Browse content similar to 22/04/2016. Check below for episodes and series from the same categories and more!
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President Obama has made a powerful appeal for Britain to stay | :00:09. | :00:17. | |
in the European Union, arguing that EU membership magnifies | :00:18. | :00:19. | |
Live from London, that's our top story on the 22nd of April. | :00:20. | :00:43. | |
President Obama writing in the Telegraph today doesn't shy | :00:44. | :00:50. | |
away from arguing that Britain should vote to stay in the EU. | :00:51. | :00:53. | |
We're going to be discussing that and the economic relationship | :00:54. | :00:56. | |
Also in the programme: The co-founder of Apple has told | :00:57. | :01:01. | |
the BBC that all companies should pay a far higher tax rate, | :01:02. | :01:09. | |
adding that he doesn't like paying a higher tax rate than the company | :01:10. | :01:12. | |
Shares of Japanese automaker Mitsubishi Motors are down | :01:13. | :01:15. | |
Asian markets meanwhile have traded lower today, mirroring how US | :01:16. | :01:20. | |
There is a basic look at what is happening on the European markets. | :01:21. | :01:35. | |
And we'll be getting the inside track on the week's | :01:36. | :01:37. | |
biggest tech stories with our very own tech guru, | :01:38. | :01:39. | |
including Google's battle with the EU and less than stellar | :01:40. | :01:42. | |
And on the day that one business body has admitted that | :01:43. | :01:46. | |
executive pay is too high, we want to know if you think the way | :01:47. | :01:50. | |
He meets David Cameron in Downing Street on Friday | :01:51. | :02:11. | |
afternoon in what's expected to be his last visit to the UK | :02:12. | :02:14. | |
He's already making waves, writing an article in the Telegraph | :02:15. | :02:18. | |
newspaper supporting the case for the UK | :02:19. | :02:21. | |
to remain within the EU in the country's | :02:22. | :02:23. | |
But the global economy will be central to almost | :02:24. | :02:27. | |
Earlier this month the IMF once again lowered its forecasts | :02:28. | :02:35. | |
for the world economy for the year from 3.4% to 3.2%. | :02:36. | :02:39. | |
Countering an increasingly assertive Russia will also be on the agenda. | :02:40. | :02:44. | |
The US is keen for Cameron and other EU leaders to maintain sanctions | :02:45. | :02:50. | |
targeted at Russia's state finances, energy and arms sectors, | :02:51. | :02:53. | |
which have played a role in the Russian economy spending more | :02:54. | :02:57. | |
And then there's the debate on Britain's membership of the EU. | :02:58. | :03:05. | |
Writing in the Daily Telegraph Mr Obama said the UK had benefitted | :03:06. | :03:11. | |
from being inside the EU in terms of jobs, trade and financial growth. | :03:12. | :03:14. | |
Several senior UK politicians bluntly telling the president | :03:15. | :03:20. | |
in an open letter that "matters of sovereignty are best left | :03:21. | :03:23. | |
With me now is Tom Packer, Fellow of the Rothermere American Institute | :03:24. | :03:33. | |
Great to have you. Both Jamie and I wondering why President Obama is in | :03:34. | :03:49. | |
Britain. We can understand Saudi Arabia, Germany, central to the | :03:50. | :03:54. | |
eurozone crisis, is he here... He says he is here for the Queen's | :03:55. | :03:59. | |
birthday but he is here for Brexit? That is my view. I am sure he would | :04:00. | :04:07. | |
have said happy birthday to the Queen but he does not have to be | :04:08. | :04:15. | |
here to see it. Not with a full representation of his own party. The | :04:16. | :04:21. | |
biggest thing to emphasise as I would not emphasise how much | :04:22. | :04:25. | |
Americans are focusing on the Brexit debate. President Obama speaks for | :04:26. | :04:30. | |
himself and a number of Democrats listening and for the State | :04:31. | :04:36. | |
Department. He does not speak for the whole American political | :04:37. | :04:39. | |
establishment so Senator Cruz was sending much more positive about | :04:40. | :04:43. | |
Brexit the other day. What is in it for him or the US? Why is he doing | :04:44. | :04:49. | |
this? It is not just a favour for David Cameron? Absolutely not. One | :04:50. | :04:56. | |
multilateral organisations which is multilateral organisations which is | :04:57. | :04:59. | |
a key part of President Obama's political creed. The US for half a | :05:00. | :05:05. | |
century has wanted us in the EU because they see us as a pro-US | :05:06. | :05:11. | |
voice in the European Union. Liking multinational institutions, they | :05:12. | :05:16. | |
have been saying recently they like to do trade goals with blocks, with | :05:17. | :05:25. | |
a transatlantic trade partnership. Wooden they not be prepared to deal | :05:26. | :05:31. | |
with the UK on its own? There is a degree of unpredictability but I | :05:32. | :05:34. | |
would be surprised if the US did not do a deal with the UK. They have | :05:35. | :05:39. | |
often found it easier to do deals with countries like Australia. Apart | :05:40. | :05:47. | |
from all of that, there is a lot on the agenda. How big is Russia? | :05:48. | :05:55. | |
Central to the US to make sure David Cameron and Britain are onside and | :05:56. | :06:00. | |
the EU to keep the sanctions up. Well there might be talking about | :06:01. | :06:06. | |
the IMF? I don't they will be talking about the global forecasts. | :06:07. | :06:11. | |
If we were not on the same page on Russia it may be an issue but I do | :06:12. | :06:15. | |
not think there are serious disagreements between the two | :06:16. | :06:24. | |
governments. Thank you. Compaq from the University of Oxford. | :06:25. | :06:27. | |
In other news: Earnings at Google's parent company Alphabet have | :06:28. | :06:29. | |
disappointed the markets, despite a 20% increase | :06:30. | :06:31. | |
in profits in the first three months of the year. | :06:32. | :06:34. | |
Analysts were unhappy that the average price of online | :06:35. | :06:39. | |
ads, known as cost-per-click, fell by 9% in the quarter. | :06:40. | :06:42. | |
Revenues at the world's second largest company rose to over | :06:43. | :06:45. | |
$20 billion, but that didn't stop its shares | :06:46. | :06:47. | |
Shares in Starbucks also fell 5% after it also missed revenue | :06:48. | :07:01. | |
The coffee chain's earnings came in slightly under analysts | :07:02. | :07:05. | |
Demand in the US, as well as solid sales in Asia, helped to offset | :07:06. | :07:11. | |
slow growth in Europe but still missed | :07:12. | :07:12. | |
Uber has agreed to pay $100 million after a class suit. The keys could | :07:13. | :07:30. | |
threaten the taxi hailing app's business model. | :07:31. | :07:38. | |
PSA Peugeot Citroen offices have been raided by anti-fraud | :07:39. | :07:42. | |
investigators as part of ongoing investigations on pollutants | :07:43. | :07:44. | |
The firm said its vehicles are emissions compliant. | :07:45. | :07:50. | |
Authorities and car manufacturers have been on the alert in the wake | :07:51. | :07:53. | |
of the Volkswagen emissions scandal, which emerged in late September. | :07:54. | :08:04. | |
And I guess the Mitsubishi scandal as well. When was the last time we | :08:05. | :08:15. | |
spoke about the Greek debt crisis? It has been going on so long. | :08:16. | :08:23. | |
They are gathering in Amsterdam. Funny that, on a Friday! The | :08:24. | :08:28. | |
discussion is still going to be around, $360 billion is the debt | :08:29. | :08:41. | |
mountain that Greece is sitting on. It is unrealistic for Athens to pay | :08:42. | :08:45. | |
that back. The IMF has still not joined in? | :08:46. | :08:54. | |
We are in the third bailout. This is to get the second chunk. They are | :08:55. | :09:00. | |
reviewing. I am more interested in this story. I am going to come back | :09:01. | :09:09. | |
to that. The ECB, we could be seeing more negative interest rates. | :09:10. | :09:15. | |
Mitsubishi Motors' fuel economy scandal has broadened as US | :09:16. | :09:17. | |
regulators said they were looking into reports that the carmaker | :09:18. | :09:19. | |
submitted misleading data on at least one more | :09:20. | :09:21. | |
Mitsubishi's share price has fallen to a new low. | :09:22. | :09:29. | |
Give us the latest. To give you an idea of how much damage it has done | :09:30. | :09:45. | |
to Mitsubishi's market value, before the scandal it was 864 yen and two | :09:46. | :09:55. | |
days later it has claws that 560 yen, so $3 billion wiped off the | :09:56. | :10:00. | |
market value. That may be the start of its troubles. US regulators | :10:01. | :10:04. | |
seeking more information on whether more models are involved, | :10:05. | :10:08. | |
specifically those sold in the US, and the Japanese transport minister | :10:09. | :10:14. | |
said he may push Mitsubishi motors to buy back the cars involved. | :10:15. | :10:20. | |
Inevitable lawsuits and fines, Mitsubishi looking at paying out a | :10:21. | :10:31. | |
lot more for some time to come. The markets are doing reasonably well. | :10:32. | :10:42. | |
The main feature has been the oil price yet again. When the oil price | :10:43. | :10:47. | |
goes up stocks generally go up and when the oil price goes down stocks | :10:48. | :10:52. | |
generally go down. That is what is happening at the moment. Slightly | :10:53. | :11:02. | |
affected by the problems Mr -- at Mitsubishi. The biggest three | :11:03. | :11:07. | |
default that stock has had since 1988. The Nicky managing to bridge | :11:08. | :11:14. | |
that to one side and make a small gain. We have had the oil price | :11:15. | :11:19. | |
moving up which has helped that market. The oil price did a strange | :11:20. | :11:30. | |
thing yesterday, gained and then fell after lunch, fell off a | :11:31. | :11:35. | |
relatively small cliff. Largely because there was a strike in Kuwait | :11:36. | :11:39. | |
that was called off which meant that supply was going. People coming back | :11:40. | :11:49. | |
about fundamentals and demand. All the other markets in Europe doing | :11:50. | :11:50. | |
pretty much the same thing. Our reporter has the details about | :11:51. | :11:56. | |
what's ahead on Wall Street Today. At Microsoft higher than expected | :11:57. | :12:06. | |
taxes meant the company missed expectations. Without those taxes it | :12:07. | :12:12. | |
did quite well reporting a $5 billion profit as its business | :12:13. | :12:16. | |
continues to see strength. This Friday we should get a sense of how | :12:17. | :12:19. | |
American consumers are spending their money when McDonald's and | :12:20. | :12:24. | |
American Airlines report their first-quarter profits. Another | :12:25. | :12:30. | |
bellwether for the US economy General Motors might offer details | :12:31. | :12:34. | |
about its transformation into a ditch till industrial company when | :12:35. | :12:38. | |
it turns on its first quarter results. | :12:39. | :12:42. | |
Joining us is Mike Amey, managing director and portfolio | :12:43. | :12:44. | |
I want to talk about oil. The oil price came off a little bit. | :12:45. | :13:01. | |
It came up and went down at the end of the strike incomplete. The oil | :13:02. | :13:10. | |
widening the dock of the equity market. | :13:11. | :13:19. | |
It seems to be. Generally speaking the markets have shrugged it off. | :13:20. | :13:22. | |
The general assessment is it is difficult to get a deal between the | :13:23. | :13:28. | |
Saudis and the Iranians. Would you buy shares in oil at the moment? In | :13:29. | :13:34. | |
our view we think we have seen a lot of the move. No? I do not think so. | :13:35. | :13:43. | |
I think we have seen most of the movement we are going to see. One of | :13:44. | :13:48. | |
the reasons the FTSE is up is because these stocks have moved | :13:49. | :13:52. | |
already and I would argue they are not going to go lower. The challenge | :13:53. | :13:58. | |
we have at the moment in commodities, stock markets in | :13:59. | :14:01. | |
general, they tell you that we have had a decent bones after volatility | :14:02. | :14:09. | |
but we are at relatively high levels and less growth can accelerate. The | :14:10. | :14:20. | |
Greek debt crisis. The IMF is in its third bailout deal. It is in the | :14:21. | :14:24. | |
lending because it has lent them a lot of money. It has not lent them | :14:25. | :14:30. | |
any extra money by they want to get men on the money out of they have | :14:31. | :14:33. | |
already linked. Very much on the table. You are going to take us | :14:34. | :14:37. | |
through the newspapers. Later. And we will be looking back at a bad | :14:38. | :14:44. | |
week for Google as they battle the EU over their android platform | :14:45. | :14:50. | |
and release some less You're watching Business | :14:51. | :14:52. | |
Live from BBC News. The UK government has announced | :14:53. | :14:58. | |
it is willing to take a 25% stake in any rescue | :14:59. | :15:02. | |
of Tata Steel's UK operations. The business department said | :15:03. | :15:08. | |
it was preparing to make a support package "worth hundreds of millions | :15:09. | :15:10. | |
of pounds" available Business Secretary Sajid Javid said | :15:11. | :15:12. | |
the money would be offered on commercial terms, | :15:13. | :15:20. | |
but the government would not take What does business make | :15:21. | :15:23. | |
of the announcement? Terry Scuoler is Chief Executive | :15:24. | :15:28. | |
of the manufacturers Terry, what do you think of this | :15:29. | :15:43. | |
particular deal? It is a positive offer. I applauded. Hundreds of | :15:44. | :15:49. | |
millions of pounds of commercial possibly soft loans. Allegedly | :15:50. | :15:52. | |
millions of pounds worth of grant aid. And co-owning the business up | :15:53. | :16:00. | |
to a level of 25%. One would think this would strongly encourage a | :16:01. | :16:03. | |
potential buyer to come forward. Is it a little bit too little too late? | :16:04. | :16:10. | |
We could always look back and think about what should have been done and | :16:11. | :16:14. | |
could have been done. A number of governments could be accused of not | :16:15. | :16:19. | |
doing enough. But for the stake -- sake of the steel sector and those | :16:20. | :16:24. | |
communities in South Wales, let's concentrate on finding a buyer | :16:25. | :16:30. | |
within a reasonable time frame... That is the point, isn't it? Who is | :16:31. | :16:36. | |
going to want to buy, really? It is a very good question. But look back | :16:37. | :16:42. | |
over history. There is plenty of money out there in various forms of | :16:43. | :16:47. | |
funds. There are business leaders out there who invariably do come | :16:48. | :16:55. | |
forward, take the distressed assets and have a fighting chance of | :16:56. | :16:59. | |
turning them around. I am pretty convinced that there is a buyer out | :17:00. | :17:04. | |
there. But the buyer needs to be found. | :17:05. | :17:11. | |
You are keen to show this. This was in the FT. It is how to spend | :17:12. | :17:23. | |
magazine. Can you see that outfit? Six grand. ?6,000 for the outfit. A | :17:24. | :17:31. | |
mere bagatelle. Jamie has already got two! | :17:32. | :17:37. | |
You're watching Business Live - our top story. | :17:38. | :17:39. | |
of a visit to Britain, President Obama has repeated his | :17:40. | :17:42. | |
support for the country remaining in the European Union. | :17:43. | :17:45. | |
His intervention comes ahead of a British referendum | :17:46. | :17:47. | |
Mr Obama says membership of the EU magnifies Britain's influence. | :17:48. | :17:53. | |
It's been another big week in the world of technology, | :17:54. | :17:57. | |
with the EU investigation into Google's Android operating | :17:58. | :18:04. | |
system, the big job losses at Intel coupled with ARM results, | :18:05. | :18:09. | |
and possibly the Netflix story - shares dropped after Amazon launched | :18:10. | :18:11. | |
You are curious about that outfit. I could see you in it. My wife said | :18:12. | :18:28. | |
there is an FT special on men's fashion, and that I should take it | :18:29. | :18:38. | |
with me! Google, what a hell of a week. Alphabet, numbers... What do | :18:39. | :18:43. | |
we make? Very interesting. The numbers would be pretty good by any | :18:44. | :18:47. | |
the level you. Revenues of $20 billion. They did not hit their | :18:48. | :18:52. | |
targets. Wall Street never likes that. A worrying rise in costs. It | :18:53. | :19:00. | |
is basically the move to mobile. Everyone is moving to mobile. Google | :19:01. | :19:04. | |
has been pretty successful in moving its advertising operation to mobile. | :19:05. | :19:10. | |
That is costing more than Wall Street expected. I love this | :19:11. | :19:16. | |
division of alphabet. Basically, this is the stuff they splurge money | :19:17. | :19:20. | |
on, which may make money one day down the track. It includes things | :19:21. | :19:28. | |
like self driving cars. A business they board for a $3 million a few | :19:29. | :19:33. | |
years ago. Smart thermostats for your home. All of that appears to be | :19:34. | :19:40. | |
going not terribly well. I have been aware of this story before. Looking | :19:41. | :19:50. | |
at their share price, over the past year it has gone from 550 to 750. | :19:51. | :19:56. | |
People have not lost confidence in this company. Some of those bets | :19:57. | :20:02. | |
will come off? Undoubtedly. What you say about the share price is | :20:03. | :20:11. | |
interesting. When a share price gets that... It is predicated on big | :20:12. | :20:14. | |
growth and on some of those bets coming off. If they do not come off, | :20:15. | :20:22. | |
share price dips. I want to get Internet flicks. The investigation. | :20:23. | :20:28. | |
Europe seems like it is going through Google's blood. This is a | :20:29. | :20:33. | |
long-running battle much like the battle the EU had with Microsoft. A | :20:34. | :20:39. | |
very important front because it is about android. Google's future lies | :20:40. | :20:43. | |
in Mobile. That is where a lot of its revenues will come from in the | :20:44. | :20:47. | |
future. They are being investigated as well? That has been going on | :20:48. | :20:54. | |
since 2010. We may be near a verdict on that one. A big battle about | :20:55. | :21:03. | |
streaming video, the future. Net flicks, one of the hot stories of | :21:04. | :21:07. | |
recent years, just a little blip this week when Amazon made it clear | :21:08. | :21:11. | |
it was going to punch a bit harder in that field, separating the Google | :21:12. | :21:17. | |
service from the Amazon Prime service. A few questions about the | :21:18. | :21:28. | |
share price. Is it predicting endless growth when it may not come. | :21:29. | :21:35. | |
Always a pleasure. Have you heard what Steve Wozniacki told the BBC? | :21:36. | :21:41. | |
He wants to pay more tax. You can watch it right now. | :21:42. | :21:44. | |
The co-founder of tech giant Apple has told the BBC that he thinks | :21:45. | :21:47. | |
businesses should pay fairer tax - Ben caught up with him. | :21:48. | :21:55. | |
Do you worry the company you found it has moved so far away from its | :21:56. | :22:00. | |
founding principles that it is now looking to actively pay less tax? If | :22:01. | :22:07. | |
you make money you should pay some money to government on it. We knew | :22:08. | :22:15. | |
we would be a worldwide company. We just assumed we would pay taxes on | :22:16. | :22:19. | |
it. Maybe the tax rates are different for a company than a | :22:20. | :22:23. | |
person, which is something that bothers me to this day. I look at | :22:24. | :22:28. | |
any company that is a public company, it has to be as profitable | :22:29. | :22:32. | |
as possible. That means financial people studying the laws of the | :22:33. | :22:35. | |
world and figuring out what is technically legal. You you have any | :22:36. | :22:41. | |
power to change things? I do not think it would be right for me to | :22:42. | :22:47. | |
try to influence how Apple handles it. I would have no effect anyway. | :22:48. | :22:51. | |
They are going to take the last thing that saves a penny. | :22:52. | :23:00. | |
We are going to do a story about pay. We are going to look at some of | :23:01. | :23:07. | |
the other interesting stories. There you are! | :23:08. | :23:14. | |
Mike Amey, the managing director and portfolio manager at Pimco, | :23:15. | :23:16. | |
Business leaders are saying it is down to directors. Senior executives | :23:17. | :23:33. | |
are potentially getting paid too much, according to the Institute of | :23:34. | :23:38. | |
Directors. One, there is potentially a disconnect between the performance | :23:39. | :23:41. | |
of some companies and the pay of the senior executives. My read of this | :23:42. | :23:50. | |
is that it is pretty clear there is a challenge out there. If you have | :23:51. | :23:55. | |
these pay packages over three to five years, you can get some bizarre | :23:56. | :23:59. | |
situations where somebody's pay could be very large in a year when | :24:00. | :24:04. | |
the stock price could be down. What did you think about Martin Sorrell | :24:05. | :24:13. | |
getting ?7 million from BP? We do not actually own single stocks. We | :24:14. | :24:19. | |
on them via certain other routes. We did not vote in either of those. | :24:20. | :24:26. | |
When we rank any company, you rank corporate governance alongside | :24:27. | :24:30. | |
performance of the stock. There are some classic examples of corporate | :24:31. | :24:35. | |
governance. Volkswagen, for example. The way we think about it is an | :24:36. | :24:39. | |
aggregate of corporate governance rather than building an independent | :24:40. | :24:42. | |
pay packages. The south on the morning post. This is Beijing's | :24:43. | :24:52. | |
answer to the Panama papers. Skynet one was last year. This year is | :24:53. | :24:57. | |
Skynet two. Broadly speaking it is an attempt to track money that might | :24:58. | :25:02. | |
have left the country via certain securities routes. -- circulators. | :25:03. | :25:12. | |
This has probably been triggered by the Panama situation. This is the | :25:13. | :25:15. | |
second time they have done this. Generally speaking you do that when | :25:16. | :25:19. | |
you're reasonably comfortable economy is on an even keel and you | :25:20. | :25:22. | |
can focus on corruption. We have to talk about Prince. | :25:23. | :25:28. | |
Legend? Was he the music of your life? If I am completely honest with | :25:29. | :25:35. | |
you, David Bowie for me was the man. I am still morning only. Great | :25:36. | :25:41. | |
performer. Front page of a lot of the newspapers is a classic concert | :25:42. | :25:47. | |
where he performs Purple Rain in the rain at the Super Bowl. | :25:48. | :25:51. | |
You cannot get better. What about you? | :25:52. | :25:55. | |
Bowie, I'm afraid. Always a pleasure. Have a great weekend. | :25:56. | :25:58. | |
There will be more business news throughout the day on the BBC Live | :25:59. | :26:03. | |
webpage, and on World Business Report. | :26:04. | :26:04. | |
A little taste of winter in the next few days. An echo of winter. It will | :26:05. | :26:22. | |
not be that cold. There is air coming all the way from the Arctic, | :26:23. | :26:24. | |
so | :26:25. | :26:25. |