Browse content similar to 25/05/2012. Check below for episodes and series from the same categories and more!
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Those are the latest headlines. Now, for a look at moves to increase | :00:03. | :00:08. | |
online privacy and the rest of the financial means, it is time for | :00:08. | :00:18. | |
:00:18. | :00:21. | ||
World Business Report. Welcome. New UK privacy rules that | :00:21. | :00:26. | |
could stop firms from spying on your computer. | :00:26. | :00:31. | |
At in Hong Kong, shareholders of Alibaba the Greek to make the | :00:31. | :00:41. | |
:00:41. | :00:49. | ||
company private. Two online retailers call it | :00:50. | :00:53. | |
personalisation. Some others call it spying. Software that tracks | :00:53. | :00:57. | |
will every click on internet and sends it to firms trying to sell | :00:57. | :01:02. | |
you their goods. The UK becomes one of the first to enforce the new | :01:02. | :01:06. | |
rules. From this weekend, internet users will have the power to stop | :01:06. | :01:11. | |
companies from gathering data on them. But some retailers and firms | :01:11. | :01:16. | |
warned the move could hurt the business. The is is something that | :01:16. | :01:21. | |
many would have come across online. -- this is something. You browse | :01:21. | :01:27. | |
for cheap holiday flights and on subsequent visits, you are assailed | :01:27. | :01:31. | |
by other companies who you have not got in contact with but had somehow | :01:31. | :01:36. | |
found out about your once. A lot of people believe this is a form of | :01:36. | :01:41. | |
corporat law says website operators muds -- must | :01:41. | :01:46. | |
allow users to block the data gathered while they browse. That | :01:46. | :01:52. | |
data is known as cookies. Online retailers say it is too heavy | :01:52. | :01:56. | |
handed. They say the information is used internally to measure how well | :01:56. | :02:00. | |
their websites are working. Without it, says one online market, the | :02:00. | :02:05. | |
retail would suffer. We are designing the wet side blind. We | :02:05. | :02:09. | |
may come up with a new way of laying out information and find | :02:09. | :02:14. | |
nobody is coming to the website. -- the website. It may be that the | :02:14. | :02:18. | |
service is not suitable for our client base but we have no way of | :02:18. | :02:22. | |
tracking that. One way forward site operators to comply with the law is | :02:22. | :02:32. | |
to ask use -- asked uses for permission. Another method is to | :02:32. | :02:36. | |
warn that data will be stored unless they click on a link and | :02:36. | :02:40. | |
change their privacy settings. Most users will probably not do this so | :02:40. | :02:45. | |
this is the method most will probably use. We all use things | :02:45. | :02:51. | |
like Google and Facebook. Newspapers, magazines, they are all | :02:51. | :02:55. | |
free, thanks to the use of certain technologies that allow them to | :02:55. | :03:00. | |
exploit information they collect. Not being able to fully used that | :03:00. | :03:05. | |
of technology has a direct impact on the business. It is these big | :03:05. | :03:09. | |
websites that under most pressure to comply with the cookies' law | :03:09. | :03:14. | |
because they are likely to be the ones the privacy authority checks | :03:14. | :03:18. | |
upon first. Other news, on Friday the chief of | :03:18. | :03:22. | |
the Spanish when the Bank has expected to tell his board the | :03:22. | :03:26. | |
group will need nearly twice the bail-out money discussed by the | :03:26. | :03:30. | |
government. Some 15 billion euros, according to the reports. One in | :03:30. | :03:34. | |
ten Spaniards has savings with and here but it is close to insolvency | :03:34. | :03:39. | |
due to huge losses. The group is part owned by Spanish taxpayers, | :03:40. | :03:43. | |
following a 4.5 billion euros bail- out earlier in the month. | :03:43. | :03:46. | |
Facebook investors could get some of their money back following a | :03:46. | :03:49. | |
technical glitch which delayed their trading debut in New York | :03:49. | :03:53. | |
last Friday. The main broker is sorting through more than one | :03:53. | :03:58. | |
million trades manually to see who was affected. The broker is also | :03:58. | :04:01. | |
fighting two lawsuits over changes to its guidance on Facebook, just | :04:01. | :04:06. | |
days before the sale. Some investors say they were not | :04:06. | :04:11. | |
informed of a downgrade in Facebook's revenue. | :04:11. | :04:15. | |
Independent shareholders have voted to privatise Alibaba .com and | :04:15. | :04:19. | |
remove its shares from the London Stock Exchange. There are reports | :04:19. | :04:24. | |
that China's state owned wealth fund is in advanced talks to buy a | :04:24. | :04:33. | |
$2 billion stake in Alibaba. Our correspondent has more. This is a | :04:33. | :04:37. | |
company who is partly held by Yahoo and wants to buy that back and take | :04:37. | :04:44. | |
itself of the market? That is right. Ali Dubbo .com is | :04:44. | :04:51. | |
the only listed portion of the massive Alibaba group. -- Alibaba. | :04:51. | :04:56. | |
That group is estimated at up to $50 billion at the moment. It is | :04:56. | :05:01. | |
the group that made this offer to Independent shareholders in, hop -- | :05:01. | :05:11. | |
:05:11. | :05:11. | ||
in Hong Kong to buy back their shares. That was $13.50 for a | :05:11. | :05:16. | |
reasonable sum. It seems investors are not making any money off this. | :05:16. | :05:20. | |
Even though most of them have agreed to sell those shares back to | :05:20. | :05:26. | |
the Alibaba group. The website was the first company founded by the | :05:26. | :05:30. | |
founder who was in America on a business trip. He was looking for | :05:30. | :05:34. | |
Chinese beer on intimate and could not find it. He therefore found | :05:34. | :05:38. | |
this company with links people who want to buy to people who want to | :05:38. | :05:43. | |
sell. Those are factories outside of China. This is the company that | :05:43. | :05:47. | |
started it all and now it looks like he wants to consolidate his | :05:47. | :05:52. | |
control over the entire group and possibly take it public at some | :05:52. | :05:55. | |
point. Where is the money coming from? The | :05:55. | :06:01. | |
group or are they looking for individual investors? | :06:01. | :06:07. | |
The group has already agreed to put up this money. The deal is worth | :06:07. | :06:13. | |
about $2.5 billion US. Alibaba group will give that to the | :06:13. | :06:17. | |
minority shareholders, and once that is done, the company will then | :06:17. | :06:22. | |
be delisted some time this summer. Thank you. Trade between Africa and | :06:22. | :06:27. | |
China is now thought to be worth about $160 billion every year. But | :06:28. | :06:31. | |
as the relationship between the two develops beyond raw-materials, it | :06:31. | :06:36. | |
is bringing tensions as well as benefits. One flash point has been | :06:36. | :06:39. | |
cheap Chinese textiles which some African companies say is good in | :06:39. | :06:43. | |
and out of business. This week, Nigeria rested many Chinese textile | :06:43. | :06:48. | |
traders and threatened to deport them. This report from Shanghai. | :06:48. | :06:52. | |
This is the financial heart of an economic superpower. Shanghai is | :06:52. | :06:57. | |
home to 23 million people. Its rapid expansion reflects the growth | :06:57. | :07:01. | |
of the national economy. That growth is fuelled by raw-materials | :07:01. | :07:06. | |
and new markets. Africa is rich in both. The strength of this giant | :07:06. | :07:10. | |
economy is linked in many ways to the fate of another waking giant, | :07:10. | :07:16. | |
the African economy. That means an increasing number of people see | :07:16. | :07:20. | |
that if they can be secured their future in this new age, they have | :07:20. | :07:24. | |
to think of time as more than just a source of investment. Shanghai | :07:24. | :07:28. | |
liberty apparel is co-owned by one man who has taken that lesson very | :07:28. | :07:34. | |
much to heart. This man turns out clothing and textiles for the | :07:34. | :07:41. | |
international brands. -- beak. He even export back to his home | :07:41. | :07:47. | |
country, Zambia. I do business in China because it is so -- so much | :07:47. | :07:53. | |
more convenient. The infrastructure is so good that from point A to | :07:53. | :08:03. | |
:08:03. | :08:03. | ||
point B, it is easier. Despite the sheer convenience, he is still a | :08:03. | :08:07. | |
firm believer of the economy back home and says trade between China | :08:07. | :08:11. | |
and Africa is essential. Africans need to invest here. They need | :08:11. | :08:17. | |
improve the level. If China is doing this, why not? But to cross | :08:17. | :08:21. | |
the globe in Cape Town, the flipside of Chinese exports. This | :08:21. | :08:25. | |
factory is closing down after 100 years in business. The owners are | :08:25. | :08:29. | |
blaming cheap goods from China. South African manufacturers say | :08:29. | :08:34. | |
they are being strangled by trade with China. They are cut in pay for | :08:34. | :08:43. | |
new employees by 30%. -- cut in pay. In the industrial area, we have | :08:43. | :08:46. | |
seen more than 120,000 jobs lost over five years. There is no way | :08:47. | :08:52. | |
you can compete with China. We uphold labour standards and that is | :08:52. | :08:56. | |
why we will never be able to compete with China or India. We | :08:56. | :09:00. | |
should keep them out of our markets. Despite those concerns, China is | :09:00. | :09:04. | |
now Africa's biggest trading partner. In a world hungry for | :09:05. | :09:11. | |
growth, those links seem desperate to grow even stronger. | :09:11. | :09:14. | |
-- destined. Taking a look at what has been | :09:15. | :09:19. | |
happening on the market in a second. But for more on Africa's trade with | :09:20. | :09:25. | |
China, tune into a special edition of the African Business Report from | :09:25. | :09:29. | |
Shanghai, this weekend on BBC World News at these times, coming up on | :09:29. | :09:37. |