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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:00. | |
financial news with Sally Bundock and World Business Report. | :00:00. | :00:16. | |
Europe desperately seeks a credible response to Russia, without a cost | :00:17. | :00:23. | |
to member states. Could Toyota's massive pay`out for | :00:24. | :00:26. | |
hiding information in a recall case be a glimpse into General Motors | :00:27. | :00:27. | |
future? Welcome to World Business Report. | :00:28. | :00:43. | |
I'm Sally Bundock. Also in the programme ` big spending by China's | :00:44. | :00:46. | |
Tencent has hit its profits. I'll be joined by Rico shortly who'll have | :00:47. | :00:52. | |
the details. European Union leaders will arrive for their spring summit | :00:53. | :00:56. | |
in a few hours and their agenda has been changed to discuss the crisis | :00:57. | :01:03. | |
in Ukraine. For more than 20 years Russia was welcomed into the | :01:04. | :01:06. | |
international community. European companies, particularly German | :01:07. | :01:08. | |
manufacturers, rushed to export to Russia. The City of London opened | :01:09. | :01:15. | |
its doors to Russian funds. Now Europe's leaders will discuss how to | :01:16. | :01:18. | |
stiffen sanctions against Russia after the annexation of Crimea. On | :01:19. | :01:26. | |
Monday the US ordered the freezing of assets and travel bans on 11 | :01:27. | :01:29. | |
individuals, while the EU imposed such sanctions on 21 people. But | :01:30. | :01:37. | |
this action was largely dismissed by President Putin. Now the EU's | :01:38. | :01:40. | |
potential sanctions list is thought to include more than 100 people | :01:41. | :01:43. | |
including rich Russian businessmen with significant interests in the EU | :01:44. | :01:51. | |
and US. Meanwhile the United States and the UK have also warned of | :01:52. | :01:57. | |
expelling Russia from the G8. Alexei Zakharov, Assistant professor at | :01:58. | :01:59. | |
Stare University, at the Higher School of Economics is in Moscow. | :02:00. | :02:10. | |
Good morning. Thank you for being on the programme. Give us your take on | :02:11. | :02:16. | |
how all this is being digester where you are in Moscow amongst your | :02:17. | :02:28. | |
peers? The sanctions are very small. It is just restrictions against a | :02:29. | :02:35. | |
few officials. I do not think they will have any effect. And if it is | :02:36. | :02:42. | |
widened to 100 plus officials? You see, Crimea... The official stand is | :02:43. | :02:50. | |
that Crimea is part of Russian territorial. When sanctions are | :02:51. | :02:57. | |
imposed, you are requiring a country to shed a part of its territory. | :02:58. | :03:04. | |
This is what you intend to accomplish and if so sanctions must | :03:05. | :03:16. | |
be very tough indeed because... This Crimea event was very popular in the | :03:17. | :03:23. | |
country. Opinion polls showed people welcomed Crimea becoming part of | :03:24. | :03:29. | |
Russia and I believe that Vladimir Putin is extremely resolved to not | :03:30. | :03:42. | |
let... To not reverse this... Not to let Crimea revert to Ukraine. I | :03:43. | :03:49. | |
think there is much determination to resist any kind of sanctions. If the | :03:50. | :03:56. | |
situation escalates, and Vladimir Putin is resolute, what are your | :03:57. | :04:03. | |
fears in terms of the impact on the Russian economy if sanctions broaden | :04:04. | :04:11. | |
beyond individuals? The impact can be hard but you must know that, in | :04:12. | :04:19. | |
given the level of propaganda power that the Russian government and | :04:20. | :04:24. | |
Putin has, these economic downturn will be firmly blamed on the | :04:25. | :04:33. | |
international community. I do not know how much Putin's popularity | :04:34. | :04:44. | |
would suffer if the sanctions that are imposed are so hard that they | :04:45. | :04:50. | |
result in significant reduction of Russian GDP. Thank you very much. | :04:51. | :05:00. | |
Really interesting to get your ear. `` perspective. That is a story we | :05:01. | :05:06. | |
are following closely and will keep you up`to`date. Markets around the | :05:07. | :05:09. | |
world are reacting to the latest move by the US Federal Reserve. As | :05:10. | :05:13. | |
most predicted it will reduce by a further ten billion dollars a month | :05:14. | :05:16. | |
its massive stimulus to the world's largest economy. But new chair, | :05:17. | :05:22. | |
Janet Yellen, also gave some guidance as to when interest rates | :05:23. | :05:27. | |
will start to go up in the US. Rico Hizon is in our Asia business hub | :05:28. | :05:35. | |
with the latest market reaction. Nice to see you. Tell us about the | :05:36. | :05:41. | |
market reaction and a little bit more about what she had to say? In | :05:42. | :06:00. | |
Asia, they are quite disappointed by those statements by Janet Yellen. | :06:01. | :06:02. | |
They were caught off guard. This is not good news. The central banks are | :06:03. | :06:15. | |
to assess. Countries will have to raise borrowing costs and it does | :06:16. | :06:20. | |
not help sentiment that China's economic growth is slowing down as | :06:21. | :06:40. | |
well. If you take a look at the numbers from Tokyo to Hong Kong, | :06:41. | :06:43. | |
Sydney and soul, it is not just stocks. Tel is about the Chinese | :06:44. | :06:50. | |
e`commerce, Tencent? We are seeing its share price is a volatile. Some | :06:51. | :06:57. | |
of the losses are now in positive territory. Investors are still | :06:58. | :07:06. | |
trying to digestive venues. Despite recording a jump in revenue of | :07:07. | :07:11. | |
nearly $10 million, it had a low profit growth. Tencent moving into | :07:12. | :07:24. | |
financial services, impacted by the banking sector are also worrying | :07:25. | :07:33. | |
investors. This could hurt profitability. The Japanese carmaker | :07:34. | :07:37. | |
Toyota finally reached a $1.2 billion settlement with US | :07:38. | :07:42. | |
regulators on Wednesday. The four year criminal investigation came | :07:43. | :07:44. | |
after Toyota recalled more than ten million vehicles over issues with | :07:45. | :07:46. | |
brakes, accelerator pedals and floor mats. But as this chapter on safety | :07:47. | :07:55. | |
reporting closes for Toyota, so it opens for General Motors. GM has now | :07:56. | :07:59. | |
recalled one point six million cars but the US justice department has | :08:00. | :08:01. | |
launched an investigation into launched an investigation into | :08:02. | :08:03. | |
whether the company reported the recall in a fair and legal way. | :08:04. | :08:17. | |
As someone who spent 90 minutes in her car every day, Samantha needs | :08:18. | :08:23. | |
her car to get her where she is going safely. But problems with the | :08:24. | :08:32. | |
ignition has the manufacturer calling that safety into question. | :08:33. | :08:38. | |
That is the car I had been looking for. I was very happy. So excited. | :08:39. | :08:47. | |
This is my first new car and now, IM upset and disappointed and angry | :08:48. | :08:56. | |
that I wasn't let down. GM is recalling more than 4 million cars | :08:57. | :08:59. | |
and has recently admitted it knew of the faulty it `ish and switches as | :09:00. | :09:09. | |
early as 2004. `` ignition switches. They are excepting responsibility. | :09:10. | :09:21. | |
We have apologised but that is just one step in the process. GM has been | :09:22. | :09:31. | |
struggling to shed its image and since then has been able to | :09:32. | :09:41. | |
regain... How it responds now will be a big test for the new GM. That | :09:42. | :09:53. | |
is World Business Report. We will review the press in a moment. The | :09:54. | :10:02. | |
budget featuring. Many thanks. Ministers are defending | :10:03. | :10:10. | |
the pension reform, saying they will give people greater control of their | :10:11. | :10:14. | |
finances. The changes will allow people to cash in part or all of | :10:15. | :10:20. | |
their pension policies instead of being forced to buy a new | :10:21. | :10:21. |