this is business live from bbc news with susannah streeter and sally bundock. snapped up! investors scramble for snapchat — in the biggest tech flotation since twitter. but is the app a cash cow — orjust a craze? live from london, that's our top story on thursday 2nd of march. so today is the day for the most anticipated tech market floatation since twitter — snap shares will begin trading on wall street later at $17 a share valuing the company at $24 billion. also in the programme — the fallout from yahoo's massive security breaches — marissa mayer is to take a significant pay cut and the company's top lawyer has been removed. and the global market rally continued in asia earlier today — this is the scene right now in europe right after another record breaking night

for the dow in the us. we'll talk you through all you need to know. we will be getting the inside track on how our cities might look in the future when we meet the head of the world's largest property fair. today we wa nt world's largest property fair. today we want to know, do you love snatch at, or do you have no idea what it is? -- at, or do you have no idea what it is? —— snapchat. welcome to the programme. the programme is jam—packed day, so we will make it as snappy as we can. we start on wall street where investors are gearing up for what could be the biggest — and certainly the most hyped — technology flotation since twitter in back 2013 — or even facebook the year before. in a few hours‘ time shares in snap — the owner of photo messaging app snapchat — will begin trading

on the new york stock exchange. will it end up a stock market giant like facebook — or — like twitter — a bit of a flop? the flotation has been hugely oversubscribed, allowing snapchat to up the price. late on wednesday it priced its shares at $17 — above the $14—to—$16 range it had previously indicated. that will give the company an opening valuation of $24 billion. more than twice as much as twitter at its current share price. that's despite a couple of major worries — or so you'd think — for investors. firstly, snapchat has yet to turn a profit. in fact it lost over half a billion dollars last year alone. plus shareholders who buy in will not have any voting rights. the founders of the company will retain complete control of any decisions. they are incredibly young — and as of later today — officially incredibly rich. evan spiegel and bobby murphy — both in their 20s — will be worth around $4 billion each. alex wood is with me.

he's editor in chief at the memo. is it worth $24 billion? they have the younger audience only brands wa nt to the younger audience only brands want to reach. for me personally it makes me feel like a dinosaur. i find this out incredibly difficult to use. if we rewind and look at facebook. when it went on the public market it had huge scale. millions of people use it. notjust young people. for me that's one of the biggest concerns. it has a lot of young users. there is optimism around because it has quite a few, given its young age, but can they entice more to keep that user base

growing? well, as we have seen in the lead up to this ipo, user growth has been slowing. i think that is because of threats in the market. look at instagram, they went away and copied some of the biggest features of snapchat. but they have the backing of facebook to move users across. i think there are some worries there. kevin the owners, still in their 20s, they will retain complete control of the company. given they have minimal corporate experience that is a risk, isn't it? absolutely. mark zuckerberg created the same thing, he is still owner of the company. we are looking at very young founders. the have to be questions about how they can scale the company. an deal will all of the corporate questions in the long term. —— and deal. will all of the corporate questions in the long term. -- and deal. will

it be a rocky ride? or do think you the optimism will continue? there is one major opportunity for it. if we look at social media, a lot of people we speak to say they are moving away from the larger social networks. people are looking for a more intimate connection. if you look at your own facebook feed, the fa ct look at your own facebook feed, the fact that all of your family, your pa rents fact that all of your family, your parents come your grandparents, and people you don't want to be in touch with our on there. there is a certain value in having a smaller network. if snapchat can tap into that i think there is some value there. does all of this talk about snapchat make you feel old? do get in touch. in other news... one of london's tallest buildings, the leadenhall building — nicknamed the cheesegrater — has been sold to chinese investors for $1.4 billion. it's one of the largest uk property deals so far by a chinese investor. british land and oxford properties, which both own 50% of

the wedge—shaped skyscraper, say contracts have been exchanged with cc land, a company run by chinese property magnate cheung chung—kiu. yahoo, which disclosed two massive data breaches last year, now says about 32 million user accounts were accessed by intruders in the last two years using forged cookies. the internet giant say some of the latest intrusions can be connected to the people believed to be responsible for the 2014 breach — which at least 500 million accounts were affected. forged cookies allow an intruder to access a user's account without a password. lots of other stories on the website. merlin is a uk—based

organisation that runs many, many theme parks, many of the corporate stories there, as well. have a look when you have the time. australia has announced a crackdown on visas for foreign workers in the fast food industry in a bid to protect jobs. maura fogarty is in singapore. this is part of a trend, isn't it, saying that citizens already in the country need to have access to those jobs first before immigrants? exactly. that is what the country's immigration minister said. it's to protect australian jobs and give them to australians first and foremost. he is talking about the 457 visas. they are given out to skilled professionals. last year most of them were given to jobs in the restaurant sector, cooks for example, medical professionals also come under that visa, along with other people in the software

industry, programmers and software developers. it covers a broad range of industries. targeting the fast food sector. mcdonald's and kfc are some of the employees have employed around 500 people since 2012 on this particular visa. and he has said, you know what, they don't need to be employing people from outside the country, they could be employing australians, instead. about 100,000 people were on the 457 visa. he is targeting the fast food sector. he admitted most of these jobs would affect managerial staff at these companies, not the guys on the ground, but it does show that australia, along with many countries around the world, are taking visual and political steps to show they are looking after their people first. interesting to see what is going on in australia, given what is happening in the us with regards to

that kind of story. let's look at asia. hong kong down slightly by the end of the day. but most of the day in asia most of the markets were high and rallying following that rally from dowjones. quite a bit above 20 1000. japan had a good session. the yen is weak. lots of talk about that the fed in the united states is poised to raise rates this month in march. —— above 21,000. fairly flat in europe. in europe yesterday all of these markets closed up around 2% higher, or slightly under that, so a strong day for europe. we will talk about these issues in a second. first, let's get more on what we can expect on wall street later today. it could be the biggest tech company

for a while. snap, it could be the biggest tech company fora while. snap, owners it could be the biggest tech company for a while. snap, owners of snapchat, will start trading on thursday. we'll see the success of facebook? or will it look more like twitter? —— will it see. the bellwether for the supermarket retailer kroger. they are battling a renewed price war from walmart. intense competition and deflating food costs. also reporting on thursday, abercrombie and fitch. with fewer shoppers hitting balls and those who are shopping is not spending much of clothing and accessories, the company will likely be taking a hit. —— hitting malls. record levels reached in the markets. joining us is alix stewart, fixed

income fund manager at schroders. what is driving the market onwards and upwards? partly global growth is picking up around the world and optimism that trump is going to roll back regulation and the spirits are high. even though he didn't actually say much in his address, there wasn't much detail about this massive boost infrastructure, was it more his demeanour that reassured investors ? more his demeanour that reassured investors? i think so. more his demeanour that reassured investors? ithink so. i more his demeanour that reassured investors? i think so. i think he is being seen as the mouthpiece but he has a team behind him which are quite, quite keen on delivering, making america great again. also, we we re making america great again. also, we were talking about this yesterday, the fact that quite a few people are saying mart is the month when they raise rates again. that has shifted. most were expecting it to be in june. ina most were expecting it to be in june. in a couple of weeks' time we are looking at a rate increase. indeed. we were looking at two rises for the rest of the year and only

50% chance of a march rise, and now it is 80%. with our more cautious members saying they think it is time to reduce accommodation. the fed has been vocal. they are putting out the signals. yes. if they don't deliver in two weeks it'll be interesting. they don't like to surprise the market. even the more cautious are saying we are going to go in march, it would be a big surprise if they don't. we will have to see that key crunch meeting in a couple of weeks' time. still to come: is property still the best investment? we will find out when we speak to the head of one of the biggest property shows. let's talk some more about merlin. we mentioned earlier

that their results were out. they own many theme parks around the country. it is their first set of figures since the accident of their roller—coaster smiler. the company, which also owns the london eye and legoland, saw revenues up 11.7% in 2016. theo leggett has been looking at the numbers. on the face of it, they look positive. the alton towers crash eventually cost the company £5 million in a fine imposed for safety failings last year. there was a drop in visitor numbers at alton towers in the wake of the crash but the company says it is recovering, cost savings have been made. a lot ofjob losses at the park are reaping rewards and the park is recovering. but it is a big company owning 100 visitor attractions around the world, a lot of them outside of the

uk. results were better than expected but this is the share price today. a lot of anticipation before results came out, now it has fallen quite dramatically down 2.5% this morning. if you look at the figures come as you can see why. revenues are looking well on the surface, profits —— profits up 3% but a lot of that is due to the fall in the pound sterling after the referendum last year. taking out those are fa cts , last year. taking out those are facts, operating profits would be done more than 6%. the company talks about headwinds like the effects of international terror on business, and that is why we see this response from investors this morning. although the park chain seems to be operating in a fairly robust fashion, there are issues it must address. thank you. we have some company address. thank you. we have some com pa ny results address. thank you. we have some company results from jimmy choo,

men's shoes are boosting their figures, after strong demand for the m e nswear figures, after strong demand for the menswear line. we cannot give you an insight on that! and another story, something breaking just after 7am today. the capita chief executive is today. the capita chief executive is to step down, andy parker, in september, they issued a profits one in. the bass is to step aside at catheter. more details on the website. —— capita. ourtop —— capita. our top story today... today is the most anticipated tech market floatation since twitter — snap shares will begin trading on wall street later at 17 dollars a share, valuing the company at 24 billion dollars. that is a lot of money. a look at the markets now. markets in europe have been mixed today, all of these markets, most of them, these three that you can see, london, paris and frankfurt, they all had good days.

today, taking a breather, looking for direction. as we've been saying, certain shares on the move. and now let's get the inside track on real estate... mipim is the biggest property show in the world. it takes place every march in cannes in the south of france. nice venue! what are some of the challenges — or even opportunities — facing the sector? let's start with urban planning. in the coming years, more than 60% of the population will live in cities. next comes efficiency of resources: how will future real estate projects be able to take into account the need to monitor and save resources, when energy demands will grow 40% and half the world's population will be living in areas of high water stress? and finally — digitalisation. very soon, over one trillion objects will be connected to the internet and all the data collected from the users and the buildings will clearly modify the way real estate professionals are working. perhaps they are already changing in

reaction to that trend? let's find out. filippo rean, head of reed midem's real estate division — he's also the director of the property show. hejoins us now. thank you he joins us now. thank you for joining us. what will the city of the future look like? what are the current trends in property? our exhibitors at the show thinking much more about energy efficiency, and how we will live in future? the a nswer how we will live in future? the answer is a big yes. it means these themes and trends that it years ago appeared quite different from the main real estate business, today they are included and considered, when cities and planners and developers think about new projects and new developments. some people would say, why aren't we seeing energy—efficient products put on new

homes? some would say, solar power tiles on the roofs, things like that, why haven't they been in force ? that, why haven't they been in force? there are economic considerations, what is important is to give a new dimension to changes, the collaboration between the public and private sectors. this is what we've tried to do at mipim, a place where real estate themes and issues and opportunities, the private and public sector have come together because, you are right, you might have different views, more short—term views or long—term views, you have two combined the two and come up with developers of the future. in terms of the show itself, it is very international. you have most countries represented, architects, investors, developers, discussing and chatting. depending on where you are in the world, challenges and demands are very

different in terms of use cities and how they will change in future. but, what are the key themes discussed in the industry in terms of development of the future cities? you have at least two big themes which are quite common. one is the sustainability, thatis common. one is the sustainability, that is common and everybody is aware of that. secondly, how to include key societal changes. what is sometimes called be sharing a economy. into our cities come into oui’ economy. into our cities come into our buildings. —— schering econ andi and i assume the time frame where they change, it is getting shorter? there's an acceleration... because of technology. it is something that accelerates the trend and is something that will allow the industry to adapt. that is why there isa industry to adapt. that is why there is a new buzzword, the combination

of property and technology. it is beginning to be a real thing. at places like mipim, even last year, there was still the margins and today will be one of the key topics and will have a large space within the exhibition area. thank you very much for talking to us about it. good to meet you today. very soon, we will be looking at other stories being talked about today... we are also looking at netflix — the boss of netflix has been talking to rory kevin jones. net neutrality has taken hold around the world as an assumption and belief about how the internet should work. there are many countries that do not have a law about net neutrality. but, we still operate along those

principles. if you could send a message to donald trump about the principle and weight is still important, what would it be?” principle and weight is still important, what would it be? i think net neutrality very important, so that no voices are censored and there is equality around. facebook, it suddenly seems very interested in doing a lot more video. that would be quite a danger to you, wouldn't it? and there is youtube red, which isa it? and there is youtube red, which is a subscription service, and amazon, and potentially apple doing some original shows. there is a lot of competition and challenge for netflix, but room to grow. his business is very challenging. it is, given the competition. earlier, we asked what she thought of snapchat, whether you love it or have no idea what it is. snapchat are hoping to disrupt social media in the way that netflix wants to

disrupt television. these are the views of some people in new york about snapchat. i know what it is but i do not use it. when i see something, i snap it. i have it but don't use it. i use it everyday. my kids use it. i'm not the right demographic! i use it all the time, it's great. i don't know what it is, don't use it! this is what you been telling us, david, you are 60, and you say that you've just joined, and your wife has, so you can have fun with your grandkids. it's not just for youngsters. it's notjust for youngsters. good for you. someone else says that they tried it for a few weeks but it was pointless. sarah says that it was fun in the beginning but she does not know if it is cool any more! someone else as that they are too addicted for their own good and it is taking over their lives! —— someone else says that. let's reintroduce alec stewart, here to

talk about more stories. marissa mayer, and kodak. yahoo has been sold to the rise, is that right? that has gone through. one of the problems is all live the stories about security breaches, numbers of accou nts about security breaches, numbers of accounts exposed to seems to be getting bigger every day and she will pay the price? quite rightly so, data security is a massive issue. would you have your details with somebody you feel you cannot trust? data is very valuable to these companies. so you do not get a bonus. it is notjust these data breaches but the reactions from the executives to it. they were so slow. it took so long for them to admit it. and we are still finding out. she will get a cut in future bonuses, and the lawyer is stepping down. are we seeing accountability?

finally they are taking action. the buck stops at the top. to say that they did not know the depth of it is not good enough. corporate governance. people have been calling for it for a long time. with events like this and bridges, there is some sort of call—back? like this and bridges, there is some sort of call-back? yes, it is not just the banking sector that needs to be accountable. we talked about technology and new developer and is on the programme today. virtual reality is supposed to be the future but interestingly, we have numbers from google today, it is cardboard virtual reality sets that have been a big hit. probably because they are cheap! a bit of a 70s throwback! laughter i would imagine it is the money more than the 70s throwback! what do you think about virtual reality, have you had a go? not yet, no. it is a big trend. these cardboard ones, they want people talking about these

things and so people talk about and by the new expensive ones. clip onto a mobile phone, you can see a 360 degrees view of your photos. they are hoping it would be a gateway to the more expensive motion sensor virtual reality headset? yes, i think it is so people have a taste for it and have that full on experience. they have been really successful. it would be interesting to see if we have virtual reality in the cities of the future, as we spoke earlier about with the property show in cannes, thank you for coming in. and thank you for your company. we are back tomorrow, so we will see you then. more business news throughout the day on the bbc live web page. goodbye. good morning. it is a little wintry

out there in some areas but it is an improving picture for most. today, bearing in mind what is coming in in the weekend, let's make the most of the weekend, let's make the most of the sunshine. we have this weather system sat across central parts of the uk. giving us some rain, sleet and snow over the hills. smattering is in the north—west initially but it is clearing and an improving picture. more coming in through the day, there is the using of the gales in the south, fewer showers in this afternoon. more sunshine, light winds and feeling pleasant enough. at that stage we should see increasing brightness in the midlands as well, a bright afternoon for some time in northern ireland. some showers, quite a few in scotland, a brisk in —— a risk in the hills. they clear overnight. at this band of hill snow

means that some centimetres build—up. we have rain from the south. that is slightly milder air, the frost risk in central and northern areas as we approach friday morning. some ice on untreated roads and pavements. it turns grotty in the south. coastal fog, and pavements. it turns grotty in the south. coastalfog, rain through the south. coastalfog, rain through the day, the best of the weather looks to be across northern scotland and northern england but in many areas, increasing cloud. if it dries up areas, increasing cloud. if it dries up in the south later and brightens, there could be more showers. milder, ten or 11 degrees. let me draw your attention to significant snow in the alpine regions this weekend. low pressure a cross alpine regions this weekend. low pressure across the uk, potentially a miserable day in scotland on saturday. driving rain, snow over the hills, and easterly wind. we could see a lot of cloud and showers due to the low pressure, some outbreaks of rain. slightly more

mild here. i don't think it will fill that pleasant. full. rain bringing more rain at times, a slight improvement for scotland as we go into sunday but details are difficult at this stage. if you have plans, keep an eye on the forecast. thank hello it's thursday, it's 9 o'clock, i'm joanna gosling in for victoria, welcome to the programme. our top story — the public faces an unacceptable risk as police forces around england and wales struggle with cutbacks. the warning comes from the government's police standards watchdog. one of the problems is a shortfall of detectives — we'll have a special report. there just isn't enough hours therejust isn't enough hours in there just isn't enough hours in a day to do everything. i think officers are carrying 20 or more crimes. sometimes there was more than one victim in an investigation, and more than one suspect.

also this morning. it's notjust a london problem. new figures from housing charity shelter suggest 8 out of 10 families in england can't afford new homes being built in their area. and two women who were sick more than thirty times a day while pregnant, tell us more why doctors need to