great shot, that, isn't it? the internet‘s been reacting, we'll discuss further in a bit. another ten year anniversary in the financial pages of the guardian, this time of northern rock. a report released today says that the uk's high street banks are an accident waiting to happen — still. the times has a story about crypto—currency and a warning from the uk's city watchdog about the dangers of investing in the virtual currencies. and, finally, on our website, there is a very cute picture a litle newborn, goes by the name of eric "luke" trump, us president donald trump's ninth grandchild, the first child for the president's son eric and his wife lara. joining us is lawrence gosling, editor—in—chief of investment week. morning. shall we start with the action picture? emmanuel macron doing what presidents are supposed to be doing. particularly when you
are becoming increasingly unpopular at home, which he is. his honeymoon period is perhaps long gone. we have seen domestic strife. he is out in the french caribbean. fortunately, like a lot of politicians, he looks far too polished. he has his sleeves expertly rolled up. and as someone commented, he looks a little bit like a villain from a james bond movie, which is not quite the impression he is trying to put over. he is under pressure even on france's response and preparation for this. he said, france's response and preparation forthis. he said, we france's response and preparation for this. he said, we have it all right, we can have a parliamentary commission of enquiry. it is interesting, the same with the british government. they need to seem to be involved and up with the pace when many would say they haven't been. no, and historically governments are poor at responding to this. if you are caught up in
this, you want people on the ground as soon as some. not three or four or five days after. and mr macro is a couple of days behind their part of the world being devastated. couple of soundbites they were looking for, macron said this is one of the biggest airlift since the second world war, borisjohnson said the biggest since libya, they are trying to find the best way to suggest they are putting a lot in there. and both sound like clumsy expressions, given the context of what we are talking about, which is a natural disaster. the scale of it is something else. we have been covering this now for days and moving in and out of different parts of the caribbean and florida. and we are seeing pictures now. when they come out with these soundbites, often we think they are over egging it, but you can't with hurricane irma. they are beginning to put some
financial costs on it and the numbers are running up to $200 billion, which would make it the most costly disaster we have known in the last 30 or 40 years.” most costly disaster we have known in the last 30 or 40 years. i don't know how much cash apple has offshore. but it is many billions of dollars. talking of those big figures. talking of the cost of sorting out the situation with hurricane irma. now we are onto the world's biggest company. it is making huge amounts of money and spending it. it is extraordinary. points like this, if apple was a company it would be the 19th biggest economy in the world, which is hard to get your head around. this clever is clever and extraordinary, tim cook has taken over, and he has picked up the legacy of the extraordinary steve jobs, who most people would see as the creator of apple. the business is going along
very well. the share price is up 40% this year. if you are investing, you have done very well out of it. this year. if you are investing, you have done very well out of itm this year. if you are investing, you have done very well out of it. it is modest too, because tim cook has almost seamlessly maintained or improved the levels of profit and the success of the company. although the success of the company. although the legend has to grow and that is the legend has to grow and that is the message we have from the picture. tim cook is not as fla m boya nt picture. tim cook is not as flamboyant as steve jobs. launching this new phone, and the $5 billion apple building officially opening as well. that building is built on a piece of land owned by hewlett—packard with piece of land owned by hewlett— packard with steve jobs piece of land owned by hewlett—packard with steve jobs had his firstjob way hewlett—packard with steve jobs had his first job way back when. the influence is still there. coming up six years since he died, in october 2011, and a few years before he
died, because of his illness, he looked very unwell and it was not clear, what was wrong with him, and if it would be fatal, and the share price, apple was very volatile with real concern about who could possibly fill his shoes, who could possibly fill his shoes, who could possibly continue this company. and yet, as david has said, it is incredible to look back at how well apple has done in terms of what a big figure he was, stevejobs. apple has done in terms of what a big figure he was, steve jobsm feels like the company is out growing the individual leading it, which is at extraordinary feat for any business. and maybe it was a sign ofa any business. and maybe it was a sign of a truly great company that in generations we will look at and say, what an amazing business. in generations we will look at and say, what an amazing businessli in generations we will look at and say, what an amazing business. i am still not getting £990 out for my pocket. i am sticking with my 12—year—old handset. pocket. i am sticking with my 12-year-old handset. you still have a blackberry. that would be worth a couple of bob, or maybe not. 10—year
anniversary, the demise of northern rock, the beginnings of a cataclysmic financial time. this is not the first time we have heard this. the whole notion of the stress—test is undermined again. is it good cause in this story? still at risk, yes. banks are always at risk. it is the quality of the individuals and businesses that they lend to. it is not as apocalyptic as ten years ago. the point made by the academic from the durham university is very good. a lot of the stress—test and the valley of the assets that the banks now value. it might be called a slight fudge. if we look at the history of banking, they are always close to the next crisis. it is hard for banks to make money in this environment with low interest rates, it is quite difficult to make a profit. especially the banks that have had
to scale down the investment banking side of the business and push into retail with the pressure to the financial crisis. and then the ease of getting a mortgage starts to slide and we start to get the nervous worries about where we are heading. so many major economies are built on the housing market. the uk, the us are typical examples. make sense of this story. we all hear about bitcoin and virtual currency. most of us think, how does it work? my most of us think, how does it work? my director said it is a fairytale, make—believe currency. my director said it is a fairytale, make-believe currency. jamie dimon, as you said, from jp morgan, said it was a fraud, and it is worse than the chula bolt, which goes back a couple of centuries when they were the big investment fad in the netherlands. the worrying thing is we could all go and buy it and invest in cryptocurrency, like bitcoin, in seconds, and people have been seduced by the very sharp
price, you know, $4000, it has gone up price, you know, $4000, it has gone upa price, you know, $4000, it has gone up a couple of thousand dollars, thatis up a couple of thousand dollars, that is extraordinary. some of these are, as the watchdog has said, effectively a scam, because you don't know what you are investing in and you cannot track it. it is not like having a gold bar in the safe, is it? know, and you're not looking at the share price of a major company. where does it leave bitcoin and future cryptocurrency? it is very ha rd to and future cryptocurrency? it is very hard to regulate. we will reach a point where bitcoin is probably going to face some form of official regulation. it is against the philosophy of how it was started in the first place. the trump dynasties bigger. his ninth grandchild. laughter this is a news for donald trump. and it is good to see him tweeting something more mainstream. he congratulated his son and
daughter—in—law on the birth of their son. we have to keep an eye out for eric luke. in around 50 or 55 years, out for eric luke. in around 50 or 55 yea rs, we out for eric luke. in around 50 or 55 years, we will see where it has got us. it is quite interesting. they do this, though, don't they? that is the american way. you don't have one president, you have a lineage. kennedy, clinton, bush. that is what they were trying to break free from. that is what many in the election people were voting against. maybe they didn't realise how many grandchildren that he has. laughter. and still working on it, clearly. more to come. thank you very much. i meant grandchildren. i very much. i meant grandchildren. we will wait and see. ok, have a really good day. we will see you soon. hi there. wet and windy weather will continue to work its way eastwards, we've already had some fairly lively gusts of wind around our most exposed coastal areas around england and wales.
gusts of around 50mph or 60mph typically, and the met office has issued an amber weather warnings, strong winds expected to reach 75mph in places. the warning across parts of north wales, north england, lincolnshire and norfolk as well. this is the first named storm of the season, eileen, and the strongest winds will be on the southern flank of the storm as it works out into the north sea before those very, very strong winds batter the north—west of europe. it will be blowy to start the day across a swathe of north—east england, across yorkshire, lincolnshire and across into norkfolk as well. the wind gusts, given the trees have fallen leaf, will bring down branches and maybe knock down a few trees so the potential for localised transport disruption, maybe some power cuts as well. through the rest of the day it will stay pretty blustery nationwide with those north—westerly winds dragging in plenty of showers across scotland, northern ireland and across the north—west of both england and wales, but nowhere is immune from catching a downpour. some heavy and thundery at times, feeling quite cool across the north of the uk, temperatures up to 18 degrees in london but feeling a bit cooler than that given the strength of the wind. then as we go through wednesday night, there'll be further bands of showers pushing southwards
across the country. temperatures dropping away despite the winds, we could still see lows getting down to single figures. then for thursday, we're looking at another unsettled day with further showers coming in on those strong north—westerly winds. given the north—westerly wind flow, the showers always more likely across the north and west of the uk. the fewest showers likely towards the south and east but again, nowhere immune. temperatures still disappointing for this stage of september. we're looking at highs ranging from 13 degrees in the north of scotland to around 18 degrees in the london area. will there be any improvements towards the end of the week and the weekend ? not really. high pressure builds to the west of the uk and thatjust sends more of a northerly wind flow down the uk. again plenty of showers, particularly flowing down the north sea, some of those could be heavy with some thunder mixed in at times. some chilly northerly winds feeding all the cloud in as well. now, we are approaching mid—september, is it too early for thermostat wars with your partner? well, maybe not. because on saturday we're looking at highs again reaching around 12 even 17 in the south—east, there'll almost certainly be an autumnal chill in the air. that's your latest weather.
hello. good morning. this is breakfast, with dan walker and louise minchin. on the eve of the inquiry into the grenfell disaster, a bbc breakfast investigation reveals the state of council—owned tower blocks across the uk. our figures reveal that just 2% of them are fully covered by sprinkler systems, something london's fire chief says needs to change. we know that they save lives, we know they save properties, and make a lot of difference. so, 2% is a shockingly low number. good morning. it's wednesday the 13th of september. also this morning; the pressure grows on the government to reveal its plans for public sector pay, after it confirmed the long—standing cap will be