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Those are the latest headlines from BBC World News. | :00:03. | :00:13. | |
:00:13. | :00:18. | ||
Now for the latest financial news Investors dump Turkish shares on | :00:18. | :00:26. | |
fears the economy could be threatened by the unrest. | :00:26. | :00:32. | |
Jobs are slashed at US games maker Zynga. We'll explain why it's gone | :00:32. | :00:36. | |
from a hot stock to crisis mode in just 1.5 years. | :00:36. | :00:45. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:45. | :00:49. | |
programme: The second part in our Getting Started series about | :00:49. | :00:52. | |
entrepreneurs that focuses on getting finance. | :00:52. | :00:54. | |
The protests in Istanbul have shaken investor confidence in | :00:54. | :00:59. | |
Turkey. Yesterday, the main share index plunged more than 10%. | :00:59. | :01:02. | |
Investors are worried about the impact on the economy if the unrest | :01:02. | :01:06. | |
continues. Turkey's economy was struggling even before the trouble. | :01:06. | :01:10. | |
Last year, it grew just 2.2% and economic data for this year has not | :01:10. | :01:15. | |
been encouraging. That won't be helped if the important tourism | :01:15. | :01:19. | |
industry is hit. Last year, the industry was worth $29 billion and | :01:19. | :01:27. | |
June is the first month of the peak season. Some of the country's key | :01:27. | :01:37. | |
:01:37. | :01:38. | ||
unions are now staging strike This chart shows how Turkish shares | :01:38. | :01:45. | |
have performed over the last fives years. If you invested at the start | :01:45. | :01:50. | |
of 2009, you would be up around 300% now. It is a market known for | :01:50. | :01:54. | |
its volatility. So perhaps it's not surprising there was a big reaction | :01:54. | :01:59. | |
yesterday. Let's get some market perspective on all of this. Justin | :01:59. | :02:05. | |
Urquhart Stewart is a director at Seven Investment Management. | :02:05. | :02:13. | |
Welcome. Its economy has two and viewpoints. On the one hand, people | :02:13. | :02:18. | |
are excited about the future for Turkey. On the other hand, people | :02:19. | :02:25. | |
are frustrated by the promise of reforms that they have not seen. | :02:25. | :02:31. | |
have to put this in perspective. Economy has grown significantly. It | :02:32. | :02:37. | |
was not one of the groups include with India and China. It was one | :02:37. | :02:44. | |
step down. But it has grown. Especially when compared to Brazil. | :02:44. | :02:51. | |
With tourism, it is important. And the manufacturing sector is | :02:51. | :02:59. | |
important. They need of reform. We have social and religious issues. | :02:59. | :03:09. | |
:03:09. | :03:12. | ||
There are political changes as well. The eastern areas of the country | :03:12. | :03:19. | |
are sensitive as well. It is part of European history. It wants to be | :03:19. | :03:25. | |
part of the European Union. It has gone for a long time. They have not | :03:25. | :03:30. | |
move forward significantly for a long time. This situation is very | :03:30. | :03:36. | |
volatile. It is not clear which direction they will go in. They | :03:36. | :03:44. | |
have been pushed back by the EU on many occasions. Turkey is an | :03:44. | :03:51. | |
excitingly developing nation. They have made significant changes. They | :03:51. | :04:01. | |
:04:01. | :04:03. | ||
have a big Agricole call sector. -- agricultural. Investors are pouring | :04:03. | :04:11. | |
away because it has been a perfect position. However, money will flow | :04:11. | :04:17. | |
back in again. Turkey will continue to develop but it needs stability. | :04:17. | :04:21. | |
The level of social unrest can be the start of more difficulties. | :04:22. | :04:28. | |
Watch out for more shots in the market. It is down 17% since May. | :04:28. | :04:36. | |
Thank you. We would talk about Turkey later. | :04:36. | :04:44. | |
It is all over the papers. In other news: Not so long ago, it | :04:44. | :04:47. | |
was one of the hottest technology companies. But San Francisco-based | :04:47. | :04:51. | |
Zynga is in trouble. Late on Monday, the computer games maker announced | :04:51. | :04:54. | |
it's cutting 520 jobs. That's almost a fifth of its total | :04:54. | :04:58. | |
workforce. Zynga also warned of deepening losses. It shot to fame | :04:58. | :05:01. | |
with games like Farmville, which is played on Facebook. But it has not | :05:01. | :05:05. | |
been able to replicate that success. Robert Scoble is a well known | :05:05. | :05:15. | |
:05:15. | :05:16. | ||
blogger on the technology industry. Games are very fetish activities. | :05:16. | :05:23. | |
If they hit it, it is a home run. It is like the game, angry birds. | :05:23. | :05:27. | |
It is a multi-million dollar home run. They are struggling to find | :05:27. | :05:33. | |
that. If they find that, people will be happy. But it takes time. | :05:33. | :05:38. | |
Adidas buys them enough time to find the next two or three | :05:38. | :05:44. | |
interesting games. But they do need to get there. | :05:44. | :05:47. | |
In other news: Shares in the Australian surf-wear maker, | :05:47. | :05:51. | |
Billabong, halved in value in Sydney, hitting an all-time low. | :05:51. | :05:54. | |
That's after it announced that takeover talks with two interested | :05:54. | :05:58. | |
parties had ended. Billabong is looking for new investors after an | :05:58. | :06:02. | |
expansion plan failed and left the company with large debts. The | :06:02. | :06:11. | |
company says it is discussing alternative financing. | :06:11. | :06:15. | |
Panasonic will raise a production in Japan if the currency weakens. | :06:15. | :06:20. | |
At the moment, it produces one- third of its products to Japan but | :06:20. | :06:30. | |
:06:30. | :06:32. | ||
it will decrees that to one half if US prosecutors have accused Apple | :06:32. | :06:35. | |
of conspiring with publishers to raise the price of electronic books | :06:35. | :06:41. | |
in a civil lawsuit which started on Monday. A Justice Department lawyer | :06:41. | :06:45. | |
said that Apple told publishers it could deliver higher prices. Apple | :06:45. | :06:48. | |
lawyers described the case as bizarre and accused them of | :06:48. | :06:57. | |
inventing a conspiracy. The trial is due to last three weeks. | :06:57. | :07:03. | |
The EC will give to that via the go-ahead to become the 18th member | :07:03. | :07:13. | |
:07:13. | :07:15. | ||
Approval is needed from EU leaders and the European Parliament. That | :07:15. | :07:25. | |
is expected later this year. Now for the second part of our | :07:25. | :07:28. | |
Getting Started series about entrepreneurs. Today, we head to | :07:28. | :07:31. | |
France where small businesses generate most new jobs. But, as in | :07:31. | :07:34. | |
other countries, start-up firms are finding it difficult to get | :07:34. | :07:39. | |
financing. Jeremy Howell has this report from Paris. | :07:40. | :07:45. | |
It is proving a popular option. People in France do not want to | :07:45. | :07:50. | |
spend their money going out. People learn to make a three-course meal | :07:50. | :07:56. | |
and I take it home and eat it. This shop has many customers per year. | :07:56. | :08:00. | |
None of this would not have been possible if not for the cash | :08:01. | :08:04. | |
brought into the business by private investors. So-called | :08:04. | :08:10. | |
business angels. I raised 2 million euros with business interest. The | :08:10. | :08:17. | |
first step is the most difficult. When you managed to convince the | :08:17. | :08:21. | |
first business angels to invest, it is easier to get more funding from | :08:21. | :08:31. | |
:08:31. | :08:33. | ||
them. You have a good track record. There are four. Five million small | :08:33. | :08:38. | |
firms in France, creating many new jobs. Most of the firms are tiny. 4 | :08:38. | :08:44. | |
million of them. Three staff or less. Entrepreneurs complain their | :08:44. | :08:50. | |
businesses are held back by a lack of funding sources. The director of | :08:50. | :08:54. | |
the Paris business-school and vice chairman of the French Institute of | :08:54. | :08:58. | |
directors' has a special responsibility for small firms. | :08:58. | :09:03. | |
Bankers are prudent in not lending money to start a business. If you | :09:03. | :09:12. | |
are already in business, and have a huge net asset, they will not lend | :09:12. | :09:22. | |
:09:22. | :09:24. | ||
you money. It is a clear line. is a widespread call from small | :09:24. | :09:29. | |
businesses. Banks could put up resistance. They have lost their | :09:29. | :09:33. | |
taste for start-ups in the recent economic downturn. They need to see | :09:33. | :09:38. | |
more success stories like this cooking business have to get their | :09:38. | :09:46. | |
appetite back. Looking at him markets. There are | :09:46. | :09:51. | |
some gains in Japan for the first time in four days. The markets have | :09:51. | :09:57. | |
been hit quite hard by very is issues, not least how successful | :09:57. | :10:04. | |
so-called ergonomics is going. It is the phrase coined by Shinzo Abe, | :10:04. | :10:08. | |
the new prime minister, and his action to boost the Japanese | :10:08. | :10:12. | |
economy. One of the reasons for the gains in the market is because in | :10:12. | :10:17. |