10/05/2017 BBC Business Live


10/05/2017

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This is Business Live from BBC News with Rachel Horne and Sally Bundock.

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The Japanese car-maker Toyota faces a bumpy road ahead as it

:00:12.:00:14.

reports its first fall in profit for five years.

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Live from London, that's our top story on Wednesday, 10th May.

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Toyota's profits have fallen by more than a fifth.

:00:34.:00:43.

We'll be live in Tokyo for the latest on the world's second

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biggest car-maker and we'll get an expert view on what it needs

:00:47.:00:49.

Australia slaps a levy on the country's biggest banks.

:00:50.:00:54.

We'll cross live to Sydney for the latest reaction.

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And the European markets are open and trading.

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Also in the programme, we'll be getting the Inside Track

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on the music business with a veteran of the industry.

:01:07.:01:08.

Later we'll be speaking to Chris Wright, the man responsible

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The New York Times is offering people a Brexit tour of London. It

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is the Brexit means Brexit tour. We're asking you today what's your

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most memorable tour and was it that expensive? Just use the hashtag BBC

:01:32.:01:42.

We start with the world's second biggest car-maker, Toyota,

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which has just reported its latest set of financial results.

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This is the first time in five years that the company has

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Our correspondent Rupert Wingfield-Hayes is in Tokyo.

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Rupert, what more can you tell us about the figures? Good morning,

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Rachel. It is a fall for Toyota as expectedment more than expected, but

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it's still, you know, if profits of $16 billion are bad then it is a

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problem that a lot of companies would like to have, but that's a

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fall to 1.83 trillion yen and there is expectation that it will fall

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again this financial year to 1.6 trillion yen. So it looks like

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Toyota's overall sales or overall profits rather are on a decline, but

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it is actually on sales that are still going up. So sales last year

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were 10.25 million vehicles which is actually up from 10.91 million

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vehicles the previous yearment the reason for the fall in profits is

:02:57.:03:01.

the strengthening of the Japanese yen because most of Toyota's cars

:03:02.:03:06.

are produced outside Japan, in United States, Europe and China and

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when the profits are converted into yen the strengthening of the yen is

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hurting them. Also, flat sales in the United States on a rising

:03:16.:03:18.

market. Record sales of vehicles in the United States last year, but

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Toyota's sales are flat so obviously that's a disappointment for the

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company. OK, Rupert wing field haste, thank you.

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With me is Krish Bhaskar, automotive consultant

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You were listening to Rupert there and you've been looking at the

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numbers since they were releasedment what do you make of them? There is a

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6% drop in the first four months in the US and that's a big drop for

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Toyota which is used to increases, but the big thing is, it hasn't got

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enough product. It's the wrong product mix in the US, it needs more

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SUVs and more pick-ups and that's hurting Toyota badly. Whilst Toyota

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is hurting, it's rivals in the US are doing well, the ones that

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traditionally churn out the SUVs, aren't they? It is making America

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great again tag going on in that part of the world in terms of what

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people perhaps want to buy? Yes, 65% of the market is now SUVs and light

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trucks, what they call light trucks which is MPVs and pick-ups. For

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example one of its competitives, Nissan introduced a new vehicle and

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that's selling brilliantly. Whereas Toyota hasn't really introduced

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much. It has a new small SUV, but it's not doing that well. So are you

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concerned about the outlook for Toyota? It has warmed today about --

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warned today about future profits and earnings which will probably

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take money off its share price tomorrow when markets re-open in

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Tokyo. How concerned are you? What the president says, Toyota...

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Toyota, not Trump! At Toyota. He says we realise we've got a boring

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image and we're going to change and they're investing heavily in new

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things like robotics, artificial intelligence, autonomous driving,

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but they're trying to get more desirable vehicles. They're trying

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to put a motion into their vehicles -- emotion into their vehicles. If

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they're successful, it would be good. They've overtaken Volkswagen

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now so they are number one in the world. All right. Well, let's talk

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about the other president, President Trump, he has criticised Japan, the

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car makers and Toyota in particular and yet Toyota invested a lot in the

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US. How does that affect the company, do you think? I think what

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Toyota will do a they'll see what's going to happen and they'll react.

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They'll rebalance their production towards the US. They've already

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given more R D in the States. They've built a big new centre in

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think he can get around President think he can get around President

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Trump. They can meet him because a lot of their cars, the bulk of their

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cars are produced in the US. All right. We appreciate your time this

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morning and your analysis, thank you for coming in.

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Let's take a look at some of the other stories making the news.

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China's ChemChina has won around 82% support from Syngenta shareholders

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for its $43 billion takeover of the Swiss pesticides

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The takeover announced last year was prompted by China's desire

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to use Syngenta's portfolio of top-tier chemicals and

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It is China's biggest foreign acquisition to date.

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Profits at Walt Disney jumped 11% in the first three months of 2017,

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bolstered by attendance at its theme parks and resorts.

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Profits in the first three months of the year were $2.4 billion.

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But the media giant's revenue gains were more muted.

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The firm remains on track for modest growth, in spite of subscriber

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losses at its sports television network ESPN.

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Qantas chief executive Alan Joyce has said he intends to press charges

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against a man who hit him in the face with a pie.

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Mr Joyce was giving a speech in Perth on Tuesday when the man

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walked on stage and shoved the pie in his face.

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A man identified by local media as the attacker later criticised

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the airline chief's support for same-sex marriage,

:07:14.:07:15.

Australia has introduced a new levy on its biggest banks as part

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of its annual budget, with the aim of raising

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Hywel Griffith is live in Sydney. What's the reaction been?

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Politically, it came as a surprise coming from a Conservative-leaning

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Government that prides itself on its business links, but even more of a

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surprise for the banks themselves given the reaction. The Australian

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Bankers' Association saying it would hurt every Australian by harming

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investment and hinting rather menacingly towards rather unintended

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consequences. We've heard from the banks, Westpack Commonwealth warning

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they think it would fall on the customers shoulders. They couldn't

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absorb it. We have heard from the Australian Government's treasurer

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who has warned the banks against putting this levy on their customers

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shoulders. He says, "They don't like you very much already. Think again

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about put the charge on the customers fees."

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Asian stocks. They have been up for the third day in a row. Investors

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enjoying strong corporate earnings. The Dow closed down slightly, but it

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is, just down a tad because it has been the best US earnings season for

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five years. The US futures index slipped on the

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news that Donald Trump has sacked James Comey. The markets are down,

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but they are only down slightly. The markets feeling settled after

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Emmanuel Macron's election victory and still the strong earning figures

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given investors a sense of settling. Samira has the details on Wall

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Street. It was over two months ago when Snap, the parent company to

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Snapchat started trading on the New York Stock Exchange. On Wednesday,

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they will be reporting earnings for the first time. Now the company's

:09:28.:09:31.

first quarter revenue is expected to rise, helped by advertising on its

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messaging app, but competition for that pool of advertising dollars is

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quickly heating up. Investors will want to hear how Snap plans on

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getting more users and advertisers. Now, also reporting on Wednesday, 21

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Century Fox. The company's cable News Channel has seen a boost to

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revenues as Donald Trump's victory in the US Presidential elections has

:09:55.:09:58.

attracted more audiences. Now with Fox News facing a number of sexual

:09:59.:10:02.

harassment and discrimination lawsuits, investors will be looking

:10:03.:10:05.

out for any updates on that and the potential tie up between them and

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the UK's Sky. Joining us is Sue Noffke, UK

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Equities Fund Manager at Schroders. How are you? I'm very well. Good.

:10:15.:10:25.

Apple busting through $800 billion market valuation. I mean, when is it

:10:26.:10:30.

going to stop? I don't know. We have seen very strong earnings and we've

:10:31.:10:36.

also seen re-ratings of tech and growth companies so far in 201 and

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that's a reversal from that Trump trade that was so strong post the US

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Presidential election in November last year. So quite a change in mix

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of what's driving markets forward. It is back to Facebook, Apple,

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Google, all the big tech names and really the rest of the US market

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struggling to keep pace, but because those five stocks are so big, it's

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really powered the overall headline indexes. I think the earnings story

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is broader than just the US. So we have seen strong earnings and also

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in Europe where there is perhaps more of a cyclical mix so its

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financials, it's oils, as much as technology companies and that's also

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been powering the markets internationally. Now, one of the big

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stories out of the US was the sacking of the FBI director James

:11:31.:11:35.

Comey, we think it will have an impact on the markets when they

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open. It is affecting the futures markets. It has led to some sell-off

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in the futures, but it's important to remember that we are at elevated

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levels for markets. Volatility index, the fear gauge of the VIC

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index. Is it the unpredictability of this president? You might just see

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the focus shift away from good earnings, the Fed under control, all

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the labour stats being pretty supportive for growth, go back to

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some sort of risk analysis and politics taking over. All right. Sue

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will return later the she might even reveal her most memorable tour which

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is our question for you today. The Inside Track

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on the music business Later in the programme we'll

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speak to Chris Wright, the man responsible for signing

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Spandau Ballet and Blondie. You're with Business

:12:36.:12:37.

Live from BBC News. Barclays is holding its annual

:12:38.:12:44.

general meeting today, amid a backdrop of trouble

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and controversy around Last month, it was revealed

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that he had attempted to find out the identity of a whistleblower

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in the company. He apologised and referred

:12:59.:13:00.

himself to the regulator. Today will be the first time that

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Mr Staley has publicly faced shareholders since then

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and there's increasing pressure on shareholders not

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to re-elect him as the boss. Our business editor Simon Jack,

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joins us from the newsroom. Simon, I don't know if you're going,

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but I'd like to be a fly on the wall? I think it will be an

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interesting one. It is no exaggeration to say that Jes Staley

:13:30.:13:33.

is in a fight for his professional life. The most serious strike

:13:34.:13:37.

against him was that he tried to uncover the identity of a

:13:38.:13:41.

whistle-blower. He hired an old friend from JP Morgan days. Someone

:13:42.:13:45.

sent a letter to the board members questioning the personal conduct of

:13:46.:13:50.

the person who was hired and the relationship with Jes Staley. He

:13:51.:13:54.

said it was an honest mistake and he looked into it. HR said it wasn't a

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whistle-blowing incident. He thought he licence to track down the person

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who sent it. He was wrong and this has been referred to the Financial

:14:05.:14:09.

Conduct Authority. Those are sub divisions of the Bank of England.

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Some shareholders think he might be in for a rough ride with them. There

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is no rules about how senior managers are supposed to behave and

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these question marks about his judgment and his temperament are

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going to be taken very seriously. Now, as far as shareholders go, if

:14:23.:14:26.

it was just down to them, I think that he would be safe. Generally

:14:27.:14:31.

he's popular with shareholders. He turned the bank around. He

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restructured. They like what he has been doing, but as I say, it won't

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necessarily be down to them if he loses the confidence of the Bank of

:14:40.:14:47.

England as we saw with his American predecessor, Bob Diamond, the Bank

:14:48.:14:50.

of England can see off any Chief Executive. We know that too well. On

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the Business Live page there will be updates about how the AGM goes at

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Barclays Bank. There is other stories including snap judgment.

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Snap's first earnings will be posted today. It will be watched closely by

:15:07.:15:11.

investors to see how the latest tech upstart is doing on the markets.

:15:12.:15:17.

Indeed, the first since they floated. A top story, the world's

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biggest car manufacturer Toyota have just posted results. They bit of a

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mixed bag. It all came out after the trading

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day ended in Tokyo. We will see how Toyota shares go tomorrow.

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For many of us, our next guest has been responsible for the soundtrack

:15:50.:15:53.

of the '70s and '80s, signing acts like Blondie,

:15:54.:15:55.

Chris Wright created independent label Chrysalis almost 50 years ago,

:15:56.:16:00.

sold it to a big industry player and is now back

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at the helm as Chrysalis is re-born as an independent.

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He co-founded Chrysalis in 1968 with Terry Ellis

:16:06.:16:07.

He then set up a radio and TV business, which included Heart

:16:08.:16:16.

and Galaxy stations, and diversified into television -

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making Midsomer Murders and covering Formula 1.

:16:20.:16:22.

Now nearly 50 years after his first signing, Chris is back in charge

:16:23.:16:25.

after the acquisition of Chrysalis Music by

:16:26.:16:27.

So much to talk about. He is with us in the studio. Welcome to Business

:16:28.:16:42.

Live, Chris. Good morning. Such a shame we only have three or four

:16:43.:16:46.

minutes. But you decided to come back as chairman of chrysalis was it

:16:47.:16:51.

last year? Do you mind me mentioning your age? 71. 72, sorry! When you

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decided you would go into a nice semiretirement. Why did you come

:17:00.:17:04.

back? I never fully retired, I was just unemployed. Fair enough, but

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was it an offer you couldn't resist? Yes, it was put together by Jeremy

:17:11.:17:14.

Hill used to work with me at Chrysalis and Robin Miller, and the

:17:15.:17:17.

opportunity was there and absolutely why not? It is not very often you

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get the opportunity to buy back a company that you formed Tom had 30

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years, and sold 20 years ago. You have been working in the music

:17:30.:17:33.

industry since the 60s, when you were entertainment officer that the

:17:34.:17:37.

students union at Manchester United. How has the music industry changed,

:17:38.:17:42.

from the heady days when you are making or your money through selling

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albums and singles, then you have digital. How has it changed? It has

:17:46.:17:51.

changed so much, it is hard to even remember the days you started. It

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was almost the days of 78 rpm signals before 45s. And I am talking

:17:58.:18:02.

a language that most people today would have no concept of what it was

:18:03.:18:06.

really like. The big change is that we used to sell records. You know,

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they were things you put on a turntable and played, and they

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morphed into both tapes and CDs. And now the whole thing has morphed into

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the fact that you listen to what you want to listen to buy just streaming

:18:21.:18:23.

it. Do you think something has been lost? Was it more fun back then,

:18:24.:18:28.

wasn't more about the music and less about the money and volume? I think

:18:29.:18:34.

that applies to a lot of industries, it was more about the products, and

:18:35.:18:37.

now it is so sophisticated, it is more about the bottom line. But,

:18:38.:18:45.

yes, and also in those days, music was like everything to people. If

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you were a young kid, the only thing that mattered in your life was

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having the new record by whoever it was that you were particularly in

:18:54.:18:56.

love with. But if you are a young kid today, you want to be on the X

:18:57.:19:00.

factor or something like that, today's stars are found like that,

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as opposed to you discovering Blondie? The X Factor artist are

:19:08.:19:11.

different kind of people, OK, one or two come good, and you can't knock

:19:12.:19:14.

the success one direction have had for example, but most of them you

:19:15.:19:18.

haven't heard of a year or two later. But none of them are people

:19:19.:19:22.

that write their own songs. You know, they are not like the Beatles

:19:23.:19:26.

or the Rolling Stones or Bob Dylan or Paul Simon. They wouldn't get on

:19:27.:19:31.

the X Factor, because they wouldn't be allowed to sing the songs that

:19:32.:19:35.

they are writing. So they are not really developing careers. But they

:19:36.:19:38.

are entertaining the masses. And that is part of the equation. They

:19:39.:19:43.

are churning it out. You are back in charge now, what do you want to

:19:44.:19:47.

achieve? The first thing we are doing is trying to re-evaluate the

:19:48.:19:52.

catalogue. We bought most of the old records back, not all, because it is

:19:53.:19:56.

quite complicated, but a lot of it. We need to just make sure we

:19:57.:20:02.

reinvigorate that, and get the names of the artists back in the public's

:20:03.:20:07.

mines. There are a lot of people there that people are still

:20:08.:20:11.

interested in, catalogues of old artists are all very well now, and

:20:12.:20:14.

streaming makes it so much easier. Because if you want to buy a record

:20:15.:20:18.

that came out say 40 years ago, you might not get it in a record store

:20:19.:20:22.

easily, you can get everything on the streaming sites, and you listen

:20:23.:20:28.

to it. Then you have no delivery charges, no manufacturing costs. It

:20:29.:20:33.

is a different kind of industry now. We have got to get you to clarify

:20:34.:20:37.

the situation with Mr David Bowie, because it is reported often that

:20:38.:20:42.

you guys listened, and thought no, one-hit wonder, but that apparently

:20:43.:20:46.

is fake news. It is, in a way. He was a bit of a one-hit wonder,

:20:47.:20:51.

because he had had a very big hit with space oddity and then

:20:52.:20:54.

disappeared off the scene. We signed him as a songwriter to our

:20:55.:20:57.

burgeoning music publishing company. He made a record, which was the

:20:58.:21:01.

hunky-dory album, which was a brilliant album. My ex-partner,

:21:02.:21:06.

which to his credit was fundamentally responsible for

:21:07.:21:10.

signing Blondie, did listen to the David Bowie hunky-dory album, didn't

:21:11.:21:13.

like it. I happen to be in the States of the time, he said I have

:21:14.:21:16.

heard the Bowie album, no good, we are not signing it, I said OK. I

:21:17.:21:21.

came back to the States and listen to it, and thought big mistake,

:21:22.:21:26.

Terry, and was. We did have him sign to us as a songwriter, so it wasn't

:21:27.:21:30.

like we were totally not involved in his career, because we were. Thank

:21:31.:21:34.

you so much coming in. Show me couldn't talk to you more. Chris,

:21:35.:21:38.

come back and we will get half an hour out of here. I would love to.

:21:39.:21:44.

Lovely to meet you. Eurostar, the train operator that run services

:21:45.:21:48.

between London, Paris and Brussels, has reported its first quarterly

:21:49.:21:53.

results. Sales were up 15% year-on-year powered by strong

:21:54.:21:56.

performance in business travel and overseas markets. I spoke to the

:21:57.:21:59.

boss earlier, this is what he had to say. We are very pleased with the

:22:00.:22:03.

quarter. We have a strong UK business market, which came back,

:22:04.:22:07.

which is very good news, and also we will release a prized by the

:22:08.:22:09.

strength of the North American market. Loads of Americans coming to

:22:10.:22:14.

Europe to visit, taking advantage of the weak pound and a weak euro by

:22:15.:22:20.

historical standards, so they have really powered the growth of the

:22:21.:22:23.

first quarter. We are really pleased. I think a lot of

:22:24.:22:27.

businesses, they see the political risk diminishing, so there is a real

:22:28.:22:32.

appetite to do more business. Some businesses are looking also, because

:22:33.:22:37.

of Brexit, OK, shall we set up a new subsidiary in France? Emmanuel

:22:38.:22:42.

Macron had a very good share of the votes. He has been very up front

:22:43.:22:51.

about what he wanted to do. If he gets a majority at the parliament,

:22:52.:22:56.

he will get a mandate to implement the change, which may be in previous

:22:57.:23:02.

times, it came without that clear warning, I would say, warning sign

:23:03.:23:06.

on it. So I am optimistic. I think he knows how to handle difficult

:23:07.:23:14.

situations, so I am very optimistic. Nicholas Petkovic, the boss of

:23:15.:23:15.

Eurostar. We are asking you this morning, what

:23:16.:23:23.

memorable tours have you been, because Sue has returned to talk to

:23:24.:23:27.

us about these stories in the papers today. The New York Times has

:23:28.:23:33.

offered a ?4600 Brexit means Brexit tour of London. Would you pay that?

:23:34.:23:39.

It seems a bit steep. Six days, and it is all in London, but I think

:23:40.:23:45.

what it does do is bring together a package of people. So it is not just

:23:46.:23:48.

wondering around, following someone with an amber alert. You get the

:23:49.:23:58.

whole thing. Do you meet the person who coined Brexit means Brexit,

:23:59.:24:01.

Prime Minister Theresa May? It doesn't say that in the itinerary,

:24:02.:24:06.

but you get to go into a pub frequented by MPs, so maybe she will

:24:07.:24:10.

drop in. You could do that for free, though, couldn't you? Rachel and I

:24:11.:24:15.

are thinking of coming up with an alternative tour. ?3000 may be. We

:24:16.:24:20.

will undercut them. Tell us what you think. What is your most memorable

:24:21.:24:26.

tour? On a corporate level, it has to be flying up to Barrow in

:24:27.:24:30.

Furness, and seeing these enormous nuclear submarines being built,

:24:31.:24:34.

standing on the gantry. It was incredible. Just to see the state of

:24:35.:24:40.

manufacturing. It was wonderful. Are used to take tours, as a summer camp

:24:41.:24:43.

leader, I would take small children and dress them up in boiler suits,

:24:44.:24:47.

hard hats and light and we would go through the Marble Arch Caves. I

:24:48.:24:51.

loved the pin-up of the store in London, wine tasting engine tasting.

:24:52.:24:55.

Do you remember it? I remember most of it. What else is in the papers

:24:56.:25:02.

question that we must mention Kenneth, the temples in and around

:25:03.:25:05.

Tokyo and Kyoto, he says. Sounds nice. Another story in The Times,

:25:06.:25:11.

finance merger leaves 800 without jobs. Gas, so this is an interesting

:25:12.:25:17.

one. When the merger was announced earlier in the year, so this is

:25:18.:25:23.

Aberdeen and standard life, so two big financial firms, dominated in

:25:24.:25:29.

Scotland. When the merger was announced, it was quite

:25:30.:25:32.

controversial, because you have both heads still being part of the

:25:33.:25:37.

ongoing group, and made play down the impact the job losses. This 800

:25:38.:25:42.

job losses now leaking out could be as much as one in ten staff over

:25:43.:25:46.

three years. So that is really very significant. A large nub of people,

:25:47.:25:50.

and it is quite politicised because it is Scotland. -- a large number of

:25:51.:25:57.

people. That is it from Business Live today, we will be back

:25:58.:25:59.

tomorrow. See you soon.

:26:00.:26:02.

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