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charges including the killing of a policeman. Those are the latest | :00:00. | :00:00. | |
headlines from BBC News. Now for the latest financial news with Sally | :00:00. | :00:00. | |
Bundock and World Business Report. Russia's economy grinds to a halt as | :00:00. | :00:20. | |
the Ukraine crisis takes a heavy toll. Capital outflows are expected | :00:21. | :00:28. | |
to soar to $70 billion. Chinese President Xi Jinping travels | :00:29. | :00:31. | |
to France to try to revive flagging trade ties and sign potentially | :00:32. | :00:32. | |
blockbuster deals. Welcome to World Business Report. | :00:33. | :00:45. | |
I'm Sally Bundock. Also in the programme, we head to Istanbul to | :00:46. | :00:48. | |
hear from Greeks who moved there in search of work. | :00:49. | :00:55. | |
Russia says it expects investors to have moved up to $70 billion worth | :00:56. | :01:00. | |
of assets out of the country in the first three months of this year. | :01:01. | :01:03. | |
It's the clearest sign yet that investors are nervous as fears grow | :01:04. | :01:06. | |
of the impact tighter sanctions will have on the Russian economy. There | :01:07. | :01:12. | |
are also warnings of stagnant growth and rising inflation. The economy | :01:13. | :01:18. | |
grew by just 1.3% last year. Ilya Ponomarev was the only one of 445 | :01:19. | :01:21. | |
Russian deputies in the State Duma who voted against Crimea joining | :01:22. | :01:28. | |
Russia. He says the crisis provides an excuse for poor economic | :01:29. | :01:35. | |
policies. They think that for Russia it is a big mistake what we have | :01:36. | :01:40. | |
done. One of the reasons why President Putin went so far and so | :01:41. | :01:44. | |
quickly was to disguise the problems that we have in our economy. Now | :01:45. | :01:52. | |
economic growth is virtually stalled in Russia. With this huge patriotic | :01:53. | :02:00. | |
uprising, people 's attention is shifted from the internal problems | :02:01. | :02:08. | |
and now we are thinking about Crimea and greater Russia and retaining | :02:09. | :02:08. | |
pieces of land and so on. With me is Otilia Dhand, Vice | :02:09. | :02:22. | |
President of Teneo intelligence. Everybody is starting to comment on | :02:23. | :02:25. | |
the impact that the sanctions will have on Russia, if they brought out | :02:26. | :02:30. | |
further. What is your take on how the Russian economy is doing? The | :02:31. | :02:36. | |
growth of the economy has been slowing down for several months, | :02:37. | :02:38. | |
especially in the last quarter of 2013. There is a single reason why, | :02:39. | :02:46. | |
but a combination of weak domestic demand and the completion of the | :02:47. | :02:51. | |
project in Sochi that had been driving investment in the country. | :02:52. | :02:54. | |
The crisis does provide a good excuse for Vladimir Putin's economic | :02:55. | :03:06. | |
performance. It will be used for several quarters to come. Russian | :03:07. | :03:11. | |
officials were saying yesterday that within this month it is more than | :03:12. | :03:16. | |
likely that $70 billion worth of capital will have left Russia. That | :03:17. | :03:20. | |
is more than the whole of last year. Should we be concerned about what | :03:21. | :03:26. | |
impact that will have? That documents a loss of confidence of | :03:27. | :03:32. | |
foreign investors in Russia. That is in terms of the financial system as | :03:33. | :03:37. | |
well as direct investment. These investments would have come from | :03:38. | :03:40. | |
either Germany or Italy or the country is now opposing Russia's | :03:41. | :03:46. | |
expansion into Crimea. This is likely to have a further effect on | :03:47. | :03:53. | |
the investment part of the GDP for Russia. It is hard to restore the | :03:54. | :04:01. | |
confidence of foreign investors once you have lost it. Now it looks that | :04:02. | :04:07. | |
there is nothing to restore confidence in terms of how | :04:08. | :04:10. | |
negotiations are going on between Russia, the US, and the EU, | :04:11. | :04:15. | |
especially with this sort of G`7 gathering going on. The next meeting | :04:16. | :04:22. | |
will definitely exclude Russia and it will not be in Russia but it will | :04:23. | :04:27. | |
be in Brussels in June. There is the argument that sanctions against | :04:28. | :04:36. | |
individual sectors, mining or gas for example, are not needed in order | :04:37. | :04:40. | |
to hit Russia hard in terms of economic growth or performance in | :04:41. | :04:45. | |
general. Our exclusion from international institutions, the | :04:46. | :04:51. | |
magnitude of political risk that is now associated with Russia, all hits | :04:52. | :04:57. | |
our investment in the economy. We have seen three months Russia going | :04:58. | :05:04. | |
from an emerging market that was very resilient and insulated from | :05:05. | :05:08. | |
the effects of what was expected to be the largest effect `tapering in | :05:09. | :05:19. | |
the US. It has gone to a poor performing economy. He's the leader | :05:20. | :05:32. | |
of the economy many believe will dominate the world in the coming | :05:33. | :05:35. | |
years. So when Chinese President Xi Jinping arrived in Europe at the | :05:36. | :05:38. | |
weekend the world paid attention. The man who runs the globe's second | :05:39. | :05:41. | |
biggest economy is mainly here to talk about trade. The EU is China's | :05:42. | :05:44. | |
most important trading partner, with imports and exports now worth well | :05:45. | :05:47. | |
over a billion euros a day. On Tuesday the tour moves to France and | :05:48. | :05:50. | |
our correspondent there, Hugh Schofield, looks ahead to the | :05:51. | :05:52. | |
Chinese presidents travel diary this week. | :05:53. | :05:56. | |
(INAUDIBLE) France, is preparing a sumptuous | :05:57. | :06:02. | |
welcome. The President will be in New York and then Paris for a state | :06:03. | :06:07. | |
dinner on Wednesday. Nothing is confirmed but it is hoped that | :06:08. | :06:12. | |
Airbus may clinch a major deal to sell 150 passenger jets to China, a | :06:13. | :06:18. | |
deal linked possibly with a new Airbus factory there. Other | :06:19. | :06:21. | |
contracts are also being looked at by Paris. The carmaker Peugeot will | :06:22. | :06:37. | |
sign a long forecast steel. The Premier will travel to Brussels by | :06:38. | :06:44. | |
the first visit by a Chinese premier to EU institutions. Anti`dumping | :06:45. | :06:52. | |
legislation will be on the agenda. When we have announcements of deals | :06:53. | :06:53. | |
will update you. The people of Greece are celebrating | :06:54. | :07:03. | |
185 years since independence from the Turkish Ottoman Empire. But for | :07:04. | :07:06. | |
some Greek people, it will not be a holiday. During the turbulent | :07:07. | :07:09. | |
economic times in recent years, many people from Greece opted to move | :07:10. | :07:12. | |
abroad in their hunt for work. And, despite a negative history between | :07:13. | :07:15. | |
the two nations, many set their sights on Turkey. But was it a good | :07:16. | :07:21. | |
move? Selin Girit sent this report from Istanbul. | :07:22. | :07:28. | |
This is one of the symbols of the booming Turkish economy. Turkish | :07:29. | :07:34. | |
Airlines now flies to over 100 countries and has an annual growth | :07:35. | :07:38. | |
of 20%. Its success is attracting pilots from all over the world. | :07:39. | :07:44. | |
Especially from Greece. There is a recession in my country. It has had | :07:45. | :07:51. | |
a serious effect on aviation. A previous company could not sustain | :07:52. | :07:54. | |
an acceptable level of salaries and a major decision to leave my | :07:55. | :08:00. | |
country. I settled with my wife here and will have a career here in | :08:01. | :08:05. | |
Istanbul. More Greeks are leaving their country to settle abroad. | :08:06. | :08:08. | |
Istanbul is becoming one of the most popular destinations for these | :08:09. | :08:12. | |
people. It is estimated that in the last couple of years almost 1000 | :08:13. | :08:16. | |
Greeks have come to settle in the city. It is not only the booming | :08:17. | :08:22. | |
Turkish economy that attracts these people. The family groups play a | :08:23. | :08:28. | |
part in their decision as well. My grandmother was from the Asian side | :08:29. | :08:32. | |
of Istanbul. Two years ago I lost my job in Athens. I was a secretary in | :08:33. | :08:42. | |
a big company. I thought that it was a big opportunity for me to leave | :08:43. | :08:53. | |
Athens and come to stumble. The Turkish `Greek business Council says | :08:54. | :08:56. | |
there are Greeks working in every sector here. There are many Greeks | :08:57. | :09:05. | |
working in tourism, hospitals, banking. To Turkish banks are owned | :09:06. | :09:10. | |
by Greece. Greeks are coming to open restaurants, bars, and even | :09:11. | :09:18. | |
musicians of Greece. Once a year, the Greek community in Istanbul pour | :09:19. | :09:22. | |
out onto the streets to celebrate an ancient tradition. This young Greek | :09:23. | :09:29. | |
student of sociology joins the carnival. There are more | :09:30. | :09:33. | |
opportunities. You can find scholarships, you can easily find a | :09:34. | :09:39. | |
job. I thought it would be a better place for me to settle. With the | :09:40. | :09:47. | |
economic crisis back home, it seems that the number of Greeks living in | :09:48. | :09:54. | |
Istanbul is set to increase. Let's look at the financial markets in | :09:55. | :09:55. | |
Asia. A lot of this news from the US and | :09:56. | :10:10. | |
slowing manufacturing output has had an effect here. There are reports on | :10:11. | :10:13. | |
consumer confidence and housing data later today. Markets were hit in the | :10:14. | :10:22. | |
US. We will talk through the papers in a moment. Stay with us. | :10:23. | :10:48. | |
There are plans to expand shale gas fracking in the UK. Research suggest | :10:49. | :10:55. | |
they should learn from mistakes overseas. Some have already been | :10:56. | :10:56. |