:00:08. > :00:16.Now for the latest financial news with Sally.
:00:17. > :00:22.What did the Bank of England know about manipulation of the foreign
:00:23. > :00:27.exchange markets? The governor faces a grilling by UK politicians.
:00:28. > :00:30.Three years on from the Fukushima nuclear disaster we assess the fall
:00:31. > :00:46.out on the global energy industry. Welcome to World Business Report.
:00:47. > :00:49.I'm Sally Bundock. Also in the programme, Whitemoor in Asia are
:00:50. > :00:52.turning to the pawn shop as a means of meeting their financial needs.
:00:53. > :00:55.The governor of the Bank of England Mark Carney faces some tough
:00:56. > :00:57.questioning from UK lawmakers today. Members of Parliament on the
:00:58. > :01:00.influential Treasury Select committee are expected to ask him
:01:01. > :01:02.exactly what Bank officials knew about allegations that key prices on
:01:03. > :01:10.the London foreign exchange markets were being manipulated as long as
:01:11. > :01:13.eight years ago. The Bank of England has already suspended one employee
:01:14. > :01:15.and more than 20 traders from major banks including Deutsche, Citigroup
:01:16. > :01:25.and Barclays have been suspended or asked to leave. Nigel Cassidy
:01:26. > :01:34.reports. This is the second scandal to taint
:01:35. > :01:38.household name banks in London and also potentially, the Central Bank
:01:39. > :01:42.in charge of them. The Bank of England governor, Mark Carney, faces
:01:43. > :01:49.tough questions over his institution monitored conduct around the London
:01:50. > :01:52.fix of currency rates. The concern is that the deal will place large
:01:53. > :01:58.trades close to the price setting deadlines. Adding the price up and
:01:59. > :02:04.allowing others in the know to sell later at a profit at the expense of
:02:05. > :02:07.investors everywhere. What is clear is that beyond today's testimony,
:02:08. > :02:13.the frantic examination of what officials said and did and to who is
:02:14. > :02:17.still at an early stage. Minutes of meetings here at the Bank of England
:02:18. > :02:22.show that it was aware of allegations of possible price-fixing
:02:23. > :02:30.on the foreign exchanges as early as July 2006. Officials at held
:02:31. > :02:33.meetings with traders. They later investigation and an examination of
:02:34. > :02:38.thousands of documents show there has been no collusion. The Governor
:02:39. > :02:45.is under extreme pressure. To say why after eight years there has been
:02:46. > :02:51.no decisive enquiry. As the city goes to work as usual, what could
:02:52. > :02:54.come out of all this? It will at least embarrass the bank into
:02:55. > :03:01.thinking about, was that a culture of condoning or turning a blind eye
:03:02. > :03:08.to this kind of manipulation of a major benchmark exchange rate? It
:03:09. > :03:11.may be just that traders believe there was anecdotal evidence, there
:03:12. > :03:15.was some evidence that the rate was being manipulated but it was not for
:03:16. > :03:19.serious enough in order to warrant an investigation. That is not good
:03:20. > :03:26.enough for one of the world's major central banks. With 40% of the
:03:27. > :03:30.currency trades going through the city, London's reputation is
:03:31. > :03:34.everything. The Bank of England governor is set to pull out all the
:03:35. > :03:42.stops to resolve some of the 100 questions of out his rank's actions
:03:43. > :03:47.or in action. As the day progresses we will update on how he gets on.
:03:48. > :03:49.Three years ago today, a devastating earthquake struck Japan and
:03:50. > :03:55.triggered a tsunami that killed almost 16,000 people. It sparked the
:03:56. > :03:58.Fukushima nuclear crisis and as a result, Japan ceased all its nuclear
:03:59. > :04:06.energy output and other countries around the world followed suit. In
:04:07. > :04:08.Europe Germany will phase out nuclear energy production by 2022,
:04:09. > :04:11.while French President Francois Hollande says France will cut its
:04:12. > :04:14.nuclear output sharply - the current target being, by a third in 20 years
:04:15. > :04:16.By contrast, the UK remains committed to new nuclear power
:04:17. > :04:27.plants. So, three years on from the
:04:28. > :04:32.Fukishima disaster, what is the future of nuclear? Could something
:04:33. > :04:38.take its place, or is it one way Europe can avoid being too dependent
:04:39. > :04:46.on Russian gas. For more on this, I am now joined by Nuclear expert
:04:47. > :04:51.Malcolm Grimston. If we could talk about Japan to start with. They were
:04:52. > :04:55.an economy that relied heavily on nuclear. This event took place which
:04:56. > :05:02.obviously changed everything. In more ways than one. How has it
:05:03. > :05:08.managed to keep on since? Before the earthquake, Japan was the largest
:05:09. > :05:12.importer of national gas. It is an island with no electricity
:05:13. > :05:16.connections to anywhere else. They have kept lights on but the price
:05:17. > :05:21.they have paid economically, the fuel cost has doubled in the course
:05:22. > :05:27.of the last three years in Japan. And environmentally, they did have a
:05:28. > :05:32.target to cut emissions by 25%. Last December, the government said they
:05:33. > :05:36.now had a target to increase them. They have had to ride coach and
:05:37. > :05:43.horses through their economy, they had a trade deficit in the first
:05:44. > :05:47.time in 30 years because of the imports of fossil fuels in
:05:48. > :05:50.particular. They have entirely abandon their greenhouse gas
:05:51. > :05:57.targets. It has been a remarkable achievement, nuclear was generating
:05:58. > :06:02.a large amount of their electricity. Directly after the accident, the
:06:03. > :06:06.lights have stayed on. What is viewed now in Japan? They have not
:06:07. > :06:13.closed the door on nuclear by any means. They are hoping to open some
:06:14. > :06:18.plants soon? They published a basic energy plan last month. That state
:06:19. > :06:23.very clearly that nuclear energy will remain an important source of
:06:24. > :06:26.electricity. All of their plans are off-line at the moment for safety
:06:27. > :06:34.assessments. Most people are saying it is practically impossible that
:06:35. > :06:38.all of those will come back online. Three quarters of those will resume
:06:39. > :06:43.generation. There are 17 or 18 in front of the regulator at the
:06:44. > :06:50.moment. If they get permission, they could be back online in one year.
:06:51. > :06:56.It's all a large shift in Europe. Germany has always been a bit
:06:57. > :07:01.uncomfortable with nuclear? Your Mac those countries in the middle of
:07:02. > :07:07.Europe such as Germany have tended to be a bit more pot off by this.
:07:08. > :07:15.The United Kingdom, Scandinavia, Poland, the luckier, Bulgaria, those
:07:16. > :07:20.are countries that have not changed their nuclear policy at all. China
:07:21. > :07:25.has continued to build more stations. There are more stations
:07:26. > :07:33.under construction now then in the last 15 years. Thank you very much.
:07:34. > :07:35.We did not have time to talk about the situation in Crimea. Let's
:07:36. > :07:41.squeeze in some other business stories.
:07:42. > :07:46.Shares in some of the world's biggest mining companies continue to
:07:47. > :07:49.slide due to a slump in the price of iron ore, amid fears of a slowdown
:07:50. > :07:52.in China's economy. Iron ore delivered into China fell 8.3% on
:07:53. > :07:55.Monday after Beijing reported weak export data. China is one of the
:07:56. > :07:58.biggest consumers of the commodity and there are concerns a slowdown in
:07:59. > :08:07.its economy may impact miners' profits. The E-commerce giant eBay
:08:08. > :08:10.has cut its chief executive's pay by more than half. The company said
:08:11. > :08:12.that while John Donahoe had performed well, the company's
:08:13. > :08:14.financial performance had not fully met expectations. Mr Donahoe was
:08:15. > :08:17.paid more than $13-million dollars including bonus in 2013, down from
:08:18. > :08:21.more than $29 million a year earlier.
:08:22. > :08:24.Mt.Gox, the Tokyo-based Bitcoin exchange that collapsed last month
:08:25. > :08:27.after the loss of about 474 million dollars worth of Bitcoins, has filed
:08:28. > :08:37.for bankruptcy protection in the United States. The petition - to be
:08:38. > :08:40.heard in a court in Chicago - is expected to rule on whether a US
:08:41. > :08:43.class action lawsuit can go ahead against the company. If the petition
:08:44. > :08:45.is successful, lawsuits in the US against the Japanese company would
:08:46. > :08:58.be temporarily halted. Let's talk you through financial
:08:59. > :09:05.markets. We have talked about the fact that among the losers in Asia
:09:06. > :09:14.today, we saw a drop off yesterday. The market in general as you can see
:09:15. > :09:19.are bouncing back. Hong Kong is up marginally. The news about China is
:09:20. > :09:24.still spooking investors to a degree around the world. Investors are
:09:25. > :09:34.concerned about the outlook. I am trying to bring up the details on
:09:35. > :09:40.the United States for you. You can see the dollar is buying just over
:09:41. > :09:47.103 yen. The yen is relatively weak. Keep an eye on Mark Carney later.
:09:48. > :09:53.That will be an interesting session taking place here in London later
:09:54. > :10:06.on. That is all from me now. Stay with us.
:10:07. > :10:11.Researchers say children in the UK are at risk of strokes and heart
:10:12. > :10:18.disease in later life because they're eating too much salt. That's
:10:19. > :10:21.despite the government's drive to cut sodium levels in food. In the
:10:22. > :10:24.biggest study of its kind, they found much of the salt comes from
:10:25. > :10:27.breads and cereals. And unless that changes, Britain could be storing up
:10:28. > :10:28.health problems for the future.