this is business live from bbc news with rachel home and sally bundock. the japanese car—maker toyota faces a bumpy road ahead as it reports its first fall in profit for five years. live from london, that's our top story on wednesday, 10th may. toyota's profits have fallen by more than a fifth. we'll be live in tokyo for the latest on the world's second biggest car—maker and we'll get an expert view on what it needs to do to get out of reverse gear. also in the programme: australia slaps a levy on the country's biggest banks. we'll cross live to sydney for the latest reaction. and the european markets are open and trading. we'll be looking at the figures. also in the programme, we'll be getting the inside track on the music business with a veteran of the industry. later we'll be speaking

to chris wright, the man responsible for signing spandau ballet. the new york times is offering people a brexit tour of london. it is the brexit means brexit tour. we're asking you today what's your most memorable tour and was it that expensive? just use the hashtag bbc business live. hello and welcome to business live. we start with the world's second biggest car—maker, toyota, which has just reported its latest set of financial results. it's not good news. full—year profits are down 21%. this is the first time in five years that the company has reported a drop in earnings. our correspondent rupert wingfield—hayes is in tokyo. rupert, what more can you tell us

about the figures? good morning, rachel. it is a fall for toyota as expectedment more than expected, but it's still, you know, if profits of $16 billion are bad then it is a problem that a lot of companies would like to have, but that's a fall to 1.83 trillion yen and there is expectation that it will fall again this financial year to 1.6 trillion yen. so it looks like toyota's overall sales or overall profits rather are on a decline, but it is actually on sales that are still going up. so sales last year we re still going up. so sales last year were 10.25 million vehicles which is actually up from 10.91 million vehicles the previous yearment the reason for the fall in profits is the strengthening of the japanese yen because most of toyota's cars are produced outside japan, yen because most of toyota's cars are produced outsidejapan, in

united states, europe and china and when the profits are converted into yen the strengthening of the yen is hurting them. also, flat sales in the united states on a rising market. record sales of vehicles in the united states last year, but toyota's sales are flat so obviously that's a disappointment for the company. 0k, rupert wing field haste, thank you. with me is krish bhaskar, automotive consultant at the motor industry research unit. you were listening to rupert there and you've been looking at the numbers since they were releasedment what do you make of them? there is a 6% drop in the first four months in the us and that's a big drop for toyota which is used to increases, but the big thing is, it hasn't got enough product. it's the wrong product mix in the us, it needs more suvs and more pick—ups and that's hurting toyota badly. whilst toyota is hurting, it's rivals in the us are doing well, the ones that traditionally churn out the suvs,

aren't they? it is making america great again tag going on in that pa rt great again tag going on in that part of the world in terms of what people perhaps want to buy? yes, 6596 of the market is now suvs and light trucks, what they call light trucks which is mpvs and pick—ups. for example one of its competitives, nissan introduced a new vehicle and that's selling brilliantly. whereas toyota hasn't really introduced much. it has a new small suv, but it's not doing that well. so are you concerned about the outlook for toyota ? concerned about the outlook for toyota? it has warmed today about —— warned today about future profits and earnings which will probably ta ke and earnings which will probably take money off its share price tomorrow when markets re—open in tokyo. how concerned are you? what the president says, toyota... toyota, not trump! at toyota. he

says we realise we've got a boring image and we're going to change and they're investing heavily in new things like robotics, artificial intelligence, autonomous driving, but they're trying to get more desirable vehicles. they're trying to put a motion into their vehicles —— emotion into their vehicles. if they're —— emotion into their vehicles. if they‘ re successful, —— emotion into their vehicles. if they're successful, it would be good. they've overtaken volkswagen 110w good. they've overtaken volkswagen now so good. they've overtaken volkswagen now so they are number one in the world. all right. well, let's talk about the other president, president trump, he has criticised japan, the car makers and toyota in particular and yet toyota invested a lot in the us. how does that affect the company, do you think?” us. how does that affect the company, do you think? i think what toyota will do a they'll see what's going to happen and they'll react. they'll rebalance their production towards the us. they've already given more r & d in the states. they've built a big new centre in michigan and so they'll see, but i think he can get around president trump. they can meet him because a lot of their cars, the bulk of their

ca i’s lot of their cars, the bulk of their cars are produced in the us. all right. we appreciate your time this morning and your analysis, thank you for coming in. let's take a look at some of the other stories making the news. china's chemchina has won around 82% support from syngenta shareholders for its $113 billion takeover of the swiss pesticides and seeds group. the takeover announced last year was prompted by china's desire to use syngenta's portfolio of top—tier chemicals and patent—protected seeds. it is china's biggest foreign acquisition to date. profits at walt disneyjumped 11% in the first three months of 2017, bolstered by attendance at its theme parks and resorts. profits in the first three months of the year were $2.1; billion. but the media giant's revenue gains were more muted. the firm remains on track for modest growth, in spite of subscriber losses at its sports television network espn. qantas chief executive alan joyce has said he intends to press charges against a man who hit him in the face with a pie. mrjoyce was giving a speech in perth on tuesday when the man walked on stage and shoved the pie

in his face. a man identified by local media as the attacker later criticised the airline chief's support for same—sex marriage, which is not legal in australia. australia has introduced a new levy on its biggest banks as part of its annual budget, with the aim of raising $4.6 billion over four years. hywel griffith is live in sydney. what's the reaction been? politically, it came as a surprise coming from a conservative—leaning government that prides itself on its business links, but even more of a surprise for the banks themselves given the reaction. the australian bankers' association saying it would hurt every australian by harming investment and hinting rather menacingly towards rather unintended consequences. we've heard from the

banks, westpack commonwealth warning they think it would fall on the customers shoulders. they couldn't absorb it. we have heard from the australian government's treasurer who has warned the banks against putting this levy on their customers shoulders. he says, "they don't like you very much already. think again about put the charge on the customers fees." asian stocks. they have been up for the third day in a row. investors enjoying strong corporate earnings. the dow closed down slightly, but it is, just down a tad because it has been the best us earnings season for five years. the us futures index slipped on the news that donald trump has sacked james comey. the markets are down, but they are only down slightly. the

markets feeling settled after emmanuel macron‘s election victory and still the strong earning figures given investors a sense of settling. samira has the details on wall street. it was over two months ago when snap, the parent company to snapchat started trading on the new york stock exchange. 0n snapchat started trading on the new york stock exchange. on wednesday, they will be reporting earnings for they will be reporting earnings for the first time. now the company's first quarter revenue is expected to rise, helped by advertising on its messaging app, but competition for that pool of advertising dollars is quickly heating up. investors will want to hear how snap plans on getting more users and advertisers. now, also reporting on wednesday, 21 century fox. the company's cable news channel has seen a boost to reve nu es news channel has seen a boost to revenues as donald trump's victory in the us presidential elections has attracted more audiences. now with fox news facing a number of sexual harassment and discrimination lawsuits, investors will be looking out for any updates on that and the potential tie up between them and

the uk's sky. joining us is sue noffke, uk equities fund manager at schroders. how are you? i'm very well. good. apple busting through $800 billion market valuation. i mean, when is it going to stop? i don't know. we have seen very strong earnings and we've also seen re—ratings of tech and growth companies so far in 201 and that's a reversal from that trump trade that was so strong post the us presidential election in november last year. so quite a change in mix of what's driving markets forward. it is back to facebook, apple, google, all the big tech names and really the rest of the us market struggling to keep pace, but because those five stocks are so big, it's really powered the overall headline

indexes. i think the earnings story is broader thanjust indexes. i think the earnings story is broader than just the indexes. i think the earnings story is broader thanjust the us. so we have seen strong earnings and also in europe where there is perhaps more of a cyclical mix so its financials, it's oils, as much as technology companies and that's also been powering the markets internationally. now, one of the big stories out of the us was the sacking of the fbi directorjames comey, we think it will have an impact on the markets when they open. it is affecting the futures markets. it has led to some sell-off in the futures, but it's important to remember that we are at elevated levels for markets. volatility index, the fear gauge of the vic index. is it the unpredictability of this president? you mightjust see the focus shift away from good earnings, the fed under control, all the labour stats being pretty

supportive for growth, go back to some sort of risk analysis and politics taking over. all right. sue will return later the she might even reveal her most memorable tour which is our question for you today. still to come: the inside track on the music business with a veteran of the industry. later in the programme we'll speak to chris wright, the man responsible for signing spandau ballet and blondie. you're with business live from bbc news. barclays is holding its annual general meeting today, amid a backdrop of trouble and controversy around its chief executive, jes staley. last month, it was revealed that he had attempted to find out the identity of a whistleblower in the company. he apologised and referred himself to the regulator. today will be the first time that mr staley has publicly faced shareholders since then and there's increasing pressure on shareholders not

to re—elect him as the boss. our business editor simon jack, joins us from the newsroom. simon, i don't know if you're going, but i'd like to be a fly on the wall? i think it will be an interesting one. it is no exaggeration to say thatjes staley is in exaggeration to say thatjes staley isina exaggeration to say thatjes staley is in a fight for his professional life. the most serious strike against him was that he tried to uncover the identity of a whistle—blower. he hired an old friend from jp morgan days. someone sent a letter to the board members questioning the personal conduct of the person who was hired and the relationship with jes the person who was hired and the relationship withjes staley. he said it was an honest mistake and he looked into it. hr said it wasn't a whistle—blowing incident. he thought he licence to track down the person who sent it. he was wrong and this has been referred to the financial conduct authority. those are sub

divisions of the bank of england. some shareholders think he might be infora rough some shareholders think he might be in for a rough ride with them. there is no rules about how senior managers are supposed to behave and these question marks about his judgment and his temperament are going to be taken very seriously. now, as far as shareholders go, if it was just down to them, i think that he would be safe. generally he's popular with shareholders. he turned the bank around. he restructured. they like what he has been doing, but as i say, it won't necessarily be down to them if he loses the confidence of the bank of england as we saw with his american predecessor, bob diamond, the bank of england can see off any chief executive. we know that too well. on the business live page there will be updates about how the agm goes at ba rclays updates about how the agm goes at barclays bank. updates about how the agm goes at ba rclays bank. there updates about how the agm goes at barclays bank. there is other stories including snap judgment. snap's first earnings will be posted

today. it will be watched closely by investors to see how the latest tech u psta rt investors to see how the latest tech upstart is doing on the markets. indeed, the first since they floated. a top story, the world's biggest car manufacturer toyota have just posted results. they bit of a mixed bag. it all came out after the trading day ended in tokyo. we will see how toyota shares go tomorrow. for many of us, our next guest has been responsible for the soundtrack of the ‘70s and ‘80s, signing acts like blondie, spandau ballet and sinead 0 connor. chris wright created independent label chrysalis almost 50 years ago, sold it to a big industry player and is now back at the helm as chrysalis is re—born as an independent. he co—founded chrysalis in 1968 with terry ellis in a student basement flat.

in 1991, chrysalis was sold to emi. he then set up a radio and tv business, which included heart and galaxy stations, and diversified into television — making midsomer murders and covering formula 1. now nearly 50 years after his first signing, chris is back in charge after the acquisition of chrysalis music by blue raincoat music. so much to talk about. he is with us in the studio. welcome to business live, chris. good morning. such a shame we only have three or four minutes. but you decided to come back as chairman of chrysalis was it last year? do you mind me mentioning your age? last year? do you mind me mentioning yourage? 71. last year? do you mind me mentioning your age? 71.72, last year? do you mind me mentioning your age? 71. 72, sorry! when you decided you would go into a nice semiretirement. why did you come back? i never fully retired, i was just unemployed. fair enough, but

was it an offer you couldn't resist? yes, it was put together byjeremy hill used to work with me at chrysalis and robin miller, and the opportunity was there and absolutely why not? it is not very often you get the opportunity to buy back a company that you formed tom had 30 yea rs, company that you formed tom had 30 years, and sold 20 years ago. you have been working in the music industry since the 60s, when you we re industry since the 60s, when you were entertainment officer that the stu d e nts were entertainment officer that the students union at manchester united. how has the music industry changed, from the heady days when you are making or your money through selling albums and singles, then you have digital. how has it changed? albums and singles, then you have digital. how has it changed7m albums and singles, then you have digital. how has it changed? it has changed so much, it is hard to even remember the days you started. it was almost the days of 78 rpm signals before 45s. and i am talking a language that most people today would have no concept of what it was really like. the big change is that we used to sell records. you know,

they were things you put on a turntable and played, and they morphed into both tapes and cds. and now the whole thing has morphed into the fact that you listen to what you wa nt to the fact that you listen to what you want to listen to buyjust streaming it. do you think something has been lost? was it more fun back then, wasn't more about the music and less about the money and volume?” wasn't more about the music and less about the money and volume? i think that applies to a lot of industries, it was more about the products, and now it is so sophisticated, it is more about the bottom line. but, yes, and also in those days, music was like everything to people. if you were a young kid, the only thing that mattered in your life was having the new record by whoever it was that you were particularly in love with. but if you are a young kid today, you want to be on the x factor or something like that, today's stars are found like that, as opposed to you discovering

blondie? the x factor artist are different kind of people, 0k, one or two come good, and you can't knock the success one direction have had for example, but most of them you haven't heard of a year or two later. but none of them are people that write their own songs. you know, they are not like the beatles or the rolling stones or bob dylan or the rolling stones or bob dylan or paul simon. they wouldn't get on the x factor, because they wouldn't be allowed to sing the songs that they are writing. so they are not really developing careers. but they are entertaining the masses. and thatis are entertaining the masses. and that is part of the equation. they are churning it out. you are back in charge now, what do you want to achieve? the first thing we are doing is trying to re—evaluate the catalogue. we bought most of the old records back, not all, because it is quite complicated, but a lot of it. we need to just make sure we reinvigorate that, and get the names of the artists back in the public‘s mines. there are a lot of people

there that people are still interested in, catalogues of old artists are all very well now, and streaming makes it so much easier. because if you want to buy a record that came out say 110 years ago, you might not get it in a record store easily, you can get everything on the streaming sites, and you listen to it. then you have no delivery charges, no manufacturing costs. it isa charges, no manufacturing costs. it is a different kind of industry now. we have got to get you to clarify the situation with mr david bowie, because it is reported often that you guys listened, and thought no, one—hit wonder, but that apparently is fake news. it is, in a way. he was a bit of a one—hit wonder, because he had had a very big hit with space oddity and then disappeared off the scene. we signed him asa disappeared off the scene. we signed him as a songwriter to our burgeoning music publishing company. he made a record, which was the hunky—dory album, which was a brilliant album. my ex—partner, which to his credit was

fundamentally responsible for signing blondie, did listen to the david bowie hunky—dory album, didn't like it. i happen to be in the states of the time, he said i have heard the bowie album, no good, we are not signing it, i said ok. heard the bowie album, no good, we are not signing it, isaid ok. i came back to the states and listen to it, and thought big mistake, terry, and was. we did have him sign to us as a songwriter, so it wasn't like we were totally not involved in his career, because we were. thank you so much coming in. show me couldn't talk to you more. chris, come back and we will get half an hour out of here. i would love to. lovely to meet you. eurostar, the train operator that run services between london, paris and brussels, has reported its first quarterly results. sales were up 15% year—on—year powered by strong performance in business travel and overseas markets. i spoke to the boss earlier, this is what he had to say. we are very pleased with the quarter. we have a strong uk business market, which came back, which is very good news, and also we

will release a prized by the strength of the north american market. loads of americans coming to europe to visit, taking advantage of the weak pound and a weak euro by historical standards, so they have really powered the growth of the first quarter. we are really pleased. i think a lot of businesses, they see the political risk diminishing, so there is a real appetite to do more business. some businesses are looking also, because of brexit, 0k, shall we set up a new subsidiary in france? emmanuel macron had a very good share of the votes. he has been very up front about what he wanted to do. if he gets a majority at the parliament, he will get a mandate to implement the change, which may be in previous times, it came without that clear warning, i would say, warning sign on it. so i am optimistic. i think

he knows how to handle difficult situations, so i am very optimistic. nicholas petkovic, the boss of eurostar. we are asking you this morning, what memorable tours have you been, because sue has returned to talk to us because sue has returned to talk to us about these stories in the papers today. the new york times has offered a £4600 brexit means brexit tour of london. would you pay that? it seems a bit steep. six days, and it is all in london, but i think what it does do is bring together a package of people. so it is notjust wondering around, following someone with an amber alert. you get the whole thing. do you meet the person whole thing. do you meet the person who coined brexit means brexit, prime minister theresa may? who coined brexit means brexit, prime minister theresa may7m doesn't say that in the itinerary, but you get to go into a pub frequented by mps, so maybe she will

drop in. you could do that for free, though, couldn't you ? drop in. you could do that for free, though, couldn't you? racheland drop in. you could do that for free, though, couldn't you? rachel and i are thinking of coming up with an alternative tour. £3000 may be. we will undercut them. tell us what you think. what is your most memorable tour? on a corporate level, it has tour? on a corporate level, it has to be flying up to barrow in furness, and seeing these enormous nuclear submarines being built, standing on the gantry. it was incredible. just to see the state of manufacturing. it was wonderful. are used to take tours, as a summer camp leader, i would take small children and dress them up in boiler suits, ha rd hats and dress them up in boiler suits, hard hats and light and we would go through the marble arch caves. i loved the pin—up of the store in london, wine tasting engine tasting. do you remember it? i remember most of it. what else is in the papers question that we must mention kenneth, the temples in and around tokyo and kyoto, he says. sounds nice. another story in the times,

finance merger leaves 800 without jobs. gas, so this is an interesting one. when the merger was announced earlier in the year, so this is aberdeen and standard life, so two big financialfirms, aberdeen and standard life, so two big financial firms, dominated aberdeen and standard life, so two big financialfirms, dominated in scotland. when the merger was announced, it was quite controversial, because you have both heads still being part of the ongoing group, and made play down the impact the job losses. this 800 job losses now leaking out could be as much as one in ten staff over three years. so that is really very significant. a large nub of people, and it is quite politicised because it is scotland. —— a large number of people. that is it from business live today, we will be back tomorrow. see you soon. hello once again. there was a pretty

chill start to the day across a good pa rt chill start to the day across a good part of england and wales, a little bit of mist and fog around, captured by one of our early rising weather watchers, but it was a glorious start the day here in dorset, and widely across the british isles, save for the very fast now. too close to a weather front, a lot of clout in the skies, bits and pieces of rain. it will be a remarkably from day for some. no longer that onshore north—easterly cold wind getting in a crossing and wales either. it is not all hearts and flowers a nd either. it is not all hearts and flowers and sunshine because there is that weather front across the north of the mainland. but in the northern ireland and across the greater part of england and wales, variable amounts of cloud but nowhere near the great sheets we have seen of late. there will be sunshine pretty much everywhere at sometime or other during the course

of the day, and somebody see 20 degrees. temperatures well into the teens but they fall away quite smartly during the course of the night. and early dip in the south and we may well see a touch of frost again but perhaps not as widespread as the past night. then after that early dip in the south, temperatures recovering because this great banner of cloud will work its way in across the southern counties of both england and wales. it is tied in with a weather front but not a particularly potent feature and you will see that the rain is light and patchy. there will be the odd moderate burst in there but if you are so very desperate the rain, as many are across the british isles at the moment, this may not be the feature to do it for you but hang on in there. 18, 19, 20 and a humid feel, something fresher for the greater part of northern england, scotla nd greater part of northern england, scotland and northern ireland. through the evening and into friday, it is this renewed pulse of energy coming in across the channel and into the southern counties that offers the prospect of the first meaningful rain in a long time.

there could well be thunderstorms, given the humidity and that supply of moisture. given the course of friday into saturday, will find this great banner of cloud and heavy rain working further northwards across the british isles. following on behind quite humid. the weekend, breezy with some warmth, there will be some showers but the odd sunny speu be some showers but the odd sunny spell too. enjoy it, if you can. hello. it's wednesday. it's 9am. i'm victoria derbyshire. welcome to the programme. you're fired. the president of the united states of america has fired the man who's meant to be overseeing an investigation into him. claims it's part of a cover—up have been rejected by the trump camp. it's nothing to do with russia. it's everything to do with whether the current fbi director has the president's confidence. much more on the story throughout the programme. also this morning, prosecutors are expected to announce this morning whether conservative politicians or officials will face criminal charges over alleged electoral expenses fraud. we'll bring you that announcement as soon as it happens.

and a theme park where an 11—year—old girl died after falling from a water ride is to remain closed today as "a mark of respect". it