we'll be talking to the winners and losers. and who would you trust with your bank account. we will need one london digital bank that promises a new way of managing your money. we ask what would be the one thing you change about the bank you use, cheaper loans, better interest rates, faster service? let us know... .just use the hashtag bbcbizlive. hello and welcome to business live. good to have you with us. banking is dominating the programme today, get in touch with your thoughts. we are talking about europe's biggest bank, hsbc. one of the world's biggest banks, hsbc, has reported its latest set of earnings and if you're a shareholder you are going to be very pleased with what they have to say today. the bank made a pre—tax profit of $5.28 billion in the second quarter of the year — that's more than the $4.6 than the $4.6 billion that analysts were expecting. hsbc announced a share buyback of up to $2 billion as it looks to make the most of its huge cash pile. the move will effectively restrict the supply of shares in the market and should lead to the company's value rising. in the last 12 months the bank has had a good run with its stock price almost doubling in value as you can see here. peter hahn is a professor of banking at the london institute of banking & finance. so many things to discuss when it comes to things like hsbc. the results are better—than—expected, beating pretty modest expectations. yes, most banks have delivered a message that they could beat so the banks have generally all exceeded expectations, that is good news. we said managing expectations, didn't they set the bar pretty low?” said managing expectations, didn't they set the bar pretty low? i think they set the bar pretty low? i think they set the bar pretty low? i think they set it pretty low. there's some good news in hsbc ‘s results. its business mix is hitting more across—the—board. it was more concentrated on one business before so some concentrated on one business before so some of their weaker businesses have come back. the results also show a greater dependence. they were stating that they were going more towards asia. asia is more of the real money for aegis pc. a lot of change underway for the banks, we know it has been cutting costs, it also has to split the retail and the investment is required by changes in regulation. that has cost it quite a lot of money to put into place. yes, in the uk, in the statement they put out, they spent £400 million, and they had millions of people involved, when you mention splitting their retailfrom their involved, when you mention splitting their retail from their corporate business, it's a uk phenomena. i think it is still an integrated bank and other places but the uk has decided to take this route to separate. it solves some issues yet probably creates more than it solves! also management changes will figure in this over the coming yea rs. figure in this over the coming years. we've got some confirmed, some not confirmed. talk us through it. a new chairman is coming in, douglas flint was the finance director before, and new chairman has been named, his experience, significant in asia, he was in asian insurance and for a short time had been finance director for hsbc. that is telling about the focus of the bank. the seoul government is retiring so we'll see a change of chairman and ceo. the real question for hsbc as they tried to determine the next ceo, wilkie focus more internally —— will he focus more internally —— will he focus more internally or with the focus on asia, try to develop new business? if we look at many bank statements, hsbc is not different from many. there's a lot of revenue growth in this business, it is about control. something we will be talking about in future, something we will be talking about infuture, i something we will be talking about in future, i am sure, thank you, peter. hsbc shares in london, one of the leading winners on the ftse this morning. let's look at some other stories making the news. the chancellor, philip hammond, suggested that the uk will not cut taxes and regulation after brexit to try to undercut european rivals. his interview with a french newspaper contradicts what he said with a german newspaper earlier this year. shopper in the largest economy in the eurozone, germany, helped it to see the biggest increase in retail sales last year, month by month those retail sales rose by 1.1% all adding to the positive momentum that's leading to a robust end to the second quarter of the year. official data from the chinese government suggests that the country's manufacturing sector, still the backbone of its economy, is slowing. it is still growing though, propped up by a government—led infrastructure push that's keeping construction humming and propping up the world's second—largest economy. let's stay in china because apple has been criticised after removing some software from its app store in china that allows users to get around tough restrictions on internet access. the change comes after the chinese government announced a crackdown on what it calls virtual private networks. what is a virtual private network, it punches a tunnel from your ipod oi’ it punches a tunnel from your ipod or your phone and allows you to see what happens on the web. it is crucial in china because the regulatory environment is so tough with so many filters and bands put in place by the government on what you can see so in place by the government on what you can see so if you want to look at gmail or facebook you need a vpn. the government announced tougher restrictions will come in next year so restrictions will come in next year so vpn providers will need licenses. apple which sells most vpn dexter in china has moved quickly to remove the vpn apps that don't have a license ready. tim cook, the ceo of apple, says he wants to continue to grow and invest in china. apple gets 50 billion us dollars from china so china is very important to it. speaking to the rules it seems even more important. interesting to see how these relationships develop. thank you, robin. a quick look at how markets are faring. this is the dowjones on friday. in general we have teams which we will discuss in detail in a moment, if we look at the european markets, we have commodities in general edging up, mining stocks are doing well and so up, mining stocks are doing well and so our energy up, mining stocks are doing well and so our energy stocks and that will boost the ftse 100. a lot of so our energy stocks and that will boost the ftse100. a lot of those are listed in london. also among the winners hsbc. rolls—royce is the biggest loser on the ftse 100 winners hsbc. rolls—royce is the biggest loser on the ftse100 today, coming up with their results tomorrow. let's keep an eye on them. we'll talk about their results tomorrow. heineken saw their sales rising in the first half by almost 6% soa rising in the first half by almost 6% so a lot of earnings coming through, we'll try to keep you up with all of that, now looking ahead to wall street with michelle. stocks are trading near record highs, will the corporate earnings this week help to keep prices aloft? we are more than halfway through reporting season, good results so far, companies listed on track to increase earnings by more than 10%. there's also some positive economic data last week pointing to faster growth in the second quarter. which names should we look forward to keeping the momentum going this week? perhaps the biggest is apple, which reports on tuesday. the tech giant is expected to turn in a rise in revenue for the third quarter thanks to stronger sales of its iphone seven and seven plus smartphone. apple often releases its latest iphone in september but this year there has been speculation that it might be until october. so investors will be looking for more guidance from the company on this issue. tesla, pfizer and craft of the other companies do to turn in report cards this week. joining us is lawrence gosling, editor—in—chief of investment week. i'm interested in the parent company of snapchat,. senior executives said they would not sell any shares in they would not sell any shares in the company floated on the us market but now they can. how much stock do they sell if any. we had a rise in they sell if any. we had a rise in the snap price when it floated and 110w the snap price when it floated and now it's drifting back down. looking like one of those classics were eve ryo ne like one of those classics were everyone asks, how do they make money. this is when we seek a look at its true value, who is selling it and who is buying, who is investing. it's kind of an artificial period. when executives sell its a good indicator of how much they believe in the future, so normally people like to take some money off the table to pay their mortgages or school fees, i suspect we will not see as much as we might if the price was higher. the oil price is heading up was higher. the oil price is heading up the game, various issues on the market. sanctions against russia announced by the us. and political u nrest announced by the us. and political unrest in venezuela. valenzuela has the most oil in the world, more than saudi arabia. —— venezuela. we talked about chinese growth figures, they are probably slightly better than people thought, and the spending on infrastructure shows more demand for oil. this is about supply and demand, demand is slightly higher and supply slightly tighter. opec keeping a close eye because they are figuring out how to get used to the new normal. trying to keep an almost artificial price of $50 on the price of a barrel of oil, it could go lower if all the supply came into the market. we love giving them fancy names to make them more exciting, thursday is super thursday! it's a big bank of england meeting. i'm not sure why it is super, it is a quiet thursday in august! the focus will be on whether there will be an interest rate rise. three economists out of 80 expected a rise. probably not that super by the time we get to lunchtime! damp is good thursday! what is the one thing you would change about your bank if you could. i went temporarily overdrawn through paying some direct debits, i would like them to tell me that, because the end of the month cash flow issue we get, get paid on one day and direct debits go out a couple of days before, your banks know when your money is coming in so if they could signal it and give you a couple of days grace without charging the full‘s interest i would be very happy. good suggestion. good to see you, lawrence. still to come... shaking up how we bank. but would you trust apple, google and facebook to do your banking? or do you rely on the age—old institutions? you're with business live from bbc news. let's stay on that subject. in the uk, the financial conduct authority has said fundamental changes in how unauthorised overdrafts may be regulated. it said charges for the overdraft were complex and hard for customers to understand. theo leggett is in our business newsroom theo, talk is through this. they might ban unauthorised overdrafts, these can be very costly. in fact according to the fsa they can be more costly than payday loans which are already regulated because they we re are already regulated because they were proving to be too expensive. today they have said about unauthorised overdrafts, today they have said about unauthorised overd rafts, " based today they have said about unauthorised overdrafts, "based on the evidence we have to date, we believe there is a case to consider the fundamental form of an arranged overd rafts and the fundamental form of an arranged overdrafts and whether they should have a place in any modern banking market. we have significant doubts about whether any and arranged overd rafts in about whether any and arranged overdrafts in their current form can continue in a well functioning market." that leaves two options which can be consulted on, potentially banning them or tightening the rules considerably. what did they say of payday loans? remember they've been capped for the last two is because they were generating headlines about sky—high interest rates trapping people in a vicious cycle of payday borrowing we'll had to borrow one month to make it to the end of the month and there was a lot of interest charges loaded onto next month you had to borrow more and so on. well, nowadays, they are capped so that the total in terms of fees and interest charges you can end up paying is equal to the value of the loa n paying is equal to the value of the loan so you never pay more than the value of the original loan plus that again. they say that this cap is working. the fsa says the 760,000 borrowers are saving a total of £150 million a year. firms are less likely to lend to customers who can't afford to repay. they will keep the cap in place until 2020 and review it again. thank you, theo. more about that on our business live page. sales are down at trinity mirror. it isafamiliar sales are down at trinity mirror. it is a familiar tale. pre—tax profits we re is a familiar tale. pre—tax profits were down 11%. it is advertising that's the problem for the print organisations. you're watching business live. our top story: shares in hsbc are up significantly in london on the news, it has seen a big rise in profits in the second quarter and it has announced a about billion share buy back. hsbc is boosting the ftse100. a similar picture across europe. interesting times ahead. we were discussing with lawrence earlier about potential discussions of interest rate rises and whether we will get one in the uk on thursday. the chances are it's not going to happen again. let's discuss the bank account you have got or the bank account you use to do your money matters. when is the last time you changed your bank account? chances are you're still with the same one you've had for years. and chances are it's one of the big old institutions. so, the lack of competition amongst banks has forced the government in the uk into action. in 2015, uk authorities launched an investigation into the country's banking sector. it found that the four biggest banks dominated the market with over three—quarters of all customers. it means few of us bother to switch to a rival bank. a new breed of so—called challenger banks have emerged as a result of the investigation, many of these don't have high—street branches, but use call centres and websites instead. monzo bank is one such example. earlier this year it received its full banking license meaning that it can now offer conventional current accounts. tom blomfield is the chief executive of monzo bank. good morning tom. good morning. so much to talk about when it comes to the changes in banking. it's something we talked about before, but that idea ofjust something we talked about before, but that idea of just shaking something we talked about before, but that idea ofjust shaking up the entire market. we're reliant on the big old institutions that have headquarters in the city and branches on the high street and you're doing it differently? we are an app only smartphone bank. we offer current accounts via an iphone app 01’ offer current accounts via an iphone app oran android offer current accounts via an iphone app or an android app. it strikes me that you have got to be tech savvy to do that? it started out really very focussed. 31—year—old males in shoreditch. it has broadened out... you're describing ben. shoreditch. it has broadened out... you're describing benlj shoreditch. it has broadened out... you're describing ben. i don't live in shoreditch. most tend to be 20 and 40. we talk about the shape up in banking and there is some big changes on the way. it is called open banking, it is part of the eu directive that would allow the information that we have at our banks to be freed up. so, actually, there may come a day and we said this earlier, that the likes of apple or facebook or google could create an app that encompasses all oui’ create an app that encompasses all our bank accounts so we don't have to go into each individual one and that could be a big shift? that's right. so in january that could be a big shift? that's right. so injanuary of next year, this piece of regulation called psd 2, it requires any bank offering a payment account to open up the data. it isa payment account to open up the data. it is a message that says look, this data in your bank accounts could be very, very valuable, but the banks are sitting on it and not doing anything. it forces them to make that data available to their customers. if you were a customer of hsbc or barclays and you want to ta ke hsbc or barclays and you want to take that data and share it with a third party, you will be able to do so from january of next year. there is the need out there, the desire for change. but given what happened in 2008, and you know the collapse of lehman brothers and the run on the bank at northern rock, the fear factor kicked in and suddenly you like the old—fashioned bank that's been there for hundreds of years because you believe it will get bailed out by governments if things go wrong and your savings will be 0k. go wrong and your savings will be ok. but monzo bank maybe not? well, the changes that were introduced as a result of those two big to fail banks rbs and lloyds, which cost the taxpayer tens of billions of pounds in bail outs. the government responded by saying actually we want more banks with more competition so if one or two fail, that's ok. that's a sign of a well functioning market and the way we will protect consumers is the financial services compensation scheme. so your deposits are guaranteed up to £85,000. that's the hassle though. it is easier if you're bailed out by the government and your savings is not touched? i'm not sure as an economy we can afford another £47 billion bail out. i'm not suggesting we go that way. we talked a lot about the uk and clearly with europe pds 2 will change how we bank. what plans elsewhere? is this being repeated around the world or is it a european issue? it is very much european issue? it is very much european for now. the fsa and the bank of england are leading the world, i think, bank of england are leading the world, ithink, in bank of england are leading the world, i think, in terms of pushing innovation and regulation to try and drive competition and ultimately improvout comes for customers, so we are at the fore front, but other countries will follow. tom, it is really nice to see you. thank you for coming in. best of luck. keep us posted. ask here is a tip from one of the chief executives that we have been grilling. sukhinder singh is the head of the whisky exchange, one of the uk's largest online retailers of spirits and wines. live your passion. there can be nothing better than taking your hobby or your interest and turning it into a business. my brother and myself we grew up in the business just surrounded by these interesting coloured bottles and spirits and i guess it caught our imagination. when your business is your passion, there is nothing more satisfying than coming into work every day and living and breathing what you enjoy the most. your staff can see, you know, the passion and the interest in you. you still need an element of business acumen and a business sense. you can't let your heart take overyour mind. i mean a business at the end of the day is there to make money to, pay the bills, to pay for the staff. it's deget the balance right. it's key to get the balance right. we asked you what's the one thing you want to change about your bank? 0ne viewer said lower credit card interest rates. adam, "maintenance of internet banking and early closing hours." these are the things that annoy adam. i have to agree the closing hours, the opening hours, i guess that's a high street bank. harry, i agree you, as a teenager, watching teens, language to aid financial literacy. i don't know why we don't teach more financial literacy in schools. dominic o'connell is with us. so the financial times, what's going on? mufg is japan's biggest bank and it has decided to move its investment banking business, but set up investment banking business, but set upa new investment banking business, but set up a new base in amsterdam, it is pa rt up a new base in amsterdam, it is part of the idea of city institutions relocating out of the city of the london on to the continent in preparation for britain leaving the european union. what's the competition? so frankfurt, paris, amsterdam ? the competition? so frankfurt, paris, amsterdam? the big winner has been frankfurt and dublin. they have gone to frankfurt and dublin. luxembourg has done well for fund managers and lloyds of london surprised people by going to brussels. who is going to berlin? there is one going to berlin, ush‘ right. the picture is of dispassion. it is not that frankfurt is suddenly overtaking the city of london or paris, some banks are going to paris. different companies are choosing different locations, the idea that we were going to have a new financial centre of europe growing up to replace london doesn't look to be true. how worried is the city of london? we don't know. it is all around all this stuff, we don't know what the final trading relationship between the uk and the eu will be. 0nce relationship between the uk and the eu will be. once we know that, that's when we will know how worried we have to be. happy monday. enjoy. we're back tomorrow. are you back tomorrow? yes. i'm back tomorrow. tune in. bye—bye. good morning. it's the last day ofjuly, but for some summer is temporarily on hold. an unsettled week ahead summed up as sunshine and showers. warm in any sunshine, but always cool in or near the showers and a brisk breeze blowing. we start monday morning with an area of low pressure which will bring a more persistent spell of rain across scotland, but that will ease and become more showery. showers certainly are the theme of the day. some of those this afternoon could well be heavy and thundery particularly across parts of scotla nd thundery particularly across parts of scotland and northern ireland. so don't be surprised if you see a flash of lightening or hear a rumble of thunder. a cool feel, 17 or 18 celsius, but in between the showers, there will be some spells of sunshine and the showers scattered across england and wales. nowhere immune from seeing a shower, but it should be a drier day across parts of south—west england where we saw quite a bit of rain in a short amount of time yesterday. the best of any sunshine across southern and eastern counties. highs of 21 or 22 celsius. that's the temperature we should see at the oval and aside from an isolated shower it should be dry with spells of sunshine. and we keep spells of sunshine for many through this evening, but still showers around. it could be heavy and thundery for a time across northern ireland and scotland. they will fade and any showers becoming confined to western coastal areas and many places dry with clear spells and temperatures ten ten and 14 celsius. so we start tuesday with good amounts of sunshine for much of the country, but showers never too far away. again, they will be on the heavy side for northern ireland, scotla nd heavy side for northern ireland, scotland and some of those getting into north—west england and south—west england as well. fewer showers further east. 22 or 23 celsius the high here, but 17 or 18 celsius the high here, but 17 or 18 celsius further west. let's look at the jet stream at this time of year should be further north. it is further south. it is driving areas across. this one is for wednesday. a fairly unsettled spell of weather midweek. this band of rain will push north and eastwards. it may not reach northern and eastern areas until late in the afternoon, but we will all see a spell of rain midweek. as that clears for thursday and friday, we are back to sunshine and friday, we are back to sunshine and showers. the weather is stuck on repeat. bye—bye. hello, it's monday, it's 9 o'clock. i'm chloe tilley, standing in for victoria. welcome to the programme. will government plans to recruit thousands more mental health workers in england over the next four years be enough to ensure patients get the help they need? i think the mistake that health secretary after health secretary from different parties and governments have made that if you want to solve a problem you only have to put the money in, but actually you've got to have the people as well. we'll discuss the plans with campaigners, medical professionals and patients — and we want to hear your stories. also this morning, ceremonies to mark the one—hundredth one of the bloodiest of the first world war. at this