profits surge for the owner of british airwaves. that is the top story. —— british airways. iag profits are up by nearly a fifth, but investors were expecting more, shares have started in the red in early trade. also in the programme: the parent company behind snapchat saw over a billion dollars wiped off its market value when kyliejenner tweeted that she was "soo over" the app. can it recover? we'll get an expert view. mixed bag as markets open. following a busy week for the banks and mining giants, we'll be delving into the numbers with our economics guru andrew walker. following the news about snapchat

and kylie jenner, following the news about snapchat and kyliejenner, we want to know whether you are influenced by the influencers? get in touch using the hashtag bbcbizlive. international airlines group, which owns british airways, iberia, vueling and aer lingus, has posted a 19% rise in annual profit. the firm's been benifiting from a shake—up amongst european carriers and rising fares. its boss has been upbeat in what's been a turbulent period for airlines. last year, monarch became the third european carrier to collapse, following air berlin and alitalia's bankruptcy. it's one of the factors helping iag, along with improving fares after a spell which saw low fuel prices force airlines to flood the market with cheaper tickets. peter morris is chief economist at flight peter morris is chief economist at flight global and joins us now. what

is it that iag is doing so right right now? three elements, overall regulatory framework which is common, economic geography coverage of the region they are in and a flexibility of business model and what iag is doing very well at at the moment is that ability of business model across the whole spectrum of markets. do you mean from cheap right up to the luxury end of the market? leisure to business end of the market and also reflecting the demand in north—west europe and south—west europe as well. there are some gaps in that, they have some gaps they could fill in terms of the market? looking at central europe and eastern europe, the coverage connecting through london and madrid is quite weak. so i think that is something that was

indicated about their interests, for insta nce indicated about their interests, for instance in nicky, to fill the gaps. when we talk about iag we often think about british airways because it is the big lump within this body of companies but obviously, their main hub remains heathrow, discussion about a third runway, how important or otherwise is that for british airways in terms of looking to the future. they win either way, if there is constrained song capacity at heathrow, as the major player, they will be the ones who will benefit from it. if something is built, they do not want it to be priced at a level that will make them non—competitive. priced at a level that will make them non-competitive. they have benefited from the lull oil—price, with that price expected to rise over the next year, do you think it really will hit the bottom line? over the next year, do you think it really will hit the bottom line ?|j think they have benefited by having euro accounts in so far as the euro

against the dollar has appreciated, fuel has not gone up as much as expected. the question is, what fuel is going to do, and on the other hand, you want to be better than the other guy, you are running away from the gorilla, you want to make sure you are in front of the other guys! so it is competitive against the other players in the market. 1.3 billion dollars has been knocked off snap's stock market value after reality tv star kylie jenner tweeted that she no longer used its messaging app. kim kardashian‘s half—sister posted: "does anyone else not open snapchat anymore? or is itjust me...". royal bank of scotland is back in the black for the first time in a decade, the bank, still majority—owned by the uk taxpayer, made an annual profit ofjust over $1 billion, compared with the $9.7 billion loss the year before.

the troubled japanese firm takata has reached a settlement with 44 states in the us over claims it concealed dangerous defects in its exploding airbags. takata's airbags have been linked to more than a dozen deaths and over 100 injuries worldwide. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. —— 300 billion. the bbc‘s tim mcdonald has been following the story from singapore. this is a bit unusual, the company is in the hands of the chinese regulators who have taken it over and will hold onto it for a year, and there are former chairman has been charged with what is described as economic crimes. the overseas spending sprees are something that the chinese regulators are concerned

about, they say that foreign purchases, first violate insurance regulation and secondly severely impairthe regulation and secondly severely impair the ability of anbang insurance to pay back debts, they have a whopping 316 billion of assets, in addition to trophy assets, in addition to trophy assets, such as overseas insurers, hotels, retirement homes... it made a bid on star would, the hotel chain, and the chinese gottman is worried about the amount of money heading offshore. —— the chinese government. —— sta rwood. heading offshore. —— the chinese government. —— starwood. and worries about servicing the debt on the assets. authorities cracking down. other big names are subject to this, they have come in for closer scrutiny, we are likely to see quite a bit more of this going forward. looking at the markets, fluctuating widely, as investors have fretted about how fast the federal reserve,

the us central bank, might raise rates in the wake of data showing a pick—up in the us economy. so shares have rebounded somewhat as comments from a fed official seem to indicate a bit ofa from a fed official seem to indicate a bit of a slower approach. investors dipping their toes back into riskier assets. that has spilled over into europe as well. with the dax in frankfurt higher but the ftse 100 with the dax in frankfurt higher but the ftse100 has slipped. shares in rbs have been down around 4%, despite the bank announcing the first set of profits in a decade. and yogita limaye has the details about what's ahead on wall street today. more than ever, stock markets here are on fed watch, each signal from the famed at the races central bank about monetary policy development seems to be setting the course of the market. at least until the next signal appears, so friday could be another busy day. the fed will release its semiannual

report on monetary policy. —— each signalfrom the report on monetary policy. —— each signal from the fed. report on monetary policy. —— each signalfrom the fed. if the report contains a definitive answer to questions it will be something of a first, but it will not stop investors from poring over every last clue they can find. then, at a conference in new york, senior policymakers from the fed including the new york fred president, william dudley, will speak about how the fed is forming its response to the challenges of inflation and new government spending. joining us is richard hunter, head of markets at interactive investor. good to see you here, iwant interactive investor. good to see you here, i want to start on snapchat, cold snap for snapchat, big hits to the share price, pinning it on kyliejenne, lots of other possible reasons, the redesign has gone down terribly, ceo is earning more money than almost any other ceo

ever, there are quite a few reasons to vote against i and what we will to vote against it. and what we will see, going forward, it's a lot more focus on the big technology companies because whilst there is an element of companies trying to get income from other sources, who knows whether facebook will still be as popular as it is now in ten years' time. already rumours that potentially, it is going towards an older audience rather than a young audience. when you get fads and fashions like that, certainly, the share price reaction has probably given kyliejenne share price reaction has probably given kylie jenne more share price reaction has probably given kyliejenne more credence than perhaps that particular message... the day—to—day show that it was when her tweet came out that the stock really did start to plummet. —— the data does show. it seems investors are using algorithms much more, they picked up on tweets. yes, and the trend is changing, if that is the

thin end of the wedge, that particular message, then you can understand why there is a lot of caution and worry in terms of stock prices. talking about the markets here, it has been driven by kylie jenne, possibly, influencer, yes, but you might think, ok, influence over social behaviour, but this is over social behaviour, but this is over the hard nuts and bolts of business. yes it is, and that is going to continue, as i say, the interesting thing around social media in general, trends and fashions. as we have seen with president trump. another one, he moves markets on a daily basis, some of his tweets have been retracted but for the most part, clearly shooting from the hip and the market tends to react as well. kylie jenne and donald trump in the same sentence! still to come. following a busy week for the banks and mining giants, we'll be delving into the numbers with our economics

guru andrew walker. you're with business live from bbc news. banking giant rbs reports first full—year profit in 10 years, since being bailed out by taxpayers during financial crisis. last year, it made an annual profit of £752 million, compared with a £6.95 billion loss the year before. our economics editor kamal ahmed has been speaking to the chief executive of rbs, ross mcewan. first off, ten years of losses, this is symbolic, notjust for colleagues at work but also for the uk, who put at work but also for the uk, who put a lot of money into the bank. we have been restructuring, taking losses, finding a prophet like this, it shows how good this bank can be. not through all of the issues, we still have one very large one, but the fundamental value of the business is starting to show through

great brands, this year, the income was up, costs great brands, this year, the income was up, costs were great brands, this year, the income was up, costs were down, the capital position, important for the stability of the bank, has been up as well, pretty good set of results, lots of work to do. is it sustainable, we still see you have big fines ahead, had eagerly from america, because you of your involvement in the sub—prime mortgage crisis. is this a one off? i think the underlying profitability of the business was really good, adjusted operating profit was up 31%, it is over 4 billion now, that shows the underlying value of the business. one very large issue to deal with, mortgage—backed securities in the us for the department ofjustice, no news on that, we would like to have tidied that, we would like to have tidied that up in 2017 but that is not the case. it just shows that up in 2017 but that is not the case. itjust shows that that up in 2017 but that is not the case. it just shows that this that up in 2017 but that is not the case. itjust shows that this bank, having been brought back to the uk and the republic of ireland, that strategy is starting to work. do you

think the culture of banks has changed, we have had an incredibly critical report of you and how you have dealt with your business customers, the drg unit, as it was called, showing how you were still putting bankers first, your interests first, above your customers. can the public really trust that the culture in rbs has actually changed ? —— trust that the culture in rbs has actually changed? —— the grg unit. that report was hard reading for us, it did bring out the worst of the organisation between that time, and i believe that this organisation is changing dramatically, focusing heavily on customers, for example, in the personal business banking, there are no bonus is paid for any sales whatsoever, no bonuses, it is focus on customer, do the thing. —— do the right thing. you're watching business live. our top story:

international airlines group, which owns british airways, iberia, vueling and aer lingus, has posted a 19% rise in annual profit. the firm's been benifiting from a shake—up amongst european carriers and rising fares. it's been a busy week for corporate earnings. some of the world's biggest companies reported an interesting set of results including barclays and the mining giant glencore. let's get more on this with our economics correspondent andrew walker. starting with barclays bank, because it has been, really, there has been a backlash after profits were hit with a string of charges. indeed, they made an operating profit but they made an operating profit but they had a number of special things they had a number of special things they needed to make provisions for in their accounts. there was this familiar thing that we have with the banks of conduct problems from the past, particularly associated in the case of ba rclays past, particularly associated in the case of barclays bank with payment protection insurance. that accounted for more than half of a £1.2 billion amount they have to set aside in

their accounts. you also have to think about the investigation into the capital raising exercise they have with qatar. some of the senior chief executives have been charged with various offences associated with that. there has been a big provision barclays had to make for getting out of their africa operation. other british banks have got their own issues with conduct, rbs has made a full year profit, sighs of relief all round for that i suppose, but they still have to worry about what will happen to them in the united states in relation to the investigation into the selling of mortgage—backed securities, then there is the stuff we have been talking about on the bbc biz live twig about the way they have treated some of their small business customers. a varied picture from the banks. as for the miners of

the world, more promising for them? a more consistent picture, not to say there are not some issues there. we have had metal prices rising dramatically over the last two years and, surprise surprise, so have profits of mining companies and their share prices, just to take some striking examples in the case of anglo—american the share price has increased sixfold over that last period, glencore is up by something like four fold from early 2016, so inevitably they have been making profit as prices have risen but also doing a lot by way of selling off assets that have not been performing so well, and this improvement in their performance has enabled them to pay down their debt al—ite. one incidental point that came up from glencore's chief executive was talking about kobold in particular, not something we talk about very often but it is important for car

batteries and he sees this as very much something that is going to be in heavy demand in coming years as electric cars become a much bigger pa rt electric cars become a much bigger part of the transport world, and there is cobalt out there but one of there is cobalt out there but one of the challenging aspect of it is that a lot of it is in the democratic republic of congo, not an easy place for miners to work. briefly, bhp billington‘s share price fell after is results were out, prices seem to be rising across the industry? there are some issues with cost, bhp billington has particular concern about its us shale operations with it wants to sell so that has been a disappointment for investors, absolutely. another crypto currency on the horizon, am i overstating it? on the horizon is the right way of putting it. venezuela has been conducting what it calls a presale ofa conducting what it calls a presale of a new currency to be called the

petro, which it says is backed by its oil reserves. there is a lot of scepticism out there amongst professionals, some people are very sceptical about the figure of $700 million, they say they have raised by this, there is also the us sanctions issue. one of the appeals for the venezuelan is that it might bea for the venezuelan is that it might be a way of getting around sanctions, and the us treasury has warned us nationals getting involved might be exposing themselves to risk because they say it appears to be an extension of credit to the venezuelan government and americans are not supposed to do that. a very quick example, the sense of the scale of the economic crisis for venezuelan now... it is extraordinary, an imf official talking a few weeks ago that by the end of this year we could be looking ata end of this year we could be looking at a contraction in the venezuelan economy of 50% over the course of the last six years or thereabouts, and inflation could be heating a level of 13,000%. which is why a

crypto currency, many people say it isa crypto currency, many people say it is a great idea in such an economy? it is one of the appeals but i don't think it. the problems. it is linked to the natural resources and oil so that is a problem? it is one of the potential appeals but at the same time, how would you feel about your prospects of cashing in your bowels of venezuelan oil if it really came to it if you needed to? not an easy thing to do, lots of international companies have founded a hard place to work. andrew, thank you very much indeed. airbnb is moving to target wealthy travellers these days as it goes after the luxury end of the market. the accommodation site says it will offer a dedicated section for boutique hotels, bed and breakfasts, and unusual locations like tree houses and boats. do you think the philosophy of the

company has changed from budget travellers to people who are much more affluent? i think it was wrong to pigeonhole us as just budget. we have a strong value proposition and low price points but it was never our mission that that was all ever going to have. we actually have, for a long time, a set of contractors the true, a lot of homes have been removed, most of bones were not active on the site, though, so when you look at the number of guest in san francisco that has not been a dramatic change. but, in general, there is progress going forward, we

had 300 agreements with different government and we believe those, regardless of some of the nuanced compromises, have opened the door to long—term growth. airbnb is making the business pages. we have been looking through them today, richard has come back to discuss this, thank you very much. what do you make about this gear change, airbnb delhi after the wealthy customer? it is interesting, like it is reinventing its business model. you would have to question which hotels would be comfortable letting airbnb in, and just where airbnb can now progress from here because it is an absolute stepchange, an interesting one as well. an interesting remark, their fear was that the top and were not interested in airbnb at all yet, if iam interested in airbnb at all yet, if i am honest, the rare occasions i

have used airbnb, i have looked at matching the amount i paid for the hotel with something that is really rather nice in airbnb... you want something quirky as well, something more personal? there was a perception in the early days that this was almost for the backpackers, the really cheap end of the market. because it started with air beds, i interviewed the co—founder, he said he pumped up an air bed and put it in the spare room and thought, i can make a business out of it! so apart from the hotel business they are obviously looking to raise perception of themselves as a brand as well. i would say they have a good chance we have been acting about celebrities and inferences after seeing what kylie jenneker do to snap's share price. are you influenced by these mega— influences? we have got some tweets for you. i will start with the baron says, if, by celebrity, this is an

age thing i suspect, if by celebrity you mean stephen hawking or professor brian cox for example, then fine, yes but if you need a no mock reality star, then no. tim says, don't care. yoda says, who?! you have got a couple? one says, who is she, seriously? that might be another age thing! but ian says, snap is no different from myspace, once the initial hype dies, there was no new material. the next apple not provide paid promoters like the nextjenner clone. is this a problem with social media sites and crazy is that the younger generation willjust go onto the next big thing? absolutely, and there are two aspect, whether the site will fall out of fashion in due course, let alone the individuals

who are currently perhaps carrying a bit more weight than perhaps they need to be or should be. bit more weight than perhaps they need to be or should belj bit more weight than perhaps they need to be or should be. i want to move on to this story about taxes for tech companies which could include snap of course, this has gone from the us treasury, planning to possibly target companies like facebook, taxing revenue not profits, which is pretty significant? yes, it could be. these companies on doing anything wrong, the stories come up every month or so, there is nothing wrong with tax avoidance, evasion is another thing, but they are simply playing the current rules. the problem we've got is that the tax rules need changing and the even bigger problem is when you are talking across multi—jurisdictional, getting each country to synergise those tax regimes is the real challenge, and until that happens there will always be ways to avoid the tax in any given country.

as you say, just a proposal at this time. thank you very much, richard. and thank you forjoining us here on business live today. there will of course be much more business news throughout the day on the web page. goodbye for now. good morning, we have had a bit of frost around this morning, temperatures as low as —5, minus six celsius in rural areas of oxfordshire, but for today most of us, a dry one, lots of sunshine in the forecast once again, a few showers perhaps across parts of lincolnshire, east and north yorkshire into the afternoon. some cloud floating around but as you can see by the colour of the map in places, that is when you have got the sunshine breaking through the cloud. but it will be chillier than it was, four to six celsius. through this evening and denied there will still

be some cloud floating around but on the whole with clear skies it is going to turn cold pretty quickly and by the early part of saturday morning there's temperatures well below freezing. from the countryside, you will notice timbered is much lower than this, —5 to —7. timbered is much lower than this, —5 to -7. a timbered is much lower than this, —5 to —7. a cold and frosty start to the weekend, lots of sunshine through the weekend but it. to feel bitterly cold. you can see the south—easterly wind drag indian, lots of sunshine over the weekend, especially saturday. there's temperatures will feel colder than they appear in the wind. sunday is when we really start to pick up the cold air, we have been talking over the last few days, cold air from siberia tracking in towards the united kingdom, sunday will be the day when you notice a significant difference. again, lots of sunshine throughout the day, a bit of cloud

towards eastern scotland, but the south—easterly wind picking up the touch and these are the daytime maximums, one to three or four celsius, factor in the wind, strengthening, it will feel more like -1, -2, strengthening, it will feel more like —1, —2, maybe “i! strengthening, it will feel more like —1, —2, maybe “1! minus five degrees. and it will feel even colder through next week, a bitterly colder through next week, a bitterly cold ha rd frost, colder through next week, a bitterly cold hard frost, slow, and disruption is likely. a quick look at monday because again there will be some cloud, plenty of dry weather but we start to pick up some snow showers across eastern areas of england in particular, and those are the daytime temperatures, one to three degrees. again, with the wind, it will feel much colder than that suggest, that is the scenario we are going to see for much of next week. that is all from me, goodbye. hello it's friday, it's 9am, i'm tina daheley, welcome to the programme. when you get a prescription and you pick up the treatment you expect it's the right drug,

but too often it isn't and it's costing lives. new research suggests mistakes could be linked to up to 22,000 deaths in england. we are seeing four to five deaths every single day because of errors in prescription or dispensing or the monitoring of medications. and i'll be talking to the health secretaryjeremy hunt at 9.15am. from fighting fit, to fighting for his life, a mystery virus left former england footballer andy cole in need of a kidney transplant. his nephew alexander stepped in and saved his life by donating one of his. we'll hear their story here on the programme in the next hour. the number of people being