If robinhood was hoping for an easy ride from the authorities, it will have been sorely disappointed. Not talking about the 13th century outlaw, but the Trading Platform that shares the name. Accused of market manipulation, the app restricted trading in the now infamous gamestop stock as redditers forced professional outfits to take on huge losses. Our north America Business correspondent, michelle fleury, has been following the hearing from new york. This is a new chapter in the gamestop saga, politicians trying to understand how in january, shares were gamestop, Brick And Mortar Video Company rose 2000 and turned wall street upside down. For several days, little investors be beat out big ones with an online reddit form called wall street that. One investor, kate gill, is become the face of the movement and whose alias is roaring kitty, push back against any suggestion he manipulated the market. The idea that i manipulated the market. The idea that i used manipulated the market. Tue idea that i used social manipulated the market. Tte idea that i used social media to promote gamestop stock to unwitting investors and influence the market is preposterous. My post did not call the movement of billions of dollars into gamestop shares. ,. , shares. Many individuals bought shares. Many individuals bought shares on a shares. Many individuals bought shares on a popular shares. Many individuals bought shares on a popular dock shares on a popular dock Trading Platform robinhood. The ceo used his appearance to apologise to customers for his companys decision to limit trading in gamestop in late january. Trading in gamestop in late janua. , january. Despite the unprecedented january. Despite the | unprecedented event january. Despite the i unprecedented event in january. Despite the unprecedented event in Market Conditions injanuary, at the end conditions injanuary, at the end of conditions injanuary, at the end of the day is unacceptable to us end of the day is unacceptable to us to end of the day is unacceptable to us. To our customers, im sorry to us. To our customers, im sorry and to us. To our customers, im sorry and i to us. To our customers, im sorry and i apologise. Please know sorry and i apologise. Please know that we are doing everything we can to make sure this will not happen again. Are erha s this will not happen again. Are perhaps the this will not happen again. fife perhaps the most pointed questions were reserved for ken griffin, owner of Citadel Security tools which paints robinhood for ability to execute orders. Democrat brad sherman wanted to know if the average trader on robinhood was treated the same as larger wall street players. He treated the same as larger wall street wavere street players. He gets the better deal . Street players. He gets the better deal . One street players. He gets the better deal . One that street players. He gets the i better deal . One that comes from a broker better deal . One that comes from a broker who better deal . One that comes from a broker who is better deal . One that comes from a broker who is being. Better deal . One that comes i from a broker who is being paid for order from a broker who is being paid for order flow and why not . Can you testify for order flow and why not . Can you testify that, on balance, there you testify that, on balance, there is you testify that, on balance, there is no difference, assuming the same size of the order . Assuming the same size of the order . ,. , order . So, as i said earlier, the size order . So, as i said earlier, the size of order . So, as i said earlier, the size of the the size of the order is only one factor one factor. You are doing a treat one factor. You are doing a great job one factor. You are doing a great job of one factor. You are doing a great job of wasting one factor. You are doing a great job of wasting my one factor. You are doing a i great job of wasting my time. If great job of wasting my time. If you great job of wasting my time. If you are great job of wasting my time. If you are going to filibuster you should run for the senate. The stock you should run for the senate. The Stock Market Frenzy Last month has resulted in increased scrutiny of the Financial System and whether or not it favours big players over individual but it is not clear what action will come as a result of todays hearing. Joining me now is dr pedro saffi, reader in Financial Economics at the cambridgejudge Business School and the director of its masters in finance programme. Us lawmakers want it both ways for consumers cheaper trading and protection from sharp losses. Can investors have their cake and eat it . Well, definitely not. I think one of the advantages of at sea like robinhood, they allow you to invest in exchange for facing very, very low commissions apps. And they are routed through are the intermediaries like citadel. It is very difficult to have a free lunch and lawmakers in the us are trying to eat the cake inhabit at the same time. Inhabit at the same time. And eat it inhabit at the same time. And eat it at inhabit at the same time. And eat it at the inhabit at the same time. And eat it at the same time. Less than a minute into the Robinhood Boss opening statement, Maxine Waters was already impatient and pounding on the gavel. Is the Trading Platform an easy scape goat for the industry . Yes, i think what happened in this particular case were that people were surprised by the fact that hedge funds and other large investors were beaten up by the smaller traders who were following what reddit told them. Individually, it may not leave markets much but if you have enough of them, it can definitely move a remarkable amount of shares and large Price Movements that we saw with gamestop. And we are seeing the rise and rise of the retail investor. Do you think its likely to change what stocks are picked by professional investors . The Hedge Fund Industry will no doubt have to adapt to the rise of retail investors. Ido i do believe that many professional investors will pay much more attention than they do at the moment in the Market Sentiment that is coming from those small investors and in the long run, i think markets are worked reasonably well. We observe extreme price swings now and then but in this case what drew peoples attention was the fight between the small people against the larger professional investors and i am sure that we are still going to see many of those situations in the future simply be because now many small investors are paying much more attention and following this Herd Behaviour Approach and oftenjoining a crowd and trying to make a quick profit. Crowd and trying to make a quick profit crowd and trying to make a quick profit. Absolutely and that motivation quick profit. Absolutely and that motivation will quick profit. Absolutely and that motivation will never l quick profit. Absolutely and. That motivation will never end, will it, making a fast buck . Thank you for your time this morning. What a happy man the uks highest court, the Supreme Court, will rule today on whether uber drivers should be classed as workers of the company or self employed. Why does that matter . The former, of course, would entitle them to minimum wage and holiday pay. Admittedly, the decision will only apply to the 25 drivers who brought the case five years ago but it will set a legal precedent for how all gig workers are treated in the uk. Joining me now isjoe aiston, senior associate at the Law Firm Taylor wessing. Thank you forjoining us me. Please explain to viewers why this is so important as a matter of law . Matter of law . Yes, the Employment Matter of law . Yes, the Employment Status matter of law . Yes, the Employment Status is i matter of law . Yes, the i Employment Status is key matter of law . Yes, the Employment Status is key in Employment Status is key in Employment Law both in the uk and across the world and it is widely accepted that in a way we are looking to put a Square Peg In A Round Hole and the traditional test for Employment Status are arguably not fit for purpose. This is why we have a situation where the Supreme Court is having to decide whether these igbo drivers are workers or independent contractors. Uber drivers. As you say, the judgement only applies to particular drivers, who are subjected to the claim but there are also around 1000 claims to stay depending on the outcome and depending on the outcome there is likely to be a flurry of additional claims that are likely to be tried and in terms of the wider impact, obviously, all big Economy Businesses who operate in the uk will be looking very closely as what the Supreme Court decides and why and which concepts they look at, particularly to determine whether someone is a worker and those are the Gig Economy Companies will have to consider how that impacts on their business as well. Increasingly, the an business as well. Increasingly, the gig economy business as well. Increasingly, the gig economy is business as well. Increasingly, the gig economy is growing, i business as well. Increasingly, i the gig economy is growing, not just in the uk but other countries as well. Supreme court you mentioned there, is under a lot of pressure isnt it with the ruling . If they are classed as workers, the question becomes when they are, when they become workers rather than self employed. How straightforward it is to define westerly things secondary question. Tt westerly things secondary question westerly things secondary. Uestion. , question. If it agrees with the Court Of Appeal, question. If it agrees with the Court Of Appeal, that question. If it agrees with the Court Of Appeal, that these i Court Of Appeal, that these uber drivers were workers, the second question they will have to answer is, well, which periods of time should be counted for the purposes of calculating things Like National minimum wage, working time, and that kind of thing. It will have to you carefully assess what the correct test should be. The Court Of Appeal decided that whenever a driver is in the relevant location, with the app switched on and available to take a ride, they are a worker and should be receiving minimum wage. What uber say in their appeal to thatis, uber say in their appeal to that is, well, this is potentially absurd because it, more and more, Gig Economy Workers May Multi app, they may have the uber app on and other apps on at the same time and basically it is the Court Of Appeal decision, they would argue that is incorrect because it means that each of those gig Economy Businesses is required to pay that Driver Minimum Wage for any period of time, when they have the app switched on, which could be incorrect from uber point of view. It is an important secondary question in the Supreme Court outside the Court Of Appeal. Court of appeal. Briefly, we are in a postbrexit Court Of Appeal. Briefly, we are in a postbrexit world i Court Of Appeal. Briefly, we | are in a postbrexit world in are in a post brexit world in britain but the eu is still watching this very carefully because they are in the middle of a consultation of their own . Exactly, interesting timing. Later on this month, the European Commission is going through a consultation, putting in place a minimum standard of Employment Rights for Gig Economy Workers and actually earlier this week, uber issued their own white paper to the European Commission, past the consultation, extolling the virtues of independent work and making it clear they truly believe that their drivers should be independent contractors that really pushing for a minimum standard of employment protections, for things like insurance, healthcare and that sort of flows through from the proposition 22, which was passed in california at the end of last year, which decided that uber drivers were not employees but they should have minimum standards of things like pay and benefits. There is certainly a move internationally and the European Commission may well be looking to the Supreme Court judgement to take that into account when deciding which changes should be made across europe as well. Changes should be made across europe as well. Ok, thanks very much, europe as well. Ok, thanks very much. We europe as well. Ok, thanks very much, we wait europe as well. Ok, thanks very much, we wait the europe as well. Ok, thanks very much, we wait the decision europe as well. Ok, thanks very much, we wait the decision with baited breath. The past year has been a turbulent time for the air travel industry. Sales of new aircraft have slumped and the Aerospace Giant airbus has warned that demand for passengerjets may not return for years. Theo leggett caught up with the airbuss boss and started off by asking him just how bad the pandemic has been for the industry. It has been the worst crisis and all stakeholders are impacted so i am fighting for their survival and it was a very difficult year because of the dimension of the pandemic but we are happy to put 2020 behind us and find good ways of dealing with the situation. You have a backlog dealing with the situation. You have a backlog of dealing with the situation. You have a backlog of more than 7000 aircraft still but realistically, given the state that the airlines are in now, how many of those aircraft are actually going to be delivered . The vast majority of the aircraft. We have seen how the airlines have managed inside the pandemic for the vast majority and at least our customers have asked for deferrals of the deliveries of planes, of paying pdp but they have decided to stay with their orders and the backlog because they want to be able to take delivery of planes for when the situation becomes better and they want to have airbus lanes to grow or replace older planes. It has been a bit of surprise but the level of cancellations which we have observed in 2020 has been much lower than what we thought at the beginning actually, it has been low. Have those deferrals, keeping the been low. Have those deferrals, keeping the orders been low. Have those deferrals, keeping the orders in been low. Have those deferrals, keeping the orders in place, keeping the orders in place, has come at a cost . Have you had to lower prices with a low majority of the request by the airlines were deferrals of payments or finding ways to have the deliveries being financed by third parties by banks, by Credit Agencies and that was really the work and we have had demands in all directions, including prices but as we deliver planes mainly, if not solely from the backlog, the prices been agreed in the past and sometimes you adjustments but they are linked to case by case situations. Tt is more on the cash side that we work closely with customers to find solutions. The boss of the worlds biggest shipping firm say people would be willing to pay a bit more that cuts carbon emissions. Electronic shipping can be a big part of any Emission Chain stopping the industry as a whole accounts for about 2 of the global total. They are investing heavily in carbon Free Shipping and say they will launch the first Carbon Neutral vessel in just a few years time. Vessel in ust a few years time. �. , , vessel in ust a few years time. � , vessel in ust a few years time. �. , ,. , time. Im absolutely sure that this is doable time. Im absolutely sure that this is doable from time. Im absolutely sure that this is doable from a time. Im absolutely sure that| this is doable from a consumer point of view. We are talking about very, very small amounts of money. I mean, it would have been very expensive because we would have two spend double the amount of money on fuel compared to where we are today, so in those terms we spent 4 Billion Us Dollars last year and that could be 8 billion, but for the individual consumer, for the individual product it would be almost nothing. If we double the fuel costs, 20 higherfreight, that could turn into Something Like 6 cents per parcel, so i dont think that it will really impact the consumption opportunities. Impact the consumption opportunities. Impact the consumption ouortunities. � ,. , opportunities. And viewers on world news opportunities. And viewers on world news can opportunities. And viewers on world news can see opportunities. And viewers on world news can see more opportunities. And viewers on world news can see more of. Opportunities. And viewers on i world news can see more of that interview with the ceo this weekend. The times are on your screen with the very first airing at 2330 gmt on saturday. Stay with us on bbc news, still to come from lord nelsons hair, to a document signed by king henry viii, or buzz aldrins autographed spacesuit, we visit the weird and Wonderful World of collectables. Nine years and 15,000 deaths after going into afghanistan, the last soviet troops were finally coming home. The withdrawal completed in good order, but the army defeated in the task it had been sent to perform. Malcolm has been murdered. That has a terrible effect on the morale of the people. Im terrified of the repercussions on the streets. One wonders who is next. Gunfire. As the airlift got under way, there was no let up in the eruption itself. Lava streams from a vent low in the crater flowed down to the sea on the east of the island, away from the town for the time being. It could start flowing again at any time. The russians heralded their new Generation Space station with a spectacular night launch. They called it mir the russian for � peace. This is bbc world news, the latest headlines nasas most Ambitious Mission to mars has landed succesfully on the red planet, to look for signs of ancient life. The United States will use a virtual g7 meeting to pledge 4 billion to an International Coronavirus vaccination programme. Yesterday, barclays reported a big drop in annual profits, and set aside billions of pounds for loans expected to turn sour due to the pandemic. Today the attention turns to Natwest Group which will report full year results later, amid reports the bank is set to exit the irish market which it serves through its ulster bank unit. So what can we expect from them . Joining me now is susannah streeter, Senior Investment and markets analyst, Hargreaves Lansdown major shakeups going on under alison rose. Lets first hear about some of these rumours. Ulster bank in ireland is the Third Largest lender, what happens if it does go . We do know what happens if it does go . Do know that a Strategic Review has been under way and all the pointers to indicate that irelands Third Largest bank is likely to be wound up. Its because its really a source of trapped capital and its been delivering little or no return and with Interest Rates set to linger for longer it has little prospect of delivering more. We understand that Allied Irish Banks are publicly preparing, if natwest does give the go ahead for the wind down of the lender and there is still no indication of what will happen to the 2800 staff, very unsettling times, or the Branch Network but we may find out later today. Network but we may find out latertoday. Network but we may find out later today later today. , a lot of people have got later today. , a lot of people have got accounts later today. , a lot of people have got accounts with later today. , a lot of people | have got accounts with them. Later today. , a lot of people i have got accounts with them. I want to talk to you about the shape more generally of the Banking Sector. I know the bank of englands credential Regulation Authority is being told to hold fire on pay out to investors because of the pandemic stopping a temporary ban has now been lifted. Does the Banking Sector look like it is in better shape and has confidence returned . To is in better shape and has confidence returned . To sum it u , confidence returned . To sum it u, it is confidence returned . To sum it up. It is better confidence returned . To sum it up, it is better than confidence returned . To sum it up, it is better than was confidence returned . To sum it up, it is better than was hoped| up, it is better than was hoped but not Out Of The Woods yet. Stressed businesses or individuals dont make ideal borrowers and as banks had to dramatically increase provision for defaults earlier in 2020 look like it was really going to hit the bottom line hard, but those bank loans so far havent materialised in the numbers that were expect it. It is also helped that quite a lot of the new lending was underwritten by the uk government. But banks with those really large Retail Businesses face that continuing issue of super low Interest Rates that dont look like they are going anywhere soon and that really eats into the margin that they can make on those loans stopping as banks with strong investment arms have managed to offset losses because there has been this massive upswing and trading activities of the likes of buckley saw, for example, a 20 increase in revenues for investment and corporate arm. So that has helped insulate them to some extent. But the worry of negative rates is still there, fading a little but that is going to have an impact Going Forward and as you say, they are all having to set aside huge amounts for potential defaults down the line. , ,. , line. Ok, very briefly, our next guest next guest is going to be talking about collectables and how there has been a massive rise in them, what do you collect . Im guessing raf memorabilia or am i rong . Collect . Im guessing raf Memorabilia Oram i rong . Aha, memorabilia or am i rong . Little bit of that, actually quite a lot of books and actually some old handbags as well. That is a collectible item of mine, i know but lots of raf stuff, definitely. Thanks very much susanna, good to see you, have a good weekend. During the covid 19lockdown, many people stuck at home have turned to clearing out their houses and selling items its proved a bonanza for collectors. Theres been a surge in antiques and Pop Culture Artefacts coming onto the market attracting the attentions of those with money to spend with an interest in alternative investments. What items are doing well . Joining me now is daniel wade, paul fraser collectables. You seem to have a lovely collection of your own, of a hope your childrens artwork or maybe it is your own, who knows . What are people into these days . These days . Good morning. Peole these days . Good morning. People are these days . Good morning. People are loving these days . Good morning. People are loving rock people are loving rock memorabilia, the classic rock memorabilia, the classic rock memorabilia, particularly autographs. We are talking, the beatles are always popular but recently we are also seeing the stones, the doors, can become queen, and more recently 90s bands such as nirvana and oasis. ~. ,. , bands such as nirvana and oasis. ~. , oasis. What are the most unusual oasis. What are the most unusual pieces oasis. What are the most unusual pieces youve oasis. What are the most i unusual pieces youve seen oasis. What are the most unusual pieces youve seen come out of the closet or out of the garages that crawl their way back onto the market . Well, recently weve back onto the market . Well, recently weve been back onto the market . Well, recently weve been offering | recently weve been offering Elvis Presleys jockstrap for sale. Elvis presleys ockstrap for sale. ,. ,. , Elvis Presleys ockstrap for sale. , Elvis Presleys ockstrap for sated ves. Elvis presleys ockstrap for salad yes, that l Elvis Presleys ockstrap for l salad yes, that is sale. Good lord yes, that is available sale. Good lord yes, that is available for sale. Good lord yes, that is available for £29,000. Sale. Good lord yes, that is available for £29,000. We i sale. Good lord yes, that is i available for £29,000. We also have a wide range of exchange items. The Worlds Largest historical hair collections, strands from marilyn monroe, elvis presley, who else, charles i, we have strands of hair from charles i, we have Strands Of Hairfrom his charles i, we have strands of hair from his execution charles i, we have Strands Of Hairfrom his execution in 1649. Hair from his execution in 1649. ,. ,. , ~ 16119. Extraordinary i think miaht 16119. Extraordinary i think might pass 16119. Extraordinary i think might pass on 16119. Extraordinary i think might pass on the 16119. Extraordinary i think might pass on the jockstrapl might pass on the jockstrap those. Its really interesting things like the hair collection, this was a big trend in victorian times, things like hedge uluru. It seems to be seeing some form of revival. �. Seems to be seeing some form of revival. � , ,. , revival. Thats correct. It was hu. El revival. Thats correct. It was hugely popular revival. Thats correct. It was hugely popular in revival. Thats correct. It was hugely popular in victorian. Hugely popular in victorian days, people would give lockets to loved ones. It is making a big comeback. We have about 60 different names, the likes of john lenin as well. We find most popular are the historical ones so charles i, mary queen of scots, but alberth and marilyn are doing quite well also. ,. , also. Really interesting, and very briefly. Also. Really interesting, and very briefly, there also. Really interesting, and very briefly, there have also. Really interesting, and | very briefly, there have been plenty of events that have been cancelled due to the pandemic, does that mean there is merchandise for sale that would have otherwise been sold to spectators and now is on the market . Spectators and now is on the market . ,. , market . There is merchandise for sale, market . There is merchandise for sale. The market . There is merchandise for sale, the likes market . There is merchandise for sale, the likes of for sale, the likes of wimbledon 2020 towels, that kind of thing. Unfortunately, because they are mass produced, there isnt a huge amount of value in them. Value in them. Ok, have a lovely weekend. Well, that is it from me. Thank you very much for your company today. All the major stories of course and that fantastic landing on mars earlier on in the day, a spectacular event and a real step forward for science. Thanks very much. Hello there. The weather is going to be turning increasingly wet across Western Areas of the uk, thanks to an area of low pressure. This area of low pressure, in fact. And this cloud you can see here associated with the low is a Weather Front, a particularly slow moving front. Its going to be bringing rain for some for the next couple of days. Rainfall totals building up, then, but the wettest weather will always be over high ground so the moors of south west england, the brecon beacons, snowdonia, the cumbrian fells, Northern Ireland generally, and across southern and western scotland, particularly the highlands and the southern uplands. So we could see some localised Flooding Building in. The rain is beginning to arrive right now and, along with the wet weather some strong winds, mild air. Temperatures about 8 9 celsius as we start the day on friday. Further east it is dry, but its chillier. Temperatures around three celsius, most places should be frost free. Now for friday, its a wet and windy starts the day across these Western Areas with gusts of wind potentially running into the low 60s of Miles Per Hour or so in places. Outbreaks of rain with many of you for much of the day. There wont be much rain, though, across the north east of scotland, and not a great deal of rain either across the midlands, east anglia, south east england. There will be quite large tracts of the day that stay dry and bright, even. Whereas further west, the rain pretty relentless. Temperatures on the mild side, looking at highs of around 10 12 celsius fairly widely. And then into the weekend more wet and windy weather to come across Western Areas. The eastern side of the country brighter and drier and, for some, it could turn very mild indeed for a time. The reason the weather gets a bit milder is the winds are going to start to come from a southerly direction, dragging the air up from north africa, spain, france, and on into central and eastern parts of england in particular, Though East Scotland not doing badly in places. Further west on saturday, well, its a wet and windy day coming up with the rain again very heavy and persistent at times. Temperatures, well, around about 12 14 celsius across Western Areas which is still mild, but across the east of england we could see temperatures go as high as 17 celsius in 1 2 spots. Very mild indeed. Our Weather Front is still with us on sunday, but it is tending to fizzle, just a lump of cloud with a few patches of rain left on it by this stage. So more in the way of bright weather for scotland and Northern Ireland, a bit more sunshine here, temperatures around 10 11 celsius. Eastern england still having the highest temperatures, perhaps up to 15 16. Good morning, welcome to Breakfast Withjon Kay and naga munchetty. Our headlines today. Perseverance pays off for nasa as it successfully lands a rover on the surface of mars. Perseverance is safely on the surface of mars. Borisjohnson will pledge to give away the majority of the uks Surplus Coronavirus vaccines to developing countries when he chairs a Virtual Meeting of the g7 today. Good morning. How much has the pandemic cost the public purse . From furlough to extra support for the nhs, this morning well get the latest figures on whats being spent and borrowed, and what that means for all of us