10/05/2017

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: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.