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Those are the latest headlines from BBC World News. Now for the latest | :00:12. | :00:22. | |
:00:22. | :00:23. | ||
financial news with Sally. Can the turnaround at Sony continue? | :00:23. | :00:26. | |
Investors await the latest quarterly results amid calls from one | :00:26. | :00:33. | |
shareholder for the company to be split up. Does Europe need another | :00:33. | :00:43. | |
:00:43. | :00:50. | ||
interest rate cut? Welcome to World Business Report. I'm Sally Bundock. | :00:50. | :00:53. | |
Also in the programme, unexpected growth at China's big manufacturers. | :00:53. | :01:03. | |
:01:03. | :01:04. | ||
We'll have the details. What do these two have in common? Or at | :01:04. | :01:14. | |
:01:14. | :01:20. | ||
least, these three? The answer is Sony. 'Smurfs 2' is the latest | :01:20. | :01:23. | |
release from Sony Pictures, owned by the corporation behind the Xperia | :01:23. | :01:28. | |
smartphone, Bravia TVs and, of course, the PlayStation. In the next | :01:28. | :01:32. | |
results, some analysts are only expecting it to break even in the | :01:32. | :01:35. | |
three months to June. That would be a big let-down from the previous | :01:35. | :01:38. | |
quarter when it made almost a billion dollars, returning to profit | :01:38. | :01:42. | |
for the first time in five years. That could add weight to calls by | :01:42. | :01:45. | |
one leading investor for the company to be split up, as Rupert Wingfield | :01:45. | :01:52. | |
Hayes reports from Tokyo. Can the little blue men from Belgian | :01:52. | :02:02. | |
:02:02. | :02:03. | ||
rescue Sony? Sony pictures is hoping papa smirks and the game can do | :02:04. | :02:13. | |
:02:14. | :02:20. | ||
better than some of its other stars this summer. -- papa Smurf. That | :02:20. | :02:28. | |
dahlias have prompted their largest shareholder to call for the division | :02:28. | :02:38. | |
:02:38. | :02:40. | ||
to be sold off. They have accused the company of treating its | :02:40. | :02:47. | |
entertainment division like a redheaded stepchild. Sony's boss | :02:47. | :02:57. | |
:02:57. | :03:00. | ||
disagrees. He believes Sony's entertainment divisions are vital. | :03:00. | :03:10. | |
:03:10. | :03:15. | ||
After years of losses and poor product losses. Sony 's smart | :03:15. | :03:25. | |
phones... The launch of the PlayStation four. As soon as we hear | :03:25. | :03:35. | |
:03:35. | :03:41. | ||
from Sony, we will update you. It's been the longest recession to hit | :03:41. | :03:44. | |
Europe since records began two decades ago but is it finally coming | :03:44. | :03:48. | |
to an end? That's the key question for the European Central Bank as it | :03:48. | :03:51. | |
makes its policy decision later today. Interest rates are at a | :03:51. | :03:54. | |
record low of 0.5%. ECB chief Mario Draghi said the Bank discussed | :03:54. | :03:56. | |
cutting them even further last month. Since then there have been | :03:56. | :03:59. | |
some encouraging signs. The number of people out of work in the | :03:59. | :04:03. | |
countries that share the Euro fell by 24,000 in June. That was the | :04:03. | :04:06. | |
first monthly fall in over two years. However, to put that in | :04:06. | :04:09. | |
perspective, there are still 19 million unemployed in Europe. That's | :04:09. | :04:12. | |
one snapshot of what is happening in the region. Bronwyn Curtis is Chair | :04:12. | :04:17. | |
of the Society of Business Economists. What will the ECB do | :04:18. | :04:27. | |
:04:28. | :04:30. | ||
today? They have to keep interest rates low in Europe. The | :04:30. | :04:37. | |
unemployment rate is still going a little higher. It's great, but it is | :04:37. | :04:47. | |
:04:47. | :04:47. | ||
not enough to get those debt levels down. It's probably going to be half | :04:47. | :04:52. | |
that because the call will start to slow down. It is a real problem | :04:52. | :05:02. | |
:05:02. | :05:10. | ||
-- core. They'll have to put more liquidity in. It does look as though | :05:10. | :05:19. | |
they will start withdrawing liquidity from the US. In the | :05:19. | :05:24. | |
meantime, when you're looking at some of the key economies in the | :05:24. | :05:31. | |
eurozone that we are concerned about, Greece, Portugal, Italy, when | :05:31. | :05:36. | |
you look at the politics, what's going on in these countries, it's | :05:36. | :05:45. | |
getting very difficult. Allegations about Mariano Rajoy. Things seem | :05:45. | :05:53. | |
unstable. It's getting more and more difficult. These governments, you | :05:53. | :06:02. | |
talked about Greece, Spain, they are all hanging on by a thread. Its | :06:02. | :06:12. | |
:06:12. | :06:14. | ||
austerity. People are getting tired of it. It doesn't look as though any | :06:14. | :06:24. | |
:06:24. | :06:25. | ||
of the banks are going to have to collapse. Things are OK. Thank you | :06:25. | :06:34. | |
very much. She will return shortly. Let's move on. We have some good | :06:34. | :06:44. | |
:06:44. | :06:47. | ||
news. A bit of relief on financial markets coming from China. An | :06:47. | :06:49. | |
official survey of manufacturing activity, known as the Purchasing | :06:50. | :06:52. | |
Mangers Survey or PMI, shows growth picked up slightly in July from | :06:53. | :06:55. | |
June. Most analysts were expecting a contraction in factory output. Let's | :06:55. | :07:00. | |
go straight to Rico Hizon in our Singapore bureau. | :07:00. | :07:10. | |
:07:10. | :07:11. | ||
Put this in perspective. Any number below 50 indicates a | :07:11. | :07:21. | |
:07:21. | :07:27. | ||
contraction in factory activity. The official figure was just up a little | :07:27. | :07:37. | |
:07:37. | :07:51. | ||
bit from the month before. You also have sums -- have some sceptics. We | :07:51. | :07:58. | |
have that private reading of the mainland private factories. It was | :07:58. | :08:08. | |
:08:08. | :08:10. | ||
at an 11 month low. 48 .7. That is indeed a contraction. It could | :08:10. | :08:16. | |
potentially be the solution in entering the sector's problems. At | :08:16. | :08:22. | |
the moment, China's economy is not out of the woods. | :08:22. | :08:32. | |
:08:32. | :08:32. | ||
We continue to watch that closely. Turning to bricks and mortar, if you | :08:32. | :08:35. | |
are looking to own real estate, Singapore is the fourth most | :08:35. | :08:38. | |
expensive city in the world, after Hong Kong, London and Monaco. And | :08:38. | :08:40. | |
now the Singaporean government has decided to introduce tougher | :08:40. | :08:46. | |
measures to cool the property market. In today's instalment of our | :08:46. | :08:49. | |
global series on housing, Sharanjit Leyl takes a look at the efforts to | :08:49. | :08:55. | |
control Singapore's spiralling prices. | :08:55. | :09:02. | |
He lives with his wife and daughter in this five bedroom, 7000 square | :09:02. | :09:07. | |
feet penthouse in Central Singapore. He thinks it would cost about $11 | :09:07. | :09:17. | |
:09:17. | :09:20. | ||
million if he were to sell it. He plans to stop buying any more here. | :09:20. | :09:28. | |
They've stabilised the property market. When they say they are going | :09:28. | :09:36. | |
to stabilise it, they will. At the same time, I will hold on to the | :09:37. | :09:43. | |
portfolio I have here. government has tried to bring down | :09:44. | :09:52. | |
house prices by raising the stamp duty. Coupled with expectations of | :09:52. | :09:58. | |
rising interest rates and rising mortgage payments, has people | :09:58. | :10:05. | |
worried that prices will fall. Developers bank on more demand from | :10:05. | :10:09. | |
buyers. There has been so much demand that property prices hit a | :10:09. | :10:15. | |
record high in the last quarter. They are paid measurement in place | :10:15. | :10:19. | |
for the last four years. They have put in even tougher ones in the hope | :10:19. | :10:24. | |
they will work. These include trying to stop borrowers from making | :10:24. | :10:33. | |
monthly payments. A hint of concern that Singapore might experience a US | :10:33. | :10:43. | |
:10:43. | :10:43. | ||
style mortgage meltdown. We have to look out for the right | :10:43. | :10:49. | |
opportunities. We have been fairly prudent to our approach in investing | :10:49. | :10:59. |