19/04/2017 BBC Business Live


19/04/2017

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

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Plans for an early election in the UK look set to be approved

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as the Prime Minister seeks to strengthen her hand

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Live from London, that's our top story on Wednesday 19th of April.

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The UK will go to the polls on June eighth and Brexit will be the key

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We will have the details. The Chinese giant that will be sharing

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its driverless car technology. Could it accelerate the sector? After a

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busy day for the markets die jesting the news of the snap election, this

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is how the numbers in Europe have open. We will have the details for

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you, and why. We'll be crossing live

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to Brussels to find out. What do you want to ask

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about what the election means for Brexit Just use the hashtag

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#BBCBizLive. Nine months after becoming

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Prime Minister, Theresa May is throwing the dice and betting

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on victory in a snap Today, MP's are expected to vote

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in favour of the proposal, which Mrs May says will bring

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greater certainty as Britain prepares to leave

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the European Union. The pound was on a roller

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coaster ride - it jumped - then swung to loss and back again

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rising by as much as two point 7% against the US dollar -

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some analysts believe markets are cheering the prospect

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of a larger Conservative majority which would give LESS power

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to hardline Eurosceptics The FTSE 100 - the leading stock

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market in London - fell 1.8% - the biggest fall since early

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November - but remember it's because a stronger pound

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makes their dollar denominated But despite the ongoing uncertainty,

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the International Monetary Fund has revised its forecasts for the UK

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economy UP - predicting growth That would make it the second

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fastest growing developed economy in the world,

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behind only the United States. Business groups have used

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yesterday's news to demand politicians make firm commitments

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as part of any potential Will they get them? That's the big

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question. In a moment, we'll hear

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from the boss of WPP. which is the world's

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biggest advertising agency. But first here's the Director

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General of the Confederation of British Industry which represents

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nearly 200,000 UK businesses. More uncertainty not welcomed by

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business but in terms of the longer term benefits, I think many

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businesses are seeing the opportunity for a government with a

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stronger mandate bringing longer-term stability and also a

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potential benefit in terms of timing, in that the implementation

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period at the end of Article 50 was going to have a general election in

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it and may now need to be run with a period of stability, so some good

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news, a silver lining from this. I can't see that it will make the EU

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negotiate less effectively, but on the other hand it gives her a much

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stronger position. She is not susceptible to uprisings or results

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from the hard Brexiteers. I think the reason why sterling strengthened

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is that the markets are saying this probably means a softer Brexit or a

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transition agreement, rather than, again falling over a cliff at the

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end of negotiations. Mark Littlewood is Director General

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of the UK's Institute of Economic Affairs a free-market

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think tank based here in London. Just to say so the viewers are

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aware, the think tank itself is neutral but you yourself are very

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much pro-Brexit, that was your boat last year. Give us your take on the

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timing of this snap election. I think the Prime Minister has done

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the right thing. At the moment the Conservatives have a very thin

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majority and in normal political cycles that would diminish further

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in the next two or three years. So a snap election now is a chance for a

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fresh mandate. If Theresa May Winscombe which the opinion polls

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indicate she win, it will be her first public mandate, and if she

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were to return with a majority of say 100 or more, then she is in a

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stronger position around the negotiating table, not because it

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affects what the EU does, but because she doesn't need to look

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over her shoulder about what the House of Commons might do. If she

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does win decisively, and that is her gamble

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that what the opinion polls say, then she is in a stronger position

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because she doesn't need to worry about domestic political concerns

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when she is sitting face-to-face with the EU, having triggered

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Article 50. Why the change of heart, because she was on record, no

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general election, no general election, oh, we are having a

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general election. Why the change of heart? I am not sure there has been

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a change of heart. The nature of these things, if you are going to

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call a snap election, it needs to be a bulk from the blue. The BBC only

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had an hour 's notice that Theresa May was going to say something. But

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she couldn't have done was to have the last six months of saying well,

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I'm mulling it over, I think it is 50-50 whether I have an election,

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some Bupa think I should, some think I should not. You need to be

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decisive, and that means she has decisively had to change her mind on

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this. So we know about that for sure but as Carolyn said and Sir Martin

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said there are so much uncertainty still and that will continue in the

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next few weeks and beyond. The pound rose strongly, many would argue, on

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the view that those hardline Eurosceptics within the Conservative

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Party will now be further die looted by this general election. Actually

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that's something I presume you don't want because you actually want a

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hard Brexit? I do want a hard Brexit, a clean Brexit, a decisive

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Brexit, call it what you will. We don't know yet what will be in the

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Conservative Party manifesto but I suspect Theresa May will end up

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being a hard Brexiteer. I think the Conservative manifesto will commit

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the UK to leaving the customs union and leaving the single market.

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That's about as hard as Brexit gets. Will the public vote for that? We

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don't know the answer, that is up to the public on June the 8th. If

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opinion polls are about to be believed, and they have not got

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everything right in recent years. But if they are to be believed,

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Theresa May is on track for a landslide victory, and therefore the

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lines in the thing will be the decisive part of the negotiation and

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I think that the Conservatives and Theresa May will make to a pretty

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hard Brexit and win a mandate for it. We shall watch this space. Thank

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you for your time. We talk about the battle lines being drawn, six weeks

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of interesting campaigning to come. Let's bring you up to date with the

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news. The Dutch paint and chemicals giant

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AkzoNobel has reported record profits for the first three months

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of the year coming It's a welcome boost

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for the company's chief executive as he tries to fend off a hostile

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takeover from US rival PPG. US President Donald Trump has

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ordered a review of a temporary visa programme used to place foreign

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workers in high-skilled US jobs. Technology firms are amongst those

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most reliant on the H1-B scheme which admits 85,000 people a year

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to the US. Mr Trump also told government

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agencies to enforce existing rules on excluding foreign contractors

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from bids for government projects. The computing giant IBM has

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announced a fall in sales in the first three months

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of the year. It marks the fifth straight year

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of declining revenues for the company as it struggles

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to adapt to the switch to cloud computing and programmes -

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affecting demand for its consultants, hardware

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and traditional software. Lots of other business stories out

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there, believe you me, apart from the fact we are heading for an

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election here in the UK. Among them, Burberry. The luxury goods company,

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it is reporting a slight slowdown in fourth-quarter sales. Tough

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conditions in the US, it says, weighed on its performance in the UK

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but it describes its performance in the UK as exceptional. That may well

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be because actually there has been a real rise in tourism, luxury goods

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bought in the UK, because of the weakness of sterling since last June

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Fozz friend. Burberry down 6.1% so far as a result of those figures. We

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will keep an eye on that. Chinese internet giant Baidu has

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said it will share much of the technology it has created

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for its self-driving cars. We have talked about all sorts of

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driverless cars race and the really driverless cars race and the really

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is a race, isn't it? It is, and what is surprising is that it is the

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Chinese firm doing this, quite the reverse of other companies in the

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sector, such as Tesla and Google, who have tended to keep key

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developments in driverless technology secret. Baidu predicts

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the project, called Apollo, would help drive the developer. Autonomous

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vehicles. It is the Chinese internet giant, and they made the

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announcement ahead of the Shang guy auto show. They said the

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technologies would be available as soon as July -- Shanghai auto show.

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It would make a range of services available to car-makers. Baidu has

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been developing the self drive vehicles since 2015, and analysts

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say it could benefit Baidu as it puts them in the position of

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becoming the supplier of the brains for more cars than just the ones of

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makes itself. And one potential benefit is also revenue from

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car-makers in the long term. Analysts say this is a move a bit

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like Google's decision to release android, the free operating system

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for smartphones, even though it was free to use became a successful

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Google because it actually drove users to the company's various

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mobile apps and services. So watch this space. We will and I know you

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will keep us posted from Singapore. Thank you very much. Let's look at

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the numbers. Uncertainty is the name of the game.

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Just as the election cycle of the Netherlands,

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Germany and France was coming to an end, add in the new

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But sharp falls in commodity prices have already been a drag

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Iron ore prices hitting their lowest levels this year,

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copper prices down too, hitting their lowest levels

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since early January - over worries of oversupply.

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But in Europe - the falls came on the back of that

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As we've said, the rebound in the pound doesn't help the FTSE -

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with earnings of the top 100 companies looking much rosier

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But don't expect too much election-related

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on the markets ahead of the vote on June 8th.

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Unless the polls show a weakening of support for the Conservatives.

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Continued support gives Theresa May a stronger mandate to take

:12:18.:12:19.

on hardline anti-EU backbenchers and that could take

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the edges off what's become known as 'hard Brexit'.

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We'll assess that more in a moment - but let's first head to the US

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where Michelle Fleury has the details of the day

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US indexes seem unable to break their losing streak.

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Will the latest earnings out of America change that momentum?

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Shares in the big American bank Goldman Sachs weighed heavily

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That was after its quarterly results disappointed investors.

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This Wednesday, Morgan Stanley reports

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Cost-cutting and a strong performance by its

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trading desk is expected to lift profits.

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Meanwhile, failure to keep down expenses could cost American

:12:57.:12:58.

Analysts are forecasting a drop in its quarterly profits and

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the payment company is also suffering from lower rates to

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merchants as well as competition in the reward space.

:13:08.:13:13.

And on the technology front, well, improved

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royalties from Chinese smartphone makers,

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that is expected to lift the

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So there is plenty going on, really busy right now.

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Joining us is Jeremy Stretch, head of currency strategy

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Nice to see you. Good morning. Lots of stories breaking yesterday,

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moving markets and let a lot of as Mr because the ball from the blue

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from Theresa May. A good day to bury bad news at least in this market as

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far as Godman are concerned. We did not necessarily focus quite so much

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of a Goldman earnings, which were disappointing compared to their

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peers. When you think about the volatility all the movement in the

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aftermath of the Trump election back in November you would have

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notionally assumed that Goldman's model based on high levels of

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trading and volatility would have benefited from that, so that was

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something about surprise. Let's took quickly, the IMF upgrading for the

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UK, the timing coincidental. Absolutely. CHUCKLING

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It put it only behind the United States. And behind Canada, coming

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from a Canadian house. I think it is interesting that the IMF have pushed

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their numbers up in line are both governments and the and also the

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Bank of England. I think the question is whether we can sustain

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the level of growth we have seen in quarters three and four based on

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consumption because of course we have seen the savings ratio in

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quarter four the lowest in the generation. Consumers are still

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spending or have been spending at the expense of running down their

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savings. That is not a long-term scenario that can be sustained and

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of course we are still seeing the legacy of the price fall in the

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value of sterling over the last year. Consumers will struggle

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further in the year. For now, thank you, Jeremy. Not often just yet. He

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will return and talk about some other business stories. Not more on

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the election there is to come. Still to come, and we will talk about

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that. What does the UK's snap

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election mean for Brexit? We'll be live in Brussels to assess

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the impact on the negotiations. Keep sending in your questions, we

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will put that to our Europe corresponded in Brussels.

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You're with Business Live from BBC News.

:15:35.:15:45.

One of Britain's most successful business people -

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Jayne Anne Gadhia - the head of the Virgin Money Bank -

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has for the first time revealed her struggles

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In an exclusive interview with the BBC she describes her

:15:55.:16:00.

debilitating bout of post natal depression and her continuing mental

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Particularly periods of stressful work.

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She's been speaking to our economics editor Kamal Ahmed.

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The first time that I'd ever, ever experienced what people had

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described as depression I'd always sort of assumed depression was

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something that was a bit weak minded or something.

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And when it hit me I realised nothing could be further

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The sort of thing that comes into your life and sucks

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I don't know where to go, I don't know what to

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You're at that point where everybody expects you to be happy

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Her response to mental illness, to ask for help from

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friends, doctors, colleagues at work, and from close

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For Jayne Anne, years later in the run-up

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to the Virgin Money's debut on the stock exchange.

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The stress there, Jayne, you said led to

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I mean, it was an important, big emotional issue.

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You think, gosh, if I can't do this what is the way out?

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There is no way out, I can't tell anybody,

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what are the press going to

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I thought I was but sometimes you think the

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I didn't go too far down that route but I can understand how people can

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never allow that to happen to people.

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Do you think people still see depression as a sign of weakness?

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If one of us turns up to work on crutches with a broken

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leg it's easier to sympathise, or empathise, or help.

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But when you can't see it I think that's much

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That's part of the reason why both raising the

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a sensible and controlled way discussing it, means that it can be

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remediated in some way, whatever the right way

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Jayne Anne Gadhia speaking about her experiences.

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You're watching Business Live - our top story:

:18:27.:18:29.

The UK Parliament is today expected to approve the Prime Minister's

:18:30.:18:32.

plans to hold a snap election on June 8th.

:18:33.:18:36.

Brexit is expected to dominate the campaign.

:18:37.:18:44.

A quick look at how markets are faring.

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I would like to mention France for our viewers in France. There is the

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CAC 40, currently down slightly. On Sunday it is the first round in

:18:57.:19:02.

their presidential race. That will bring the several candidates down to

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two remaining candidates who will go in neck and neck to the month of May

:19:08.:19:12.

so let's not just be obsessed with our events in June, important time

:19:13.:19:19.

in France. That's how they are looking.

:19:20.:19:21.

After the roller-coaster movement yesterday, the snap election, the

:19:22.:19:26.

pound against the dollar, 1.28, rising sharply.

:19:27.:19:31.

We promised you the view from Brussels so let's do that on

:19:32.:19:36.

business life. The impending departure of the UK from the

:19:37.:19:39.

European Union is a key issue in this election.

:19:40.:19:41.

Our correspondent Gavin Lee joins us from Brussels.

:19:42.:19:44.

We have had quite a few questions coming through from viewers on this.

:19:45.:19:50.

I want to start off with Peter's question because it was going to be

:19:51.:19:53.

my first question anyway. What is the view in EU? Will a strong

:19:54.:19:58.

Conservative presence in Westminster League 2, I want to get his question

:19:59.:20:01.

exactly right, a more favourable Brexit deal -- lead to? The view

:20:02.:20:10.

here from the European Commission and council, the conduit between

:20:11.:20:13.

Britain and the other 27 countries, is potentially it could be. We are

:20:14.:20:18.

told by senior EU staff, when you have Theresa May dusting down the

:20:19.:20:22.

cobwebs of the hard Brexiteers, those who were four remain, if there

:20:23.:20:28.

is more of a unity government, presumably done at presuming she is

:20:29.:20:31.

elected and it is not one of the other parties, the big concern here

:20:32.:20:35.

is what happens in 2019 is that some are worried there will be a hard

:20:36.:20:40.

Brexit, that because in 2020 there is supposed to be a General Election

:20:41.:20:44.

which has been brought forward, by 2019 there could be an emphasis by

:20:45.:20:49.

those arguing for a harder Brexit that Britain basically tethers

:20:50.:20:53.

itself, there is no transitional agreement in place and for Europe

:20:54.:20:57.

all round that seems problematic for the markets. That might be something

:20:58.:21:01.

if Theresa May has a mandate to be a straight negotiator, things might be

:21:02.:21:05.

easier. That is basically, what is happening here is some of the EU

:21:06.:21:09.

diplomats are moving the chess pieces forward and looking at some

:21:10.:21:16.

of the potential positives. Yesterday a Prime Minister said it

:21:17.:21:18.

is problematic because they are moving the date further and further

:21:19.:21:23.

until they can get into proper Brexit negotiations. Gavin, you have

:21:24.:21:27.

been in Brussels to rout this and throughout the EU referendum. I'm

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interested in what people are made of this when the news came in

:21:31.:21:34.

yesterday. It was a surprise for everybody in the UK. Was there a

:21:35.:21:39.

tutting and eye rolling response in Brussels? Genuine shock. I was in a

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midday briefing where all of the EU commission officials sit down to

:21:46.:21:49.

discuss the matters of the data. Turkey was big on the agenda

:21:50.:21:52.

yesterday given the referendum and I mention the fact the news had come

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in from Theresa May and there was real shock. The officials giving the

:21:56.:21:59.

press conference had no information is my impression talking to some of

:22:00.:22:03.

the staff yesterday was that there was no briefing, nobody was told in

:22:04.:22:06.

advance. There was a conversation afterwards with Donald Tusk, the

:22:07.:22:17.

head of the European Council, and heat we did a Hitchcock reference,

:22:18.:22:19.

just like Brexit the movement, firstly earthquake and then the

:22:20.:22:21.

tension builds, one of Alfred Hitchcock's quotes. It took them by

:22:22.:22:23.

surprise and now they say their position has not changed and they

:22:24.:22:26.

are ready to start talks. It is very different to how the movie ends and

:22:27.:22:31.

we can't choose our own ending, unfortunately. If we talk about what

:22:32.:22:33.

is going on this weekend in France, there could be another real issue

:22:34.:22:38.

for Brussels if France were to go in the direction of Marine Le Pen.

:22:39.:22:43.

Massively. I will be in Paris in a few days' time. Whittling down to

:22:44.:22:49.

potentially two candidates if they get through to the second round and

:22:50.:22:53.

Marine Le Pen is at the moment in contention. In the polls at the

:22:54.:22:56.

moment it looks like she is in second place with a chance to become

:22:57.:22:59.

the French President and she is strongly advocating taking France

:23:00.:23:05.

out of Europe and wants a referendum on the Euro. That would be a game

:23:06.:23:11.

changer. It comes back to the fact that EU staff on Brexit are saying

:23:12.:23:14.

that the British election is big, they believe the French election is

:23:15.:23:18.

potentially bigger given there is a real unknown candidate here. In

:23:19.:23:22.

brief talks proper will probably start for Brexit in September given

:23:23.:23:25.

what is happening behind us and given what is happening with the

:23:26.:23:29.

British election. Gavin, good to talk to you as always, thank you for

:23:30.:23:33.

bringing us up to date. Was of twists and turns as this unfolds but

:23:34.:23:40.

we will keep you across that with our team particularly in Brussels

:23:41.:23:42.

about the indications for Brexit. Jeremy is back and we are discussing

:23:43.:23:45.

some of the other stories in the press today in terms of business, so

:23:46.:23:49.

a breather from elections for a little while. This is in the Wall

:23:50.:23:52.

Street Journal, sorry, the Washington Post, the newest Silicon

:23:53.:23:57.

Valley perk, paid time off to get out on the streets and protest

:23:58.:24:00.

against Mr Trump, the new President. Being paid on company time to

:24:01.:24:03.

protest against the leader of the free world is an interesting

:24:04.:24:08.

variants but it is very much the case that Silicon Valley, which is

:24:09.:24:12.

an international community, as huge numbers of migrant workers and is

:24:13.:24:15.

clearly a sector which is very much opposed to a lot of the policies

:24:16.:24:19.

being pursued by Mr Trump and now the perks are being included in the

:24:20.:24:22.

workplace. It is a sector that relies heavily on the specific

:24:23.:24:26.

reason that Trump has just recently honed in on in the last 24 hours in

:24:27.:24:31.

terms of how it is used and how much it is used. Absolutely, clearly the

:24:32.:24:35.

industry feels under threat and while the industry has been very

:24:36.:24:40.

much known for providing unusual perks to provide and facilitate the

:24:41.:24:44.

workforce on a daily basis, this is now a real and present danger for

:24:45.:24:48.

the industry and clearly they are responding to that by allowing them

:24:49.:24:50.

time off to protest. Quick story from which many cinemagoers may have

:24:51.:24:59.

noticed, you can't make movies without China, the message from

:25:00.:25:04.

Hollywood. The money that comes from China and potential audience.

:25:05.:25:07.

Indeed, that is the thing, when we have a big budget premier it's not

:25:08.:25:10.

just about the numbers we're looking at for the US opening but also how

:25:11.:25:14.

it opens in China. Clearly there is that new global franchise of viewers

:25:15.:25:18.

being opened up. The Chinese investor isn't just about putting

:25:19.:25:22.

money into the business but also looking at really entrenching

:25:23.:25:24.

themselves firmly in the industry and providing a real window into the

:25:25.:25:32.

Chinese culture and the Chinese process. Jeremy, thank you for

:25:33.:25:34.

coming in and joining us this morning. Another momentous day.

:25:35.:25:40.

The start of a big and busy campaign Trail, I am sure. We will keep you

:25:41.:25:46.

across the details from Westminster. That is it from Business Live, back

:25:47.:25:50.

here at the same time same place tomorrow. Bye bye.

:25:51.:26:07.

Hi, we're looking at are mainly dry day of weather today but the amount

:26:08.:26:12.

of sunshine and you get will vary from place to place. High pressure

:26:13.:26:16.

in charge but we have this week whether from

:26:17.:26:17.

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