Browse content similar to 09/06/2014. Check below for episodes and series from the same categories and more!
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latest headlines from BBC World News. Is are the latest headlines `` | :00:00. | :00:17. | |
of those are the latest headlines. Now for the latest financial news | :00:18. | :00:20. | |
with Sally and World Business Report. Settling on a price, Russia, | :00:21. | :00:23. | |
Ukraine and the EU prepare to restart talks over the gas dispute | :00:24. | :00:26. | |
as another cut off deadline looms. Metro workers strike for a third day | :00:27. | :00:29. | |
causing chaos in Sao Paulo, just days before the start of the World | :00:30. | :00:32. | |
Cup kick`off, despite a court declaring their walk`out illegal. | :00:33. | :00:45. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:46. | :00:49. | |
programme: China and India are hoping to strengthen their economic | :00:50. | :00:52. | |
ties. We'll have the latest from our team in the region. But first, | :00:53. | :00:59. | |
Ukraine, Russia and the European Union will restart talks today to | :01:00. | :01:02. | |
try and resolve the ongoing dispute over gas prices. Russia says it will | :01:03. | :01:06. | |
cut off gas supplies by June 10th, that is tomorrow, if it isn't paid. | :01:07. | :01:09. | |
This is a slight extension to the first deadline after Ukraine | :01:10. | :01:11. | |
part`paid $786 million. The two sides differ on how much is owed by | :01:12. | :01:14. | |
Ukrainian state energy company Naftogaz. While Ukraine says its | :01:15. | :01:17. | |
outstanding debt as of April first was $2.2 billion, Russia's Gazprom | :01:18. | :01:20. | |
claims it is in fact more than double that, at just under $4.5 | :01:21. | :01:27. | |
billion. The dispute could threaten gas flows to Europe. With me now is | :01:28. | :01:39. | |
Trevor Sikorski, head of natural gas, coal and carbon at Energy | :01:40. | :01:46. | |
Aspects. Trevor, nice to see you. It feels like Groundhog Day on a Monday | :01:47. | :01:50. | |
morning at the moment. We talk about the new talks beginning about this | :01:51. | :01:53. | |
dispute. But what is different of course is that over the weekend | :01:54. | :02:00. | |
President Petro Poroshenko was sworn in in Ukraine. Also the D`Day | :02:01. | :02:04. | |
anniversary meant there were lots of negotiations, diplomatic meetings | :02:05. | :02:09. | |
going on in front, which President Putin was there. Do you think | :02:10. | :02:15. | |
today's talks may be a bit smoother, there may be some goodwill on all | :02:16. | :02:21. | |
sides, even the events of the last few days? Absolutely. I think for | :02:22. | :02:27. | |
Russia, what they don't want to be seen is to be overly aggressive on | :02:28. | :02:34. | |
this new government. They are looking to normalise the situation | :02:35. | :02:38. | |
in Ukraine. To pull back already in terms of the military threat on the | :02:39. | :02:41. | |
borders, and they are really just saying let's get active normality | :02:42. | :02:45. | |
aspect. So this kind of holds out quite a positive out come I think | :02:46. | :02:51. | |
for today. Certainly both sides would see it as a big failure if | :02:52. | :02:55. | |
they couldn't hammer out some kind of agreement to keep gas flowing | :02:56. | :03:00. | |
into Ukraine. President Poroshenko saying he is expecting to form a | :03:01. | :03:12. | |
governing team to mediate between Naftogaz and Gazprom. The issue thus | :03:13. | :03:21. | |
far has been that Ukraine has been unable to pay. That is where the | :03:22. | :03:24. | |
spats have cropped up. If you look at western Europe, gas supplies from | :03:25. | :03:32. | |
Russia via Ukraine, Ukraine find it very hard to pay its gas bills. Of | :03:33. | :03:36. | |
course, the price is really important. You can see in the size | :03:37. | :03:42. | |
of the difference in debt owed, what that difference in price can do. | :03:43. | :03:46. | |
Certainly Ukraine says that they had discounted gas, which they like. | :03:47. | :03:50. | |
Despite the political changes in Ukraine, they think they should | :03:51. | :03:53. | |
still get discounted gas. So they really are pushing for that. Gazprom | :03:54. | :03:59. | |
a saying they only give discounted gas to people who pay their bills or | :04:00. | :04:04. | |
who they like a lot, who are their friends. That is when you have a | :04:05. | :04:08. | |
more eastern looking government. That was on the table, now it is | :04:09. | :04:12. | |
gone. You haven't paid your bills, so we have reverted to the | :04:13. | :04:16. | |
contract. So Gazprom is very commercial, but they are trying to | :04:17. | :04:21. | |
do it in a hothouse of politics. And that has to be resolved. Bank you | :04:22. | :04:25. | |
very much indeed for coming in. `` thank you very much. We will keep | :04:26. | :04:33. | |
you up`to`date. A Brazilian court has ruled that a subway strike that | :04:34. | :04:36. | |
has caused traffic mayhem in Sao Paulo is illegal. But workers have | :04:37. | :04:39. | |
vowed to continue with their industrial action, despite it being | :04:40. | :04:42. | |
just days before the start of the football World Cup. The move is the | :04:43. | :04:45. | |
latest of several strikes and protests to have hit the country in | :04:46. | :04:49. | |
the past year. So could wage demands mar the football tournament? Katy | :04:50. | :04:51. | |
Watson, our business reporter in Brazil reports from Sao Paulo. | :04:52. | :05:04. | |
Emotions were running high on Sunday afternoon, union leaders rallied | :05:05. | :05:08. | |
their members after a court ruling urging people to return to work. | :05:09. | :05:14. | |
Unions want a pay rise of more than 12%. The state owned company has | :05:15. | :05:19. | |
offered eight .7. Despite the court threatening them with a fine of more | :05:20. | :05:23. | |
than $200,000 a day, for every day they continue to strike, it was | :05:24. | :05:27. | |
pretty clear what they thought as union members raised their ID cards | :05:28. | :05:33. | |
to vote. The overwhelming feeling here was one of anger and | :05:34. | :05:36. | |
frustration. Despite the judge's ruling they voted to continue the | :05:37. | :05:40. | |
indefinite strike. They say unless the government meet their demands | :05:41. | :05:44. | |
that could affect transport on opening match day. The congestion in | :05:45. | :05:48. | |
the city is bad at the best of times. But the last few days saw it | :05:49. | :05:52. | |
get even worse. With huge traffic jams and bus queues, as people tried | :05:53. | :05:57. | |
to get to work. The accusation that the unions are using the World Cup | :05:58. | :06:00. | |
is an opportunity to extract more from the government was strongly | :06:01. | :06:06. | |
denied. TRANSLATION: They have put the World Cup in the middle of our | :06:07. | :06:10. | |
salary negotiations. We have been negotiating our salaries may. And | :06:11. | :06:14. | |
because it has carried on until June, we now have the World Cup. | :06:15. | :06:20. | |
Strike is just a latest in a string of wage demands in recent months. | :06:21. | :06:23. | |
Rubbish collectors in Rio, bus drivers and teachers in Sao Paulo, | :06:24. | :06:29. | |
have been pushing for higher pay as inflation pushes 6% per year. Even | :06:30. | :06:34. | |
police walked up the job in the north`east Brazil, leading to | :06:35. | :06:37. | |
looting, a few weeks ago. TRANSLATION: The truth is that the | :06:38. | :06:42. | |
government has to give in. In the very short term, at least, it has to | :06:43. | :06:47. | |
give in. After the World Cup, the conditions for negotiation change. | :06:48. | :06:50. | |
But they aren't automatically resolved, because after the World | :06:51. | :06:54. | |
Cup, you have another important agenda. The elections. So these wage | :06:55. | :06:58. | |
demands won't go away any time soon. But the more pressing concern is | :06:59. | :07:02. | |
sorting out the city's transport. With trendlines that take fans to | :07:03. | :07:06. | |
the stadium still remaining shut, that pressure on the government is | :07:07. | :07:15. | |
growing. Other stories: Chinese imports dipped in May, suggesting | :07:16. | :07:18. | |
there is a weakening demand for the world's second largest economy. The | :07:19. | :07:21. | |
country's exports rose by 7% in May, but imports fell by 1.6% on a year | :07:22. | :07:24. | |
earlier. It meant the nation's trade surplus widened sharply to $35.9bn | :07:25. | :07:30. | |
from April's $18.5bn. Bulgaria is to halt work on its Russian`backed | :07:31. | :07:33. | |
South Stream gas pipeline, following criticism and requests from the EU | :07:34. | :07:36. | |
and US. The Prime Minister said he will now have start talks with the | :07:37. | :07:40. | |
EU over how to proceed next. The Gazprom`financed pipeline would ship | :07:41. | :07:42. | |
gas to western Europe via the Balkans, thus avoiding Ukraine. Sony | :07:43. | :07:48. | |
has sold more games consoles than its rival Nintendo for the first | :07:49. | :07:51. | |
time in eight years. Sony sold 18.7 million systems in the last | :07:52. | :07:54. | |
financial year, which ended in March, compared to Nintendo's tally | :07:55. | :07:56. | |
of 16.3 million video games machines. Sony's PlayStation 4 has | :07:57. | :07:59. | |
emerged as the bestselling "new`gen" console while Nintendo's Wii U, with | :08:00. | :08:01. | |
its touchscreen controller, has lagged far behind the original Wii. | :08:02. | :08:13. | |
Let's talk about a meeting of minds. The world's two most populous | :08:14. | :08:19. | |
countries have vowed to increase economic cooperation follow a | :08:20. | :08:22. | |
meeting between senior Chinese and Indian officials. In the first | :08:23. | :08:24. | |
high`level talks between the two countries since the new Indian Prime | :08:25. | :08:27. | |
Minister Modi took office, officials said that China and India see eye to | :08:28. | :08:30. | |
eye on most issues. But with flagging economies to deal with and | :08:31. | :08:33. | |
a border dispute in the Himalayan region, was the meeting really all | :08:34. | :08:42. | |
smiles? Let's get more on this. Ali Moore joins me now from our Asia | :08:43. | :08:45. | |
Business hub in Singapore. Nice to see you. Tell us more about how this | :08:46. | :08:51. | |
meeting went. It certainly was all smiles in terms of the public | :08:52. | :08:54. | |
releases, but behind the scenes we can only guess at what went on. The | :08:55. | :08:59. | |
message from China is that they are here to help when it comes to | :09:00. | :09:02. | |
India's economic development. In fact, the Chinese Foreign Minister | :09:03. | :09:05. | |
has been quoted in the Indian press saying that no country can choose | :09:06. | :09:10. | |
its neighbour, but friendship may be fostered. Which perhaps is quite a | :09:11. | :09:13. | |
bit about the underlying tensions between these two giants. Those | :09:14. | :09:17. | |
tensions go way back to 1962 when China defeated India in a short | :09:18. | :09:21. | |
water war. This does seem like an attempt to reset the relationship `` | :09:22. | :09:28. | |
border war. Money talks. Two way, as is close to $70 billion. At the same | :09:29. | :09:31. | |
time, India's trade deficit with China has soared to over $40 | :09:32. | :09:35. | |
billion. So it is highly likely I would imagine that that will be near | :09:36. | :09:40. | |
the top of Narendra Modi's agenda when he met the Foreign Minister | :09:41. | :09:44. | |
later today. There is no doubt that India wants greater market access to | :09:45. | :09:47. | |
reduce that gap. When you think about it, if India looks to China | :09:48. | :09:51. | |
for economic tips they will be learning from the masters. China's | :09:52. | :09:55. | |
export growth is one of the things that has helped to make it the | :09:56. | :09:59. | |
world's second`biggest economy. Thank you very much indeed. A very | :10:00. | :10:03. | |
quick look at markets. A positive start today, Australia closed for a | :10:04. | :10:07. | |
public holiday. Elsewhere we see gains apart from in South Korea. | :10:08. | :10:16. | |
That is about payrolls on Friday in the US really boosted these markets. | :10:17. | :10:18. | |
Also the use news about China. And Japanese growth being revised | :10:19. | :10:21. | |
upwards. Which also helped. I will see you soon. Thanks to Sally for | :10:22. | :10:34. | |
that. We will take a look at the papers in a moment, but first: A | :10:35. | :10:38. | |
report into the failings at a care home, where 19 elderly and | :10:39. | :10:41. | |
vulnerable residents died, is due to be published on Monday. A coroner | :10:42. | :10:44. | |
described Orchid View in West Sussex as riddled with institutional abuse | :10:45. | :10:47. | |
and said neglect had contributed to the deaths of | :10:48. | :10:48. |