack their commitment to the office — and to london —
is as strong as ever. we are delighted that prince of wales are spending time with us today and visiting this building, you know, this is our european headquarters, been here forjust over european headquarters, been here for just over two european headquarters, been here forjust over two years. we put this building and placed through the brick said., and it really underscores our confidence that london will remain one of the world's leading centres. london has lost so much, why are you — london has lost so much, why are you so _ london has lost so much, why are you so confident in london's future as a financial centre? — ce ntre ? we centre? we service clients centre? — we service clients everywhere, we have business in latin america, it is a broad field we are playing in. the european part is continuing to be important, and london and
europe will continue to be joined up in many ways. sitting here in your pretty new head office in london, how many people will be coming back and under what circumstances? will you be keeping masks on? do i have to be vaccinated? what is the protocol for the return to office? we have been very clear, the centre of gravity for our workforce will be in the buildings, and in london it will be this building. we believe it is important to have our people together. we will see whether vaccinations and up, i am sure they will be some members of the population that aren't. we continue to focus very much on, yes, securing a safe workplace.— safe workplace. will there be no masks _ safe workplace. will there be no masks in _ safe workplace. will there be no masks in the _ safe workplace. will there be no masks in the building? . no masks in the building? people will still be wearing masks from monday. will you direct your employees to wear masks?— will you direct your employees to wear masks? from monday, es. yes. how long? we will see how it
evolves over time. we will continue to manage our exit from this and are cautious and appropriate way to make people feel comfortable. i am vaccination hesitant, i can walk through the front door on monday? yes. if one of your other colleagues says, i don't like that idea, i don't want to come on, will you force them? no, we will not force them to come in. no, we will not force them to come im— come in. so, i could say, i don'tfancy_ come in. so, i could say, i don't fancy coming - come in. so, i could say, i don't fancy coming in - come in. so, i could say, i don't fancy coming in for. come in. so, i could say, i. don't fancy coming in for the foreseeable future, live with it. , , . ., ., it. our focus is creating a safe environment - it. our focus is creating a safe environment for - it. our focus is creating a i safe environment for people it. our focus is creating a - safe environment for people to feel comfortable. if i safe environment for people to feel comfortable.— feel comfortable. if i don't feel comfortable. if i don't feel comfortable _ feel comfortable. if i don't feel comfortable will - feel comfortable. if i don't feel comfortable will you l feel comfortable. if i don't - feel comfortable will you have a word with me and say, actually, you know, you need to come back to the office. we look to come back to the office. - look to understand the issues and what your concerns are and see if we can address them. this is a really big talking point, so let's stay on the subject and the lifting of restrictions in england on
monday. masks will no longer be required in law and public places, but there is huge disagreement. the government says it still expects and recommends shoppers to wear them and two big supermarket change — sainsbury and tesco — will be asking people to put masks on before entering their stores. that's a speak with andrew goodacre, chief executive of the independent retailers' association. good morning. what is your association saying on the issue of masks and shops?— association saying on the issue of masks and shops? yes, good morning. _ of masks and shops? yes, good morning. we — of masks and shops? yes, good morning, we have _ of masks and shops? yes, good morning, we have been - of masks and shops? yes, good morning, we have been quite i morning, we have been quite clear or clear as we can be given the vagueness of the guidance. customers, shoppers don't have to wear masks anymore. the retailer can't enforce that. the feedback from the members is that there is great concern about it and would like some of the larger retailers, we expect encouragement of people to wear masks to protect staff and
business. masks to protect staff and business-— masks to protect staff and business. ., , , , ., business. that is the issue for those in the — business. that is the issue for those in the supermarket - those in the supermarket working, people they are all the time surrounded by customers, they will feel very vulnerable, presumably. absolutely, and in a small business especially you talk about a small space — naturally, it is a small shop. we are talking about a small number of people who work there, including the owner. they want to protect their people. they fully respect their duty of care to their people, and want to create a safe working environment. at the same time, they want to encourage customers to come in, they need them to come in, and it is a difficult balancing act for a small retailer to get the right path forward.— right path forward. andrew, what is happening - right path forward. andrew, what is happening among i right path forward. andrew, i what is happening among your members with regard to this issue of being pinged and staff needing to be isolated. we are looking at headlines today that half a million people received a notification last week to isolate. i was one of those
which is why i disappeared off school because i was messaged by the nhs track and trace app. is this an issue for retailers in terms of staffing? it is this an issue for retailers in terms of staffing?- in terms of staffing? it is, across the _ in terms of staffing? it is, across the whole - in terms of staffing? it is, | across the whole spectrum in terms of staffing? it is, i across the whole spectrum of retail as well. a particular problem for small retailer that we were made aware of two weeks ago when some members were calling and asking us how they could deal with self isolation. the impact is, in a small shop of one member of staff test positive, it is likely the whole team will be deemed a close contact, including the owner, so the shop has to close. we know across the retail spectrum, whether small closure, bookseller, a cafe, they are being forced to close because of self isolation. that is a tragedy when they are just in the process of rebuilding their business.— in the process of rebuilding their business. absolutely, so many challenges _ their business. absolutely, so many challenges remain - their business. absolutely, so many challenges remain and i their business. absolutely, so i many challenges remain and will do for some time. andrew goodacre, thank you for being on the programme.
digital banking app revolut has become the uk's most valuable start—up ever, after new investments valued it at $33 billion. the company is just six years old but now has more than 15 million users and a price tag, on paper at least, higher than high street banking giant natwest. revolut provides currency exchange, current account and crypto—currency services for customers across 35 countries but is still in the process of attaining a uk banking licence. simon french is chief economist at panmure gordon here in london. good morning. good morning. clearly, good morning. clearly, revolut is doing extremely well in terms of getting lots of customers. it has this high, high valuation, but some it may be quite nervous about these kind of new financial apps out there. give us your thoughts. this is
a valuation must more consistent with the technology company than a bank. if you look at the valuations on the traditional banking sector, particularly in the uk, around ten times earnings. the technology space — 25—80 times. so, not everyone will be familiar with revolut, it is valued as a technology company. you are right, there is some nervousness, particularly with the cryptocurrency exchange. the confidence that consumers might have to take a broader range of services rather than just fx transactions or taking loans out, that is what the investors are gambling on — that that transition will happen. there needs to be confidence that the underlying entity is sound. when will the transition happen because we have had some of these apps around for many years, people are more
confident and familiar, but they are used more often as a sideline next to an old—fashioned bank where you have your mortgage and salary going in. there are two big drivers to that customer transition. first, the direct marketing incentives that companies like revolut can provide. clearly, this investment will partly expand, but also try and deepen its marketing, targeting, try and get the behavioural shift to happen, but the other thing to happen, but the other thing to note is the average age of the customer base is generally quite young. as they evolve through the life—cycle and reach life events they change employers, buy a house, or need credit, that is when revolut is going to try and compete as they mature through the life—cycle whether more traditional lenders who people who have preceded them traditionally borrowed from. do you think they are likely to get snapped up by a big bank
anyway? a nyway? if anyway? if it is prized by a technology company, often these get rolled up company, often these get rolled up into larger entities, i think this valuation though is quite difficult — who will have deep enough pockets for that kind of alienation. i think it has every chance, as the cfo pointed out yesterday, that it could go to the public market as an entity on the mentor scale. simon french, thanks for talking to us. the us is about to issue an advisory to american companies warning them about the risks of doing business in hong kong. china is tightening its grip. president biden has told a news conference that �*the situation in hong kong is deteriorating and the chinese government is not keeping its commitment. katie silver is following this for us in singapore.
what did president biden have to say? ﬁgs what did president biden have to sa ? �* , , ., what did president biden have tosa ? a what did president biden have to say? as you said, it was about china _ to say? as you said, it was about china not _ to say? as you said, it was| about china not completing to say? as you said, it was - about china not completing its commitment with the people, hong kong. many are expecting the announcement will be later today, the first advisory we have seen from washington regardless of warnings issued to operators in hong kong. we understand the state department is likely to flag what it sees a certain traits. one is data, any data on american company has in china, they may well say that that could be privy to the chinese communist party. it seems like they are likely to flag this new law which means china may place tit—for—tat sanctions on any businesses or individuals that comply with western sanctions against chinese officials. from what we understand, it is likely to mention recent events, particularly that of apple daily and other businesses
feeling the heat of national security laws and crackdowns by authorities. we understand as well that we are likely to see the white house extend its list of chinese officials and individuals that have sanctions placed upon them. it is part of a wider crackdown we saw as well as the ongoing escalating tensions between these two large economies. thank you, katie silver, from singapore. richard branson made history this week by blasting to the edge of space. next week it's the turn of billionaire entrepreneur jeff bezos. turbo—charged by private companies, the business of space is really taking off. aaron heslehurst has been speaking to two industry leaders to find out what they think the future holds. the race for space is on, and the out of the world industry could be worth over $1 trillion in 20 years.
we are envisioning taking thousands, hundreds of thousands, hundreds of thousands, eventually millions to space. you are going to space at a roaring 12 mph, but that beautiful planet below you with that inky black sky, it is going to be spectacular. for the last decade or so, all things space have moved from a government led model to this private company lead i. haifa private company lead i. how significant — private company lead i. how significant is _ private company lead i. how significant is that? - private company lead i. how significant is that? on - private company lead i. how significant is that? on the i significant is that? on the satellite side it used to be a couple of countries could put satellites up. it is a whole transformation. commercial companies operate differently, and that is what we are seeing. it is causing innovation, companies are popping up all across the globe. there will be airports. you will see — there will be airports. you will see people _ there will be airports. you will see people going - there will be airports. you will see people going to space all the —
will see people going to space all the time. we will see people going to space all the time.— all the time. we will be ”uttin all the time. we will be putting huge _ all the time. we will be - putting huge earthshattering capabilities into space. people will live on _ capabilities into space. people will live on the _ capabilities into space. people will live on the moon, - capabilities into space. people will live on the moon, on - capabilities into space. people | will live on the moon, on mars, people — will live on the moon, on mars, people are _ will live on the moon, on mars, people are moving further and further— people are moving further and further off the planet. will _ further off the planet. will you go or not? if you are watching those at the moment on bbc world news, you can see more of that interview with cisco's ceo on talking business with aaron heslehurst with aaron heslehurst this weekend. the times are on your screen now with the first airing at 23:30 gmt on saturday. stay with us, so much more to come. your holidayjust got more expensive. while hiring a car could be more than double. after months of talks and missed deadlines, a deal has been struck to keep greece within the euro zone. the immediate prospect of greece going bust in the worst crisis
to hit the euro zone has been averted. emergency services across central europe are stepping up their efforts to contain the worst floods this century. nearly 100 people have been killed. broadway is traditionally called the great white way by americans, but tonight, it's completely blacked out. it's a timely reminder to all americans of the problems that the energy crisis has brought to them. leaders meet in paris for a summit on pollution, inflation and third world debt. this morning, theyjoined the revolution celebrations for a show of military might on the champs—elysees. wildlife officials in australia have been coping with a penguin problem. fairy penguins have been staggering ashore and collapsing after gorging themselves on their favourite food, pilchards. some had eaten so much, they could barely stand. this is bbc world news, the latest headlines:
dozens of people are still missing in germany, after western europe's deadliest floods in living memory. angela merkel makes herfinal official trip to washington, as the us and germany say they're united against russian aggression. if you have ever wanted to trace your ancestors, you are not alone. genealogy websites have soared in popularity as the technology for analysing your dna and so revealing your ancestry has come down in price. in the us they are also revolutionising the ability of police to solve cold murder cases. and ringing alarm bells for privacy campaigners. our technology reporterjames clayton has been investigating. in1990, in 1990, the body of a woman was found in rural missouri. she had been tied up and her remains were decomposed. other than knowing they were dealing
with a murder, police had no idea who she was. for many years, she was known simply as grace. so years, she was known simply as race. years, she was known simply as a race. ,., years, she was known simply as race. ., _ grace. so i said that by the race grace. so i said that by the grace of — grace. so i said that by the grace of god _ grace. so i said that by the grace of god we _ grace. so i said that by the grace of god we would - grace. so i said that by the grace of god we would find grace. so i said that by the - grace of god we would find out who she was and the name stuck as grace. in who she was and the name stuck as race. ,, ., as grace. in the us, law enforcement _ as grace. in the us, law enforcement is - as grace. in the us, law. enforcement is increasingly using genealogy sites to solve cold cases by putting dna into ancestry databases, they can find genetic matches with relatives. this laboratory in texas was founded three years ago with a mission to solve unsolvable cases using the clues in our genes. we developed _ clues in our genes. we developed a _ clues in our genes. - developed a hypothesis around a few folks that were related somewhat, based on the combination of the matches but also building up the family tree. it also building up the family tree. , , ., tree. it is exactly how the case of — tree. it is exactly how the case of the _ tree. it is exactly how the case of the notorious - tree. it is exactly how the i case of the notorious golden state killer, a serial rapist and killer, was solved in california after more than 30 years had passed with no conviction. in the case of
grace, police found a distant cousin on an ancestry website. from there, they clothed in what they believed were close relatives. danielle was an aduu relatives. danielle was an adult when she was told she had adult when she was told she had a half sister that she had never met. she had been looking for herfor ever since. i'm made posters, printed flyers, i was going to keep looking, i did not care what it took, what i had to do. in march, she was called by the police and are to take a dna test, it was a match. great though was her missing sister. hundreds of cold cases had been solved using this technique but critics say the process evades peoples privacy and allows the police to access people genetic information without their genetic consent. in order for where they will need to be, they will build up the enormous family trees and they are not those trees that have been consented. why can it be the decision of a third cousin or
someone i'm not related to, what is apathy controlled the power of my genomics? advocates of this technology believes it could solve tens of thousands of murders just in the could solve tens of thousands of murdersjust in the us but with so much interest about our data and dna, there is a bequest questionnaire, which is do we want law enforcement to know that much about us? james clayton, bbc news. if you are planning on braving the web of travel restrictions and taking a foreign holiday this summer, you may be shocked at the price of renting a car. there are reports of them more than doubling due to shortage of new cars. from the us to europe, rental firms who sold off part of their fleets during the pandemic to stay solvent are now unable to restock them. so what's going on?
let's find out from toby poston, he's director of corporate affairs at the british vehicle rental & leasing association. put us in the picture as to what the industry has been going through over the last 18 months and from where they went to where they are now? like many sectors. _ to where they are now? like many sectors, they - to where they are now? like many sectors, they were - many sectors, they were tremendously hard hit by the advent of the pandemic, corporate travel dropped off a cliff and leisure travel was hit and leisure travel funk by 90% overnight and then went into survival mode and we saw branches being shut, fleets being cut as well and at the same time the sector was deemed as an essential service providers that you saw many rental companies staying open, providing cars or key workers and vehicle to make sure essential business services were delivered around the country. obviously as we are slowly coming out of the pandemic, the sector has picked up, business travel is
recovering, and slow recovery in leisure travel as well and import business. the last quarter i have been told has probably doubled in terms of airport traffic but that is obviously recovering from a slow base. obviously recovering from a slow base-— obviously recovering from a slow base. talk through why it's much — slow base. talk through why it's much more _ slow base. talk through why it's much more expensive i slow base. talk through why i it's much more expensive this year to rent a car? that you do with the shortage of chips, leading to a shortage of new cars available to purchase and that it had a knock—on effect for the rental industry? that it had a knock-on effect for the rental industry? well, ou for the rental industry? well, you always — for the rental industry? well, you always find _ for the rental industry? well, you always find peak - for the rental industry? well, | you always find peak seasons, easter or summer, there is always a shortage of cars anyway to deal with the tourism sector, the industry is always trying to balance out the pie of cars and you are dead right, this has been exacerbated by this has been exacerbated by this worldwide shortage of chips, leading to a real dearth of availability of cars and a lot more expensive as well. so for travellers, lot more expensive as well. so fortravellers, do lot more expensive as well. so for travellers, do they have to do, if they want to rent a car, thatis do, if they want to rent a car, that is it, they have to stomach the higher prices on
top of flights being more expensive and all the pcr tests as well? ., . , . . , expensive and all the pcr tests as well? ~' ., , ., ., as well? like many areas of travel, as well? like many areas of travel. at — as well? like many areas of travel, at peak _ as well? like many areas of travel, at peak times - as well? like many areas of travel, at peak times you i travel, at peak times you always see prices of hotels and other areas of travel go up at peak times that the advice is always to book ahead. i would say again that car rental overall prices have not stayed consistent, still offers tremendous value if you think really that the cost of hiring a car is still no more than typically that cost of hiring a tax edo or dress for an evening out. �* , . , ., , tax edo or dress for an evening out. ., out. and its customers have to cancel because _ out. and its customers have to cancel because of _ out. and its customers have to cancel because of changes - out. and its customers have to cancel because of changes due j cancel because of changes due to travel restrictions and she is not to travel because they country moves from an —— green amber, whether we stand when it comes to car hire in terms of getting a return on your money? again, i advise a customer to read terms and conditions and
check with the provider where they stand in either changing they stand in either changing the status of a country due to travel restrictions or any other reason why they cannot travel, always check out the terms and conditions make sure they are very clear where stand. ,., ., ., they are very clear where stand. ., ., ~' they are very clear where stand. ., ., ,, ., looking at the financial markets briefly. most of the main markets are open and trading and as you can see, a mixed picture emerging, hong kong up by nearly half a percent where japan is down by nearly 8%. one of the big losers is the taiwan semiconductor and for most of the session, shares down by over 3% and it came out with latest earnings. this is one of the big ship divided globally and investors are sold off and take profits today because the latest ending news, even though robust sales and revenues are good, going forward, investors are looking at the margins on
future earnings and they are saying it is too slim. the big loser today, taiwan semiconductor, you are now up—to—date. have a lovely day and i will see you soon. hello there. our sunshine that we see believe it or not is linked to the extreme weather we've seen across other parts of europe. the flooding in germany, for example. it's linked by the jet stream. this is the pattern that we've seen. a very undulating jet stream. it means slow moving weather. we've had low pressure bringing the rain across europe. that low pressure will move eastwards. eventually taking the rain away from germany. high pressure will build in across the uk, bringing dry weather. with the sunshine we had on thursday, temperatures in northern ireland reached 26 degrees, making it the warmest day of the year so far. it's going to be a warm start across belfast, temperatures at 16 degrees. we start with cloud across east anglia, but it will break up
more readily. it's going to feel warmer. sunshine across england and wales. some patchy cloud developing. there will be spells of sunshine for northern ireland, but across western scotland, more of a breeze and more cloud. sunnier skies and warmer weather for eastern parts of scotland and across england and wales, 26—27 degrees. it'll be a warmer day for the eastern side of england. high pressure in charge in the weekend. around the top of the area of high pressure, winds are coming in from the atlantic. stronger winds in scotland again on saturday, and that will drag in more cloud and a little more drizzle. the cloud in northern ireland will tend to break up and will get sunshine coming in across other parts of scotland. lots of sunshine and light winds across england and wales. temperatures continuing to climb up to around 27 or 28 degrees. temperatures in scotland and northern ireland probably not changing too
much at this stage. as we head into that second half of the weekend, we'll see more cloud coming down across scotland and northern ireland, perhaps into northern england. a change of air mass which will drop the temperatures. lots of sunshine for the southern half of the uk. temperatures here could reach 29 or 30 degrees. you can see those lower temperatures as you head further north. as we head into the beginning next week, maybe one or two showers. but on the whole, a lot of dry weather once again. but that cooler air in the north will be pushing its way further south.
good morning. welcome to breakfast with charlie stayt and naga munchetty. our headlines. the worst floods in living memory sweep across germany and belgium killing at least 70 people. dozens more are missing with further heavy rain expected today. �*grab a jab' vaccine sites open across england in a final push to get all adults vaccinated before monday's easing of restrictions. good monday's easing of restrictions. morning. is busins the good morning. is business ready for the big reopening? there is a rise in cases in confusion over mask wearing and more being told to self—isolate. ifind out if