16/06/2016 World Business Report

The child was playing at the shore of a lagoon when he was dragged

Those are the latest headlines from BBC World News.

Now for the latest financial news with Sally and World Business

Rebuilding bridges - Putin and Juncker to hold talks

at Russia's economic forum, but is there any chance

We look at Disney's $5 billion Shanghai gamble.

Also in the programme: No action from the Bank of Japan.

The yen soars in value hitting Japanese stocks hard.

Our team in the region will have the latest.

We start in Russia, where President Vladimir Putin

is about to welcome business and political leaders from around

the world for the St Petersburg Economic Forum.

Perhaps the biggest meeting on his schedule today is with this

man, European Commission President Jean Claude Juncker.

It's the first visit to Russia by the EU chief since Europe imposed

wide ranging sanctions two years ago over Russia's involvement

The EU's sanctions put restrictions on investments,

the energy sector and export of military hardware.

While Russia's counter-measures have targeted Europe's

Last year, trade continued to shrink dramatically

Russian exports to the EU fell by more than $52 billion,

But the EU has also been hit by Russia's retaliatory sanctions,

particularly farmers, with exports dropping $32 billion

The current EU sanctions come to an end next month,

but they are widely expected to be renewed amid ongoing

In a speech on Wednesday German Finance Minister Wolfgang Schaeuble

argued the sanctions should stay in place.

TRANSLATION: This is a nonnegotiable requirement for Russia. Let me

reiterate that. There can be no return to normal relations if Russia

behaves contrary to international law. Europe must uphold the lesson

from its history, that international law is an indispensable tool for

maintaining peace. For more analysis I'm

joined by Chris Weafer, Senior Partner at Macro-Advisory,

a Russia-Eurasia business It will be an interesting forum.

There are quite a few international leaders there this time. That's

right. The most interesting and important forum that we've had since

pre-Crimea. There are a number of leaders, including the Italian Prime

Minister. We are also hearing that there will be a larger number of

senior executives from the US this time than we have had in the last

couple of sessions. What does this tell us? Partly the message that we

have heard from senior government officials is that Russia has

survived through the crisis. The word resilience has been used a

great deal. The economy has proved resilient in the face of sanctions.

Remember the collapse in the oil price. We are expecting the economy

to pull back in the second half of this year. That will be part of the

message. The second message is that Russia is preparing for post-

sanctions, is preparing to re-engage with Western leaders and to turn to

a growth strategy. So that will be the two clear messages. The date for

the lifting of sanctions is the 31st. Where are we with the conflict

between the two regions? I think all the evidence points to the sanctions

being fully rolled over at on July 31. The focus now is on what happens

to thousands in the. -- in 2017. On the European side, the Russian

position is that they believe they have done everything to advanced

minx to. They say it isn't making progress because Kia isn't able to

pass legislation which is a critical part. -- Kiev. So the message will

be that they've done everything they can and they deserve sanctions

relief next year. When we talk about sanctions, Crimea's sanctions will

stay indefinite. Russia wants an easing of financial sanctions. That

is important for the country to get back to where it was. Thank you for

coming in. Any news we get out of St Petersburg we will update. We are

also watching what's going on in Shanghai.

Disney has just opened its first ever theme

It has cost some $5.5 billion, and Disney boss Bob Iger has

described the project as the biggest step

It looks like Disney, with the castle in the centre. It feels like

Disney, an escape from the real world. And it sounds like Disney.

Welcome to Shanghai Disney! But this one is different. This time Mickey

Mouse, Mi Lao Shu as he is known here, is Communist Party approved.

This was the latest meeting between China's president and Disney's chief

executive Bob Iger. The Communist Party chief has already been to

three Disney parks, apparently. It has taken 17 years and 5.5 billion

dollars now Bob Iger has his China park and it is ready for visitors.

From the moment they enter everything they see and experience,

the attractions, the food, the entertainment, down to the smallest

level of detail, is instantly recognisable not only as

authentically Disney but as distinctly Chinese. But it comes at

a price, which he wouldn't discuss. In fact, Disney repeatedly refused

to let us do a sitdown interview, so...

For some of the 10,000 staff behind the scenes, a day at Disney is

beyond their reach. For a couple with a child the cost would be more

than the average monthly income in mainland China. This he is

unapologetic about its high-end food prices. It is all part of the battle

for China's growing richer middle class. Disney thinks it will tend to

people with its authentic offering and there are lots to tempt. 330

million within a few hours. So, is it the real thing? Disney has gone

to great lengths to change for China! Some of the rides, like the

rapids. Some are unique to Shanghai. At the radical difference is behind

the scenes. This is a joint-venture. Disney is in business with firms

owned by the Shanghai government. They get some of the profits and

loss of influence. That is, to borrow the phrase, it is deeply

Chinese arrangement in authentically Disney setting. -- in and

authentically. Robin is apathy park. You are driver

in our! That's good to see. -- at the park. Tell me about the

interview with Bob Iger. This is a big deal for him. It was supposed to

be his legacy, as he was due to leave Disney this year. That isn't

happening as the man who was supposed to takeover left instead.

It is 70 years since Bob Iger came here and surveyed the wasteland that

is now this park. -- 17. He gave some interviews to some American

networks and Chinese networks, but he wouldn't sit down with the BBC. I

wanted to ask him about the project and politics because in China, where

there is business and economics, there is always politics. Do we just

asked him a couple of brief questions, one about how much it

costs to come into the park. The other issue is about corruption.

There's been no evidence corrupt practices here at the construction

of this park corruption is a huge issue in China. The president has

made it the top of his agenda and I wanted to address that with him.

However, he did not want to engage. Interesting. Thank you. See you

soon. Now, it's just a week until voters

here in Britain decide whether the UK should remain

in the European Union or leave. All this week we are hearing

the views of small business owners Here's one who thinks he is far

better off in than out. I1 of the owners of -- ARM one of

the owners of this company that has been recycling textiles for 26

years. Our main business partner is Britain. We have about 100 times

daily. I hope Britain will stay in the EU. There are three main

reasons. One of the reasons is the custom duties. Obviously if Britain

leaves them custom duties might be imposed, which makes goods

expensive. The other reason is our bureaucracies, which makes the

procedure is longer. More expensive and difficult, sometimes impossible.

The third is the currency fluctuation. No one knows what will

happen, but if the pound gets stronger obviously the prices will

be more expensive for us. Finally there is an even bigger problem. If

Britain leaves them the whole EU may break up and that wouldn't be good

for anyone. So that's one view. Plenty more on our website and

interesting that both central banks that have been active in the past 24

hours, the bank of Japan and the US Federal Reserve, have been talking

about that decision which will be made next week about the UK and the

EU referendum. Janet Yellen holding from taking interest rates in the

US, citing a reason for the holding of was partly to do with the UK

referendum and the consequences that could take place. Also in Japan the

bank of Japan, no change to interest rate policy and no change to

stimulus. The Japanese yen is soaring off the back about. It

hasn't been strong since September, 2014. That's really hitting stocks

and exported is in Japan in terms of how they have been trading. I want

to show the US. Of course the Federal Reserve meeting took base.

That's how Wall Street ended. -- took place. See you soon.

Two of Britain's leading public health organisations are calling

for the possession and personal use of all illegal drugs to be

The Royal Society for Public Health and the Faculty of Public Health say