:00:17. > :00:22.The mystery surrounding the disappearance of an EgyptAir
:00:23. > :00:24.plane over the Mediterranean has deepened, after Greek authorities
:00:25. > :00:27.dismiss reports of finding debris from the jet.
:00:28. > :00:36.G7 finance chiefs gather in Japan - but do they really have
:00:37. > :00:40.And we'll keep you up to date with all the market buzz -
:00:41. > :00:42.European shares have opened strongly, following modest rises
:00:43. > :00:50.in Asia overnight and pretty weak trading on Wall Street.
:00:51. > :00:52.And we'll be looking back at the week on tech
:00:53. > :00:55.with correspondent Rory Cellan Jones - including some of the latest
:00:56. > :01:00.developments announced by Google this week.
:01:01. > :01:04.As G7 finance leaders meeting in Japan prepare for a karaoke
:01:05. > :01:07.night this Saturday - what songs should they be singing?
:01:08. > :01:30.Let's begin with the crash of EgyptAir flight MS804.
:01:31. > :01:33.The search for the missing plane is continuing into its second day -
:01:34. > :01:40.with Greek, Egyptian, French and UK military units taking
:01:41. > :01:48.part in the operation near Greece's Karpathos island.
:01:49. > :01:52.The plane was en route from Paris to Cairo with 66 passengers and crew
:01:53. > :02:02.Greece said radar showed the Airbus A320 had made two sharp
:02:03. > :02:04.turns and dropped more than 25,000ft, or 7,620m, before
:02:05. > :02:08.Egypt says the plane was more likely to have been brought
:02:09. > :02:16.down by a terrorist act than a technical fault.
:02:17. > :02:19.Whatever the cause of the disaster - and whether or not it
:02:20. > :02:22.was terrorism-related - it could not come at a worse time
:02:23. > :02:26.for Egypt's tourism industry and its wider economy.
:02:27. > :02:30.Let's have a look at the numbers involved.
:02:31. > :02:32.Millions of Egyptians rely on tourism to make a living,
:02:33. > :02:35.and it's a vital source of foreign earnings for the country.
:02:36. > :02:37.Since the downing of the Russian Metrojet flight
:02:38. > :02:39.in Sinai last October, tourist arrivals to Egypt
:02:40. > :02:46.As a result, the Economist Intelligence Unit estimates
:02:47. > :02:48.that the country's tourism revenue has nearly halved.
:02:49. > :02:50.The wider industry has also suffered as a result
:02:51. > :02:53.Since the end of October, shares of travel companies have
:02:54. > :03:11.Helen Marano is the Director of Government Industry Affairs
:03:12. > :03:13.at the World Travel Tourism Council.
:03:14. > :03:22.Good to have you with us, thank you for coming in. Let's begin with the
:03:23. > :03:27.Egypt, and even before yesterday's tragedy, the tourism industry in
:03:28. > :03:33.Egypt has been hammered. We had a senior board member who said that
:03:34. > :03:38.the terrorism, each of's tourism Federation Council, they said that
:03:39. > :03:43.tourism in the country has not dropped, tourism in the country has
:03:44. > :03:48.collapsed, it is devastating for the economy? -- Egypt's. It is a heavily
:03:49. > :03:53.dependent industry for the con me, but before we say anything I would
:03:54. > :03:56.like to express our heartfelt sympathy to the families -- economy.
:03:57. > :04:01.There's no question that when we go through this everyone begins to
:04:02. > :04:07.focus on, my gosh, what will happen for the country now? But for the
:04:08. > :04:11.families, we know how tragic is. As far as the reception that Egypt has
:04:12. > :04:17.had, it has been dealt another blow, the tourism minister was intent on
:04:18. > :04:22.planning a very robust rebirth for the country, and being able to
:04:23. > :04:27.demonstrate alternative areas is Egypt to go to as well, to feed out
:04:28. > :04:31.into the rural area, but I think, without question, they have a huge
:04:32. > :04:38.challenge now. I am wondering, these kinds of drops that we have seen,
:04:39. > :04:43.like in 2010, the peak, the government was making about $12.5
:04:44. > :04:48.billion from revenue for Egypt, last it was $7 billion, a big drop. Sharm
:04:49. > :04:54.El-Sheikh was supposed to use European carriers they were supposed
:04:55. > :05:00.to return in a week or two. That is. Egypt cannot sustain this continued
:05:01. > :05:07.tourism battering, surely? No, and they recognise it now, on top of it,
:05:08. > :05:12.this is devastating to what they have tried to do. One of the issues
:05:13. > :05:16.is overall, I noticed in your commentary that the global industry
:05:17. > :05:20.is still strong. When this happens in a concentrated area, people will
:05:21. > :05:26.still take a moment to consider where they are choosing to go, and
:05:27. > :05:30.may take alternative destinations. This is what Egypt faces, without
:05:31. > :05:37.question. But we must remember that we are on 10% of the global economy,
:05:38. > :05:46.and one in 11 jobs overall, with Egypt being a huge part of that. On
:05:47. > :05:49.the security of travellers and planes, in Egypt, the environment
:05:50. > :05:53.that they currently have, with budget airlines, short-haul flights,
:05:54. > :05:59.the turnaround for planes is increasingly short, is there enough
:06:00. > :06:01.time to do sufficient checks? It depends on the airport 's
:06:02. > :06:06.consideration, and airlines understanding. First and foremost,
:06:07. > :06:11.in their minds and practice and procedures is security. Even in
:06:12. > :06:16.Paris, they've done a review of all of the personnel after the last
:06:17. > :06:20.event, and they've been doing as much information sharing, that is
:06:21. > :06:25.key, the Corporation for information sharing and ahead of any of these
:06:26. > :06:29.incidents, to identify potential is. Airport security is the ultimate end
:06:30. > :06:34.point for them to be sure that they are strong. We will be vigilant
:06:35. > :06:40.indeed. We appreciate your time. Thank you.
:06:41. > :06:44.Good to talk to you. Let's bring you other business news.
:06:45. > :06:48.German drug and chemical giant Bayer has confirmed it's launched
:06:49. > :06:50.a takeover bid for Monsanto, the world's biggest seed company -
:06:51. > :06:52.that could be worth around $47 billion.
:06:53. > :06:55.The offer comes amid a wave of consolidation in the industry.
:06:56. > :06:57.However, a tie-up could raise competition concerns
:06:58. > :06:59.because of the sheer size of the combined company
:07:00. > :07:09.and the control they would have over the seeds and sprays business.
:07:10. > :07:13.The seeds and sprays business, did you ever think that you would say
:07:14. > :07:15.that?! US car-hailing giant Uber has
:07:16. > :07:17.entered the race to develop driverless car technology-
:07:18. > :07:19.the company says it's testing a vehicle on the
:07:20. > :07:26.streets of Pittsburgh. According to a statement from Uber -
:07:27. > :07:29.it's fitted a Ford Fusion with radar, laser scanners
:07:30. > :07:38.and cameras. Lookout for one of those! If you see
:07:39. > :07:46.it coming... I'm just saying, it's early days, you might want to get
:07:47. > :07:47.off the street, I'm not sure! Let's talk about finance chiefs.
:07:48. > :07:50.You love this story! Finance chiefs from the G7 group of
:07:51. > :07:53.nations are meeting in Japan today. Top of the agenda is likely
:07:54. > :07:56.to be how they revitalise You are more concerned with the
:07:57. > :08:08.outfits! I've been slapped on the wrist
:08:09. > :08:14.because I've said all morning, look at them in the pink kimonos, but
:08:15. > :08:24.they are not called that, I don't know what are called! That's right,
:08:25. > :08:27.as you were saying, that they can question is spending versus
:08:28. > :08:33.austerity, that is bound to keep finance ministers busy over the next
:08:34. > :08:40.couple of days, they are expected to boost global growth, as the slowdown
:08:41. > :08:43.in China's growth, the worst is yet to come. Not everyone agrees with
:08:44. > :08:49.the best way of keeping global recession in Bay and -- at bay, the
:08:50. > :08:56.yen will be up for discussion after a rally hit the country's exporters,
:08:57. > :09:02.and worsened a slowdown at home. There is terrorist financing and tax
:09:03. > :09:06.havens on the agenda, as are the Panama Papers. A debt relief deal
:09:07. > :09:11.for Greece, and Britain's referendum on its future in the EU. Whether
:09:12. > :09:22.they are wearing pink, owners or not, they will definitely be singing
:09:23. > :09:26.the blues! Thank you. At the start of the show, we thought we would ask
:09:27. > :09:28.you what you thought they would be singing, let us know!
:09:29. > :09:32.Well let's stay in the region and have a look at the market numbers.
:09:33. > :09:34.And for the most part Asian shares edged up on Friday
:09:35. > :09:38.but still on track for a weekly loss, while the dollar is poised
:09:39. > :09:42.Federal Reserve could raise rates as early as next month -
:09:43. > :09:44.the dollar strengthening against the yen as a result.
:09:45. > :09:47.Wall Street fell on Thursday with both the Dow Jones and the S
:09:48. > :09:49.500 touching roughly two-month lows before paring losses.
:09:50. > :09:51.Meanwhile here in Europe, shares have opened higher
:09:52. > :09:54.on the last trading day of the week, tracking those slight gains in Asia.
:09:55. > :09:57.And Michelle Fleury has the details about what's ahead
:09:58. > :10:09.US stock markets ended lower on Thursday, as Wall Street adjusted to
:10:10. > :10:14.the idea the Federal reserve is seriously thinking about raising
:10:15. > :10:19.interest rates at its next meeting in June. Policymakers only have to
:10:20. > :10:22.see signs that the economy is continuing to strengthen, and one
:10:23. > :10:26.indication will come this Friday. The existing home sales report
:10:27. > :10:31.measures the number of previously owned single family homes, sold in
:10:32. > :10:35.the last month. Economists are predicting a rise in April, a strong
:10:36. > :10:40.signal of consumer spending and confidence in the economy. And, in
:10:41. > :10:44.another sign of how far the gap has fallen out of fashion, clothing
:10:45. > :10:50.retailers said late on Thursday that it plans to shut all of its old Navy
:10:51. > :10:55.brand stores in Japan, as well as some banana Republic shops outside
:10:56. > :10:58.of the US. The company, which reported a lower profit, is
:10:59. > :11:05.struggling with a prolonged sales slump.
:11:06. > :11:10.Thank you. We asked what songs the financial leaders should be singing
:11:11. > :11:18.in Japan, Lee from Oxford says that dire Straits "Money for nothing".
:11:19. > :11:24.Another says... "Moly, Moni, Moni...!" What do you think? --
:11:25. > :11:35.moany moany moany. What is Goldman Sachs doing? They
:11:36. > :11:40.come out and say, don't buy equities all stocks? The chief strategists
:11:41. > :11:45.has basically said to avoid stocks. After a tumultuous summer, we have
:11:46. > :11:50.heard from the survey of fund managers, they manage over ?500
:11:51. > :11:55.trillion of our money, they put a lot more of our money into cash,
:11:56. > :12:01.that old, overused stock market adult about selling and going away,
:12:02. > :12:06.that may be relevant. Yesterday, we saw a big sell-off and this morning
:12:07. > :12:12.we saw a big bounce in London. It seems that there is this old problem
:12:13. > :12:15.on the horizon again. All of these big cheeses are being bearish on
:12:16. > :12:19.equities but where does it leave people? Who have savings in the
:12:20. > :12:24.stock market? They recommended to people that they put money in
:12:25. > :12:27.corporate bonds. You have to look somewhere for yield, you are not
:12:28. > :12:34.getting much in the bank at the moment. You are getting nothing. The
:12:35. > :12:40.US Federal reserve, what day is today? Friday, was it Wednesday or
:12:41. > :12:46.Tuesday? Wednesday. I am wondering, is the American central Bank people,
:12:47. > :12:49.the boss... Janet? Are they looking somewhere different to ask which
:12:50. > :12:54.call of the experts I spoke to said that they expected that raised in
:12:55. > :12:58.June, they have said no it will be September, now it is June? We got
:12:59. > :13:04.the minutes on Wednesday night, before that there was a 4% chance of
:13:05. > :13:09.a rate rise, in June, now the market say it is a 34% chance, the minutes
:13:10. > :13:13.were basically saying that it may be in June. They are looking at the US
:13:14. > :13:16.economy, which despite problems in the world, there are still signs of
:13:17. > :13:20.growth, the problem for the Central bank is that they want to get in
:13:21. > :13:23.before we see inflation. Richard, you will come back and take
:13:24. > :13:24.us through markets later. Thank you.
:13:25. > :13:27.Still to come...we look back on the week in tech
:13:28. > :13:30.with our correspondent Rory Cellan-Jones.
:13:31. > :13:34.There's virtual reality from Google and Apple wooing China and India.
:13:35. > :13:48.You're with Business Live from BBC News.
:13:49. > :13:51.Eurostar has reported a fall of 3% in passenger numbers for the first 3
:13:52. > :13:56.The business had hoped 2016 would be a better year for business -
:13:57. > :14:06.after attacks in Paris and disruption in Calais.
:14:07. > :14:07.Chief executive Nicolas Petrovic joins us in our
:14:08. > :14:19.Let's speak to the big boss himself! Good to see you. For your main
:14:20. > :14:24.destinations, let's be frank, it's not been a great start of the year,
:14:25. > :14:32.has it? No, it has been tough, we saw a sharp drop in passenger
:14:33. > :14:35.numbers, but it is OK now, it's difficult with the North American
:14:36. > :14:39.and Asian markets, the terrorists do not come to Europe as much as they
:14:40. > :14:44.used to, it is a tough start to the year. -- the tourists.
:14:45. > :14:50.How much of an impact does the upcoming referendum in the UK have
:14:51. > :14:57.on your business? We can see that the business market is, I would say,
:14:58. > :15:01.prudent. There's a lot of uncertainty and a lot of companies
:15:02. > :15:06.are waiting to see what will happen. We are waiting for the outcomes, so
:15:07. > :15:07.that we can all move on, uncertainties are never before
:15:08. > :15:18.corporate is. Deutscher ban. I know you always say
:15:19. > :15:24.-- Mike smile when I say that. It is just around the corner. Competition
:15:25. > :15:30.means lower prices. Will you be lowering -- Mike lowering your
:15:31. > :15:40.affairs? We have just lowered our pricing. It is a very competitive
:15:41. > :15:46.market. We want to drive more passengers on our trains. We welcome
:15:47. > :15:49.the competition. There is no problem. The markets will keep
:15:50. > :15:55.growing. There will be space for everybody. We appreciate your time.
:15:56. > :16:06.Good luck with everything. The CEO of Eurostar. Packaging rules hurting
:16:07. > :16:07.tobacco profits in the UK potentially because they are going
:16:08. > :16:16.to change. Plain packaging. We'll have to see what the impact on
:16:17. > :16:20.the industry. Our top story: a massive search
:16:21. > :16:25.is continuing for a second day for an EgyptAir plane that
:16:26. > :16:33.disappeared over the Mediterranean. And now let's get the inside track
:16:34. > :16:37.on the big tech stories of the week, including some major announcements
:16:38. > :16:40.from Google, Apple wooing China and India, and Microsft
:16:41. > :16:42.dropping the Nokia brand, with our tech correspondent,
:16:43. > :17:15.Rory Cellan-Jones. Google, a virtual assistant thing?
:17:16. > :17:21.Every year, Google as a big event. This year they had 7000 people in an
:17:22. > :17:24.arena outside their headquarters. A lot of it was about taking all that
:17:25. > :17:32.technology they have got. They have got an amazing amount of artificial
:17:33. > :17:35.intelligence. They do not make great products out of it. They make all of
:17:36. > :17:38.their money from advertising. They say they are going to do more. They
:17:39. > :17:48.are going to have a virtual assistant, which will be used in a
:17:49. > :17:51.new messaging app. The world needs a messaging app! More interestingly,
:17:52. > :17:57.they are going to produce a product called Google home, a little speaker
:17:58. > :18:09.you can chat to, ask its tough and it will tell you stuff. Can you get
:18:10. > :18:13.this picture looking down? Is very like the Amazon Echo. Amazon have
:18:14. > :18:23.stolen a march. You can talk to it, ask its tough, it is very clever and
:18:24. > :18:26.it will answer you back. It is about conversation with machines. Nobody
:18:27. > :18:29.has done really well yet. Google is in a good position because it has
:18:30. > :18:35.some of the cleverest artificial intelligence and machine owning
:18:36. > :18:40.experts on its staff. Aren't they behind the curve compared to some of
:18:41. > :18:44.their competitors? People also saying they are behind the curve on
:18:45. > :18:49.virtual reality. That does not necessarily matter if you hit it at
:18:50. > :18:53.the right moment. Apple has been repeatedly behind the curve getting
:18:54. > :19:06.into mobile phones, bringing out the iPad ten years after Microsoft. It
:19:07. > :19:17.is doing it at the right time. Can I talk about Microsoft? The Nokia
:19:18. > :19:23.deal, two years ago, the most extraordinary deal. Microsoft buys
:19:24. > :19:27.the Nokia mobile phone business. The outgoing chief executive said it
:19:28. > :19:32.would be a transformative deal for Microsoft. A year later they wrote
:19:33. > :19:39.the entire value of the deal off. Now they have sold the rest of the
:19:40. > :19:42.business. The cheaper phones still quite popular in the developing
:19:43. > :19:47.world. They are basically wiping Nokia from their story. Meanwhile,
:19:48. > :19:54.the original Nokia in Finland is licensing its brand to accompany
:19:55. > :20:00.staff by former Nokia people and getting back into phones. The Nokia
:20:01. > :20:07.phone could come back? It could indeed. Business School students
:20:08. > :20:15.will be studying this for years. You are dead right. Let's go back to
:20:16. > :20:23.Apple. Apple has been wooing China and India. A few weeks ago, worrying
:20:24. > :20:30.results from Apple after years of extraordinary success. It is now
:20:31. > :20:34.focusing on where its growth will come from. China and India very
:20:35. > :20:39.important. Tim Cook has been on a tour through China and India talking
:20:40. > :20:47.to companies, talking about setting up initiatives. In China he bought a
:20:48. > :20:54.stake in the rival to Hooper. -- Uber. In India the iPhone is too
:20:55. > :21:00.expensive. They have to find some other way of tapping into that huge
:21:01. > :21:07.and growing market. Eight visits so far to China and only one to India.
:21:08. > :21:09.Always a pleasure, mate. Have a great weekend.
:21:10. > :21:12.A new building complex in north London is offering a different kind
:21:13. > :21:14.of accommodation aimed at millennials, mixing small private
:21:15. > :21:20.The Collective has 550 small bedrooms and communal
:21:21. > :21:22.areas that include a spa, restaurant, games room,
:21:23. > :21:25.library and roof-top with plastic igloos -
:21:26. > :21:31.with most bills included in the rental price.
:21:32. > :21:34.Is this co-living a good deal, or just another way to exploit young
:21:35. > :22:11.Dougal Shaw went along for a tour of the building.
:22:12. > :22:17.For me the personal space is small but it is really well designed. It
:22:18. > :22:22.is a place where I can sleep and have some private time when I want
:22:23. > :22:23.to. The communal areas and spaces more than make up for the small
:22:24. > :22:50.rooms. Richard is back. We are going
:22:51. > :22:58.through the papers. Start with the Guardian. This is looking at the
:22:59. > :23:04.EgyptAir Astori. Looking at the wider European travel of our --
:23:05. > :23:10.operators being impacted by Egypt, Turkey and Tunisia. The flip side,
:23:11. > :23:14.Spain had a record year, apparently? Thomas Cook had a trading statement
:23:15. > :23:18.yesterday. They are massively exposed to Turkey, Egypt and
:23:19. > :23:26.Tunisia. We have seen a huge rise in people going to the Balearic
:23:27. > :23:30.Islands. Unfortunately for Thomas Cook, they cannot sell enough
:23:31. > :23:37.holidays to compensate for the loss of holidays in Turkey, where they
:23:38. > :23:38.had a big business, and Egypt. Their bookings were around 5% down on
:23:39. > :23:53.where they were. The share prices of all the major carriers are
:23:54. > :23:58.down. Earlier, you asked Nicholas Petkovic whether all of this might
:23:59. > :24:03.mean that people turn increasingly to rail travel and alternative means
:24:04. > :24:14.of getting around? Yes, staying at home. People feel safe in the US.
:24:15. > :24:20.Another story in the business pages of the daily Telegraph. Booze and
:24:21. > :24:26.fags really expensive in? Londoners in the top five. This is a survey by
:24:27. > :24:32.Deutsche bank. Showing how expensive places are. It is difficult when you
:24:33. > :24:39.have got currencies, to work it out. The annual scene index. How much it
:24:40. > :24:51.will cost you do have five beers and Juno -- two packs of cigarettes. ?42
:24:52. > :25:04.in the UK. In London, $135 for dates. I have no idea that is true.
:25:05. > :25:10.Richard's wife is watching! I know she is watching! If you want a cheap
:25:11. > :25:17.date out, you need to go to India by the Philippines.
:25:18. > :25:21.Can we quickly get these tweets in? Fabry 's says, try, try, try. John
:25:22. > :25:30.Richards says turning Japanese by the vapours. The other one is, I
:25:31. > :25:34.like to move it, move it. Dire Straits's Telegraph Road,
:25:35. > :25:52.because it lasts for 40 minutes and they kick it down the road.
:25:53. > :25:53.Hello there. Good morning. Into -- it is a bright