13/05/2016 BBC Business Live

later, the Eurozone recovers from later, the Eurozone recovers from

the financial crisis, the question is, what is the cost, an hour-long?

That is our top story on Good to have the Eurozone finally

recovering from the financial crisis. How strong is that recovery,

will it last? Apple has invested $1 billion in a car sharing app which

is a greater market share than Uber in China. We will keep an eye on the

global markets. Shares in the Japanese car-maker Nissan rose,

after it took a major stake in embattled rival Mitsubishi. The boss

of the Bank of England weighs into the whole

Brexit debate. As Facebook launches allegations of

censorship on its site, are you worried about censorship on social

media? Get in touch. We start in Europe -

in a few hours time we'll get the latest growth figures

for the 19 countries that They are expected to confirm that -

at last - after eight years and TWO recessions -

not to mention a major wobble over Greece -

the Eurozone has finally recovered in the first three months

of the year, the Eurozone economy That may not sound like much -

but for Europe that is good going. It puts the annual growth rate

at 1.6% year on year. But here's an even

more important number, the total value of all the goods

and services produced in the Eurozone in the first quarter

was 2.48 trillion euros. That's a shade more

than its peak just before the financial crisis -

in the first quarter of 2008. It's taken years longer

than the US and UK to recover- Some 700 billion euros

was pumped into the economy by the European Central Bank over

the past year and a half. As well as 'quantitative easing'

they have cut interest rates to BELOW zero -

ie negative interest rates. Angel Talavera, Eurozone Economist

at Oxford Economics Why did it take so long? It

highlights the fundamental problems of the

Eurozone, the one monitoring policy and exchange rate for very different

countries. That is the point, the disparity

continues. Germany, Northern Europe, then Italy, Greece? The hype was the

Eurozone would lead to a strong convergence, that is not happened.

You have countries like Germany and Greece which have

To have one policy for both countries nearly impossible.

We keep hearing, people from outside the region, looking in, investors

around the world, they are not optimistic. They seem to be very

pessimistic? It is hard to be optimistic on the Eurozone, after so

many years of mediocre growth stock the prospects are not that great. I

understand why in investor would not be optimistic.

The Eurozone will grow at a steady pace, but the risk is to fall into

mediocrity. Unless there are some big changes made, we will never see

growth rates much higher. Aside from the economic and political

headwinds, in recent months we have seen the migrant

crisis taking control of the area. How big a factor is that? That is

one of the biggest challenges, not only a net economic issue, but a

social issue. It has been very challenging socially and

politically. The challenge of taking those people will be enormous. It is

an opportunity to benefit as well. I just saw this two-day, cracking

little piece. One of the consequences, last year Greece for

capital controls into the banks, restricting people taking cash. One

of the consequences of that, Greeks, in record numbers, are

signing up to credit and debit cards. The thing about them, leaving

an electronic trail for the taxman, which is in a country which has a

reputation for dodgy tax. That is a silver lining of an otherwise pretty

terrible situation for Greece. It might lead to an improvement in the

fiscal balance, which we know is being watched constantly by

everybody. Shares of Apple have fallen below

$90 for the first time in nearly two years amid investors' concerns

about slumping iPhone sales. On Thursday, a report citing

a source within Apple said component suppliers in Taiwan should

expect fewer orders. The pace of iPhone sales has slowed,

particularly in Asia, and there are no major

new product releases scheduled. During the trading session Apple

briefly lost its position as the world's most valuable company

to Google's parent company Alphabet. They are both worth just under

500 billion dollars. Manchester United are due

to release their financial results later today and-

according to Deloitte- the club is expected to become

the biggest earners in World The Premier League team have

recently signed a new 10-year kit deal with German

sportswear giant Adidas. Manchester United are due

to release their financial Manchester United were bought

by the Glazer family in a controversial

leveraged buyout in 2005- the company floated on the New York

Stock Exchange in August 2012. China's leading app-based taxi

service, Didi Chuxing. Leisha - how big a deal is this

and why are they doing it? You are very close in pronouncing

it. It shows that Apple has a strong belief

in a couple of things, one is China, the second is

the sharing economy, and car technology. Tim Cook is

visiting China later this month, he says this $1

billion deal will help iPhones and iPads are levelling off

China, the market is saturated. Apple

something else. It is not a small country, they control 90% of China's

private car market. investors, Alibaba, Google will have

a hard time catching up, they are yet to crack the market.

Lacklustre performance on the markets.

The bank of Japan may add to its massive stimulus before too long.

falling, the load 6100 for the first time in a month.

Hard to say why that is, other than other European markets are lower on

the back of those fools we saw in the

US and Asia. Oil prices slipping a little bit.

We have the details about what is happening on Wall Street. Many

American retailers have shown disappointing profits this week. It

looks as if US sales have gone up for the

month of April. That is welcome news given they fell for the month of

March. What changed? People stepping up their purchases of

automobiles. Also on Friday, the consumer

sentiment for the month of May. Telling us how confident people are

feeling about the US economy. This is a number really closely watched

by the US Federal reserve. Consumer sentiment probably went up in the

month of May from a seven-month low, as Americans see improvement in both

the labour market and finances. James Bevan, Chief

Investment Officer of CCLA We have that Friday feeling. Asian

stocks off the back of a tech sell-off. Apple saying they will not

sell as many iPhones eMac, that means in Asia we will not buy as

many components. There are plenty of people saying it is a pause for

breath before they can to ahead. There will be one and a half billion

people on the planet owning an iPhone before the cycle is over.

That would They are just below 100. The bad

news is the iPhone is over, bad news for the component players, we have

heard the story in Asia. Hence Apple wanting to diversify into content.

Apple is saying we want original content, we will invest heavily,

doing things on our phones, watch it. If we look at how

tech stocks outperformed, they generally got whacked. A slight

recovery from Harmison? For people who are patient with

their stocks, very good. The great advantage for Amazon, people are

prepared to be optimistic, whereas with

Apple, very pessimistic. It is a fraction of the valuation for

Amazon. Brazil, the impeachment. How are markets responding? Markets

are optimistic, but they are spoilt for choice with cheap emerging

markets. You will come back and Still to come, has the head

of the Bank of England gone too far Stay tuned - we'll have

more from our Economics You're with Business

Live from BBC News. Research carried out for the BBC has

revealed that more than 600 bank branches have closed

across the UK in the past year. In population terms

it's hitting rural One of those is Birchington

on Sea in Kent. Welcome to Birchington-on-Sea,

in Kent. It is like many villages, with

a bustling high street of shops. But one thing here is

missing, the banks. Mandy runs a local deli,

and she is trying to figure out how she will

do her banking when the village

loses its last remaining bank. Why do you think

the banks have closed? But for them all to close,

I don't know why, The other thing

is the passing trade. All the villagers used to come

in and do their banking, and spend money in the shops,

and stuff like that. Across the road used to be the HSBC,

down there a Barclays, But they have all closed

in the past year. This is the last bank in town,

but it also will close next month. 600 others have shut

across the UK in the last year. The Post Office here is picking

up some of the slack, My time is to be quite precious,

and I have to spend maybe half an hour, 45 minutes, even an hour

sometimes, just driving to Obviously they've got reasons

to close their branches down, but it The banks say they are investing to

offer a wider level of services. It is about casting costs, but the cost

to the community could be much higher. The Tesco boss gets an

annual bonus of ?3 million. The company did return to profit for the

first time in years, look at this, eggs, we all love them and they are

coming down in price! Eight years and two

recessions later. The Eurozone has finally recovered

from the financial crisis. And now let's get the inside

track on a busy week We've had the Governor

of the Bank of England, Mark Carney, saying that a Brexit

vote may spark a recession. We should say for our worldview was

that Brexit means the referendum in the UK about whether the UK will

stay in the European Union or leave. Saudi Arabia's state oil company,

Saudi Aramco, is preparing for the largest stock market

flotation in history. And Greece has been seeking

another bailout ... We're joined by our economics

editor Kamal Ahmed. Good to see you. Should we start

with the boss of the Bank of England, scare tactics, does he have

the right to come out and say that if the UK leaves the European Union

there will be a recession with house prices plummeting and things like

that? I think the governor is thinking to himself that he won't

have many chances to speak about this debate so yesterday it was the

inflation report when the Bank of England looks up a whole of the UK

economy and I think is really used it to make this stern warning about

what he believes. But it is not just him, it's him and eight other

members of the Monetary Policy Committee. That is the group of bank

and external economists who set interest rates in the UK. There

would be a negative impact on UK economic growth if Britain were to

leave the European Union. This comes after one week of pretty woeful data

on the UK economy. Some people estimate that UK economic growth in

April went down 20.1%. This means that if there is downward pressure

on growth which the Bank of England believes they would be if there was

Brexit, that would take Britain into negative to injury. Two quarters of

negative growth gives you what the bank of England governor described

yesterday as a technical recession. One final point. A deliberate use of

the word "Recession". If you speak to mark Carney he does believe the

Bank of England needs to be transparent on the concerns it holds

because what's the point of saying after the referendum result, we

thought this but we didn't say anything at the time! He says it is

an issue of transparency. It has caused a lot of talk in the UK,

whether it is right or not. It was a big week for Greece again on Monday,

this controversial bill voted to and then the topic of debt relief being

discussed again amongst Eurozone finance ministers throughout the

week. How likely is that to be, considering Germany, which until now

has been so against the concept of it? It seems that what they don't

want is a massive controversy outside the British issue of the

referendum, blowing up in Greece. They have said, it's quite positive

news, that they want to look at the issue of debt relief. Yet

absolutely, as you say, will Germany stomach fundamental changes in what

Greece is being asked to do after the 2012 Euros and crisis? There

will be lots more negotiation. We've had these things going on familiar

is. But better news in the Greek economy, unemployment in Greece has

come down to a four-year low. There is some reform going through and in

the Eurozone, as you say, there has been some positive economic news so

at a time when the UK economy seems to be stuttering the Eurozone

economy, we've had very strong Germany and GDP figures this

morning, it seems to be showing signs of momentum and recovery.

If they are given more debt relief, isn't that a gift? Greece is in a

position with dad at 120% of GDP, will it ever be able to pay off that

debt pile and what is the way that we can get the Greek economy back in

order? I don't think it can be seen as a gift. But what you are doing is

managing the way and the number of years it will pay back and how it

uses the European stability mechanism to pay off its debts and

can you have a more shallow glide path to a position where it's got

that debt under better control? And Saudi Arabia today, talk us through

that. Our colleague Simon Jack went to Saudi Arabia to injury the chief

executive of Saudi Aramco, their main oil company -- he went to

interview him. They want to sell part of that to raise huge mud of

money for the Saudi government. And they think production will still

increase. -- huge amount of money. The Chief Executive Officer said

this in his interview with Simon. Pressure on the oil price may come

down as Saudi keeps the tabs open. Interestingly the head of the

International energy authority said that oil demand was increasing from

India in particular, and from China. So the oil price has been relatively

robust over the last 3-4 months. Biggest public offering in history.

Always great stuff, have a great weekend.

Now, auctions of old comic books have

Originally they cost just a few cents to buy -

but now they are changing hands for five or even six-figure sums.

Heritage Auctions in New York sells over $30 million

of comic books and original comic art per year.

Michelle Fleury got a sneak preview ahead of this weekend's auction.

I am here at Heritage Comics and comic art auction. This is a cover

of Superman number one, he is of course faster than a speeding bullet

and he can leap a building in a single bound. Did you know that one

of his other superpowers was making money? If you bought this in 1939 it

was worth 10 cents and today it is expected to go under the hammer for

$28,000. What are the other highlights on display? The last

panel has been incredible because that is every character who made

their first appearance in the strip until then. He would have wonder

woman number two from 1942. Some of the prices we have got would have

been unthinkable ten years ago or even five years ago. One of the star

lots is this ex-man cover which the seller bought as a young boy. When I

was 13, in 1976I went with my father to a comic book convention in

London, I had birthday money and we bought it. I paid around 15 or ?20.

We hope it will go for six figures. An incredible return. The lesson is,

by what you love because if it does not go up in value at least you will

have something to read! Welcome back. I was checking my Twitter feed

because we've had some responses to the question we asked at the start

of the show, asking what you think about editorial bias on social

media, talking about this Facebook story. Ryan says, I am not worried

about censorship on social media. I may be one of the few millennial 's

who get news from reputable sources like the BBC, social media sites

should not be sources of his career should just share things with your

friends that you agree on. James is back. Marcus Cauberg is in the news.

It's really important to the integrity of the company, it prides

itself on understanding the people who play get. That is one way in

which they monetise what they are up to. -- Mark is a Cauberg synonyms.

Week can skip the newspapers because I know that you want to talk about

Europe. -- we will be able to skip the newspapers. Germany is powering

ahead. These numbers are really very poor. Europe still has a huge

challenge. On April 29 we have the Portuguese vote. That has saved the

Eurozone from another crisis. I think Europe is still hanging by a

thread. Jiminy's growth figure was stronger than in any quarter last

year. The smack Germany's growth figure. We are talking about one

number. For three years it has mainly been flat. I argue that we

cannot expect good news from the Eurozone until we solve the real

issue, the single fiscal authority. Negative interest rates are one

mechanism by which the European Central Bank provides fiscal support

through Europe, in a sense. There will be hell to pay. It is

interesting. Many valid points, to be frank and we did not even do the

papers. Sorry about that. James Bevan, thank you.