we've seen more than 12% drop in sainsbury shares in early trade this morning sainsbury fired back with a punchy statement saying that the fundamentally disagree with the regulator. what specifically about the cma's findings is so much more negative than the investment community was expecting? >> well, clearly, the methodology of the cma have used is dwight different than what they expected and it's also very different than what has been used on a booker and in publications it isn't just about full disposals. they argued even on-line it would have to sell a brand issues in fuel and convenience stores. >> there are limited chances of the deals we go through. we'll have to wait for the final ruling by the cma, which is the 30th of april. if it sticks closes to the current findings, we might try to go to board likely before christmas, but none of that looks like it's going to be a good deal for sainsbury in the short-term or any time soon. the deal is off completely at this moment. >> now, part of sainsbury's retort to the cma was that the regulator misunderstands how people shop in the u.

the big concerns about sainsbury's falling 19%. david: thank you.tay on the subject of sainsbury's in london. the stock is down 19%. that is antitrust angst. jennifer is here, is senior analyst for antitrust legislation. it looks like you could not get this deal through no matter what you do. >> technically, it is still open and the decision today was provisional and they're still opportunity, the competition markets authority in the u.k. set such a high bar for this deal in terms of what kind of remedy would resolve concerns, it does not look like there is something that could do it, instead it is more likely the companies will walk away or the deal will be blocked. david: would you tell your client, you better move onto the next one? >> at this point i would, because they have to divest in so many markets, they have to divest -- all the things that the cma laid out in terms of what they need in terms of a remedy is practically impossible, and the only potential buyer might have their own antitrust problems with buying these assets. david: this rem

both tesco and sainsbury said sorry, they've agreed to update their labelling around these products.e something is in their healthy section, even if it has a red traffic light symbol against it, for example if it has a relatively high level of fat, they say that will still have a lower level of fat than alternative products found within their stores. healthier, yes, healthy? that's a moot pound. adrian, thank you. you can hear more on this story on bbc radio 5 live investigates at 11am. three people have been injured in an explosion at a house in bristol. part of the property was destroyed in the incident, which happened yesterday evening. several roads were closed off and emergency services were at the scene but the cause is still unknown. pope francis will close a four—day conference at the vatican this morning, called to discuss sexual abuse in the roman catholic church. last night — speaking at a special service for some 200 bishops and cardinals taking part in the meeting — the pope said senior figures in the church had to be honest and confront the reality of abuse. bishops fro

in terms of the particular allegations we raised this morning tesco and sainsbury have said they willlling around these products, morrisons say something is in their healthy sections such as cheese for example, even if it has the red traffic light labelling showing high fat it will still have less fat than in other sections of the supermarket and they are standing by their healthier section claim. healthier, is the word there. that is the moot point. but if you want a bit more clarity and detail you can hear more on that story on five live investigates at 11am on that story on five live investigates at ”am this morning. votes are being counted in nigeria's closely fought presidential election. the electoral commission is deciding whether to allow voting to continue into a second day after logistical problems and violence meant some people have still not had the opportunity to cast their ballots. the vote is the biggest in african history. pope francis is preparing to close an unprecedented vatican summit — called to discuss sexual abuse in the catholic church. last night, he spoke of

authorities are pouring cold water on this merger between sainsbury and asda, owned by walmart.ow big a blow is this to walmart? it is a blow in the sense that they've had their struggles in the u.k. over the years. when you talk about the grocery business, you just got results from walmart yesterday, and in the u.s. the grocery business was doing just fine for them. it actually represents the bulk of their sales. it is something that brings people into the stores. they go and maybe they don't buy something other than groceries every time, but at least you have some built-in customer base that way. the challenge they now face in the u.k. is if this deal doesn't happen, what do they do with the business? that's got to be the concern here among investors. vonnie: southwest airlines mentioned the partial government shutdown. we haven't heard that in many earnings calls. it materially impacted revenue. can southwest bounce back? david: it is really a question of what the airline industry can do here. the concern is not unique to southwest come when you thing about tsa agents not com

a warning from the uk's competition watchdog, who say the mega supermarket merger between sainsbury anda could push up prices. european markets are looking like this. we'll look at what's moving those numbers and why. and we'll be getting the inside track on the lucrative hair industry. it's a highly competive market to break into, but we'll be speaking to a firm that's trying to weave its way into the industry. as a south korean firm launches a make—up range for 5—7—year—olds, we want to know — how young is too young? let us know — just use the hashtag #bbcbizlive. hello and welcome to business live. welcome to the programme. we start in south africa, where in a few hours from now, the finance minister tito mboweni will announce the country's budget for 2019. many will be hoping the budget can help reverse the nation's economic fortunes. in recent years, its economy has been overtaken by nigeria, becoming africa's largest. and there are many challenges ahead. the country's state utility firm eskom is currently $31 billion in debt and remains a major headache for the government. eskom i

this is a blow to sainsbury.er a disappointing third-quarter report, analysts have been saying they need the deal to be able to recover. they wanted to bring these businesses together. that looks more challenging. we will see if there are downside pressures. what about swedbank? >> the latest nordic bank to toe allegations it was used launder money. a swedish broadcaster saying it saw about 50 customers transferring money. for what it is worth, they are saying they don't recognize those figures coming out and preventing money laundering is the top priority. the swaging concerns from the market. >> the mining sector are, once again in vocus. a disappointing set of results. they missed expectations. , that hadtrading unit the lowest results since 2013. as possible investors may not react positively. there were some good points. buy backcontinuing to shares. overall, a mixed bag. something investors will mop like. like, buyback, they might i suppose. palladium at an all-time high. talke ceo, did prospects. commodity

this is really tanking sainsbury's share pricing and put in a sticky situation.re time on the stories in around two of the papers. i misted to find out if the things that are warning about, they are very things that are warning about, they are very real, very real ri5k5. we will bring it up again at 11:30 p:m.. hope to see you then. that's it for the papers tonight. don't forget you can see the front pages of the papers online on the bbc news website. it's all there for you seven days a week at bbc.co.uk/papers, and if you miss the programme any evening, you can watch it later on bbc iplayer. thank you, john kampfner and anna isaacs. we are back at 11:30pm with the next addition and i am back at the top of the hour. see you then. good evening. tropical weather in february. it does not sound quite right, does equipment but there is some tropical air on its way towards our shores. he did some tropical air on its way towards ourshores. he did not some tropical air on its way towards our shores. he did not look especially tropical on wednesday in southwest wales but

wrongdoing and said it would appeal that decision out in france and finally, you have uk grocer sainsburyar and away the biggest laggard in uk trading after the regulator expressed some concerns over the $9 billion takeover of walmart owned a-asda shares of sainsbury on pace for their worst trading day since november of 2007, carl i will send it back over to you. >> a lot of tough names in retail today let's get over to courtney reagan today and get a news update >> here's what's happening at this hour. california governor gracavin neo is promising a fight after the trump administration said it plans to cancel or claw back $3.5 billion awarded to the state's high-speed rail project. newsom called the move political retribution. >>> saudi crowned prince mohammad bin salman offering terrorism cooperation with india as tensions rise with pakistan over a suicide bombing in cash m kashmir. he and prime minister mody attending a signing. >>> and moroccan police protesting with teachers prthing low wages. they charged the protesters, beating several to the ground. the teachers came to the capita

this is the report. >> let me update you on sainsbury's. difficult to address the concerns they have around the deal. they will continue to make their case in the coming weeks and work to understand the rationale . the cma has said there could be some options including the sale of stores. this is bloomberg. ♪ >> good morning. europeanve from our headquarters. i am anna edwards. the cash trade is less than 30 minutes away. ♪ anna: devaluation conversation. washington said to ask beijing to stabilize -- guaranteeing a stable yuan. glencore announces a $2 billion share buyback after a

ofof us despite a drop in the share price of sainsburys uk regulators warn they could block the supermarket chahains planned merger with us that which is owned by walmart. next picture on wall street investors reactctg to the release of minutes from the federal reserve's meeting i in january. central bank said that u. s. growth will step down this year but market shaking off thosose concerns. moving on n now mining giant glencore is pledging to limit coal production rose largest coal exporter said it was putting a cap on its coal minin. it's not holding its activity in the sector but says it'll keep annual production around this year's levels. either way a big victory for investors calling on energy companies to tackle climate change. lang choruses it'll now focus on other commodities kian transition towards clean energy. russian president vladimir putin saysys thehe country needsds tos on raising l living standards. came in his state of the union address wednesday in moscow. putting use it to emphasize the need to tackle poverty which affects about 13% of russia'a's population. as a promis

a proposed merger between the supermarkets asda and sainsburys could be blocked after the uk's competitionand less choice for customers. the competition and markets authority is concerned the proposal, which would create the largest supermarket chain in the uk, will lead to a "poorer shopping experience" for consumers. sainsbury‘s has called the findings "outrageous". emma simpson reports. they are already two giants of the grocery world, and they want to get even bigger, to fend off the likes of aldi and lidl, but the regulator doesn't like this merger one bit. we think it's likely that prices will rise, service levels will deteriorate, or both. and the reason we believe that is because of the reduced competition in grocery shopping in supermarkets, grocery shopping online, and purchases of fuel at the compa ny‘s petrol filling stations. popping to the shops here in watford — sainsbury‘s, asda and tesco are all here competing for customers. this merger would mean the big three becoming the big two, controlling nearly 60% of the uk grocery market. i don't think it'll be an advantage to the

sainsbury s and tesco have promised to change their labelling and say they are committed to "promotingh says its time to consider whether a supermarket regulator is needed. earlier, i spoke to adrian goldberg from 5 live investigates and he told me more about their findings. we found that in at least three cases, we are talking about sainsbury‘s, tesco and person, goods we re sainsbury‘s, tesco and person, goods were on sale in the healthy or healthier sections which were either high insult, in fats or saturated fats, sometimes a combination of of those with products having the red traffic light symbol to suggest they we re traffic light symbol to suggest they were offering more than your recommended daily intake. we were particularly looking at foods around the chilled and freezer cabinet, ready meals, often vegan or vegetarian meals, often meat substitutes as well. certainly pushing the boundaries of what most people might consider to be healthy or healthier. and what have the supermarkets themselves had to say about this? both tesco and sainsbury‘s have said sorry, they have agreed

now i lost you for a minute on my my ear hilary but were you talking about sainsbury's and i was actually do it you also i was i was talking about what they were doing with the warehousing in europe and then all right ok well related to that when you when i lost you then i got your back with tea and it made me think about the fears of food shortages you know if bracks it goes off poorly you know we could see this be good in a notably impact maybe the same spirit start going on the shorter learn long term what do you think yes i just mentioned that the food shortages are eighty percent of all food. products at least contents are imported laws of course then finalize the manufacture within the the u.k. what's interesting is that the supposedly freezer supplies are totally and utterly full throughout the u.k. h.s.b.c. has come out and said that they believe the food food choices are going to be worse than had been predicted so a lot of just the products that are grown in europe now of course this won't be as bad in the some of because there's a lot of domestic growth particular food fruits a

sainsbury and asda still have a few weeks to make their case, but then leapfrogging a few weeks to make to make their case, but then leapfrogging tesco in size could be too big a merger to get the go—ahead. simon gompertz, bbc news. the time is a quarter past one. our top story this lunchtime. more defections over brexit — this time from the conservatives — three mps leave the party, accusing it of moving to the right and coming up — back to the beach — how marine life is returning to the thai tourist location made famous by holywood. coming up on bbc news, england's cricketers start their build—up to this summer's world cup with the first match of the one—day series against the west indies in barbados. just before christmas there was chaos at gatwick when repeated sightings of drones forced the airport to close for more than a day. now, the government has announced that no—fly zones for drones around airports are being extended, to try and prevent a similar incident happening again. ministers also want police to have new stop and search powers to tackle drone misuse, as our transport c

the other major supermarkets, morrisons, sainsburys, tesco and iceland also scored poorly for their in—storelowed by the german discounters, aldi and lidl. consolidation is on the cards in sub—prime credit: the lender non—standard finance has made a £1.3bn takeover offer for rival provident finance. the so—called doorstep lender — which specialises in loans for borrowers with poor credit ratings — has had financial troubles of its own. it's an uncertain time for the british economy and this week, 3,500 people in swindon learned of their very certain fate with news that the honda factory there will be closing in 2022. it followed disappointing news that nissan has backtracked on expansion plans at its factory in sunderland and jaguar land rover planning thousands of uk job losses; prompting many to wonder about the future of car manufacturing here. natalie sauber, is an auto industry analyst at arcadis. naturally, let's put this into a global context, there is a global slow—down going on, a global problem in the whole car industry. how to be fit into that? are we worse off than other countrie

and you need to have one of the big retailers whether its whole foods in the us or waitrose or sainsbury'sp other doors. but they also require a lot of persistence because a lot of these buyers, they do not accept it first time around when you go and present. i think it's a combination of things, it's notjust kind of, i will get in the door and that is it. you have got to prove yourself. it's a bigger market but hang on, people say, if it is a big mark at the eu is 500 million people compared to 300, why isn't that the best place to start? very interesting. the us in terms of food innovation is several years ahead of the uk and the uk several years ahead of europe. we launched the popcorn business in spain and france and saw very little attraction because it was seen as a cinema very little attraction because it was seen as a cinema snack. so most of europe is behind the uk in terms of europe is behind the uk in terms of innovation. so it's notjust based on there's a certain number of people living in europe, a certain number living people living in europe, a certain numberliving in the pe

the trio also make the front of the financial times — along with a report that sainsburys‘ planned multi—billion—pound of collapse. the metro highlights the mps‘ claims that the conservative party is falling into the clutches of brexit hardliners. while the times says former prime minister, david cameron, urged the three conservative defectors to stay in the party, hours before they announced their decision to quit. the independent, meanwhile, picks up on a differnt story — the number of britons stripped, like shamima begum, of their citizenship has apparently soared by more than 600% in a year. those are the front pages. let's ta ke those are the front pages. let's take a more in—depth look at some of those stories. starting with the mail. killed tory party. slightly disingenuous headline. for heidi allen. it does express a sentiment that she was communicating which is, if in her view this new group do theirjob properly, there won't be a tory party to go back to. it is a pretty strong statement to have made. i don't know if i would put "kill" there but it fits neatly in the headline. it is quite surp

a warning from the uk's competition watchdog, who say the mega supermarket merger between sainsbury and

yesterday that they are all but killing the azda sainsbury deal what does this mean in temz of prospecther m&a and the appetite of regulators to create an environment that allows for it we've seen the currency position will be changing they can be very keen not to see any consternation,and that's have i different weave seen a deal improving very soon we're going to see a commission. there's some stalks. i mean, obviously in germany, vodafone, they're moving ahead with the potential merger. i mean, once we have very vrks he few potential deals available right now. most are three or four operators. you can't really have two. you can go to four to three. it's very difficult. it's if anything to be potentially small deals in there. people in the country not so much have a different subsidiary, but operating as one. that doesn't really work so far. we'll see whether that goes ahead and we'll see if they're having 27 countries with two or three operators or we see five, six big operators across the entire continent thank you for joining me around the desk senior analyst ict research at fitch

it has a cheaper 52 it than the waitrose in the sainsbury's but it's an stiff composition -- competitionount chains putting up a huge fight. ,e know more and more people even affluent shoppers are going to these discount supermarket chains to save money. as far as the price for the assets is concerned, not the price for milk and butter in the supermarket, we heard warren buffett say that rises are high in general there. are you hearing that as well for the people you talk to? >> valuations are high which makes it difficult for sellers. it's a sellers market but the people want to pay massive amy adams on deals. especially in the buyout market. to findequities job is businesses they can streamline and make money from. massive, high evaluations on assets and they have a lot of work to do to get a good exit multiple when they decide to sell the business. matt: we see roesch is the biggest loser in terms of point reductions. an 8.5 billion dollars bid to buy sparks therapeutic. it's another example of a giant pharmaceutical business trying to profit from these promising biotech companies. re

have all the retailers, we're in a position to improve obviously the positioning of the brand with sainsburyuys it's a win-win for all of us and the trade is very pleased because they have seen what we have been doing with bird's-eye, and then we're going to do the same with goodfellows. we're increasing quality we're improve advertising, packaging. so the whole why fly wheel. >> well, you're the dominant player in the fastest growing part of the supermarket other than the absolute fresh, which we can't make any money. we can make money with nomad i want to thank the ceo of nomad foods. hey, listen, we want growth. well don't want dividends. "mad money" is back after the break. >>> "lightning round" is sponsored by td ameritrade >> it is time! it's time for the "lightning round. >> buy, buy, buy i. >> sell, sell, sell, sell, sell, sell. >> buy, buy, buy, buy, buy, buy. >> [ buzzer >> and then the "lightning round" is over are you ready, skee-daddy? it's time for the "lightning round. start with dan in california dan? >> caller: hello, professor cramer with 5g wireless communications on the u

supermarket sainsbury has filed baincapital to work with -- hired baincapital to work with them on ad create $640 million in savings. the authority has said it sees the loss of one of the big four u.k. chains to push up prices. shery: citigroup is in talks with the middle east back to group to buy a tower in london's canary wharf. the bank wants to buy 25 canada square from agc equity partners are the price tag was $1.6 billion. the office market has remained buoyant despite the broader economic slowdown ahead of brexit. world's biggest name is tesla but there is a small canadian company that aims to plug into the growing market. we have this report. reporter: all electric like a tesla, priced like a ford fiesta and one of the weirdest looking vehicles you have ever seen. introducing the solo. >> a clean energy electric vehicle that was an opportunity to great not to seize. reporter: it costs $1500 and is being and built in vancouver. it has 23,000 solo preorders demandeet -- and to meet it will mass-produce a model in china. >> it was a type of car that inld be equipped -- built und

an £85 million donation by the dolby family last year, and also significant donations from lord sainsburying people who have lots of money into the meeting a lot of it as well. yes, it is interesting. i will try to find out the detail of how that money is being divided up as well. 6:35 a.m., carol has got the weather for its very shortly that the chinese pig is here for us, good morning. metal pig. the average ones. or about two thirds of a neymar. what are you? snake. pigs are not so good apparently, but it is the year of the pig. rubbish. is it going to be liverpool's year or maybe tottenham's? looks like we haveif maybe tottenham's? looks like we have if you exciting games ahead in the premier league. —— it looks like we have a few exciting games ahead. leaders liverpool were held to a draw at west ham yesterday so they're now only three points clear at the top. patrick gearey looks at where we are in the title race after last night's result. liverpool finding that it is lonely at the top. just as well they have an attack capable of evading. in the buildup, james milner had also avoide

follows an £85 million donation by the dolby family last year and significant donations from lord sainsburyeen taking extra steps to make sure the rest of the piece is preserved. kathryn armstrong has more. this was the moment that sent shock waves through the artworld, in october. a painting by the mysterious british artist, known as banksy, suddenly self—shreds in its frame, after being sold for more than $1.3 million. the transformed piece, which was originally called girl with a balloon, was then given a new game, love is in the bin. banksy has admitted that he was behind the stunt or was it a statement? now the artwork is going on display in germany, but this time it has been thoroughly checked for batteries and live wires to try and ensure there are no more surprises. translation: banksy has a particular sense of humour. we are definitely wanting to avoid a situation where a certain visitor would show up and, as happened in london, press a hidden button and set the shredder going again. however, the museum says it is keen to display the work in a way that is in keeping with the spirit

because frankly yesterday a big shock to the city and to sainsbury‘s. shock to the city and to sainsbury'sf focus on the vir issue, the video system, it took over four minutes to make a decision around a handball, which was schalke's first penalty. it is less ofa schalke's first penalty. it is less of a story now that man city won the game, ithink of a story now that man city won the game, i think we would have focused more on game, i think we would have focused more on it doctor mike where they deemed to have made the correct decision? up to a point. the referee could not actually see the screen because it was broken, he only had one monitor that he could see and it was broken. just to explain, in the ar in football, he is the sole arbiter and has to see the image because in some other sports you have someone else watching it elsewhere. they have someone else but ultimately it is down to the referee, he makes the final decision, so if you cannot see the monitor, it's a little bit awkward. it's an interesting one, a lot of debate on twitter last night about whether or not that was a penalt

what does sainsbury say about it?current initial findings stand. if they cannot change the cma's mind by gentle persuasion. what is happening to the share prices? sainsbury's well done. asda does not have a share price because it is owned by walmart in the us. walmart wants out, it is retrenching its international operations to fund its fight with amazon. it does not want alistair anymore. does it sell it? float on the stock market? —— it does not wa nt the stock market? —— it does not want asda anymore. a lot of questions posed and it does not look like the sainsbury's and asda deal is going to happen. thank you very much. swiss police have confirmed that one of those injured in yesterday's avalanche in the swiss alps has died. rescuers spent the night searching for skiers feared trapped under more than 2m of snow. three others people are confirmed to have been injured following an avalanche at cra ns montana yesterday afternoon. there have been suggestions that recent warm weather in the area may have triggered the

sainsbury is sir share price has reacted to that.%. there you go, the sainsbury's share price, 18.596. that is a heck of a drop in one day. that could be as far as it falls, we just don't know. we will have to see how investors feel. the pound against the dollar, that has been doing quite well this week, but today after we saw those three tory conservative mp5 defect to this independent party, we did see a drop in the pound against the dollar, so that was interesting to watch. things related to brexit, it does have an impact against the pound against the dollar, so it will be interesting to see what happens. vishala, thank you for being with us. that is just about it from the afternoon live team today, huw edwards will be here with the news at 5pm, i will be back tomorrow, now the weather with matt taylor. a bit grey and damp for some of you but over the next few days a bit of tropical caribbean weather is heading our way. monday, this dome of warm airwill heading our way. monday, this dome of warm air will be transported towards us,

the other major supermarkets, morrisons, sainsburys, tesco and iceland also scored poorly for their in—storeeviews prices "very carefully" and claims that its stamps are among the best value in europe. did they not go up recently? a year ago they went up 2p, almost double the rate of inflation. 3p does not look like much but it is double the rate. 70p seems like it a lot. i do not know why but psychologically it seems like a lot. the reason behind it is that royal mail have had a bad time, their shares are about half of what they were a year ago. they had to give out a profit warning and say profits are not going to be good is good as they thought. they had attempted to put a productivity drive out to save money, it did not work. they had a problem with their shareholders, they got rid of their old ceo, peter emily pounds and she went. they paid an extra £60 to the new ceo. —— 60 million. gdp are has restricted people's use of —— companies use a people data. asa of —— companies use a people data. as a result of mailing lists, you do not have as big mailing lesser easy access to so the amount

the other major supermarkets, morrisons, sainsburys, tesco and iceland also scored poorly for their in—storen sub—prime credit: the lender nonstandard finance has made a £1.3bn takeover offer for rival provident finance. the so—called doorstep lender — which specialises in loans for borrowers with poor credit ratings — has had financial troubles of its own. more than half of provident‘s shareholders are backing the deal. retail sales volumes were once again flat in the year to february, confirming a subdued start to 2019, according to the latest quarterly cbi distributive trades survey.the survey of 100 firms, of which 47 were retailers, showed that retail sales volumes remained unchanged for the second successive month in february. meanwhile the same survey showed manufacturing output growth slowed in the quarter to february, while order books improved slightly. alpesh paleja is the principal economist at the cbi. thank you so much forjoining us. if you can, just talk me through the main points in this trend, survey, what does it tells about the state of the uk economy right now? the retail