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Brexit, protectionism, currency wars, finance heads | :00:18. | :00:21. | |
have a full in-tray as they arrive in China for the G20 summit. | :00:22. | :00:25. | |
The head of Fox News Roger Ailes resigns following accusations | :00:26. | :00:28. | |
of sexual harassment, company boss Rupert Murdoch takes | :00:29. | :00:30. | |
over in the hopes of stabilising his media empire. | :00:31. | :00:39. | |
Welcome to World Business Report, I'm Sharnjit Leyl. | :00:40. | :00:47. | |
Following a turbulent few weeks, central bankers and finance | :00:48. | :00:49. | |
ministers from 20 of the world's major economies are meeting in | :00:50. | :01:00. | |
And they'll have a lot on their plate. | :01:01. | :01:03. | |
Following Britain's decision to leave the EU, | :01:04. | :01:05. | |
the International Monetary Fund nudged down its forecast | :01:06. | :01:07. | |
So far, central banks in Europe and the UK have kept policy on hold, | :01:08. | :01:11. | |
until they have a better economic picture. | :01:12. | :01:13. | |
Across the pond, Donald Trump has been officially nominated | :01:14. | :01:15. | |
as the Republican candidate for the US Presidential election. | :01:16. | :01:22. | |
The billionaire businessman has vowed to impose hefty tariffs | :01:23. | :01:25. | |
on Chinese imports, which could spark retaliation | :01:26. | :01:26. | |
from Beijing, and bring about an all-out trade war. | :01:27. | :01:30. | |
I'm joined now by Charles Pittar, Chief Executive of Juwai.com, | :01:31. | :01:33. | |
one China's largest property portals, connecting Chinese buyers | :01:34. | :01:35. | |
We know that yours is a property firm, how much are we seeing Chinese | :01:36. | :01:51. | |
demand for overseas property impacted by the events of the last | :01:52. | :01:57. | |
few weeks? Good question. It is interesting, we did a survey prior | :01:58. | :02:03. | |
to the Brexit result and we interviewed approximately 400 real | :02:04. | :02:09. | |
estate professionals in China and approximately 40 in the UK. The | :02:10. | :02:15. | |
results of the survey suggested that the Chinese, from a Chinese | :02:16. | :02:18. | |
perspective, they were probably going to hold off on any investment | :02:19. | :02:24. | |
decisions until after the Brexit vote. Indications were that the | :02:25. | :02:30. | |
Chinese were more interested in UK property than before. The picture | :02:31. | :02:35. | |
painted by the domestic UK audience that was interviewed agree with | :02:36. | :02:39. | |
that. We have seen since the result of the Brexit that that has played | :02:40. | :02:43. | |
out. In the last few weeks we have had more enquiries into loans in | :02:44. | :02:49. | |
China than we have seen for the duration of this year, so the last | :02:50. | :02:57. | |
four weeks have seen it leading up to 40%, a clear indication that the | :02:58. | :03:00. | |
Chinese are very interested in the UK and the post Brexit result has | :03:01. | :03:07. | |
seen the demand increase. Taking a look at the US is now, Donald | :03:08. | :03:14. | |
Trump's confirmation as the Republican nominee, how do you think | :03:15. | :03:19. | |
relations will change with China when you take into account his anti- | :03:20. | :03:22. | |
China rhetoric in his speech? Is there a fear amongst Chinese | :03:23. | :03:31. | |
investors that if Trump is elected, there may be issues with foreign | :03:32. | :03:38. | |
investments? It is a complex issue and answer. When we look at the | :03:39. | :03:43. | |
demand from our property portal in China globally, the US is the | :03:44. | :03:48. | |
biggest market. 40% of the enquiries we get up for the US market. It is a | :03:49. | :03:53. | |
global market. If there are indications, any of the countries we | :03:54. | :03:57. | |
are dealing with internationally, that they are less proactive and | :03:58. | :04:01. | |
less keen on the demand from China, it could have an impact. When you | :04:02. | :04:05. | |
look at what is happening with the G20 and the fact that you have a | :04:06. | :04:10. | |
number of UK officials in China at the moment, essentially saying that | :04:11. | :04:15. | |
the UK is open for business, that sends a very positive message. So | :04:16. | :04:22. | |
the countries are potentially sending a good message, if the US | :04:23. | :04:28. | |
send a negative message, that could have an impact. We will be watching | :04:29. | :04:32. | |
very carefully. Thank you for joining us. | :04:33. | :04:36. | |
After a newspaper scandal in Britain, Rupert Murdoch is facing | :04:37. | :04:39. | |
This man here, the brainchild behind Fox News, Roger Ailes has resigned | :04:40. | :04:43. | |
following accusations of sexual harassment by a number | :04:44. | :04:45. | |
Mr Ailes did not give a reason for stepping down as CEO, | :04:46. | :04:48. | |
saying only that he'd become a 'distraction'. | :04:49. | :04:57. | |
He's likely to leave with a $40 million pay | :04:58. | :04:59. | |
package, and Mr Murdoch himself, who owns parent | :05:00. | :05:01. | |
company 21st Century Fox will take over as acting Chief | :05:02. | :05:04. | |
I'm joined now by Joe Flint from the Wall Street Journal, | :05:05. | :05:14. | |
What does the departure mean for Fox, especially as it comes today of | :05:15. | :05:24. | |
all days, the last day of the Republican National Convention? We | :05:25. | :05:29. | |
know that Fox is very much a rightleaning, conservative channel. | :05:30. | :05:34. | |
Today ideally would have been a great day for Fox News, huge ratings | :05:35. | :05:39. | |
tomorrow because of the coverage of the Trump speech. Instead, they are | :05:40. | :05:44. | |
very distracted by the sudden departure of their leader and a | :05:45. | :05:47. | |
sickly the only leader they have ever known. His departure will be a | :05:48. | :05:55. | |
huge blow for the channel. The organisation is all about him, he | :05:56. | :06:00. | |
put it together, knows where all the bodies are buried, and it will be | :06:01. | :06:05. | |
very tough to replace Roger Ailes, when over the loyalty of the people | :06:06. | :06:10. | |
he has in place. There is going to be a seismic change at the channel | :06:11. | :06:15. | |
in the next few years. What does it tell us about the fact that Rupert | :06:16. | :06:23. | |
Murdoch is stepping in in terms of how he views the importance of Fox | :06:24. | :06:28. | |
News? You're correct. Rupert Murdoch's decision to take over the | :06:29. | :06:33. | |
CEO and chairman role is a smart one. I think he is trying to send a | :06:34. | :06:37. | |
message to the Fox News team about how important the channel is to him, | :06:38. | :06:41. | |
that he is aware of what a big deal it is for Roger Ailes not to be | :06:42. | :06:46. | |
there and that his hand is still on the steering wheel. I don't know how | :06:47. | :06:50. | |
actively involved he will be in the day to day decision-making, | :06:51. | :06:54. | |
obviously he has a large company to run. IT will certainly be more | :06:55. | :06:59. | |
involved than he had been in recent years. The channel had been doing so | :07:00. | :07:04. | |
well. I don't want to suggest he runs on autopilot, it is a very big | :07:05. | :07:11. | |
operation. But with Roger they are, everybody knew their role and how to | :07:12. | :07:14. | |
execute it. I think that Rupert hopes to bring that as well. Just | :07:15. | :07:21. | |
quickly, it is funny you say that Mr Murdoch wants to be seen as being at | :07:22. | :07:25. | |
the steering wheel. We are seeing lots of commentary because of this | :07:26. | :07:29. | |
incident that he is somehow losing control of his media empire? I think | :07:30. | :07:35. | |
that is more because of the roles he has given to his sons, Laughlan and | :07:36. | :07:43. | |
James. Laughlan is a German and James is the chief executive. Roger | :07:44. | :07:53. | |
Ailes and Fox News were kind of a separate area within the company. | :07:54. | :07:56. | |
They generate so much money that nobody was going to mess with them. | :07:57. | :08:01. | |
I think there has been a lot of thought that James and Laughlan | :08:02. | :08:04. | |
don't share the same loyalty to Roger Ailes that Rupert does, and | :08:05. | :08:09. | |
might have been more aggressive about wanting to bring their scandal | :08:10. | :08:15. | |
to an end quickly. I would also add to that in a time of tremendous | :08:16. | :08:20. | |
change and disruption in the media industry, Fox News is the one thing | :08:21. | :08:25. | |
that 21st-century Fox can rely on to deliver huge profits. Thank you for | :08:26. | :08:31. | |
joining us. Now, Pokemon Go, the little app that | :08:32. | :08:35. | |
could, Mariko Oi is in our Asia Tell us more? Japanese fans have | :08:36. | :08:50. | |
been waiting for it and finally this morning it was launched. As a | :08:51. | :08:55. | |
result, shares of Nintendo have recovered somewhat. They doubled, | :08:56. | :09:00. | |
more than doubled since the launch of the game, but in recent days we | :09:01. | :09:05. | |
have seen profits fall. But today profits rose by 6%. The rest of the | :09:06. | :09:14. | |
Japanese markets are down, taking their cue from Wall Street. Other | :09:15. | :09:19. | |
shares, such as McDonald's Japan which are a partner with Nintendo, | :09:20. | :09:23. | |
their shares are trading higher as well. You have been watching World | :09:24. | :09:46. | |
Business Report, stay with us. Before we look at the papers, let's | :09:47. | :09:49. | |
fill you in on some UK stories. Banking on mobile apps has overtaken | :09:50. | :09:51. | |
all other forms of banking combined. | :09:52. | :09:55. |