:00:09. > :00:17.President Obama has made a powerful appeal for Britain to stay
:00:18. > :00:19.in the European Union, arguing that EU membership magnifies
:00:20. > :00:43.Live from London, that's our top story on the 22nd of April.
:00:44. > :00:50.President Obama writing in the Telegraph today doesn't shy
:00:51. > :00:53.away from arguing that Britain should vote to stay in the EU.
:00:54. > :00:56.We're going to be discussing that and the economic relationship
:00:57. > :01:01.Also in the programme: The co-founder of Apple has told
:01:02. > :01:09.the BBC that all companies should pay a far higher tax rate,
:01:10. > :01:12.adding that he doesn't like paying a higher tax rate than the company
:01:13. > :01:15.Shares of Japanese automaker Mitsubishi Motors are down
:01:16. > :01:20.Asian markets meanwhile have traded lower today, mirroring how US
:01:21. > :01:35.There is a basic look at what is happening on the European markets.
:01:36. > :01:37.And we'll be getting the inside track on the week's
:01:38. > :01:39.biggest tech stories with our very own tech guru,
:01:40. > :01:42.including Google's battle with the EU and less than stellar
:01:43. > :01:46.And on the day that one business body has admitted that
:01:47. > :01:50.executive pay is too high, we want to know if you think the way
:01:51. > :02:11.He meets David Cameron in Downing Street on Friday
:02:12. > :02:14.afternoon in what's expected to be his last visit to the UK
:02:15. > :02:18.He's already making waves, writing an article in the Telegraph
:02:19. > :02:21.newspaper supporting the case for the UK
:02:22. > :02:23.to remain within the EU in the country's
:02:24. > :02:27.But the global economy will be central to almost
:02:28. > :02:35.Earlier this month the IMF once again lowered its forecasts
:02:36. > :02:39.for the world economy for the year from 3.4% to 3.2%.
:02:40. > :02:44.Countering an increasingly assertive Russia will also be on the agenda.
:02:45. > :02:50.The US is keen for Cameron and other EU leaders to maintain sanctions
:02:51. > :02:53.targeted at Russia's state finances, energy and arms sectors,
:02:54. > :02:57.which have played a role in the Russian economy spending more
:02:58. > :03:05.And then there's the debate on Britain's membership of the EU.
:03:06. > :03:11.Writing in the Daily Telegraph Mr Obama said the UK had benefitted
:03:12. > :03:14.from being inside the EU in terms of jobs, trade and financial growth.
:03:15. > :03:20.Several senior UK politicians bluntly telling the president
:03:21. > :03:23.in an open letter that "matters of sovereignty are best left
:03:24. > :03:33.With me now is Tom Packer, Fellow of the Rothermere American Institute
:03:34. > :03:49.Great to have you. Both Jamie and I wondering why President Obama is in
:03:50. > :03:54.Britain. We can understand Saudi Arabia, Germany, central to the
:03:55. > :03:59.eurozone crisis, is he here... He says he is here for the Queen's
:04:00. > :04:07.birthday but he is here for Brexit? That is my view. I am sure he would
:04:08. > :04:15.have said happy birthday to the Queen but he does not have to be
:04:16. > :04:21.here to see it. Not with a full representation of his own party. The
:04:22. > :04:25.biggest thing to emphasise as I would not emphasise how much
:04:26. > :04:30.Americans are focusing on the Brexit debate. President Obama speaks for
:04:31. > :04:36.himself and a number of Democrats listening and for the State
:04:37. > :04:39.Department. He does not speak for the whole American political
:04:40. > :04:43.establishment so Senator Cruz was sending much more positive about
:04:44. > :04:49.Brexit the other day. What is in it for him or the US? Why is he doing
:04:50. > :04:56.this? It is not just a favour for David Cameron? Absolutely not. One
:04:57. > :04:59.multilateral organisations which is multilateral organisations which is
:05:00. > :05:05.a key part of President Obama's political creed. The US for half a
:05:06. > :05:11.century has wanted us in the EU because they see us as a pro-US
:05:12. > :05:16.voice in the European Union. Liking multinational institutions, they
:05:17. > :05:25.have been saying recently they like to do trade goals with blocks, with
:05:26. > :05:31.a transatlantic trade partnership. Wooden they not be prepared to deal
:05:32. > :05:34.with the UK on its own? There is a degree of unpredictability but I
:05:35. > :05:39.would be surprised if the US did not do a deal with the UK. They have
:05:40. > :05:47.often found it easier to do deals with countries like Australia. Apart
:05:48. > :05:55.from all of that, there is a lot on the agenda. How big is Russia?
:05:56. > :06:00.Central to the US to make sure David Cameron and Britain are onside and
:06:01. > :06:06.the EU to keep the sanctions up. Well there might be talking about
:06:07. > :06:11.the IMF? I don't they will be talking about the global forecasts.
:06:12. > :06:15.If we were not on the same page on Russia it may be an issue but I do
:06:16. > :06:24.not think there are serious disagreements between the two
:06:25. > :06:27.governments. Thank you. Compaq from the University of Oxford.
:06:28. > :06:29.In other news: Earnings at Google's parent company Alphabet have
:06:30. > :06:31.disappointed the markets, despite a 20% increase
:06:32. > :06:34.in profits in the first three months of the year.
:06:35. > :06:39.Analysts were unhappy that the average price of online
:06:40. > :06:42.ads, known as cost-per-click, fell by 9% in the quarter.
:06:43. > :06:45.Revenues at the world's second largest company rose to over
:06:46. > :06:47.$20 billion, but that didn't stop its shares
:06:48. > :07:01.Shares in Starbucks also fell 5% after it also missed revenue
:07:02. > :07:05.The coffee chain's earnings came in slightly under analysts
:07:06. > :07:11.Demand in the US, as well as solid sales in Asia, helped to offset
:07:12. > :07:12.slow growth in Europe but still missed
:07:13. > :07:30.Uber has agreed to pay $100 million after a class suit. The keys could
:07:31. > :07:38.threaten the taxi hailing app's business model.
:07:39. > :07:42.PSA Peugeot Citroen offices have been raided by anti-fraud
:07:43. > :07:44.investigators as part of ongoing investigations on pollutants
:07:45. > :07:50.The firm said its vehicles are emissions compliant.
:07:51. > :07:53.Authorities and car manufacturers have been on the alert in the wake
:07:54. > :08:04.of the Volkswagen emissions scandal, which emerged in late September.
:08:05. > :08:15.And I guess the Mitsubishi scandal as well. When was the last time we
:08:16. > :08:23.spoke about the Greek debt crisis? It has been going on so long.
:08:24. > :08:28.They are gathering in Amsterdam. Funny that, on a Friday! The
:08:29. > :08:41.discussion is still going to be around, $360 billion is the debt
:08:42. > :08:45.mountain that Greece is sitting on. It is unrealistic for Athens to pay
:08:46. > :08:54.that back. The IMF has still not joined in?
:08:55. > :09:00.We are in the third bailout. This is to get the second chunk. They are
:09:01. > :09:09.reviewing. I am more interested in this story. I am going to come back
:09:10. > :09:15.to that. The ECB, we could be seeing more negative interest rates.
:09:16. > :09:17.Mitsubishi Motors' fuel economy scandal has broadened as US
:09:18. > :09:19.regulators said they were looking into reports that the carmaker
:09:20. > :09:21.submitted misleading data on at least one more
:09:22. > :09:29.Mitsubishi's share price has fallen to a new low.
:09:30. > :09:45.Give us the latest. To give you an idea of how much damage it has done
:09:46. > :09:55.to Mitsubishi's market value, before the scandal it was 864 yen and two
:09:56. > :10:00.days later it has claws that 560 yen, so $3 billion wiped off the
:10:01. > :10:04.market value. That may be the start of its troubles. US regulators
:10:05. > :10:08.seeking more information on whether more models are involved,
:10:09. > :10:14.specifically those sold in the US, and the Japanese transport minister
:10:15. > :10:20.said he may push Mitsubishi motors to buy back the cars involved.
:10:21. > :10:31.Inevitable lawsuits and fines, Mitsubishi looking at paying out a
:10:32. > :10:42.lot more for some time to come. The markets are doing reasonably well.
:10:43. > :10:47.The main feature has been the oil price yet again. When the oil price
:10:48. > :10:52.goes up stocks generally go up and when the oil price goes down stocks
:10:53. > :11:02.generally go down. That is what is happening at the moment. Slightly
:11:03. > :11:07.affected by the problems Mr -- at Mitsubishi. The biggest three
:11:08. > :11:14.default that stock has had since 1988. The Nicky managing to bridge
:11:15. > :11:19.that to one side and make a small gain. We have had the oil price
:11:20. > :11:30.moving up which has helped that market. The oil price did a strange
:11:31. > :11:35.thing yesterday, gained and then fell after lunch, fell off a
:11:36. > :11:39.relatively small cliff. Largely because there was a strike in Kuwait
:11:40. > :11:49.that was called off which meant that supply was going. People coming back
:11:50. > :11:50.about fundamentals and demand. All the other markets in Europe doing
:11:51. > :11:56.pretty much the same thing. Our reporter has the details about
:11:57. > :12:06.what's ahead on Wall Street Today. At Microsoft higher than expected
:12:07. > :12:12.taxes meant the company missed expectations. Without those taxes it
:12:13. > :12:16.did quite well reporting a $5 billion profit as its business
:12:17. > :12:19.continues to see strength. This Friday we should get a sense of how
:12:20. > :12:24.American consumers are spending their money when McDonald's and
:12:25. > :12:30.American Airlines report their first-quarter profits. Another
:12:31. > :12:34.bellwether for the US economy General Motors might offer details
:12:35. > :12:38.about its transformation into a ditch till industrial company when
:12:39. > :12:42.it turns on its first quarter results.
:12:43. > :12:44.Joining us is Mike Amey, managing director and portfolio
:12:45. > :13:01.I want to talk about oil. The oil price came off a little bit.
:13:02. > :13:10.It came up and went down at the end of the strike incomplete. The oil
:13:11. > :13:19.widening the dock of the equity market.
:13:20. > :13:22.It seems to be. Generally speaking the markets have shrugged it off.
:13:23. > :13:28.The general assessment is it is difficult to get a deal between the
:13:29. > :13:34.Saudis and the Iranians. Would you buy shares in oil at the moment? In
:13:35. > :13:43.our view we think we have seen a lot of the move. No? I do not think so.
:13:44. > :13:48.I think we have seen most of the movement we are going to see. One of
:13:49. > :13:52.the reasons the FTSE is up is because these stocks have moved
:13:53. > :13:58.already and I would argue they are not going to go lower. The challenge
:13:59. > :14:01.we have at the moment in commodities, stock markets in
:14:02. > :14:09.general, they tell you that we have had a decent bones after volatility
:14:10. > :14:20.but we are at relatively high levels and less growth can accelerate. The
:14:21. > :14:24.Greek debt crisis. The IMF is in its third bailout deal. It is in the
:14:25. > :14:30.lending because it has lent them a lot of money. It has not lent them
:14:31. > :14:33.any extra money by they want to get men on the money out of they have
:14:34. > :14:37.already linked. Very much on the table. You are going to take us
:14:38. > :14:44.through the newspapers. Later. And we will be looking back at a bad
:14:45. > :14:50.week for Google as they battle the EU over their android platform
:14:51. > :14:52.and release some less You're watching Business
:14:53. > :14:58.Live from BBC News. The UK government has announced
:14:59. > :15:02.it is willing to take a 25% stake in any rescue
:15:03. > :15:08.of Tata Steel's UK operations. The business department said
:15:09. > :15:10.it was preparing to make a support package "worth hundreds of millions
:15:11. > :15:12.of pounds" available Business Secretary Sajid Javid said
:15:13. > :15:20.the money would be offered on commercial terms,
:15:21. > :15:23.but the government would not take What does business make
:15:24. > :15:28.of the announcement? Terry Scuoler is Chief Executive
:15:29. > :15:43.of the manufacturers Terry, what do you think of this
:15:44. > :15:49.particular deal? It is a positive offer. I applauded. Hundreds of
:15:50. > :15:52.millions of pounds of commercial possibly soft loans. Allegedly
:15:53. > :16:00.millions of pounds worth of grant aid. And co-owning the business up
:16:01. > :16:03.to a level of 25%. One would think this would strongly encourage a
:16:04. > :16:10.potential buyer to come forward. Is it a little bit too little too late?
:16:11. > :16:14.We could always look back and think about what should have been done and
:16:15. > :16:19.could have been done. A number of governments could be accused of not
:16:20. > :16:24.doing enough. But for the stake -- sake of the steel sector and those
:16:25. > :16:30.communities in South Wales, let's concentrate on finding a buyer
:16:31. > :16:36.within a reasonable time frame... That is the point, isn't it? Who is
:16:37. > :16:42.going to want to buy, really? It is a very good question. But look back
:16:43. > :16:47.over history. There is plenty of money out there in various forms of
:16:48. > :16:55.funds. There are business leaders out there who invariably do come
:16:56. > :16:59.forward, take the distressed assets and have a fighting chance of
:17:00. > :17:04.turning them around. I am pretty convinced that there is a buyer out
:17:05. > :17:11.there. But the buyer needs to be found.
:17:12. > :17:23.You are keen to show this. This was in the FT. It is how to spend
:17:24. > :17:31.magazine. Can you see that outfit? Six grand. ?6,000 for the outfit. A
:17:32. > :17:37.mere bagatelle. Jamie has already got two!
:17:38. > :17:39.You're watching Business Live - our top story.
:17:40. > :17:42.of a visit to Britain, President Obama has repeated his
:17:43. > :17:45.support for the country remaining in the European Union.
:17:46. > :17:47.His intervention comes ahead of a British referendum
:17:48. > :17:53.Mr Obama says membership of the EU magnifies Britain's influence.
:17:54. > :17:57.It's been another big week in the world of technology,
:17:58. > :18:04.with the EU investigation into Google's Android operating
:18:05. > :18:09.system, the big job losses at Intel coupled with ARM results,
:18:10. > :18:11.and possibly the Netflix story - shares dropped after Amazon launched
:18:12. > :18:28.You are curious about that outfit. I could see you in it. My wife said
:18:29. > :18:38.there is an FT special on men's fashion, and that I should take it
:18:39. > :18:43.with me! Google, what a hell of a week. Alphabet, numbers... What do
:18:44. > :18:47.we make? Very interesting. The numbers would be pretty good by any
:18:48. > :18:52.the level you. Revenues of $20 billion. They did not hit their
:18:53. > :19:00.targets. Wall Street never likes that. A worrying rise in costs. It
:19:01. > :19:04.is basically the move to mobile. Everyone is moving to mobile. Google
:19:05. > :19:10.has been pretty successful in moving its advertising operation to mobile.
:19:11. > :19:16.That is costing more than Wall Street expected. I love this
:19:17. > :19:20.division of alphabet. Basically, this is the stuff they splurge money
:19:21. > :19:28.on, which may make money one day down the track. It includes things
:19:29. > :19:33.like self driving cars. A business they board for a $3 million a few
:19:34. > :19:40.years ago. Smart thermostats for your home. All of that appears to be
:19:41. > :19:50.going not terribly well. I have been aware of this story before. Looking
:19:51. > :19:56.at their share price, over the past year it has gone from 550 to 750.
:19:57. > :20:02.People have not lost confidence in this company. Some of those bets
:20:03. > :20:11.will come off? Undoubtedly. What you say about the share price is
:20:12. > :20:14.interesting. When a share price gets that... It is predicated on big
:20:15. > :20:22.growth and on some of those bets coming off. If they do not come off,
:20:23. > :20:28.share price dips. I want to get Internet flicks. The investigation.
:20:29. > :20:33.Europe seems like it is going through Google's blood. This is a
:20:34. > :20:39.long-running battle much like the battle the EU had with Microsoft. A
:20:40. > :20:43.very important front because it is about android. Google's future lies
:20:44. > :20:47.in Mobile. That is where a lot of its revenues will come from in the
:20:48. > :20:54.future. They are being investigated as well? That has been going on
:20:55. > :21:03.since 2010. We may be near a verdict on that one. A big battle about
:21:04. > :21:07.streaming video, the future. Net flicks, one of the hot stories of
:21:08. > :21:11.recent years, just a little blip this week when Amazon made it clear
:21:12. > :21:17.it was going to punch a bit harder in that field, separating the Google
:21:18. > :21:28.service from the Amazon Prime service. A few questions about the
:21:29. > :21:35.share price. Is it predicting endless growth when it may not come.
:21:36. > :21:41.Always a pleasure. Have you heard what Steve Wozniacki told the BBC?
:21:42. > :21:44.He wants to pay more tax. You can watch it right now.
:21:45. > :21:47.The co-founder of tech giant Apple has told the BBC that he thinks
:21:48. > :21:55.businesses should pay fairer tax - Ben caught up with him.
:21:56. > :22:00.Do you worry the company you found it has moved so far away from its
:22:01. > :22:07.founding principles that it is now looking to actively pay less tax? If
:22:08. > :22:15.you make money you should pay some money to government on it. We knew
:22:16. > :22:19.we would be a worldwide company. We just assumed we would pay taxes on
:22:20. > :22:23.it. Maybe the tax rates are different for a company than a
:22:24. > :22:28.person, which is something that bothers me to this day. I look at
:22:29. > :22:32.any company that is a public company, it has to be as profitable
:22:33. > :22:35.as possible. That means financial people studying the laws of the
:22:36. > :22:41.world and figuring out what is technically legal. You you have any
:22:42. > :22:47.power to change things? I do not think it would be right for me to
:22:48. > :22:51.try to influence how Apple handles it. I would have no effect anyway.
:22:52. > :23:00.They are going to take the last thing that saves a penny.
:23:01. > :23:07.We are going to do a story about pay. We are going to look at some of
:23:08. > :23:14.the other interesting stories. There you are!
:23:15. > :23:16.Mike Amey, the managing director and portfolio manager at Pimco,
:23:17. > :23:33.Business leaders are saying it is down to directors. Senior executives
:23:34. > :23:38.are potentially getting paid too much, according to the Institute of
:23:39. > :23:41.Directors. One, there is potentially a disconnect between the performance
:23:42. > :23:50.of some companies and the pay of the senior executives. My read of this
:23:51. > :23:55.is that it is pretty clear there is a challenge out there. If you have
:23:56. > :23:59.these pay packages over three to five years, you can get some bizarre
:24:00. > :24:04.situations where somebody's pay could be very large in a year when
:24:05. > :24:13.the stock price could be down. What did you think about Martin Sorrell
:24:14. > :24:19.getting ?7 million from BP? We do not actually own single stocks. We
:24:20. > :24:26.on them via certain other routes. We did not vote in either of those.
:24:27. > :24:30.When we rank any company, you rank corporate governance alongside
:24:31. > :24:35.performance of the stock. There are some classic examples of corporate
:24:36. > :24:39.governance. Volkswagen, for example. The way we think about it is an
:24:40. > :24:42.aggregate of corporate governance rather than building an independent
:24:43. > :24:52.pay packages. The south on the morning post. This is Beijing's
:24:53. > :24:57.answer to the Panama papers. Skynet one was last year. This year is
:24:58. > :25:02.Skynet two. Broadly speaking it is an attempt to track money that might
:25:03. > :25:12.have left the country via certain securities routes. -- circulators.
:25:13. > :25:15.This has probably been triggered by the Panama situation. This is the
:25:16. > :25:19.second time they have done this. Generally speaking you do that when
:25:20. > :25:22.you're reasonably comfortable economy is on an even keel and you
:25:23. > :25:28.can focus on corruption. We have to talk about Prince.
:25:29. > :25:35.Legend? Was he the music of your life? If I am completely honest with
:25:36. > :25:41.you, David Bowie for me was the man. I am still morning only. Great
:25:42. > :25:47.performer. Front page of a lot of the newspapers is a classic concert
:25:48. > :25:51.where he performs Purple Rain in the rain at the Super Bowl.
:25:52. > :25:55.You cannot get better. What about you?
:25:56. > :25:58.Bowie, I'm afraid. Always a pleasure. Have a great weekend.
:25:59. > :26:03.There will be more business news throughout the day on the BBC Live
:26:04. > :26:04.webpage, and on World Business Report.
:26:05. > :26:22.A little taste of winter in the next few days. An echo of winter. It will
:26:23. > :26:24.not be that cold. There is air coming all the way from the Arctic,
:26:25. > :26:25.so