22/04/2016 BBC Business Live

President Obama has made a powerful appeal for Britain to stay

in the European Union, arguing that EU membership magnifies

Live from London, that's our top story on the 22nd of April.

President Obama writing in the Telegraph today doesn't shy

away from arguing that Britain should vote to stay in the EU.

We're going to be discussing that and the economic relationship

Also in the programme: The co-founder of Apple has told

the BBC that all companies should pay a far higher tax rate,

adding that he doesn't like paying a higher tax rate than the company

Shares of Japanese automaker Mitsubishi Motors are down

Asian markets meanwhile have traded lower today, mirroring how US

There is a basic look at what is happening on the European markets.

And we'll be getting the inside track on the week's

biggest tech stories with our very own tech guru,

including Google's battle with the EU and less than stellar

And on the day that one business body has admitted that

executive pay is too high, we want to know if you think the way

He meets David Cameron in Downing Street on Friday

afternoon in what's expected to be his last visit to the UK

He's already making waves, writing an article in the Telegraph

newspaper supporting the case for the UK

to remain within the EU in the country's

But the global economy will be central to almost

Earlier this month the IMF once again lowered its forecasts

for the world economy for the year from 3.4% to 3.2%.

Countering an increasingly assertive Russia will also be on the agenda.

The US is keen for Cameron and other EU leaders to maintain sanctions

targeted at Russia's state finances, energy and arms sectors,

which have played a role in the Russian economy spending more

And then there's the debate on Britain's membership of the EU.

Writing in the Daily Telegraph Mr Obama said the UK had benefitted

from being inside the EU in terms of jobs, trade and financial growth.

Several senior UK politicians bluntly telling the president

in an open letter that "matters of sovereignty are best left

With me now is Tom Packer, Fellow of the Rothermere American Institute

Great to have you. Both Jamie and I wondering why President Obama is in

Britain. We can understand Saudi Arabia, Germany, central to the

eurozone crisis, is he here... He says he is here for the Queen's

birthday but he is here for Brexit? That is my view. I am sure he would

have said happy birthday to the Queen but he does not have to be

here to see it. Not with a full representation of his own party. The

biggest thing to emphasise as I would not emphasise how much

Americans are focusing on the Brexit debate. President Obama speaks for

himself and a number of Democrats listening and for the State

Department. He does not speak for the whole American political

establishment so Senator Cruz was sending much more positive about

Brexit the other day. What is in it for him or the US? Why is he doing

this? It is not just a favour for David Cameron? Absolutely not. One

multilateral organisations which is multilateral organisations which is

a key part of President Obama's political creed. The US for half a

century has wanted us in the EU because they see us as a pro-US

voice in the European Union. Liking multinational institutions, they

have been saying recently they like to do trade goals with blocks, with

a transatlantic trade partnership. Wooden they not be prepared to deal

with the UK on its own? There is a degree of unpredictability but I

would be surprised if the US did not do a deal with the UK. They have

often found it easier to do deals with countries like Australia. Apart

from all of that, there is a lot on the agenda. How big is Russia?

Central to the US to make sure David Cameron and Britain are onside and

the EU to keep the sanctions up. Well there might be talking about

the IMF? I don't they will be talking about the global forecasts.

If we were not on the same page on Russia it may be an issue but I do

not think there are serious disagreements between the two

governments. Thank you. Compaq from the University of Oxford.

In other news: Earnings at Google's parent company Alphabet have

disappointed the markets, despite a 20% increase

in profits in the first three months of the year.

Analysts were unhappy that the average price of online

ads, known as cost-per-click, fell by 9% in the quarter.

Revenues at the world's second largest company rose to over

$20 billion, but that didn't stop its shares

Shares in Starbucks also fell 5% after it also missed revenue

The coffee chain's earnings came in slightly under analysts

Demand in the US, as well as solid sales in Asia, helped to offset

slow growth in Europe but still missed

Uber has agreed to pay $100 million after a class suit. The keys could

threaten the taxi hailing app's business model.

PSA Peugeot Citroen offices have been raided by anti-fraud

investigators as part of ongoing investigations on pollutants

The firm said its vehicles are emissions compliant.

Authorities and car manufacturers have been on the alert in the wake

of the Volkswagen emissions scandal, which emerged in late September.

And I guess the Mitsubishi scandal as well. When was the last time we

spoke about the Greek debt crisis? It has been going on so long.

They are gathering in Amsterdam. Funny that, on a Friday! The

discussion is still going to be around, $360 billion is the debt

mountain that Greece is sitting on. It is unrealistic for Athens to pay

that back. The IMF has still not joined in?

We are in the third bailout. This is to get the second chunk. They are

reviewing. I am more interested in this story. I am going to come back

to that. The ECB, we could be seeing more negative interest rates.

Mitsubishi Motors' fuel economy scandal has broadened as US

regulators said they were looking into reports that the carmaker

submitted misleading data on at least one more

Mitsubishi's share price has fallen to a new low.

Give us the latest. To give you an idea of how much damage it has done

to Mitsubishi's market value, before the scandal it was 864 yen and two

days later it has claws that 560 yen, so $3 billion wiped off the

market value. That may be the start of its troubles. US regulators

seeking more information on whether more models are involved,

specifically those sold in the US, and the Japanese transport minister

said he may push Mitsubishi motors to buy back the cars involved.

Inevitable lawsuits and fines, Mitsubishi looking at paying out a

lot more for some time to come. The markets are doing reasonably well.

The main feature has been the oil price yet again. When the oil price

goes up stocks generally go up and when the oil price goes down stocks

generally go down. That is what is happening at the moment. Slightly

affected by the problems Mr -- at Mitsubishi. The biggest three

default that stock has had since 1988. The Nicky managing to bridge

that to one side and make a small gain. We have had the oil price

moving up which has helped that market. The oil price did a strange

thing yesterday, gained and then fell after lunch, fell off a

relatively small cliff. Largely because there was a strike in Kuwait

that was called off which meant that supply was going. People coming back

about fundamentals and demand. All the other markets in Europe doing

pretty much the same thing. Our reporter has the details about

what's ahead on Wall Street Today. At Microsoft higher than expected

taxes meant the company missed expectations. Without those taxes it

did quite well reporting a $5 billion profit as its business

continues to see strength. This Friday we should get a sense of how

American consumers are spending their money when McDonald's and

American Airlines report their first-quarter profits. Another

bellwether for the US economy General Motors might offer details

about its transformation into a ditch till industrial company when

it turns on its first quarter results.

Joining us is Mike Amey, managing director and portfolio

I want to talk about oil. The oil price came off a little bit.

It came up and went down at the end of the strike incomplete. The oil

widening the dock of the equity market.

It seems to be. Generally speaking the markets have shrugged it off.

The general assessment is it is difficult to get a deal between the

Saudis and the Iranians. Would you buy shares in oil at the moment? In

our view we think we have seen a lot of the move. No? I do not think so.

I think we have seen most of the movement we are going to see. One of

the reasons the FTSE is up is because these stocks have moved

already and I would argue they are not going to go lower. The challenge

we have at the moment in commodities, stock markets in

general, they tell you that we have had a decent bones after volatility

but we are at relatively high levels and less growth can accelerate. The

Greek debt crisis. The IMF is in its third bailout deal. It is in the

lending because it has lent them a lot of money. It has not lent them

any extra money by they want to get men on the money out of they have

already linked. Very much on the table. You are going to take us

through the newspapers. Later. And we will be looking back at a bad

week for Google as they battle the EU over their android platform

and release some less You're watching Business

Live from BBC News. The UK government has announced

it is willing to take a 25% stake in any rescue

of Tata Steel's UK operations. The business department said

it was preparing to make a support package "worth hundreds of millions

of pounds" available Business Secretary Sajid Javid said

the money would be offered on commercial terms,

but the government would not take What does business make

of the announcement? Terry Scuoler is Chief Executive

of the manufacturers Terry, what do you think of this

particular deal? It is a positive offer. I applauded. Hundreds of

millions of pounds of commercial possibly soft loans. Allegedly

millions of pounds worth of grant aid. And co-owning the business up

to a level of 25%. One would think this would strongly encourage a

potential buyer to come forward. Is it a little bit too little too late?

We could always look back and think about what should have been done and

could have been done. A number of governments could be accused of not

doing enough. But for the stake -- sake of the steel sector and those

communities in South Wales, let's concentrate on finding a buyer

within a reasonable time frame... That is the point, isn't it? Who is

going to want to buy, really? It is a very good question. But look back

over history. There is plenty of money out there in various forms of

funds. There are business leaders out there who invariably do come

forward, take the distressed assets and have a fighting chance of

turning them around. I am pretty convinced that there is a buyer out

there. But the buyer needs to be found.

You are keen to show this. This was in the FT. It is how to spend

magazine. Can you see that outfit? Six grand. ?6,000 for the outfit. A

mere bagatelle. Jamie has already got two!

You're watching Business Live - our top story.

of a visit to Britain, President Obama has repeated his

support for the country remaining in the European Union.

His intervention comes ahead of a British referendum

Mr Obama says membership of the EU magnifies Britain's influence.

It's been another big week in the world of technology,

with the EU investigation into Google's Android operating

system, the big job losses at Intel coupled with ARM results,

and possibly the Netflix story - shares dropped after Amazon launched

You are curious about that outfit. I could see you in it. My wife said

there is an FT special on men's fashion, and that I should take it

with me! Google, what a hell of a week. Alphabet, numbers... What do

we make? Very interesting. The numbers would be pretty good by any

the level you. Revenues of $20 billion. They did not hit their

targets. Wall Street never likes that. A worrying rise in costs. It

is basically the move to mobile. Everyone is moving to mobile. Google

has been pretty successful in moving its advertising operation to mobile.

That is costing more than Wall Street expected. I love this

division of alphabet. Basically, this is the stuff they splurge money

on, which may make money one day down the track. It includes things

like self driving cars. A business they board for a $3 million a few

years ago. Smart thermostats for your home. All of that appears to be

going not terribly well. I have been aware of this story before. Looking

at their share price, over the past year it has gone from 550 to 750.

People have not lost confidence in this company. Some of those bets

will come off? Undoubtedly. What you say about the share price is

interesting. When a share price gets that... It is predicated on big

growth and on some of those bets coming off. If they do not come off,

share price dips. I want to get Internet flicks. The investigation.

Europe seems like it is going through Google's blood. This is a

long-running battle much like the battle the EU had with Microsoft. A

very important front because it is about android. Google's future lies

in Mobile. That is where a lot of its revenues will come from in the

future. They are being investigated as well? That has been going on

since 2010. We may be near a verdict on that one. A big battle about

streaming video, the future. Net flicks, one of the hot stories of

recent years, just a little blip this week when Amazon made it clear

it was going to punch a bit harder in that field, separating the Google

service from the Amazon Prime service. A few questions about the

share price. Is it predicting endless growth when it may not come.

Always a pleasure. Have you heard what Steve Wozniacki told the BBC?

He wants to pay more tax. You can watch it right now.

The co-founder of tech giant Apple has told the BBC that he thinks

businesses should pay fairer tax - Ben caught up with him.

Do you worry the company you found it has moved so far away from its

founding principles that it is now looking to actively pay less tax? If

you make money you should pay some money to government on it. We knew

we would be a worldwide company. We just assumed we would pay taxes on

it. Maybe the tax rates are different for a company than a

person, which is something that bothers me to this day. I look at

any company that is a public company, it has to be as profitable

as possible. That means financial people studying the laws of the

world and figuring out what is technically legal. You you have any

power to change things? I do not think it would be right for me to

try to influence how Apple handles it. I would have no effect anyway.

They are going to take the last thing that saves a penny.

We are going to do a story about pay. We are going to look at some of

the other interesting stories. There you are!

Mike Amey, the managing director and portfolio manager at Pimco,

Business leaders are saying it is down to directors. Senior executives

are potentially getting paid too much, according to the Institute of

Directors. One, there is potentially a disconnect between the performance

of some companies and the pay of the senior executives. My read of this

is that it is pretty clear there is a challenge out there. If you have

these pay packages over three to five years, you can get some bizarre

situations where somebody's pay could be very large in a year when

the stock price could be down. What did you think about Martin Sorrell

getting ?7 million from BP? We do not actually own single stocks. We

on them via certain other routes. We did not vote in either of those.

When we rank any company, you rank corporate governance alongside

performance of the stock. There are some classic examples of corporate

governance. Volkswagen, for example. The way we think about it is an

aggregate of corporate governance rather than building an independent

pay packages. The south on the morning post. This is Beijing's

answer to the Panama papers. Skynet one was last year. This year is

Skynet two. Broadly speaking it is an attempt to track money that might

have left the country via certain securities routes. -- circulators.

This has probably been triggered by the Panama situation. This is the

second time they have done this. Generally speaking you do that when

you're reasonably comfortable economy is on an even keel and you

can focus on corruption. We have to talk about Prince.

Legend? Was he the music of your life? If I am completely honest with

you, David Bowie for me was the man. I am still morning only. Great

performer. Front page of a lot of the newspapers is a classic concert

where he performs Purple Rain in the rain at the Super Bowl.

You cannot get better. What about you?

Bowie, I'm afraid. Always a pleasure. Have a great weekend.

There will be more business news throughout the day on the BBC Live

webpage, and on World Business Report.

A little taste of winter in the next few days. An echo of winter. It will

not be that cold. There is air coming all the way from the Arctic,

so