:00:00. > :00:09.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:10. > :00:12.UK authorities launch criminal proceedings against Barclays bank
:00:13. > :00:18.over claims it committed fraud in a deal with Qatar at the height
:00:19. > :00:36.Live from London, that's our top story on Tuesday 20th June.
:00:37. > :00:41.The former chief executive and three other ex Barclays staff are ALSO
:00:42. > :00:45.We'll get the latest from our Business Editor.
:00:46. > :00:48.Also in the programme, setting a course for Brexit,
:00:49. > :00:51.the UK's finance minister outlines his vision
:00:52. > :01:12.This is what the European markets are looking like. We'll tell you all
:01:13. > :01:19.you need to know for the day ahead. Banks Down Under in trouble as well.
:01:20. > :01:24.Some down-graded by Moody's. Today, as Venetians vote to ban the big
:01:25. > :01:29.cruise ships, let us know what you think. Are you a fan of a cruise or
:01:30. > :01:35.is it possibly the worst holiday idea that you could even come
:01:36. > :01:42.across? ! Use # Bizlive.
:01:43. > :01:57.The former chief executive and three other ex Barclays staff are ALSO
:01:58. > :02:08.The charge relate to the emergency funding. At the height of the
:02:09. > :02:12.financial crisis in 2008 this was. It was at the same time that rival
:02:13. > :02:18.banks, RBS and Lloyds turned to the Government here in the UK for help,
:02:19. > :02:21.but Barclays instead opted to seek money from Qatar, the Gulf state.
:02:22. > :02:26.There are now questions over how the funds were raised and what Barclays
:02:27. > :02:30.offered to Qatar in return. Let's get the details with our Business
:02:31. > :02:35.Editor Simon jack who is in Central London for us. This has been
:02:36. > :02:38.rumbling on for a time. It's interesting to look at the detail.
:02:39. > :02:44.RBS and Lloyds went one way, turned to the Government, Barclays said we
:02:45. > :02:49.are going to ask Qatar for money? Yes. There are two bits of that
:02:50. > :02:53.transaction and fund-raising in Kay far which prompted this five-year
:02:54. > :02:58.investigation. The first was advisory fees that were not
:02:59. > :03:02.disclosed first and eventually it was disclosed at ?332 million, that
:03:03. > :03:06.was the amount paid to Qatar holdings who supplied the investment
:03:07. > :03:11.in advisory fees. There was a question mark over whether that
:03:12. > :03:14.advice was non-existent and this was really just like a bung to their new
:03:15. > :03:18.benefactors in the Middle East, if you like. The second was a loan that
:03:19. > :03:21.was made from the bank to Qatar Holdings at around the same time as
:03:22. > :03:26.this investment and the charge there is that essentially the bank was
:03:27. > :03:33.lending Qatar money to buy shares in Barclays Bank. That's what's known
:03:34. > :03:37.as unlawful financial assistance, a big no-no for regulators. The most
:03:38. > :03:39.interesting thing is, this is the first time senior executives have
:03:40. > :03:45.been personally charged with criminal conduct for their role in
:03:46. > :03:49.the financial crisis. Now, as you say, around this time, RBS and
:03:50. > :03:55.Lloyds were turning to the Government, Barclays was desperate
:03:56. > :03:59.not to do that and some wild say the SFA may eventually get their man one
:04:00. > :04:10.day when it goes to court, but have they got the right person, because
:04:11. > :04:15.in a way it was Barclays attemptses that ousted this person. Barclays is
:04:16. > :04:18.considering its position. We are yet to hear from John Varley, the former
:04:19. > :04:23.Chief Executive and the other executives. One very important point
:04:24. > :04:28.I should point out, this is Barclays Plc, this is the holding company
:04:29. > :04:32.that has been charged. It's an operating company which is Barclays
:04:33. > :04:35.Bank. That has not been charged. That is important because, if
:04:36. > :04:39.Barclays Bank, the operating company, was to be convicted of
:04:40. > :04:43.criminal charges, they would find it very difficult to do business in
:04:44. > :04:46.other areas of the world, including at least 50% of their business in
:04:47. > :04:49.the US in their investment banking business. It's very important, the
:04:50. > :04:53.distinction between the holding company and the operating company.
:04:54. > :04:59.The operating company's not been charged. I'm told if they can get a
:05:00. > :05:03.fine in the low hundreds of millions and carry on with their business in
:05:04. > :05:07.the US and Barclays Bank wasn't charged, they might plead guilty to
:05:08. > :05:11.this so they can move on with their lives and start rebuilding the
:05:12. > :05:15.business. They're considering their position as we speak this morning.
:05:16. > :05:19.Just a brief word on what it tells us about the culture of banking, we
:05:20. > :05:23.know since the financial crisis so much has changed in terms of
:05:24. > :05:31.regulation. What does it tell us about what was happening in that
:05:32. > :05:36.fateful weekend in 2008? Yes, it tells us that the powerful bankers
:05:37. > :05:41.were well connected to some of the wealthiest people in the world,
:05:42. > :05:46.Sheikh Mansuhr for example in Qatar. There are claims from other parties
:05:47. > :05:50.saying they were owed money as well and that rumbles on. They were
:05:51. > :05:53.desperate for the Government not to be a shareholder. If you watched RBS
:05:54. > :05:57.over the last ten years, you will remember the boss there had to
:05:58. > :06:01.forego his bonus year after year because it was Government-owned and
:06:02. > :06:05.it was felt the Government couldn't sanction big payouts like that, so
:06:06. > :06:08.by keeping the Government out of their business, they were able to
:06:09. > :06:15.keep paying themselves by industry standards pretty well.
:06:16. > :06:22.Thank you very much. We have heard from Roger Jenkins, one of the four
:06:23. > :06:24.individuals being charged. He said he'll vigorously defend himself
:06:25. > :06:26.against the criminal charges filed by the Serious Fraud Office. That's
:06:27. > :06:41.Roger Jenkins, the first to respond. Let's take a look at some of
:06:42. > :06:44.the other stories making the news. The republican house speaker
:06:45. > :06:46.has vowed to complete Paul Ryan says President Trump
:06:47. > :06:50.and his fellow Republicans in Congress cannot allow the chance
:06:51. > :06:52.of overhauling the US It's no longer just
:06:53. > :06:56.about funny faces and filters. Snapchat users will be able to watch
:06:57. > :06:59.scripted dramas and comedies after Time Warner and Snap agreed
:07:00. > :07:04.a deal to develop original content. Time Warner brands HBO,
:07:05. > :07:10.Turner and Warner Bros will also The deal is reportedly
:07:11. > :07:24.worth US $100 million. Tokyo's Nikkei finished
:07:25. > :07:26.at its highest level since august 2015 boosted by optimism over
:07:27. > :07:29.the health of the US economy - Comments from the New York Fed Chief
:07:30. > :07:40.suggesting that the outlook Oil prices hitting a new seven month
:07:41. > :07:46.low, as increasing shale production, along with rising output from Libya
:07:47. > :07:50.and Nigeria undermined OPEC In Europe there's a lot going
:07:51. > :07:59.on today not least here in London. Bank of England governor Mark Carney
:08:00. > :08:02.is speaking this morning, One to watch after last week's wide
:08:03. > :08:10.spilt on the monetary policy committee with three policymakers
:08:11. > :08:15.voting to raise UK interest rates. The pound didn't do much
:08:16. > :08:18.as the first day of Brexit talks got And as we've been reporting -
:08:19. > :08:27.Barclays and four individuals, including former boss John Varley,
:08:28. > :08:29.have been charged with conspiracy to commit fraud relating
:08:30. > :08:32.to the bank's emergency fundraising And, the details about what's ahead
:08:33. > :08:58.on Wall Street Today. Here is Samira. FedEx's shipping
:08:59. > :09:02.company's bottom line will be revealed. Investors will be
:09:03. > :09:06.interested on what is coming up looking at forecasts for the new
:09:07. > :09:15.fiscal year and on the cost measures. The maker of photo shop
:09:16. > :09:21.will be reporting earnings. Its higher demand for software on the
:09:22. > :09:27.cloud will be boosting revenue. And the second largest US home builder
:09:28. > :09:31.will also be reporting earnings, that is Lennar. Better job
:09:32. > :09:34.opportunities for young people have boosted home sale else. Investors
:09:35. > :09:37.will be looking to the spring selling season and what the company
:09:38. > :09:39.expects going forward. Joining us is James Bevan,
:09:40. > :09:49.Chief Investment Officer at CCLA Nice to see you, James. Good to be
:09:50. > :09:52.here. Whilst we are chatting away, Mark Carney's delivering his speech,
:09:53. > :09:58.this is all ongoing in London at the moment. Absolutely. We can see there
:09:59. > :10:01.the Governor of the Bank of England, just following on from Philip
:10:02. > :10:03.Hammond, the Chancellor of the Exchequer, they are all discussing
:10:04. > :10:08.Brexit, the negotiating stance. At the same time, we have Barclays
:10:09. > :10:10.unfolding, a Serious Fraud Office investigation, criminal charges,
:10:11. > :10:17.just gives your thoughts on all of this? A busy day? As a microcosm for
:10:18. > :10:22.Barclays itself, this is relatively old news, and if there is a fine of
:10:23. > :10:27.say ?200 million, that's worth around two bases points off capital.
:10:28. > :10:31.This is a bank trading on 0.7 with tangible book value, in other words
:10:32. > :10:35.cheap given that banks tiply shouldn't trade to discount to their
:10:36. > :10:39.tangible book value. Can I ask though, four individual bankers are
:10:40. > :10:44.also being charged, John Varley one of them to who is really
:10:45. > :10:48.respected... A man of immense integrity, absolutely. He's being
:10:49. > :10:52.charged, criminal charges by the SFO, him and three others? Exactly.
:10:53. > :10:55.I want to separate out the extraordinary personal misery Mr
:10:56. > :11:01.Varley will be feeling on the back of the charges and the fact that he
:11:02. > :11:04.is a man of immense integrity from our position as market commentators
:11:05. > :11:10.and investors where frankly we have to let that go. Mr Varley has
:11:11. > :11:14.retired. Where is bay clays? It has ruffly a 5% return. It has an
:11:15. > :11:18.opportunity to do much better. That is why people don't want to sell the
:11:19. > :11:23.shares. That is why the shares are down a bit, not a big reaction?
:11:24. > :11:27.People are saying, it's still sorting problems out from the past.
:11:28. > :11:32.It's not affecting Barclays, they have a huge opportunity, shares
:11:33. > :11:36.could go a lot better. Let us talk about the other big UK story, Mark
:11:37. > :11:39.Carney speaking, the Governor of the Bank of England. We got the interest
:11:40. > :11:43.rate decision last week, no change? Quite right. The split was what
:11:44. > :11:46.everyone was looking at; three voting for a rate rise. We are not
:11:47. > :11:51.there yet, of course rates aren't going up, but they're looking to the
:11:52. > :11:56.US where rates are going up, what does it tell us? We might get three
:11:57. > :12:00.more hikes in the US to a peak in the current cycle of around 2% in
:12:01. > :12:05.the States and that would be consistent with a climate of really
:12:06. > :12:09.quite low growth and also low inflation, so we have this
:12:10. > :12:13.extraordinary situation where we have bond yields falling and equity
:12:14. > :12:18.markets rising. On the face of it that appears odd, if it's correct
:12:19. > :12:20.that we have a climate now of sustainable noninflationary growth,
:12:21. > :12:25.we can see bond yields continuing to stay low. We keep talking about
:12:26. > :12:29.rates going up but they are going up to historically low levels,
:12:30. > :12:34.emergency levels, we have to keep remembering we are emergency low
:12:35. > :12:38.levels? We absolutely are and the UK economy faces many hurdles, Brexit
:12:39. > :12:42.clearly is the headline issue but we have a composition challenge, we
:12:43. > :12:47.have an economy that cannot deliver strong productivity growth because
:12:48. > :12:49.it's overly dependent on financial services that not enough
:12:50. > :12:52.manufacturing production is happening. Where does the
:12:53. > :12:55.productivity come from? Historically it's come because we put more money
:12:56. > :12:58.into the economy. We don't want to have more debt. Productivity debt is
:12:59. > :13:04.challenging. That will be a big challenge for the May Government.
:13:05. > :13:10.James will be back later to talk about more stories, including his
:13:11. > :13:15.take on cruise holidays. Don't forget that one! Lots of comments
:13:16. > :13:19.coming in already on that one, cruising holidays - your idea of
:13:20. > :13:32.heaven or hell. Or somewhere in-between!
:13:33. > :13:39.Moodies has downgraded 12 Australian banks. Hywel Griffith is in Sydney
:13:40. > :13:42.for us. Talk us through this, they have said in big cities like
:13:43. > :13:47.Melbourne and Sydney, prices are booming and that is not sustainable?
:13:48. > :13:50.Yes, and they have been booming for several years, it's what everyone
:13:51. > :13:56.here in Sydney talks about, when will that boom finally come to an
:13:57. > :13:59.end, the bubble burst? Moodies weren't expecting a sharp
:14:00. > :14:03.correction. A month ago we heard from Standard Poor, they thought
:14:04. > :14:07.things could go south quickly as they downgraded the ratings of the
:14:08. > :14:12.banks, so there is concern about how much debt has been carried, about
:14:13. > :14:15.how wages growth is slow and the number of interest-only mortgages
:14:16. > :14:20.being offered by the banks. The Australian reserve bank is also
:14:21. > :14:26.worried. We had the minutes of its last meetings two weeks ago, it's
:14:27. > :14:29.kept interest rates low, it's trying to follow things really day-by-day.
:14:30. > :14:33.But everyone expecting some sort of correction. We know already that the
:14:34. > :14:37.prices of apartments have started to cool. That's where we have seen a
:14:38. > :14:42.lot of money spent in the last couple of years. Thank you very much
:14:43. > :14:46.indeed. Still to come: The UK Finance Minister, Philip Hammond,
:14:47. > :14:50.has just set out his vision of Britain after Brexit. We'll be
:14:51. > :14:54.assessing what he had to say right now, as we speak, Mark Carney, the
:14:55. > :14:56.Governor of the Bank of England, is in the same place delivering his
:14:57. > :14:58.speech as well. That is the scene live now at the
:14:59. > :15:13.Mansion House. Stay with us. Day two of Brexit negotiations -
:15:14. > :15:15.and more calls from business The latest is from the Society
:15:16. > :15:25.of Motor Manufacturers and Traders. It says the Government needs to make
:15:26. > :15:31.sure there's a transitional Brexit deal to protect
:15:32. > :15:38.the car industry. The boss - Mike Hawes -
:15:39. > :15:47.told us a full deal We need a back-up plan. Something
:15:48. > :15:51.that gives us part of the customs union, ideally part of the single
:15:52. > :15:55.market so we can maintain the success that we're currently
:15:56. > :15:58.enjoying. We have a trading relationship with over 160 countries
:15:59. > :16:03.around the world. We benefit from some of the existing trade
:16:04. > :16:08.aagreements that the EU already has with Europe. What happens with those
:16:09. > :16:12.existing arrangements and the new deals that are currently already
:16:13. > :16:16.being negotiated, we really want to see the UK trading and being
:16:17. > :16:17.successful around the world, but not at the jeopardy what we currently
:16:18. > :16:21.have. In his speech today Mr Hawes
:16:22. > :16:33.will say that a lot A lot of cars are made in the UK,
:16:34. > :16:37.but they say it is Europe that's their priority not necessarily the
:16:38. > :16:42.home market, the UK. If we look at where we are, there is less than 20
:16:43. > :16:46.months before we leave the EU and we recognise we're leaving the EU. For
:16:47. > :16:50.our sector to be a success we need to have a new arrangement with our
:16:51. > :16:54.biggest market. The chances of doing that in less than 20 months and
:16:55. > :16:58.having to be approved by all the respective parliaments, I think is
:16:59. > :17:01.slim. So we need that back-up plan. We certainly don't want
:17:02. > :17:05.brinksmanship and we don't want to go near the cliff edge without
:17:06. > :17:10.having some arrangement supporting us. We are part of the European
:17:11. > :17:18.automotive industry and yes, we are a big market, but Europe is a bigger
:17:19. > :17:21.market and I have been talking to various member states, organisations
:17:22. > :17:26.across Europe and they say the future is more Europe than the UK
:17:27. > :17:39.automotive market and that makes sense.
:17:40. > :17:43.The Chancellor of the Exchequer, Philip Hammond, has just been
:17:44. > :17:48.delivering his speech at Mansion House.
:17:49. > :17:54.Our top story, Barclays Bank and four individuals
:17:55. > :17:56.including its former chief executive, John Varley,
:17:57. > :17:58.have been charged with conspiracy to commit fraud.
:17:59. > :18:00.The charges relate to the bank's emergency fundraising
:18:01. > :18:02.during the financial crisis in 2008 and agreements between Barclays
:18:03. > :18:18.Barclays shares down a touch on the news.
:18:19. > :18:20.All eyes are on the UK's Finance Minister today
:18:21. > :18:23.as he outlines his vision of Britain after Brexit.
:18:24. > :18:25.The Chancellor of the Exchequer, Philip Hammond has been
:18:26. > :18:30.delivering his famous Mansion House speech in London -
:18:31. > :18:32.one of the biggest set-piece events of Britain's economic calendar.
:18:33. > :18:35.Mr Hammond is hoping to calm fears of an abrupt shift in relations
:18:36. > :18:42.He acknowledges the UK will leave the single market and customs union,
:18:43. > :18:45.but insists it should reach a deal that allows British goods
:18:46. > :18:51.to flow without tariffs, delays and bureaucracy.
:18:52. > :18:54.And he stresses it would be "a very, very bad outcome"
:18:55. > :19:02.That's despite the Prime Minister Theresa May's mantra that no deal
:19:03. > :19:18.One of the biggest issues, of course, is immigration and the
:19:19. > :19:19.Chancellor says that while the UK seeks to manage migration t doesn't
:19:20. > :19:32.want to shut it down entirely. We are not about to turn inward, but
:19:33. > :19:35.we want to make sure that the arrangements that we have in place
:19:36. > :19:38.work for our economy just as the British people understand the
:19:39. > :19:41.benefits of trade so too they understand how important it is to
:19:42. > :19:46.business to be able to access global talent and to move individuals
:19:47. > :19:49.around their organisations. So while we seek to manage migration, we do
:19:50. > :19:59.not seek to shut 2 it down. Neil Williams, Chief economist,
:20:00. > :20:07.Hermes joins us now. The governor of the Bank of England
:20:08. > :20:12.is delivering his speech. What did you make of what he had to say?
:20:13. > :20:17.Well, a softer tone. Many of us in business would welcome that. Talking
:20:18. > :20:19.about free trade and not turning inward and also encouragingly
:20:20. > :20:23.pointing out the importance of services and financial services
:20:24. > :20:27.which respectively are about 80% and 10% of what we do in the UK. This is
:20:28. > :20:32.the start of a negotiating process. There is a lot of cherry-picking
:20:33. > :20:36.here at the beginning and after 12 months of being in the departure
:20:37. > :20:41.lounge in terms of Brexit, I for one are buckling up for a long journey.
:20:42. > :20:48.It will take way beyond the two years we're hoping for for Article
:20:49. > :20:52.50. It's only day two. So much more to deal with. It's interesting
:20:53. > :20:56.because we heard earlier from UK car makers, we hear from the City of
:20:57. > :20:59.London, we hear from so many different parts of industry and
:21:00. > :21:03.business. As you say, it is a balancing act. Who gets what at
:21:04. > :21:06.these negotiations and who for the UK should be a priority. Who do you
:21:07. > :21:11.think should be a priority? Well, the bottom line as well is that we
:21:12. > :21:14.have possibly chosen one of the worst times to go into these
:21:15. > :21:17.negotiations because of course elsewhere in Europe there are
:21:18. > :21:20.elections almost everywhere. We have managed to get through France and
:21:21. > :21:25.Holland without too much disruption, but we've got Germany and Italy next
:21:26. > :21:29.spring to come. It is surely not in the interests of those mrushtions to
:21:30. > :21:32.give us a no strings attached deal otherwise it will look like we're
:21:33. > :21:38.opening the trap door for other countries to follow suit. There will
:21:39. > :21:42.be a lot of position swapping on the way and that slope that Mr Haloned
:21:43. > :21:47.talks about out of the EU, I hope that that is a slope that doesn't
:21:48. > :21:52.lead to a path that effectively gets us back to square one which takes
:21:53. > :21:57.many years. What's your view on our position now on this side of the
:21:58. > :22:01.general election? Well, if you believe the process is going to be a
:22:02. > :22:06.long one then the election upheaval was an additional speed bump on the
:22:07. > :22:09.way. En route to the calendar we're going to have to get this through
:22:10. > :22:14.Parliament and looking at it briefly, what Mr Hammond seems to
:22:15. > :22:20.want is negotiations leading to November 2018 and then sign off in
:22:21. > :22:24.2019. We then effectively try to get the whole thing sorted after a two
:22:25. > :22:27.year settling in period. Has he factored in the 27 other countries
:22:28. > :22:33.signing off as well though in his timetable? Well, I hoe he hasn't. It
:22:34. > :22:40.is often at stages like this, to look at what presidents, the only
:22:41. > :22:43.two we have is Greenland in the mid-1980s, it took three years to
:22:44. > :22:46.sign itself out of the EU. They had one issue which was fishing rights
:22:47. > :22:51.and Canada, you may remember, last year signed a deal. That took seven
:22:52. > :22:55.years and it was almost derailed by a small state in Belgium. So,
:22:56. > :23:00.straightforward probably, it's not going to be. I think you're right on
:23:01. > :23:07.that! That's something we can be certain of, Neil, thank you.
:23:08. > :23:13.Mark Carney, the governor of the Bank of England is still talking!
:23:14. > :23:15.Lots to get through. People call him the George Clooney of Central
:23:16. > :23:18.Bankers. Did you know that? I did that. But maybe George Clooney moves
:23:19. > :23:21.a bit quicker. In a moment we'll take a look
:23:22. > :23:24.through the Business Pages but first here's a quick reminder of how
:23:25. > :23:27.to get in touch with us. The Business Live page
:23:28. > :23:29.is where you can stay ahead of all the day's
:23:30. > :23:31.breaking business news. We'll keep you up-to-date
:23:32. > :23:33.with all the latest details, with insight and analysis
:23:34. > :23:36.from the BBC's team of editors Get involved on the BBC business
:23:37. > :23:41.live web page: bbc.com/business. on Twitter: @BBCBusiness
:23:42. > :23:44.and you can find us on Facebook Business Live on TV and online,
:23:45. > :24:01.whenever you need to know. We have touched on a subject that
:24:02. > :24:07.gets you talking. That's the cruise holiday. It's like Marmite, you love
:24:08. > :24:13.it or you hate it. James is back. Where are you? Just
:24:14. > :24:16.declare... Well, I have been a non participant, but I don't have much
:24:17. > :24:21.of a view either way. Come on, James. Are you sitting on the fence?
:24:22. > :24:26.I am because I have no visceral appetite to go cruising and yet if
:24:27. > :24:30.you said look, this there is this marvellous opportunity I'd probably
:24:31. > :24:35.take it. If you lived in Venice... Definitely. What would be your take
:24:36. > :24:40.on it? Many are saying and this is the story in the press the nations
:24:41. > :24:44.have voted against these cruise ships docking, coming in to Venice
:24:45. > :24:50.and yet many are saying the economy relies on the people on those ships?
:24:51. > :24:55.I don't buy this issue of reliance on cruises. Venice gets one million
:24:56. > :25:01.tourists in round figures. One of these large cruise ships has 4,000
:25:02. > :25:06.people. So, the number of people who come, via aeroplanes or cars or
:25:07. > :25:10.trains is huge. Equally, the vote which is non binding and indicative
:25:11. > :25:14.only is saying we want you to come, but we don't want you to actually
:25:15. > :25:18.have your big boats here, come in small boats and park outside. The
:25:19. > :25:20.reason I'm laughing is because a lot of you have been getting in touch
:25:21. > :25:23.with your tweets this morning talking about them. Lesley, a big
:25:24. > :25:27.fan. Yes, I have been on three already this year. Cruising is big
:25:28. > :25:33.business and the Venice economy will suffer says Lesley. Jonathan says
:25:34. > :25:40."Great news they have been banned." Naomi says, "A friend of mine went
:25:41. > :25:45.on a cruise and the ship was so big, it was like walking around Croydon!
:25:46. > :25:50." I have been on a cruise to the Falklands and the other was North
:25:51. > :25:58.Cape and spits burg. Thank you, we know your holiday calendar so far.
:25:59. > :25:59.More on those stories that we have been covering on the website.
:26:00. > :26:12.Bye-bye. Hello there. Good morning. Yesterday
:26:13. > :26:16.was the hottest day of the year so far. Temperatures got to 32.5
:26:17. > :26:17.Celsius in South West