:00:00. > :00:00.levels. City authorities say it had been successful.
:00:00. > :00:00.Those are the latest headlines from BBC world News.
:00:00. > :00:19.For the latest financial news, here's Sally.
:00:20. > :00:25.Toyota meets with government officials in India as the pay
:00:26. > :00:31.dispute at its plants near Bangalore gets nasty.
:00:32. > :00:32.Undeterred, the Kremlin 's set to win Crimea despite sanctions from
:00:33. > :00:46.the West. We assess their impact. Hello and welcome. Also in the
:00:47. > :00:50.programme, a special report on the Turkish economy under pressure as a
:00:51. > :00:59.US Federal reserve reigns in stimulus. First, Toyota's Indian
:01:00. > :01:02.subsidiary will meet today with the state government in an attempt to
:01:03. > :01:05.end an industrial dispute that has dragged on for ten months. On
:01:06. > :01:09.Monday, the Japanese car`maker halted production at its two
:01:10. > :01:13.factories just outside Bangalore, announcing a lock`out of 6400
:01:14. > :01:17.workers from its two assembly plans. Toyota claims some employees
:01:18. > :01:26.have threatened supervisors and resorted to deliberate stoppages.
:01:27. > :01:31.Taser has set down as me fracturing plant is located near Bangalore in
:01:32. > :01:34.southern India. They said in a statement that in the last 25 days,
:01:35. > :01:40.a section of employees had disrupted this and stop production lines. This
:01:41. > :01:43.happened after the management and labour unions and local government
:01:44. > :01:49.failed to reach an agreement over salaries. The company added the
:01:50. > :01:53.company will Lott result of a loss of 7000 units per day. At the
:01:54. > :01:57.moment, it is not clear when the management plan to resume
:01:58. > :02:02.operations. India is not a huge contributor in terms of sales and
:02:03. > :02:06.revenues but theatre, but it is a significant market against is
:02:07. > :02:10.growing at a rapid pace. The firm has invested millions of dollars
:02:11. > :02:12.over the last two years to expand as manufacturing presence in the
:02:13. > :02:18.country. Totally about Labour unrest, industry here is used to it.
:02:19. > :02:24.In 2012, and that the Japanese firm, Suzuki motors, faced huge
:02:25. > :02:27.Labour unrest, which became violent, leaving one person dead and nearly
:02:28. > :02:35.100 injured. The company had to shut down its plan for several weeks,
:02:36. > :02:37.resulting in a loss of production of nearly 250 million US dollars.
:02:38. > :02:43.Activists and labour unions here alleged that a lot of auto companies
:02:44. > :02:47.exploit contract workers by paying them less competitive permanent
:02:48. > :02:52.employees. The companies, and the other hand, have been hiring more
:02:53. > :02:55.contract workers to cut costs, the Indian auto market has been hit by a
:02:56. > :03:00.slowdown for the last couple of years.
:03:01. > :03:05.As soon as we get development on the talks between the local government
:03:06. > :03:09.there and Toyota, we will update you on BBC world News. Let's now focus
:03:10. > :03:14.on another big name in the car industry, America's largest
:03:15. > :03:20.car`maker, General Motors. It has be called another 1.5 million vehicles,
:03:21. > :03:23.this time with problems related to faulty airbags, brake pipes and
:03:24. > :03:28.other components across several models. It comes on top of a recall
:03:29. > :03:32.of 1.6 million cars just last month. It will cost nearly $300
:03:33. > :03:36.million in the first quarter this year to repair these cars, the boss
:03:37. > :03:41.of General Motors, Mary Barra, a village that the company fell short
:03:42. > :03:46.in catching faulty ignition switches directly linked to 12 deaths,
:03:47. > :03:51.admitting "terrible things happened" . Something wrong with our
:03:52. > :03:54.process in this instance, and terrible things happen. As a member
:03:55. > :03:58.of the GM family, and a mother with a family of my own, this really
:03:59. > :04:03.heads home for me. We have apologised, but that is just one
:04:04. > :04:07.step in the journey to resolve this. Tensions between Russia and the West
:04:08. > :04:11.are heating up, after Europe and the United States issued lists of
:04:12. > :04:15.Russian individuals subject to Visa and is an asset seizures. The move
:04:16. > :04:20.did little to deter Russian President Vladimir Putin, who has
:04:21. > :04:24.formally recognised by near as an independent state. So what, if
:04:25. > :04:28.anything, can be done to deter the Russian president from annex in
:04:29. > :04:32.Crimea? As should the EU go further with sanctions, or will it be too
:04:33. > :04:38.costly? I will speak to the CEO and co`founder of the investment fund
:04:39. > :04:41.Hermitage Capital Management Title. He Is No Stranger To Russian
:04:42. > :04:44.Politics, Having Lived There For Ten Years. He Was Blacklisted By The
:04:45. > :04:47.Russian Government And Denied Entry To The Country. He Has Been
:04:48. > :04:53.Campaigning For Sanctions For Three And A Half Years Now. Hello, Bill.
:04:54. > :04:58.I'm Sure You Have Watched This Story Very Carefully Indeed. Sanctions
:04:59. > :05:02.Have Now Been Imposed, But It Would Seem The Impression We're Getting
:05:03. > :05:06.From Moscow Is That They Are Not Fazed. Yes, It Is A Very Fluid
:05:07. > :05:09.Situation. The Us And Have Only Had Ten Days To Come Up With This
:05:10. > :05:14.Policy, So They Came Up With A Very Short Sanctions List Which
:05:15. > :05:19.Absolutely Does Not Faze Russia Or Putin, Because It Does Not Touch His
:05:20. > :05:23.Own Personal Interests. I Think It Is Fluid Because, First Of All,
:05:24. > :05:28.Russia Has A Lot More Actions To Take. I Think They Are Going To
:05:29. > :05:32.Annex Crimea, And They Could Easily Then Start Working On Eastern
:05:33. > :05:38.Ukraine. I Would Expect This Is Just The First In A Number Of Steps That
:05:39. > :05:42.Eu And The Us Will Take. I Think The Sanctions List Will Grow, And I
:05:43. > :05:46.Think We Will See More Escalation Of This Whole Situation. So You Don't
:05:47. > :05:53.Believe This Can Be Solved In The Near Future In A Diplomatic Way?
:05:54. > :05:56.Well, Diplomacy Has Already Failed. Diplomacy Is Talking Nicely To
:05:57. > :05:59.Russia And Saying, Please Don't Invade Crimea. Talking Nicely
:06:00. > :06:04.Doesn't Work With A Country Like Russia, Which Effectively Operate
:06:05. > :06:09.With The Power Of The Boot And Not The Power Of The Tongue. We're Now
:06:10. > :06:18.In A Situation Where They Have Forcibly Taken Over Another Country,
:06:19. > :06:23.and talking nicely didn't work, so sanctions are the next step. The
:06:24. > :06:27.sanctions are very minor in terms of the number of people. The concept of
:06:28. > :06:30.the sanctions is not mine. Going after assets and visas of top
:06:31. > :06:34.officials at the Reading to do, it is just a question of who is on the
:06:35. > :06:38.list. As far as I understand it, so far the list has been winnowed down
:06:39. > :06:41.quite dramatically in America and Europe because they were scared.
:06:42. > :06:45.They can be scared, because it will be a lot more costly to have a
:06:46. > :06:50.military intervention in the future if Russia keeps escalating, rather
:06:51. > :06:54.than getting to now be targeted sanctions. But on the other hand,
:06:55. > :06:59.Russia would say that the Ukrainian government is illegitimate, it
:07:00. > :07:03.ousted a legitimate elected leader, and the people of Crimea voted, they
:07:04. > :07:10.had a referendum, and their future, as opposed to Russia taking over a
:07:11. > :07:14.country as it worth. So you feel it will escalate further in terms of
:07:15. > :07:20.sanctions and their ability to change the situation. What about
:07:21. > :07:26.sanctions and companies, the likes of Gazprom and other big players?
:07:27. > :07:29.Will that have more of an impact? I think the impact of that will be
:07:30. > :07:35.that the Russians will then sanction western companies, and I don't think
:07:36. > :07:38.that at this point in time, sanctions are effectively like a
:07:39. > :07:42.cancer drug. It used to be Wendy would treat cancer, you'd almost
:07:43. > :07:46.have to kill the patient to kill the cancer. You can now go after
:07:47. > :07:49.specific individuals making the decisions by doing targeted as
:07:50. > :07:52.opposed to broad sanctions. Brought sanctions against Russia would be
:07:53. > :07:56.met with broad sanctions against the West, and we will all lose. If we do
:07:57. > :08:00.targeted sanctions against the people in the Putin regime who are
:08:01. > :08:04.responsible, they all have a lot of money. It is not like the Soviet
:08:05. > :08:08.days. Those guys all have a lot of money, a lot of money in the west,
:08:09. > :08:13.you can see it in London and in France. If you go after the money,
:08:14. > :08:16.the real people, a real big list, of targeted sanctions, that will touch
:08:17. > :08:22.their interests and stop them from going further into Ukraine. We'd
:08:23. > :08:29.appreciate your time. Interesting perspective on what is going on in
:08:30. > :08:33.Ukraine, Crimea, at the moment. Let's now move on.
:08:34. > :08:37.The US central bank, the Federal reserve, meets for the first time
:08:38. > :08:42.under its new chair, and global markets are again in turmoil in
:08:43. > :08:45.anticipation that cash injections from the Fed will be cut back
:08:46. > :08:51.burner. The so`called tapering has already led to investors fleeing
:08:52. > :08:54.emerging markets. Our chief business, Spondon has been in Turkey
:08:55. > :08:58.to find out who is really to blame for their economic woes and whether
:08:59. > :09:03.the country is on the brink of another financial crisis.
:09:04. > :09:07.Turkey has one of the best current account deficits among emerging
:09:08. > :09:12.economies. That means that it allows more than it earns on its exploits
:09:13. > :09:18.and on its overseas investments. As a result, Turkey is a lot of money
:09:19. > :09:24.to foreigners. Foreign debt is equal to 50% of GDP, which is a risky
:09:25. > :09:29.level. The Fed has cut back on cheap cash injections. That cash had been
:09:30. > :09:35.going to Turkey and other emerging economies. As the money leaves, the
:09:36. > :09:43.lira has weakened, making you harder to repay the debt. To keep the money
:09:44. > :09:46.in the Turkish central bank at higher rates, now in double digits.
:09:47. > :09:50.Needless to say, seeing rates go up by such a magnitude would be a shock
:09:51. > :09:55.to anyone with a mortgage or a business loan. And that is why, when
:09:56. > :09:59.the money leaves, it can hurt growth. But even worse, if the
:10:00. > :10:05.country can't repay 's debts, then default and crisis loomed. Linda is
:10:06. > :10:08.in Turkey at the moment, while she was there, she caught up with the
:10:09. > :10:16.finance minister to talk about the outlook for the country. We will
:10:17. > :10:19.have the full interview later on World Business Report.
:10:20. > :10:24.The boss of Twitter, Dick Costello, has embarked on his first visit to
:10:25. > :10:28.China, sparking speculation, as you can imagine, that the social
:10:29. > :10:32.networking site is hoping to mark a return to the Chinese market.
:10:33. > :10:39.Twitter was banned in China after being blocked by sensors in 2009.
:10:40. > :10:48.Nice to see you again. What are they saying about this visit? You are
:10:49. > :10:51.right, Dick Costello is on what the company describes as a personal
:10:52. > :10:54.tour, but no one thinks he is therefore the sites and the
:10:55. > :10:58.dumplings. Twitter has been blocked by Chinese censors for the past
:10:59. > :11:02.three years, so as soon as there was news of the body's top chief
:11:03. > :11:07.executive is there in meeting with government officials in Shanghai,
:11:08. > :11:10.everyone is very excited, seeing it as a pointer to Twitter's possible
:11:11. > :11:14.ambitions in China, and when you look at that market, it is very
:11:15. > :11:19.attractive through business like Twitter, with 600 million internet
:11:20. > :11:23.users. But those users don't always have a free rein. If you think about
:11:24. > :11:27.Google, and their withdrawal from the mainland and 2010, it is also
:11:28. > :11:32.worth noting that Dick Costello himself as also been quoted as
:11:33. > :11:35.saying that while he would love to run Twitter in China, he won't
:11:36. > :11:39.sacrifice principles to do it. Even though it is officially banned,
:11:40. > :11:44.Twitter actually has a small but active user base in China. The
:11:45. > :11:49.dissident artist Highway Way has tweeted more than 105,000 times, and
:11:50. > :11:54.even the state`run news agency has a Twitter account with 40,000
:11:55. > :11:59.followers. So, you can get around the so`called great firewall of
:12:00. > :12:03.China, even if Twitter is not there and officially approved. Thank you
:12:04. > :12:06.very much indeed. That is all from us. I will see you soon as we talk
:12:07. > :12:16.you through the papers. Stay with us.
:12:17. > :12:22.Thank you very much. The government has set out plans to increase the
:12:23. > :12:26.help that is up as parents with the cost of childcare. From the
:12:27. > :12:30.automatic sea, the Prime Minister and Deputy Prime Minister say that
:12:31. > :12:34.families with children under the age of 12 where both parents work will
:12:35. > :12:37.be offered up to ?2000 of state support per child per year. Labour
:12:38. > :12:38.says the policy is too little, too