:00:02. > :00:12.BBC World News. Now for the latest financial news with Sally and World
:00:12. > :00:17.
:00:17. > :00:21.Business Report. Hello and welcome to World Business Report. Crunch
:00:21. > :00:25.time for Nokia - new phones are unveiled today. But will they be
:00:25. > :00:28.good enough to win back customers? Talks restart to end the strike at
:00:29. > :00:38.Lonmin's South African mine. Is the crisis scaring off international
:00:39. > :01:02.
:01:02. > :01:06.investors? Hello from Singapore. Resource prices plunge in Australia.
:01:06. > :01:09.It is being billed as a make-or- break moment for Nokia. Today the
:01:09. > :01:11.mobile phone maker will unveil its latest smart phones in New York.
:01:11. > :01:14.They have been developed in collaboration with Microsoft which
:01:14. > :01:20.has provided the operating software. If these phones fail to connect and
:01:20. > :01:25.turn on users then questions will be asked about Nokia's future.
:01:25. > :01:31.Nokia is the fallen giant of mobile phones. Investors have sheered and
:01:31. > :01:35.the pain. The share price has pulled from $40 to $3 today. A
:01:35. > :01:42.device rumoured to look similar to this could be their last chance for
:01:42. > :01:48.revival. It will be the first and set to run on the Microsoft next-
:01:48. > :01:53.generation operating system. His if this does not work, not cure it is
:01:53. > :01:58.in a lot of trouble. The customers do not want it, it will be
:01:58. > :02:04.difficult for them to go forward. Nokia's fate could be suggested in
:02:04. > :02:10.this building in a trendy part of Manhattan were the product Tonge is
:02:11. > :02:15.due to take place and a few hours' time. If four-smartphone the US
:02:15. > :02:21.market is very important, it is also a market where Nokia has
:02:21. > :02:26.failed to make much impression. It is not as Nokia that needs the
:02:26. > :02:30.phone to succeed. Microsoft also has yet to prove it can stay
:02:31. > :02:38.relevant as the focus of computing shifts from PCs and laptops to
:02:38. > :02:43.smart phones and tablets. There is a lot of good will for Microsoft at
:02:43. > :02:51.the moment. We're hoping the operating system will knock the
:02:51. > :02:55.socks off. We will not get a second chance to make an impression.
:02:55. > :02:59.unclear what a Windows eight phone will do what others can't but it
:02:59. > :03:05.should be something special because computers are not standing still.
:03:05. > :03:15.Next week, Apple will up the ante by unveiling a device that sums
:03:15. > :03:17.
:03:17. > :03:19.they will look like this, the next generation iPhone. Three-way talks
:03:19. > :03:22.between the unions, Lonmin management and the government are
:03:22. > :03:25.scheduled to resume today. The government is keen to end the
:03:25. > :03:27.wildcat strike that's been going on for almost four weeks. But there's
:03:27. > :03:30.anger among miners after police opened fire on protesters last
:03:30. > :03:40.month, killing 34 people at the mine, and they are sticking to
:03:40. > :03:43.
:03:43. > :03:48.their wage demands. Razia Kahn is from Standard Chartered Bank. Good
:03:48. > :03:55.news that they are talking, are you optimistic this will draw some good
:03:55. > :04:00.conclusions to lurk we are hearing that the National Union of
:04:00. > :04:06.Mineworkers are looking to bring forward the wage negotiations.
:04:06. > :04:12.is despite being locked into a two- year agreement. Something needs to
:04:12. > :04:19.be done after the tragic events, that is agreed. The need to given
:04:19. > :04:24.for higher wages. Wildcat strikes have hit a lot of the industry.
:04:24. > :04:28.Given the severity of what happened four weeks ago, and clearly it is
:04:28. > :04:33.not resolved, is there enough pressure from all sides to see a
:04:33. > :04:38.quick resolution. It must be having a damaging impact? There is
:04:38. > :04:42.absolute the pressure for resolution. But the problem is the
:04:42. > :04:47.President it must set. Already we have a situation where the
:04:47. > :04:51.negotiation of wage agreements that had been entered into that was
:04:51. > :04:54.supposed to have been fixed for some time, obviously, the industry
:04:54. > :05:00.does not want to be seen as giving in to the demands for higher wages
:05:00. > :05:06.at a time when there are under pressure from declining margins and
:05:06. > :05:12.on and an uncertain economic environment. What's affect us all
:05:13. > :05:20.this hurt on the South African mining industry in terms of the
:05:20. > :05:28.perception internationally. These events do picked what international
:05:28. > :05:35.investors think? There are growing concerns for the outlook of mining.
:05:35. > :05:41.Typical. We have seen a lot of regularity -- regulatory
:05:41. > :05:45.uncertainty. The very fact that recent events make it more strength
:05:45. > :05:51.to the discussion around nationalisation will be a concern
:05:51. > :05:55.to foreign investors. So Arthur Booker already accounts for 80% of
:05:55. > :06:01.the world platinum reserves. There are not easy options for
:06:01. > :06:05.diversification from that region. But for gold mining, suffered
:06:05. > :06:09.because looked from being the top gold producer to fall into place
:06:09. > :06:18.number six. This is having an impact on the investment the
:06:18. > :06:24.country expects to receive that is a story we will keep a close eye on
:06:24. > :06:28.today. Australia's economy is slowing down. In the second quarter
:06:28. > :06:33.it grew 0.6%. But that's still not bad when you consider how many
:06:34. > :06:43.European economies, including the UK, are shrinking at the moment.
:06:44. > :06:45.
:06:45. > :06:53.Rico Hizon is in the BBC's Singapore office. Australia has
:06:53. > :06:58.been showing signs that things are getting tough? Absolutely, if you
:06:59. > :07:03.compare the numbers with the Asian economies, if you stack them up
:07:03. > :07:09.against developed economies, Australia still did welcome the to
:07:09. > :07:14.the United States, European Union and Japan, up 6.3% in the previous
:07:14. > :07:18.quarter. Consumer spending and public spending still the main
:07:18. > :07:23.drivers of quarterly growth. Despite the solid economic
:07:23. > :07:27.performance, the future is looking a bit more difficult. To to the
:07:27. > :07:32.falling prices of key exports like iron ore and analysts say the
:07:32. > :07:37.second up for the will be much more challenging. The growth in the last
:07:37. > :07:41.quarter will be difficult to replicate. Is to drop a whip rates
:07:41. > :07:48.steady yesterday at three-and-a- half %. The recent falls and
:07:48. > :07:58.exports is leading to speculations the Reserve Bank will cut interest
:07:58. > :08:09.
:08:09. > :08:19.rates in October to keep up the momentum. So on news a row --
:08:19. > :08:23.
:08:23. > :08:30.Lenovo. To finance their operations the operations they need cash. An
:08:30. > :08:37.executive shrugged off a share sale, as a reflection of the company's
:08:37. > :08:44.performance. It said it would not give back the laptop venture and
:08:44. > :08:50.would be focusing on the Japanese market. The founder of Facebook
:08:50. > :08:56.will not be selling his shares in the country for another 12 months.
:08:56. > :09:03.That has and emerged and an official filing posted by the
:09:03. > :09:08.country this week. Feed X is same weakness in the global economy is
:09:08. > :09:13.hooting its business. It is making a sharp cut in its profits for the
:09:13. > :09:20.current quarter. In June, it announced a cost-cutting drive to
:09:20. > :09:27.boost performance. A hacker groups says it has stolen identification
:09:27. > :09:36.numbers for hunt -- millions of Apple devices including i-Phones.
:09:36. > :09:40.It says it obtained the information from an FBI at laptop. Markets
:09:40. > :09:46.today, headed in one direction. It has been like that most of this
:09:46. > :09:50.week. A lot of concern about what may or may not happen tomorrow. The