:00:00. > :00:16.with Sally and World Business Report.
:00:17. > :00:19.No deal - European Council president Donald Tusk says no agreement with
:00:20. > :00:27.over renegotiating the UK's relationship with the EU.
:00:28. > :00:29.Nigeria asks for an emergency loan from the World
:00:30. > :00:40.Bank as Africa's biggest economy is hit hard by falling oil prices.
:00:41. > :00:48.Google's Alphabet will reveal its first set of earnings
:00:49. > :00:54.We will tell you all you need to know.
:00:55. > :00:57.The European Council president Donald Tusk left negotiations last
:00:58. > :01:00.night with David Cameron, saying there was no deal yet over
:01:01. > :01:04.a renegotiation of the UK's relationship with the EU.
:01:05. > :01:08.The UK's Prime Minister hopes to achieve a deal - which will be put
:01:09. > :01:12.to EU leaders later this month - ahead of a referendum.
:01:13. > :01:15.He would like to restrict access welfare payments for EU migrants
:01:16. > :01:18.for up to four years, which he says would help to reduce
:01:19. > :01:26.Mr Cameron also wants an opt-out from the EU's ambition
:01:27. > :01:28.of "Ever closer union" - so Britain won't be drawn
:01:29. > :01:33.He wants greater powers to be given to national parliaments to block EU
:01:34. > :01:37.And finally he wants explicit recognition that the euro is not
:01:38. > :01:40.the only currency of the EU so countries outside the Eurozone
:01:41. > :01:55.Heading into the weekend, Mr Cameron said progress is being made.
:01:56. > :02:03.There is still a long way to go, but for a long time I have said we have
:02:04. > :02:07.to have a system would you don't get anything out of the system until you
:02:08. > :02:12.pay into the system. We wanted and the idea of something for nothing.
:02:13. > :02:15.People said that was possible and now there is a proposal on the
:02:16. > :02:17.table. It is not good enough but we are making process.
:02:18. > :02:21.With me is Robert Oulds, director of The Bruges Group.
:02:22. > :02:30.Thank you for coming in. What do you think we will get out of this next
:02:31. > :02:35.24 hours of negotiations? More political theatre, the position of
:02:36. > :02:40.David Cameron trying to argue he is forcing real change in terms of
:02:41. > :02:46.Britain's membership of the EU, and resistance from other EU leaders.
:02:47. > :02:52.But that is always how it has been. History tells us it is to a great
:02:53. > :02:58.degree about political theatre. There is some sort of negotiation
:02:59. > :03:04.and we then sell it back to the UK. They would only be minor changes,
:03:05. > :03:08.and the issues of minor tax benefits is a side issue of a side issue
:03:09. > :03:12.regarding the EU. It is not the burning issue in British politics.
:03:13. > :03:17.It does not address the fact that while you are in the EU, there is
:03:18. > :03:22.still supremacy of EU law over national laws. David Cameron is not
:03:23. > :03:27.getting a grip of those major issues. To be clear, no matter what
:03:28. > :03:32.the outcome of these negotiations, your organisation leads we are
:03:33. > :03:38.better off out of the EU? Absolutely, yes. Before David
:03:39. > :03:46.Cameron's renegotiation, there are around 20,000 legislative acts that
:03:47. > :03:50.govern life in the EU and UK. There will still be around 20,000
:03:51. > :03:55.legislative acts made in Brussels. It does not get to the heart of
:03:56. > :03:59.those major issues. These use of migrant tax benefits has been
:04:00. > :04:03.reinvented by David Cameron so he can project himself as your sceptic,
:04:04. > :04:10.but it does not mean it in. Paying millions to the EU each year. And we
:04:11. > :04:15.don't have a voice in global bodies as a result of being in the EU. We
:04:16. > :04:21.need substantial change instead of minor windowdressing. Thank you.
:04:22. > :04:26.Just to say, later won a look at today's newspapers, you will hear
:04:27. > :04:33.the other argument for why the UK should perhaps stay within the EU.
:04:34. > :04:36.-- later on when we look at today's newspapers.
:04:37. > :04:38.Now, you may remember last year that Google created Alphabet -
:04:39. > :04:40.a parent company that now owns Google.
:04:41. > :04:43.The idea was to spin out some of the search company's wackier ideas
:04:44. > :04:46.so investors had a clearer view of how the company was performing.
:04:47. > :04:49.And we're about to get our first look, as technology
:04:50. > :05:01.When Google, or Alphabet, files its quarterly results, it will for the
:05:02. > :05:05.first time split the company into two big chunks. The first will
:05:06. > :05:09.contain core Google services like the search engine, advertising,
:05:10. > :05:14.YouTube, maps and the mobile devices. In other words, the parts
:05:15. > :05:19.that make money. The second trunk is more interesting. These are what
:05:20. > :05:24.Alphabet calls its other debts, an apt name for projects seen as a
:05:25. > :05:28.costly gamble for the company. This includes things like sending up huge
:05:29. > :05:32.helium balloons to provide Internet access and making safe driverless
:05:33. > :05:37.cars and delivering its my contact lenses. It is also where projects
:05:38. > :05:42.like Google Lasts will also be included. Dividing Alphabet means
:05:43. > :05:46.investors will for the first time be able to judge how much the second
:05:47. > :05:50.trunk is costing the company and whether it is worth it -- Google
:05:51. > :05:55.glass. Alphabet is under heavy scrutiny over its financial affairs.
:05:56. > :05:59.Any sign of healthy profits will bring further and around how much
:06:00. > :06:04.tax the company is paying in many markets around the world. Those
:06:05. > :06:08.calls will get louder if Alphabet overtakes Apple to become the most
:06:09. > :06:13.valuable public company on the planet.
:06:14. > :06:17.When we get the results, we will update you.
:06:18. > :06:20.Nigeria has asked the World Bank for an emergency loan to cover the
:06:21. > :06:24.The Nigerian economy has been hit hard by the collapse in oil prices,
:06:25. > :06:27.and the World Bank says it's been asked for $2.5 billion,
:06:28. > :06:29.with a further $1 billion reportedly sought from the
:06:30. > :06:32.Joining us is energy expert Cornelia Meyer.
:06:33. > :06:41.A very familiar face on the show. This is your area, energy and the
:06:42. > :06:45.bailing out by an organisation like the World Bank. You have worked for
:06:46. > :06:50.development banks and the energy sector. Give us your take. Nigeria
:06:51. > :07:00.is hurting badly, as are other countries that depend on exports of
:07:01. > :07:05.their oil. 70% less revenue, so they are hurting badly and asking for
:07:06. > :07:12.$3.5 billion in the face of a budget deficit of $15 billion. This is the
:07:13. > :07:23.same thing to do. As the economic situation gets worse, costs go up.
:07:24. > :07:28.It is a good way of having a stopgap solution. Also the World Bank will
:07:29. > :07:32.have illicit conditionality is where they will run in open doors because
:07:33. > :07:41.the Nigerian government wants the same reforms. Their currency has
:07:42. > :07:46.been devalued three times recently. This exacerbates the pain, and in
:07:47. > :07:53.terms of conditions, how will work? They will have policy conditions,
:07:54. > :07:59.and then the IMF fund will need to give a seal of approval that it has
:08:00. > :08:04.approved budgetary measures. It does not foresee any problem, not like in
:08:05. > :08:10.the 80s, where the president had a huge row with the IMF. But this will
:08:11. > :08:13.be done quickly, I think. Thank you. Cornelia will return to review our
:08:14. > :08:16.newspapers. The world's biggest carmaker -
:08:17. > :08:18.Toyota - has stopped production at all assembly plants in Japan
:08:19. > :08:34.because of a steel shortage. What is going on? Well, a big
:08:35. > :08:40.problem indeed for Toyota and its major supplier, a steel supplier
:08:41. > :08:44.that produces speciality still products. They were hit by an
:08:45. > :08:49.explosion earlier this month which badly damaged parts of its
:08:50. > :08:53.production facility. This has resulted into a steel pipe shortage,
:08:54. > :08:59.meaning assembly lines in Japan will go off-line for a week due to a lack
:09:00. > :09:05.of components. Operations are due to start a week later. The outer say
:09:06. > :09:09.they get parts made on AlterNet production lines, and can procure
:09:10. > :09:20.parts from other still manufactures to meet its demand. -- alternate. US
:09:21. > :09:29.overseas production will not be suspended, and the world's largest
:09:30. > :09:34.automaker has said in the past it produces about 14,000 units a day
:09:35. > :09:37.last year. Despite its problems, Toyota shares are still up by about
:09:38. > :09:40.1.3%. Thank you. The UK's biggest bank, HSBC,
:09:41. > :09:44.plans to impose a global freeze An email was sent to staff outlining
:09:45. > :09:48.the measures are part In June,
:09:49. > :09:51.HSBC told investors it would slash The New York Attorney General's
:09:52. > :09:58.office says Barclays is set to be fined $70 million
:09:59. > :10:00.for misleading investors about its US so-called 'dark pool'
:10:01. > :10:03.trading operations. Dark pools allow investors
:10:04. > :10:09.to trade shares million,
:10:10. > :10:24.is expected later on Monday. The financial markets, very briefly,
:10:25. > :10:33.a mixed day across Asia. Losses in Shanghai. The Hong Kong down. Japan
:10:34. > :10:39.up 2%. Many thanks to the Japanese yen, still weak in response to that
:10:40. > :10:44.surprise cut in interest rates. In China today, their factory data
:10:45. > :10:48.shows a contraction in their factories for the sixth month in a
:10:49. > :10:55.row in January. That has spooked investors in China. Shares falling
:10:56. > :10:59.on a ease. I will see you soon. -- that news.