:00:00. > :00:00.Now for the latest financial news with World Business Report.
:00:00. > :00:17.Brexodus fears grow in the City of London, as leading firms warn
:00:18. > :00:24.thousands of staff may now be relocated.
:00:25. > :00:27.No arrest warrant for Samsung boss Jay Y Lee.
:00:28. > :00:29.but prosecutors vow to continue the corruption
:00:30. > :00:53.We'll be live in Seoul in just a moment.
:00:54. > :00:58.We start here in London, where fears of a costly Brexit
:00:59. > :01:03.Leading firms are now weighing up moving thousands of staff out
:01:04. > :01:06.of the UK, after Prime Minister Theresa May confirmed plans to leave
:01:07. > :01:09.the European Single Market as well as the EU,
:01:10. > :01:15.On Wednesday, the boss of HSBC said he's preparing to move
:01:16. > :01:18.around 1000 of his 5000 London staff to Paris.
:01:19. > :01:20.That would mean around 20% of its European revenue leaving
:01:21. > :01:22.the UK, worth several billion dollars.
:01:23. > :01:27.also told the BBC that 1000 jobs may go in London as a result of Brexit,
:01:28. > :01:29.again around a fifth of its workforce.
:01:30. > :01:31.And according to a report in the Handelsblatt newspaper
:01:32. > :01:34.in Germany this morning, Goldman Sachs may halve its London
:01:35. > :01:37.workforce, moving 3000 staff to New York and Continental Europe,
:01:38. > :01:52.Goldman though says it has yet to make a decision on the matter
:01:53. > :01:56.However, some believe this could be the tip of the iceberg
:01:57. > :02:07.Back in October, consultants Oliver Wyman warned 75,000 UK
:02:08. > :02:11.jobs are at risk if financial companies based here lose the right
:02:12. > :02:14.Theresa May is addressing the World Economic Forum
:02:15. > :02:17.in Davos today, she will also be meeting the bosses of some
:02:18. > :02:20.of the big banks including Goldman Sachs and JP Morgan
:02:21. > :02:29.Yesterday, Pierre Moscovici, former French Finance Minister,
:02:30. > :02:32.now EU commissioner for Economic and Financial Affairs,
:02:33. > :02:33.Taxation and Customs, spoke to our economics
:02:34. > :02:48.He denied the EU would try to punish Britain for leaving the EU.
:02:49. > :02:58.It is not about punishment. I said that we need to find a balanced and
:02:59. > :03:05.positive agreement. I said we are friends and must work together. They
:03:06. > :03:10.even said so in the European Parliament this morning in Davos.
:03:11. > :03:15.But we must be clear that you cannot have all the advantages of being a
:03:16. > :03:24.member of the club when you are out of the club. Our British friends
:03:25. > :03:32.will bleed invented clubs. -- probably. They can understand that.
:03:33. > :03:34.There you. That is one view. And now for another view.
:03:35. > :03:35.Olivier Vardakoulias is Senior Economist
:03:36. > :03:48.The plot has thickened. No surprise at all to hear some of the big
:03:49. > :03:53.banks, global banks, who have big operations in London, are now
:03:54. > :04:02.rethinking. Yes. That is because they perceive she has made
:04:03. > :04:10.unattainable pledges. She will go for a hard Brexit, exiting the
:04:11. > :04:15.Common Market and the EU and also the common union. What they are
:04:16. > :04:21.afraid of, and rightly so, is basically that this will not
:04:22. > :04:26.guarantee the so-called passport writes. Explain those rights for
:04:27. > :04:33.those uninitiated in financial services. Any bank located, or
:04:34. > :04:38.investment bank, located in the country, has the right to do
:04:39. > :04:43.business in any European country, without needing to have an agreement
:04:44. > :04:47.with individual member states of the EU. That is why, for example, you
:04:48. > :04:52.have many American investment banks based in London. That is because
:04:53. > :04:58.they can do business in whatever European country freely. That will
:04:59. > :05:03.not be the case if the UK does not manage to reach a special agreement
:05:04. > :05:07.for accessing the special European market. These banks will have to
:05:08. > :05:11.negotiate and basically the UK will have to negotiate individually with
:05:12. > :05:15.different member states. Quite frankly, the easy solution for these
:05:16. > :05:20.banks is to relocate part of their activities on the continent. Not all
:05:21. > :05:24.of them, part of them. It is interesting. When you look at the
:05:25. > :05:28.sentiment from both sides, like Donald Tusk saying it will be a
:05:29. > :05:33.difficult negotiation process, Theresa May saying if they do not
:05:34. > :05:39.get the vote they want they will exit completely. In that situation,
:05:40. > :05:43.what do we see for the future of the city of London in terms of how it
:05:44. > :05:48.will operate? She implied in her speech that she will change the
:05:49. > :05:54.goalposts in terms of how things go in London, taxing, regulation, so it
:05:55. > :06:02.becomes better on the ground. Yeah. I think there are two things here.
:06:03. > :06:06.Political posturing, if you want. On the one hand, you know, the way that
:06:07. > :06:13.Theresa May presented that to European partners is that they will
:06:14. > :06:19.withdraw from the European Court of Justice and so on. And then I will
:06:20. > :06:28.try to basically seek market access without being part of the EU. And if
:06:29. > :06:34.you do not do what I want, we will move offshore. Basically a tax haven
:06:35. > :06:40.in the UK, that kind of model. She will try to liberalise the financial
:06:41. > :06:47.sector even more, at our risk and peril, as the 2008 crisis showed,
:06:48. > :06:50.and replaced the job losses from respectable bank activities by
:06:51. > :06:56.attracting things like hedge funds or other financial activities. Now,
:06:57. > :07:00.this is a very risky strategy. Not just because obviously it can
:07:01. > :07:04.trigger different kinds of financial fragility within the system, but it
:07:05. > :07:12.is also bad news for British working families. Turning the UK into a bank
:07:13. > :07:17.haven will not help those who voted to leave the EU. Very interesting.
:07:18. > :07:21.Thank you for your time today. I am sure I will talk to you again before
:07:22. > :07:23.we leave the EU officially. Thank you for coming in. We will go to
:07:24. > :07:26.South Korea next. That is where a growing
:07:27. > :07:28.corruption scandal has led to the impeachment
:07:29. > :07:31.of President Park Geun-hye, and has been threatening to suck
:07:32. > :07:34.in the boss of Samsung, Some good news for him
:07:35. > :07:37.in the past few hours though. Mr Lee was held by prosecutors
:07:38. > :07:40.overnight on Wednesday, but early this morning he's been
:07:41. > :07:44.allowed to go home after a court in Seoul threw out
:07:45. > :07:46.a warrant for his arrest. Prosecutors wanted him arrested
:07:47. > :07:48.on suspicion of bribery, embezzlement and perjury,
:07:49. > :07:53.charges he denies. Let's talk to the BBC's
:07:54. > :08:07.Kevin Kim in Seoul. He has been covering this for us. I
:08:08. > :08:15.hope you are there. Tell us more about the latest and what happens
:08:16. > :08:23.today. The last 24 hours were some of the longest and most dramatic for
:08:24. > :08:29.Jay Y Lee. At the city jail, the head of the biggest company in South
:08:30. > :08:33.Korea waited through the night until there was a decision to release in.
:08:34. > :08:37.Early in the morning the judges said there was no sufficient reason to
:08:38. > :08:41.put him behind bars. He was then seen walking out of jail with a
:08:42. > :08:47.slight smile. Apparently he then went straight to work. I understand
:08:48. > :08:53.the prosecutors are saying we will pursue this. We will not waver. They
:08:54. > :08:58.seem to be very determined despite the decision of the judge. That is
:08:59. > :09:04.correct. The message Jay Y Lee wanted to send is business as usual.
:09:05. > :09:08.But this may not be the end of the problems for the chief of Samsung.
:09:09. > :09:13.The company has been accused of bribery. He may still have to face a
:09:14. > :09:17.trial if prosecutors face charges. The allegations are that he gave
:09:18. > :09:22.millions of dollars in return for the votes of the national pension
:09:23. > :09:28.fund in a big restructuring of the company. But in the meantime, Jay Y
:09:29. > :09:33.Lee still stays a free man. Great to talk to you again. Thank you for
:09:34. > :09:35.now. He was in Seoul for us. Squeezing in some other stories.
:09:36. > :09:39.Renegotiating the Nafta trade deal with Canada and Mexico is the Trump
:09:40. > :09:41.administration's top trade priority, according to commerce secretary
:09:42. > :09:44.He was speaking to US senators at a confirmation hearing
:09:45. > :09:48.Mr Ross said China was the "most protectionist" country among large
:09:49. > :09:50.economies, but said Nafta is "logically,
:09:51. > :09:56.the first thing for us to deal with."
:09:57. > :09:59.Shares in TV streaming service Netflix soared as much as 9%
:10:00. > :10:02.on the news it is growing much faster than expected.
:10:03. > :10:05.Netflix added just over seven million new subscribers in the last
:10:06. > :10:08.three months of 2016, a third more than forecast,
:10:09. > :10:11.and expects to break the 100 million mark by the end of March.
:10:12. > :10:13.Netflix has invested heavily in original content while ending
:10:14. > :10:27.deals with top studios, a gamble that is paying off.
:10:28. > :10:37.Financial markets. A mixed day. Good news for Japan. The Japanese yen
:10:38. > :10:42.weakening. You can see the pound is keeping a close eye on it. Janet
:10:43. > :10:45.Yellen talking yesterday in San Francisco saying that rates in the
:10:46. > :10:51.US could be up again. They are predicting the month of March. That
:10:52. > :10:56.is what is happening. I will see you again soon as we will review the
:10:57. > :11:02.stories in the news in just a moment.
:11:03. > :11:05.A disabled man has won his case at The Supreme Court,
:11:06. > :11:07.after a dispute over wheelchair space on a bus.
:11:08. > :11:11.It means bus drivers will have to do more