:00:00. > :00:08.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:09. > :00:12.Emmanuel Macron wins the French Presidency,
:00:13. > :00:15.but that may prove to have been the easy part.
:00:16. > :00:20.Movement hopes to tackle the huge problems facing the French economy.
:00:21. > :00:36.Live from London, that's our top story on Monday 8th May.
:00:37. > :00:43.Emmanuel Macron beats the eurosceptic Marine Le Pen
:00:44. > :00:48.Following the election result, we're live from a City trading floor
:00:49. > :01:00.Markets today, in mixed picture opening up across Europe but some
:01:01. > :01:05.relief for global investors. Is the smartphone set to replace our
:01:06. > :01:07.doctors and opticians? Later in the programme we'll get
:01:08. > :01:10.the Inside Track on a tech company which aims to tackle the worldwide
:01:11. > :01:13.problem of poor eyesight. A new survey has found that online
:01:14. > :01:16.spending in the UK has fallen Today we want to know
:01:17. > :01:20.whether your expectations of the future are affecting
:01:21. > :01:25.your spending decisions? Do get in touch - just use
:01:26. > :01:36.the hashtag BBCBizLive. So Emmanuel Macron has won
:01:37. > :01:40.the French presidency, His first challenge will be to form
:01:41. > :01:46.a government with crucial The outcome of that will determine
:01:47. > :01:52.how much power the new president has to tackle the lengthy list
:01:53. > :01:56.of economic problems. France has had a high unemployment
:01:57. > :01:59.rate for decades: currently around 10% of the workforce -
:02:00. > :02:08.or 3 million people. That compares with less than half -
:02:09. > :02:11.4.3% across the border in Germany. The problem is worse for young
:02:12. > :02:14.people: 24% of those between the ages of 15 and 24 don't
:02:15. > :02:19.have a job. The other big issue is the size
:02:20. > :02:23.of the public sector in France - one of the largest in the world -
:02:24. > :02:26.last year it accounted for over This is something Macron
:02:27. > :02:29.has promised to tackle With an economy that has seen
:02:30. > :02:34.faltering growth for years some experts say it will bring
:02:35. > :02:49.much needed savings. Let's start by giving new market
:02:50. > :02:51.reaction. Tanya Beckett joins me now
:02:52. > :03:01.from a trading floor in the City... We had 30 minutes trading in Europe,
:03:02. > :03:07.how is it going? Very much a sense of relief, the Halo hunt stockbroker
:03:08. > :03:11.floor. The bars are starting as the markets open, we saw some
:03:12. > :03:15.fluctuation in the Euro but largely this was priced in, the opinion
:03:16. > :03:21.polls suggesting this outcome and thoughts now moving to Fort next.
:03:22. > :03:25.Post-election France. More importantly post-election eurozone
:03:26. > :03:30.and EU. Can Emmanuel Macron as you've raised the question can he
:03:31. > :03:34.actually deliver on these reforms or what next for France or is populism
:03:35. > :03:39.going to be an issue that is going to find itself coming back in a few
:03:40. > :03:44.years? That's the big question. As you know, Tanya, it typical to know
:03:45. > :03:47.what happens next but I guess in terms of political risk there was
:03:48. > :03:52.concern at the start of this year, we've had France, the Netherlands,
:03:53. > :03:58.Germany is next. Yes, Germany is next but are not facing exactly the
:03:59. > :04:02.same problems between Angela Merkel and Schultz in Germany because
:04:03. > :04:05.France has said different economic trajectory from Germany and this is
:04:06. > :04:11.part of the problems which underlies this move to populism. France if we
:04:12. > :04:14.come back to France, the problem has been there has been a widening of
:04:15. > :04:19.the wealth gap of course, we seen that elsewhere, in terms of Germany,
:04:20. > :04:23.its growth path has been very weak indeed, compared to its larger
:04:24. > :04:28.European partner and France now wants to make up that gap, there is
:04:29. > :04:32.a little bit of envy there but whether it can push through these
:04:33. > :04:36.labour reforms which many see as being absolutely key to achieving
:04:37. > :04:40.the German side of the border this the German side of the border this
:04:41. > :04:45.is an excellent outcome. Micron has stated he is a committed to the EU,
:04:46. > :04:49.committed to the eurozone, he is not committed to the German trade
:04:50. > :04:53.surplus, there will be a little fire between the countries but economic
:04:54. > :04:58.it, much more on the same page than they have been for the last decade
:04:59. > :05:01.in terms of what is required because again, look to Berlin, we've seen
:05:02. > :05:05.some profound labour reforms, what many see as key to delivering that
:05:06. > :05:11.economic growth we've seen and particularly that has shown itself
:05:12. > :05:15.in post-financial crisis, hasn't emerged in France. Whether Macron
:05:16. > :05:20.can deliver that, he's advocating slow pace to reform but he thinks
:05:21. > :05:23.that will deliver, we could be talking many years before it does.
:05:24. > :05:24.Tanya, thank you, we'll see you again later.
:05:25. > :05:26.With me is Dr Francoise Boucek, Lecturer
:05:27. > :05:29.at the School of Politics and International
:05:30. > :05:41.Nice to see you and welcome. Tanya running through some of the economic
:05:42. > :05:45.issues that Mr Macron has to do with, I suppose the question is
:05:46. > :05:49.where does he start on fortune be first on his list? Firstly, he has
:05:50. > :05:54.to win a majority in parliament next month and that will be a tall order.
:05:55. > :05:59.He is more likely to have to do with a coalition government in which case
:06:00. > :06:03.he will have possibly some awkward partners who are going to try and
:06:04. > :06:08.block some of his more drastic reforms that he wants to bring in.
:06:09. > :06:12.Particularly -- particularly to reform the labour market and because
:06:13. > :06:14.he is more likely to form a coalition with parties on the left,
:06:15. > :06:19.he is lucky to have a lot of opposition there. Plus he will have
:06:20. > :06:25.to conduct with the power of the street and in France, whenever it
:06:26. > :06:29.there are any large important reforms of social policy or economic
:06:30. > :06:33.policy there is usually people coming down on the street. Listening
:06:34. > :06:38.to you and what you said, you think has he any hope at all because he
:06:39. > :06:43.will have a coalition, difficult government. Also he has the front
:06:44. > :06:49.National as the main opposition, the power of the street, can he get
:06:50. > :06:56.through any radical reform? It's more likely we'll end up with
:06:57. > :07:02.legislative gridlock, I think, he is threatening to push these labour
:07:03. > :07:06.reforms by presidential decree and the French President has these
:07:07. > :07:15.powers because the reforms were already introduced by the Francois
:07:16. > :07:19.Hollande government that reform the French labour code, which is a huge
:07:20. > :07:24.already there, people descended on already there, people descended on
:07:25. > :07:29.the streets and protested. We covered it all, regular protesting.
:07:30. > :07:32.The issue of voter dissatisfaction is so interesting, looking at the
:07:33. > :07:36.first round of voting, nearly half of all voters backed a ticket that
:07:37. > :07:41.was an anti globalisation ticket, they said they wanted something
:07:42. > :07:46.entirely different, barriers to run free, trade to end, he have to
:07:47. > :07:50.recognise some of that, wouldn't he? Absolutely, his project is embedded
:07:51. > :07:57.in the European project as well and he's the only one who's pushed the
:07:58. > :08:01.European agenda so 40 has in mind for the eurozone is quite drastic,
:08:02. > :08:06.whether he can get it through. He wants major institutional changes,
:08:07. > :08:11.he wants a Europe list of finance for the Eurozone countries and he
:08:12. > :08:17.wants a eurozone parliament and he has a vision of bringing about a
:08:18. > :08:21.transferring of fiscal federalism which Germany will not go along with
:08:22. > :08:25.but that is kind of his vision. He's very likely to also come up against
:08:26. > :08:32.opposition because of his approach, it's almost on a European scale,
:08:33. > :08:37.what he has in mind. That's all we have time for which is a real shame
:08:38. > :08:42.but to ask you, which part of France are you from? Brittany. Which is one
:08:43. > :08:46.of the highest regions to vote for Macron, a huge majority. Very
:08:47. > :08:53.interesting, thank you for coming in, we appreciate your analysis. I
:08:54. > :09:02.used to live in Brittany. You did? That is for I am from,! You should
:09:03. > :09:13.go for coffee. Great coastline. We have a life page dedicated to all of
:09:14. > :09:15.this analysis. Many leaders congratulating Emmanuel Macron.
:09:16. > :09:17.Stay tuned to BBC News - we'll have plenty more
:09:18. > :09:26.In just over an hour, both Emmanuel Macron
:09:27. > :09:27.and the outgoing President - Francois Hollande -
:09:28. > :09:39.will attend a ceremony commemorating the end of the Second World War.
:09:40. > :09:41.Let's take a look at some of the other stories
:09:42. > :09:45.Facebook has broadened its campaign to raise awareness about fake news,
:09:46. > :09:48.by publishing adverts in the UK press.
:09:49. > :09:52.The adverts carry a list of ten things to look out for when deciding
:09:53. > :09:55.They include checking the article date and website address,
:09:56. > :09:59.as well as making sure it isn't intended as satire.
:10:00. > :10:03.Facebook is under fresh political pressure to tackle
:10:04. > :10:08.fake news in the run up to the UK general election.
:10:09. > :10:10.China's exports and imports rose in April but missed
:10:11. > :10:13.analysts' expectations, as domestic and foreign demand
:10:14. > :10:25.Exports rose 8 percent in April, while imports were up 11.9 percent.
:10:26. > :10:28.The country's trade surplus last month came in at $38.05 billion,
:10:29. > :10:33.Reports say the Pentagon has backed a plan to invest nearly $8 billion
:10:34. > :10:35.to boost the US presence in the Asia-Pacific region.
:10:36. > :10:37.The Wall Street Journal says the money will be used
:10:38. > :10:39.to upgrade its military infrastructure, conduct additional
:10:40. > :10:48.exercises and deploy more forces and ships over the next five years.
:10:49. > :10:51.Dulux paint owner AkzoNobel has turned down a third takeover bid
:10:52. > :10:54.from US rival PPG which valued the business at about $29.5 billion.
:10:55. > :10:56.The firm says its chief executive and chairman met with PPG,
:10:57. > :10:59.but decided that the business was "best-served by its own strategy
:11:00. > :11:14.to accelerate growth and value creation".
:11:15. > :11:21.That means they just didn't agree! Would have saved us a lot of time.
:11:22. > :11:24.The Dulux dog is leaving. Thanks but no thanks was the message.
:11:25. > :11:27.The start of a new trading week and as European markets digest news
:11:28. > :11:29.of the French Presidential election and that victory for
:11:30. > :11:31.Emmanuel Macron, over in the US it's all about corporate earnings.
:11:32. > :11:38.Samira has the details of a busy week ahead on Wall Street.
:11:39. > :11:44.Earnings continue this week with companies that are worth
:11:45. > :11:46.highlighting. On Tuesday we will hear from media companies Walt
:11:47. > :11:51.Disney and news coanda on Wednesday when he first century Fox will
:11:52. > :11:53.report its earnings. This is significant as the company is
:11:54. > :11:58.waiting on approval from the British government for its 14 and a half
:11:59. > :12:06.billion dollar takeover bid of Sky News. And on Thursday to hear from
:12:07. > :12:10.American retail giant Macy's, the companies will close about 100
:12:11. > :12:15.stores in the next few years, about 15% of all stores. Macy's continues
:12:16. > :12:18.to face intense pressure from online retailers as well a struggling with
:12:19. > :12:23.underperforming stores. On Friday will focus on some economic news
:12:24. > :12:27.with the latest numbers on retail sales in the United States as well
:12:28. > :12:35.as consumer sentiment on the consumer Price index, inflation.
:12:36. > :12:36.That this era in New York. -- some era.
:12:37. > :12:38.Joining us is James Bevan, Chief Investment Officer at CCLA
:12:39. > :12:48.We've touched on Europol ready, a quick take not, we have seen some
:12:49. > :12:53.reaction the other way. This is unambiguously positive for the Euro
:12:54. > :12:59.project and the next big test is Italy, not Germany. For the moment,
:13:00. > :13:02.great news. Interestingly the price of oil edging up today, news from
:13:03. > :13:07.Opec which is helping oil stocks on the market. Oil price is pretty
:13:08. > :13:12.bumpy and I'm not expecting it to go up in any trend basis because every
:13:13. > :13:16.time Opec says it will cost maintain low production the US pond is more.
:13:17. > :13:20.In terms of the announcement at the Saudi Arabia of saying they will
:13:21. > :13:26.extend lives as Opec generally is doing everything it can... But when
:13:27. > :13:29.we look at the rig count in the States, last week it was up again,
:13:30. > :13:34.every time there is a little bit of relaxation from Opec US is straight
:13:35. > :13:39.in. Big week for corporate earnings, what are you watching? For me it's
:13:40. > :13:43.not just a big week for corporate earnings, bigwig in terms of
:13:44. > :13:47.statements about Central Bank policy because we all know the central bank
:13:48. > :13:51.will want to tighten up at some point, were going to be looking for
:13:52. > :14:00.early signals in press briefings, in announcements as to think that is
:14:01. > :14:04.likely to be. Give us your take on the company we mentioned saying no
:14:05. > :14:07.to PPG. That has an excellent engine for delivering shareholder growth
:14:08. > :14:12.and on that basis it doesn't believe that combine will add value, the
:14:13. > :14:15.shareholders who corporate are told we will not do that and they will be
:14:16. > :14:22.grumpy but I think the April statement that Akzo but I'd is clear
:14:23. > :14:28.for the generation will come from and I think the bulk of investors.
:14:29. > :14:33.For that, they are discounting this will go away. Thank you, James will
:14:34. > :14:34.be back later. More to touch on with James in the programme.
:14:35. > :14:39.Is the smartphone set to replace our doctors and opticians?
:14:40. > :14:42.Later in the programme we'll get the Inside Track on a tech company
:14:43. > :14:44.which aims to tackle the worldwide problem of poor eyesight.
:14:45. > :15:00.You're with Business Live from BBC News.
:15:01. > :15:02.The Halifax has just released its house price study.
:15:03. > :15:04.The research has found that annual house price growth
:15:05. > :15:13.Let us go to Leeds now and speak to Martin Ellis,
:15:14. > :15:17.an Economist from the Halifax for the rest of its findings.
:15:18. > :15:24.Talk us through the numbers because it is watched closely this. We're
:15:25. > :15:27.obsessed by house prices, but this gives us an indication what's
:15:28. > :15:32.happening out there at the moment in the real world? We have seen house
:15:33. > :15:37.prices fall slightly. Just down 0.1%. And that comes after a couple
:15:38. > :15:42.of months where we've had no change in house prices at all. So, we're
:15:43. > :15:46.seeing a state here where house prices have really plateaued and
:15:47. > :15:49.actually if you look at the latest three months, they're down slightly
:15:50. > :15:53.on the previous three months. That's the first time we have seen a
:15:54. > :15:58.decline in house prices on a quarterly basis since the end of
:15:59. > :16:04.2012. So the first time for quite a while. It is very, very fractional.
:16:05. > :16:07.Just a slight decline. Martin, if we look at different parts of the UK,
:16:08. > :16:10.what stands out to you? A story we had last week on this programme was
:16:11. > :16:14.estate agents offering a free car with a house sale in London. They're
:16:15. > :16:19.having such a tough time? Well, that's right. There are parts of
:16:20. > :16:23.London, typically the more expensive areas where we are seeing lots of
:16:24. > :16:28.incentives now to try and get people into buy. We are seeing falls in
:16:29. > :16:33.house prices in some parts in London. In outer London, we are
:16:34. > :16:38.still seeing house price growth, but the main story here is really that
:16:39. > :16:44.we have seen a period where house prices have risen very rapidly
:16:45. > :16:47.particularly between 2014 and 2016. And much more sharply than average
:16:48. > :16:53.earnings. People's earnings really doing very little. So, it has just
:16:54. > :16:57.become incredibly ex-expensive for a lot of people to be able to afford
:16:58. > :17:01.that home. That's putting a natural constraint on housing demand and
:17:02. > :17:06.that's really why we have seen this sharp slowdown in house price
:17:07. > :17:10.inflation. Now if we look backment we're talking about an annual rate
:17:11. > :17:14.of below 4%. That's unchanged from last month, but over a year ago, we
:17:15. > :17:19.were seeing double digit house price inflation. House prices were 10%
:17:20. > :17:25.higher than a year earlier. Martin, thank you. Martin Ellis at
:17:26. > :17:30.the Halifax. There is more on the Business Live
:17:31. > :17:39.page. More reaction to events in France.
:17:40. > :17:43.You're watching Business Live. Our top story:
:17:44. > :17:51.All the reaction to the victory of Emmanuel Macron in France in the
:17:52. > :17:57.French Presidential elections. Markets are mixed. It had factored
:17:58. > :18:03.in a victory for Emmanuel Macron. A fact will markets. So since the
:18:04. > :18:08.first round of the presidential election in France the CAC has gone
:18:09. > :18:20.up by 7%. Today, down 0.5%. No surprise. No.
:18:21. > :18:29.Now, does the future of medical diagnosis depend on the smartphone?
:18:30. > :18:35.Peek is one social enterprise hoping to change all of this.
:18:36. > :18:39.The company's portable eye examination kit contains
:18:40. > :18:41.a 3D-printed adapter that clips onto a smartphone camera and allows
:18:42. > :18:47.Estimates suggest that there are currently 2.5 billion people
:18:48. > :18:51.in the world with poor vision and no access to treatment.
:18:52. > :18:55.The Peek School Screening programme has already test more than 84,000
:18:56. > :18:58.children in developing countries such as Botswana, India and Kenya
:18:59. > :19:00.as part of the Peek School Screening programmes.
:19:01. > :19:02.With me is Dr Andrew Bastawrous, co-founder and Chief Executive
:19:03. > :19:29.I've got your name wrong. Andrew, you have brought your device in.
:19:30. > :19:36.Just quickly show us how it works. To being able to see inside the eye
:19:37. > :19:40.is hugely beneficial for diagnosing eye problems and other problems.
:19:41. > :19:46.What we have been able to do is put this device... Put it up higher so
:19:47. > :19:51.our viewers can have a look. We put this device on to a smartphone so
:19:52. > :19:54.you can see inside the eye while looking at the screen. You can
:19:55. > :19:58.record the image and share it with someone else to review. The medical
:19:59. > :20:04.practitioner, the trained person, has the smartphone. They need to buy
:20:05. > :20:08.the extra add on bit and that's $200 and that means clearly, it is much
:20:09. > :20:11.more accessible then for anyone around the world to be able to
:20:12. > :20:17.travel out. They need the smartphone and the kit that sticks on the top?
:20:18. > :20:20.I can give you an example of where it has been used recently. I was
:20:21. > :20:27.living in ken why for a couple of years and there was a lady in her
:20:28. > :20:35.90s, one of our field workers went to her home, it was a typical old
:20:36. > :20:38.mud village and they found her and did a vision test on our app and
:20:39. > :20:42.found that she was blind in both eyes. As soon as they identified she
:20:43. > :20:47.couldn't see, the information was sent to the hospital three hours
:20:48. > :20:51.away. She was taken to the hospital because she was geotaged, she she
:20:52. > :20:56.haved treatment and had her sight restored having been blind for over
:20:57. > :21:00.20 years. When she was taken home, she started to see things that she
:21:01. > :21:03.hadn't seen in over two decades and stood at the doorway to her house
:21:04. > :21:07.with her son, but she didn't know that was her son and he was looking
:21:08. > :21:12.at her with great anticipation until he spoke and said, "How are you
:21:13. > :21:16.doing?" It was only in that moment that she realised it was her son.
:21:17. > :21:19.She recognised his voice. That's incredible. There are millions of
:21:20. > :21:23.people who are unnecessarily blind and what we're trying to do is
:21:24. > :21:31.increase the access to that community. To those who can provide
:21:32. > :21:35.services. You're blind, aren't you, and your story and your background
:21:36. > :21:38.is why you're involved? Yes. Although a lot of people are blind
:21:39. > :21:43.from cataracts, you can be blind from needing a pair of glasses. I'm
:21:44. > :21:47.short-sighted, but with contact lenses in I have perfect vision and
:21:48. > :21:50.the estimates are 2.5 billion people can't see as well as they could if
:21:51. > :21:54.they had basic treatment like glasses. You can use technology as
:21:55. > :21:57.well to explain that. Many parents of young children might not know
:21:58. > :22:01.that their children are suffering and I don't know if we can show this
:22:02. > :22:05.to viewers. This is part of the app and it gives parents or anyone else
:22:06. > :22:07.an understanding of what it is their children can actually see and what
:22:08. > :22:11.they should be able to see and that really paints a picture then of why
:22:12. > :22:18.that help is so needed? It is hugely important. If you tell someone that
:22:19. > :22:24.your vision is 6/60 that means something if you're in my world.
:22:25. > :22:27.This image there on the left, obviously you can see it blurs
:22:28. > :22:30.according to the prescription of whoever is suffering from the sight
:22:31. > :22:34.loss and that would be normal vision on the side. So that gives a really
:22:35. > :22:38.visual indication of how problematic it is for people who don't actually
:22:39. > :22:43.know they're suffering from sight loss? Exactly. I was one of those
:22:44. > :22:50.children. I didn't know I couldn't see. I knew I was doing well at
:22:51. > :22:54.school. When I got my first pair of glasses, I could see stars and
:22:55. > :23:00.leaves on trees and it changed my life. That's why we're empowering
:23:01. > :23:05.teachers, teachers are screening in schools, but they understand what it
:23:06. > :23:08.means. So rather than just having a result they're empowered on
:23:09. > :23:11.following up and making sure the child gets treatment and we are
:23:12. > :23:14.close to having screened 100,000 children to make sure they get the
:23:15. > :23:22.right treatment. Andrew, thank you very much for coming in. It has been
:23:23. > :23:25.great to hear the story about Peek. You work with other companies with
:23:26. > :23:28.similar technology and advancement to help people see around the world.
:23:29. > :23:31.Yes, best of luck with it. Thank you for coming in.
:23:32. > :23:34.In a moment we'll take a look through the Business Pages but first
:23:35. > :23:37.here's a quick reminder of how to get in touch with us.
:23:38. > :23:39.The Business Live page is where you can stay
:23:40. > :23:41.ahead of all the day's breaking business news.
:23:42. > :23:43.We'll keep you up-to-date with all the latest details,
:23:44. > :23:45.with insight and analysis from the BBC's team of editors
:23:46. > :23:57.Get involved on the BBC business live web page, bbc.com/business.
:23:58. > :23:59.On Twitter we're at @BBCBusiness and you can find us on Facebook
:24:00. > :24:11.Business Live on TV and online, whenever you need to know.
:24:12. > :24:26.Volkswagen is in the news again. Now they are in the papers talking about
:24:27. > :24:31.a US turn around plan? It is a very grand plan indeed. They are saying
:24:32. > :24:36.they're going to get costs down and productivity up and they want
:24:37. > :24:39.margins of 4% by 2020 and in 2020 they're going to shift focus into
:24:40. > :24:43.becoming dominant in electric vehicles over the period that then
:24:44. > :24:48.follows to 2025. That's a big ask. Yes, they have got their work cut
:24:49. > :24:53.out anyway, image wise after the emissions scandal? What they have
:24:54. > :24:56.done well is launch sports utility vehicles, popular in the American
:24:57. > :24:59.markets so they have been increasing sales and we learnt that from the
:25:00. > :25:04.numbers last week. I guess they're trying to ride the popular,
:25:05. > :25:11.enthusiasm that's been engendered. Let's look at the consumer spending
:25:12. > :25:16.story. This is UK spending consuming spending dipping. Online is dipping
:25:17. > :25:23.because people have been spending on things like chocolate and hot cross
:25:24. > :25:27.buns and leisure. But there is a bigger issue here which is that we
:25:28. > :25:31.are having higher import prices, poor wage growth and since Brexit,
:25:32. > :25:36.the consumer has been borrowing money and clearly their preparedness
:25:37. > :25:39.and appetite to borrow money is diminishing and that's not good news
:25:40. > :25:42.for the UK economy. James, thank you very much for rattling through those
:25:43. > :25:46.stories. Thank you for your company today. We
:25:47. > :25:49.will do at the same time, same place tomorrow. Yes, do join us. See you
:25:50. > :26:09.then. Bye-bye. Hello. It's a new week, but it's not
:26:10. > :26:12.a particularly new weather story. At least not in the first part of the
:26:13. > :26:13.week. We have the high pressure