Continues we will tell all. And the inside track on Donald TrumpsBusiness Week later. You can get in touch with the Programme Using the just use the hashtag bbcbizlive. We start in the us where car giant Fiat Chrysler is denying it faces its own dieselgate scandal just a day after volkswagen was fined more than 4 billion for cheating emissions tests. The us regulator the Environmental Protection agency is accusing Fiat Chrysler of failing to disclose emissions software, at least eight different types, installed in thousands of its diesel vehicles. Epa says the software allowed the cars to exceed Pollution Limits and pump out higher levels of harmful nitrogen dioxide. But the companys boss says it did nothing illegal. So how big could this be . The investigation involves Thejeep Grand Cherokee suv and dodge ram pickup made in the last three years. That adds up to more than 100,000 vehicles the vast majority sold in the us. The epa says Fiat Chrysler could be liable for fines of up to 44,000 per vehicle. That would be 4. 6 billion in total. But Fiat Chryslers boss Sergio Marchionne called the investigation absolute nonsense he says there was never an intention to cheat emissions tests. Still, investors arent so sure. The companys Stock Plunged as much as 16 on the news, although it did recover after mr marchionne gave a Conference Call to reassure them, ending about 10 down. Jim holder the editorial director at Haymarket Automotive which publishes whatcar, autocar and the pistonheads website. Is it like volkswagen again . That started small and snowballed quickly. They faced investigation in the united states. That engine is sold elsewhere in the world but doesnt have quite the same software. The Chief Mike Has said its absolute nonsense. Not the same reaction we got from vw which was a more slow burner. This has as well toa more slow burner. This has as well to a degree. Theres already been an 18 month investigation. Marchionne is adamant but we are waiting for the investigation to begin. There is a timeline here. There is a deadline, but Fiat Chrysler are waiting for the Trump Administration to come in. They are playing for that time when it might be a bit softer. Marchionne is friends with the soon to be president trump. Softer. Marchionne is friends with the soontobe president trump. Its fairto the soontobe president trump. Its fair to say they have a good relationship. The three american big three Car Manufacturers, only Fiat Chrysler hasnt been criticised by twitter in recent weeks. Some of those cars do get made in mexico, it has to be said. But do you think consumers will care . Lets say they got off scot free because under the Trump Presidency etc. Will the consumers still buy these cars . We have a great parallel in vw and they are now the Worlds Largest car maker. They faced this negative publicity and are now the Worlds LargestCar Manufacturer so consumers dont seem to care. Its accelerated plans to move into electric as well. They know they have to to transform themselves. Fiat chrysler cant move as fast as vw most likely. We have seen cities like paris, madrid, mexico city, all say that in the middle of the next decade they will get rid of diesel. Stories like this, do you think that accelerates. See what i did there . Accelerate the demise of diesel . M does. There are clean air plans in london as well. Public trust is waning. Figures dipped slightly last year. There is better and cleaner technology coming which could replace diesel to some degree over the next few years. By getting this rolling before the Trump Administration comes in, does it guarantee it will be seen through . It wont come to a sudden halt. A couple of weeks later and it might have died a death. There is a fair suggestion that could be the case, by getting it through now the wheels are roebling and Fiat Chrysler will have to receive the software was cheating the Admissions System the emissions system. For those of us the emissions system. For those of us with diesel cars, we are screwed, right . Dont go buying diesel is the thing. Samsung Chief Jay Y Lee has been questioned for over 22 hours on suspicion of bribery in a Corruption Scandal involving President Park geun hye. The south Korean SpecialProsecutors Office is investigating whether samsung provided 25 million to a business and foundations backed by parks friend in exchange for the National Pension funds support for a 2015 merger of two samsung companies. It says it will decide soon whether to issue a warrant for his Arrest Shares of japanese airbag manufacturer ta kata have risen on reports it will settle a lawsuit with us regulators. The firm is expected to pay up to 1 billion and plead guilty to criminal wrongdoing over faulty airbags, which have been linked to at least a dozen deaths and more than 100 injuries. Most major carmakers have been affected by the fault, with around 100 million takata airbags recalled globally. Takata shares rose more than 16 in early tokyo trading. Big news for indias Aviation Industry as Domestic Carrier Spicejet has announced a deal with boeing to buy up to 205 aircraft. The order is the biggest in spicejets history, and is estimated to be worth 20 billion. The Indian Airline company was struggling to make profits less than two years ago, but has turned its business around to compete with its closest rival, indigo. 205, is that a Record Number . 205, is that a Record Number . A mere 205, is that a Record Number . A mere 20 billion now to another big story this morning its just been unveiled by nintendo, and its called the switch. It can work as a handheld Gaming Device or plug into your tv and be used as a regular games console. Nintendo hope they can cash in on the surge in mobile gaming remember the success of their own pokemon go and also take on the Microsoft Xbox and Sony Playstation at the same time. It will go on sale on march 3rd at around 260 injapan and 299 in the us. And hopefully make everyone forget about the disastrous flop that was the wii u. Did your kids have one of those . No. Alex wood is editor of the memo and joins us now. What are they doing with this . Im not a tech head, but it seems a bit ofa not a tech head, but it seems a bit of a throwback. Its all about mobile gaming, thats the industry. Exactly, we should have seen this about five years ago. For me it comes down to the market for it. Looking at gaming as a whole. Mobile gaming is huge, very much for the casual gamer. At the other extreme you have the playstation, the xbox, for the more hard core gamers. Where does this fit . Lets be will it be all things to all men and women . Its a Jack Of All Trades device. My bag is already full with a laptop, smartphone etc. It will not replace mike laptop, tablet or smartphone. So its another thing i have to put in my bag. 300 is a lot of money to spend on a new device thats wildly outclassed by other competitors. Are they actually considering a mobile phone is about alternative. They have shoved mario over. When the iphone seven launched, there was huge excitement when nintendo realised smartphones had happened. They shot to the top of the charts. Research was quite poor and people pointed out it had a lot of issues but i think they are missing a trick. Sega is making huge amounts of money on royalties from old games. People of my generation have lots of affection and love for mario and zelda. When they did finally bring mario out they brought it very cautiously. They did it baby steps. Its very defensive, the way nintendo is operating. Its the old market, we have the hardware. This machine doesnt even use disks, its cartridges. On the other side, it has Infrared Motion Sensors and you can use hand play, to play paper, scissors, rock. Its got me excited it looks interesting, but if we rewind back to the original wii, which was a huge and unexpected success , which was a huge and unexpected success, it was a relatively cheap machine. Families could get it for christmas. But 300 is a difficult sell. We appreciate you coming in and chatting. To india now and the countrys most powerful corporation has a new boss. Natarajan chandrasekaran has been named the new chairman of the 100 billion tata conglomerate. It has assets all over the world including Jaguar Land Rover in the uk as well as tata steel. He will have to work hard to repair damage to the group after the acrimonious sacking of the previous boss cyrus mistry, who alleged serious ethical and governance problems at the company and is now being sued. Yogita limayejoins us from mumbai. Tell us whats happened. This wasnt and unexpected move. When mistry stepped down there was always rumours about who would replace. Tempo mac only takes charge of tata group group in march. Chandrasekaran group group in march. Chandraseka ran and takes group group in march. Chandrasekaran and takes charge in march. He has big challenges. The image of the group that has taken a beating, and the businesses, many of which are in a lot of trouble. We appreciate you giving us the update. Lets stay with the markets. Asian shares are on track for a weekly games today. While the dollar is poised for a losing week. Investors disappointed that mr trump failed to elaborate on Stimulus Plans at a News Conference two days ago. Europe pretty much the same disappointment. Remember all of this after that global rally fuelled by hopes that the President Elect would see a boost to the us economy, but Trading Floors are turning more quiet with talk that the surge may have been overdone. But for now lets find out what should be making the biz headlines over in the us today, heres samira. The week will end with a lot of Earnings News from top us banks as jp morgan, Bank Of America and wells fargo will all report. Jp morgan is the Biggest Us Bank by assets and investors there will be looking to see if future profits will match expectations that have already driven the stock to an all time high. Bank of america is the second largest us bank. Investors there will be looking to confirm their assumption that Rising Interest Rates will provide a long awaited boost in profits. They have driven up boost in profits. They have driven up shares of the bank more than 30 since the us president ial election. And finally, wells fargo, the Third Largest us bank. Investors will be paying close attention to the progress the bank is making as it works to overcome the long simmering Sales Problems that blew up simmering Sales Problems that blew up in september. Hammering the stock price and forcing the resignation of its chief mac. Joining us is james quinn, Group Business editor of telegraph media group. Why did we get the sudden dip down towards the end of the market . |j think towards the end of the market . think a bit of fatigue, people are not as convinced. We are only on the 13th Of January not as convinced. We are only on the 13th Ofjanuary look not as convinced. We are only on the 13th Of January look at where we have come from since the referendum, up 14, 15 since that point already, it was the 11th record day, 13 consecutive highs. This market is nothing to do with underlying earnings, it is all to do with the pound . The footsie. The footsie, the pound, it is to do with trump, hopes and dreams of infrastructure spending. There is a Newspaper Article floating around today, is it an investor or big trade . Neal woodward, hello, neill, he watches all the time he said the rally in the market is like the bubble, the Tech Bubble We Saw in 99. The dotcom bubble, nothing to do with momentum. He did not have a good year, his market was up 3 , so maybe he was trying to deflect it a little bit from his performance. What kind of stocks do you look at at the moment . When everything is being moved by the big economic movements, commodities and by the dollar and the pound, where do you look in terms of your investment . Where we are looking for value. Which is . Banks. They have had a terrible time certain banks will benefit from trump reining back. Franks. I think certain uk banks, lloyd in particular, is on a bit of a rise at the moment, certainly we saw below 6 , the uk government will be out by june, there is potential there. 6 , the uk government will be out by june, there is potentialthere. Is there a Knock On Effect from the us banks if they get rid of this regulation . A slight effect but most uk banks have pulled out, Barclays Isa Uk banks have pulled out, barclays is a shadow of what it was following the lehman deal in 2008, i dont think the uk banks will start expanding into Us Investment banking. What about the Retail Sector here, it had a good christmas, surprisingly . That is right, everyone bar next has had an uptick in christmas sales, m s yesterday showing a return in fashion. I think all those retailers, tesco, morrisons, all warning about Food Inflation this year. Will that hit sales . I think it will, the return of inflation, i think it will dampen sales by the end of the year, all of the retailers are cautious. James green, a lwa ys retailers are cautious. James green, always a pleasure, have a great weekend, we will see you very soon. Still to come. Its a week to go until Donald Trumps inauguration as president , but are we any clearer about his economic policies . Youre with Business Live from bbc news. Foreign visitors spent over £725 million on british high streets in december, as the weakened pound prompted an influx of bargain hunting Brexit Tourists to the uk over the christmas period. Thats according to data from worldpay, who say spending on foreign cards was up by 22 in december, with high end boutiques and Department Stores in london among the biggest beneficiaries. Lets get more with theo leggett. He is not necessarily in our flashy newsroom today, are you . Know, just a bunch of screens behind you. Iamat a bunch of screens behind you. I am at the other end of the flashy studio i remember post brexit when the pound dipped, we were looking at a certain luxury items in london doing well because foreigners were coming in and getting ten, 15 cheaper items . It seems to be the same story now, the british people going abroad things are more expensive now, i had a shock last time i was in paris, for example, but it means for people coming the other way Pound Sterling has fallen quite dramatically against the dollar and against a basket of other major currencies which means pretorius into the country it is great, they can go on a Shopping Spree and it can cost up to 20 less than it did before. The high street, which has suffered in other ways, we brits are not shopping on the high street as much as we used to, we are shopping online instead, but tourists are making up some of the difference. As you would expect, a lot of them are coming to london and shopping a new bond street and other parts of the west end, and it does seem they are going for the luxury shops, perky and shops, handbag shops, but it is not just and shops, handbag shops, but it is notjust in london, they are also going to lobby is being shared and the majority seem to be coming from hong kong and china. There you go. The oh, go shopping have a great weekend. I cant afford it that is because we work for the bbc, made tell us about shopping. It isa tell us about shopping. It is a yacht if you want to buy this, it will cost about 9 million euros. 9. 3 million. That is cheaper than the first sale price back in 2012. Lets get it youre watching Business Live. Our top story Fiat Chrysler has been accused of not telling us authorities about software that regulates emissions in thousands of its diesel vehicles. The majority of those