surface, in 1972. news review time. the rise and fall of the british pound features on the financial times. the graph going down. it briefly dropped below the us $1.20 mark ahead of a speech later about brexit by british prime minister theresa may. she's expected to say britain will make a clean breakfrom the eu. le figaro‘s headline says donald trump provokes europeans. it writes thatjust days out from his inauguration, the us president—elect‘s recent comments — about nato‘s relevance and germany's migrant policy have dealt a blow to the transatlantic relationship. the aerospace firm, rolls—royce, has reached a £671 million settlement with international financial authorities over allegations of bribery and corruption. it follows claims that the company paid bribes to get export contracts. the political corruption

scandal in south korea deepens, with prosecutors now requesting a warrant for the vice—chairman of samsung. he's facing charges of bribery, embezzlement and perjury. that's also in the ft. eight men as rich as half the world. yes, according to the charity oxfam, these men have as much wealth as the 3.6 billion people who make up the poorest half of the world. almost half the world. jane, canifirst jane, can i first asked about what you would like to hear from theresa may? i would like to hear some clarity and that is what many people want. she was accused of being

muddled. with respect to brexit. in response to that, she has come out and said, these are my 12 points but for the markets, especially the sterling, it is very binary. 12 points or one point. will the sterling have access to the single market? it seems that theresa may will say, perhaps not. that is the factor that has been driving the sterling lower. the sterling has been vulnerable, going into the speech and it could be vulnerable afterwards. what are you expecting to happen? you saw sterling fall quite a bit yesterday. it has levelled off a little bit. this afternoon, it's very difficult to see in the short term. there is a lot of bad news in that price already. as we move into march, into the triggering of article 50 and

beyond, sterling has the capacity to fall further and the reason is, even ifa fall further and the reason is, even if a little bit of clarity is brought, the market is still going to be extremely nervous about the new trading relationships, how they are going to be configured, the complications, the complexity. this article looks at what mark carney had to say. the governor of the bank of england. the george clooney of central bankers, he is described as. he had a very difficult speech to make last night, the night before theresa may's speech. the fact that inflation is going up. the sterling has fallen so much that inevitably, inflation will drop on the back about. it is pushing higher. that puts him in a difficult position because this is the wrong sort of inflation. it is not inflation caused by more money in our pockets.

this is inflation caused by the fact that prices are going up but the sterling is weaker. it is the same asa sterling is weaker. it is the same as a tax hike. back in august, carney was indicating he would look at this. that is why interest rates we re at this. that is why interest rates were cut in august. by october, sterling was falling so much, there is only so much inflation that we can look through and now he is signalling that rates could go either way. certainly his comments la st either way. certainly his comments last night suggesting rates could go either way should have stabilised the pound. really, it's a very difficult position for the bank. do they worry about growth or inflation? growth has been better than the last six months. consumers have started to save more. let us move on to the next story in le

figaro and every european publication. donald trump talked about us foreign policy. how does the financial world to prepare itself? it is difficult because financial markets like certainty, they do not like uncertainty. it's difficult to predict what he say next. he is sticking his or in a lot about nato in china and russia. it is difficult to predict what is going to say. the comments about nato will not go down well and we have seen some harsh responses from europeans. the markets are bracing themselves for a whole load of comments. they are very different from the political comments we are used to in the past. rolls-royce agreed to play a substantial fine. i didn't realise this was a joint

guardian and bbc panorama investigation. this article talks about the fact that it shows the uk government is soft on these issues. quite possibly. if they pay their spine, the company itself will get out of prosecution although it says in one of these reports, some of the executives could still be personally liable. what the investigation is saying is that they hide commercial agents to secure contracts but it away, it quite shocking. to be associated in such a way with corruption. they are linked but samsung rejects the korean prosecutor's claim that samsung has been involved in bribery. still, the west wa rra nt been involved in bribery. still, the west warrant has been issued for the young man who is the to the samsung throne and the acting head. but it also mentions his father was accused

twice a financial crimes. korea tends to be lenient on these large companies but this is part of a larger scandal. the president has been impeached. this is related to a confidant of words and samsun paying money to this confidant. —— samsun. they say they paid money to certain trusts. it is the murky world of business. rolls—royce, many stories over many years of massive international corporations having, they would say, having to play this game of smoothing a business transaction. for samsun, it is going to hit the shares. -- samsung. it certainly hit their shares. depending on if you are buying a

phone. not you personally. that is the question. will people stop buying samsung phones? let us look at the inquirer. this is a picture of the eight men as rich as half of the world. a report out ahead of the world economic forum. it's quite phenomenal. eight men with the amount of wealth is the same as half the world ‘s population. amount of wealth is the same as half the world 's population. it is quite shocking. wealth inequality and income inequality are separate but also linked. there are so many protest votes in the world. people moving left and right and wanting a change. it is one of these reasons. if we look at income inequality, that has been rising in many countries that people feel they are not getting the best from globalisation and these very rich people laugh. this is one of the

reasons people are unhappy with their lot right now. some of these quys their lot right now. some of these guys do a lot to help the less fortu nate. guys do a lot to help the less fortunate. bill gates springs to mind. would you recognise all their faces ? mind. would you recognise all their faces? one of them used to be my boss. bill gates, a few of them i would, but if they walked past me in the street, probably not. a lot of people make their money and stay out of the limelight. the only one of these eight is your former boss. michael bloomberg. indeed. jain, thank you very much. we always like having you in the studio. thank you for watching. we will see you soon. goodbye. good morning. we got some topsy—turvy weather conditions across the country yesterday. last week's snow still just about lying to the tops of higher ground in scotland.

a lot of cloud around, but look at the temperature. 12 degrees, incredibly mild for this time of year. a different story further south and east. there were some brief glimpses of sunshine across that kent coast, but it was cold with it, four orfive generally in the south—east corner. and that is because, the nearer the area of high pressure and the cold air that is coming from the near continent, at the same time, we've got the winds coming from a south—westerly direction in scotland, driving in this milder air. there will continue to be quite a lot of cloud, cloud thick enough for some drizzle. but not a cold start here to our day, but in the south—east corner, we're going to see temperatures hovering around freezing. but it will be quite a mucky start to the day, really, through scotland and northern ireland. a lot of cloud around, there will be some hill fog, and bits and pieces of showery rain, through eastern scotland down across the borders, towards the isle of man and north—west england. further south, maybe the cloud thick enough for the odd spot or two

of drizzle, but nothing particularly significant, but it will be mild. now, across through the isle of wight, up into east anglia, here it is going to be cold and frosty, but i suspect we will see more in the way of sunshine through tuesday. clear skies, a beautiful day developing for many of us. with eastern scotland brightening up into the afternoon, we could see highs of 12 degrees. but generally around 10 celsius through scotland and northern ireland. into that south—east corner, despite the sunshine, it stays cold — four or five. and so that means, for the fa cup third—round replays, it is going to be cold at wimbledon, but burnley and barnsley looks as though it will stay with a little more cloud. not quite so cold there. now, with that clear skies through the day, that is going to allow for those temperatures to really fall away overnight tuesday into wednesday, perhaps the coldest of the nights through the week. we could see lows down to —2, “11 in rural spots, but —1 close to towns and city centres. elsewhere, it is going to be cloudy and rather mild. and that theme, what a surprise, continues into wednesday.

once we lose the frost, it is going to be a glorious day across much of southern england, but it looks as though it will stay rather cloudy. but double—digits again in the far north, 10 degrees the high. things become a little more uniform thursday into friday. not quite as sunny in the south, and not quite as warm in the north. take care. hello, this is breakfast, with dan walker and louise minchin. the prime minister is to spell out her plans for brexit. theresa may will say there can be no half way house as britain leaves

the european union. we'll be live in downing street ahead of her big speech later this morning. good morning. it's tuesday, the 17th of january. we'll be hearing lots about the single market and customs union today. ben's here to explain what it might mean. i'll look at what's happening to the pound and how that affects the prices we pay in the shops. also this morning, rolls royce agrees to pay almost £700 million to settle claims of bribery and corruption.