was in a technical recession in the second half of 2023. let's speak to carsten brzeski, global head of macro for ing research. let me put back to you. what we learn from these figures about the health of the eurozone? we learn from these figures about the health of the eurozone?— health of the eurozone? we learn that the euro _ health of the eurozone? we learn that the euro zone _ health of the eurozone? we learn that the euro zone economy - health of the eurozone? we learn that the euro zone economy is . that the euro zone economy is growing. on the back of the mild winter weather, we have had a bounce backin winter weather, we have had a bounce back in construction activity. we also saw that other things i do in better—than—expected. it is good for the euro is good for the eurozone economy. in the fourth quarter of last year growth was revised down. it does not mean that we are completely out of the woods yet. we are going to see growth this year, but it will be a poor growth in europe. it but it will be a poor growth in euro e. , ., but it will be a poor growth in euroe. , ., , ., europe. it will be a sigh of relief for many in _ europe. it will be a sigh of relief for many in the _ europe. it will be a sigh of relief for many in the eurozone, - europe. it will be a sigh of relief for many in the eurozone, given| europe. it will be a sigh of relief - for many in the eurozone, given that it pay such a big part in the overall picture. which way as germany headed?— overall picture. which way as germany headed? overall picture. which way as german headed? , ., , germany headed? there has been a big siuh of relief germany headed? there has been a big sigh of relief here _ germany headed? there has been a big sigh of relief here in _ germany headed? there has been a big sigh of relief here in germany. - sigh of relief here in germany. germany will continue to grow. we are looking at leading indicators. it should bring back some growth. germany has not solved its structural challenges, so the lack of investments, the lack of structural reforms means that they will be a speed limit to the recovery. we will get growth,. spain is auoin recovery. we will get growth,. spain is going once — recovery. we will get growth,. spain is going once again, _ recovery. we will get growth,. spain is going once again, beating expectations. france is an interesting one. there has been a lot of criticism of french economic policy. the french are saying that they are right and that they stuck they are right and that they stuck the course. they are right and that they stuck the course-— they are right and that they stuck the course. . . .,, , h, the course. france has seen some healthy stimulus. _ the course. france has seen some healthy stimulus. fiscal _ the course. france has seen some healthy stimulus. fiscal stimulus. healthy stimulus. fiscal stimulus can help the economy. the flip side of all this is that they have high government debt stop we will have to see how these austerity measures in france will affect the economy. in spain, they are one of the nice examples of how europe can work. the spanish economy really benefited from structural reforms. they also benefited from many coming out of the pea and recovery fund. it is a combination of european money combined with structural reforms. i was good to talk to you, thank you. it gives us a snapshot of what is happening right now. europe's biggest bank hsbc has just released its latest earnings — reporting better than expected something of a surprise departure, mr quinn has overseen sweeping changes at the bank in his five years in the top job. hsbc said it has already launched a formal process to find a successor. the bank — which makes most of its profits in asia posted a pre—tax profit of $12.7 billion for the january to march period. let's speak now to chris beauchamp, chief market analyst, ig group. let's start with that surprise. niall quinn was the man who guided the lender to record profits and boosted its share price but he said, my work here is done and i am off. yes and i don't think you can blame him. he's been in charge with the bank since 2008 and has led it through some of the most difficult period in its history, not the pandemic but a major shareholder assault. he leaves it in really good shape. the share price is up this morning with him leaving because normally the market would be worried. but it is a testament to how far hsbc has come in the last few years. he how far hsbc has come in the last few ears. , , how far hsbc has come in the last few ears. h, , ., , how far hsbc has come in the last few ears. ,, , ., , , few years. he says he wants better worklife balance _ few years. he says he wants better worklife balance and _ few years. he says he wants better worklife balance and is _ few years. he says he wants better worklife balance and is planning i few years. he says he wants better worklife balance and is planning to| worklife balance and is planning to move into a portfoliojob worklife balance and is planning to move into a portfolio job so we will see what his next moves are. who are the leading contenders to take over? certainly a couple of internal candidates. it is interesting that hsbc has already said they are looking for an internal candidate to succeed to get the continuity element. it looks like taking. it has reduced its eyes and other parts of the globe. it is well positioned for a rebalance later this year. it is looking for someone to keep this going, not to make some radical departure in the near term. what departure in the near term. what will be his legacy? _ departure in the near term. what will be his legacy? the _ departure in the near term. what will be his legacy? the shares are up will be his legacy? the shares are up about 30% over his tenure. he took over in the midst of the pandemic. he has had to navigate all of that impact and as you have touched on, a lot of the geopolitical tension between the rest of the world and china. how do you think he will be remembered? as a man who reshaped who did not know where it sat for a long time with one foot in europe and one in asia. he took the hard decision and said the bank's future lies with the rising economies in china and southeast asia because that is where the growth is and it has led a number of other firms to follow. you could argue he is a trailblazer, he has shown that you can run a european bank that has a big asian arm and you can do it successfully. just a word on the pre—tax profits, $12.7 billion, just ahead of forecasts. it proves that he is doing something right.- forecasts. it proves that he is doing something right. yes, very solid numbers. _ doing something right. yes, very solid numbers. with _ doing something right. yes, very solid numbers. with the - doing something right. yes, very. solid numbers. with the economic outlook more broadly, asian markets looking better, particularly china, i think we will see even better hsbc performance in the quarters to come so it is the time to leave on a high and more good news in the future. thank you forjoining us. in the uk, the second phase of britain's new post—brexit border controls for imports from the european union have come into force. from today businesses face new checks and charges for food and plants coming across the border including a fee, known as the "common user charge". it will now apply to animal products and plants entering through the port of dover and the eurotunnel. iindividual products facr charges of up to £29. but mixed consigments of things like salami sausage, cheese and yoghurt will be subject to fees of up to £145. the government says the money will pay for border inspections and new "world—class facilities" to protect biosecurity. goods from ireland will be exempt for now. here's our chief economics correspondent dharshini david. 7-9-9. it's1am, but this flower wholesaler is in full bloom, sorting time—sensitive deliveries destined for florists and hotels. with initial checks on imports set to be minimal, the main concern isn't delays, but fees. we've got chrysanthemums which, as you can see, there's a huge range of these, and each one of these varieties will cost £29 per consignment. so looking at the five varieties, that will be £145 in total. a day? a day. and we probably have three consignments today. two consignments a day. so that adds up to...? at my three locations, around about £225,000 a year additional costs. he doesn't know as yet if that bill willjust pass to those buying the affected lines, or be spread across all their products to minimise the impact on price. he is also grappling with a lack of clarity over how checks will work. these changes aren't about submerging blooms in more red tape, but about reducing the risk of imported disease and complying with global trade rules. now the uk has left the eu, we have to treat that bloc the same as the rest of the world when it comes to higher—risk goods. signora, arrivederci, have a good day too, goodbye. grazie, ciao. forfood, the government claims prices will be just 0.2% higher overall, but it's importers of meats, cheese, the likes of this italian deli, that'll see the biggest rises. the cost of health certificates is already hitting their ranges. some supplies from italy, at the moment they decide to stop until they can, you know, until they can find the best way for them to reduce the price and see how it goes, to see what's going to happen in the future. these formalities were brought in for british businesses who sell to europe three years ago. what's been the impact of that? it's always worth caveating by saying so much has been going on. we've had covid, we've had the war in ukraine, it's very hard to be precise, but there does seem to be a pretty compelling case that brexit has impacted pretty negatively on our trade. the costs stemming from these changes will total hundreds of millions of pounds for business, or even more. after a turbulent few years, some may be in danger of wilting. dharshini david, bbc news. in other news, and apple. one of the big gainers yesterday was tesla. the international monetary fund says it has approved $1.1 billion in funding for pakistan. it is the final financing under an agreement made last year, which helped the south asian country avoid a sovereign default. over the weekend, pakistan's prime minister discussed the possibility of more funding with imf managing director kristalina georgieva at the world economic forum in riyadh. the second hand clothes marketplace vinted has made a profit for the first time. digital platforms allowing customers to sell their "pre—loved" items direct to other people have taken off in recent years. vinted, which has expanded rapidly across europe, posted a 17.8 million euro profit for last year. the shared office space firm wework has reached a deal putting it on track to exit bankruptcy by the end of next month. it will see supporters, including japanese giant softbank, providing the firm with around $450 million in funding. wework filed for bankrupcy in the united states last november. a quick look at the numbers. if we can show you them in time. this is how europe is looking right now. once again, the ftse having a great session, we have talked about it feeling undervalued right now so we will keep a close eye on it. brent crude just will keep a close eye on it. brent crudejust dipping below will keep a close eye on it. brent crude just dipping below $90 per barrel. you are up to date and we will see you soon. hello from the bbc sport centre. we start with the champions league semi—finals — bayern munich host real madrid in their first leg later. bayern manager tomas tuchel is leaving the club at the end of the season, but there's a chance he could go out on a high with a piece of silverware. bayern are through to the last four for the first time since they won the competition in 2020. and they will be looking to their star striker harry kane to help them get past 1a time winners real madrid. the england captain has scored seven goals in ten champions league matches. however, bayern are without a win in their past seven meetings with real madrid. tuchel says they'll need good fortune against such a formidable side. there is no way to play this game without the luck of the day. if you hit the post, it is a fraction of side on side. you need these little decisions. you need the momentum. if you want to overcome real madrid.