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Those are the latest headlines from BBC World News. | :00:00. | :00:00. | |
Now for the latest financial news with Sally | :00:00. | :00:00. | |
Indian Prime Minister Narendra Modi heads for the UK, with billions | :00:07. | :00:17. | |
But is Britain in danger of missing out on India's economic rise? | :00:18. | :00:26. | |
Plus: The longest recession in two decades, but there are signs of | :00:27. | :00:29. | |
Welcome to World Business Report, I'm Sally Bundock. | :00:30. | :00:42. | |
Also coming up: The Aussie dollar surges, | :00:43. | :00:45. | |
We will have all the details from Asia. | :00:46. | :00:48. | |
A historic opportunity, that is what British Prime Minister | :00:49. | :00:54. | |
David Cameron is calling a visit by his Indian counterpart | :00:55. | :00:57. | |
Narendra Modi, who arrives in the UK in a few hours' time. | :00:58. | :01:00. | |
With billions of dollars of trade deals expected to be announced, | :01:01. | :01:03. | |
India's growing importance in the global economy means there is | :01:04. | :01:05. | |
India's economy is expected to grow at more than 7% this year, | :01:06. | :01:19. | |
probably outstripping the growth rate in China. | :01:20. | :01:21. | |
It is on track, say some experts, to become | :01:22. | :01:23. | |
Long before that, it will certainly have the biggest population. | :01:24. | :01:28. | |
That could happen within seven years, say the United Nations. | :01:29. | :01:31. | |
So is Britain doing enough to build on its economic ties? | :01:32. | :01:34. | |
From being one of India's top trading partners, the | :01:35. | :01:42. | |
Trade between the UK and India fell almost 10% in | :01:43. | :01:46. | |
the last financial year, despite a pledge by David Cameron double it. | :01:47. | :01:49. | |
What could be more worrying for the future, the number | :01:50. | :01:52. | |
of Indian students choosing to study in the UK has slumped | :01:53. | :01:54. | |
Teaching his moves at the University of Edinburgh. | :01:55. | :02:17. | |
Indian superstar, Shah Rukh Khan, was awarded an honourary doctorate | :02:18. | :02:23. | |
from the University of Edinburgh last month, drawing India's | :02:24. | :02:25. | |
attention to British University which really | :02:26. | :02:29. | |
The number of Indian students going to the UK for higher education has | :02:30. | :02:38. | |
And even many of those who did study there are not happy. | :02:39. | :02:44. | |
This woman is a physiotherapist who specialises in | :02:45. | :02:48. | |
breathing disorders, and borrowed nearly $18,000 to study in | :02:49. | :02:50. | |
But because of Britain's visa policies, she had to return to India | :02:51. | :02:56. | |
Because of my short time of student visa, I didn't get work | :02:57. | :03:06. | |
experience, so I had come back here. | :03:07. | :03:08. | |
After I came here, I applied for jobs in Mumbai, but | :03:09. | :03:11. | |
when they called me for interviews, the only question was how much | :03:12. | :03:15. | |
experience do you have in this field. | :03:16. | :03:17. | |
While the UK only allows students to stay | :03:18. | :03:19. | |
for four months after they finish their course to look for a job, | :03:20. | :03:22. | |
In the US, poststudy work visas can be for a period of one or two | :03:23. | :03:31. | |
Australia allows two years, while in Canada, students get to stay | :03:32. | :03:37. | |
for up to three years once they finish their degree. | :03:38. | :03:40. | |
For students here in India, the UK has been | :03:41. | :03:42. | |
the most popular destination for higher studies after America. | :03:43. | :03:50. | |
That is because of the quality of education, and also because it | :03:51. | :03:53. | |
is a chance to study in English, a language most Indian | :03:54. | :03:56. | |
Because of the changes in visa policies, | :03:57. | :03:58. | |
many now think that a British degree is not worth the investment. | :03:59. | :04:02. | |
When British Prime Minister David Cameron visited India two years ago, | :04:03. | :04:05. | |
he tried to woo Indian students back, but it doesn't seem to have | :04:06. | :04:08. | |
I'm not really sure we understand why numbers have fallen. | :04:09. | :04:15. | |
I think there have been some misperceptions about our offer, and | :04:16. | :04:19. | |
That's why I want to say, today, that there is no limit on the number | :04:20. | :04:27. | |
of Indian students who can come to study in the UK at our great | :04:28. | :04:30. | |
universities, and there is no limit on the number of Indian students who | :04:31. | :04:34. | |
can stay on and work in the UK, provided they get | :04:35. | :04:36. | |
That is a message the British government wants to reach youngsters | :04:37. | :04:40. | |
like these, who are still contemplating studying in the UK. | :04:41. | :04:42. | |
But it might not be enough to convince them, | :04:43. | :04:45. | |
and that is a lesson Britain seems to be learning the hard way. | :04:46. | :04:53. | |
You can be sure here on the BBC there will be a lot more on his | :04:54. | :04:58. | |
visit as he touches down and goes about the various events here in the | :04:59. | :05:00. | |
UK. If you need to find work, it would | :05:01. | :05:01. | |
seem Australia is the place to be. The latest jobless data shows they | :05:02. | :05:04. | |
have seen the best yearly gain Sharanjit Leyl is in our Asia | :05:05. | :05:07. | |
business hub. Nice to see you. It all sounds like | :05:08. | :05:18. | |
good news, but it does say wages are going down, so it is a bit of a | :05:19. | :05:24. | |
mixed picture, isn't it? It is a mixed picture to some extent but | :05:25. | :05:27. | |
what is really interesting is that these numbers basically beat all | :05:28. | :05:32. | |
expectations. In October we saw that jobless rate falling, sharply. A | :05:33. | :05:39. | |
five-month low. 5.9% from 6.2% the month earlier. The Australian dollar | :05:40. | :05:43. | |
gaining almost 1% on that news and is on track for its best one-day | :05:44. | :05:48. | |
gain in a month. The economy in fact adding over 58,000 jobs in October, | :05:49. | :05:55. | |
that is almost 4000 more than consensus forecast ensures | :05:56. | :06:00. | |
astonishing strength and may mean a cut in interest rates is less likely | :06:01. | :06:03. | |
in Australia, all producing something of a boost to the | :06:04. | :06:08. | |
administration of the country's new Prime Minister Malcom Turnbull. Of | :06:09. | :06:11. | |
course it is a mixed picture because we are seeing a slowdown in China as | :06:12. | :06:15. | |
well, that is Australia's largest trading partner. That has caused a | :06:16. | :06:19. | |
lot of nervousness over the last few months in Australia. We saw the | :06:20. | :06:23. | |
economy slowing in the three months to the end of June. The GDP that | :06:24. | :06:28. | |
expanding just 0.2%. But of course this News is a spot of optimism for | :06:29. | :06:30. | |
the economy, a much needed boost. To Russia, now, | :06:31. | :06:34. | |
where growth figures out later are expected to show its economy shrank | :06:35. | :06:36. | |
4.4% in the three months to That wouldn't be quite as bad | :06:37. | :06:39. | |
as the previous quarter. Still, Russia is on track | :06:40. | :06:43. | |
for its longest recession in two decades, dragged down | :06:44. | :06:45. | |
by the slump in crude oil prices, Financial markets, though, are | :06:46. | :06:48. | |
starting to bet on an improvement, with Russian shares and the rouble | :06:49. | :06:52. | |
both up sharply in recent months. Lilit Gevorgyan, senior economist, | :06:53. | :06:55. | |
IHS Global Insight. You are a regular on the show, it is | :06:56. | :07:17. | |
nice to see you again. So the growth numbers again are going to be pretty | :07:18. | :07:21. | |
grim. But actually not as bad as previous quarters and a year before. | :07:22. | :07:26. | |
Well, only marginally better. And I think what is quite symbolic is how | :07:27. | :07:32. | |
the Russian Ministry of economy has been so keen to announce this | :07:33. | :07:38. | |
positive news even before the data came out, saying that they believe | :07:39. | :07:41. | |
that they have reached the bottom. And from now on it is going to be | :07:42. | :07:46. | |
much better, and so they will be on the track of recovery. However, I | :07:47. | :07:49. | |
have to emphasise that the recent high frequency data is not really | :07:50. | :07:55. | |
pointing to much easing in recession. A hat there will be some | :07:56. | :08:02. | |
deceleration. -- perhaps there will be some deceleration, however I | :08:03. | :08:05. | |
don't think there will be quite quick recovery. So it is going to be | :08:06. | :08:10. | |
long and painful recovery. Absolutely, I think it will be a | :08:11. | :08:15. | |
protracted, very slow recovery. Mainly because of the external | :08:16. | :08:19. | |
reasons. I don't think there will be a quick recovery in oil prices, and | :08:20. | :08:23. | |
I think domestically the confidence is really hurt. So how is the | :08:24. | :08:28. | |
average person in Russia coping with all of this? Because sanctions are | :08:29. | :08:32. | |
still in place, financial sanctions in particular are really hitting the | :08:33. | :08:35. | |
economy hard. That is not going to change any time soon. Again if we | :08:36. | :08:41. | |
look at data, it shows that inflation that was as high as 17% in | :08:42. | :08:46. | |
December last year, it really eroded. Real disposable income of | :08:47. | :08:52. | |
houses eroded. The middle class could use the travelling abroad, but | :08:53. | :08:56. | |
with the rouble significantly weakened, this has become very | :08:57. | :09:06. | |
expensive, so many lament the loss of those days when they could go | :09:07. | :09:10. | |
abroad. If you look at the broader population, you see poverty levels | :09:11. | :09:14. | |
have started creeping up again, and this is not actually good news for | :09:15. | :09:17. | |
President Putin because one of his achievements during his long years | :09:18. | :09:21. | |
of residency was that he brought down poverty levels by 50% -- | :09:22. | :09:27. | |
presidency. So it is really hurting. They have seen wages dropping. They | :09:28. | :09:31. | |
have seen their hours, working hours getting longer. So I think for the | :09:32. | :09:40. | |
Russian... For Russians, they have definitely felt the impact on their | :09:41. | :09:44. | |
living standards. Thank you, always good to get the latest from you. And | :09:45. | :09:49. | |
of course, when we get the official growth figures we shall update you. | :09:50. | :09:57. | |
Now, we've got to talk about that incredible Singles Date yesterday. | :09:58. | :10:02. | |
Chinese e-commerce giant Alibaba sold a record $14.3 | :10:03. | :10:04. | |
billion worth of goods on Thursday, known as Singles Day. | :10:05. | :10:07. | |
The mock festival in honour of people not | :10:08. | :10:08. | |
in a relationship has turned 11 November into a huge shopping binge, | :10:09. | :10:12. | |
that outstrips the USA's Black Friday and Cyber Monday combined. | :10:13. | :10:14. | |
Alibaba says its sales were up 60% on last year. | :10:15. | :10:26. | |
Financial markets in Asia are mixed. Japan and Hong Kong up a little. The | :10:27. | :10:32. | |
Australian dollar rising significantly off the back of those | :10:33. | :10:35. | |
much better than expect the jobless figures. That's all from me for now. | :10:36. | :10:40. | |
I will see you in a few minutes. We will look at some more business | :10:41. | :10:44. | |
stories in the papers. See you then. | :10:45. | :10:45. |