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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:00. | |
financial news with World Business Report. | :00:00. | :00:16. | |
Hong Kong markets fall as protestors stand up against police warnings and | :00:17. | :00:22. | |
tear gas so the hang seng falls to a three`month low. Back to Work: Air | :00:23. | :00:30. | |
France pilots call off their strike. But a deal still hasn't been struck | :00:31. | :00:32. | |
with the unions over Welcome to World Business Report, | :00:33. | :00:43. | |
I'm Sally Bundock. Also in the programme we take a look at whether | :00:44. | :00:45. | |
Modi will successfully persuade America's millionaires to invest in | :00:46. | :00:51. | |
India. As you have been hearing, pro democracy protests in Hong Kong are | :00:52. | :00:53. | |
becoming increasingly widespread despite police firing tear gas into | :00:54. | :01:00. | |
crowds. The main business district was paralysed ahead of the morning | :01:01. | :01:03. | |
rush`hour and some businesses have asked their employees to stay at | :01:04. | :01:08. | |
home. Standard Chartered and several other banks have suspended some of | :01:09. | :01:11. | |
their operations with bank branches and ATMs out of action. The news has | :01:12. | :01:18. | |
sent Hong Kong shares to their lowest level in nearly three months. | :01:19. | :01:22. | |
Now let's cross over to our Asia business hub and speak to Sharanjit | :01:23. | :01:29. | |
Leyl. It's quite a strong reaction but no | :01:30. | :01:32. | |
surprise given what's going on in Hong Kong. That's right, you've | :01:33. | :01:37. | |
pretty much set and it up. The hands saying falling in reaction to this | :01:38. | :01:42. | |
weekend protests `` Hang Seng. The biggest crackdown on the city since | :01:43. | :01:46. | |
it was returned to Chinese rule. Police using tear gas after | :01:47. | :01:54. | |
protesters. They blocked off traffic in that crucial CBD as well. It is | :01:55. | :01:59. | |
home to the world's fifth`largest stock market. The hang saying, as we | :02:00. | :02:04. | |
mentioned. And the Hong Kong Central bank saying 16 branches of banks | :02:05. | :02:09. | |
have suspended their operations today. So banking shares are taking | :02:10. | :02:14. | |
a big hit over there in Hong Kong. The Hong Kong listed shares of the | :02:15. | :02:19. | |
likes of HSBC, Standard Chartered, Hang Seng Bank have been sold off. | :02:20. | :02:25. | |
The Hang Seng down 2% at the moment, 460 point bass there. And | :02:26. | :02:32. | |
the closure of some of the city's busiest roads. That caused chaos for | :02:33. | :02:38. | |
commuters trying to get into work. The Hong Kong dollar also taking a | :02:39. | :02:43. | |
hit. There's also concern that this might lead to a long`term impact. | :02:44. | :02:49. | |
Fitch ratings, the head of its Asia`Pacific soaring ratings, said | :02:50. | :02:54. | |
the protests are unlikely to impact the creditworthiness of Hong Kong in | :02:55. | :02:58. | |
the short term but would be negative if it had a wide enough scale and | :02:59. | :03:02. | |
lasted long enough to have a material impact on the economy or | :03:03. | :03:05. | |
the financial stability of Hong Kong. But of course Fitch saying | :03:06. | :03:10. | |
that is unlikely to happen. There are also other concerns. Analysts I | :03:11. | :03:18. | |
spoke to said this could spook Chinese tourists who contribute a | :03:19. | :03:23. | |
lot to consumer spending and consumption in Hong Kong and that | :03:24. | :03:27. | |
could be hit during the upcoming long weekend, Hong Kong celebrating | :03:28. | :03:31. | |
a national day holiday this Thursday and Friday. Thanks very much. | :03:32. | :03:38. | |
That talk about Air France. Pilots have called off a strike that has | :03:39. | :03:45. | |
lasted for two weeks and cost the airline hundreds of millions of | :03:46. | :03:48. | |
dollars. But as the pilots prepare to take to the sky's again, their | :03:49. | :03:52. | |
union says they are still yet to reach an agreement over Air France's | :03:53. | :03:54. | |
plan to expand its budget subsidiary, Transavia. Chloe Hayward | :03:55. | :03:58. | |
reports. After 14 days and thousands of | :03:59. | :04:02. | |
cancelled flights, Air France pilots have finally agreed to end their | :04:03. | :04:08. | |
strike. Up to 50% of flights are now expected to operate on Monday with | :04:09. | :04:11. | |
services gradually returning to normal from Tuesday. But the cause | :04:12. | :04:15. | |
of the strike action and the resulting street protests still | :04:16. | :04:19. | |
remain unsold. The pilots want the airline to cancel its plans to | :04:20. | :04:28. | |
expand the subsidiary Transavia `` unsolved. They also want similar | :04:29. | :04:31. | |
contracts for all across the board. But the boss made it clear on Sunday | :04:32. | :04:37. | |
that meeting such demands was not an option. TRANSLATION: We're now going | :04:38. | :04:41. | |
to get down to the developer and of Transavia in France on the scale | :04:42. | :04:45. | |
planned. We're going to create 1000 jobs in France, including 250 | :04:46. | :04:49. | |
pilots. We are finally going to be able to face up to the competition | :04:50. | :04:53. | |
from low`cost companies on an equal footing. This reform is vital. But | :04:54. | :04:59. | |
unions hope talks will be calmer and more productive now pilots are back | :05:00. | :05:04. | |
at work. Air France has agreed to expand its Transavia operations only | :05:05. | :05:08. | |
within France as a concession to the unions. But it insists it must have | :05:09. | :05:12. | |
the right to vary employment contracts for those working at the | :05:13. | :05:17. | |
low`cost subsidiary. The walkout has cost Air France up to $350 million. | :05:18. | :05:23. | |
An amount that means simply having their planes back in the skies will | :05:24. | :05:27. | |
not mark the end of their financial woes. | :05:28. | :05:34. | |
Now, on his first official visit to the US, Indian prime minister | :05:35. | :05:37. | |
Narendra Modi received a welcome normally reserved for rock stars ` a | :05:38. | :05:40. | |
sold`out appearance at New York's Madison Square Garden on Sunday. In | :05:41. | :05:43. | |
addition he has taken centre stage at the United Nations General | :05:44. | :05:46. | |
Assembly. But today, the focus is business. Prime Minister Modi is due | :05:47. | :05:50. | |
to attend meetings with business leaders from several of the Fortune | :05:51. | :05:53. | |
500 companies, including Boeing, Pepsico, Google, General Electric | :05:54. | :05:58. | |
and Goldman Sachs among others. His aim? To persuade them to invest in | :05:59. | :06:07. | |
India. But relations between the US and India have not been easy, even | :06:08. | :06:11. | |
though Modi says India is open for business, business leaders want | :06:12. | :06:13. | |
intellectual property protection to be strengthened and new commitments | :06:14. | :06:15. | |
that Indian trade and investment barriers against a wide range of US | :06:16. | :06:21. | |
industries will be dropped. But will his efforts work? | :06:22. | :06:30. | |
Looking back at why and how he came into power, it was under Hope and | :06:31. | :06:35. | |
claims that he is going to bring the economic resurgence back in India. | :06:36. | :06:39. | |
For that to happen he needs investments and he needs companies | :06:40. | :06:43. | |
to come back. Investments in infrastructure, energy extra. What | :06:44. | :06:48. | |
he is doing here is telling American CEOs that India is open for business | :06:49. | :06:51. | |
again and that's why he's meeting them. I am joined by Prashant | :06:52. | :07:01. | |
Sawant, Senior Economist at risk advisory company, Maplecroft. How | :07:02. | :07:05. | |
receptive is big business to his message? India's Prime Minister's | :07:06. | :07:15. | |
visit to America has come at an interesting time. Standard and | :07:16. | :07:22. | |
pause, the credit rating agency, revised India's outlook from | :07:23. | :07:29. | |
positive to negative. He is carrying that face with him to strengthen | :07:30. | :07:33. | |
economic ties with him. The US remains India's major trading | :07:34. | :07:39. | |
partner, it is the highest destination for India's exports. | :07:40. | :07:45. | |
Strengthening ties make sense for India's economy, especially to | :07:46. | :07:53. | |
increase foreign exports, which are essential to kick off these | :07:54. | :07:56. | |
infrastructure projects. That is why the US companies will be looking to | :07:57. | :08:05. | |
get involved in India's economy. Especially for foreign investment, | :08:06. | :08:09. | |
that is very much welcome in sectors including retail, also defence and | :08:10. | :08:15. | |
insurance, and the financial sector. Let's talk about some of the | :08:16. | :08:19. | |
concerns. You mentioned retail. I know we covered it as a story, some | :08:20. | :08:23. | |
of the difficulties big foreign retailers had when they wanted to | :08:24. | :08:27. | |
set up shop in India. What's happening with regards to some of | :08:28. | :08:31. | |
the trade barriers? Are they coming down? When it comes to the retail | :08:32. | :08:36. | |
sector there is still a lack of policy clearance. The people in the | :08:37. | :08:43. | |
party are saying different things at different levels. Modi, with his... | :08:44. | :08:51. | |
He is showing he is pro`business, he wants to welcome foreign investment | :08:52. | :08:55. | |
in India. But the dark state within his party is holding him back at the | :08:56. | :09:00. | |
same time. There's also another important angle, the state, which is | :09:01. | :09:06. | |
also a very dominant player when it comes to doing business in India. I | :09:07. | :09:15. | |
wonder... There are five states in India and it will be interesting to | :09:16. | :09:19. | |
see how he deals with that when it comes to doing business in India. | :09:20. | :09:23. | |
Interesting, thanks very much. We will keep an ion his visit. Russian | :09:24. | :09:38. | |
energy giant Rosneft says it's discovered oil with its US project | :09:39. | :09:40. | |
partner Exxon Mobil at a controversial well in the Arctic. | :09:41. | :09:43. | |
Drilling was completed in record time but questions remain about how | :09:44. | :09:46. | |
quickly the well can be developed. The boss of Rosneft says it could | :09:47. | :09:49. | |
access up to 100 million tons of oil at the site. However, despite the | :09:50. | :09:53. | |
size of this find, Exxon says it will "wind down" the project | :09:54. | :09:55. | |
following US sanctions against Russia over its actions in Ukraine. | :09:56. | :09:58. | |
SoftBank is in talks to buy DreamWorks Animation, the company | :09:59. | :10:01. | |
behind the Shrek and Kung Fu Panda films. If the Japanese group seals a | :10:02. | :10:04. | |
deal it would take control of Hollywood's largest independent | :10:05. | :10:06. | |
animation studio. Its being reported the European Commission will accuse | :10:07. | :10:09. | |
Apple of prospering from illegal tax deals with the Irish government | :10:10. | :10:11. | |
later this week. The Financial Times says Brussels will unveil details of | :10:12. | :10:15. | |
a probe that could result in the iPhone maker being fined several | :10:16. | :10:17. | |
billions of euros. The European Commission's investigation claims | :10:18. | :10:19. | |
the tech giant benefited from illicit state aid after striking | :10:20. | :10:21. | |
backroom deals with Ireland's authorities. Apple maintains its | :10:22. | :10:24. | |
Some of the day's UK news now. Last break any laws. That's | :10:25. | :10:43. | |
Some of the day's UK news now. Last year the UK suffered one of | :10:44. | :10:45. |