this is business live from bbc news with sally bundock and ben bland. hopes of a european mega exchange between london and frankfurt are fading fast. the london stock exchange says the regulatory hurdles are too high. live from london, that's our top story on monday 27th february. doubts about the $30 billion merger plan come as a top german banker tells the bbc that leaving the european union is not the reason for penalising the city of london. also in the programme: ringing afamiliartune. the nokia 3310 makes a comeback but will help its new makers stand out from the crowd at one of the mobile phone industry's big events? this is how the european markets

begin the trading week. in positive territory. we will talk about what will move them later in the week later in the programme. we are joined by a french entrepreneur described as a rock star in the world of proud funding. she will reveal to us her latest plans shortly. and the winner is... la la land. moonlight? sort out the autocue! what a night. what is your warren beatty moment? get in touch. welcome to the programme. one of europe's biggest mergers looks like it is off. the london stock exchange and its german rival the deutsche boerse say their coming together is unlikely to be approved by the european commission.

the merger was supposed to be worth just over $30 billion and would have created a giant trading powerhouse that would better compete against its big us rivals. when they announced the deal last year the two companies said together they should be able to make cost savings of $475 million a year, about 20% of the combined group's operating costs. they had already agreed to sell part of lse‘s clearing business, lch, to satisfy concerns from european competition regulators about the size of the new venture. but now the european commission says for the merger to go ahead the lse would have to sell its 60% stake in mts, a major platform for trading european government bonds, something the lse dismissed as disproportionate. and with brexit on the horizon questions about whether to put

the headquarters in germany or london hung over the deal anyway. to get more insight into this, we are joined to get more insight into this, we arejoined by our to get more insight into this, we are joined by our economics editor, kamal ahmed. it seems like lse and deutsche boerse will not make it down the aisle. itjust shows how much regulatory controls are important when it comes to these major deals. this all feeds into the brexit issues. this is not actually directly to do with brexit but nevertheless it does show how important the regulatory voices can be in the debate as britain makes their way out of the european union. we tend to focus on the politics for obvious reasons but there are huge and conjugated rule books that need to be unwound. i spoke to the executive director of the bundesbank, and the central banks in europe will have an important role

in how britain leads the european union. he was talking about the city and threats to the city and threats to the european union financial sectors. i kicked off by asking him what the risks were and he said they we re what the risks were and he said they were two—way, and there was a risk to employment in the united kingdom. there will be some job losses but that doesn't mean that london will lose its very eminent position as the financial centre in europe. from a german perspective, should a business be looking to move to germany, we would not accept empty shelves, we would not accept a letterbox companies. we will make sure that the management, the controlling, the risk control etc, is done out of germany. that doesn't mean that we couldn't have back—to—back booking models but dual structures and all the like is not something we would give. he is very

senior in germany in banking. interesting that you should have a chat with him at this time when we are expecting article 50 to be triggered, as early as march the 9th according to some reports. regardless of when it is triggered, theissue regardless of when it is triggered, the issue of the city of london and its relationship with the rest of europe, that has been one of the main issues. that will be the main concern not just for main issues. that will be the main concern notjust for businesses in london and banks in london, but also businesses and banks on the european continent because london has very deep capital markets and it is very important for providing funding to european union businesses and governments, let's not forget. i think he was making it clear that although britain wouldn't be penalised for leaving the eu, there will be risks. the bundesbank has put up on its own website and area of information for banks looking to

move to frankfurt. he said it wasn't an advert, but boy, it feeds that idea, which a number of uk banks have already said they are looking at, thatjobs will have to move in the area of foreign exchange in particular. that is called euro clearing. that will have to move on to the european continent and there will be somejob to the european continent and there will be some job losses but the bundesbank director has made it clear that london will remain the financial centre for the whole of the european union. thank you. much more on that and that interview on oui’ more on that and that interview on our website. now some other news. us billionaire warren buffett has backed american businesses to continue to create mind—boggling wealth. the investment guru, known as the sage of omaha, said stocks were virtually certain to be worth far more in the years ahead. us markets are currently trading at record highs. profits at private australian companies showed an increase of 20% in the last three months of 2016. it's a big boost for the economy and is the highestjump in operating profits for that time

of year in 17 years. higher prices for raw materials meant that mining companies did well in particular. later in the week australia is due to release its latest growth figures after the suprise contraction of 0.5% in the third quarter of last year. google's voice—activated digital assistant will soon be available on smartphones running the latest versions of the android operating system. until now, google assistant had only been available on the firm's flagship pixel phones. the service, like siri on iphones, allows users to interact with apps and ask questions. the company says that the software update would bring google assistant to hundreds of millions of new users. the main opposition party in south korea, the democratic party, has said it's working with others to seek the impeachment of the prime minister, hwang kyo—ahn, after he decided not to extend an investigation

into a corruption scandal. that scandal has amongst others seen the head of the biggest company in the head of the biggest company in the country, samsung, arrested. this corruption scandal gets bigger and bigger. it does. and this week we will see a culmination, i think, when we see the indictment of some very seniorfigures, the when we see the indictment of some very senior figures, the formal indictment. probably including the acting head of samsung.] indictment. probably including the acting head of samsung. j wiley is currently under arrest but he will probably face a formal charge to be outed in a court of law about allegations that some sun gave money in return for favours from the government. —— samsung. there is a debate going on but it is mainly to

do with the way government and businesses are to close in this country. thank you. we can check on the asian markets now. asian markets moved lower, led by financial stocks. also the yen strengthened against the dollar putting downward pressure on the nikkei. a stronger yen hurts japanese shares because it makes japanese exports later in the week, looking slightly further ahead, we get the latest german employment figures and eu leaders will meet for informal trade talks in malta and the advertising giant wpp will publish its full—year results towards the end of the week. the other thing that may affect market investors all around the world, will be looking ahead to the us president donald trump's speech

to us congress about promised tax cuts and infrastructure spending. the mir hussein has all the details about what is ahead on wall street. happening this week in the us, the president of the united states will be addressing a joint session of congress. this is a chance for mr trump to speak directly to the american people and to really outline his vision for the coming year. we can expect that the president will likely be talking about things like the us economy and jobs. before we hearfrom about things like the us economy and jobs. before we hear from the president on tuesday, we will be getting the latest snapshot of the american economy in terms of its gross domestic product, gdp. and also happening this week on thursday, it could be the biggest tech ipo since facebook. that is when snap, the parent company of snapchat, the online messaging service, will start trading at a publicly traded company on the new

york stock exchange. a look ahead to what is going on in the united states. quite a busy week, as ever. joining us is trevor greetham, head of multi asset at royal london asset management. before we get into this week, what about this deutsche boerse and london stock exchange story? it is not official yet but rumours are rife and the lse is saying that the sale is not likely and shares are falling. this merger was mooted months before the brexit float and both parties at that time thought it was certain that we would vote to remain and we would be heading towards capital markets union. so clearly it is choppy waters and it is not a huge surprise that they are saying what they are saying. can you give more on that story about warren buffitt, who is saying that he thinks stocks are certain to be worth far more in the years ahead? that suggests that we will see more

record highs. can they? will we eventually be corrected ? record highs. can they? will we eventually be corrected? there are two different things. in the very long run, stocks tend to do better than all other asset classes, which is what warren is referring to. in the short run, the markets have surged since the us presidential election but the world economy was starting to recover before that vote anyway. it has been supercharged by promises of stimulus and the real question is whether we will get them in the big speech tomorrow. let's talk about that president trump speech tomorrow, which is highly anticipated. will he deliver on tax cuts and massive infrastructure spending and if he does and what happens to the share market? —— if he doesn't. i think he will deliver but what will be frustrating is how he does it. will there be an increase in spending or will it be robbing peter to pay paul? he talked about ramping up defence spending but taking tens of billions of pounds away from the environment

protection agency, and i think that would be a big mistake. what about the tax cuts? i think they will be coming but they are much slower and the question is whether the markets are patient enough to wait for the details. we may get a situation where the markets have a bit of a correction over the summer, which is quite normal, waiting for evidence. at the moment we are keeping the balls in the air, at that stage, and the us data is still strong. people are worried about us politics, french politics, and the mac pro and the earnings data keep coming in strong. —— macro. the earnings data keep coming in strong. -- macro. thank you. still to come: beating the drum for crowdfunding, we will meet the woman described as a rock star in the skill of raising money from the masses. this is business live from bbc news. trinity mirror has posted its full

year preliminary results. it's the largest british newspaper, magazine and digital publisher with national and regional newspaper titles including the daily mirror, the daily record, and the sunday mail. nice to see you, michael. give us your take on these numbers. they are better than expected. yes, profits and revenues are up. better than expected. yes, profits and revenues are up. the numbers don't disguise the fact that print volumes, in terms of circulation, are dropping sharply. print revenue has increased but that is largely as a result of increasing costs. and also an increase in advertising revenue. what is clear is that digital is becoming a much bigger pa rt digital is becoming a much bigger part of the company's overall strategy, certainly in terms of views, digital revenue is up quite sharply. the chief executive of trinity mirror, interviewed about express newspapers, and whether they

will buy them or not. yes, and that highlights the pressures that print media is under. simon cox was contemplating speaking to richard desmond about this and i think that is the way to go. we will get much more consolidation, i think, within the newspaper network. certainly given the fact that circulation, print circulation, is continuing to decline. michael, we're asking our viewers this morning what their warren beatty moment is after that stumble at the oscars. have you ever had a warren beatty moment? i've had plenty of warren beatty moments when i've been doing live presentationsment none of them stand out. they're all equally as embarrassing. a very diplomatic answer! i was trying to find a red envelope earlier. i couldn't find one for love nor money. shares in the big

car insurers today in london are tumbling. that's on a decision made to change the way personal injury claims are calculated so admiral group shares down. directline down 7%. aa down some 3%. if you don't know about the changes, do take a look at our website. there is more detail about the personal injury changes that are coming. you're watching business live. our top story, a $30 billion merger between the london stock exchange and germany's deutsche boerse appears on the verge of collapse after the lse said the deal was unlikely to be approved by the european commission. a quick look at how markets are faring. it isa it is a new trading week. all of them are headed higher, only a little bit. our next guest has been described as being something of a "financial

rock star" in the crowd—funding world having accomplished two major start—ups in recent years. leetchi is an online fundraising platform that allows anyone to quickly create a "money pot". you can invite others to help finance creative projects and raise funds for charities. it has over seven million users in 150 countries, and helped raise more than $425 million in 2016. mangopay is an online paglobal payment technology designed for marketplaces, crowd —funding platforms and sharing economy businesses. mangopay launched in 2013 and it has over ten million users worldwide. it creates e—wallets for buyers and sellers, enabling funds to be held securely and for as long as necessary. shall we introduce the rock star,

sell lean who is here with us who has pretty much created those two companies. welcome to the programme. is it a big pressure to be described as a rock star? i hate to put lots of pressure on you , rock star? i hate to put lots of pressure on you, many would argue it isa pressure on you, many would argue it is a worthy description because you are now 33... is a worthy description because you are now 33. .. 34. 34 and yet you've created these two companies and some time ago, you started this at a very young age, both of which are very successful and disrupting? yeah, true. i like to describe myself as an entrepreneur. i had the chance to create both businesses, first the crowdfunding and mangopay. the idea behind mangopay is because i run my first company and i realised there wasn't any payment solution

dedicated to market places and crowdfunding and that's why i created mangopay. i see myself as a creative person and i can't stop creating a new business and then mangopay was born. many entrepreneurs will think, "i've got the ideas. i've got that area where i want to move into." it is one thing having an idea and it is other thing having an idea and it is other thing making it happen and them being successful? i remember seeing when you dream, when you try and when you dream, when you try and when you dream, when you try and when you work then nothing can have limits. so you just have to create and work hard. so with the mangopay, how does it work? if i wanted, i came up with a brilliant business idea that everyone is going to want me to help get off the ground and fund. how does mangopay help me? well, mangopay is a business solution. so we only work for business. so for example we work

with 1500 platforms in europe. for example, if you want to create a fund—raising venture. lucy watson is doing it. the technology for the payments, so collecting the payment and then paying out is done by mangopay. there are many crowdfunding websites out there. kickstarter and many of them extremely well—known. i hadn't heard of your‘s until i realised you were coming on the programme. how do you manage to stand out? yeah, in the prospective of mangopay as it is a business solution so we are known by our customers because there is not a lot of technology. so it's more about the quality of the product. we have been launched less than four yea rs have been launched less than four years ago and for example in 2017 we're going to do one billion transactions. what about leechi?

because of the word of mouth. lucy watson is collecting online and then she invites followers to join the money pot and then they create a new money pot and then they create a new money pot and then they create a new money pot in the next week and the next months. so that's how we came to have more than seven million users. briefly, the guardian's business pages today reporting a lot of london based financial tech companies are eyeing up alternative options in europe because of brexit. is that your experience or do you think that's overblowing the effect of brexit? well, in our prospective we are doing 20% of our turnover in the uk market. so the uk market is really important for us. so we will figure out if the passporting is still live and then we will still work the way we do and if not, we will apply for our own licence on the uk market because it's a really important market for us. 25% of the finance is done here. so it's an

important market. thank you for coming in. we have to move on. nokia used to be synonymous with the mobile phone and hmd the company which recently bought the rights to the nokia brand, is hoping a blast from the past will restore the company back to it former glory. rory cellan—jones sent us this report from the mobile world congress exhibition. it's back. it has been reborn by the new owners of the nokia brand. but if nokia is to make a huge comeback, it's not going to be this that's going to do it. it's going to be a smartphone called the nokia 6 and with me is the chief executive of hmd which is bringing back the two brands. is it that's the future or is it that? it is absolutely our smartphone is the future. this is where we are putting our efforts and we are thriving together with our partners. it's not that small. there

are people who like to use this instead of smartphone. it's always going down slowly, and that's why we are focussing on smartphones. there was a lot of affection for that, though, was there? for sure, there isa though, was there? for sure, there is a lot of interest and a lot of media and that's serving, this announcement that now we are trying the next chapter of nokia. isn't the danger that you're sending out a nostalgic one about an old phone rather than a future phone? this is fun and entertaining. this is making a clear statement. nokia, this is our story and this will be announced everywhere and our partners, more than 500 partners globally have decided to try the next cap ter of nokia. more than 120 countries. it brings back memories that.

dominic o'connell is here. the thing that will dominate is the 0scars the thing that will dominate is the oscars and that warren beatty moment. it is part of their whole marketing. we're trusted do the 0scars marketing. we're trusted do the oscars and there is never a mistake, well, there has been now, but there have been a couple before. the two people who do are the chairman of the us business and he is on the goble board of pwc, the other person isa goble board of pwc, the other person is a text woman at pwc. they have put out a message saying they are very sorry, viewers and members of the academy for handing over the wrong envelope. this article that was published a couple of days ago, what would happen if a presenter announced the wrong winner at the

0scars? announced the wrong winner at the oscars? we don't know what arrangement is because it never happened before. now we do. it is a shambles! that's the answer. they didn't really prepare for failure. we asked you what's your warren beatty moment. a viewer says, "it was to tell us that the humans have seven ages of life and warren beatty‘s is in his last age." is that a little bit harsh? recently i was reading out a bulletin and i was doing the markets, there was no dow jones number there. you pause. did you make it up? i made tip, but i was within 100 you make it up? i made tip, but i was within100 points. you make it up? i made tip, but i was within 100 points. 20,000 and something? 20,000! nicely covered. if we don't start saying goodbye, we'll have our own warren beatty moment. that's it from business live today. thank you. see

you soon. well, let's see what's on the weather menu for today. a real mix of everything to be honest. hail and thunder, certainly a risk for some of us today, but there is a good chance of catching a heavy shower almost anywhere in the uk. look at the clouds spiralling around near the clouds spiralling around near the uk. a big low here. some clouds here linked to ex—storm ewan, but i think for us it is a case of this colder air pushing into the uk, gusty weather, and on top of that, lots of showers. so it is going to bea lots of showers. so it is going to be a chilly day, i think, overall. here it is from morning onwards. look how messy this weather map is. there is blobs of blue, a bit of white, grey and sunshine around. slightly different story across the central and northern parts of scotland. more sunshine for places like inverness, but the southern uplands, maybe the far north of england across the upland areas,

some wint ary weather and maybe a little bit of snow, but further south, look at these showers. remember this isjust south, look at these showers. remember this is just a snapshot at 3pm. all of this is moving. all of this circling so imagine all of that crossing the country at any one time you'll get sunshine and showers and then sunshine and showers and that will continue into the evening and into the overnight period and temperatures will dip away. wherever it's wet there is a good chance of ice forming particularly northern parts of the uk, but really almost anywhere. these weather fronts and lows continue to circle the uk tomorrow as well, but there will be some big breaks in the weather. you can see some sunshine here in the morning and then another weather front makes a nose dive from north to south. the temperatures today and tomorrow are around six or seven celsius so it's certainly going to be on the cool side. let's take a look at wednesday. that messy weather pushes away. the lose. we have another one coming in. this is

thicker cloud and rain maybe spilling into south—western and southern parts. let's call it later on into the morning and the afternoonment some of these northern areas getting sunshine maybe hull and newcastle and still around six, seven, eight celsius. it looks like it will turn milder as we head towards the end of the week. wherever you are, have a good day. hello. it's monday. it's 9 o'clock. i'm victoria derbyshire. welcome to the programme. what a cock—up. what a cock-up. this is not a joke. i'm afraid they read the wrong thing. moonlight, best picture. i'm afraid they read the wrong thing. moonlight, best picturem really was incredible. envelope gate, we will have more with all the academy award winners and that

mistake. the scandal of young british children being sent overseas during the 50s and 60s where they were abused in institutions is the first subject of the sex abuse inquiry that starts this morning. david hill was sent from the uk to australia. he