01/02/2016 World Business Report

with Sally and World Business Report.

No deal - European Council president Donald Tusk says no agreement with

over renegotiating the UK's relationship with the EU.

Nigeria asks for an emergency loan from the World

Bank as Africa's biggest economy is hit hard by falling oil prices.

Google's Alphabet will reveal its first set of earnings

We will tell you all you need to know.

The European Council president Donald Tusk left negotiations last

night with David Cameron, saying there was no deal yet over

a renegotiation of the UK's relationship with the EU.

The UK's Prime Minister hopes to achieve a deal - which will be put

to EU leaders later this month - ahead of a referendum.

He would like to restrict access welfare payments for EU migrants

for up to four years, which he says would help to reduce

Mr Cameron also wants an opt-out from the EU's ambition

of "Ever closer union" - so Britain won't be drawn

He wants greater powers to be given to national parliaments to block EU

And finally he wants explicit recognition that the euro is not

the only currency of the EU so countries outside the Eurozone

Heading into the weekend, Mr Cameron said progress is being made.

There is still a long way to go, but for a long time I have said we have

to have a system would you don't get anything out of the system until you

pay into the system. We wanted and the idea of something for nothing.

People said that was possible and now there is a proposal on the

table. It is not good enough but we are making process.

With me is Robert Oulds, director of The Bruges Group.

Thank you for coming in. What do you think we will get out of this next

24 hours of negotiations? More political theatre, the position of

David Cameron trying to argue he is forcing real change in terms of

Britain's membership of the EU, and resistance from other EU leaders.

But that is always how it has been. History tells us it is to a great

degree about political theatre. There is some sort of negotiation

and we then sell it back to the UK. They would only be minor changes,

and the issues of minor tax benefits is a side issue of a side issue

regarding the EU. It is not the burning issue in British politics.

It does not address the fact that while you are in the EU, there is

still supremacy of EU law over national laws. David Cameron is not

getting a grip of those major issues. To be clear, no matter what

the outcome of these negotiations, your organisation leads we are

better off out of the EU? Absolutely, yes. Before David

Cameron's renegotiation, there are around 20,000 legislative acts that

govern life in the EU and UK. There will still be around 20,000

legislative acts made in Brussels. It does not get to the heart of

those major issues. These use of migrant tax benefits has been

reinvented by David Cameron so he can project himself as your sceptic,

but it does not mean it in. Paying millions to the EU each year. And we

don't have a voice in global bodies as a result of being in the EU. We

need substantial change instead of minor windowdressing. Thank you.

Just to say, later won a look at today's newspapers, you will hear

the other argument for why the UK should perhaps stay within the EU.

-- later on when we look at today's newspapers.

Now, you may remember last year that Google created Alphabet -

a parent company that now owns Google.

The idea was to spin out some of the search company's wackier ideas

so investors had a clearer view of how the company was performing.

And we're about to get our first look, as technology

When Google, or Alphabet, files its quarterly results, it will for the

first time split the company into two big chunks. The first will

contain core Google services like the search engine, advertising,

YouTube, maps and the mobile devices. In other words, the parts

that make money. The second trunk is more interesting. These are what

Alphabet calls its other debts, an apt name for projects seen as a

costly gamble for the company. This includes things like sending up huge

helium balloons to provide Internet access and making safe driverless

cars and delivering its my contact lenses. It is also where projects

like Google Lasts will also be included. Dividing Alphabet means

investors will for the first time be able to judge how much the second

trunk is costing the company and whether it is worth it -- Google

glass. Alphabet is under heavy scrutiny over its financial affairs.

Any sign of healthy profits will bring further and around how much

tax the company is paying in many markets around the world. Those

calls will get louder if Alphabet overtakes Apple to become the most

valuable public company on the planet.

When we get the results, we will update you.

Nigeria has asked the World Bank for an emergency loan to cover the

The Nigerian economy has been hit hard by the collapse in oil prices,

and the World Bank says it's been asked for $2.5 billion,

with a further $1 billion reportedly sought from the

Joining us is energy expert Cornelia Meyer.

A very familiar face on the show. This is your area, energy and the

bailing out by an organisation like the World Bank. You have worked for

development banks and the energy sector. Give us your take. Nigeria

is hurting badly, as are other countries that depend on exports of

their oil. 70% less revenue, so they are hurting badly and asking for

$3.5 billion in the face of a budget deficit of $15 billion. This is the

same thing to do. As the economic situation gets worse, costs go up.

It is a good way of having a stopgap solution. Also the World Bank will

have illicit conditionality is where they will run in open doors because

the Nigerian government wants the same reforms. Their currency has

been devalued three times recently. This exacerbates the pain, and in

terms of conditions, how will work? They will have policy conditions,

and then the IMF fund will need to give a seal of approval that it has

approved budgetary measures. It does not foresee any problem, not like in

the 80s, where the president had a huge row with the IMF. But this will

be done quickly, I think. Thank you. Cornelia will return to review our

newspapers. The world's biggest carmaker -

Toyota - has stopped production at all assembly plants in Japan

because of a steel shortage. What is going on? Well, a big

problem indeed for Toyota and its major supplier, a steel supplier

that produces speciality still products. They were hit by an

explosion earlier this month which badly damaged parts of its

production facility. This has resulted into a steel pipe shortage,

meaning assembly lines in Japan will go off-line for a week due to a lack

of components. Operations are due to start a week later. The outer say

they get parts made on AlterNet production lines, and can procure

parts from other still manufactures to meet its demand. -- alternate. US

overseas production will not be suspended, and the world's largest

automaker has said in the past it produces about 14,000 units a day

last year. Despite its problems, Toyota shares are still up by about

1.3%. Thank you. The UK's biggest bank, HSBC,

plans to impose a global freeze An email was sent to staff outlining

the measures are part In June,

HSBC told investors it would slash The New York Attorney General's

office says Barclays is set to be fined $70 million

for misleading investors about its US so-called 'dark pool'

trading operations. Dark pools allow investors

to trade shares million,

is expected later on Monday. The financial markets, very briefly,

a mixed day across Asia. Losses in Shanghai. The Hong Kong down. Japan

up 2%. Many thanks to the Japanese yen, still weak in response to that

surprise cut in interest rates. In China today, their factory data

shows a contraction in their factories for the sixth month in a

row in January. That has spooked investors in China. Shares falling

on a ease. I will see you soon. -- that news.