the article claims the dollar has endured it's worst run in six years. the financial times is leading with the fallout of brexit on banks. it follows the most detailed assessment on the sector by consulting firm oliver wyman which estimates cost increases of 4% and a 30%jump in bank's capital needs. the guardian also reports that wholesale banking could lose 40,000 jobs. spotify has reached 60 million paying customers as the pioneer of music streaming prepares for public listing this year. this article in the companies and markets of the financial times saying spotify has added more than 20 million paid subscribers in the last year. beijing is the smartest city in china according to a report on the cashless society released on monday. the article in the china daily also highlights that 84 percent of respondents surveyed were comfortable going out with only a mobile phone and no cash. that's the future.

with us is david buik, market strategist from gordon. good morning. the story that is dominating a lot of the papers, a lot of the websites, just as some of the papers were going to press. scaramucci, out the door. the papers were going to press. scaramucci, out the doorlj the papers were going to press. scaramucci, out the door. i was listening tojohn scaramucci, out the door. i was listening to john sopel, scaramucci, out the door. i was listening tojohn sopel, your correspondence, my jaw hit listening tojohn sopel, your correspondence, myjaw hit the ground. igot correspondence, myjaw hit the ground. i got the west wing, got martin sheen, you are history, into the garbage. i am kidding martin sheen, you are history, into the garbage. lam kidding but martin sheen, you are history, into the garbage. i am kidding but you could not dream this up. here we we re could not dream this up. here we were with sean spicer, an erratic

but interesting press baron dismissed from hisjob and then but interesting press baron dismissed from his job and then you get anthony scaramucci and his number two get anthony scaramucci and his numbertwo and get anthony scaramucci and his number two and youth lord wow,, and then this all full rant in the papers. enter stage left, general kelly, cannot believe that general trump has not —— president trump is not admonished him. he made his presence felt straightaway and audi goes. willjohn kelly, the new chief of staff, sort out the chaos in the white house? it seems to be going on and on. after the initial honeymoon period and it's been chaotic from day one. that is being kind. he is a disciplinarian and it made it clear to president trump, either the white house is run my way or i do not want the job. i was very —— impressed the

way last that sarah huckabee sanders took questions from about 50 journalists and blew them away and i think he will use her as the mouthpiece. she is tough. she is brilliant. you would have to beat. put that on her cv. absolutely. all this chaos is having an impact on the real world. the times business section reporting the dollar is having its worst run in six years. this is the fifth month running. the dollar is down. they are to meeting this to the chaos in the white house. i suppose president trump and his supporters might say, look at the markets. they are touching new highs. and i would say, what are they going to do with their money with interest rates on the floor?

this is hot the problem. these stock— market valuations are better because of the weight of money. the reason the dollar has fallen is because president trump has no relationship with congress and the idea he is going to get $1 trillion of infrastructure spending, hello, is anybody out there? has not happened. tax, he will get most of his tax cuts through. if you have a very bold and radical plan and you don't get anything through, everybody knows you've got to have a relationship with congress. the idea he has a majority in congress for 18 months is irrelevant if he can't get stuffed through. is a weaker dollar a bad thing? it's the least of his problems. he is not worried about it. he is saying, we have created a millionjobs. and in his own way, in a very erratic manner, life goes on.

this article speculates about what the fed might do next. what is your thoughts? the chairman of the federal reserve is in a quandary because she would like to keep on increasing rates very slowly during the course of the next couple of years. i think she is going to want the data to go with it and we have seen the data to go with it and we have seen some the data to go with it and we have seen some of the forecasts gdp comedown for the year in the united states, only 2.9%. it is on an u pwa rd states, only 2.9%. it is on an upward spiral but much slower than people think. interesting your opinion on this one, the financial times, the impact of brexit on the capital needs of banks, the costs and thejobs capital needs of banks, the costs and the jobs at risk. 0ne capital needs of banks, the costs and the jobs at risk. one of the biggest surveys ever. to the most brilliant newspapers, the financial times of the both excessively on the remaining team. you are very pro—

brexit. yes, i remaining team. you are very pro— brexit. yes, lam. it is remaining team. you are very pro— brexit. yes, i am. it is sensible to spell it out if there is a hard brexit. the general consensus is that because of the passport issues, if banks had to open up subsidiaries in europe, it is a costly affair so ican understand. in europe, it is a costly affair so i can understand. so you don't disagree? i think the numbers are historical because it's the worst possible picture but to dismiss it with the contempt it doesn't deserve is silly but it's like all these things, all we are hearing at the moment are the depths. if you don't do this, i am not talking to you. and you have 11% of your business with us and you think that's irrelevant? we are playing silly games at the moment. very sensible to point this out and the fact there isa to point this out and the fact there is a 30% to point this out and the fact there isa 30%jump to point this out and the fact there is a 30%jump in capital, every single bank has too, that is a problem. let us at -- letters have a

look at spotify. paid subscribers. this is the music streaming service it's interesting. it doesn't have the advertising revenue, shares issued at $17, it comes down. next week, when people have their hands untied. the question with spotify, will it be a storming success because it has 60 million paid users? 20 million more this year, $8.5 billion. it is not without some oomph, for want of a better expression. there is an appetite if there is an income stream and what worries me about spotify, it is the fixed cost, you pay £10 a month, thatis

fixed cost, you pay £10 a month, that is fine but you've got to add a few more bells and whistles so people pay a little bit more savvy investor can be encouraged to go in and get his toes wet. just saying, here you are, 60 million users now, 80 million next year, but the cost is still the same. you need more than that. they are not near saturation. they have three potential subscribers in the studio. and also don't forget, they may well bea and also don't forget, they may well be a takeover target. let us talk about beijing, a cashless society. the fact that everybody can do it, it is obviously grown substantially as “— it is obviously grown substantially as —— substantially as one of the great tech sector is going forward. the biggest problem china has got is death. the banks are frighteningly

ove rle nt death. the banks are frighteningly overlent against property. what a love about the chinese, but there is a problem, the government will paper it's over. they have the money to do that. when you have mobile plastic... you don't think you are spending? that is why they are keen for us to do it. you spend. we have seen for us to do it. you spend. we have seen it with mark carney and others, they are concerned about debt levels. 0n they are concerned about debt levels. on that note. a sad note. no, just a wise note, a cautionary tale. lovely to see you both. have a really good day indeed. don't spend too much. hello, good morning, and welcome to august. but, if you were hoping the new month would bring a new type of weather, well, actually, we're just going to continue with the sort of theme we had at the end ofjuly.

a mixture of sunshine and showers. the earlier satellite picture shows clumps of cloud circulating around an area of low pressure, and with that, we will continue to see some showers as we go through the day. some places starting off dry, particularly for northern scotland and towards the south and east of england, but for wales, certainly not starting off dry. in fact, here, through the first part of the morning, showers likely to gang up into a longer spell of rain. that then extending across merseyside, up into northern england and southern scotland, so could be a soggy start to the day in edinburgh and glasgow. brightening up for a time, though, in northern ireland, and the north of scotland actually getting off to a fairly decent 14 degrees there in inverness. and then, across parts of eastern england, east anglia, the east midlands, down into the south—east, here should be a fine start, good spells of sunshine, temperatures up at around 15 or 16 degrees at 8:00am in the morning. central, southern england in fine shape, and a lot of sunshine

across the south—west of england, too. but a few showers even at this early stage, and as we go on through the day, those showers will become quite widespread right across the map. some places will see more showers than others. some places could see shower after shower after shower, perhaps with hail and thunder. other places might well avoid the showers, and stay dry, that most likely down towards the south—east of england. here we'll see the highest temperatures, as well, 23 degrees in london. a much cooler, fresherfeel further north and west. now, as we go on through tuesday night and into the early hours of wednesday, most places will turn dry, with some clear spells. but then another change out west, this band of rainjust beginning to work into the south—west of england, the south—west of wales. with that, some strong and gusty winds. could see gales for a time across the far south—west, because this next area of low pressure will be pushing its way in from the west, with this frontal system bringing outbreaks of rain. tightly squeezed isobars, that shows that we'll have some

pretty strong and gusty winds. eastern areas will start off wednesday dry, and some parts of eastern scotland, eastern england will stay dry all day. but the rain migrating its way eastwards, and some of that could be heavy across southern parts of england later on wednesday afternoon. now, for thursday, we're back to where we started. again, it's a mixture of sunshine and showers. 0ur area of low pressure still with us, sitting across scotland at this stage. a fairly cool, fresh feel in blustery winds, and for the end of the week, you guessed it, again that mixture of sunshine and showers. fairly cool and fresh, particularly in the north—west. hello, this is breakfast, with charlie stayt and naga munchetty. ‘you're fired' — more upheaval at the white house, as yet another senior official is sacked. 0utspoken communications chief anthony scaramucci gets the axe, just 11 days after being appointed, after a foul—mouthed rant to reporters. good morning, it is

tuesday one august. also this morning: tackling terror online. the home secretary tells the world's biggest internet companies they must do more to fight the spread of extremism. we are asking them to work harder on this, to put more effort,