18/01/2013 World Business Report


18/01/2013

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and retail sales helped to lift the figures. Those are the latest

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headlines from BBC World News. Now for the latest financial news with

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World Business Report. Hello everybody. Welcome to the

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program, your chance to catch up on all the latest in the world of

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business and money. Let's take a look at the headlines: Good news as

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China's economy picked up over the last three months, but 2012 still

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saw the weakest growth in more than a decade.

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Did Greece's former finance minister take family members off a

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list of suspected tax evaders? Parliament calls for a criminal

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investigation. We will talk about that very

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shortly. China's economic growth picked up in the last three months

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of 2012. The economy grew by a better than expected 7.9% over the

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last quarter of 2012. On the face of it this looks like good news for

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the world's second largest economy, but it still means that growth for

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the year was its weakest since 1999. Damian Grammaticas joins us now

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from the industrial town, Wuhan, which is in central China. Great to

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have you with us. Some report finally rebounding from the 2008

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financial crisis. I have to ask you, are they feeling that rebound?

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is a very good at point. This is a pretty good place to come to take

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the temperature. China calls this a second here city, 6 million people.

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-- tier. It is a trading centre built around that the steel

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industry. This area is among the fastest-growing parts of China.

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There are vast building projects going on all around me. A new

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highway has been billed, a new metro line. -- built. But, and

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there is a big but, these figures mask a slowdown that has been

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happening in China's economy. We are growing at about 8%. Not the

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10% we have seen for over a decade. That is a shift China will have to

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get used to in the coming years. Absolutely. You talk about a shift.

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What kind of scope will these numbers give the policy makers in

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Beijing? Will they continue on the same path? I think what you will

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find, they will welcome these numbers. What the new leadership

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have been talking about, Xi Jinping, who is coming in and taking over,

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he has said he wants to focus less on high GDP numbers, but more on

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the quality of growth. To focus on changing the way China's economy

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works. Less reliance on state industries, building more consumer

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economies. Building up the middle class so they can spend more. That

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is what the leadership says it wants to do. This gives it the

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chance to take on that task. Whether they can push through their

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reforms, that is another question. Thank you.

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Time to get an update on Boeing's Dreamliner. US safety officials

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have arrived in Japan to inspect the 787 jet that made an emergency

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landing on Wednesday. The pilot of the All Nippon Airways plane made

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the landing after he smelled something burning and received a

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cockpit warning of battery problems. Let's go live to our bureau in

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Tokyo and join Rupert Wingfield Hayes. Good to see you. What is

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going on? What is the latest? Biasing the focus will be the

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lithium ion batteries? -- by ICM. That is right. They have arrived in

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western Japan to look at the aircraft. Japanese investigations

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had removed that battery pack from the aircraft. We have now seen

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pictures of that battery unit after it has been brought out of the

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aircraft. It has got a thick, black liquid out of the battery unit. It

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has trickled outside the battery unit. There is clear signs of

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burning. Very, very similar to what happened to the other 787 in Boston

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in the US last week. This is absolutely, the focus will be on

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the battery pack. What caused it to melt down? Is it a fundamental

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problem? Can it be replaced? Well they have to redesign this battery

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system? -- will. A lot of questions, a lot at stake for the airline.

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Thank you. Greece's parliament has voted to begin a criminal

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investigation of the former Finance Minister George Papaconstantinou.

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The inquiry will examine his handling of the so-called Lagarde

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List of suspected tax evaders - a list from which three of his family

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members were removed. If he stands trial, he could face up to ten

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years in prison. An overwhelming majority of MPs

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voted to investigate George Papaconstantinou. An opposition

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proposal to her throat another ex finance minister was rejected. --

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probe. Many suspected of tax evasion, three relatives were

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removed from Christine Lagarde's list. The scandal has incensed

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ordinary Greeks as they battle three new taxes. There is a

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widespread desire to punish the political class. George

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Papaconstantinou was already a hated figure as the finance

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minister who accepted painful austerity. He may become the first

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political victim since the financial crisis started. Let's

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move on. Photo sharing website Instagram brings in a new privacy

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policy this Saturday. That is tomorrow. The site, which was

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bought by Facebook last year in $1 billion deal, sparked a major row

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when it appeared to claim ownership of users' photos and reserved the

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right to sell them to advertisers. Instagram insists it was all a

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misunderstanding and has changed some of the wording in its terms

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and conditions. But one research company estimates the site has lost

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almost half its daily users in the past month, a figure Instagram

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disputes. I'm joined by Stuart Sumner, Editor of Computing

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Magazine. They changed some of the wording. I have been told you used

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to be a lawyer. It is as clear as mud. They are trying to get away

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from this perspective of saying, we are in -- own your data. We don't,

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but actually they do. Yes, they still are going to use it. Yes,

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they are going to make money any way they can. This is one way to do

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it. They do risk upsetting their users. At the same time, there is

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another side to the argument. Websites like Facebook have

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commercial concerns, they are not a charity. We are used to these

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websites, they are free, we can put photos on, we can speak to people

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around the world. But as you say, they have got to make money. Yes,

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they are not set up for our benefit. You have a choice, a lot of adverts

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on these websites or they are going to sell the photos you put in their.

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One way or the other they are going to make their money. Facebook's

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share price has fallen quite badly since it floated. Very briefly, I

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know they deny it, are we seeing a drop in the number of users? I have

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seen figures that Instagram have lost a lot of users. Facebook users

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have also dropped quite significantly in the UK. It could

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