this is business live from bbc news with rachel home and sally bundock. the social media giant facebook loses nearly $40 billion in market value as it launches a review into the data—mining firm cambridge analytica. live from london, that's our top story on tuesday 20th march. shares in facebook suffer their biggest one day fall since 2014! will the cambridge analytica story force the social media giant to rethink its lucrative data policy? also in the programme.... uber suspends all tests of its autonomous cars after a woman in arizona was killed in a collision — we'll take a look at what's next for driverless technology. the markets were down yesterday, europe is back in the green today.

we will tell you why. as shoppers continue to desert the high street we will speak to the boss of a clothing retailer hoping to benefit from the boom in online sales. as always, we want to hear your thoughts on any of the stories on today's programme. data—sharing, driverless cars... online retail. get in touch. just use the hashtag #bbcbizlive. hello and welcome to business live. shares in facebook slumped as the social media giant faced more questions from us and uk politicians about its privacy rules. there are calls for boss mark zuckerberg to explain how cambridge analytica acquired and used facebook users‘ information. the british firm is accused of using the personal data of 50 million facebook members to influence the us presidential election in 2016. although facebook has denied any wrongdoing, investors are concerned — facebook shares closed down almost 7% lower, wiping almost $37 billion off

the social network's market value. in the uk, the information commissioner elizabeth denham is seeking a warrant to look at the computers used by cambridge analytica. the data firm denies any wrongdoing and insists it followed the correct procedures, but nonetheless it was suspended from facebook last week. the bbc‘s emily maitlis spoke to cambridge analytica's chief executive on newsnight. she asked him whether he thought his firm had influenced the outcome of the brexit vote or us presidential election. well, of the brexit bowled... in the trump victory we were involved in the trump campaign, as i made clear for very many months now. we managed everything from research, to date, to analytics, to all the digital marketing and the television marketing and the television marketing undertaken. so we had a role that was called to some of the

functions delivered to the campaign. and do you feel you have skewed democracy by playing a part in that? by democracy by playing a part in that? by providing campaign services to a candidate who had been fairly nominated as the republican representative of the united states? how is that possible? so you think that hillary clinton is allowed to have a that hillary clinton is allowed to havea campaign that hillary clinton is allowed to have a campaign team and donald trump isn't?! that is the chief executive of cambridge analytica speaking to the bbc. with me is jane sydenham, investment director at rathbone investment management. good to see you, jane. give us your ta ke good to see you, jane. give us your take on the reaction on the markets, facebook shares down quite a bit, no big surprise given the story? not at all. i think this has been the worries investors have had for some time, at some point there are likely to be some constraints and regulation about the kind of information and the access that some of these companies have to

individuals' personal information. we are starting to see, obviously, in europe, the introduction of gdp, a european directive all about restricting access to personal information. this is a growing worry which may start to affect these companies and unconstrained access, not just facebook. alphabets, companies and unconstrained access, notjust facebook. alphabets, google etc, they all have access. this is a wider concern for the whole industry who may have had a feeling they could use all this information as a real way to make money and it is looking like that could no longer be option? i think that is right. it is very easy to forget how quickly these companies have grown and become such an essential part of our lives and there has not been much thought about whether or not it is right for them to have so much access to so much information. i feel that is about to change. as you say, the european directive which comes in in may, many

businesses are trying to get their heads around this. there will be new legal requirements on them when it comes to the data they have about their are comes to the data they have about theirare and comes to the data they have about their are and what they do without. in terms of us going about our day—to—day business, we do not think about it that much, and yet these stories come about and we think, hang on, what is happening to information about me and where is it going? exactly right. we go on to all these different websites and do what we want to do and do not think about who else is gathering our data and what they might be doing. i think this will raise that awareness with the general public. i think the new legislation will raise that. everyone has been written to (inaudible) and how it will affect them, going forward. thank you for now, jane. (inaudible) we will touch on it later. let's take a look at some of the other stories making the news... taxi hailing company uber has suspended all tests of self—driving cars after a woman in arizona

was killed in a collision. she was crossing the road with a bicycle when she was struck by the vehicle — which was running in what they call autonomous mode, although there was an operator at the wheel. it is the first time a pedestrian has died in an accident involving a self—driving car. the company co—founded by the disgraced movie mogul harvey weinstein has filed for bankruptcy. the move is intended to facilitate a buy—out offer from a private equity firm. the firm also announced that any victims of, or witnesses to, mr weinstein‘s alleged sexual misconduct will be released from non—disclosure agreements. saudi arabia is scaling back its ambitions for a public offering for oil giant aramco, moving ahead with a listing next year solely on the saudi stock exchange. that's according to government officials. the decision has come in part because of concerns about legal risks and also because the need for a bigger listing has been negated by rising oil prices. let's look at how the markets were

faring overnight. shares in asia at the ever so slightly, the dow in new york was down, some investors concerned about the prospect of stiffer regulation for the tech sector after facebook came under fire about reports of improper access to user data. so lots of investors selling and taking profit on tech stocks. and don't forget new federal reserve chairmanjerome powell's kicks off his first policy meeting today. investors still split on whether we could see three or possibly four interest rate rises this year. europe was down yesterday but has opened up this morning. keep an eye on the ftse. uk inflation figures for february due out. at last measure it was 3% — today's reading is expected to fall slightly. we'll keep an eye on that. and joe miller has the details about what's ahead on wall street today. after stock markets made a bumpy

start to the week, investors might be looking for signs of stability on monday. it so, maybe fedex can offer one. the parcel delivery giant is widely expected to continue its strong run of earnings reports when it releases numbers for the first quarter. forecasts are for as much asa quarter. forecasts are for as much as a 15% quarter. forecasts are for as much asa15%jump quarter. forecasts are for as much as a 15%jump in profits compared to the same period last year. there have been worries that fedex will soon face a fierce competitor in the shape of amazon. the online bailey mes is planning to delivery network which would directly challenge the likes of fedex and ups is. fedex seems to be readying for the fight. i meant it announced a new investment to build a customer return service for merchants using its network. chinese president xijinping has given the closing speech at the national people's congress, saying china's development was at a critical stage and the country could not be complacent. china is still the world's

second largest economy, but it's suffered a slowdown in recent years. beijing is worried that businesses are taking on unnecessary risks. last month, the government took control of the fast—growing chinese insurance group anbang over fears about its financial health. meanwhile, china faces other threats — us president donald trump has called for a better trade deal with china, and announced a 25% tariff on imports of steel and a 10% tariff on aluminium. with me isjinny yan, chief china economist at icbc standard bank. nice to see you again. i know you listened to the speeches today, it was not just listened to the speeches today, it was notjust president xi but also the premier, they both are quite interesting things to say. give us your take? i think it was very revealing. first of all, with a new set of ministers in place already announced over the weekend, the

speeches really unveiled what china is focusing on going forward. for me, what is really interesting is the fact that the focus is not just on how china is going to steady and grow its economy, it is very much shifted on reining in the risks and also how to deal with international relations. i think as you see from the key ministerial posts announced, it is very interesting to see that these people are exactly that in place to deal with the challenges facing china. the comments were very much in opposition to the noises we have heard from united states, china talking about opening its economy. how easy is it for international businesses to take access of the open economy? i think china has been trying to open its economy and business sector to lots of industries, particularly the service industry. this is what china needs,

it needs education, health care, pension systems. for me, one of the most interesting things is that as chinese companies have opened up internationally, more and more experience in terms of her domestic companies are opening abroad has given china some insight into how china needs to open up to international companies. when you say china is more open and interested in the services sector, what about the area when it has strengths and does not really want competition like technology. 0ver the years, companies like microsoft, apple and google have struggled to feel they have a level playing field in china. will that change? it's maybot it is all about competition, all about letting the markets work at its best —— it may, but it is all about competition. chinese companies are rising but that is because perhaps they understand consumers, very much so in china. that is not to say international companies don't, but i think clearly for chinese companies they can navigate

to the market much better than international communities. thank you for your time and analysis, jinny yan. some breaking news about sarkozy, the former french president, nicolas sa rkozy. the former french president, nicolas sarkozy. he is being held in police custody today for questioning by magistrates looking at allegations of libyan funding for the 2007 election campaign, that is according to an official in the french judiciary. a lawyerfor to an official in the french judiciary. a lawyer for nicolas sarkozy could not be reached immediately for comments. former french president nicolas sarkozy held in police custody over allegations of libyan funding for his 2007 election campaign. more during the day on bbc news. still to come... taking on the fashion giants! we'll speak to the boss of one online clothing retailer hoping to take market share away from the likes of asos and zara. consumers could see prices fall by up to 1.2% if britain

were to abolish all tariffs after brexit, that's according to a new report out today by the institute for fiscal studies. joining me now is simon french, chief economist, panmure gordon & co. thank you forjoining us on the programme. they are saying that prices could fall if tariffs are abolished, but on the flip side other costs could wipe out any savings? you are absolutely right, rachel. in your introduction to the programme you mentioned we get the inflation data at 9:30am, it will suggest prices are going up much faster than the benefits identified in the ifs research. i.2% faster than the benefits identified in the ifs research. 1.2% is the maximum amount consumer prices might come down if the uk uses its freedoms outside the customs union to reduce tariffs third—party countries. we have already seen at 296 countries. we have already seen at 2% increase in consumer prices since

the referendum, so definitely a two—handed answer to your question. if we were to reduce all of the tariffs, some are used to protect uk industries? look at the story dominating markets in the last few weeks, the steel and aluminium ta riffs weeks, the steel and aluminium tariffs suggested by the trump administration to protect us industry. bring that back to the uk and large parts of the uk manufacturing base in particular have a tariff system to third—party countries enabling their industry to remain competitive. clearly if the uk chooses a path of unilaterally reduce its own tariffs, that will be quite difficult for those companies to remain competitive. in the meantime, should i ask you, what is the feeling among your clients and colleagues about the so—called brexit breakthrough agreed yesterday, the transition arrangement? do you feel people are feeling more confident about the near future, feeling more confident about the

nearfuture, ie feeling more confident about the near future, ie business feeling more confident about the nearfuture, ie business leaders? actually, i do. there were some decent upsides in the transition agreement, albeit that we will have to wait until probably the third quarter of this year before it is all agreed. there is the overhang of the northern ireland question. from an investor ‘s perspective, a bit more certainty, the reduction of a risk of a cliff edge on march 2019 which is extended to december 2020 and also the right for eu nationals in the uk remaining unchanged during transition is important for employers communicating to their workers. thank you. you're watching business live. our top story... shares in facebook slumped as the social media giant faced more questions from us and uk politicians about its privacy rules. there are calls for boss mark zuckerberg to explain how cambridge analytica acquired and used facebook users' information. both companies deny any wrongdoing. when it comes to shopping, the rise of online retailing

seems to know no bounds. that's especially when it comes to online luxury fashion for women. according to one study, the global market will grow to around $12 billion this year. in fact, online sales are predicted to make up around 18% of luxury sales for women in the us and uk. the online world is becoming increasingly attractive to upmarket e—tailers — like the founders of online fashion retailer baukjen. since being launched in 2012, it's seen growth skyrocket. i spoke to the ceo, geoff van sonsbeeck, and he explained why he started the company. we started 15 years ago. it's a very family run business. i do it with my wife who is called baukjen, very confusing. 15 years ago, we launched a brand called isabella oliver and six years ago we launched a womenswear brand called baukjen. what was your inspiration for your company? it was really the belief that modern life is changing quickly, the modern woman is much busier than ever, and we felt that we could design a brand

and a collection that she could rely on and could trust as a good friend to help her to curate a collection that you can mix and match, could reuse a wardrobe she already has and to always be on trend and very efficient and versatile. and we believe that there was a need for an affordable contemporary premium brand. there was definitely... there are plenty of contemporary premium brands, but we felt there was a gap in the market for affordable contemporary premium brands. there was a great advantage that we have been e—tailors from the start, from the go get. it means that we have a different cost structure and we can allow to have more of these gains, to be feeding it back to the product itself and invest in the quality

of the product. there are many ways to go. we could of course compromise on the quality and we do not want that and we could of course produce predominantly in the far east and we do not want that either. so we produce particularly in portugal and we do that notjust because the mile per garment is more sustainable, which is important to us, but also, it allows us to order a relatively small quantity and get back into the products very quickly and in doing so, we carry less risk of having the wrong stock in the wrong place at any time, which is a typical problem in the fashion industry, which drives the cost up and the consumer will feel it. and we're not having it, we can pass that gain onto the customer. so far, you are not a bricks and mortar seller, you are entirely online. why have you made that decision? well, that remains to be the question, if you like. 0ur heritage is in e—commerce. when we launched our first brand, we were the first fashion vertical in the uk and we have always believed in that, that there is a way to reach the customer via digital and now digital is everywhere and i increasingly believe the customer will want also in a real bricks and mortar sense. we are being approached by department stores, uk mostly, but international as well, and we are very excited about going into concessions,

so that is what we are exploring now, to add concessions, thejohn lewises of the world, to add that to our current e—commerce infrastructure. give me a global perspective of the company? you are based in the uk, you do some manufacturing in portugal. what countries are you involved in? we largely produce in portugal. the whole business itself is in the uk. kentish town, we have about 60 people, about 15 nationalities, and we have a warehouse in luton of about 20 people, so the whole infrastructure is in the uk, but we import everything straight to our warehouse and then we ship all our global orders from luton directly to the consumer. in terms of size, about a third of our business is international and two thirds uk. that was the ceo of baukjen. we

mentioned earlier uber has suspended all its self driving cars. a woman has been killed. this report from san francisco. it was late sunday night when according to the police and lane was struck by uber cosmos driving car, the 49—year—old was crossing the road but not using the pedestrian zone, there was a driver behind the wheel, but uber said the vehicle was in full autonomous mode. she was taken to hospital but died from her injuries. taking to twitter, the chief executive of uber said the news from arizona was incredibly sad, we are thinking of the victim's family as we work with local law enforcement to understand what happened. as part of its licensing agreement, it must keep detailed logs. although she is the first pedestrian to be killed by an autonomous vehicle, her death comes

autonomous vehicle, her death comes a year after uber temporarily took it self driving cars off the road following an accident that left a volvo on its side in arizona. the programme was later reinstated. there are so many motor vehicle deaths in the us and generally every year and the ultimate goal of self driving cars is to eliminate those entirely. but these are complex systems that are just starting to navigate the roads. arizona has positioned itself as a testing ground for the new technology but incidents like this will no doubt concerning those who do not believe the systems are yet safe enough to be on the roads. many of you have been in touch. we have been asking for your views on what happened and how you feel about self driving vehicles, if it has changed your opinion. they tweet from jack, a developing technology, i see it as good for people like me who would physically struggle to drive, but driverless cars will

happen, a long way off. and another saying, wait to see what caused the accident. to date all accidents involving self driving cars have been human error. 1.2 million people are killed on the road globally every year, i would imagine it is possibly more than that... in incidents involving humans behind the wheels. he is saying, it gives us some the wheels. he is saying, it gives us some perspective. we promised jane would return, discussing all of this. it is an interesting time because we have talked about facebook, concerns about that, a real flurry out of technology stocks yesterday. it is another question mark over the development of d riverless mark over the development of driverless technology and probably a delay. longer before these cars are out on the road and making a difference to our lives. it is technology that is coming, no doubt it will happen, but it is clearly

sadly... it will mean there will be a delay. there is a price quite often with lots of things like this. when i think of what virgin galactic experienced when they were saying... testing technology, it is not known, very tricky. this report in the san francisco chronicle saying the police chief says that there was no fault by uber. the preliminary investigation, they mention it was travelling at 38 mph in the 35 mph zone. it is difficult to know whether or not the accident would be avoidable anyway. this is exactly why all the testing needs to go on. very sad consequence this time. this story in the financial times newspaper today, one in seven eu companies are moving supply chains out of the uk, we were talking

earlier and also yesterday about this so—called brexit breakthrough, the transition arrangement agreed by david davis and michel barnier on monday, it is interesting how companies have been busy sorting themselves out, making plans regardless? many have to just because it takes them a long time to reorganise their business. we only have a year, really, until we leave. in some cases, it simply is not long enough, companies have ready had to make the decisions and start to put plans in place, it is all about time. in the article, head of policy and trade saying the point of no return for many companies to get ready for brexit has already poor tee past. yes, that is what we are hearing from our clients —— it has already passed. there will be others who will now say, yes, we have a bit longer, we can wait to see how it works. interesting to see the response with sterling with regards to that yesterday, talk us through that. any sense that there was a

little bit more certainty, markets will welcome it. what is interesting as it is the uncertainty that is more damaging for markets than the final outcome. in some ways, even if it isa final outcome. in some ways, even if it is a hard brexit, as long as we know it is a certainty, markets. to respond. —— markets will start to respond. just a reminder, judicial sources saying the former french president nicolas sarkozy has been taken into police custody to answer allegations about illegal funding of his presidential campaign in 2007, more on this throughout the day here on bbc news. that is business live, thank you for your company, we will see you again tomorrow. today of course is the spring

equinox. we have had cold weather over the last few days, but this week it might start to feel like spring, temperatures recovering slightly. not as cold today and good spells of sunshine. the satellite picture this morning, the clear spells across scotland and northern ireland, a bit more cloud in the north sea in towards eastern areas of england and here this morning some outbreaks of rain. late morning, early afternoon, the raining eastern areas clearing away, cloud shifting west, brighter skies eventually in the south—east. sunshine continuing in scotland, northern ireland, northern and western areas of england and wales. maximum temperature is up to six to 9 degrees, and with light winds, not feeling too bad. 0vernight, the cloud over eastern areas moving further south, clearing, cloud over eastern areas moving furthersouth, clearing, but with more cloud moving into northern and

western areas, temperatures here staying above freezing, but for many parts of the uk, a cold night and frost, particularly harsh in central and southern parts. high—pressure dominating for many but we will see this area of cloud and rain associated with the weather front moving in, and the cloud will stream further south—east in the course of the day and there will be rain affecting western scotland, northern ireland, showers into north—west england perhaps and drifting further east across scotland with most of england and wales, dry, maximum temperatures up to 11 degrees, a little bit less cold. thursday, look at the oranges, milder air continuing to come up from the south—west, so for thursday, milder still, temperatures up to double figures across most areas, 11, 12 at best. some rain moving into western

scotland, northern ireland once again, with most areas on thursday, and another dry day with brighter and another dry day with brighter and sunny spells. temperatures about 12, 13. the week ahead, turning milder, peaking around thursday, friday, mostly dry and bright, there will be rain, mainly in northern and western parts of the uk, more details of course for your location on the website.