we spoke to ian cheshire. notays the risks are scaremongering. he says it is business reality. >> signs of nervousness. we have been looking at futures, down by a 10th of 1%. at the u.k.,oking you will be looking at governor carney speaking again today. minister that, prime david cameron. that is the focus in scotland. terms of how to trade these markets, if you think that is a reasonable benchmark, you would say the canadian dollar dropped by 1.6% when quebec went into voting. yields on the canadian bonds rose by 40 basis points. are we anywhere near those kinds of moves in the u.k. market? there is the leader of the pack in the news agenda. u.k. and ireland have the best performances in 10 years. that says it all. also the message telling us france is in better shape than it was. kingfisher is the top of that agenda. he delivers 15% return for shareholders. next generation is what the stock is moving on, bucking the overall equity trend. market inl equity italy is down by a 10th of 1%. the news is they have received a bid on the transport busin

course my kingfisher ceo ian cheshire speaking to manus cranny earlier.ll continue the conversation within the next hour. john swinney is joining us. we will talk a lot about the pound. in the meantime, we talk tech. microsoft is near a deal to acquire the parent company of the game, minecraft. matt campbell joins us now. this is a successful company. not microsoft. it makes money, but it is not -- in terms of the product they produce. why does microsoft want what looks like a lego game? >> this is a strange choice for microsoft. as you say, minecraft is very popular. it has very devoted fans. i think it would be pretty recognizable to someone who grew up playing video games in the 80's or 90's. nevertheless, people love it. it is very popular on the xbox. and microsoft has tons of cash offshore. minecraft is made by a company that is based in sweden. this is potentially a very productive use of that offshore know,hich for reasons we can't be profitably brought back. to invertis not going itself to sweden for this but it is an interesting addition. >> whe

. >> ian cheshire is never short of an opinion.e had some advice for mario draghi as well. >> that is where he is recognizing the divergences. we had george osborne yesterday tough in will stick terms of cutting the deficit, 25 billion pounds. they are managing to stimulate growth and purchases of houses with low borrowing costs. he wants to see more of that coming from the ecb. >> i think the ecb has to do more. at the moment, we are seeing anxiety, concern over deficit, and there is no offset. it is hard to see how you come back out of this. the combination of loose monetary and tough deficit. we have to see that across europe. added tor voice being the nudge nudge wink wink for quantitative easing coming for mario draghi. ian cheshire will be handing over the reins to the female head of capital armor in france. she will be taking to the helm of the kingfisher group. how were her voice -- how will her voice add to it? we'll be talking about disruption. these guys can talk the talk. it says something about mobile, online. mentione

we spoke to ian cheshire. notays the risks are scaremongering.ess reality. >> signs of nervousness. we have

e spoke exclusively with ian cheshire who sees major concerns in europe. particularly in france.a listen. >> the danger at the moment is that markets are flat lining. actually that creates a double effect. can't e the government address the deficit. they makes customers more worried and they think will there be more cuts? for the moment, french consumers say i have money in the bank but i don't want to spend it because i don't know what next year is going to be like. >> european business correspondent caroline hyde is standing by. over to you. > probably one of the most experienced out of the entire industry whenette comes to running department stores. from blooming dales. -- blooming dales. michael gould. we're talking at the moment about what you have to navigate. austerity. the move to online, to digital. what would you say is the main challenge for retailers? >> i always believed the greatest challenge was finding great people. i think the opportunities in the retail world and particularly in the united states and particularly department stores is unbelievable. it is unlimite