Continues we will tell all. And the inside track on Donald Trumps Business Week later. You can get in touch with the Programme Using the just use the hashtag bbcbizlive. We start in the us where car giant Fiat Chrysler is denying it faces its own dieselgate scandal just a day after volkswagen was fined more than 4 billion for cheating emissions tests. The us regulator the Environmental Protection agency is accusing Fiat Chrysler of failing to disclose emissions software, at least eight different types, installed in thousands of its diesel vehicles. Epa says the software allowed the cars to exceed Pollution Limits and pump out higher levels of harmful nitrogen dioxide. But the companys boss says it did nothing illegal. So how big could this be . The investigation involves Thejeep Grand Cherokee suv and dodge ram pickup made in the last three years. That adds up to more than 100,000 vehicles the vast majority sold in the us. The epa says Fiat Chrysler could be liable for fines of up to 44,000 per vehicle. That would be 4. 6 billion in total. But Fiat Chryslers boss Sergio Marchionne called the investigation absolute nonsense he says there was never an intention to cheat emissions tests. Still, investors arent so sure. The companys Stock Plunged as much as 16 on the news, although it did recover after mr marchionne gave a Conference Call to reassure them, ending about 10 down. Jim holder the editorial director at Haymarket Automotive which publishes whatcar, autocar and the pistonheads website. Is it like volkswagen again . That started small and snowballed quickly. They faced investigation in the united states. That engine is sold elsewhere in the world but doesnt have quite the same software. The Chief Mike Has said its absolute nonsense. Not the same reaction we got from vw which was a more slow burner. This has as well toa more slow burner. This has as well to a degree. Theres already been an 18 month investigation. Marchionne is adamant but we are waiting for the investigation to begin. There is a timeline here. There is a deadline, but Fiat Chrysler are waiting for the Trump Administration to come in. They are playing for that time when it might be a bit softer. Marchionne is friends with the soon to be president trump. Softer. Marchionne is friends with the soontobe president trump. Its fairto the soontobe president trump. Its fair to say they have a good relationship. The three american big three Car Manufacturers, only Fiat Chrysler hasnt been criticised by twitter in recent weeks. Some of those cars do get made in mexico, it has to be said. But do you think consumers will care . Lets say they got off scot free because under the Trump Presidency etc. Will the consumers still buy these cars . We have a great parallel in vw and they are now the Worlds Largest car maker. They faced this negative publicity and are now the Worlds Largest Car Manufacturer so consumers dont seem to care. Its accelerated plans to move into electric as well. They know they have to to transform themselves. Fiat chrysler cant move as fast as vw most likely. We have seen cities like paris, madrid, mexico city, all say that in the middle of the next decade they will get rid of diesel. Stories like this, do you think that accelerates. See what i did there . Accelerate the demise of diesel . M does. There are clean air plans in london as well. Public trust is waning. Figures dipped slightly last year. There is better and cleaner technology coming which could replace diesel to some degree over the next few years. By getting this rolling before the Trump Administration comes in, does it guarantee it will be seen through . It wont come to a sudden halt. A couple of weeks later and it might have died a death. There is a fair suggestion that could be the case, by getting it through now the wheels are roebling and Fiat Chrysler will have to receive the software was cheating the Admissions System the emissions system. For those of us the emissions system. For those of us with diesel cars, we are screwed, right . Dont go buying diesel is the thing. Samsung Chief Jay Y Lee has been questioned for over 22 hours on suspicion of bribery in a Corruption Scandal involving President Park geun hye. The south Korean Special Prosecutors Office is investigating whether samsung provided 25 million to a business and foundations backed by parks friend in exchange for the National Pension funds support for a 2015 merger of two samsung companies. It says it will decide soon whether to issue a warrant for his Arrest Shares of japanese airbag manufacturer ta kata have risen on reports it will settle a lawsuit with us regulators. The firm is expected to pay up to 1 billion and plead guilty to criminal wrongdoing over faulty airbags, which have been linked to at least a dozen deaths and more than 100 injuries. Most major carmakers have been affected by the fault, with around 100 million takata airbags recalled globally. Takata shares rose more than 16 in early tokyo trading. Big news for indias Aviation Industry as Domestic Carrier Spicejet has announced a deal with boeing to buy up to 205 aircraft. The order is the biggest in spicejets history, and is estimated to be worth 20 billion. The Indian Airline company was struggling to make profits less than two years ago, but has turned its business around to compete with its closest rival, indigo. 205, is that a Record Number . 205, is that a Record Number . A mere 205, is that a Record Number . A mere 20 billion now to another big story this morning its just been unveiled by nintendo, and its called the switch. It can work as a handheld Gaming Device or plug into your tv and be used as a regular games console. Nintendo hope they can cash in on the surge in mobile gaming remember the success of their own pokemon go and also take on the Microsoft Xbox and Sony Playstation at the same time. It will go on sale on march 3rd at around 260 injapan and 299 in the us. And hopefully make everyone forget about the disastrous flop that was the wii u. Did your kids have one of those . No. Alex wood is editor of the memo and joins us now. What are they doing with this . Im not a tech head, but it seems a bit ofa not a tech head, but it seems a bit of a throwback. Its all about mobile gaming, thats the industry. Exactly, we should have seen this about five years ago. For me it comes down to the market for it. Looking at gaming as a whole. Mobile gaming is huge, very much for the casual gamer. At the other extreme you have the playstation, the xbox, for the more hard core gamers. Where does this fit . Lets be will it be all things to all men and women . Its a Jack Of All Trades device. My bag is already full with a laptop, smartphone etc. It will not replace mike laptop, tablet or smartphone. So its another thing i have to put in my bag. 300 is a lot of money to spend on a new device thats wildly outclassed by other competitors. Are they actually considering a mobile phone is about alternative. They have shoved mario over. When the iphone seven launched, there was huge excitement when nintendo realised smartphones had happened. They shot to the top of the charts. Research was quite poor and people pointed out it had a lot of issues but i think they are missing a trick. Sega is making huge amounts of money on royalties from old games. People of my generation have lots of affection and love for mario and zelda. When they did finally bring mario out they brought it very cautiously. They did it baby steps. Its very defensive, the way nintendo is operating. Its the old market, we have the hardware. This machine doesnt even use disks, its cartridges. On the other side, it has Infrared Motion Sensors and you can use hand play, to play paper, scissors, rock. Its got me excited it looks interesting, but if we rewind back to the original wii, which was a huge and unexpected success , which was a huge and unexpected success, it was a relatively cheap machine. Families could get it for christmas. But 300 is a difficult sell. We appreciate you coming in and chatting. To india now and the countrys most powerful corporation has a new boss. Natarajan chandrasekaran has been named the new chairman of the 100 billion tata conglomerate. It has assets all over the world including Jaguar Land Rover in the uk as well as tata steel. He will have to work hard to repair damage to the group after the acrimonious sacking of the previous boss cyrus mistry, who alleged serious ethical and governance problems at the company and is now being sued. Yogita limayejoins us from mumbai. Tell us whats happened. This wasnt and unexpected move. When mistry stepped down there was always rumours about who would replace. Tempo mac only takes charge of tata group group in march. Chandrasekaran group group in march. Chandraseka ran and takes group group in march. Chandrasekaran and takes charge in march. He has big challenges. The image of the group that has taken a beating, and the businesses, many of which are in a lot of trouble. We appreciate you giving us the update. Lets stay with the markets. Asian shares are on track for a weekly games today. While the dollar is poised for a losing week. Investors disappointed that mr trump failed to elaborate on Stimulus Plans at a News Conference two days ago. Europe pretty much the same disappointment. Remember all of this after that global rally fuelled by hopes that the President Elect would see a boost to the us economy, but Trading Floors are turning more quiet with talk that the surge may have been overdone. But for now lets find out what should be making the biz headlines over in the us today, heres samira. The week will end with a lot of Earnings News from top us banks as jp morgan, Bank Of America and wells fargo will all report. Jp morgan is the Biggest Us Bank by assets and investors there will be looking to see if future profits will match expectations that have already driven the stock to an all time high. Bank of america is the second largest us bank. Investors there will be looking to confirm their assumption that Rising Interest Rates will provide a long awaited boost in profits. They have driven up boost in profits. They have driven up shares of the bank more than 30 since the us president ial election. And finally, wells fargo, the Third Largest us bank. Investors will be paying close attention to the progress the bank is making as it works to overcome the long simmering Sales Problems that blew up simmering Sales Problems that blew up in september. Hammering the stock price and forcing the resignation of its chief mac. Joining us is james quinn, Group Business editor of telegraph media group. Why did we get the sudden dip down towards the end of the market . |j think towards the end of the market . think a bit of fatigue, people are not as convinced. We are only on the 13th Of January not as convinced. We are only on the 13th Ofjanuary look not as convinced. We are only on the 13th Of January look at where we have come from since the referendum, up 14, 15 since that point already, it was the 11th record day, 13 consecutive highs. This market is nothing to do with underlying earnings, it is all to do with the pound . The footsie. The footsie, the pound, it is to do with trump, hopes and dreams of infrastructure spending. There is a Newspaper Article floating around today, is it an investor or big trade . Neal woodward, hello, neill, he watches all the time he said the rally in the market is like the bubble, the Tech Bubble We Saw in 99. The dotcom bubble, nothing to do with momentum. He did not have a good year, his market was up 3 , so maybe he was trying to deflect it a little bit from his performance. What kind of stocks do you look at at the moment . When everything is being moved by the big economic movements, commodities and by the dollar and the pound, where do you look in terms of your investment . Where we are looking for value. Which is . Banks. They have had a terrible time certain banks will benefit from trump reining back. Franks. I think certain uk banks, lloyd in particular, is on a bit of a rise at the moment, certainly we saw below 6 , the uk government will be out by june, there is potential there. 6 , the uk government will be out by june, there is potentialthere. Is there a Knock On Effect from the us banks if they get rid of this regulation . A slight effect but most uk banks have pulled out, Barclays Isa Uk banks have pulled out, barclays is a shadow of what it was following the lehman deal in 2008, i dont think the uk banks will start expanding into Us Investment banking. What about the Retail Sector here, it had a good christmas, surprisingly . That is right, everyone bar next has had an uptick in christmas sales, m s yesterday showing a return in fashion. I think all those retailers, tesco, morrisons, all warning about Food Inflation this year. Will that hit sales . I think it will, the return of inflation, i think it will dampen sales by the end of the year, all of the retailers are cautious. James green, a lwa ys retailers are cautious. James green, always a pleasure, have a great weekend, we will see you very soon. Still to come. Its a week to go until Donald Trumps inauguration as president , but are we any clearer about his economic policies . Youre with Business Live from bbc news. Foreign visitors spent over £725 million on british high streets in december, as the weakened pound prompted an influx of bargain hunting Brexit Tourists to the uk over the christmas period. Thats according to data from worldpay, who say spending on foreign cards was up by 22 in december, with high end boutiques and Department Stores in london among the biggest beneficiaries. Lets get more with theo leggett. He is not necessarily in our flashy newsroom today, are you . Know, just a bunch of screens behind you. Iamat a bunch of screens behind you. I am at the other end of the flashy studio i remember post brexit when the pound dipped, we were looking at a certain luxury items in london doing well because foreigners were coming in and getting ten, 15 cheaper items . It seems to be the same story now, the british people going abroad things are more expensive now, i had a shock last time i was in paris, for example, but it means for people coming the other way Pound Sterling has fallen quite dramatically against the dollar and against a basket of other major currencies which means pretorius into the country it is great, they can go on a Shopping Spree and it can cost up to 20 less than it did before. The high street, which has suffered in other ways, we brits are not shopping on the high street as much as we used to, we are shopping online instead, but tourists are making up some of the difference. As you would expect, a lot of them are coming to london and shopping a new bond street and other parts of the west end, and it does seem they are going for the luxury shops, perky and shops, handbag shops, but it is not just and shops, handbag shops, but it is notjust in london, they are also going to lobby is being shared and the majority seem to be coming from hong kong and china. There you go. The oh, go shopping have a great weekend. I cant afford it that is because we work for the bbc, made tell us about shopping. It isa tell us about shopping. It is a yacht if you want to buy this, it will cost about 9 million euros. 9. 3 million. That is cheaper than the first sale price back in 2012. Lets get it youre watching Business Live. Our top story Fiat Chrysler has been accused of not telling us authorities about software that regulates emissions in thousands of its diesel vehicles. The majority of those in the united states. And now lets get the inside track on the world of business and its a week to go until donald trump becomes president. On wednesday this week he held his first formal News Conference since winning office. Many commentators were concerned about the lack of Economic Policy detail. Meanwhile there are still Unanswered Questions about his Business Empire mr trump plans to hand control of his Business Empire to his sons. But the us Office Of Government Ethics criticised the plan. Lets get more with economics correspondent andrew walker. He has been in vision the whole time, smile andrew walker, our economics correspondent, joins us. There is so much to talk about in terms of trump this week. That press conference, we were waiting with bated breath those of us waiting for more meat on the bones in terms of his economic policies left disappointed, didnt we . Indeed, and in a way it is not that surprising, we knew he would talk about is Conflict Of Interest in choosing what he would do about his own business interests, and then there was the salacious stuff, the security related stuff that came about russia. What was that about i iamjoking i i am joking unsubsta ntiated, i iamjoking unsubstantiated, i i i am joking unsubstantiated, i am not going into it inevitably it overshadowed proceedings, but the markets would have liked more detail about Economic Policy, and i think two particular areas, the plans for a big boost in spending on infrastructure, questions about to what extent that will be financed by the government or to what extent the private sector will be involved, those are very important questions for what you as Government Finances will look like and what the infrastructure will look like, and the other big question is the persistent issue about trading policy, he has been talking a lot about the threat to american businesses making stuff in mexico, threatening them with border taxes andi threatening them with border taxes and i think the markets would have liked more hard information about that because there is some real tension there especially with some of the more established part of the Republican Party in congress, they are Republican Party in congress, they a re pretty Republican Party in congress, they are pretty free and dont particularly like the way he is moving. What is interesting about this is maybe the markets will have to, all already beginning to learn to react not to what he says but what he does, because up until now, since he was elected, the markets havejumped this way and that depending on the comments he comes outwith. Maybe it needs to be, say what you like. And not just what needs to be, say what you like. And notjust what he says, but what he tweets at 4am what actually happens, what is done may not really be up to him, it will be up to his people, his team. And at the moment he is not president so they have nothing to get their teeth into in terms of what he actually does. There are some things they are fairly sure he will push ahead with, particularly on tax reform, cutting tax rates, simplifying the system for Personal Income Tax and corporate tax, and the republicans in congress will be happy with that, and basically the markets like it. Ford likes it, to ta ke markets like it. Ford likes it, to take one example, they mentioned it as one of the reasons why they are focusing not so much on mexico border production but actually much more on the united states. Back into detroit, i think. Can i do, not quite a Handbrake Turn but there is a connection, the turkish lira, it can be heavily impacted with what goes on with the dollar . Indeed, the strengthening us dollar that we have had have slowly started raising Interest Rates, it is potentially an issue for many emerging markets. Most emerging markets have been 0k in the last year or more. Turkey has been hitting new lows against the us dollar, partly to do with the Security Situation which has driven tourists away, so the turkish balance of payments, Trade Deficit has been persistently large, but there are worries about the government and its attempts at leaning on the central bank, which many people think should be raising Interest Rates with inflation at 8. 5 , but it is under pressure not to do that, so watch this space on the turkish lira. Have a great weekend, thank you as always. We have run out of time, that is it from Business Live, thank you for joining us, more Business News throughout the day. Hello, we have seen tricky Weather Conditions in the last 24 to 36 hours. Through the day today, things will slowly start to quieten down but we still have a cold wind and some of those showers still could contain a wintry mix. The Weather Front continues to ease off into the near continent and behind it we will see some sunny near continent and behind it we will see some sunny spells but it will be windy with it, particularly on exposed north sea coast, and we will see the north westerly wind driving ina rash see the north westerly wind driving in a rash of showers across the far north of scotland. Snow showers inland, a wintry mix of rain, sleet and snow elsewhere, windy and cold across the east coast, brighter through central and Southern Scotland but it is through the north sea coast, always a risk of isolated showers and with Gale Force Wind combined with high tide there is a great concern about some severe flooding close to the coast. There are seven severe Flood Warnings in place across Eastern England at the moment. It will be a cold day, however you look at it. Temperatures will probably feel below freezing throughout the day. As we go through overnight it will bea as we go through overnight it will be a cold, hard frosty night and we will continue to see further snow showers coming from the north west, perhaps along the cheshire gap, said temperatures below freezing in towns and cities, in more rural spots we could see temperatures as low as 9, 10, could see temperatures as low as 9, 10, so itll be a cold, icy start a saturday morning. Hopefully quiet, with some sunshine, the risk of a few coastal showers to the east and still with the north westerly wind beading in showers across the west, but these are more likely to be rain as we start see things just get a little milder over the next couple of days. But one to 8 degrees the overall height. As we move out of saturday, these Weather Front. The spill in from the atlantic and it will introduce slightly milder air so for the second half of the weekend there will be rain around, not a particularly great day to be out and about but it will feel noticeably different out there. Some rain to clear, some taking its time, but look at the temperatures, seven to ten look at the temperatures, seven to te n degrees the overall likely to stay mild, but cloudy with early hello its friday, its 9 oclock, im joanna gosling, welcome to the programme. Thousands of people in essex and suffolk told to move to safety as Gale Force Winds combine with high tides along the east coast of england. There are 11 severe Flood Warnings in the area meaning lives are in danger. Iam in i am in jaywick i am injaywick where is getting busier at this rest centre where more than 2500 residents are being evacuated from their homes. We will have the details live. Amber cliff died of Cervical Cancer aged just 25. Her family say shed repeatedly asked for tests to diagnose the disease. Well hear her story. And with claims this week that the nhs is struggling to cope with demand, well find out what politicians and people working in the Health Service think needs to be done
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