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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. | |
Up for sale, with thousands of UK steel jobs at risk. | :00:00. | :00:18. | |
Tata is off-loading its loss making UK business, but who will buy it? | :00:19. | :00:25. | |
What would it mean for Indian businesses if the UK were to leave | :00:26. | :00:29. | |
Welcome to World Business Report. I'm Sally Bundock. | :00:30. | :00:44. | |
Also in the programme: What did Janet Yellen say that caused the US | :00:45. | :00:47. | |
Tata Steel has confirmed it's planning to sell its loss-making UK | :00:48. | :00:57. | |
business and has told its European holding company to "explore all | :00:58. | :01:00. | |
options for restructuring", including the partial or entire | :01:01. | :01:02. | |
The biggest UK steel plant affected by this decision is in Port Talbot, | :01:03. | :01:19. | |
South Wales, that currently employs 3,500 people. | :01:20. | :01:21. | |
Other UK plants include Rotherham, Corby and Shotton. | :01:22. | :01:23. | |
The Indian company held a board meeting in Mumbai on Tuesday | :01:24. | :01:28. | |
Union leaders travelled to Mumbai in a bid to persuade Tata to keep | :01:29. | :01:35. | |
making steel at plants, including Port Talbot. | :01:36. | :01:37. | |
The UK and Welsh governments say they are working | :01:38. | :01:39. | |
tirelessly to ensure the future of the British steel industry. | :01:40. | :01:42. | |
Labour MP Stephen Kinnock, whose constituency includes | :01:43. | :01:44. | |
the Port Talbot plant, accompanied the union delegation to Mumbai. | :01:45. | :01:56. | |
Indication was that the turnaround plan was not acceptable to the board | :01:57. | :02:02. | |
and so then you have to look at other options. Clearly the most | :02:03. | :02:07. | |
positive of the other options is the option of finding a buyer. That's | :02:08. | :02:12. | |
something that will move forward I think very rapidly, as we know the | :02:13. | :02:19. | |
lawn products part of the business in the UK has found a buyer. -- long | :02:20. | :02:24. | |
products. I think there's a lot of confidence that a buyer will be | :02:25. | :02:29. | |
found and all of the options are now being explored and the European | :02:30. | :02:32. | |
board of Tata Steel has been asked to take that forward. Clearly the | :02:33. | :02:38. | |
steelworks in Port Talbot plays an absolutely critical role for the | :02:39. | :02:41. | |
entire community. There isn't a single family or street or group of | :02:42. | :02:47. | |
people in the area that isn't directly connected to the | :02:48. | :02:50. | |
steelworks. So we will continue to fight to ensure that it continues to | :02:51. | :02:55. | |
make a steel -- EA still making place. | :02:56. | :02:56. | |
Simon Atkinson has been following events from our Mumbai bureau. | :02:57. | :03:02. | |
Hearing the determination to find a buyer to see a resolution for this. | :03:03. | :03:11. | |
Union leaders are now on their way home and some are calling for action | :03:12. | :03:13. | |
from the Prime Minister, aren't they? That's right. The head of the | :03:14. | :03:19. | |
community union representing a lot of the steel workers in Port | :03:20. | :03:23. | |
Talbot, one of the steel plant affected by this plan, says he wants | :03:24. | :03:26. | |
an urgent meeting with David Cameron to try to ensure that ultimately | :03:27. | :03:32. | |
this plant doesn't close and the steel industry does continue. They | :03:33. | :03:34. | |
say the outcome of this long meetings in more by could have been | :03:35. | :03:40. | |
worse. Perhaps Tata could have said they would close the plant is | :03:41. | :03:45. | |
outright. Instead they will put the UK operations up for sale. -- | :03:46. | :03:50. | |
plants. So they are perhaps returning to the UK disappointed, | :03:51. | :03:53. | |
but not as angry as they could have been. Looking at the statement from | :03:54. | :03:58. | |
Tata Steel they explain that really they had little choice when looking | :03:59. | :04:01. | |
at the financial performance of the UK business. Yes, the UK business | :04:02. | :04:09. | |
has long been a problem for them. If you look at Tata Steel's overall | :04:10. | :04:12. | |
operations, in India it is actually doing fairly well. Profits are down | :04:13. | :04:16. | |
slightly but it is making money. Even Southeast Asia is picking up. | :04:17. | :04:22. | |
It has been in Europe where it has really seen problems and this is | :04:23. | :04:26. | |
largely caused by issues that are hitting the steel industry | :04:27. | :04:28. | |
worldwide, I got the supply and low prices. So you could argue that Tata | :04:29. | :04:34. | |
didn't have any option. That's something which the operators in the | :04:35. | :04:39. | |
UK reject. They say they've put together a strong turnaround plan. | :04:40. | :04:44. | |
Now that's being rejected and they just hope that a sale can be done, a | :04:45. | :04:49. | |
deal can be found, and the plants can be saved. Thanks so much. | :04:50. | :04:53. | |
Indian Prime Minister Narendra Modi is in Brussels to attend an India-EU | :04:54. | :04:56. | |
Hopes are running high they'll be able to relaunch stalled talks | :04:57. | :04:59. | |
But for many Indian firms, the road to Europe has traditionally | :05:00. | :05:03. | |
passed through the UK and with a referendum looming | :05:04. | :05:06. | |
on the UK's EU membership there's a growing debate in Delhi | :05:07. | :05:09. | |
Finishing off garments headed for the UK high street. The textiles | :05:10. | :05:27. | |
industry is India's second biggest employer. This firm alone employs | :05:28. | :05:33. | |
nearly 100,000 people and about one third of its business is with | :05:34. | :05:37. | |
Britain. And its boss worries that if UK exits the European Union the | :05:38. | :05:44. | |
company will suffer. Everybody I know is very afraid and anxious, | :05:45. | :05:55. | |
very concerned. We've seen the UK like a rock. If a rock starts to | :05:56. | :06:02. | |
move, where do you go? He is not alone. One of India's largest | :06:03. | :06:07. | |
industrial bodies has already said that a Brexit, Britain's exit from | :06:08. | :06:12. | |
the EU, could injure the flow of investment and people by diminishing | :06:13. | :06:15. | |
Britain's role in providing access to Europe. The Indian home minister | :06:16. | :06:20. | |
Narendra Modi says Britain is the gateway and entry point to the EU | :06:21. | :06:26. | |
for many Indian companies. Marks Spencer has gone the other way. A | :06:27. | :06:33. | |
famous British name now in India, with 54 stores, more than in any | :06:34. | :06:40. | |
country outside the UK. The boss of its Indeo joint ventures as | :06:41. | :06:44. | |
so-called Brexit is complex, at thinks it may be beneficial if the | :06:45. | :06:50. | |
UK could negotiate its own trade agreements. The relationship that | :06:51. | :06:54. | |
Britain has with India has definitely been one of the factors | :06:55. | :06:58. | |
which has helped us to grow our business and that will certainly | :06:59. | :07:01. | |
contribute to standards in good stead going forward as well. The UK | :07:02. | :07:06. | |
at tracks more Indian investment than the rest of European Union put | :07:07. | :07:09. | |
together. So would Brexit make a difference? India-UK trade over the | :07:10. | :07:16. | |
last few decades has stood apart anyway from the EU. It has largely | :07:17. | :07:22. | |
occurred on a trade investment side, on a bilateral level. That was | :07:23. | :07:26. | |
certain extent you could argue that it won't have a significant impact | :07:27. | :07:29. | |
either way, because that relationship is already there. | :07:30. | :07:36. | |
Whatever happens in late June, India, with its young population and | :07:37. | :07:40. | |
rising spending power, is a country that both the UK and EU will remain | :07:41. | :07:44. | |
key to do -- keen to do business with. | :07:45. | :07:48. | |
The US Federal Reserve chair Janet Yellen has been moving | :07:49. | :07:50. | |
In a speech Tuseday evening she said the Fed would proceed cautiously | :07:51. | :07:55. | |
in its return to a normal interest rate environment. | :07:56. | :07:57. | |
Ms Yellen said that one thing holding up future rate rises is the | :07:58. | :08:00. | |
The major thing that's changed between December and March that | :08:01. | :08:16. | |
affects the baseline outlook is a slightly weaker projected pace of | :08:17. | :08:19. | |
global growth. Ali Moore joins us from our Asia | :08:20. | :08:28. | |
business hub. One of the big reactions is the dollar on the | :08:29. | :08:34. | |
slide? Yes. But on the whole, if you look at markets, it has been music | :08:35. | :08:37. | |
to the ears of investors, because of course what they have been really -- | :08:38. | :08:42. | |
what they have been interested in is the emphasis on proceeding | :08:43. | :08:45. | |
cautiously. That seems to have prompted a bit of a rethink on when | :08:46. | :08:49. | |
the Fed might move next. Most regional markets certainly earlier | :08:50. | :08:55. | |
today were higher, not by a lot, but they were in positive territory. | :08:56. | :08:59. | |
Hong Kong was up more than 1%. Australia was higher earlier in the | :09:00. | :09:03. | |
day, but has turned negative in the past half hour or so. What happening | :09:04. | :09:08. | |
is really about the exposure of the financial sector in Australia to the | :09:09. | :09:12. | |
mining industry. Japan is one exception to the positive movement | :09:13. | :09:16. | |
earlier today. They've been in negative territory since they | :09:17. | :09:19. | |
opened. That's more about the yen and anything else. The US dollar | :09:20. | :09:23. | |
fell after Janet Yellen's comments and that's meant a high yen, which | :09:24. | :09:27. | |
is bad for Japanese exporters. Thanks so much. | :09:28. | :09:30. | |
More trouble for Brazil's President Dilma Rousseff. | :09:31. | :09:32. | |
The PMDB, the largest party in the ruling coalition, has voted for an | :09:33. | :09:36. | |
The move could hasten impeachment proceedings against President | :09:37. | :09:41. | |
Rousseff, who the opposition want to remove over claims she manipulated | :09:42. | :09:43. | |
The embattled president has now cancelled a trip to attend a summit | :09:44. | :09:48. | |
That's all from me for the moment. See you for a review of the papers. | :09:49. | :10:09. | |
Save the Children say that every nursery in England | :10:10. | :10:12. | |
should have a qualified teacher to help children develop key | :10:13. | :10:15. | |
The charity says that failure to properly stimulate toddlers' brains | :10:16. | :10:19. |