Markets at the moment, or down down is likely because investors were disappointed by president johns actions. The strike President Trumps actions. Funding the enterepreneurs well meet the man whose bank specialises in getting cash to small businesses. Rishi khosla , the boss of Oaknorth Bank will be here. And United Airlines, still trying to deal with the fall out from their overbooked flight, will now offer up to 10,000 to give up your seat. What would be your price . Let us know. Just use the hashtag bbcbizlive. Hello and a warm welcome to Business Live. Welcome to the programme. We start with President Trump because once again hes taken the Business World by surprise. The white house has confirmed it has told the leaders of canada and mexico they wont be scrapping the north American Free trade agreement. But instead they will seek to renegotiate the terms of it. President trump has repeatedly vowed to pull out of the pact bill clinton signed in 1993. In september he called it the Single Worst Trade Deal the us had ever signed. Injanuary he used an Executive Order to pull out of the potentially huge tra ns Pacific Partnership trade deal. Financial markets were worried he was about to do the same with nafta with huge implications for industries from agriculture to the auto sector. The announcement to renogotiate rather than withdraw from the north American Free trade agreement has sent the Canadian Dollar and mexican peso soaring. Aaron. Good on you, susanna. Those currencies liking that news. Earlier i spoke to marco lopez a former arizona politician who is now an International Trade consultant advising us companies on Doing Business with mexico. Hes in sonora state in mexico. I asked him whether this was a pleasant surprise. Yes, a very good surprise indeed. We have been saying that, you know, its very difficult to try to go out and kill 6 million jobs its very difficult to try to go out and kill 6 millionjobs that its very difficult to try to go out and kill 6 million jobs that depend on north American Free to and that is exactly what he was proposing, President Trump, throughout the campaign. So good news i think for those american workers, 6 million of them that depend on trade with mexico, i think he finally figured it out in 100 days, its much more difficult to govern than it is to campaign. So this is a positive sign for everyone and all those industries that you mention especially the Automotive Industry, agricultural industry, e commerce, that depend on keeping that relationship between the us, mexico and canada alive and well. Now i guess the focus goads towards renegotiating this. Im just wondering, does mexico think that has to be renegotiation and where will they try to renegotiate . Has to be renegotiation and where will they try to renegotiate . |j think will they try to renegotiate . think that after all the criticism that came from President Trump and in my experience as director of the Arizona Department of commerce in the state of arizona, you know you realise that there are things that occui realise that there are things that occur throughout the period of 25 yea rs occur throughout the period of 25 years that do need to be looked at comic e commerce is one, energy, Trade Facilitation is the second, there are things in the agricultural space that might be strengthened, so at least its important to have that conversation and i think we are getting to that place but i will tell you that Even Congress is wary of having to vote on any adjustments and after so this could be a long process. We dont know exactly what shape this will take but it will not be easy for sure. A long process, that should keep us busy. Lots of things to discuss. Nothing clear cut at the moment. Thats still unnerving the Financial Markets. Lets look at something happening here in london today where its the time of year Big Companies are holding their annual general meetings. Its their big chance to face their shareholders and one of their Major Concerns is how much the bosses get paid and whether they deserve it. Pharmaceutical giant astrazeneca holds its agm today. The Chief Executive got a pay increase of 68 last year to more than 17 million. And thats after his annual bonus was halved Consumer Goods Maker Unilever is also meeting its shareholders. They will be voting on changes to the way its bosses are paid making more of it in shares as a performance incentive. Unilevers ceo made 8. 4 Million Euros last year. That was down 20 on 2015 but a lot of the fall is down to the weak pound < his pay is set in sterling but paid in euros. Leon kamhi is head of responsibility at Hermes Investment management. Thank you for coming onto the programme. I think these systems are fundamentally broken, if you look at any chart like this this tremendous scatter. Sometimes you have to pay with this High Performance but in other areas know. Why is this, the schemes are way too complex, we have multiple schemes with multiple measures and the measures that we are using, some of the measurements are using, some of the measurements are too short term and not working. And thirdly, id say, the reason why pay structures are broken is, theres way too much in variable bonus and not enough in fixed bonus. And yet were not getting bad performance. You mention the short term. That performance. Earlier i wondered why the investors are not more aggressive, its because they are part of the system is there an argument that these investors want these ceos to be incentivised to hit short term gains and they benefit from them . Maybe the targets need to be changed . There is a strong case to say that the system works were short term returns. Why is that . Because you have the pension funds, they ask is that managers who achieve returns and monitor that on the short term basis. The Acid Managers then took to the company is about achieving returns and soon the whole system reaches out for a short term returns. So there is that case. This increased stewardship, responsible ownership by Asset Managers to think more about the longer term. And part of that is how we vote at remuneration. I would suggest that as an industry as a whole we dont pull our punchers when we see remuneration that is not right for shareholders and we do vote against it. You have seen that. You saw it with thomas cook this year. Youve seen all the pressure before the vote has come to fruition with Credits Wiese and gs k. When you see ceo salaries which are rear free 140 times more than the average worker you do wonder what has to go. Thank you for coming in to talk to us. Well see you soon. Lets take a look at some of the other stories making the news. Deutsche bank could move up to 4,000 jobs out of the uk as a result of brexit nearly half its uk workforce. The possibility was raised by the firms chief regulatory officer, and is the latest warning from a Financial Firm since the uk voted to leave the european union. Currently, uk based companies can conduct business throughout europe, but could lose that right. Listen to this. United Airlines Says it will offer passengers were volunteered to give up their seats on overbooked flights up to 10,000. Thats in the wake of recent publicity problems, there they are dragging that passenger down the aisle of the plane. The offer came after rival Delta Airlines outlined plans to offer 9,950 in similar cases. United said it would act to reduce overbooking and improve customer satisfaction. We had a quick tweet. Eric says, for £10,000, i would wait for the next flight south korean Giant Samsung has reported its best quarterly for three years thanks to memory chips and tvs. Sharanjit leyl is in our Asia Business hub in singapore. It is looking good for samsung, moving in the right direction. Yes, with those results you would never guess it had battled a Corruption Scandal and a big recall crisis. Its all due to demand for memory chips for flat screen televisions and phones, its given the company its best quarterly profits in three yea rs, its best quarterly profits in three years, a its best quarterly profits in three yea rs, a 48 its best quarterly profits in three years, a 48 jump in operating profits to 8. 8 billion for the period. It says it is relying on its new Galaxy Smartphones to rebuild its reputation after the note Seven Fiasco Last year when it had to recall 2. 5 million handsets after some caught fire. 0n recall 2. 5 million handsets after some caught fire. On top of that sum is and remains mired in scandal with its de facto head on trial over his alleged role in a Corruption Scandal that brought down the president of south korea. He denies all of those charges which include bribery and embezzlement of shares in samsung. Ive had a look, more than 70 . Thank you. A real difference from the figures we saw from higham day yesterday. Lets check in with the Financial Markets now. The Canadian Dollar and mexican peso bounced sharply after President Trump said he would not scrap the nafta agreement but renegotiate instead. Tokyo shares fell snapping a four day rally, taking the lead from us markets after the Trump Administration unveiled the outlines of its tax plan which failed to inspire investors mainly due to the lack of detail. How is europe looking, slightly down following fat lead from wall street. The rest of the news from wall street today. Two giants will be reporting results on thursday, alphabet and microsoft. A big part of alphabets revenue comes from advertising but it is looking to diversify and focus on things like hardware and Cloud Business computing. Where the Company Sees Growth potential. Now microsoft is a clear exa m ple of growth potential. Now microsoft is a clear example of a company that is benefiting from cloud computing. And investors are expecting the bad part of the business will continue to grow. Also reporting earnings is forward and after two straight years of record sales for americans Automotive Industry investors are bracing themselves for a dip in sales problems. And finally am as an report on thursday. The online retailer dominates e commerce, and continues to invest in data centres, warehouses and video content. Amazon reports. Justin joins us, a lwa ys amazon reports. Justin joins us, always good to see you. Pleasure. Big problems in italian, i think they say. Alitalia was hoping on a big rescue plan from etihad, based in abu dhabi, it was its model, buying stakes in other airlines. It was going to put in to 8. 2 million dollars. The labour union voted no, thanks to cost cutting problems, etihad said goodbye. Remember ba and iberia had a similar issue, huge amount of change so jobs had to go and they restructured it so it is now profitable and operating effectively. They had to go through that pain so they are now allowed to. Alitalia has always been a basket case. Not only the unions, the entire structure in italy of the state and operations and pulling them away into the private world, it doesnt work that easily. Virtually any other airline would have been better. Etihad will be saying, i am 0fcom and find somewhere else to fly. President trumps tax plan has disappointed investors even though its been heralded as the biggest tax change in history. It was 250 words remember when Ronald Reagan came out with his plan, incredible detail. There is no plan. Itsjust a concept, i thought. Detail. There is no plan. Itsjust a concept, ithought. Its detail. There is no plan. Itsjust a concept, i thought. Its better to travel than to arrive, the markets had expected a good tax boost and they will no say, where, how, will that get through congress . Because people will ask, was going to pay for this. The republicans dont do borrowing. Justin, we will see related to talk about more stories in the papers including United Airlines and their latest offer for overbooked passengers. That is still to come. We will meet the man who started the bank by entrepreneurs for entrepreneurs. Lloyds Banking Group has almost doubled its pre tax profit in the three months to march. Boss Antonio Horta 0sorio, said the bank had delivered Strong Financial performance after reporting profits of £1. 3 billion laith khalaf is a Senior Analyst at hargreaves lansdown. Good morning. This is really good news, isnt it, for lloyds bank . It certainly seems as though it has turned its fortunes around. Yet we still have that 2 owned by the tax payer, which is good news for the taxpayer, given the share price has gone up. Absolutely. Pretty good set of results. Taxpayers still have some money left in there. Taxpayers have broken even on the £20 billion that was injected during the financial crisis. Probably a good indicator for the uk economy, as well. Lloyds bank isa for the uk economy, as well. Lloyds bank is a canary in a coal mine, if you think about all the things it has done. It is domestically focused with mortgages and loans. The fact it has done well is probably a good sign to the broader economy, as well. Is it also a sign that the Banking Sector is moving away, once and for all, from all of the crisis, the financial crisis, and abusing it presented . Never say never when it comes to the banks. If you look at rbs, that is still a long way from being in private hands. 75 still owned by the government, still facing problems. And with lloyds bank we have ppi rearing its head again in the last three months. Its probably a bit early to say we are totally Out Of The Woods but things are looking better for deloitte and the wider Banking Sector, as well. Low Interest Rates still a thorn in their side, as well. Interest rates still a thorn in theirside, as well. Interest rates still a thorn in their side, as well. Looking better from lloyds bank their side, as well. Looking betterfrom lloyds bank and their side, as well. Looking better from lloyds bank and the wider Banking Sector, as well. Ina in a Press Conference from the ceo from lloyds bank, he doesnt expect any rise in uk Interest Rates. Quite tricky to predict. What do you do . The rest of the Banking Sector has fallen, so that might have fed into that. Quite interesting. That could be a good point. Youre watching Business Live our top story the us president , donald trump, he has done it again, this time he has told mexico and canada that he wants told mexico and canada that he wants to renegotiate, not scrap, the north American Free trade agreement despite during the entire campaign he said it was the worst Trade Deal Everin he said it was the worst trade deal ever in american history. Lets have a look at other markets have been faring. There has been an impact from President Trumps tax plan that he unveiled yesterday. His Treasury Team did. Scant detail, really co m e Treasury Team did. Scant detail, really come on what he is proposing. 1596 really come on what he is proposing. 15 Corporate Tax rate, but no real idea on how to pay for it. Investors have reacted. It takes an entrepreneur to spot an entrepreneur. At least thats the philosophy of our next guest the man behind a Challenger Bank with a difference. Rishi khosla is a serial start up entrepreneur, and so its perhaps only natural that he came up with the idea of a bank for people who share his passion for going it alone. So in 2015 he established a bank for entrepreneurs called 0aknorth bank. Its an online lender and specialises loans to a range of businesses from Fast Growing Companies to Property Developers here in the uk. Its loan book currently stands at around 576 million. Rishi khosla, the founder and ceo of 0aknorth Bankjoins us now. Thank you forjoining us. How do you do this . What gave you the idea to start upa do this . What gave you the idea to start up a bank like this . do this . What gave you the idea to start up a bank like this . I started my previous business in 2002. I went hsbc and barclays to get a 100 k overdraft. They said they would only do that by putting a mortgage on my house. After not taking a salary of the two years, i was all in, i didnt want to give up my house. Inaudible it was a slow process. It typically ta kes it was a slow process. It typically takes anywhere between six months for a no from a high street bank. And six to nine months to actually getfunding. And six to nine months to actually get funding. Those timelines have been extended because of brexit. Now you have entrepreneurs who want to build their businesses. The best entrepreneurs have been building in this environment. Therefore we have found a good pool of strong entrepreneurs coming to us. That is what has taken our loan book to over half a billion today. That is since the referendum. The uk Banking Sector needed a change. How have they looked upon. Im wondering if it isa they looked upon. Im wondering if it is a bit ofa they looked upon. Im wondering if it is a bit of a club, a group of guys, it is a bit of a club, a group of guys, little bit snobbish. We focused on what we needed to do. We focused on what we needed to do. We focused on what we needed to do. We focused on helping entrepreneurs. For us we dont spend time bothering about what other banks think of us. We just focus on executing like any good entrepreneur does. Where do you good entrepreneur does. Where do you go from here . Are you hoping to expand . And how far . Bricks and mortar . If you look at where we have come from. We were zero 19 months ago, having that half a billion today, andi having that half a billion today, and i think we will continue lending up and i think we will continue lending up to those levels. We will build a book of several billion pounds over the next few years. The size of the gap within the uk market is large in terms of business needs, that we just want to become the go to thank for middle Market Growth companies and house builders. For middle Market Growth companies and housebuilders. Do go to bank. You know how important it is to get the right funding at the right time. Absolutely. We will continue to be over capitalised. dont know why you are still working. You invested in paypal in 2000. These people who make money a lwa ys 2000. These people who make money always need to continue making money. Go and live on an island somewhere with a boat. It is shaking up somewhere with a boat. It is shaking up the industry. Do you think we will see more of the likes. Hopefully, yes. Ithink will see more of the likes. Hopefully, yes. I think the Banking Market in the uk has been very much control for over 150 years. We need better choice. We need Better Service for consumers and businesses. Absolutely. Its good. Great to have you. Thanks very much. Justin urquhart stewart, director of seven Investment Management joins us now. 10,000 grant to give up your seat. We put this out to twitter. 10,000 grand. Kimberly said she would take an upgrade any day of the week. There is an incentive. Im amazed. They a lwa ys is an incentive. Im amazed. They always used to make offers. These to say weve overbooked, we have a problem, would you like to be upgraded, would you like some money . I had upgraded, would you like some money . Ihada upgraded, would you like some money . I had a great one years ago. British airways made a mess of things. They said would you mind staying the night in new york and then return on concorde . I had to think about it for one second. It was a treat. Fantastic. Up to £10,000. Airlines cannot afford it. It depends if you are on the seat, or at the check in desk. Exactly. United are saying we wont kick you out, they want you on the plane, so thatis out, they want you on the plane, so that is where we have this problem of them trying to get you out. The whole point of it was to get logic into what was going on so people understand. And if you are offered money to go somewhere else, so be it, why not . It is all about damage limitation. After all that has happened to them and other airlines. 0ther happened to them and other airlines. Other stories like this will be coming out. You think so . Yeah. We had the rabbit story yesterday. The giant bunny who died. For unknown reasons. It might have been the food. Chuckles thank you very much. Thats it from Business Live today. Well see you again tomorrow. Good morning. Milder weather is on the way. It was a cold start this morning across southern areas of the uk. Lovely pictures sent in from bedfordshire. It was about 3 across some parts of southern england. Mid wales, minus six. Further north, it has been milder, more cloud coming down from the north. Thats been bringing these showery bursts of rain. Those showers will push south. Together with all of that crowd. Even into southern parts of the uk later on in the day. Behind it, some sunshine, but most of us will be cloudy through the afternoon. Some brightness and sunshine towards the south west where it may stay dry. If you showers coming into south east england. More showers for east wales, the midlands, around the wash, up to northern england. Some of those could be heavy in the afternoon and more frequent. Not much sunshine from northern ireland. Some showers continuing in scotland but sunny skies towards the north east. Temper just but sunny skies towards the north east. Temperjust lifting but sunny skies towards the north east. Temper just lifting to around 14 over edinburgh. Temperatures lifting to around 14 over edinburgh. We will keep some showers towards the west of the country, and west scotland, but clearer skies further east. Not desperately cold but a chilly start to friday. Early sunshine for eastern areas before the cloud comes and gives as a few showers. The odd shower towards the west where we will have a bit more cloud. For the most, a dry and bright day, a little sunshine at times. Temperatures creeping up again. 12 in glasgow, about 15 in london, around where they should be for the time of year. A breeze will be picking up on saturday. Most places will be dry. Some sunshine around. Perhaps a few showers. Not a bad start to the bank holiday weekend. A lot of uncertainty, particularly with what is happening in the south west, this area of low pressure could push bands of rain up from the south west, perhaps getting up towards scotland. A bit of uncertainty through sunday and monday. It is likely it will be breezy and milder than it has been of late. By no means will it be a wash out despite a little bit of rain be impossible. Hello, its thursday april 27th, its 9 oclock, im chloe tilley, welcome to the programme. Borisjohnson refuses to rule out military action against syria. The Foreign Secretary says another chemical attack could force the uk to act. If the americans choose to act again and ask us to help i think it would be very difficult to say no. Well get reaction to those comments throughout the programme. Should a Student Led Campaign against israel be banned from University Campuses . As the Charity Commission investigates, we have an exclusive report and hear from jewish students who say they feel threatened. My my friends helped me to get out of the crowd, i felt claustrophobic,