:00:03. > :00:13.David Bowie's Space Oddity while on the space station. Those are the
:00:13. > :00:22.
:00:22. > :00:27.latest headlines. Now for the D-Day for not year as it prepares
:00:27. > :00:33.to unveil a new model of its Lumia phone -- Nokia. Another attempt to
:00:33. > :00:39.win customers away from its rivals. And Sharp things its hopes on
:00:39. > :00:47.Samsung as it gets set to reveal another huge last -- pins its hopes.
:00:47. > :00:51.-- huge loss. Also in the programme: Australia presents its
:00:51. > :00:55.budget not long before elections. What will the government offer? We
:00:55. > :01:01.will assess that as well. But first, a very big day for the Finnish
:01:01. > :01:11.mobile phone maker Nokia. In a few hours it will unveil a brand new
:01:11. > :01:12.
:01:12. > :01:16.addition of this Lumia line of Windows Phones in London -- it's.
:01:16. > :01:20.Their success in the high-margin smartphone market is crucial for
:01:20. > :01:29.its long-term survival. The latest model is expected to offer a
:01:29. > :01:35.superior camera technology. I'm joined by Martin Garner from CCS In
:01:35. > :01:40.sight. What are you expecting Nokia to reveal this time? We saw about a
:01:40. > :01:44.week ago that they launch an upgraded flagship with one operator
:01:44. > :01:52.in North America. Expectations are quite high. We're expecting this
:01:52. > :01:58.time around is something similar to what we saw a week ago. And
:01:58. > :02:03.advancement but not a real leap forward. Many are saying that Nokia
:02:03. > :02:08.keeps introducing new versions but it is so far behind Samsung and
:02:08. > :02:13.Apple. What is your take on its attempts to try to steal market
:02:13. > :02:18.share in the smartphone Arena. has been in turnaround mode in
:02:18. > :02:22.smartphones for about two years. It is now quite a small player in
:02:22. > :02:26.smartphones. We think it now has quite a good range of products in
:02:26. > :02:30.the area. It just needs to keep pushing and build momentum and keep
:02:30. > :02:35.going. We saw a bit of that with its quarter one results. But it
:02:35. > :02:41.just needs to keep pushing hard. What about the argument that the
:02:41. > :02:45.team up with Microsoft was a bad move. The CEO was quizzed on that
:02:45. > :02:50.at the last AGM. He said that the decision was made and they will
:02:50. > :02:55.continue. We think she did not have that many auctions. If he had come
:02:55. > :03:03.with Android, there are a lot of unhappy Android suppliers --
:03:03. > :03:12.options. Only Samsung is having a good time so it might not have been
:03:12. > :03:16.the answer not to go with Windows. There are cycles in his industry.
:03:16. > :03:20.Nokia is not someone we should forget just yet. You need to
:03:20. > :03:25.remember five years ago Nokia was king of the hill and had everything
:03:25. > :03:30.going for it. Market share does change hands quite a lot in this
:03:30. > :03:35.industry. In five years at all and Samsung are unlikely still to be at
:03:35. > :03:39.the top of their game -- Apple. There is an opportunity. There are
:03:39. > :03:44.lots of people chasing that opportunity, so Nokia will have a
:03:44. > :03:49.tough time, but they have to keep trying. In previous years when you
:03:49. > :03:59.look at these technical moves in the industry, we weren't in a
:03:59. > :04:05.
:04:05. > :04:10.smartphone era, does that still apply? -- the cyclical moves.
:04:10. > :04:14.needs to keep developing more and more apps, and keep that side of it
:04:14. > :04:19.building, so it can show the world it has this momentum and can carry
:04:19. > :04:24.that across to consumers. Really good to hear your perspective,
:04:24. > :04:29.Martin, thank you for joining us. The launch is today in London. It
:04:29. > :04:36.is shrouded in secrecy. We will keep you updated as far as Nokia's
:04:36. > :04:41.concerned today. Let's move on. Another struggling tech firm, Sharp,
:04:41. > :04:47.Japan's number one maker of LCD TVs is expected to make another huge
:04:47. > :04:57.loss today as TV consumers turn to cheaper options. They are hoping a
:04:57. > :04:57.
:04:57. > :05:02.closer tie with Samsung will secure Sharp has been having a tough time.
:05:02. > :05:05.Sales are on the steady decline as TV consumers turn to overseas
:05:05. > :05:10.manufacturers for cheaper options. Amid mounting losses the company
:05:10. > :05:19.has been trying to restructure. But it's been tough. After its credit
:05:19. > :05:25.rating was ruined last year. Two months ago Samsung agreed to buy a
:05:25. > :05:28.3% stake in them for $110 million. A deal analysts said should give a
:05:28. > :05:32.boost to the company's efforts to turn its business around. The
:05:32. > :05:38.deadline for talks on another potential cash injection, this time
:05:38. > :05:43.from Taiwan's Hong Hi, passed without an agreement. Thousands of
:05:43. > :05:48.jobs at Shah have already been cut as part of efforts to secure its
:05:48. > :05:53.long-term survival -- Sharp. Now there are expectations more workers
:05:53. > :05:57.will go and there will be an even tighter tie-up with Samsung. It is
:05:58. > :06:07.a painful restructuring designed to lead to profitability. Whether it
:06:08. > :06:10.
:06:11. > :06:14.Let's go to Australia now where the budget will be revealed this
:06:15. > :06:19.evening. It could be the chance for a few cash handouts because the
:06:19. > :06:23.election will be in September. But that is unlikely, the government is
:06:23. > :06:27.well behind in the polls and finances are tight despite two
:06:27. > :06:31.decades of growth. For the past two decades successive Australian
:06:31. > :06:36.treasurers have generally enjoyed their moment in the Budget might
:06:36. > :06:40.limelight. After all the economy has seen 21 years of uninterrupted
:06:40. > :06:45.annual growth. 12 months ago Wayne Swan was basking in that success.
:06:45. > :06:49.Now, as he prepares to deliver what is likely to be his final Budget,
:06:49. > :06:55.his Swann song, it will doubtless be called, the mood is very
:06:55. > :06:58.different. He could be looking at a decade of debt. Having pledged
:06:58. > :07:07.repeatedly to return the Budget to surplus he has admitted in the
:07:07. > :07:11.lead-up that the country now faces a fiscal black hole. During the
:07:11. > :07:15.mining boom, successive governments made long-term spending commitments
:07:15. > :07:20.that are now hard to fund the cost of a falling commodity price and
:07:20. > :07:26.corporate taxes -- because of. The mining tax, intended to spread the
:07:26. > :07:31.vast riches of the resources boom, has hardly swell the coffers. Nor
:07:31. > :07:35.has the carbon tax, brought in last year, brought in the revenue first
:07:35. > :07:42.forecast. Making matters worse for the overall economic output,
:07:42. > :07:46.Australia's terms of trade have declined. The Australian dollar has
:07:46. > :07:51.stayed at high levels. Even though it has fallen off recently it is
:07:51. > :07:58.still at parity with the greenback. And concerns about a slowdown in
:07:58. > :08:03.the economy and an end to the mining boom caused a reduction in
:08:03. > :08:07.the interest rate to the lowest in 52 years. With an election in
:08:07. > :08:12.September, which the government is expected to lose heavily, this will
:08:12. > :08:18.be a very political Budget. But given there's no money there's
:08:18. > :08:21.little likelihood of any vote giveaways. George Osborne will be
:08:21. > :08:25.meeting with other European Union finance ministers today where he
:08:25. > :08:30.plans to call for more efforts to tackle tax evasion and avoidance.
:08:30. > :08:34.He is seeking EU backing for a global tax standard based on
:08:34. > :08:38.automatic exchange of information between tax authorities. The man
:08:38. > :08:42.expected to be Pakistan's next prime minister Nawaz Sharif has
:08:42. > :08:46.told the BBC that fixing the economy will be his top priority.
:08:46. > :08:51.Mr Sharif said this would go a long way to reducing unemployment,
:08:51. > :08:55.poverty, illiteracy and terrorist violence. Shares in India's Tata
:08:56. > :09:01.Steel have fallen as much as 2.5% today following an announcement
:09:01. > :09:05.they will write down $1.6 billion on weak figures in Europe. Over
:09:05. > :09:11.saturation of the market was also given as another reason for the
:09:11. > :09:15.data. Now the markets today in Asia, quite excited about the fact that
:09:15. > :09:20.yesterday in the US we saw retail sales figures higher than expected
:09:20. > :09:25.in the month of April. You can see in Japan a slight loss, but let's
:09:25. > :09:30.not forget Japan has been on a roll for quite some time. It is well
:09:30. > :09:35.above 14,000 now. Only the week before last it recover 14,000 for
:09:35. > :09:40.the first time in five years. Now it's not too far away from 15,000.
:09:40. > :09:45.Hong Kong down a bit. We will keep an eye on Australia today as the