:00:08. > :00:20.later, the Eurozone recovers from later, the Eurozone recovers from
:00:21. > :00:23.the financial crisis, the question is, what is the cost, an hour-long?
:00:24. > :00:45.That is our top story on Good to have the Eurozone finally
:00:46. > :00:59.recovering from the financial crisis. How strong is that recovery,
:01:00. > :01:09.will it last? Apple has invested $1 billion in a car sharing app which
:01:10. > :01:13.is a greater market share than Uber in China. We will keep an eye on the
:01:14. > :01:20.global markets. Shares in the Japanese car-maker Nissan rose,
:01:21. > :01:25.after it took a major stake in embattled rival Mitsubishi. The boss
:01:26. > :01:36.of the Bank of England weighs into the whole
:01:37. > :01:43.Brexit debate. As Facebook launches allegations of
:01:44. > :01:46.censorship on its site, are you worried about censorship on social
:01:47. > :01:55.media? Get in touch. We start in Europe -
:01:56. > :02:00.in a few hours time we'll get the latest growth figures
:02:01. > :02:02.for the 19 countries that They are expected to confirm that -
:02:03. > :02:10.at last - after eight years and TWO recessions -
:02:11. > :02:13.not to mention a major wobble over Greece -
:02:14. > :02:15.the Eurozone has finally recovered in the first three months
:02:16. > :02:32.of the year, the Eurozone economy That may not sound like much -
:02:33. > :02:41.but for Europe that is good going. It puts the annual growth rate
:02:42. > :02:45.at 1.6% year on year. But here's an even
:02:46. > :02:47.more important number, the total value of all the goods
:02:48. > :03:10.and services produced in the Eurozone in the first quarter
:03:11. > :03:13.was 2.48 trillion euros. That's a shade more
:03:14. > :03:16.than its peak just before the financial crisis -
:03:17. > :03:18.in the first quarter of 2008. It's taken years longer
:03:19. > :03:21.than the US and UK to recover- Some 700 billion euros
:03:22. > :03:40.was pumped into the economy by the European Central Bank over
:03:41. > :03:43.the past year and a half. As well as 'quantitative easing'
:03:44. > :03:45.they have cut interest rates to BELOW zero -
:03:46. > :03:48.ie negative interest rates. Angel Talavera, Eurozone Economist
:03:49. > :04:02.at Oxford Economics Why did it take so long? It
:04:03. > :04:04.highlights the fundamental problems of the
:04:05. > :04:07.Eurozone, the one monitoring policy and exchange rate for very different
:04:08. > :04:16.countries. That is the point, the disparity
:04:17. > :04:24.continues. Germany, Northern Europe, then Italy, Greece? The hype was the
:04:25. > :04:26.Eurozone would lead to a strong convergence, that is not happened.
:04:27. > :04:29.You have countries like Germany and Greece which have
:04:30. > :04:36.To have one policy for both countries nearly impossible.
:04:37. > :04:43.We keep hearing, people from outside the region, looking in, investors
:04:44. > :04:51.around the world, they are not optimistic. They seem to be very
:04:52. > :04:55.pessimistic? It is hard to be optimistic on the Eurozone, after so
:04:56. > :04:59.many years of mediocre growth stock the prospects are not that great. I
:05:00. > :05:01.understand why in investor would not be optimistic.
:05:02. > :05:09.The Eurozone will grow at a steady pace, but the risk is to fall into
:05:10. > :05:14.mediocrity. Unless there are some big changes made, we will never see
:05:15. > :05:17.growth rates much higher. Aside from the economic and political
:05:18. > :05:20.headwinds, in recent months we have seen the migrant
:05:21. > :05:27.crisis taking control of the area. How big a factor is that? That is
:05:28. > :05:35.one of the biggest challenges, not only a net economic issue, but a
:05:36. > :05:38.social issue. It has been very challenging socially and
:05:39. > :05:46.politically. The challenge of taking those people will be enormous. It is
:05:47. > :05:49.an opportunity to benefit as well. I just saw this two-day, cracking
:05:50. > :05:54.little piece. One of the consequences, last year Greece for
:05:55. > :05:57.capital controls into the banks, restricting people taking cash. One
:05:58. > :06:04.of the consequences of that, Greeks, in record numbers, are
:06:05. > :06:13.signing up to credit and debit cards. The thing about them, leaving
:06:14. > :06:19.an electronic trail for the taxman, which is in a country which has a
:06:20. > :06:23.reputation for dodgy tax. That is a silver lining of an otherwise pretty
:06:24. > :06:25.terrible situation for Greece. It might lead to an improvement in the
:06:26. > :06:28.fiscal balance, which we know is being watched constantly by
:06:29. > :06:37.everybody. Shares of Apple have fallen below
:06:38. > :06:40.$90 for the first time in nearly two years amid investors' concerns
:06:41. > :06:44.about slumping iPhone sales. On Thursday, a report citing
:06:45. > :06:59.a source within Apple said component suppliers in Taiwan should
:07:00. > :07:01.expect fewer orders. The pace of iPhone sales has slowed,
:07:02. > :07:03.particularly in Asia, and there are no major
:07:04. > :07:06.new product releases scheduled. During the trading session Apple
:07:07. > :07:08.briefly lost its position as the world's most valuable company
:07:09. > :07:11.to Google's parent company Alphabet. They are both worth just under
:07:12. > :07:19.500 billion dollars. Manchester United are due
:07:20. > :07:23.to release their financial results later today and-
:07:24. > :07:24.according to Deloitte- the club is expected to become
:07:25. > :07:27.the biggest earners in World The Premier League team have
:07:28. > :07:32.recently signed a new 10-year kit deal with German
:07:33. > :07:39.sportswear giant Adidas. Manchester United are due
:07:40. > :07:44.to release their financial Manchester United were bought
:07:45. > :07:46.by the Glazer family in a controversial
:07:47. > :07:48.leveraged buyout in 2005- the company floated on the New York
:07:49. > :07:54.Stock Exchange in August 2012. China's leading app-based taxi
:07:55. > :08:13.service, Didi Chuxing. Leisha - how big a deal is this
:08:14. > :08:19.and why are they doing it? You are very close in pronouncing
:08:20. > :08:24.it. It shows that Apple has a strong belief
:08:25. > :08:27.in a couple of things, one is China, the second is
:08:28. > :08:32.the sharing economy, and car technology. Tim Cook is
:08:33. > :08:36.visiting China later this month, he says this $1
:08:37. > :08:49.billion deal will help iPhones and iPads are levelling off
:08:50. > :08:55.China, the market is saturated. Apple
:08:56. > :09:07.something else. It is not a small country, they control 90% of China's
:09:08. > :09:22.private car market. investors, Alibaba, Google will have
:09:23. > :09:32.a hard time catching up, they are yet to crack the market.
:09:33. > :09:41.Lacklustre performance on the markets.
:09:42. > :09:45.The bank of Japan may add to its massive stimulus before too long.
:09:46. > :09:53.falling, the load 6100 for the first time in a month.
:09:54. > :10:01.Hard to say why that is, other than other European markets are lower on
:10:02. > :10:01.the back of those fools we saw in the
:10:02. > :10:07.US and Asia. Oil prices slipping a little bit.
:10:08. > :10:17.We have the details about what is happening on Wall Street. Many
:10:18. > :10:20.American retailers have shown disappointing profits this week. It
:10:21. > :10:26.looks as if US sales have gone up for the
:10:27. > :10:27.month of April. That is welcome news given they fell for the month of
:10:28. > :10:35.March. What changed? People stepping up their purchases of
:10:36. > :10:36.automobiles. Also on Friday, the consumer
:10:37. > :10:44.sentiment for the month of May. Telling us how confident people are
:10:45. > :10:48.feeling about the US economy. This is a number really closely watched
:10:49. > :10:55.by the US Federal reserve. Consumer sentiment probably went up in the
:10:56. > :10:56.month of May from a seven-month low, as Americans see improvement in both
:10:57. > :11:03.the labour market and finances. James Bevan, Chief
:11:04. > :11:14.Investment Officer of CCLA We have that Friday feeling. Asian
:11:15. > :11:21.stocks off the back of a tech sell-off. Apple saying they will not
:11:22. > :11:29.sell as many iPhones eMac, that means in Asia we will not buy as
:11:30. > :11:33.many components. There are plenty of people saying it is a pause for
:11:34. > :11:38.breath before they can to ahead. There will be one and a half billion
:11:39. > :11:40.people on the planet owning an iPhone before the cycle is over.
:11:41. > :11:51.That would They are just below 100. The bad
:11:52. > :12:00.news is the iPhone is over, bad news for the component players, we have
:12:01. > :12:06.heard the story in Asia. Hence Apple wanting to diversify into content.
:12:07. > :12:09.Apple is saying we want original content, we will invest heavily,
:12:10. > :12:17.doing things on our phones, watch it. If we look at how
:12:18. > :12:23.tech stocks outperformed, they generally got whacked. A slight
:12:24. > :12:33.recovery from Harmison? For people who are patient with
:12:34. > :12:38.their stocks, very good. The great advantage for Amazon, people are
:12:39. > :12:40.prepared to be optimistic, whereas with
:12:41. > :12:45.Apple, very pessimistic. It is a fraction of the valuation for
:12:46. > :12:55.Amazon. Brazil, the impeachment. How are markets responding? Markets
:12:56. > :12:56.are optimistic, but they are spoilt for choice with cheap emerging
:12:57. > :12:59.markets. You will come back and Still to come, has the head
:13:00. > :13:07.of the Bank of England gone too far Stay tuned - we'll have
:13:08. > :13:11.more from our Economics You're with Business
:13:12. > :13:16.Live from BBC News. Research carried out for the BBC has
:13:17. > :13:19.revealed that more than 600 bank branches have closed
:13:20. > :13:26.across the UK in the past year. In population terms
:13:27. > :13:28.it's hitting rural One of those is Birchington
:13:29. > :13:31.on Sea in Kent. Welcome to Birchington-on-Sea,
:13:32. > :13:40.in Kent. It is like many villages, with
:13:41. > :13:43.a bustling high street of shops. But one thing here is
:13:44. > :13:47.missing, the banks. Mandy runs a local deli,
:13:48. > :13:49.and she is trying to figure out how she will
:13:50. > :13:51.do her banking when the village
:13:52. > :13:55.loses its last remaining bank. Why do you think
:13:56. > :13:58.the banks have closed? But for them all to close,
:13:59. > :14:03.I don't know why, The other thing
:14:04. > :14:09.is the passing trade. All the villagers used to come
:14:10. > :14:12.in and do their banking, and spend money in the shops,
:14:13. > :14:14.and stuff like that. Across the road used to be the HSBC,
:14:15. > :14:19.down there a Barclays, But they have all closed
:14:20. > :14:25.in the past year. This is the last bank in town,
:14:26. > :14:28.but it also will close next month. 600 others have shut
:14:29. > :14:31.across the UK in the last year. The Post Office here is picking
:14:32. > :14:33.up some of the slack, My time is to be quite precious,
:14:34. > :14:45.and I have to spend maybe half an hour, 45 minutes, even an hour
:14:46. > :14:48.sometimes, just driving to Obviously they've got reasons
:14:49. > :15:27.to close their branches down, but it The banks say they are investing to
:15:28. > :15:31.offer a wider level of services. It is about casting costs, but the cost
:15:32. > :15:44.to the community could be much higher. The Tesco boss gets an
:15:45. > :15:50.annual bonus of ?3 million. The company did return to profit for the
:15:51. > :15:51.first time in years, look at this, eggs, we all love them and they are
:15:52. > :15:54.coming down in price! Eight years and two
:15:55. > :16:01.recessions later. The Eurozone has finally recovered
:16:02. > :16:07.from the financial crisis. And now let's get the inside
:16:08. > :16:10.track on a busy week We've had the Governor
:16:11. > :16:23.of the Bank of England, Mark Carney, saying that a Brexit
:16:24. > :16:33.vote may spark a recession. We should say for our worldview was
:16:34. > :16:34.that Brexit means the referendum in the UK about whether the UK will
:16:35. > :16:38.stay in the European Union or leave. Saudi Arabia's state oil company,
:16:39. > :16:40.Saudi Aramco, is preparing for the largest stock market
:16:41. > :16:42.flotation in history. And Greece has been seeking
:16:43. > :16:47.another bailout ... We're joined by our economics
:16:48. > :16:57.editor Kamal Ahmed. Good to see you. Should we start
:16:58. > :17:02.with the boss of the Bank of England, scare tactics, does he have
:17:03. > :17:06.the right to come out and say that if the UK leaves the European Union
:17:07. > :17:12.there will be a recession with house prices plummeting and things like
:17:13. > :17:15.that? I think the governor is thinking to himself that he won't
:17:16. > :17:19.have many chances to speak about this debate so yesterday it was the
:17:20. > :17:23.inflation report when the Bank of England looks up a whole of the UK
:17:24. > :17:28.economy and I think is really used it to make this stern warning about
:17:29. > :17:31.what he believes. But it is not just him, it's him and eight other
:17:32. > :17:36.members of the Monetary Policy Committee. That is the group of bank
:17:37. > :17:42.and external economists who set interest rates in the UK. There
:17:43. > :17:47.would be a negative impact on UK economic growth if Britain were to
:17:48. > :17:52.leave the European Union. This comes after one week of pretty woeful data
:17:53. > :17:58.on the UK economy. Some people estimate that UK economic growth in
:17:59. > :18:01.April went down 20.1%. This means that if there is downward pressure
:18:02. > :18:05.on growth which the Bank of England believes they would be if there was
:18:06. > :18:12.Brexit, that would take Britain into negative to injury. Two quarters of
:18:13. > :18:15.negative growth gives you what the bank of England governor described
:18:16. > :18:21.yesterday as a technical recession. One final point. A deliberate use of
:18:22. > :18:25.the word "Recession". If you speak to mark Carney he does believe the
:18:26. > :18:30.Bank of England needs to be transparent on the concerns it holds
:18:31. > :18:33.because what's the point of saying after the referendum result, we
:18:34. > :18:39.thought this but we didn't say anything at the time! He says it is
:18:40. > :18:43.an issue of transparency. It has caused a lot of talk in the UK,
:18:44. > :18:48.whether it is right or not. It was a big week for Greece again on Monday,
:18:49. > :18:52.this controversial bill voted to and then the topic of debt relief being
:18:53. > :18:57.discussed again amongst Eurozone finance ministers throughout the
:18:58. > :19:04.week. How likely is that to be, considering Germany, which until now
:19:05. > :19:08.has been so against the concept of it? It seems that what they don't
:19:09. > :19:12.want is a massive controversy outside the British issue of the
:19:13. > :19:16.referendum, blowing up in Greece. They have said, it's quite positive
:19:17. > :19:21.news, that they want to look at the issue of debt relief. Yet
:19:22. > :19:26.absolutely, as you say, will Germany stomach fundamental changes in what
:19:27. > :19:31.Greece is being asked to do after the 2012 Euros and crisis? There
:19:32. > :19:37.will be lots more negotiation. We've had these things going on familiar
:19:38. > :19:40.is. But better news in the Greek economy, unemployment in Greece has
:19:41. > :19:45.come down to a four-year low. There is some reform going through and in
:19:46. > :19:50.the Eurozone, as you say, there has been some positive economic news so
:19:51. > :19:53.at a time when the UK economy seems to be stuttering the Eurozone
:19:54. > :19:58.economy, we've had very strong Germany and GDP figures this
:19:59. > :20:12.morning, it seems to be showing signs of momentum and recovery.
:20:13. > :20:22.If they are given more debt relief, isn't that a gift? Greece is in a
:20:23. > :20:27.position with dad at 120% of GDP, will it ever be able to pay off that
:20:28. > :20:31.debt pile and what is the way that we can get the Greek economy back in
:20:32. > :20:37.order? I don't think it can be seen as a gift. But what you are doing is
:20:38. > :20:42.managing the way and the number of years it will pay back and how it
:20:43. > :20:46.uses the European stability mechanism to pay off its debts and
:20:47. > :20:54.can you have a more shallow glide path to a position where it's got
:20:55. > :21:01.that debt under better control? And Saudi Arabia today, talk us through
:21:02. > :21:08.that. Our colleague Simon Jack went to Saudi Arabia to injury the chief
:21:09. > :21:12.executive of Saudi Aramco, their main oil company -- he went to
:21:13. > :21:16.interview him. They want to sell part of that to raise huge mud of
:21:17. > :21:23.money for the Saudi government. And they think production will still
:21:24. > :21:27.increase. -- huge amount of money. The Chief Executive Officer said
:21:28. > :21:32.this in his interview with Simon. Pressure on the oil price may come
:21:33. > :21:36.down as Saudi keeps the tabs open. Interestingly the head of the
:21:37. > :21:40.International energy authority said that oil demand was increasing from
:21:41. > :21:47.India in particular, and from China. So the oil price has been relatively
:21:48. > :21:52.robust over the last 3-4 months. Biggest public offering in history.
:21:53. > :21:54.Always great stuff, have a great weekend.
:21:55. > :21:56.Now, auctions of old comic books have
:21:57. > :21:59.Originally they cost just a few cents to buy -
:22:00. > :22:05.but now they are changing hands for five or even six-figure sums.
:22:06. > :22:10.Heritage Auctions in New York sells over $30 million
:22:11. > :22:12.of comic books and original comic art per year.
:22:13. > :22:19.Michelle Fleury got a sneak preview ahead of this weekend's auction.
:22:20. > :22:27.I am here at Heritage Comics and comic art auction. This is a cover
:22:28. > :22:31.of Superman number one, he is of course faster than a speeding bullet
:22:32. > :22:35.and he can leap a building in a single bound. Did you know that one
:22:36. > :22:42.of his other superpowers was making money? If you bought this in 1939 it
:22:43. > :22:48.was worth 10 cents and today it is expected to go under the hammer for
:22:49. > :22:51.$28,000. What are the other highlights on display? The last
:22:52. > :22:56.panel has been incredible because that is every character who made
:22:57. > :23:01.their first appearance in the strip until then. He would have wonder
:23:02. > :23:04.woman number two from 1942. Some of the prices we have got would have
:23:05. > :23:10.been unthinkable ten years ago or even five years ago. One of the star
:23:11. > :23:18.lots is this ex-man cover which the seller bought as a young boy. When I
:23:19. > :23:20.was 13, in 1976I went with my father to a comic book convention in
:23:21. > :23:27.London, I had birthday money and we bought it. I paid around 15 or ?20.
:23:28. > :23:33.We hope it will go for six figures. An incredible return. The lesson is,
:23:34. > :23:40.by what you love because if it does not go up in value at least you will
:23:41. > :23:44.have something to read! Welcome back. I was checking my Twitter feed
:23:45. > :23:48.because we've had some responses to the question we asked at the start
:23:49. > :23:52.of the show, asking what you think about editorial bias on social
:23:53. > :23:57.media, talking about this Facebook story. Ryan says, I am not worried
:23:58. > :24:02.about censorship on social media. I may be one of the few millennial 's
:24:03. > :24:11.who get news from reputable sources like the BBC, social media sites
:24:12. > :24:15.should not be sources of his career should just share things with your
:24:16. > :24:22.friends that you agree on. James is back. Marcus Cauberg is in the news.
:24:23. > :24:25.It's really important to the integrity of the company, it prides
:24:26. > :24:29.itself on understanding the people who play get. That is one way in
:24:30. > :24:37.which they monetise what they are up to. -- Mark is a Cauberg synonyms.
:24:38. > :24:43.Week can skip the newspapers because I know that you want to talk about
:24:44. > :24:51.Europe. -- we will be able to skip the newspapers. Germany is powering
:24:52. > :24:56.ahead. These numbers are really very poor. Europe still has a huge
:24:57. > :25:05.challenge. On April 29 we have the Portuguese vote. That has saved the
:25:06. > :25:11.Eurozone from another crisis. I think Europe is still hanging by a
:25:12. > :25:15.thread. Jiminy's growth figure was stronger than in any quarter last
:25:16. > :25:21.year. The smack Germany's growth figure. We are talking about one
:25:22. > :25:26.number. For three years it has mainly been flat. I argue that we
:25:27. > :25:30.cannot expect good news from the Eurozone until we solve the real
:25:31. > :25:34.issue, the single fiscal authority. Negative interest rates are one
:25:35. > :25:39.mechanism by which the European Central Bank provides fiscal support
:25:40. > :25:46.through Europe, in a sense. There will be hell to pay. It is
:25:47. > :25:51.interesting. Many valid points, to be frank and we did not even do the
:25:52. > :25:56.papers. Sorry about that. James Bevan, thank you.