0:00:06 > 0:00:09This is Business Live from BBC News with Rachel Horne and Sally Bundock.
0:00:09 > 0:00:11The social media giant Facebook loses nearly $40 billion in market
0:00:11 > 0:00:14value as it launches a review into the data-mining firm
0:00:14 > 0:00:16Cambridge Analytica.
0:00:16 > 0:00:21Live from London, that's our top story on Tuesday 20th March.
0:00:35 > 0:00:41Shares in Facebook suffer their biggest one day fall since 2014!
0:00:41 > 0:00:43Will the Cambridge Analytica story force the social
0:00:43 > 0:00:47media giant to rethink its lucrative data policy?
0:00:47 > 0:00:48Also in the programme....
0:00:48 > 0:00:51Uber suspends all tests of its autonomous cars after a woman
0:00:51 > 0:00:55in Arizona was killed in a collision - we'll take a look at what's next
0:00:55 > 0:01:03for driverless technology.
0:01:03 > 0:01:07The markets were down yesterday, Europe is back in the green today.
0:01:07 > 0:01:14We will tell you why. As shoppers continue to desert the high street
0:01:14 > 0:01:17we will speak to the boss of a clothing retailer hoping to benefit
0:01:17 > 0:01:19from the boom in online sales.
0:01:19 > 0:01:22As always, we want to hear your thoughts on any of the stories
0:01:22 > 0:01:23on today's programme.
0:01:23 > 0:01:24Data-sharing, driverless cars...
0:01:24 > 0:01:25Online retail.
0:01:25 > 0:01:26Get in touch.
0:01:26 > 0:01:31Just use the hashtag #BBCBizLive.
0:01:33 > 0:01:36Hello and welcome to Business Live.
0:01:36 > 0:01:38Shares in Facebook slumped as the social media giant faced more
0:01:38 > 0:01:44questions from US and UK politicians about its privacy rules.
0:01:44 > 0:01:47There are calls for boss Mark Zuckerberg to explain how
0:01:47 > 0:01:50Cambridge Analytica acquired and used Facebook
0:01:50 > 0:01:53users' information.
0:01:53 > 0:01:55The British firm is accused of using the personal data
0:01:55 > 0:01:58of 50 million Facebook members to influence the US
0:01:58 > 0:02:02presidential election in 2016.
0:02:02 > 0:02:04Although Facebook has denied any wrongdoing,
0:02:04 > 0:02:06investors are concerned - Facebook shares closed
0:02:06 > 0:02:09down almost 7% lower, wiping almost $37 billion off
0:02:09 > 0:02:15the social network's market value.
0:02:15 > 0:02:17In the UK, the Information Commissioner Elizabeth Denham
0:02:17 > 0:02:20is seeking a warrant to look at the computers used
0:02:20 > 0:02:23by Cambridge Analytica.
0:02:23 > 0:02:25The data firm denies any wrongdoing and insists it followed
0:02:25 > 0:02:30the correct procedures, but nonetheless it was suspended
0:02:30 > 0:02:32from Facebook last week.
0:02:32 > 0:02:34The BBC's Emily Maitlis spoke to Cambridge Analytica's chief
0:02:34 > 0:02:36executive on Newsnight.
0:02:36 > 0:02:38She asked him whether he thought his firm had influenced
0:02:38 > 0:02:48the outcome of the Brexit vote or US presidential election.
0:02:49 > 0:02:54Well, of the Brexit bowled... In the Trump victory we were involved in
0:02:54 > 0:02:59the Trump campaign, as I made clear for very many months now. We managed
0:02:59 > 0:03:03everything from research, to date, to analytics, to all the digital
0:03:03 > 0:03:06marketing and the television marketing undertaken. So we had a
0:03:06 > 0:03:14role that was called to some of the functions delivered to the campaign.
0:03:14 > 0:03:19And do you feel you have skewed democracy by playing a part in that?
0:03:19 > 0:03:25By providing campaign services to a candidate who had been fairly
0:03:25 > 0:03:29nominated as the Republican representative of the United States?
0:03:29 > 0:03:32How is that possible? So you think that Hillary Clinton is allowed to
0:03:32 > 0:03:37have a campaign team and Donald Trump isn't?!
0:03:37 > 0:03:39That is the chief executive of Cambridge Analytica speaking to the
0:03:39 > 0:03:40BBC.
0:03:40 > 0:03:42With me is Jane Sydenham, Investment Director
0:03:42 > 0:03:44at Rathbone Investment Management.
0:03:44 > 0:03:49Good to see you, Jane. Give us your take on the reaction on the markets,
0:03:49 > 0:03:54Facebook shares down quite a bit, no big surprise given the story?Not at
0:03:54 > 0:03:58all. I think this has been the worries investors have had for some
0:03:58 > 0:04:02time, at some point there are likely to be some constraints and
0:04:02 > 0:04:06regulation about the kind of information and the access that some
0:04:06 > 0:04:11of these companies have to individuals' personal information.
0:04:11 > 0:04:16We are starting to see, obviously, in Europe, the introduction of GDP,
0:04:16 > 0:04:20a European directive all about restricting access to personal
0:04:20 > 0:04:25information. This is a growing worry which may start to affect these
0:04:25 > 0:04:31companies and unconstrained access, not just Facebook. Alphabets, Google
0:04:31 > 0:04:36etc, they all have access.This is a wider concern for the whole industry
0:04:36 > 0:04:40who may have had a feeling they could use all this information as a
0:04:40 > 0:04:45real way to make money and it is looking like that could no longer be
0:04:45 > 0:04:51option?I think that is right. It is very easy to forget how quickly
0:04:51 > 0:04:53these companies have grown and become such an essential part of our
0:04:53 > 0:04:56lives and there has not been much thought about whether or not it is
0:04:56 > 0:05:00right for them to have so much access to so much information. I
0:05:00 > 0:05:06feel that is about to change. As you say, the European directive
0:05:06 > 0:05:09which comes in in May, many businesses are trying to get their
0:05:09 > 0:05:13heads around this. There will be new legal requirements on them when it
0:05:13 > 0:05:18comes to the data they have about their are and what they do without.
0:05:18 > 0:05:22In terms of us going about our day-to-day business, we do not think
0:05:22 > 0:05:27about it that much, and yet these stories come about and we think,
0:05:27 > 0:05:31hang on, what is happening to information about me and where is it
0:05:31 > 0:05:35going?Exactly right. We go on to all these different websites and do
0:05:35 > 0:05:39what we want to do and do not think about who else is gathering our data
0:05:39 > 0:05:43and what they might be doing. I think this will raise that awareness
0:05:43 > 0:05:47with the general public. I think the new legislation will raise that.
0:05:47 > 0:05:53Everyone has been written to (INAUDIBLE)
0:05:53 > 0:06:01And how it will affect them, going forward.Thank you for now, Jane.
0:06:01 > 0:06:03(INAUDIBLE) We will touch on it later.
0:06:03 > 0:06:06Let's take a look at some of the other stories making the news...
0:06:06 > 0:06:08Taxi hailing company Uber has suspended all tests of self-driving
0:06:08 > 0:06:12cars after a woman in Arizona was killed in a collision.
0:06:12 > 0:06:15She was crossing the road with a bicycle when she was
0:06:15 > 0:06:18struck by the vehicle - which was running in what they call
0:06:18 > 0:06:21autonomous mode, although there was an operator at the wheel.
0:06:21 > 0:06:24It is the first time a pedestrian has died in an accident
0:06:25 > 0:06:28involving a self-driving car.
0:06:28 > 0:06:29The company co-founded by the disgraced movie mogul
0:06:29 > 0:06:32Harvey Weinstein has filed for bankruptcy.
0:06:32 > 0:06:35The move is intended to facilitate a buy-out offer
0:06:35 > 0:06:36from a private equity firm.
0:06:36 > 0:06:39The firm also announced that any victims of, or witnesses to,
0:06:39 > 0:06:42Mr Weinstein's alleged sexual misconduct will be released
0:06:42 > 0:06:46from non-disclosure agreements.
0:06:46 > 0:06:48Saudi Arabia is scaling back its ambitions for a public
0:06:48 > 0:06:51offering for oil giant Aramco, moving ahead with a listing
0:06:51 > 0:06:55next year solely on the Saudi stock exchange.
0:06:55 > 0:06:57That's according to government officials.
0:06:57 > 0:06:59The decision has come in part because of concerns about legal
0:06:59 > 0:07:02risks and also because the need for a bigger listing has been
0:07:02 > 0:07:06negated by rising oil prices.
0:07:14 > 0:07:21Let's look at how the markets were faring overnight. Shares in Asia at
0:07:21 > 0:07:26the ever so slightly, the Dow in New York was down, some investors
0:07:26 > 0:07:30concerned about the prospect of stiffer regulation for the tech
0:07:30 > 0:07:33sector after Facebook came under fire about reports of improper
0:07:33 > 0:07:37access to user data.
0:07:37 > 0:07:39So lots of investors selling and taking profit on tech stocks.
0:07:39 > 0:07:42And don't forget new Federal Reserve chairman Jerome Powell's kicks
0:07:42 > 0:07:43off his first policy meeting today.
0:07:43 > 0:07:46Investors still split on whether we could see three or possibly four
0:07:46 > 0:07:52interest rate rises this year. Europe was down yesterday but has
0:07:52 > 0:07:59opened up this morning. Keep an eye on the FTSE.
0:07:59 > 0:08:00UK inflation figures for February due out.
0:08:00 > 0:08:03At last measure it was 3% - today's reading is expected
0:08:03 > 0:08:04to fall slightly.
0:08:04 > 0:08:06We'll keep an eye on that.
0:08:06 > 0:08:11And Joe Miller has the details about what's ahead on Wall Street Today.
0:08:11 > 0:08:14After stock markets made a bumpy start to the week, investors might
0:08:14 > 0:08:20be looking for signs of stability on Monday. It so, maybe FedEx can offer
0:08:20 > 0:08:23one. The parcel delivery giant is widely expected to continue its
0:08:23 > 0:08:27strong run of earnings reports when it releases numbers for the first
0:08:27 > 0:08:31quarter. Forecasts are for as much as a 15% jump in profits compared to
0:08:31 > 0:08:35the same period last year. There have been worries that FedEx will
0:08:35 > 0:08:40soon face a fierce competitor in the shape of Amazon. The online Bailey
0:08:40 > 0:08:50Mes is
0:08:53 > 0:08:55planning to delivery network which would directly challenge the likes
0:08:55 > 0:08:58of FedEx and UPS is. FedEx seems to be readying for the fight. I meant
0:08:58 > 0:09:01it announced a new investment to build a customer return service for
0:09:01 > 0:09:01merchants using its network.
0:09:01 > 0:09:04Chinese President Xi Jinping has given the closing speech
0:09:04 > 0:09:06at the National People's Congress, saying China's development was at
0:09:06 > 0:09:08a critical stage and the country could not be complacent.
0:09:08 > 0:09:10China is still the world's second largest economy,
0:09:10 > 0:09:12but it's suffered a slowdown in recent years.
0:09:12 > 0:09:15Beijing is worried that businesses are taking on unnecessary risks.
0:09:15 > 0:09:18Last month, the government took control of the fast-growing Chinese
0:09:18 > 0:09:20insurance group Anbang over fears about its financial health.
0:09:20 > 0:09:23Meanwhile, China faces other threats - US President Donald Trump has
0:09:23 > 0:09:26called for a better trade deal with China, and announced a 25%
0:09:26 > 0:09:36tariff on imports of steel and a 10% tariff on aluminium.
0:09:38 > 0:09:39With me is Jinny Yan, Chief China Economist
0:09:39 > 0:09:47at ICBC Standard Bank.
0:09:47 > 0:09:52Nice to see you again. I know you listened to the speeches today, it
0:09:52 > 0:09:56was not just President Xi but also the Premier, they both are quite
0:09:56 > 0:10:02interesting things to say. Give us your take?I think it was very
0:10:02 > 0:10:05revealing. First of all, with a new set of ministers in place already
0:10:05 > 0:10:11announced over the weekend, the speeches really unveiled what China
0:10:11 > 0:10:13is focusing on going forward. For me, what is really interesting is
0:10:13 > 0:10:22the fact that the focus is not just on how China is going to steady and
0:10:22 > 0:10:26grow its economy, it is very much shifted on reining in the risks and
0:10:26 > 0:10:31also how to deal with international relations. I think as you see from
0:10:31 > 0:10:36the key ministerial posts announced, it is very interesting to see that
0:10:36 > 0:10:40these people are exactly that in place to deal with the challenges
0:10:40 > 0:10:44facing China.The comments were very much in opposition to the noises we
0:10:44 > 0:10:49have heard from United States, China talking about opening its economy.
0:10:49 > 0:10:54How easy is it for International businesses to take access of the
0:10:54 > 0:11:03open economy?I think China has been trying to open its economy and
0:11:03 > 0:11:05business sector to lots of industries, particularly the service
0:11:05 > 0:11:08industry. This is what China needs, it needs education, health care,
0:11:08 > 0:11:13pension systems. For me, one of the most interesting things is that as
0:11:13 > 0:11:17Chinese companies have opened up internationally, more and more
0:11:17 > 0:11:20experience in terms of her domestic companies are opening abroad has
0:11:20 > 0:11:24given China some insight into how China needs to open up to
0:11:24 > 0:11:30international companies.When you say China is more open and
0:11:30 > 0:11:32interested in the services sector, what about the area when it has
0:11:32 > 0:11:37strengths and does not really want competition like technology. Over
0:11:37 > 0:11:40the years, companies like Microsoft, Apple and Google have struggled to
0:11:40 > 0:11:44feel they have a level playing field in China. Will that change?It's
0:11:44 > 0:11:50Maybot it is all about competition, all about letting the markets work
0:11:50 > 0:11:55at its best -- it may, but it is all about competition. Chinese companies
0:11:55 > 0:12:00are rising but that is because perhaps they understand consumers,
0:12:00 > 0:12:04very much so in China. That is not to say international companies
0:12:04 > 0:12:07don't, but I think clearly for Chinese companies they can navigate
0:12:07 > 0:12:12to the market much better than international communities.Thank you
0:12:12 > 0:12:18for your time and analysis, Jinny Yan.
0:12:18 > 0:12:23Some breaking news about Sarkozy, the former French president, Nicolas
0:12:23 > 0:12:27Sarkozy. He is being held in police custody today for questioning by
0:12:27 > 0:12:31magistrates looking at allegations of Libyan funding for the 2007
0:12:31 > 0:12:35election campaign, that is according to an official in the French
0:12:35 > 0:12:39judiciary. A lawyer for Nicolas Sarkozy could not be reached
0:12:39 > 0:12:42immediately for comments. Former French President Nicolas Sarkozy
0:12:42 > 0:12:48held in police custody over allegations of Libyan funding for
0:12:48 > 0:12:51his 2007 election campaign. More during the day on BBC News.
0:12:51 > 0:12:52Still to come...
0:12:52 > 0:12:53Taking on the fashion giants!
0:12:53 > 0:12:56We'll speak to the boss of one online clothing retailer hoping
0:12:56 > 0:12:59to take market share away from the likes of Asos and Zara.
0:12:59 > 0:13:08You're with Business Live from BBC News.
0:13:08 > 0:13:13Consumers could see prices fall by up to 1.2% if Britain
0:13:13 > 0:13:15were to abolish all tariffs after Brexit, that's according
0:13:15 > 0:13:18to a new report out today by the Institute for Fiscal Studies.
0:13:18 > 0:13:22Joining me now is Simon French, Chief Economist,
0:13:22 > 0:13:26Panmure Gordon & Co.
0:13:26 > 0:13:32Thank you for joining us on the programme. They are saying that
0:13:32 > 0:13:36prices could fall if tariffs are abolished, but on the flip side
0:13:36 > 0:13:40other costs could wipe out any savings?You are absolutely right,
0:13:40 > 0:13:44Rachel. In your introduction to the programme you mentioned we get the
0:13:44 > 0:13:49inflation data at 9:30am, it will suggest prices are going up much
0:13:49 > 0:13:54faster than the benefits identified in the IFS research. 1.2% is the
0:13:54 > 0:13:58maximum amount consumer prices might come down if the UK uses its
0:13:58 > 0:14:01freedoms outside the customs union to reduce tariffs third-party
0:14:01 > 0:14:08countries. We have already seen at 2% increase in consumer prices since
0:14:08 > 0:14:13the referendum, so definitely a two-handed answer to your question.
0:14:13 > 0:14:19If we were to reduce all of the tariffs, some are used to protect UK
0:14:19 > 0:14:22industries?Look at the story dominating markets in the last few
0:14:22 > 0:14:27weeks, the steel and aluminium tariffs suggested by the Trump
0:14:27 > 0:14:30administration to protect US industry. Bring that back to the UK
0:14:30 > 0:14:34and large parts of the UK manufacturing base in particular
0:14:34 > 0:14:39have a tariff system to third-party countries enabling their industry to
0:14:39 > 0:14:45remain competitive. Clearly if the UK chooses a path of unilaterally
0:14:45 > 0:14:48reduce its own tariffs, that will be quite difficult for those companies
0:14:48 > 0:14:56to remain competitive. In the meantime, should I ask you,
0:14:56 > 0:14:59what is the feeling among your clients and colleagues about the
0:14:59 > 0:15:02so-called Brexit breakthrough agreed yesterday, the transition
0:15:02 > 0:15:06arrangement? Do you feel people are feeling more confident about the
0:15:06 > 0:15:11near future, ie business leaders? Actually, I do. There were some
0:15:11 > 0:15:15decent upsides in the transition agreement, albeit that we will have
0:15:15 > 0:15:18to wait until probably the third quarter of this year before it is
0:15:18 > 0:15:22all agreed. There is the overhang of the Northern Ireland question. From
0:15:22 > 0:15:32an investor 's perspective, a bit more certainty, the reduction of a
0:15:32 > 0:15:34risk of a cliff edge on March 2019 which is extended to December 2020
0:15:34 > 0:15:37and also the right for EU nationals in the UK remaining unchanged during
0:15:37 > 0:15:39transition is important for employers communicating to their
0:15:39 > 0:15:48workers.Thank you.
0:15:48 > 0:15:49You're watching Business Live.
0:15:49 > 0:15:51Our top story...
0:15:51 > 0:15:53Shares in Facebook slumped as the social media giant
0:15:53 > 0:15:57faced more questions from US and UK politicians about its privacy rules.
0:15:57 > 0:16:00There are calls for boss Mark Zuckerberg to explain how
0:16:00 > 0:16:01Cambridge Analytica acquired and used Facebook
0:16:02 > 0:16:04users' information.
0:16:04 > 0:16:08Both companies deny any wrongdoing.
0:16:08 > 0:16:10When it comes to shopping, the rise of online retailing
0:16:10 > 0:16:13seems to know no bounds.
0:16:13 > 0:16:15That's especially when it comes to online luxury fashion for women.
0:16:15 > 0:16:18According to one study, the global market will grow
0:16:18 > 0:16:21to around $12 billion this year.
0:16:21 > 0:16:25In fact, online sales are predicted to make up around 18% of luxury
0:16:25 > 0:16:26sales for women in the US and UK.
0:16:26 > 0:16:30The online world is becoming increasingly attractive
0:16:30 > 0:16:32to upmarket e-tailers - like the founders of online
0:16:32 > 0:16:37fashion retailer Baukjen.
0:16:37 > 0:16:43Since being launched in 2012, it's seen growth skyrocket.
0:16:43 > 0:16:44I spoke to the CEO, Geoff van Sonsbeeck,
0:16:44 > 0:16:46and he explained why he started the company.
0:16:46 > 0:16:47We started 15 years ago.
0:16:47 > 0:16:49It's a very family run business.
0:16:49 > 0:16:54I do it with my wife who is called Baukjen, very confusing.
0:16:54 > 0:16:5615 years ago, we launched a brand called
0:16:56 > 0:16:59Isabella Oliver and six years ago we launched a womenswear
0:16:59 > 0:17:00brand called Baukjen.
0:17:00 > 0:17:01What was your inspiration for your company?
0:17:01 > 0:17:06It was really the belief that modern life is changing quickly,
0:17:06 > 0:17:08the modern woman is much busier than ever, and we felt
0:17:08 > 0:17:19that we could design a brand and a collection that she could rely
0:17:20 > 0:17:29on and could trust as a good friend to help her to curate
0:17:29 > 0:17:33a collection that you can mix and match, could reuse a wardrobe
0:17:33 > 0:17:36she already has and to always be on trend and very
0:17:36 > 0:17:37efficient and versatile.
0:17:37 > 0:17:39And we believe that there was a need for an affordable
0:17:39 > 0:17:40contemporary premium brand.
0:17:40 > 0:17:41There was definitely...
0:17:41 > 0:17:44There are plenty of contemporary premium brands, but we felt
0:17:44 > 0:17:46there was a gap in the market for affordable contemporary
0:17:46 > 0:17:47premium brands.
0:17:47 > 0:17:52There was a great advantage that we have been
0:17:52 > 0:17:54e-tailors from the start, from the go get.
0:17:54 > 0:18:05It means that we have a different cost structure and we can allow
0:18:05 > 0:18:08to have more of these gains, to be feeding it back to the product
0:18:08 > 0:18:10itself and invest in the quality of the product.
0:18:10 > 0:18:11There are many ways to go.
0:18:11 > 0:18:14We could of course compromise on the quality and we do not want
0:18:14 > 0:18:17that and we could of course produce predominantly in the Far East
0:18:17 > 0:18:19and we do not want that either.
0:18:19 > 0:18:22So we produce particularly in Portugal and we do that not just
0:18:22 > 0:18:24because the mile per garment is more sustainable, which is important
0:18:24 > 0:18:27to us, but also, it allows us to order a relatively small
0:18:27 > 0:18:29quantity and get back into the products very
0:18:29 > 0:18:32quickly and in doing so, we carry less risk of having
0:18:32 > 0:18:35the wrong stock in the wrong place at any time, which is a typical
0:18:35 > 0:18:38problem in the fashion industry, which drives the cost up
0:18:38 > 0:18:39and the consumer will feel it.
0:18:39 > 0:18:42And we're not having it, we can pass that gain onto the customer.
0:18:42 > 0:18:44So far, you are not a bricks and mortar seller,
0:18:45 > 0:18:46you are entirely online.
0:18:46 > 0:18:47Why have you made that decision?
0:18:47 > 0:18:49Well, that remains to be the question, if you like.
0:18:49 > 0:18:51Our heritage is in e-commerce.
0:18:51 > 0:18:53When we launched our first brand, we were the first fashion vertical
0:18:53 > 0:18:56in the UK and we have always believed in that, that there
0:18:56 > 0:18:59is a way to reach the customer via digital and now digital
0:18:59 > 0:19:02is everywhere and I increasingly believe the customer will want
0:19:02 > 0:19:04also in a real bricks and mortar sense.
0:19:04 > 0:19:06We are being approached by department stores, UK mostly,
0:19:06 > 0:19:08but international as well, and we are very excited
0:19:08 > 0:19:13about going into concessions, so that is what we are exploring
0:19:13 > 0:19:16now, to add concessions, the John Lewises of the world,
0:19:16 > 0:19:18to add that to our current e-commerce infrastructure.
0:19:18 > 0:19:21Give me a global perspective of the company?
0:19:21 > 0:19:24You are based in the UK, you do some manufacturing in Portugal.
0:19:24 > 0:19:27What countries are you involved in?
0:19:27 > 0:19:28We largely produce in Portugal.
0:19:28 > 0:19:33The whole business itself is in the UK.
0:19:33 > 0:19:37Kentish Town, we have about 60 people, about 15 nationalities,
0:19:37 > 0:19:40and we have a warehouse in Luton of about 20 people, so the whole
0:19:40 > 0:19:43infrastructure is in the UK, but we import everything straight
0:19:43 > 0:19:46to our warehouse and then we ship all our global orders from Luton
0:19:46 > 0:19:50directly to the consumer.
0:19:50 > 0:19:53In terms of size, about a third of our business
0:19:53 > 0:19:59is international and two thirds UK.
0:19:59 > 0:20:12That was the CEO of Baukjen. We mentioned earlier Uber has suspended
0:20:12 > 0:20:19all its self driving cars. A woman has been killed. This report from
0:20:19 > 0:20:24San Francisco. It was late Sunday night when according to the police
0:20:24 > 0:20:28and Lane was struck by Uber cosmos driving car, the 49-year-old was
0:20:28 > 0:20:32crossing the road but not using the pedestrian zone, there was a driver
0:20:32 > 0:20:39behind the wheel, but Uber said the vehicle was in full autonomous mode.
0:20:39 > 0:20:45She was taken to hospital but died from her injuries. Taking to
0:20:45 > 0:20:50Twitter, the chief executive of Uber said the news from Arizona was
0:20:50 > 0:20:54incredibly sad, we are thinking of the victim's family as we work with
0:20:54 > 0:20:58local law enforcement to understand what happened. As part of its
0:20:58 > 0:21:03licensing agreement, it must keep detailed logs. Although she is the
0:21:03 > 0:21:07first pedestrian to be killed by an autonomous vehicle, her death comes
0:21:07 > 0:21:12a year after Uber temporarily took it self driving cars off the road
0:21:12 > 0:21:16following an accident that left a Volvo on its side in Arizona. The
0:21:16 > 0:21:19programme was later reinstated. There are so many motor vehicle
0:21:19 > 0:21:25deaths in the US and generally every year and the ultimate goal of self
0:21:25 > 0:21:29driving cars is to eliminate those entirely. But these are complex
0:21:29 > 0:21:34systems that are just starting to navigate the roads.Arizona has
0:21:34 > 0:21:38positioned itself as a testing ground for the new technology but
0:21:38 > 0:21:41incidents like this will no doubt concerning those who do not believe
0:21:41 > 0:21:46the systems are yet safe enough to be on the roads.
0:21:46 > 0:21:51Many of you have been in touch. We have been asking for your views on
0:21:51 > 0:21:56what happened and how you feel about self driving vehicles, if it has
0:21:56 > 0:22:00changed your opinion. They tweet from Jack, a developing technology,
0:22:00 > 0:22:05I see it as good for people like me who would physically struggle to
0:22:05 > 0:22:09drive, but driverless cars will happen, a long way off. And another
0:22:09 > 0:22:15saying, wait to see what caused the accident. To date all accidents
0:22:15 > 0:22:18involving self driving cars have been human error. 1.2 million people
0:22:18 > 0:22:22are killed on the road globally every year, I would imagine it is
0:22:22 > 0:22:26possibly more than that... In incidents involving humans behind
0:22:26 > 0:22:32the wheels. He is saying, it gives us some perspective. We promised
0:22:32 > 0:22:37Jane would return, discussing all of this. It is an interesting time
0:22:37 > 0:22:41because we have talked about Facebook, concerns about that, a
0:22:41 > 0:22:52real flurry out of technology stocks yesterday.It is another question
0:22:52 > 0:22:54mark over the development of driverless technology and probably a
0:22:54 > 0:23:02delay. Longer before these cars are out on the road and making a
0:23:02 > 0:23:06difference to our lives. It is technology that is coming, no doubt
0:23:06 > 0:23:11it will happen, but it is clearly sadly... It will mean there will be
0:23:11 > 0:23:16a delay. There is a price quite often with lots of things like this.
0:23:16 > 0:23:23When I think of what Virgin Galactic experienced when they were saying...
0:23:23 > 0:23:32Testing technology, it is not known, very tricky. This report in the San
0:23:32 > 0:23:38Francisco Chronicle saying the police chief says that there was no
0:23:38 > 0:23:44fault by Uber. The preliminary investigation, they mention it was
0:23:44 > 0:23:49travelling at 38 mph in the 35 mph zone. It is difficult to know
0:23:49 > 0:23:53whether or not the accident would be avoidable anyway.This is exactly
0:23:53 > 0:23:59why all the testing needs to go on. Very sad consequence this time.This
0:23:59 > 0:24:04story in the Financial Times newspaper today, one in seven EU
0:24:04 > 0:24:08companies are moving supply chains out of the UK, we were talking
0:24:08 > 0:24:12earlier and also yesterday about this so-called Brexit breakthrough,
0:24:12 > 0:24:16the transition arrangement agreed by David Davis and Michel Barnier on
0:24:16 > 0:24:20Monday, it is interesting how companies have been busy sorting
0:24:20 > 0:24:23themselves out, making plans regardless?Many have to just
0:24:23 > 0:24:28because it takes them a long time to reorganise their business. We only
0:24:28 > 0:24:33have a year, really, until we leave. In some cases, it simply is not long
0:24:33 > 0:24:40enough, companies have ready had to make the decisions and start to put
0:24:40 > 0:24:42plans in place, it is all about time.In the article, head of policy
0:24:42 > 0:24:45and trade saying the point of no return for many companies to get
0:24:45 > 0:24:52ready for Brexit has already poor tee past.Yes, that is what we are
0:24:52 > 0:24:56hearing from our clients -- it has already passed. There will be others
0:24:56 > 0:25:00who will now say, yes, we have a bit longer, we can wait to see how it
0:25:00 > 0:25:04works.Interesting to see the response with sterling with regards
0:25:04 > 0:25:08to that yesterday, talk us through that.Any sense that there was a
0:25:08 > 0:25:14little bit more certainty, markets will welcome it. What is interesting
0:25:14 > 0:25:18as it is the uncertainty that is more damaging for markets than the
0:25:18 > 0:25:22final outcome. In some ways, even if it is a hard Brexit, as long as we
0:25:22 > 0:25:31know it is a certainty, markets.To respond. -- markets will start to
0:25:31 > 0:25:35respond. Just a reminder, judicial sources saying the former French
0:25:35 > 0:25:38President Nicolas Sarkozy has been taken into police custody to answer
0:25:38 > 0:25:44allegations about illegal funding of his presidential campaign in 2007,
0:25:44 > 0:25:51more on this throughout the day here on BBC News. That is Business Live,
0:25:51 > 0:25:57thank you for your company, we will see you again tomorrow.