Browse content similar to 15/07/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
nominate a new president on Wednesday. The nomination of John | :00:13. | :00:13. | |
Lott `` Jean Claude Juncker is expected to pass with little | :00:14. | :00:22. | |
difficulty. Those are the latest headlines from BBC World News. Now | :00:23. | :00:24. | |
for the latest financial news in World Business Report. Banking on a | :00:25. | :00:28. | |
better deal ` the BRIC nations forge ahead with their plans to form a | :00:29. | :00:31. | |
development bank but is China too dominant? | :00:32. | :00:33. | |
From the drawing board to the runway in less than two years ` we look at | :00:34. | :00:37. | |
a new way to build cheaper military jets. | :00:38. | :00:41. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:42. | :00:53. | |
programme: We gauge the reaction in China to the World Trade | :00:54. | :00:55. | |
Organization's ruling on the solar panel dispute between China and the | :00:56. | :01:04. | |
US. But first, the sixth summit of the group of emerging economies | :01:05. | :01:07. | |
known as the BRICS, or Brazil, Russia, India, China and South | :01:08. | :01:10. | |
Africa, gets under way in north`eastern Brazil's Fortaleza | :01:11. | :01:18. | |
today. There are plans for a BRICS development bank. It would be under | :01:19. | :01:24. | |
the control of the people who would draw on it rather than institutions | :01:25. | :01:27. | |
they say are too close to western governments such as the | :01:28. | :01:29. | |
International Monetary Fund. Acronym aside, the BRICS countries are a | :01:30. | :01:32. | |
diverse group of nations, and in a moment we'll hear from our reporters | :01:33. | :01:35. | |
across the globe about what the different nations are hoping for | :01:36. | :01:38. | |
from the summit. First, Katy Watson sets the scene from Brazil. | :01:39. | :01:45. | |
Fresh from the World Cup, the president will play host to the | :01:46. | :01:50. | |
leaders of the BRICS economies. The summit is under way. Finance | :01:51. | :01:54. | |
ministers, central bankers and business leaders were talking on | :01:55. | :01:58. | |
Monday. There has been a lot of talk about potential. Trade is relatively | :01:59. | :02:06. | |
small. The big exception is China. All BRICS countries trade | :02:07. | :02:09. | |
extensively with China because of its first four commodities but there | :02:10. | :02:13. | |
is concern that the man is slowing down. Perhaps it is fitting that the | :02:14. | :02:17. | |
summit will decamp to Brazil on Wednesday. BRICS leaders will meet | :02:18. | :02:22. | |
with leaders from South America. Brazil is trying to prove itself as | :02:23. | :02:27. | |
a regional leader and improve relationships between the region and | :02:28. | :02:32. | |
begged economic superpowers. `` bid. Let's travel to the other | :02:33. | :02:36. | |
side of the globe and hear what the biggest member of the BRICS group, | :02:37. | :02:39. | |
China, wants to achieve. Here's John Sudworth in Shanghai. | :02:40. | :02:42. | |
In China, the focus ahead of the summit has been known to things, the | :02:43. | :02:47. | |
setting up of the much talked about BRICS development group and, beyond | :02:48. | :02:52. | |
that type of detail, there has been focused on the wider and continuing | :02:53. | :02:57. | |
importance of the BRICS gripping itself. An editorial published by | :02:58. | :03:05. | |
and news agency Elan bass what it calls the shortsighted western view | :03:06. | :03:08. | |
that somehow the BRICS miracle is over. There have been stiff economic | :03:09. | :03:14. | |
headwinds but it has far outstripped those of the developed economies. | :03:15. | :03:20. | |
The article suggests the BRICS grouping will be an important part | :03:21. | :03:24. | |
of international growth for years to come. There will be focused on an | :03:25. | :03:28. | |
important bilateral relationship within the grouping with India, | :03:29. | :03:33. | |
China, and the first meeting between their presence. It is a reminder | :03:34. | :03:39. | |
that, I'm at the top of cooperation and contingent reserve | :03:40. | :03:41. | |
arrangements, there is still rivalry here. Ellie wants to reduce the | :03:42. | :03:50. | |
trade deficit with Beijing and the thorny issue of the border dispute. | :03:51. | :04:02. | |
`` Deli. And we'll hear from our correspondents in the other BRICS | :04:03. | :04:04. | |
countries throughout the morning. The World Trade Organisation finds | :04:05. | :04:07. | |
the United States violated trade rules when it imposed tariffs on | :04:08. | :04:09. | |
Chinese steel products, solar panels and other goods. Rico Hizon is in | :04:10. | :04:11. | |
our Asia Business Hub in Singapore. I would imagine China is pleased | :04:12. | :04:21. | |
about this. Very pleased. Rousing positive | :04:22. | :04:30. | |
excitement for the Chinese solar panel makers of the judges sided | :04:31. | :04:36. | |
with the Chinese and said the import tariffs on solar panels were unfair. | :04:37. | :04:42. | |
It was against the agreement which was signed in 1994. A lot of | :04:43. | :04:47. | |
excitement, particularly for the likes of China. Energy is up by 11% | :04:48. | :04:55. | |
right now in China. Green energy Holdings are also up. Many solar | :04:56. | :04:59. | |
companies seeing gains of around four `6%. China is urging the | :05:00. | :05:09. | |
Americans to respect this ruling and correct the wrongdoings of abusively | :05:10. | :05:14. | |
using trade remedy measures to ensure environment of fear | :05:15. | :05:18. | |
competition for China. That is according to the government. The US, | :05:19. | :05:23. | |
meanwhile, has argued that the tariffs were imposed to fight | :05:24. | :05:27. | |
artificially low prices from the mainland states and subsidised | :05:28. | :05:30. | |
industries. They have the right to appeal the ruling. The appeals | :05:31. | :05:37. | |
process can take six ` 12 months. While it is ongoing, duties remain | :05:38. | :05:38. | |
in place. How long would you say it takes to | :05:39. | :05:47. | |
design and build a military jet? To take one example, the Lock Heed | :05:48. | :05:50. | |
Martin F35 strike fighter has been on the drawing board for more than a | :05:51. | :05:53. | |
decade and it has still failed to make an appearance at this week's | :05:54. | :05:56. | |
Farnborough Airshow because of engine trouble. Yet is seems if | :05:57. | :05:59. | |
there's no government procurement contracts to worry about, well, | :06:00. | :06:06. | |
things can happen a lot quicker. Our business correspondent Nigel Cassidy | :06:07. | :06:09. | |
reports from Farnborough on the arrival of a military plane that has | :06:10. | :06:12. | |
gone from drawing board to airfield in less than two years. On its way | :06:13. | :06:24. | |
to the Farmborough The show, a military jet on a budget. It is a | :06:25. | :06:29. | |
conference show which was designed using off`the`shelf parts. It was | :06:30. | :06:34. | |
developed in record time because the designers went ahead if it the usual | :06:35. | :06:38. | |
government contract specifying every single feature. The makers of the | :06:39. | :06:44. | |
Scorpion think there is a gap in the market between the cheaper aircraft | :06:45. | :06:50. | |
that the full`blooded $120 million planes. They are very expensive. | :06:51. | :06:55. | |
They produced this one from the joint board to its actual flight in | :06:56. | :06:59. | |
less than two years. They have done that by ignoring your typical | :07:00. | :07:04. | |
military procurement processes. They are taking all the decisions | :07:05. | :07:07. | |
themselves about what it will be like and about the parts like the | :07:08. | :07:13. | |
ejector seats, engine, they all come off the peg. It has reduced the cost | :07:14. | :07:18. | |
and the time of producing the plane. Now they need buyers. I think there | :07:19. | :07:24. | |
is a market. Many countries need this. They have the requirement to | :07:25. | :07:31. | |
be able to do this. They will try to attack when necessary. They will try | :07:32. | :07:42. | |
to satisfy arrange of things in an affordable way. The fuselage, the | :07:43. | :07:50. | |
wings, the structure, it has all been designed for the programme. | :07:51. | :07:54. | |
That is what they are trying to create in terms of the mission. This | :07:55. | :08:04. | |
is more like what we do in the commercial world. It did make it to | :08:05. | :08:15. | |
Farnborough in two years. The joint strike fighter has not arrived yet | :08:16. | :08:16. | |
because of engine trouble. In other news, Chinese telecom | :08:17. | :08:25. | |
equipment maker ZTE has raised its earnings guidance for the first half | :08:26. | :08:28. | |
of 2014, citing improving margins in its global business and revenue from | :08:29. | :08:31. | |
new contracts to build China's next`generation telecoms network. | :08:32. | :08:33. | |
The Shenzhen`based company expects first`half net profit of more than | :08:34. | :08:40. | |
$160 million. Standard Chartered has begun legal | :08:41. | :08:42. | |
proceedings against the head of a commodities trading firm suspected | :08:43. | :08:51. | |
of loans fraud. The bank is the fourth company to start legal action | :08:52. | :08:54. | |
to recoup losses, since Chinese authorities launched an | :08:55. | :08:56. | |
investigation into whether a private metals trading firm, Decheng Mining | :08:57. | :08:58. | |
and its related companies, used fake warehouse receipts as collateral to | :08:59. | :09:01. | |
secure loans. China's flag carrier Air China has warned that its | :09:02. | :09:04. | |
first`half earnings will fall as much as 65% year on year. It's put | :09:05. | :09:12. | |
that down to the depreciating Chinese currency, the yuan, which it | :09:13. | :09:15. | |
says has driven up its financial costs. It follows a similar warning | :09:16. | :09:23. | |
last week from its rival, China Southern Airlines, which warned it | :09:24. | :09:27. | |
could post a loss of up to $180 million for the first half, which it | :09:28. | :09:31. | |
said is due to a weaker yuan. Hospitals in England are being given | :09:32. | :09:33. | |
new guidelines today on safe staffing levels for nurses. Most | :09:34. | :09:49. | |
people will be listening to Congress today. We have also got the Japanese | :09:50. | :09:56. | |
central bank meeting. They will be presenting their latest News on | :09:57. | :10:00. | |
military policy today. I will see you soon. | :10:01. | :10:12. | |
Many thanks for that. Hospitals in England are being given new | :10:13. | :10:17. | |
guidelines on safe staffing levels for nurses. They are warning that | :10:18. | :10:21. | |
there | :10:22. | :10:22. |