:00:07. > :00:11.This is Business Live from BBC News with Rachel Horne and Sally Bundock.
:00:12. > :00:14.The Japanese car-maker Toyota faces a bumpy road ahead as it
:00:15. > :00:16.reports its first fall in profit for five years.
:00:17. > :00:33.Live from London, that's our top story on Wednesday, 10th May.
:00:34. > :00:43.Toyota's profits have fallen by more than a fifth.
:00:44. > :00:46.We'll be live in Tokyo for the latest on the world's second
:00:47. > :00:49.biggest car-maker and we'll get an expert view on what it needs
:00:50. > :00:54.Australia slaps a levy on the country's biggest banks.
:00:55. > :00:56.We'll cross live to Sydney for the latest reaction.
:00:57. > :00:58.And the European markets are open and trading.
:00:59. > :01:06.Also in the programme, we'll be getting the Inside Track
:01:07. > :01:08.on the music business with a veteran of the industry.
:01:09. > :01:11.Later we'll be speaking to Chris Wright, the man responsible
:01:12. > :01:27.The New York Times is offering people a Brexit tour of London. It
:01:28. > :01:31.is the Brexit means Brexit tour. We're asking you today what's your
:01:32. > :01:42.most memorable tour and was it that expensive? Just use the hashtag BBC
:01:43. > :01:48.We start with the world's second biggest car-maker, Toyota,
:01:49. > :01:51.which has just reported its latest set of financial results.
:01:52. > :01:59.This is the first time in five years that the company has
:02:00. > :02:08.Our correspondent Rupert Wingfield-Hayes is in Tokyo.
:02:09. > :02:15.Rupert, what more can you tell us about the figures? Good morning,
:02:16. > :02:21.Rachel. It is a fall for Toyota as expectedment more than expected, but
:02:22. > :02:25.it's still, you know, if profits of $16 billion are bad then it is a
:02:26. > :02:32.problem that a lot of companies would like to have, but that's a
:02:33. > :02:36.fall to 1.83 trillion yen and there is expectation that it will fall
:02:37. > :02:41.again this financial year to 1.6 trillion yen. So it looks like
:02:42. > :02:45.Toyota's overall sales or overall profits rather are on a decline, but
:02:46. > :02:53.it is actually on sales that are still going up. So sales last year
:02:54. > :02:56.were 10.25 million vehicles which is actually up from 10.91 million
:02:57. > :03:01.vehicles the previous yearment the reason for the fall in profits is
:03:02. > :03:06.the strengthening of the Japanese yen because most of Toyota's cars
:03:07. > :03:10.are produced outside Japan, in United States, Europe and China and
:03:11. > :03:15.when the profits are converted into yen the strengthening of the yen is
:03:16. > :03:18.hurting them. Also, flat sales in the United States on a rising
:03:19. > :03:22.market. Record sales of vehicles in the United States last year, but
:03:23. > :03:27.Toyota's sales are flat so obviously that's a disappointment for the
:03:28. > :03:31.company. OK, Rupert wing field haste, thank you.
:03:32. > :03:32.With me is Krish Bhaskar, automotive consultant
:03:33. > :03:41.You were listening to Rupert there and you've been looking at the
:03:42. > :03:46.numbers since they were releasedment what do you make of them? There is a
:03:47. > :03:50.6% drop in the first four months in the US and that's a big drop for
:03:51. > :03:53.Toyota which is used to increases, but the big thing is, it hasn't got
:03:54. > :03:58.enough product. It's the wrong product mix in the US, it needs more
:03:59. > :04:04.SUVs and more pick-ups and that's hurting Toyota badly. Whilst Toyota
:04:05. > :04:08.is hurting, it's rivals in the US are doing well, the ones that
:04:09. > :04:12.traditionally churn out the SUVs, aren't they? It is making America
:04:13. > :04:16.great again tag going on in that part of the world in terms of what
:04:17. > :04:23.people perhaps want to buy? Yes, 65% of the market is now SUVs and light
:04:24. > :04:31.trucks, what they call light trucks which is MPVs and pick-ups. For
:04:32. > :04:36.example one of its competitives, Nissan introduced a new vehicle and
:04:37. > :04:40.that's selling brilliantly. Whereas Toyota hasn't really introduced
:04:41. > :04:43.much. It has a new small SUV, but it's not doing that well. So are you
:04:44. > :04:49.concerned about the outlook for Toyota? It has warmed today about --
:04:50. > :04:53.warned today about future profits and earnings which will probably
:04:54. > :04:58.take money off its share price tomorrow when markets re-open in
:04:59. > :05:06.Tokyo. How concerned are you? What the president says, Toyota...
:05:07. > :05:11.Toyota, not Trump! At Toyota. He says we realise we've got a boring
:05:12. > :05:17.image and we're going to change and they're investing heavily in new
:05:18. > :05:19.things like robotics, artificial intelligence, autonomous driving,
:05:20. > :05:24.but they're trying to get more desirable vehicles. They're trying
:05:25. > :05:28.to put a motion into their vehicles -- emotion into their vehicles. If
:05:29. > :05:31.they're successful, it would be good. They've overtaken Volkswagen
:05:32. > :05:35.now so they are number one in the world. All right. Well, let's talk
:05:36. > :05:40.about the other president, President Trump, he has criticised Japan, the
:05:41. > :05:43.car makers and Toyota in particular and yet Toyota invested a lot in the
:05:44. > :05:48.US. How does that affect the company, do you think? I think what
:05:49. > :05:53.Toyota will do a they'll see what's going to happen and they'll react.
:05:54. > :05:58.They'll rebalance their production towards the US. They've already
:05:59. > :06:03.given more R D in the States. They've built a big new centre in
:06:04. > :06:06.think he can get around President think he can get around President
:06:07. > :06:09.Trump. They can meet him because a lot of their cars, the bulk of their
:06:10. > :06:14.cars are produced in the US. All right. We appreciate your time this
:06:15. > :06:16.morning and your analysis, thank you for coming in.
:06:17. > :06:20.Let's take a look at some of the other stories making the news.
:06:21. > :06:23.China's ChemChina has won around 82% support from Syngenta shareholders
:06:24. > :06:25.for its $43 billion takeover of the Swiss pesticides
:06:26. > :06:30.The takeover announced last year was prompted by China's desire
:06:31. > :06:36.to use Syngenta's portfolio of top-tier chemicals and
:06:37. > :06:41.It is China's biggest foreign acquisition to date.
:06:42. > :06:44.Profits at Walt Disney jumped 11% in the first three months of 2017,
:06:45. > :06:46.bolstered by attendance at its theme parks and resorts.
:06:47. > :06:49.Profits in the first three months of the year were $2.4 billion.
:06:50. > :06:51.But the media giant's revenue gains were more muted.
:06:52. > :06:54.The firm remains on track for modest growth, in spite of subscriber
:06:55. > :06:59.losses at its sports television network ESPN.
:07:00. > :07:02.Qantas chief executive Alan Joyce has said he intends to press charges
:07:03. > :07:05.against a man who hit him in the face with a pie.
:07:06. > :07:08.Mr Joyce was giving a speech in Perth on Tuesday when the man
:07:09. > :07:10.walked on stage and shoved the pie in his face.
:07:11. > :07:13.A man identified by local media as the attacker later criticised
:07:14. > :07:15.the airline chief's support for same-sex marriage,
:07:16. > :07:25.Australia has introduced a new levy on its biggest banks as part
:07:26. > :07:28.of its annual budget, with the aim of raising
:07:29. > :07:45.Hywel Griffith is live in Sydney. What's the reaction been?
:07:46. > :07:48.Politically, it came as a surprise coming from a Conservative-leaning
:07:49. > :07:51.Government that prides itself on its business links, but even more of a
:07:52. > :07:56.surprise for the banks themselves given the reaction. The Australian
:07:57. > :08:00.Bankers' Association saying it would hurt every Australian by harming
:08:01. > :08:07.investment and hinting rather menacingly towards rather unintended
:08:08. > :08:09.consequences. We've heard from the banks, Westpack Commonwealth warning
:08:10. > :08:15.they think it would fall on the customers shoulders. They couldn't
:08:16. > :08:17.absorb it. We have heard from the Australian Government's treasurer
:08:18. > :08:22.who has warned the banks against putting this levy on their customers
:08:23. > :08:28.shoulders. He says, "They don't like you very much already. Think again
:08:29. > :08:34.about put the charge on the customers fees."
:08:35. > :08:38.Asian stocks. They have been up for the third day in a row. Investors
:08:39. > :08:43.enjoying strong corporate earnings. The Dow closed down slightly, but it
:08:44. > :08:55.is, just down a tad because it has been the best US earnings season for
:08:56. > :09:03.five years. The US futures index slipped on the
:09:04. > :09:07.news that Donald Trump has sacked James Comey. The markets are down,
:09:08. > :09:10.but they are only down slightly. The markets feeling settled after
:09:11. > :09:17.Emmanuel Macron's election victory and still the strong earning figures
:09:18. > :09:20.given investors a sense of settling. Samira has the details on Wall
:09:21. > :09:24.Street. It was over two months ago when Snap, the parent company to
:09:25. > :09:27.Snapchat started trading on the New York Stock Exchange. On Wednesday,
:09:28. > :09:31.they will be reporting earnings for the first time. Now the company's
:09:32. > :09:37.first quarter revenue is expected to rise, helped by advertising on its
:09:38. > :09:41.messaging app, but competition for that pool of advertising dollars is
:09:42. > :09:46.quickly heating up. Investors will want to hear how Snap plans on
:09:47. > :09:50.getting more users and advertisers. Now, also reporting on Wednesday, 21
:09:51. > :09:54.Century Fox. The company's cable News Channel has seen a boost to
:09:55. > :09:58.revenues as Donald Trump's victory in the US Presidential elections has
:09:59. > :10:02.attracted more audiences. Now with Fox News facing a number of sexual
:10:03. > :10:05.harassment and discrimination lawsuits, investors will be looking
:10:06. > :10:09.out for any updates on that and the potential tie up between them and
:10:10. > :10:14.the UK's Sky. Joining us is Sue Noffke, UK
:10:15. > :10:25.Equities Fund Manager at Schroders. How are you? I'm very well. Good.
:10:26. > :10:30.Apple busting through $800 billion market valuation. I mean, when is it
:10:31. > :10:36.going to stop? I don't know. We have seen very strong earnings and we've
:10:37. > :10:42.also seen re-ratings of tech and growth companies so far in 201 and
:10:43. > :10:46.that's a reversal from that Trump trade that was so strong post the US
:10:47. > :10:52.Presidential election in November last year. So quite a change in mix
:10:53. > :10:58.of what's driving markets forward. It is back to Facebook, Apple,
:10:59. > :11:02.Google, all the big tech names and really the rest of the US market
:11:03. > :11:08.struggling to keep pace, but because those five stocks are so big, it's
:11:09. > :11:13.really powered the overall headline indexes. I think the earnings story
:11:14. > :11:16.is broader than just the US. So we have seen strong earnings and also
:11:17. > :11:22.in Europe where there is perhaps more of a cyclical mix so its
:11:23. > :11:26.financials, it's oils, as much as technology companies and that's also
:11:27. > :11:30.been powering the markets internationally. Now, one of the big
:11:31. > :11:35.stories out of the US was the sacking of the FBI director James
:11:36. > :11:38.Comey, we think it will have an impact on the markets when they
:11:39. > :11:44.open. It is affecting the futures markets. It has led to some sell-off
:11:45. > :11:48.in the futures, but it's important to remember that we are at elevated
:11:49. > :11:57.levels for markets. Volatility index, the fear gauge of the VIC
:11:58. > :12:02.index. Is it the unpredictability of this president? You might just see
:12:03. > :12:08.the focus shift away from good earnings, the Fed under control, all
:12:09. > :12:13.the labour stats being pretty supportive for growth, go back to
:12:14. > :12:18.some sort of risk analysis and politics taking over. All right. Sue
:12:19. > :12:22.will return later the she might even reveal her most memorable tour which
:12:23. > :12:27.is our question for you today. The Inside Track
:12:28. > :12:31.on the music business Later in the programme we'll
:12:32. > :12:35.speak to Chris Wright, the man responsible for signing
:12:36. > :12:37.Spandau Ballet and Blondie. You're with Business
:12:38. > :12:44.Live from BBC News. Barclays is holding its annual
:12:45. > :12:46.general meeting today, amid a backdrop of trouble
:12:47. > :12:51.and controversy around Last month, it was revealed
:12:52. > :12:58.that he had attempted to find out the identity of a whistleblower
:12:59. > :13:00.in the company. He apologised and referred
:13:01. > :13:02.himself to the regulator. Today will be the first time that
:13:03. > :13:05.Mr Staley has publicly faced shareholders since then
:13:06. > :13:07.and there's increasing pressure on shareholders not
:13:08. > :13:10.to re-elect him as the boss. Our business editor Simon Jack,
:13:11. > :13:24.joins us from the newsroom. Simon, I don't know if you're going,
:13:25. > :13:29.but I'd like to be a fly on the wall? I think it will be an
:13:30. > :13:33.interesting one. It is no exaggeration to say that Jes Staley
:13:34. > :13:37.is in a fight for his professional life. The most serious strike
:13:38. > :13:41.against him was that he tried to uncover the identity of a
:13:42. > :13:45.whistle-blower. He hired an old friend from JP Morgan days. Someone
:13:46. > :13:50.sent a letter to the board members questioning the personal conduct of
:13:51. > :13:54.the person who was hired and the relationship with Jes Staley. He
:13:55. > :14:00.said it was an honest mistake and he looked into it. HR said it wasn't a
:14:01. > :14:04.whistle-blowing incident. He thought he licence to track down the person
:14:05. > :14:09.who sent it. He was wrong and this has been referred to the Financial
:14:10. > :14:11.Conduct Authority. Those are sub divisions of the Bank of England.
:14:12. > :14:15.Some shareholders think he might be in for a rough ride with them. There
:14:16. > :14:19.is no rules about how senior managers are supposed to behave and
:14:20. > :14:22.these question marks about his judgment and his temperament are
:14:23. > :14:26.going to be taken very seriously. Now, as far as shareholders go, if
:14:27. > :14:31.it was just down to them, I think that he would be safe. Generally
:14:32. > :14:34.he's popular with shareholders. He turned the bank around. He
:14:35. > :14:39.restructured. They like what he has been doing, but as I say, it won't
:14:40. > :14:47.necessarily be down to them if he loses the confidence of the Bank of
:14:48. > :14:50.England as we saw with his American predecessor, Bob Diamond, the Bank
:14:51. > :14:55.of England can see off any Chief Executive. We know that too well. On
:14:56. > :15:01.the Business Live page there will be updates about how the AGM goes at
:15:02. > :15:06.Barclays Bank. There is other stories including snap judgment.
:15:07. > :15:11.Snap's first earnings will be posted today. It will be watched closely by
:15:12. > :15:17.investors to see how the latest tech upstart is doing on the markets.
:15:18. > :15:33.Indeed, the first since they floated. A top story, the world's
:15:34. > :15:34.biggest car manufacturer Toyota have just posted results. They bit of a
:15:35. > :15:44.mixed bag. It all came out after the trading
:15:45. > :15:49.day ended in Tokyo. We will see how Toyota shares go tomorrow.
:15:50. > :15:53.For many of us, our next guest has been responsible for the soundtrack
:15:54. > :15:55.of the '70s and '80s, signing acts like Blondie,
:15:56. > :16:00.Chris Wright created independent label Chrysalis almost 50 years ago,
:16:01. > :16:02.sold it to a big industry player and is now back
:16:03. > :16:05.at the helm as Chrysalis is re-born as an independent.
:16:06. > :16:07.He co-founded Chrysalis in 1968 with Terry Ellis
:16:08. > :16:16.He then set up a radio and TV business, which included Heart
:16:17. > :16:19.and Galaxy stations, and diversified into television -
:16:20. > :16:22.making Midsomer Murders and covering Formula 1.
:16:23. > :16:25.Now nearly 50 years after his first signing, Chris is back in charge
:16:26. > :16:27.after the acquisition of Chrysalis Music by
:16:28. > :16:42.So much to talk about. He is with us in the studio. Welcome to Business
:16:43. > :16:46.Live, Chris. Good morning. Such a shame we only have three or four
:16:47. > :16:51.minutes. But you decided to come back as chairman of chrysalis was it
:16:52. > :16:59.last year? Do you mind me mentioning your age? 71. 72, sorry! When you
:17:00. > :17:04.decided you would go into a nice semiretirement. Why did you come
:17:05. > :17:10.back? I never fully retired, I was just unemployed. Fair enough, but
:17:11. > :17:14.was it an offer you couldn't resist? Yes, it was put together by Jeremy
:17:15. > :17:17.Hill used to work with me at Chrysalis and Robin Miller, and the
:17:18. > :17:22.opportunity was there and absolutely why not? It is not very often you
:17:23. > :17:29.get the opportunity to buy back a company that you formed Tom had 30
:17:30. > :17:33.years, and sold 20 years ago. You have been working in the music
:17:34. > :17:37.industry since the 60s, when you were entertainment officer that the
:17:38. > :17:42.students union at Manchester United. How has the music industry changed,
:17:43. > :17:45.from the heady days when you are making or your money through selling
:17:46. > :17:51.albums and singles, then you have digital. How has it changed? It has
:17:52. > :17:57.changed so much, it is hard to even remember the days you started. It
:17:58. > :18:02.was almost the days of 78 rpm signals before 45s. And I am talking
:18:03. > :18:06.a language that most people today would have no concept of what it was
:18:07. > :18:11.really like. The big change is that we used to sell records. You know,
:18:12. > :18:16.they were things you put on a turntable and played, and they
:18:17. > :18:20.morphed into both tapes and CDs. And now the whole thing has morphed into
:18:21. > :18:23.the fact that you listen to what you want to listen to buy just streaming
:18:24. > :18:28.it. Do you think something has been lost? Was it more fun back then,
:18:29. > :18:34.wasn't more about the music and less about the money and volume? I think
:18:35. > :18:37.that applies to a lot of industries, it was more about the products, and
:18:38. > :18:45.now it is so sophisticated, it is more about the bottom line. But,
:18:46. > :18:49.yes, and also in those days, music was like everything to people. If
:18:50. > :18:53.you were a young kid, the only thing that mattered in your life was
:18:54. > :18:56.having the new record by whoever it was that you were particularly in
:18:57. > :19:00.love with. But if you are a young kid today, you want to be on the X
:19:01. > :19:07.factor or something like that, today's stars are found like that,
:19:08. > :19:11.as opposed to you discovering Blondie? The X Factor artist are
:19:12. > :19:14.different kind of people, OK, one or two come good, and you can't knock
:19:15. > :19:18.the success one direction have had for example, but most of them you
:19:19. > :19:22.haven't heard of a year or two later. But none of them are people
:19:23. > :19:26.that write their own songs. You know, they are not like the Beatles
:19:27. > :19:31.or the Rolling Stones or Bob Dylan or Paul Simon. They wouldn't get on
:19:32. > :19:35.the X Factor, because they wouldn't be allowed to sing the songs that
:19:36. > :19:38.they are writing. So they are not really developing careers. But they
:19:39. > :19:43.are entertaining the masses. And that is part of the equation. They
:19:44. > :19:47.are churning it out. You are back in charge now, what do you want to
:19:48. > :19:52.achieve? The first thing we are doing is trying to re-evaluate the
:19:53. > :19:56.catalogue. We bought most of the old records back, not all, because it is
:19:57. > :20:02.quite complicated, but a lot of it. We need to just make sure we
:20:03. > :20:07.reinvigorate that, and get the names of the artists back in the public's
:20:08. > :20:11.mines. There are a lot of people there that people are still
:20:12. > :20:14.interested in, catalogues of old artists are all very well now, and
:20:15. > :20:18.streaming makes it so much easier. Because if you want to buy a record
:20:19. > :20:22.that came out say 40 years ago, you might not get it in a record store
:20:23. > :20:28.easily, you can get everything on the streaming sites, and you listen
:20:29. > :20:33.to it. Then you have no delivery charges, no manufacturing costs. It
:20:34. > :20:37.is a different kind of industry now. We have got to get you to clarify
:20:38. > :20:42.the situation with Mr David Bowie, because it is reported often that
:20:43. > :20:46.you guys listened, and thought no, one-hit wonder, but that apparently
:20:47. > :20:51.is fake news. It is, in a way. He was a bit of a one-hit wonder,
:20:52. > :20:54.because he had had a very big hit with space oddity and then
:20:55. > :20:57.disappeared off the scene. We signed him as a songwriter to our
:20:58. > :21:01.burgeoning music publishing company. He made a record, which was the
:21:02. > :21:06.hunky-dory album, which was a brilliant album. My ex-partner,
:21:07. > :21:10.which to his credit was fundamentally responsible for
:21:11. > :21:13.signing Blondie, did listen to the David Bowie hunky-dory album, didn't
:21:14. > :21:16.like it. I happen to be in the States of the time, he said I have
:21:17. > :21:21.heard the Bowie album, no good, we are not signing it, I said OK. I
:21:22. > :21:26.came back to the States and listen to it, and thought big mistake,
:21:27. > :21:30.Terry, and was. We did have him sign to us as a songwriter, so it wasn't
:21:31. > :21:34.like we were totally not involved in his career, because we were. Thank
:21:35. > :21:38.you so much coming in. Show me couldn't talk to you more. Chris,
:21:39. > :21:44.come back and we will get half an hour out of here. I would love to.
:21:45. > :21:48.Lovely to meet you. Eurostar, the train operator that run services
:21:49. > :21:53.between London, Paris and Brussels, has reported its first quarterly
:21:54. > :21:56.results. Sales were up 15% year-on-year powered by strong
:21:57. > :21:59.performance in business travel and overseas markets. I spoke to the
:22:00. > :22:03.boss earlier, this is what he had to say. We are very pleased with the
:22:04. > :22:07.quarter. We have a strong UK business market, which came back,
:22:08. > :22:09.which is very good news, and also we will release a prized by the
:22:10. > :22:14.strength of the North American market. Loads of Americans coming to
:22:15. > :22:20.Europe to visit, taking advantage of the weak pound and a weak euro by
:22:21. > :22:23.historical standards, so they have really powered the growth of the
:22:24. > :22:27.first quarter. We are really pleased. I think a lot of
:22:28. > :22:32.businesses, they see the political risk diminishing, so there is a real
:22:33. > :22:37.appetite to do more business. Some businesses are looking also, because
:22:38. > :22:42.of Brexit, OK, shall we set up a new subsidiary in France? Emmanuel
:22:43. > :22:51.Macron had a very good share of the votes. He has been very up front
:22:52. > :22:56.about what he wanted to do. If he gets a majority at the parliament,
:22:57. > :23:02.he will get a mandate to implement the change, which may be in previous
:23:03. > :23:06.times, it came without that clear warning, I would say, warning sign
:23:07. > :23:14.on it. So I am optimistic. I think he knows how to handle difficult
:23:15. > :23:15.situations, so I am very optimistic. Nicholas Petkovic, the boss of
:23:16. > :23:23.Eurostar. We are asking you this morning, what
:23:24. > :23:27.memorable tours have you been, because Sue has returned to talk to
:23:28. > :23:33.us about these stories in the papers today. The New York Times has
:23:34. > :23:39.offered a ?4600 Brexit means Brexit tour of London. Would you pay that?
:23:40. > :23:45.It seems a bit steep. Six days, and it is all in London, but I think
:23:46. > :23:48.what it does do is bring together a package of people. So it is not just
:23:49. > :23:58.wondering around, following someone with an amber alert. You get the
:23:59. > :24:01.whole thing. Do you meet the person who coined Brexit means Brexit,
:24:02. > :24:06.Prime Minister Theresa May? It doesn't say that in the itinerary,
:24:07. > :24:10.but you get to go into a pub frequented by MPs, so maybe she will
:24:11. > :24:15.drop in. You could do that for free, though, couldn't you? Rachel and I
:24:16. > :24:20.are thinking of coming up with an alternative tour. ?3000 may be. We
:24:21. > :24:26.will undercut them. Tell us what you think. What is your most memorable
:24:27. > :24:30.tour? On a corporate level, it has to be flying up to Barrow in
:24:31. > :24:34.Furness, and seeing these enormous nuclear submarines being built,
:24:35. > :24:40.standing on the gantry. It was incredible. Just to see the state of
:24:41. > :24:43.manufacturing. It was wonderful. Are used to take tours, as a summer camp
:24:44. > :24:47.leader, I would take small children and dress them up in boiler suits,
:24:48. > :24:51.hard hats and light and we would go through the Marble Arch Caves. I
:24:52. > :24:55.loved the pin-up of the store in London, wine tasting engine tasting.
:24:56. > :25:02.Do you remember it? I remember most of it. What else is in the papers
:25:03. > :25:05.question that we must mention Kenneth, the temples in and around
:25:06. > :25:11.Tokyo and Kyoto, he says. Sounds nice. Another story in The Times,
:25:12. > :25:17.finance merger leaves 800 without jobs. Gas, so this is an interesting
:25:18. > :25:23.one. When the merger was announced earlier in the year, so this is
:25:24. > :25:29.Aberdeen and standard life, so two big financial firms, dominated in
:25:30. > :25:32.Scotland. When the merger was announced, it was quite
:25:33. > :25:37.controversial, because you have both heads still being part of the
:25:38. > :25:42.ongoing group, and made play down the impact the job losses. This 800
:25:43. > :25:46.job losses now leaking out could be as much as one in ten staff over
:25:47. > :25:50.three years. So that is really very significant. A large nub of people,
:25:51. > :25:57.and it is quite politicised because it is Scotland. -- a large number of
:25:58. > :25:59.people. That is it from Business Live today, we will be back
:26:00. > :26:02.tomorrow. See you soon.