:00:00. > :00:12.Tripoli, after clashes in which dozens of people died. The militia
:00:13. > :00:24.have three days to withdraw. Time for World Business Report. Boeing
:00:25. > :00:29.makes almost 100 Ilium dollars in orders on day one of the Dubai
:00:30. > :00:32.airshow. Politicians meet in Washington to discuss the future of
:00:33. > :00:36.Bitcoin, as fears grow regulation won't prevent it from being used for
:00:37. > :00:45.money`laundering and drug trafficking. Welcome to the
:00:46. > :00:51.programme. This is World Business Report. In a moment, I will be
:00:52. > :00:58.speaking with a Bitcoin expert, who will be testifying in the Senate
:00:59. > :01:06.later. Airlines in the Gulf have placed a number of high value orders
:01:07. > :01:13.and so far, it looks like America's Boeing is eating its archrival,
:01:14. > :01:22.Airbus. Emirates placed a massive order of 150 of Boeing's new 777
:01:23. > :01:27.mini jumbos. Another 109 of those aircraft were ordered by Etihad,
:01:28. > :01:38.Qatar copy Mackellar ways and Lufthansa. That brings total ``
:01:39. > :01:45.Qatar Airways. That brings total sales to over $91 billion. Airbus
:01:46. > :01:54.has also done well. Emirates ordered 50 Airbus A380 aircraft. Etihad
:01:55. > :02:03.ordered 87 Airbus aircraft in a deal worth $19 billion. And it doesn't
:02:04. > :02:06.end there. Abu Dhabi's Etihad is also to become the first Gulf
:02:07. > :02:14.carrier to have its brand flying between European destinations after
:02:15. > :02:18.it bought a stake in Darwin Airline. The small airline is the seventh
:02:19. > :02:23.carrier to which Etihad has taken an equity stake. It's the first that
:02:24. > :02:29.has agreed to brand its own aircraft as Etihad Regional, thereby marking
:02:30. > :02:38.a turning point in global aviation strategy. We spoke with the chief
:02:39. > :02:45.executive of Etihad. Why does this deal makes sense? We have an equity
:02:46. > :02:50.group. And that group is now starting to appear in aviation
:02:51. > :02:59.jargon. And this is not the last time. For smaller airlines that we
:03:00. > :03:02.will never operate, that are on the end of our network, we are
:03:03. > :03:08.comfortable with their safety standards and management, we really
:03:09. > :03:16.see this as a good scenario. Have you got your eye on other regional
:03:17. > :03:20.airlines? Obviously, we would expect of regional carriers to come and
:03:21. > :03:27.have a chat with us. What we are looking for is a strong management
:03:28. > :03:32.team, stolid strategy `` solid strategy. What we cannot do is run
:03:33. > :03:38.those airlines. That is what we want good people already working those
:03:39. > :03:43.businesses to do, working with us. Your business strategy is very
:03:44. > :03:51.different from your other rivals in the region. Emirates are 30 years
:03:52. > :03:55.old and have a great strategy. We are ten years old. We have decided
:03:56. > :04:01.to differentiate through partnership. 40 million Indian
:04:02. > :04:07.people travel internationally every year, which transforms our position
:04:08. > :04:14.over the next few months in India. We have done similarly with Virgin
:04:15. > :04:18.Australia. For me, it is about how we get the right average airfare,
:04:19. > :04:23.the right return from the asset, the right feed from markets. The rules
:04:24. > :04:29.of business are changing in global aviation and we are at the
:04:30. > :04:35.forefront. This market is worth over $5 trillion and each one is worth a
:04:36. > :04:38.staggering $500. I talking about Bitcoin, the virtual currency that
:04:39. > :04:46.is becoming increasingly intertwined with tales of bank robberies, drugs
:04:47. > :04:51.and warlords. Today, it will be the topic of conversation in Washington.
:04:52. > :04:58.The Homeland Security Committee is meeting to discuss Bitcoin. It is
:04:59. > :05:02.still not fully regulated and now, academics and regulators are
:05:03. > :05:18.desperate to find ways to gain better control over this shadowy
:05:19. > :05:28.international currency. Bitcoin has been around for about
:05:29. > :05:31.five years as a so`called cryptocurrency, meaning that the
:05:32. > :05:38.details are highly encrypted and the sender and receiver remain
:05:39. > :05:51.anonymously. It got notoriety after the US authorities swooped down upon
:05:52. > :05:55.the website, Silk Road. Even though Bitcoin is achieving a degree of
:05:56. > :05:59.legitimacy in the real world, being used increasingly, for example, by
:06:00. > :06:03.businesses, it's that level of underworld activity that is
:06:04. > :06:08.attracting the attention of the US government and potential regulation.
:06:09. > :06:13.That would be bad news for Bitcoin as a currency because many people
:06:14. > :06:16.are tracked to it's precisely because of the libertarian Utopian
:06:17. > :06:30.ideal of it being a currency free from regulation.
:06:31. > :06:33.Thank you for joining us. There are almost 12 million of these pieces of
:06:34. > :06:41.currency in circulation, we are told. What more can you tell us
:06:42. > :06:45.about how it works and why there has to be this conversation today in the
:06:46. > :06:53.US. Senate to make sure it works in a legitimate manner? Thank you for
:06:54. > :06:58.having me on the programme. Bitcoin is an open protocol network. It
:06:59. > :07:03.happens across a public and transparent ledger. Bitcoin is a
:07:04. > :07:08.very open network where anybody can see every transaction that happens.
:07:09. > :07:12.What we are finding is not that it's a haven for illegitimate activity
:07:13. > :07:17.but there are many legitimate uses. In fact, many federal agencies that
:07:18. > :07:21.will be coming before the Senate today have pointed out, have gone to
:07:22. > :07:25.great pains to point out, the many legitimate uses for Bitcoin that
:07:26. > :07:34.exist. A merchant processor could... There are over 12,000
:07:35. > :07:38.merchants signed up today. 12,000 legitimate ways to use Bitcoin from
:07:39. > :07:43.just one company. And there are many companies out there. I would
:07:44. > :07:48.challenge that it's a haven for illegitimate use. We think that the
:07:49. > :07:51.bad actors tend to gather around centralised currency systems which
:07:52. > :07:56.are easier to manipulate and hide information. Decentralised systems
:07:57. > :08:01.like Bitcoin tend to attract the good actors out of this space.
:08:02. > :08:07.However, the nature of how it works in the sense that there's a lot of
:08:08. > :08:16.privacy there for the users of that coin is does mean that `` the users
:08:17. > :08:20.of Bitcoin does mean it can be used in legitimately. The Silk Road
:08:21. > :08:24.example is prime. Also the fact that the founder of the organisation dash
:08:25. > :08:34.or founders, nobody knows who he or she is, why does there have to be
:08:35. > :08:37.this level of privacy? Law`abiding citizens have good reason to have
:08:38. > :08:42.privacy in their lives, especially in online transactions full of in
:08:43. > :08:45.Washington, there has been a great deal of concern about privacy online
:08:46. > :08:51.and individual rights and individual choice about privacy. However, we
:08:52. > :08:56.should make a difference between privacy and a limited. In the
:08:57. > :08:59.Bitcoin system, there is a degree of privacy but it's debatable right now
:09:00. > :09:07.how much privacy you can actually have. Some studies have shown that
:09:08. > :09:12.with even just for transactions on the block chain, the public ledger
:09:13. > :09:17.that Bitcoin users, you can trace transactions and identify users.
:09:18. > :09:22.That will change over time. If Bitcoin becomes some tool of mass
:09:23. > :09:25.surveillance, we will see action taken by software engineers and
:09:26. > :09:31.developers to increase privacy on the network. That's very likely to
:09:32. > :09:35.happen. But not all private transactions are inherently
:09:36. > :09:41.illegitimate. There are good reasons to be private in your transactions.
:09:42. > :09:45.Thank you. This is fascinating. We appreciate your time. We will keep a
:09:46. > :09:52.close eye on that Senate hearing today. The markets are having a
:09:53. > :10:00.fairly good session, particularly in China and Hong Kong. Let's find out
:10:01. > :10:03.why. Thank you for joining us. It's all about these changes that were
:10:04. > :10:09.announced at the end of last week in China? The market reaction as we
:10:10. > :10:14.begin a new trading week? Absolutely. Chinese shares listed in
:10:15. > :10:18.Hong Kong reached a six`month high today. Investors are optimistic
:10:19. > :10:21.about the potential impact of those extensive reforms announced over the
:10:22. > :10:26.weekend and favourite amongst them was the announcement that one child
:10:27. > :10:32.policy would be relaxed. That has put the focus squarely on all things
:10:33. > :10:37.baby related. One infant formula producers surged more than 10%.
:10:38. > :10:41.Consumer stocks have led the pack but other sectors have benefited as
:10:42. > :10:47.well. Insurers of the back of changes in the financial, for
:10:48. > :10:51.example. The decision to relax the system of household registration as
:10:52. > :10:54.well. If more people can move to the cities and have access to services,
:10:55. > :11:04.that means more housing, hospitals, schools and roads. One broker has
:11:05. > :11:07.upgraded their evaluation of China from neutral to overloaded. The
:11:08. > :11:28.devil is in the detail, however, and there are no guarantees this
:11:29. > :11:32.enthusiasm will hold. Thank you. Proposals which could allow women to
:11:33. > :11:35.become bishops will be discussed at the Church of England's rolling
:11:36. > :11:49.cenote full Op officials will discuss plans to set up an
:11:50. > :11:52.independent arbitrator. Women have been Anglican priests for almost 20
:11:53. > :12:00.years. They say women bishops are long overdue. Proposals to create
:12:01. > :12:01.women bishops were blocked last November by a minority of lay