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Those are the latest headlines from BBC World News. | :00:00. | :00:00. | |
Now for the latest financial news with the World Business Report. | :00:00. | :00:17. | |
Stealing more market share from the competition? | :00:18. | :00:18. | |
EU ministers will have China in their cross-hairs when they meet | :00:19. | :00:21. | |
later today to discuss the fate of Europe's embattled steel industry | :00:22. | :00:24. | |
The Dubai Air show is underway, but this year, it's not all | :00:25. | :00:31. | |
about the massive jetliner orders, it's about the Gulf states spending | :00:32. | :00:34. | |
Welcome to World Business Report, I'm Aaron Heslehurst. | :00:35. | :00:45. | |
In a minute we'll have the latest on a massive strike at German | :00:46. | :00:49. | |
But first, EU ministers are due to meet later | :00:50. | :01:00. | |
in Brussels to discuss the troubled steel industry in Europe. | :01:01. | :01:12. | |
Britain's biggest steel maker, Tata, is now demanding that its suppliers | :01:13. | :01:15. | |
sharply cut their prices as the turmoil in the industry deepens. | :01:16. | :01:17. | |
Last month, the firm said it was cutting | :01:18. | :01:19. | |
1200 jobs in the UK as steel prices fall around the world. | :01:20. | :01:25. | |
As you can see here the price of the iron alloy has quite | :01:26. | :01:29. | |
literally fallen through the floor over the past five years. | :01:30. | :01:31. | |
Production is dominated by China, which makes almost half | :01:32. | :01:33. | |
the world's steel with the EU lagging some way behind. | :01:34. | :01:45. | |
But as growth in China's economy slows it has been | :01:46. | :01:47. | |
Its steel exports were up by more than 50 percent last year | :01:48. | :02:08. | |
while other major producers have flat lined. | :02:09. | :02:10. | |
European producers say that glut in production is pushing the | :02:11. | :02:12. | |
Thank you for coming in. This China steel, they have been making a lot. | :02:13. | :02:33. | |
As their growth slows, they don't need it. They shifted abroad. It is | :02:34. | :02:38. | |
cheap, but UK companies have been purchasing it. China has not been | :02:39. | :02:45. | |
putting a gun to their head? Chinese imports to the UK have quadrupled in | :02:46. | :02:49. | |
the last three years. The market is purchasing this cheap steel, but it | :02:50. | :02:57. | |
is not just cheap steel. It is being dumped onto our market, it is | :02:58. | :03:05. | |
against the PTO rules. The European Commission can do something about | :03:06. | :03:10. | |
this unfair trade. The US have stepped in to protect their own | :03:11. | :03:14. | |
industry, some other countries have done the same. They can act more | :03:15. | :03:18. | |
quickly than Europe can? Much quicker, in the sense that in the | :03:19. | :03:23. | |
EU, the European Commission takes about one year to do a formal | :03:24. | :03:27. | |
investigation. It is thorough, but it is slower. In the US, it takes 45 | :03:28. | :03:36. | |
days to put on tariffs to stop that trade. We have heard recently that | :03:37. | :03:44. | |
the British steelmakers are saying, if the EU doesn't act, what we are | :03:45. | :03:50. | |
seeing in Britain you will see in Europe. Are they talking about | :03:51. | :03:56. | |
shutting down the furnace plants? I think we will, yes. We talked about | :03:57. | :04:03. | |
the price of steel plummeting, the market won't be able to sustain this | :04:04. | :04:08. | |
price level without intervention for very long. We have seen that in the | :04:09. | :04:12. | |
UK in the last six months, humming like 20% of our workforce are at | :04:13. | :04:18. | |
risk of losing their jobs or have already. That will just increase | :04:19. | :04:21. | |
unless we do something about it. Other trade in regions around the | :04:22. | :04:24. | |
world have taken action, if they take action quicker we will see even | :04:25. | :04:30. | |
more steel come here to Europe than we have already. It will be | :04:31. | :04:37. | |
overwhelming, it really will be a tsunami of Chinese steel into the | :04:38. | :04:43. | |
market. Is it important that Britain or other countries produce their own | :04:44. | :04:48. | |
steel? Why not, if you can get it cheaper somewhere else could sell it | :04:49. | :04:52. | |
is a foundation factor that feeds into many important supply chains - | :04:53. | :05:11. | |
automotive, aerospace for example. The price increases, getting the | :05:12. | :05:20. | |
steel, we do we get this steel from? Rather than producing it in an | :05:21. | :05:24. | |
innovative way and making sure it fits into those supply chain. Just | :05:25. | :05:30. | |
quickly, certain European governments favour a steelmaking | :05:31. | :05:36. | |
industry compared to Britain. It is cheaper? Yes, absolutely. Thank you | :05:37. | :05:41. | |
very much for joining us. We're off to Dubai now to have | :05:42. | :05:44. | |
a look at its air show, In previous years, Dubai's airline, | :05:45. | :05:48. | |
Emirates, has broken world records with | :05:49. | :05:50. | |
the number of commercial jetliners But the airlines | :05:51. | :05:53. | |
of the Gulf now have almost all the planes they need and Airbus has | :05:54. | :05:57. | |
admitted that new orders at the show for its A380, the world's | :05:58. | :06:00. | |
biggest aircraft, are unlikely. This year, | :06:01. | :06:03. | |
it looks as though the focus will be This is what usually makes money at | :06:04. | :06:19. | |
the Dubai airshow: Slick, shiny jetliners. This year, the emphasis | :06:20. | :06:29. | |
is on something else. The whitest range of military aircraft ever | :06:30. | :06:34. | |
bought to Dubai. Small wonder that arms spending in Middle Eastern | :06:35. | :06:38. | |
countries such as Saudi Arabia is soaring. Interior, they have been | :06:39. | :06:41. | |
bombing Islamic State. In Yemen, they have been fighting the Houthi | :06:42. | :06:50. | |
militia. The budget climbed 17% for defence spending last year. I expect | :06:51. | :06:55. | |
to see increases in things like weapons platforms, when they need to | :06:56. | :07:00. | |
move people and equipment to and from various places. And precision | :07:01. | :07:06. | |
weapons, they have been expanding weapons in the region because of the | :07:07. | :07:10. | |
complex. You see an increase in demand for those. The two by a show | :07:11. | :07:15. | |
will also feature a record number of flying displays of unmanned aerial | :07:16. | :07:20. | |
vehicles, otherwise known as drones. This one is made by a | :07:21. | :07:29. | |
British company and is being marketed to Middle Eastern security | :07:30. | :07:32. | |
services. They can look over the hills, find out what is behind the | :07:33. | :07:39. | |
next curve in the road. You can get quick operation back to the users so | :07:40. | :07:45. | |
that they can make decisions based on the intelligence gathered data | :07:46. | :07:49. | |
Dubai Airshow. The defence companies expect the Gulf to spend heavily to | :07:50. | :07:55. | |
stock up on weapons to continue the current conflict. However, they are | :07:56. | :07:59. | |
also running short of cash because of the low price of oil. So, to | :08:00. | :08:04. | |
compensate, what they are doing is cutting back or postponing some of | :08:05. | :08:08. | |
their more ambitious long-term defence projects. | :08:09. | :08:13. | |
Well it's been a busy day so far on the Asian markets with a number | :08:14. | :08:17. | |
Rico Hizon is in Singapore with all the details. | :08:18. | :08:32. | |
Takata shares up more than 12 percent after heavy selling | :08:33. | :08:35. | |
Olympus shares up by daily limit of about 17 percent at one point, | :08:36. | :08:51. | |
after company reports 30 percent rise in April-September. | :08:52. | :08:58. | |
China major stock indexes opened up on Monday after | :08:59. | :09:04. | |
the securities regulators said it would allow initial public offerings | :09:05. | :09:07. | |
That rose by about 2% on Monday. Companies can come to market within | :09:08. | :09:42. | |
roughly two weeks. Exciting markets. | :09:43. | :09:47. | |
In other news: German airline Lufthansa has confirmed that 113,000 | :09:48. | :09:49. | |
passengers will be hit by flight cancellations on Monday while cabin | :09:50. | :09:52. | |
They said 929 flights from Frankfurt, Duesseldorf and Munich | :09:53. | :09:56. | |
are being cancelled as the dispute moves into its third full day. | :09:57. | :10:05. | |
Members of the UFO union are planning | :10:06. | :10:07. | |
further strike action throughout the week at further airports. | :10:08. | :10:12. | |
China saw imports drop for the twelfth month in a row | :10:13. | :10:15. | |
in October giving further cause for concern over the Chinese economy. | :10:16. | :10:18. | |
Imports by the world's biggest trader of goods fell 18.8% | :10:19. | :10:29. | |
Don't forget you can get in touch with me and some of | :10:30. | :10:33. |