18/04/2017 BBC Business Live

This is Business Live from BBC News with Sally Bundock and Ben Thompson.

After President Trump dumped a key trade deal with Asia -

the Vice President begins a visit to the country to drum up trade -

Live from London, that's our top story on Tuesday 18th April.

The Americans have also accused Japan of currency manipulation.

So what are the odds of the two sides achieving a trade deal?

for the US financial sector as Bank of America and Goldman Sachs

Could a computer come up with the next big

We'll meet the man who's using Artificial Intelligence

to try to bush back the boundaries of medical science.

And as Weetabix fails to take off in China,

its Chinese owner puts the company up for sale.

So today, we want to know, what gets you going in a morning?

What's YOUR breakfast wherever in the world

Of course it has to be a full English! Send in your comments.

In the last few hours, the US Vice President Mike Pence has

touched down in Tokyo where he's meeting with the Japanese Prime

In recent weeks, President Trump appears to have softened his stance

on trade after taking aim at some of the world's biggest exporters

In the case of Japan it has been accused

of manipulating its currency for trade advantage -something

And the Trump administration is hoping to reverse

the trade deficit between the two nations - which last year stood

When it comes to their trade relationship

the car industry is key, Japan currently exports

more than a million cars to the U.S every year.

while the US only sells around 10,000

That is something Trump wants to change.

And his administration is keen to strike what it calls

a "balanced and fair " trade agreement with Japan which has been

given added urgency by America's decision to withdraw

from the Trans-Pacific Partnership trade deal.

Souteast Asia Analyst at the geopolitical

Taking it back to basics what is interesting, after President Trump

threw out the TTP, the transpacific partnership deal, that was designed

to boost trade, he said, we don't want that, but we will try to drum

up a trade deal independently, what is at stake? It is important to bear

in mind that Japan relies upon the United States for its leading export

market. There is a lot of impetus behind having deal, it has been

scrapped, the United States out of it, United States want to find the

next thing that is coming, will they try to salvage some form of the TTP,

that question has been raised, but in the United States case, the

question here is how can they keep trading with an important trading

partner but at the same time deal with domestic political issues which

the Trump administration have raised. Japan has a massive trade

surplus with the United States, we know that, that has angered a lot of

Americans, when it came to that deal, they said, this isn't fair.

There's anything really change in the short-term? The disease ET think

that Japan sells cars to America, what does America sell to Japan or

Southeast Asia? The thing to bear in mind is that these are huge

investment sites, and the United States is sending some pretty strong

signals with this visit to the vice president, showing that they want to

try to save the racing chip, they must be very careful how they

balance the domestic side and the investment side, if you

rhetoric coming out of the rhetoric coming out of the

administration, what we see is a softening, we are seeing questions

about whether you see inflation going on but also, how do we go

ahead and trade better? And you can look at how the Trump administration

figures in other countries in the region, and the point there is,

prospects for some kind of deal coming out of it which would protect

the quiche constituencies are quite strong, it is a question of balance.

-- protect the key constituencies. I want a deal which will favour the

United States but you will have a deal with Japan that you need to

work with. Really briefly, rest of the region, Southeast Asia, what is

the view of other countries there are, Japan, just a part of that.

There are news specifically, they want to make sure that the ban is

strong and Japanese investment keeps flowing, Japan investing a huge

amount in infrastructure in the region, billions of dollars but into

that and the US could have a role to play there. What they want to do is

to try to salvage something of a regional deal, bear in mind only

four Southeast Asian countries were in the transpacific partnership, so

what the question is is what will be negotiated next. That has a role for

China and Japan. It'll be interesting to see how that plans

out. Thank you very much for explaining all of that for us.

You can't go far without tipping in New York, and it seems

Proposals have been put forward by regulators to force all cab

companies that take payment via credit card to offer

Rival services such as Lyft already offer a similar service but Uber has

Two Easyjet passengers were removed from an overbooked flight and not

offered compensation a day after a United Airlines passenger

The airline failed to tell the passengers who were removed,

that they were entitled to an alternative flight

on the same day with another carrier or compensation.

Easyjet has apologised and blamed human error.

Let's have a look at some of the stories on the business live page. A

lot on there, easy week for economic data to ward the end of the week, a

lot of PMI data, we will be talking about that as the week goes on. It

debate about shareholder revolt when debate about shareholder revolt when

it comes to pay, we will talk about this later with the markets guest

but on the business live page, our shareholders limbering up on bosses

pay? They have been talking about that on five live. -- are

shareholders. We may see some response as far as pay for top

bosses is concerned, familiar theme. What is your favourite breakfast?

Porridge. Not a full English. Finley properly in the UK, Weetabix, it

could be sold to a US company, after reports that Chinese owners want to

off-load it. -- extremely popular in the UK. Interesting story, Chinese

owners bought the company they said, dude market in China that we could

sell this to, and it has not work as they planned. I guess the Chinese

consumers are a little bit like you, they want a hot breakfast, not a

cold one, really, China's bright foods own Weetabix, one of the best

have confirmed it will be gobbled up have confirmed it will be gobbled up

by US firm post holdings for 1.8 billion dollars, it has been made in

the UK. They are as is is the largest at the time, they have

struggled to build a big market share in China, as I mentioned,

Chinese consumers are a big fan of hot breakfasts, they prefer hot rice

-based breakfast. Weetabix Double their sales, but the UK accounts for

the majority of their business, what we know about is that they are

third-largest brand, holding golden crisp. -- what we know about Post

Holdings. I have fruit for breakfast, and yoghurt. I am so

surrounded by healthy people, I bet you go for a run as well! A full

English with rice, my hot breakfast repertoire is getting larger by the

minute. Markets in Asia, this is how things went, Japan up by one third

of a percent, it seems people have decided that the risk element is

fading a little when it comes to the geopolitics in the region of Asia,

North Korea very much on the minds of investors globally, Hong Kong

down by over 1%, overnight on Wall Street, we saw most of the main

markets up. Helping Asia. Wall Street, thin trading on Monday,

shorter day than normal because of the Easter weekend. This is Europe,

first, a look ahead to the big earning stories in banking. Last

week, both JP Morgan Chase and Citigroup reported earnings and on

Tuesday we will hear from Bank of America and Goldman Sachs. Two

things that will boost the earnings for Bank of America, stronger

trading, because of the record highs seen on US markets, and the higher

interest rates means that the banks will have made more money from

linking. Oldman sacks will also see a boost to their earnings, because

of strong bond trading and investment banking. Really, what

investors will want to hear from both banks is an update on any

changes to banking rules. -- Goldman Sachs. The election of President

Trump showed a rally, on the expectation that he would roll back

some of the rules known as. Frank but recently, bank stocks have been

pulling back, after not being able to repeal and replace Obamacare,

there are worries that some of the promises made by the Trump

STUDIO: Picking up on some of the happening. -- Dodd?Frank.

STUDIO: Picking up on some of the things we had there, but talking

about the relative calm, talking about the weekend, markets not too

concerned about events as far as career is concerned, what is your

take on what they have made of it so far? Element of relief, the rhetoric

had got worse, the South Korean market did not blink, maybe they are

farm or used to this nonstop noise from North Korea. With complex in

his muscles, there was a bit of us not really expecting potential

conflict. -- Trump flexing his muscles. There was a certain amount

of calm and a few moments as we got over the Easter weekend. Calm, but

also frustration taking in as was hinted, when it comes to the other

stuff we want to see Trump doing, tax reform, reducing regulation on

the banking sector, still nothing. Such an interesting point, why do we

have this big bounce in market, after Trump got in, when people were

fearful, it was because he was going to get out and do stuff and what

became important and became a focus of helping the US economy

infrastructure spend and the big US corporate tax cut, he has failed at

health care, and the suggestion is, they are now already talking about

delays in the US tax cut, his own party are preventing this, they want

to see it funded. The longer this becomes a delay the bigger it

becomes an issue, Google want to see action, they want to see the

infrastructure investment in the states. Don't have to be a scientist

to realise when you go there, they desperately need it. -- people want

to see action. We will get inflation later in the week, this is a global

problem, prices rising, wages not keeping up, firms seeing input

prices rising sharply, what do we expect? One data point may not show

it but absolutely spot on, what we are seeing across the world is

inflationary pressures rising, partly due to the end of

quantitative easing, we have seen inflation creeping out since the Fed

stopped that programme, but look at basic quality like leather, things

like that, they are rising at a steady, this feeds through to

everyday materials, all across the world, not just the UK, we have got

inflation problem due to the weaker currency after "Brexit", and I

expect that you will see this continuously move throughout the

year, and unless wages start to move up as you are suggesting, we will

see a global consumer income squeeze hitting. One that will affect all of

us at some point. Breakfast of choice, before you go? I do

sometimes have the other Weetabix brand, Alpen. Muesli! Well. All very

healthy, except for May! First, before we discuss that, let's

talk about something poignant in the UK.

Credit checks should NOT be carried out when people

are shopping around for a loan - that's according to the TSB.

The bank says nearly two thirds of providers carry out such checks,

but they can affect a borrower'S credit history and increase

the cost of the loan - through higher interest charges.

Paul Pester is the chief executive of TSB.

Just explain this. Many would say it is standard, you apply for credit

and you would face a credit check. Absolutely not. This is part of a

series of underhand tactics the industry uses we think to rip-off

consumers to the tune of ?400 million a year. Why is it an issue?

If a customer tries to shop for a better loan rate they might ask a

provider for a rate and another provider for a rate and they are

only asking for a price, not applying for a loan and the loan

providers mark the credit file of the customer so that after quotes,

they can see the cost of the loan up and we think on average it can

increase the cost by two percentage points, that is ?400 of extra

interest the customer does not need to pay and it is an underhand tactic

we would like to see an end to soon. Is it important in the process of

trying to find a loan, they do somewhere along the line,

affordability and the fact you can pay it back is assessed?

It is vital to check a customer's ability to repay. That is helping

customers to borrow well but there is a subtle and important difference

between looking at a credit file as leaving a footprint on the file,

effectively because I am asking a price. My file is marked as if I

have taken out the loan. If I want a ?5,000 loan it looks like I am

racking up loans, which is why the rate goes up. Which is not

necessary. I am told we are out of time which is a shame. But there is

detail on the website. The chief executive of TSP, and cued. More

detail on the website. One other story on the tablet, the finance

chief on fLYBE. On the business live page.

You're watching Business Live - our top story - the US vice

He'll be pressing the case for a bilateral trade

We will keep you posted. A big holiday for most European markets

and this is how they open today. Now, we all rely on medicines

at one time or another - whether it's to deal

with an irritating cough That's why medical

innovation is so important - our lives could literally

depend on it. Our next guest is using artificial

intelligence to push back through masses of data at the blink

of an eye. The company says the computer makes

connections and discoveries it would take scientists many

lifetimes to come up with. The company was formed in the UK

in 2013 and since then In fact it's now the largest

Artificial Intelligence It has struck licence agreements

with some of the world's biggest BenevolentAI is working on more

effective treatments for diseases Maybe it can fix the fact I am not

speaking well this morning! Joining us is Kenneth Mulvany -

he is the co-founder Pretty comprehensive run-through of

what you do but I am interested in hearing from yourselves. If someone

says what do you do, how do you describe it? You can imagine that a

lot of research has gone into understanding the human body and how

it works. There are a lot of things we have determined along the way,

that are known. But there are unknowns out there. This system

takes all the things that are known and it deduces this should be known

based on what is already known. One way I describe it is you may

remember in chemistry classes you have the periodic table. Years ago

there were big pieces of the table missing. You had characteristics

that you knew, for instance the atomic number, how many electrons it

would have, just the element had not been found. That is what our system

does, finding things that should be known based on what is known. Mixing

computer science, maths, medicine, to try to come up with solutions to

things such as Alzheimer's, multiple sclerosis, neurological diseases.

Where are we with that? When we will we see the results? We have 22

programmes in development. Two we have licensed to a big

pharmaceutical company in the US. The remaining we are developing. The

most advanced is in phase two to treat disease. We are feeling

confident with progress. In terms of the speed it took to get there it is

more condensed. My last company was a biotech. When he says the last

company, he has created and sold 11. 48 years old, a bit of an over

achiever in the studio! The business you have now is valued

at over ?1 billion. It becomes one of the tech unicorns. Is that help

or hindrance when it comes to telling people what you do? People

say you are fine, you are worth this, you do not need our help? One

of the nice things relating in the industry relating to medicine, we do

not have to rely on the hype of technology to demonstrate success.

It is regulated, the European regulators, FTA, require us to prove

the biology and toxicology over and again to ensure it is safe. The

results become somewhat self evident. The things the

pharmaceuticals company understand our underlying product. When it

comes to AI, will this be part of the normal process of finding cure

was in the future? It should do and it is important it does. If you

imagine the amount of new information created every day, in

life sciences alone there are 10,000 new journal publications every day.

It is impossible for any scientist or group of scientists to reach

them, let alone retain the knowledge and have it in a collective place.

What artificial intelligence technology allows is to absorb all

over 200 million variables over 200 million variables

simultaneously in your head. I can hardly hold four. What do you eat

for breakfast? Porridge. We are the same. Bacon and eggs. You

have got in touch about your breakfast options. But this is more

about how to stay in touch. The business Live pages where you

can stay ahead with breaking news and we will keep you up-to-date with

details with insight, analysis, with the BBC editors around the world.

Get involved on the BBC business live web page.

A reminder of one story in business, Weetabix is up for sale, possibly a

US company going to buy the company. Post Holdings is buying it not from

a British company, originally it was an Australian invention and came

here in the 30s and was made in Northamptonshire ever since but in

2012 it was bought by the Chinese who thought they could interest the

Chinese in eating Weetabix for breakfast and they couldn't. We were

speaking to our correspondent in Singapore who gave a lowdown on the

history. A huge population in China, we can sell it here, it is not

working. In 2012 Chinese food companies thought China would switch

to a processed carbohydrate rich diet. It has not worked. Chinese

tastes have lasted centuries. Ryan says my breakfast choices odd. It is

more like dinner. White Castle sliders and mini cheeseburger. He

says an extra six hours of sleep, Gerald, and then lunch.

I am with you, porridge. Weetabix with fruit. Ricky has three

pieces of toast with Worcestershire sauce, tomato and garlic. Is that

really true, are you teasing? We will not read out the tweets that

say they were will have you Breakfast.

Menswear dilemmas. This is a office where. What shade of denim you

should choose. A lot of companies do not have a suit and tie as a common

thing. This is tricky. Black is OK, yellow? And this is funny. What do

you do about the over Botoxed chief executive? Thanks for your company.

We will see you same time tomorrow. Enjoy your breakfast. Goodbye.