21/06/2016 World Business Report

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Those are the latest headlines from BBC World News.

Now for the latest financial news with the World Business Report.

The OECD reports on internet censorship, cyber security,

the cyber economy and human rights online.

Plus the tale of the shoe maker, as we head closer to the UK

referendum on membership of the European Union we hear

from the boss of a shoe business in Portugal.

Welcome to World Business Report, I'm Sally Bundock.

Also in the programme, Walmart is teaming up with the new Chinese

partner. We will find out whether it is working. --A new.

Well, the OECD is taking a stab at it.

Later today it will publish a report that covers internet-related state

censorship as well as issues of privacy and surveillance

in the wake of the Edward Snowden revelations.

The OECD also aims to set the common ground of an Information

and Communications Technologies policy for the next decade

within the richest countries in the world.

With me is Jerry Sanders, an independent analyst.

Tell us a bit more about this OECD report, what is it likely to talk

about? Every ten years they meet with everybody involved in the

Internet, governments, technology companies and what they call

stakeholders, those who do this on the Internet. They are trying to set

some things that will reassure people that the Internet will be

safe to use, available and it has some sort of development strategy

that will make it work in ten years time. I feel like they should have

done this years ago! Considering how long we've been using the Internet

and how prevalent it is around the world. Yes, it has grown without too

much regulation or people sending out enormous strategies -- setting.

It has gradually disseminated to individual businesses coming up with

new ideas. It has brought up lots of very serious issues. We are all very

conscious of security and our privacy it can be a good thing but a

dangerous thing as welcome as though yes, networks can be good, they can

help businesses and make connections, but we also know that

there is the dark web, where people can do things out of view of the

authorities. But that from a policy view and making that your human

right can also be applied when you are on the Internet, that is quite a

difficult job. It is also interesting how we feel about

privacy now, that will be very different in the future in the sense

that people using the Internet now, we just expect privacy. But a new

generations will not even think about it? I think that is one of the

biggest revolutions that will come, maybe in 50 years. Today, everybody

knows that they have a right to privacy. I seriously expect that

that will gradually disappear, we won't expect privacy in 50 years'

time. There will be so much data about us out there and everyone will

have so much access to it, it won't be possible. Thank you for coming

in, a fascinating discussion. This report is coming out from the OECD

later today advising governments and regulators on that.

The world's biggest retailer Walmart is teaming up with the Chinese

The move will give Walmart much greater exposure to the Chinese

market after its failed attempts last year when it took full control

of another struggling e-commerce site.

Sharanjit Leyl in our Singapore bureau has been following this.

Tell us more about this, Walmart is desperate to get into that market?

That's right. The American retailer essentially doing this by selling

its online presence in China to Goal Defence .com. They are basically

making the sale in exchange for a 5% stake. It is all part of the

alliance that aims to explore earned the -- expand Walmart's reach in

China -- JD.com. As part of the agreement, JD.com will gain control

of the struggling website that you mentioned, while Walmart will

continue to operate its direct sales business. It is an e-commerce site

that focuses on online grocery sales and caters mainly to affluent female

customers. Walmart took full ownership last July, but they have

decided to sell that share to JD.com. We saw Walmart shares are

rising on Wall Street after that news. Thank you. We will keep you

up-to-date on that story as it develops.

Just two days to go before UK makes a momentous decision,

whether or not to leave the European Union.

The EU's shoe industry is worth 24 billion euros

One Portuguese shoemaker tells us about his fears that a Brexit

could hurt his company and increase the cost of doing business.

My name is the Gaelle and I am the managing director. AME Portuguese

shoemaker with a band with 175 years of Legacy. Our products are all

handcrafted with the best materials, very economic. Traditionally, we

sold in our market. In the last years, we have sold abroad in Japan,

the United States, Germany and others. The recession in Portugal is

very deep, and it is difficult to sell in Portugal. Portuguese people

don't have enough money to buy our shoes. We are planning to introduce

our shoes in the UK market. It is one of the biggest market in Europe.

If you leave the European Union, it is difficult to do business. There

are additional cost and the customer's procedures. This will

cause delays in the ex- ports. That is one perspective on what a Brexit

will mean. -- exports. We have talked to many businesses in the

last few weeks. And course there are many leaders

of small and medium size businesses who argue the UK leaving

Europe is the best option. To hear all the views go

to the BBC Business webpage, In other news: George Soros has

warned of "serious consequences" for British jobs and finances

if the country leaves He says sterling would "decline

precipitously" if the Leave camp He made a fortune betting

against the pound on Black Wednesday in 1992, when Britain left

the European Exchange Rate Mechanism and said Brexit would cause

even bigger disruption. Vote Leave said George Soros

was a long standing advocate of Britain joining the euro

and of giving further control Former Volkswagen boss

Martin Winterkorn is under investigation in Germany for alleged

market manipulation. German prosecutors have

accused Mr Winterkorn, and another former board member,

of withholding information from investors about

VW's emissions scandal. Mr Winterkorn resigned last

September following revelations the firm cheated US diesel

car emissions tests. But VW said the prosecutors have

offered "no new facts The aviation industry could be one

of the biggest beneficiaries of changes to India's strict

foreign investment rules. The government has announced it

will allow 100% foreign ownership of airlines and of some

defence businesses too. And, for foreign firms

trying to get into retail, there's respite from a rule that

required 30% of what they sold to be That is a story we will discuss in

further detail when we discuss the day's papers this morning.

This is how things ended on Wall Street. The pound strengthened

massively. Markets are very sensitive to the decision on

Thursday. We will talk about that in more detail in just a moment. See

you then.