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sites. Those are the latest headlines from BBC World News. Now | :00:00. | :00:00. | |
for the latest financial news, and World Business Report. The race to | :00:00. | :00:18. | |
prevent a financial collapse: the EU, IMF and US discuss the options | :00:19. | :00:21. | |
for Ukraine, as Russia suspends its financial bailout. It can take your | :00:22. | :00:29. | |
pulse and recognise your finger, but how does it stack up against the | :00:30. | :00:32. | |
competition? We check out Samsung's latest offering, the Galaxy S5. | :00:33. | :00:45. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:46. | :00:48. | |
programme, we'll have the details on the next step in the | :00:49. | :00:50. | |
multibillion-dollar Trans-Pacific Partnership. With the world's focus | :00:51. | :00:57. | |
on Ukraine, and how to rebuild a broken country, what of its economy? | :00:58. | :01:01. | |
Russia's suspended the second instalment of its financial | :01:02. | :01:05. | |
assistance for Ukraine. It doesn't want to risk their money being | :01:06. | :01:09. | |
managed by the opposition. We're not just talking about a financial | :01:10. | :01:11. | |
arrangement either, but serious tension, and concern between Russia | :01:12. | :01:16. | |
and the Western world. It's a complicated mess, nearing | :01:17. | :01:19. | |
bankruptcy, Ukraine has $88 billion dollars in long-term foreign debt. | :01:20. | :01:21. | |
But it is estimated the government, the national bank, and state-owned | :01:22. | :01:24. | |
gas company together need to pay $13 billion this year just to service | :01:25. | :01:31. | |
that debt. And the country's reserves are now down to less than | :01:32. | :01:39. | |
$18 billion. So the question is, how will Ukraine overcome its financial | :01:40. | :01:42. | |
crisis without these funds? Well Baroness Ashton, the EUs foreign | :01:43. | :01:44. | |
policy chief, is trying to co-ordinate a short-term package of | :01:45. | :01:47. | |
financial assistance, with donors from the EU and US and the | :01:48. | :01:49. | |
International Monetary Fund discussing a loan programme to | :01:50. | :01:52. | |
prevent the Ukraine economy from heading into abyss. Here to help us | :01:53. | :02:07. | |
unpack this detail is Lilit Gevorygan, Russia analyst with IHS | :02:08. | :02:18. | |
Global Insight. You. To take on the various options on the table | :02:19. | :02:23. | |
regarding Ukraine economy. And where the help will come from in the near | :02:24. | :02:27. | |
future? Toner I don't think Ukraine has many choices. The Russian credit | :02:28. | :02:35. | |
line that was offered in mid-December 2013, the gas price | :02:36. | :02:38. | |
discount, are pretty much off table. Ukraine has two seek external | :02:39. | :02:48. | |
financing from IMF to meet its immediate external obligations. I | :02:49. | :02:51. | |
believe that the economy is not in the shape to get along without the | :02:52. | :03:00. | |
external help. Hence, Ukraine has to pursue external financing from IMF | :03:01. | :03:03. | |
and EU. That is likely to happen, isn't it? Ukraine is in such a | :03:04. | :03:09. | |
critically important place, it is in anyone's interest that it doesn't | :03:10. | :03:16. | |
collapse. Think so. Despite some speculation or perception that | :03:17. | :03:20. | |
Russia is not really interested in a stable Ukraine, it is. For example. | :03:21. | :03:28. | |
Almost 70% of Russia's EU bound gas exports go via Ukraine. Obviously | :03:29. | :03:31. | |
stability and economic stability is quite important. Russia is a major | :03:32. | :03:39. | |
investor in the country. So is EU. So European businesses, Russian | :03:40. | :03:42. | |
businesses, are very interested in stability of this country. And it | :03:43. | :03:47. | |
economic stability. Why is it in such a mess? It has been in | :03:48. | :03:54. | |
turmoil, political turmoil, for a long time. It has been ten years | :03:55. | :03:59. | |
now, and two revolutions within ten years is quite a serious blow to any | :04:00. | :04:03. | |
country's economy. Successive governments have mismanaged the | :04:04. | :04:10. | |
economy because they have been spending more, the country's | :04:11. | :04:13. | |
industry wasn't expanding, and business environment was poor, and | :04:14. | :04:20. | |
the expected windfall never really came to the Ukraine in large sums. | :04:21. | :04:28. | |
It was a combination of elements that led to this dire state. Also, | :04:29. | :04:32. | |
for a long time, IMF have been calling for cutting the domestic gas | :04:33. | :04:39. | |
subsidy. Letting the local currency float. All of these have been | :04:40. | :04:42. | |
delayed because they were popular with the electorate. Now is the time | :04:43. | :04:47. | |
for the Ukraine politicians to tackle these issues. Thank you very | :04:48. | :04:53. | |
much for your time. We will talk some more about that when we discuss | :04:54. | :04:56. | |
today's newspapers in about five minutes. Let's talk about Samsung. | :04:57. | :05:01. | |
Samsung have announced their new flagship smartphone. The Galaxy S5 | :05:02. | :05:04. | |
will be launched in April this year globally, except for Japan. At a | :05:05. | :05:08. | |
press event in Barcelona, Samsung's Stephen Taylor showed the BBC's Mark | :05:09. | :05:11. | |
Gregory some of its new and improved features. The hype is over, the | :05:12. | :05:31. | |
launch has happened. The Galaxy S5 is here. With me is Steven Taylor of | :05:32. | :05:39. | |
Samsung. How did the launch go? You are in your selves. There was | :05:40. | :05:43. | |
genuine excitement. There is always a lot of anticipation around | :05:44. | :05:49. | |
launches. We were getting spontaneous applause for a lot of | :05:50. | :05:53. | |
the features. For us it was a really good success. We were very pleased | :05:54. | :06:04. | |
with it. Let's look at the phone. Yes, lets. The first thing is the | :06:05. | :06:09. | |
simplicity of the screen. We have cleaned up the user interface. | :06:10. | :06:12. | |
Consumers are keen on that. A lot of the features we have enhanced the | :06:13. | :06:16. | |
ones that are super important. The key thing is the camera. The camera | :06:17. | :06:21. | |
has been improved on a number of levels. For one, it has a sharp | :06:22. | :06:30. | |
autofocus and is .3 of a second. You can take a quick shot. The other | :06:31. | :06:35. | |
thing you have in their is this rich depth feature with HDR. By switching | :06:36. | :06:44. | |
on that feature, you have real colours. Could make the colour that | :06:45. | :06:49. | |
writer and prettier. Stands out. And in real low light or brightness it | :06:50. | :06:55. | |
will adjust. You can see photograph in the best quality. What else does | :06:56. | :07:00. | |
it have? It's the first smartphone to have a heart rate monitor | :07:01. | :07:05. | |
integrated into the back of it. It can monitor your heart rate all the | :07:06. | :07:12. | |
time. A new family of devices. I hope you enjoy it. That is the | :07:13. | :07:20. | |
latest from the mobile phone conference in Barcelona. Take a look | :07:21. | :07:25. | |
at the scene behind me. You concede many smiley faces, smiling up for | :07:26. | :07:49. | |
the cameras. Global trade ministers are holding their final round of | :07:50. | :07:52. | |
talks today for an ambitious new free trade zone called the | :07:53. | :07:54. | |
Trans-Pacific Partnership. The proposed deal will link 12 | :07:55. | :07:56. | |
countries, ranging from Australia to Peru, by allowing greater market | :07:57. | :07:59. | |
access, and lower taxes. But China is excluded. It's a key part of | :08:00. | :08:02. | |
America's so-called pivot to Asia, given the region's rising economic | :08:03. | :08:05. | |
importance. For more, let's go live to Rico Hizon, who has been | :08:06. | :08:08. | |
following the meeting in Singapore. What is the latest? In about an hour | :08:09. | :08:11. | |
's time, we will have a clearer picture. They may be smiling, but | :08:12. | :08:17. | |
they may not be smiling at the end of the meeting. Because according to | :08:18. | :08:21. | |
many trade analyst they are not very hopeful that the deal was forged. | :08:22. | :08:27. | |
Japan's economic minister said that differences remain between them. And | :08:28. | :08:34. | |
the United States. There are still basically tensions over agricultural | :08:35. | :08:37. | |
tariffs. That is one of the key hurdles facing this transpacific | :08:38. | :08:41. | |
partnership. Japan has tried to protect its rice, beef, dairy and | :08:42. | :08:49. | |
sugar. That is in particular the focus. Farmers in the big exporting | :08:50. | :08:54. | |
countries push for the elimination of all tariffs. It seems like they | :08:55. | :08:59. | |
are not willing to budge. The United States is also not showing any | :09:00. | :09:02. | |
willingness to make concessions on its demands. Negotiators are hoping | :09:03. | :09:09. | |
that a draft deal will be ready by the time Obama visits the region in | :09:10. | :09:13. | |
April. Some analysts are sceptical, saying a deal is only likely to | :09:14. | :09:19. | |
materialise by year 's end. And give remote indeed. Let's squeeze in some | :09:20. | :09:25. | |
other stories. Sales of Cuba's famous cigars jumped 8% in 2013, | :09:26. | :09:28. | |
helped by strong demand from the island's smokers, and China. Total | :09:29. | :09:31. | |
sales reached $447 million, up from $416 million in 2012, according to | :09:32. | :09:34. | |
Habanos SA, which is co-owned by Cubatabaco and British firm Altadis. | :09:35. | :09:36. | |
Europe remains the biggest market, but demand from China and the Middle | :09:37. | :09:40. | |
East has helped boost sales. Cuban cigars are still banned from the US | :09:41. | :09:55. | |
market. The markets were seeing a much stronger session today than we | :09:56. | :09:59. | |
saw yesterday. The main market up almost 1.5%. They have 20 minutes to | :10:00. | :10:03. | |
go. I will see you soon. | :10:04. | :10:09. |