Including the Stock Market Debut of snapchats parent company. The shares jumped more than 40 on their first day of trading. Well, one American School which invested 15,000 in the startup back in 2012, has banked millions, so today we want to know whats the best investment youve ever made. Just use the hashtag bbcbizlive. Welcome to the programme. We begin with advertising. It often serves as an important key early indicator of how well an economy is faring. When advertising is doing well, were buying and selling and economies tend to be growing. The worlds biggest advertising agency, wpp, hasjust published its full year results in the last hour and a half. In a moment well hear from the companys founder and chief executive, sir martin sorrell, but first lets take a look at the numbers. Annual pre tax profits of 2. 3 billion for the group, up 26 on the previous year. The group has reported 2016 like for like net sales up 3. 1 . However, that growth may be about to change as wpp has set conservative Sales Targets of 2 for 2017, based on more modest start to the year. Wpps chief executive, sir martin sorrell, joins us now from the London Stock Exchange. Thank you for speaking to us. Lets look at these figures, profit up but you are expecting Slower Growth next year. Why . Not mix did this year. We had a strong 2016, another record year not next year. The profits we re over year not next year. The profits were over £2 billion, not dollars, although there is not so much different as that used to be. What we saw was a slowing in quarter four and a slow start to 2017. Worldwide gdp growth is about 3. 5 to four point percent. We are seeing stronger Growth Market in latin america and middle east and central and Eastern Europe but tougher conditions generally and if we look at inflation, very little, maybe a bit more here in the uk post brexit and the devaluation of the pound and maybe a bit more coming in america with President Trumps expansionist policies if they are in fermented. Generally little Pricing Power if they are in fermented. Three forces are pushing the clients, technological disruption, digital disruption, the second is zero based budgeting, a fashionable deconstruction of cost but its width is putting pressure on costs and also activist investors. That is all encouraging people to focus more on the short term than the long term and not on innovation and Brand Building which is key to success in oui building which is key to success in our View Building which is key to success in ourview in building which is key to success in our view in the long term. Building which is key to success in our view in the Long Termli Building which is key to success in our view in the long term. I wanted to ask you about snap. You spent 90 million on it. We account for about 2596 million on it. We account for about 25 of the worlds Media Markets and that was roughly the proportion we invested in snap. Do you think they can live up to the hype and work out how to make enough revenue to turn a profit . Early days but it is competition for facebook which is to be welcomed. 0ur Competition for facebook which is to be welcomed. Our clients and ourselves, our Third Largest client, the cmo, was talking about the importance of measurement for facebook and google. Google is easier to measure in that it is search and you can see the Sales Results more clearly but facebook is more difficult to measure. Snapchat has the same issue as it competes with facebook and amazon builds its Search Capability to compete with google and what we need is better data. 0ften google and what we need is better data. Often the Privacy Issue is used as the reason why data is not as prevalent or at exposed as it should be. Sometimes that is an excuse, should be. Sometimes that is an excuse, a should be. Sometimes that is an excuse, a figleaf, not the real reason, but clearly what our clients wa nt reason, but clearly what our clients want and what snapchat will have to prove is that return on investment from using snapchat as a medium is as effective or more effective than facebook or any other medium and thatis facebook or any other medium and that is the key battle. Measurement of traditional media is pretty efficient of but measurement of new media is pretty much nonexistent so we new media is pretty much nonexistent so we have to expand that capability to get the appropriate returns that we are seeing. 0ther to get the appropriate returns that we are seeing. Other issues like fa ke we are seeing. Other issues like fake news, which you know a fair bit about on the bbc in terms of subject matter, on brand safety, media placement, fraud, those are other important issues. And last year about a third of your investors opposed your pay deal, it went ahead. That opposition was up from about 22 oppose it the previous year. Will that increasing opposition have an impact on your pay deal this year . The discussions about pay continue and our company is no different to any other. There are discussions taking place between Compensation Committees and chairman with the institute of investors about what pay should be. 0ur with the institute of investors about what pay should be. Our plans are to be based on performance and i think in the last five year run of oui think in the last five year run of our last plan, which hasjust crystallised, we have outperformed 97. 5 of the ftse 100 crystallised, we have outperformed 97. 5 of the ftse100 if i remember correctly and the value of the total Shareholder Return it up by over 200 over that five year period. It is about a question of pay for performance. Thank you for your time this morning. In other news. Music streaming Service Spotify says its reached the landmark of 50 million paid subscribers. Its grown by 25 in less than six months and has now widened its lead over its nearest rival apple music. The Swedish Company is reportedly considering a us stock market flotation. Its already one of europes most highly valued startups, although it is still making a loss. A south korean court has said the first hearing in the trial of samsungs de facto Boss Jay Y Lee will be held on 9th march. Earlier this week, the man who runs one of the worlds Biggest Companies was indicted on charges including bribery and embezzlements. Hes admitted making donations linked to the president , but denied the accusations that he sought political favours in return. A quick look on the tablet because there is an interesting story about there is an interesting story about the London Stock Exchange who have resulted out, Revenue Up 1a , Operating Profit up 1 but in those results, the lse said it continued to work hard on the proposed merger with butcher bourse, which many thought was dead in the water with the german market. Europe income position regulators objected to the deal but they are waiting for the outcome of the decision which is due on the 3rd Of April 2017 and that merger something will still happen and we will keep an eye on it. You can read more about it on oui it. You can read more about it on our website. Its a big day for Computer Games giant nintendo. It starts selling its latest device, the switch. Its kind of hybrid machine, combining a home console and a Mobile Device in one. And its safe to say it is a massive gamble for nintendo, which is trying to recapture its glory days as a Games Company in a fast changing industry. Some are even calling it make or break. Ashleigh nghiem is in singapore. Tell us more. Nintendo is under intense pressure to reboot its Hardware Sales Business with the nintendo tending to have poor sales. The wiiu also lagged behind competing consoles. They say that Launching Switch Button in a different ball game. Mobile is a fast growing Gaming Segment and a hybrid device, switch has deep integration with smartphones and also allows nintendo to stay true to its roots in the self top console business. That also worries from gamers in the complaint as it does not offer many games and if it fails, nintendo might have to rethink its hardware business. But for now it shares have jumped today about 4 , defying the rest of the tokyo stock market. Thank you. Shares across asia pulled back on friday, Shadowing The Retreat on wall street. Japans nikkei ended the session lower despite a weakening yen which usually helps to prop up exporters. Shares in hong kong and shanghai slipped ahead of the opening of the National Peoples congress, something where chinas leaders may announce new measures to rein in debt and tighten up the side of financial markets. A softer open for the european markets the ftse, the dax and the cac all opening lower. Traders are becoming increasingly confident the Federal Reserve will hike Interest Rates this month. That puts some downward pressure on Global Markets because it draws investors towards us currency rather than stocks. Lets find out what is in store on wall street. How soon will us Interest Rates rise . Janet yellen is scheduled to speak in chicago this friday, one day before the Us Central Bank enters a quiet period ahead of its Policy Meeting in mid march. Her words could shed light on whether the Federal Reserve will raise Interest Rates this month. Rate expectations have gone up for a couple of reasons. The economy continues to improve and the stock market has a new record this week, the Dow Jones Industrial average closed above 21,000, just four weeks after hitting 20,000 for the first time. In other economic news, the Institute For Supply Management releases its Non Manufacturing index for february. Also, keep an eye on caterpillars share price. The heavy goods makers Stock Plunged after federal agents raided raided its offices in illinois, believed to be related to a tax investigation. Joining us is richard dunbar, Investment Director at Aberdeen Asset management. Thank you for coming in. I want talk you about digital crypto currency. 0therwise You about digital crypto currency. Otherwise known as bitcoin. This is performed very well relative to other currencies. But nobody is quite sure who controls it, and the supply, quite sure who controls it, and the supply, but they are certain that Central Banks dont control it. Supply, but they are certain that Central Banks dont control itm is very shadowing, it came from nowhere. It tends to fund the darker corners of the internet but it has many advantages in that the general policy of Central Banks as to be to devalue their currencies but bitcoin does not have those fassett and that has been a real attraction in the past ten years. With those assets. And it is now exceeded the price of an ounce of gold so it is a real milestone for a currency that is still relatively in its infancy. It is, but nobody knows who controlled it, it is peer to peer so there is no control of supply and it has been very volatile relative to other currencies around the world and buyers should beware. Do you have any of it . No i was reading about how you do get it, you have an address that acts as your account and it adds to that and it is the anonymity that draws people in because the transaction can be done pa rt because the transaction can be done part of it is down to people trying to evade Currency Controls in china and get money out of the country. And i suspect everything we have spoken about should suggest the wear. Richard, you will be back to talk to us about our paper story and think about what is the best investment you have ever made after a school invested £50,000 in snap of a school invested £50,000 in snap of a start up. £15,000. Still to come. We will be talking about snapchats Stock Market Debut. You are with business life. Even with its merger under threat, it seems the lse is doing quite well. In the 12 months to december, revenue was up 14 at £1. 5 billion, although Operating Profit wasjust1 higher. The London Stock Exchange group says it continues to work hard on its proposed merger with Deutsche Borse 0ur Correspondent Theo Leggett joins us now. It looked last week or earlier this week that the whole merger would be off and this seems like a turnaround . It does although nothing is certain until the 3rd of april when the European Commission comes out and says what it thinks about this merger. But you are right, the London Stock Exchange through the markets on the bombshell last weekend when it said that it wasnt prepared to go ahead with this merger with Deutsche Borse under the conditions which they expect that the European Commission to impose and that would mean getting rid of its italian bond trading platform, saying it was not willing to do that. Underlying that there are various reports from people close to the negotiations suggesting the real reason is a certain amount of conflict between the boardroom of the London Stock Exchange and that of Deutsche Borse over where the centre of gravity of this new group would become if it would be in london or in frankfurt and some german politicians are unhappy it looks like gravitating towards london. But in this statement, the london. But in this statement, the London Stock Exchange says the group has worked hard on the proposed merger with dreich which received formal Approvalfrom Merger with dreich which received formal approval from both sets of shareholders and this would be an industry defining combination of expanding their present in Global Markets and anchored in europe and delivering significant customer and delivering significant customer and shareholder benefits. Considering the obituaries for this deal written in the past week, it sounds like strong stuff so we will have to wait and see what the lse wa nts to have to wait and see what the lse wants to do. We have a story here about zero hours contract, a type of contract that became popular following the financial crisis with the idea it gave businesses more leeway to reduce gave businesses more leeway to red u ce staff gave businesses more leeway to reduce staff hours, also some would argue it gives those holding the contract more choice. We have figuring showing there is a record high number of people with zero hour contract. 910,000. The rate of increase is slowing. You can get more on our website. Youre watching business live our top story. The Worlds LargestAdvertising Firm wpp has reported its latest results and it warns that 2017 is going to be a tough year. A quick look at how markets are faring. You can see european markets, they are all down ever so slightly, in a week where we saw a real boom in the states, continuing record highs but falling off yesterday, asian markets down overnight and the european markets following that trend. And now lets get the inside track this week weve had Record Levels on the ftse and dow, with the dow reaching over 21,000 on wednesday, the day after President Trumps address to congress. And yesterday was the day for the most anticipated Tech Market Floatation since twitter. Snap the owner of Photo Messaging app snapchat made its debut on the stock market in the us. Snap closed its first day of trading at 24. A8, up 44 on the opening price. 0ur Economics editor kamal ahmed joins us now. Welcome to the programme. We have to start with snap. It is fascinating, the shares come with no voting right, the company has yet to make a profit. Do you think it will live up to the hype . It is impossible to