this is business live from bbc news with aaron heslehurst and rachel horne. he's promising a big announcement on taxes today. but can president trump really make good on his ambitious pledges on tax reforms? live from london, that's our top story on wednesday, 26th april. mr trump has promised a "phenomenal" tax plan. he'll unveil the details in just a few hours time. also in the programme, paying the price for regional tensions. the south korean carmaker hyundai sees profits plunge as sales in china take a dive. and as always we'll take you through the markets, but right now, investors focused on just two things —

trump's tax cuts and those french elections. riding the wave of the foodie revolution. celebrity chef mark hix will be with us to talk, food, fads and investment. today, we want to know is cash your king? a survey says a third of us would rather pay digitally, do you still carry cash or is contactless the future? let us know. just use the hashtag bbcbizlive. cash, rachel. always carry that with you. i shouldn't say that. i don't have any cash on me! shaking up the tax system has been a major theme of the trump administration. today he's promising what he describes as "a big announcement" on his planned reforms. in fact, mr trump has already said he's planning what he's called "maybe the biggest tax

cut we've ever had". during the campaign he talked about cutting the top individual tax rate from 36.9% to 25%. in terms of business, he wants to cut the corporate tax rate from 35% to 15%. mr trump has also proposed charging american firms a one—off tax ofjust 10% on money they bring back to the us from overseas. he has also pledged to simplify the overall tax system. but can he turn all this into legislation? after all, he's failed to deliver on other key policy objectives, like health care reform and an extensive travel ban. arnab das, head of emerging

markets macro research, invesco asset management is with me. thank you very much for coming in this morning. i guess the first question is, can america afford this tax cut? well, i think that's the key question, right. how are they going to pay for this massive great tax cut in the corporate tax rate in particular. i think if we step back, you have a lot of actors, most of them agree that there needs to be tax reform. nobody really agrees on how they're going to do it. nor how they're going to finance it, how to fund this massive tax cut. that's where the rubber is going to meet the road and that's where we're going to see a lot of give—and—take. we will probably end up with a moderate tax cut rather than a big picture, big package comprehensive tax reform through the negotiation process. everybody agrees there needs to be some sort of tax reform. what that tax reform is hopefully we

will find out over the coming days and weeks. who is going to benefit? will it the be the wealthy elite, the big corporations? i'm assuming this needs to be about the whole economy? that's the president's plan and the administration's desire is to, you know, jump start investment and thereby create a lot ofjobs and invest in america, hire american and buy american. i think in the end we are ina buy american. i think in the end we are in a much more interlinked economy than all of that. so i think probably a mix of things will happen and some money will be coming back on shore. some money is going to be invested. some of it is going to go to shareholders. some of it will go to shareholders. some of it will go to shareholders. some of it will go to shareholders generally across the economy. some of it will go to the elite and some of it will be invested in the rest of the world. you say some of it is going back to the showeders. if we talk about the repatriation, there is billions sitting off—shore, but they have done this once before, 2004 and fife, back then, it was $250

billion, i was talking to an expert this morning, who said, a study showed that back then, 96 cents out of every $1 that came back to america ended up in the pockets of the investors or share buy backs. it didn't go out into the economy for infrastructure or things like that? no, that's right. part of the logic of president trump's plan is to do a comprehensive tax reform and make it permanent. also to deregulate the economy and make the us much more attractive as a place to invest. that's the idea that they're aiming for. some of this will come through. i think on the amounts of money and how much will go to shareholders, it is hard to tell at this stage. we are looking at 2.5 to $3 trillion that's held off—shorement some estimates suggest if it is a good tax reform and it's permanent you

can see something like $i tax reform and it's permanent you can see something like $1 trillion coming back on shore. how much of that will be invested rather than paid out to shareholders? well, that depends on deregulation and a host of other things. i think it is early days yet. yeah, it is. i'm sure we'll keep talking about it for a long time. thank you very much. let's take a look at some of the other stories making the news. singapore has retained its crown as the maritime capital of the world, according to a respected bi—annual ranking. the asian city topped the tables followed by hamburg, 0slo, shanghai and london, according to the international chamber of shipping. shares in mcdonalds jumped by more than 5% in us trade after the fast food giant reported better than expected figures for the first three months of this year. maccy dee's pocketed a profit of $1.2 billion. that's an increase of 8% compared to same period a year ago. the 60—year—old chain has undergone a revamp, slashing costs,

shutting down outlets that weren't performing, and introducing that all—day breakfast! the us firm coca—cola has said it will cut about 1,200 jobs due to falling demand for its fizzy drinks. its global drink sales fell 1% in the quarter to 31st march. the bulk of the redundancies will be in atlanta where it has around 10,000 workers. the firm has more than 100,000 employees around the world. guess what, aaron? we're still buying cars! we're going to talk about hyundai in a minute. this is record sales in the first quarter for daimler!

i was going to talk about this drink that i have no idea about, but you do? vinto. south korea's hyundai motor posts a 21% fall in first quarter profit dragged down by weak sales in china. south korean car maker hyundai has seen regional tensions take a big bite out of its profits. leisha chi is in our asia business hub. china wants to, i guess, show its might, you got problems as a car maker. you've got problems if you've got problems with china so to speak. exactly, aaron. china is flexing its muscle and it hurts the bottom line. this is a very good example of how political problems can spill over to affect companies like hyundai. they've reported a 21% drop in quarterly profit. they are rating $1 billion. this is due to a costly recall in the us over defective

engines, but the main reason is due to these political tensions with china, its biggest market. it stems from this controversial us missile defence system called thud. as we have been reporting today, korea is hosting this defence system, but china opposes it and as a result we have seen china opposes it and as a result we have seen consumers china opposes it and as a result we have seen consumers shunning the brand and even allegedly defacing ca i’s brand and even allegedly defacing cars this year because of anger over the issue. wow. that's great. i've got my teeth in. thank you for that update. i'm going to stay with the markets though. asian stocks continued gaining for the fifth straight day in fact. wall street is up and continues to be up. all of this because of the renewed optimism about the world's biggest economy, the us. and yes, huge hopes for these trump tax cuts.

if we talk about europe it's a similar story, all eyes looking towards the us, but also the french elections on sunday, continuing to give the single currency a boost as well as the markets. well, i keep mentioning the us. let's find out more, here she is, here's samira. earnings continue on wednesday. among the many companies reporting will be twitter and paypal. twitter has been losing advertisers to competition like facebook and snapchat. its user growth has been slowing. it's trying to use a new formula that will attract both new users and advertisers but until then, twitter‘s earnings will likely suffer. paypal has been facing some stiffer competition from start—ups like venmo, but it's still been able to add more customers and process more digital payments.

now, investors will focus on paypal‘s forecasts for the coming quarter and outside of earnings, congress will be holding a hearing on a bill that would drastically overhaul the way the us government to regulate the financial sector. specifically, the bill will eliminate a big part of dodd—frank, the financial rules put in place by the 0bama administration after the financial crisis. james hughes, chief market analyst, at gkfx joins us now. thank you for coming in. no problem. donald trump, tax reforms. yes. how are the markets feeling? well, we have been waiting long enough for donald trump to say something about tax. from a market point of view, that's the only bit we really cared about. we didn't care about the immigration point from a market point of view. the health care, apart from the health care stocks, it didn't give it too much to go on. it's the tax reforms which were going to be the big thing and he has been front running this for a long time that the worry you get is that, there is so much now based on this

and put around this that if it disappoints the market we could see an extension that down side that we're already seeing in the markets. we're already seeing the us dollar falling. the us markets in terms of the dow, the s and p, they have been moving higher. we are in earnings season and that's what helps that to push higher sometimes, but if this is that little bit disappointing in terms of the tax reform and we don't know what he's going to say like anything donald trump, we don't know what he's going to say. if that disappoints us, we could see some down side in those us markets and that's the bit that worries us. we put so much impetus into it. and what would disappoint? just not enough detail. a watered down... yes. it could be likely. we won't get detail. we know that. we won't get detail. we know that. we won't get too much detail. he will say i'm going to do the tax reforms. they're going to do the tax reforms. they're going to do the tax reforms. they're going to be massive. there will be numbers. if the numbers aren't as big as we expect them to be which is

very much likely to be the case then we see down side in the market because it is another bit of donald trump's first 100 day that is disappoints the markets. the french elections. are the markets — i think the markets are ahead of themselves. are they ruling out marine le pen? it is like it's a done deal. that's a very, very worrying place to be for the market. the euro rallied strongly because eve ryo ne the euro rallied strongly because everyone thinks emmanuel macron has done it by getting through that first round with marine le pen, but i don't think that's the case. it could well be. james, we will have you back to talk about the papers. and do you carry cash? no. i haven't got any cash, that's why! laughter he's lying, you know that. i saw he's lying, you know that. isaw him he's lying, you know that. i saw him with a wheelbarrow full of it the other day. we have got lots of tweets and can do we have the time now or not? yeah, 0k, thank you. i like to talk

to the gallery, that's all. a viewer says, "i pay small businesses in cash so they don't have to pay credit card charges." somebody says, "i have got a £10 note in my wallet in case systems go down, but 99% of the time it's contactless all the way." i the time it's contactless all the way. " i like the time it's contactless all the way." i like reading my online statement, it is nothing, but coffee shops and pubs. you do stuff on your phone... it is too techie. still to come: diet? what diet? the foodie revolution is shaking up the restaurant business, we'll get the lowdown from celebrity chef mark hix. you're with business live from bbc news. challenger bank metro has reported a 33% growth in underlying profits in its first quarter results.

not bad, is it? the high street bank also increased deposits by £1.1 billion. theo leggett is in our business newsroom. this is pretty stellar numbers, stellar performance from little old metro. pretty good numbers, you are right. but don't forget, this is still a very small bank. metro bank was only set up in 2010, as a challenger to the big high street lenders one day and it is doing pretty well at the. it's managed to it increased its profits, third successive quarter of increased profits. we're used to seeing high street lenders reporting profit in billions, this is small, only 50 branches. it wants to create another ten over the next year. look at the share price. investors don't quite know what to make at this moment. reasonably good numbers but also other things you need to look at. for example, the level of deposits

has gone up very rapidly, they have increased by more than £1 billion over the last quarter, lending hasn't increased quite the same rate. for a bank that is trying to grow, trying to build its presence in the market, some analysts say that could be a pointer to a worry in future but we will give them the benefit of the doubt. we will say these are positive numbers so far. the dogs! talk about them dogs! bring your dog the dogs! talk about them dogs! bring yourdog in! the dogs! talk about them dogs! bring your dog in! it's a unique quirky little banks, isn't it? i drive by the branches and they are flash, the dogs, open seven days a week, customerfriendly, flash, the dogs, open seven days a week, customer friendly, apparently. certainly if you've got a dog. they are trying to be a disruptive bank, they are trying to do things differently from other banks and that includes relying, to a great extent, and having branches where people can go in and speak to their banker. you know as well as i do that most banks are moving away from that most banks are moving away from that model, they have hundreds of branches but they are closing them

because they think people would rather do their banking online. for the bank it is cheaper to provide services online. metro bank says thatis services online. metro bank says that is the wrong way to go, they can embrace new technologies and they will have those branches where you can bring in your dog and they provide dog biscuits. good on you, we will talk to you soon. pretty good customer service. i will switch! do it. metro, if you are listening, i want to switch, i don't have a dog but i will switch. you're watching business live, our top story: president trump is getting ready to make a major announcement on tax reform. he's already pledged to simplify the system and cut tax rates for some individuals and for corporations. a quick look at how markets are faring. trump, tax and the french election, let's move on. and now let's get the inside track on the world of celebrity chefs and their restaurants.

it's a competitve business, where there's big pressure to constantly come up with new ideas to help you stand out from your rivals. mark hix started off in the staff canteen at london's hilton hotel but now has nine top restaurants of his own including this one, the tramshed here in london. one of their unique selling points is the art that surrounds you whilst you eat. damien hirst is perhaps the biggest name he's partnered with. joining us now is the well known restauranteur and chef, mark hix. welcome, thank you for coming in. did you bring any food? that's it? nothing! thanks! when it comes to restaurants, it is one of those sectors that we hear there's always a lot of turnover. restaurant is open and close, how do you make your money in restaurants? it is a good question. some restaurants, for example my third restaurant in soho, i kind of acquired because the previous business went bust. there

are various ways that you can, you know, get a restaurant. that was fortu nate for know, get a restaurant. that was fortunate for me. but you've got to keep it running and you've got to keep it running and you've got to keep the tills... keep it running and you've got to keep the tills. .. exactly, there are various ways to get investment, you can getan various ways to get investment, you can get an angel investor, you can go to the bank. someone that fancies dabbling in the restaurant business, not always a good idea. it is tough. 0nce not always a good idea. it is tough. once you have the investment, in terms of keeping the profits up, it seems to be difficult business to continue to be successful in. it is a lwa ys continue to be successful in. it is always about the top line, the turnover. that doesn't always, depending on business, equate to how good the bottom line is. but that is the same with all businesses. you have to constantly be reinventing yourself, keeping things fresh. hix soho, we are doing a revamp at the moment. i got some funding from a business called wsh, i was a co nsulta nt business called wsh, i was a consultant for them for the last six yea rs. we consultant for them for the last six years. we just consultant for them for the last six years. wejust had consultant for them for the last six years. we just had a consultant for them for the last six years. wejust had a bit of consultant for them for the last six years. we just had a bit of a makeover. in fact,

years. we just had a bit of a makeover. infact, soho years. we just had a bit of a makeover. in fact, soho has changed over the years. hix soho was 50% meat, 50% meat and now we are 80% fish because in soho, there's not really a ny fish because in soho, there's not really any decent fish restaurants. i have just switched. finding your niche. and being flexible. while you we re niche. and being flexible. while you were talking, we were showing some of the artwork. that whole art thing, is it a bit of the artwork. that whole art thing, is ita bit gimmicky? of the artwork. that whole art thing, is it a bit gimmicky? people what to eat your food. is it really about what surrounds them?‘ what to eat your food. is it really about what surrounds them? a lot of people come to the restaurant with interest to the art. i get asked dealers, gallery owners, we host a lot of at parties. if you want to decorate your restaurant, you can go shopping for art, not know anything about the artwork itself but what i try to do is have a relationship with the artist. all the work in the restau ra nt with the artist. all the work in the restaurant is commissioned specifically for the restaurant. like the damien hirst cow for example. yeah stop that tank of the

mother howard is chicken and stay, what is the many —— that tank of formaldehyde is basically. we talked about a cashless society. for the in your restaurants, what is it? or credit cards. we don't do co nta ctless. credit cards. we don't do contactless. you very rarely see cash coming through. —— they are all credit cards. if you perry amex all these... would you stop taking cash? some cafes and restaurants were stealing cash at all. that a tricky one. especially in a restaurant business. because, tips, that kind of stuff, people still leave cash tips. you very rarely see people actually paying by cash. it's always actually paying by cash. it's always a bit suspicious if someone pays by cash! laughter exactly when i pay with cash people think what is going on. crisp £50 note! it would be remiss of me, to talk about brexit, but i am curious

about your point on this. there is a lot of worry in the industry, your industry, about staffing if they bring in these immigration controls, free movement controls. it could have an impact on you, you are a big local producer, using local produce. i get asked that question a lot. people phoned me for interviews about staffing but it hasn't really affected us. staffing levels are good. they are still sparse because lots of restaurants and hotels are opening. you use a lot of foreign staff. we do. it is about 50-50, i would say. that doesn't mean that because you are using imported staff, if you like, that the quality goes down. because a lot of staff from eastern europe, for example, are as good as the british. it has to become a part of your restaurant equation if you like. thank you for joining us. nobody told you, but we

like props on this programme! props, asa like props on this programme! props, as a restaurant, that means food, a bit breakfast! . or brexit. very good. here on the show we like to hear from you — here's a reminder of how you can keep in touch. stay ahead with the breaking business news, we keep you up—to—date with the latest business with insight and analysis from the bbc‘s team of editors right around the world. we want to hear from you. get involved on the bbc business live web page. find us on twitter and facebook. 0n on tv and online, whenever you need to know. james hughes, chief market analyst, at gkfx joins us now. you have returned. we will kick off with another difficult pr story for united. what was on course to be the

world's largest rabbit, simon, u nfortu nately has world's largest rabbit, simon, unfortunately has died on a flight on united airlines going to 0'hare airport, the same place they have theissues airport, the same place they have the issues before. this is a story about a giant rabbit dying on an aeroplane. that's not necessarily him! he is bigger! that is him. it isa him! he is bigger! that is him. it is a picture of him. simon the rabbit was flying to 0'hare? you couldn't write this! no. supposedly he was checked out beforehand and he was absolutely fine but the biggest problem if it is another scandal for united airlines who are struggling with scandals ever since previously the passenger being dragged off because of an overbooked flight. it is just... because of an overbooked flight. it isjust. .. unfortunate because of an overbooked flight. it is just. .. unfortunate because because of an overbooked flight. it isjust... unfortunate because it because of an overbooked flight. it isjust. .. unfortunate because it is perhaps not even united fault.

animals do die on trips. don't like me like that! they do. 100,000 animals fly during the day and the numbers were 17 last year. nine of them on united. that's true. i wonder if the ceo is eating rabbit stew! a lot of it. he was a big old rabbit. cashless society, is that where we are going? it is interesting. mark was saying previously about... you do need cash for various different things. if you look at different points like parking meters or kids taking money into school for something or if you tip ina into school for something or if you tip in a restaurant something like that, we need cash for those sorts of things but if you look at this poll, actually in the uk, the numbers were lower than they were in the rest of europe. as to how many people use cashless. good on you, mate, short and sweet, sorry, we've got to go. that's it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. good morning. milder weather on the

way but another cold one with northerly winds bringing in more showers. 0vernight, we saw temperatures down to —2 in the countryside for western areas. showers mainly around the coast and most on the north sea coast. through their day, those showers will develop further inland. the bulk of the showers will be down the eastern side of england. more sunshine further west. we will see cloud spilling into scotland and northern ireland. no more than one or two rogue showers for the south—west in england and wales in the afternoon. most england and wales in the afternoon. m ost pla ces england and wales in the afternoon. most places will be dry with some sunshine and perhaps temperatures as high as ten or 11 degrees. across the irish sea, we see some sunshine but more limited across southern parts of northern ireland. more cloud moving down from the north to bring with it light rain showers. those showers get more organised into a longer spell of rain across the far north of scotland by the end

of the afternoon. it will cloud over more in southern scotland but it could stay dry. turning dry across north—east england but the showers continuing all the way from the humber southwards into the midlands and some heavy showers towards the south—east. possibly with some hail and sleet. most of the showers will be rain. they should fairly quickly fade away during this evening, clearer skies for tonight in the south. further north, the cloud pushes down and brings with it light rain or drizzle. that cloud should keep the temperature is much higher across the northern half of the uk. further south, in the countryside, we will find this template is down 2-1 we will find this template is down 2—1 or —2. some frost in the morning in southern areas and early sunshine —— down to minus one. it will bring with it pockets of light rain or drizzle. behind it, we get some sunshine developing in scotland through the central belt, temperatures 13 or 14. for many, under the cloud, 11 or 12 will be nearer the mark. it won't feel as

cold but a cold start on friday. most of the rain will have left leaving us some light showers but most leaving us some light showers but m ost pla ces leaving us some light showers but most places will be dry with a little sunshine. a fair bit of cloud and temperatures getting back to where they should be at this time of the year. into the weekend, it should be milder, rather breezy but more of a southerly breeze. as the weekend goes on, an increasing chance of seeing some rain this time especially in the south. hello. it's wednesday. it's 9am. i'm victoria derbyshire. welcome to the programme. with a general election six weeks away, voter apathy remains high. we took two women who don't like politics to spend a day in parliament. could it convince them to vote? i wasn't too sure why the speaker speaks in that weird voice when he calls out people's names. and then it made it hard to understand what he was saying. yeah. reporter: how does he do it? right, my name is kiara and it was like ki—ar—ra. it was really weird.

we'll bring you that full report in around 15 minutes time. the puppy farm murders — surrey police have been criticised for returning a collection of shotguns to a man who went on to kill his partner and her daughter. we found systematic failings from the local force and also we feel that there