:00:00. > :00:21.A fresh beating on European banks as the strain of negative interest
:00:22. > :00:23.rates and that lingering crisis in Italy weigh heavy.
:00:24. > :00:29.And today Europe's biggest - HSBC - tells us it's making less money
:00:30. > :00:40.as it shrinks its operations around the world.
:00:41. > :00:45.and making it easier to do business across the country.
:00:46. > :00:49.It's one of the biggest economic changes since the end of the Raj.
:00:50. > :00:55.will it boost the fastest growing economy in the world?
:00:56. > :01:28.Let's start with the global waking giant HSBC. Not good at all.
:01:29. > :01:31.Global Banking giant HSBC has just released its latest set of results.
:01:32. > :01:41.The bank is the latest major player to take a financial hit this year.
:01:42. > :01:45.They are the latest financial player to take a big hit.
:01:46. > :01:50.Top of the list - billions of dollars in fines for everything
:01:51. > :01:52.from rigging rates to doing business with blacklisted countries,
:01:53. > :01:55.laundering money and charging consumers for services
:01:56. > :02:02.Low and negative interest rates across Europe have also
:02:03. > :02:06.Low rates make it much harder for banks to make money
:02:07. > :02:11.because they decrease the margin that can be charged on a loan.
:02:12. > :02:16.Since the financial crisis banks have also had to hold much more cash
:02:17. > :02:24.If they are storing it they can't lend it and if they can't lend it
:02:25. > :02:30.Finally - investors and businesses have been spooked by the UK's
:02:31. > :02:32.decision to leave the EU and the Chinese economic slowdown.
:02:33. > :02:37.Companies are much more likely to hold off borrowing for a big
:02:38. > :02:43.project if they believe the economy is in poor health.
:02:44. > :02:50.Mark Dunne is Head of Research at investment service company AJ-Bell.
:02:51. > :02:59.Great to have you with us. Welcome to the programme. It is a pleasure
:03:00. > :03:03.having you with us. Quickly, we said everything about HSBC, kind offer.
:03:04. > :03:07.They are just an example of what is going on. There has been
:03:08. > :03:12.restructuring. I have had to put their hand in their pocket, make
:03:13. > :03:18.redundancies, pay off things. They all seemed to be in a turnaround or
:03:19. > :03:23.refocusing position. HSBC, once the world 's largest bank, no longer the
:03:24. > :03:27.case, now focused on population growth. Asia, Middle East, Africa.
:03:28. > :03:31.They are focused on selling more products to consumers in those
:03:32. > :03:38.markets. They will be a lot of job cuts, plans to cut 50,000 people
:03:39. > :03:41.from the workforce. But billion-dollar 's worth of costs by
:03:42. > :03:56.the end of next G, plans to get that. 50,000. -- end of next year.
:03:57. > :04:03.Last year, we had the stress test. That was last week. These early
:04:04. > :04:07.shows are doing my head in. A lot of failures amongst the European banks
:04:08. > :04:10.for the stress test but untrained in a sense for the audience around the
:04:11. > :04:14.world, what is the difference between the European banks and the
:04:15. > :04:20.American banks? The American banks are doing pretty good. Europe is not
:04:21. > :04:25.so. A couple of reasons. American banks have had their act together.
:04:26. > :04:31.European banks have had to pay out a lot of costs. The American banks,
:04:32. > :04:40.the worst seems to be over for those. They have done the hard work.
:04:41. > :04:48.Whereas the Europeans were less aggressive in solving the problems.
:04:49. > :04:52.You talk about aggression, forget caged fighting, boxing, if you want
:04:53. > :04:57.to see real fighting, speak to an investor. We should make that a
:04:58. > :05:03.television show! We talked about the Italian banking, that has cropped up
:05:04. > :05:08.a lot. It is in a mess. Some say there is a looming crisis. I'm
:05:09. > :05:13.wondering, we say the word Italy or Italian, if they get into a mess, we
:05:14. > :05:18.all feel bad? There will be a knock-on effect. If some of the
:05:19. > :05:23.biggest banks in Europe, HSBC, if they are struggling, we will have a
:05:24. > :05:26.knock-on effect. If you get banks in Italy needing the Italian government
:05:27. > :05:32.to put their hands in their pockets to stop them from collapsing, in
:05:33. > :05:39.uncertain times, lower demand for low growth. Uncertain times,
:05:40. > :05:43.turbulent times. On a cheery note, we will leave it there. Thank you
:05:44. > :05:44.very much, mate. Mark Dunne from AJ-Bell.
:05:45. > :05:52.It's one of the biggest financial reforms since India achieved
:05:53. > :05:54.independence from Britain nearly 70 years ago.
:05:55. > :05:57.The Goods and Services Tax aims to simplify the way the country does
:05:58. > :06:02.The tax will turn India into a single national market.
:06:03. > :06:04.The upper house of parliament is expected to vote today
:06:05. > :06:07.on whether to introduce the tax - which could boost economic growth
:06:08. > :06:12.But the government doesn't enjoy a majority in the upper house so it
:06:13. > :06:15.has been trying to win over the opposition and reach a political
:06:16. > :06:31.Is that the parliament behind you? Before we talk about the government,
:06:32. > :06:43.can they? Will they? Weekday? Can you X plane to ask -- can you
:06:44. > :06:50.explain to us, I have to pay tax in each state I pastor if I am a truck
:06:51. > :06:54.driver? Absolutely. Experts say the business loss is about five to 10%,
:06:55. > :06:58.just because of high taxes and the kind of delays that you face on the
:06:59. > :07:02.highway because the truck will take forever to reach from one end to the
:07:03. > :07:03.other. But it only consumer gets it, you have paid so many different
:07:04. > :07:13.taxes. You had a strap that had Mumbai, you
:07:14. > :07:19.are not in Mumbai, you are in Delhi. We apologise for that. The debate,
:07:20. > :07:21.can they get this past? What we know about India, there is a lot of red
:07:22. > :07:29.tape. Absolutely. This is crucial for the
:07:30. > :07:33.ruling government. It has taken forever. It was introduced by the
:07:34. > :07:39.previous government, there has been ten years for a ticket a draft stage
:07:40. > :07:46.to a debate at this place. -- -- for it to get. It went until late
:07:47. > :07:49.yesterday. Today, we had the Finance Minister is hopeful of getting it
:07:50. > :07:54.through. It will be a historic reform for India. We'll talk you
:07:55. > :07:57.very soon. Let's keep our fingers crossed.
:07:58. > :08:00.A lawsuit has been filed against the makers of Pokemon Go
:08:01. > :08:11.over players trespassing on private property.
:08:12. > :08:32.Rico using Singapore. This is a story from the states? What is going
:08:33. > :08:38.on? It is unbelievable how far a comment Goyder players will go to
:08:39. > :08:49.capture these players. Even in the people 's homes. -- how far Pokemon
:08:50. > :08:56.Go players will go. There is a lawsuit against Nintendo, Pokemon
:08:57. > :09:02.Go. This game has been huge since it was launched a month ago. They have
:09:03. > :09:07.shown a flagrant disregard without seeking the permission of property
:09:08. > :09:11.owners. A number of locations, such as the Hiroshima peace Memorial Park
:09:12. > :09:18.in Japan, has to be removed from Pokemon Go. A museum in America
:09:19. > :09:23.asking them to not play Pokemon Go during their visit. During this
:09:24. > :09:28.excitement, Nintendo says the game will have a limited impact on its
:09:29. > :09:31.bottom line. Last week, earnings showed more hefty losses for
:09:32. > :09:36.Nintendo and that is where we saw the stock price of Nintendo dropped
:09:37. > :09:44.double digits. Indeed. Does your son play it? No. It is still not here in
:09:45. > :09:47.Asia. It is in Australia. In Japan, still not in Singapore or other
:09:48. > :09:53.south-east Asian countries. You are missing out! I am missing out the
:09:54. > :09:57.fun. I will have a word. I will have worked Nintendo in a crop that game.
:09:58. > :10:02.I love how we do a story of the United States and to go to Singapore
:10:03. > :10:03.to do that story. And Nintendo is a Japanese company. Let's look at the
:10:04. > :10:20.market. The Nikkei is down. Investors are
:10:21. > :10:28.not so pleased. When Japanese government announced the stimulus
:10:29. > :10:32.package, about $270 billion. The biggest spending package in Japan
:10:33. > :10:35.since the financial crisis in 2009. Throwing more money at the problem
:10:36. > :10:40.will not fix it. Tweet me @bbcaaron.