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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:00. | |
financial news here's Maryam Moshiri and World Business Report. | :00:00. | :00:16. | |
Tech boom or tech kaboom? Is the technology bubble set to burst? | :00:17. | :00:24. | |
Yahoo and Intel report earnings. High frequency and high risk ` | :00:25. | :00:27. | |
European Parliament prepares to back curbs on ultra`fast computerised | :00:28. | :00:28. | |
share trading. Welcome to World Business Report. | :00:29. | :00:40. | |
I'm Maryam Moshiri. In a minute we'll have a report on the movie | :00:41. | :00:50. | |
business in Asia. But first we talk about tech shares. Last week shares | :00:51. | :00:53. | |
in many of the world's biggest technology shares plunged. Some are | :00:54. | :00:56. | |
now half the price they were at their peak a few months ago. The | :00:57. | :00:59. | |
investor sell`off was sparked by fresh fears that a lot of these | :01:00. | :01:02. | |
companies are over`valued and can never generate the profits expected | :01:03. | :01:05. | |
of them. So are those fears founded? On Tuesday, search engine Yahoo and | :01:06. | :01:09. | |
chip maker Intel report earnings. Michelle Fleury reports from New | :01:10. | :01:18. | |
York. Over a year ago, this woman was | :01:19. | :01:22. | |
brought in from Google to help turn Yahoo! Around. But investors may be | :01:23. | :01:27. | |
more interested in what the company has to sack about its 21% stake in | :01:28. | :01:34. | |
Aly Baba. Yahoo will provide investors into the company profits. | :01:35. | :01:45. | |
They are having a difficult time finding a revenue growth. Minority | :01:46. | :01:51. | |
investments provide more net income than the core business itself. | :01:52. | :01:58. | |
Google continues to see its market share increase. Investors want to | :01:59. | :02:04. | |
know, can it maintain its momentum? When this quarter get reported, | :02:05. | :02:09. | |
there will be uneaten as in the numbers because they have split | :02:10. | :02:14. | |
their stock, they are speaking out another company, there will be some | :02:15. | :02:18. | |
confusion but the search is fantastic. For Intel the challenge | :02:19. | :02:24. | |
is making the switch to smart phones. While the outlook for IBM | :02:25. | :02:32. | |
may not be too rosy. This is where doubt hit. Last week, the market | :02:33. | :02:39. | |
fell more than 3% with investors questioning whether they got the | :02:40. | :02:42. | |
pricing right foot technology stocks, people will be watching | :02:43. | :02:48. | |
these reports closely. They call it a flash crash ` a large | :02:49. | :02:52. | |
and sudden swing in market prices that could even spark a wider | :02:53. | :02:55. | |
financial crisis. The usual suspect is ultra`fast or high frequency, | :02:56. | :02:57. | |
computerised trading in shares, bonds, currencies and other | :02:58. | :03:02. | |
investments. European Parliament hopes it can head off that threat | :03:03. | :03:06. | |
today by approving new curbs on the practice. Bill Blain is a strategist | :03:07. | :03:15. | |
at the stock broker Mint Partners. Explained for our viewers in simple | :03:16. | :03:22. | |
terms, what exactly is high`frequency trading? What happens | :03:23. | :03:28. | |
is, stock markets take orders from all around the world. People | :03:29. | :03:32. | |
telephone in all sent instructions by computer. We have now a system | :03:33. | :03:40. | |
where the ultrahigh, fast traders have direct lines into these stock | :03:41. | :03:47. | |
exchanges where the trade are actually close. What has been | :03:48. | :03:52. | |
concerning the market is the sheer speed at which these guys are able | :03:53. | :03:58. | |
to trade means they affect the bleak front run will stop in other words, | :03:59. | :04:02. | |
they watch what other people are about to do and trade ahead of them. | :04:03. | :04:07. | |
I heard it described as being able to put your bed on a roulette ball, | :04:08. | :04:14. | |
the second you see where it is going to fall. If you know how other | :04:15. | :04:18. | |
people are trading and you can trade ahead, that gives you an unfair | :04:19. | :04:25. | |
advantage. What are the dangers? The impacts? We create the perception | :04:26. | :04:33. | |
that the markets are brig. That is why this has become so important | :04:34. | :04:42. | |
stop `` rigged. Michael Lewis published a book about | :04:43. | :04:46. | |
high`frequency trading. It is getting all the attention. More | :04:47. | :04:50. | |
important is the possibility that you might see something go wrong | :04:51. | :04:55. | |
with the computer programmes that drive it. This is where your comment | :04:56. | :05:03. | |
about Flash crash is important. If the algorithms go wrong, we can see | :05:04. | :05:07. | |
the markets being hit by enormously wrong trade. We saw that two years | :05:08. | :05:15. | |
ago with light securities. The results could run amok in the market | :05:16. | :05:21. | |
and that is why people are keen to regulate this. The European | :05:22. | :05:28. | |
government wants to cope this, is that possible? When we get new | :05:29. | :05:35. | |
financial rules, players work their way around them. I am afraid that | :05:36. | :05:44. | |
will happen again. Imagine being given free rein and a blank check to | :05:45. | :05:48. | |
design and build a world class film studio. That was the job given to | :05:49. | :05:51. | |
Australian Mike Lake, a veteran of the film industry with a career | :05:52. | :05:54. | |
spanning four decades and three continents. Ashleigh Nghiem caught | :05:55. | :05:57. | |
up with him at the Pinewood studios in Johor in southern Malaysia. | :05:58. | :06:00. | |
If your ambition is to get into the film industry and you have the | :06:01. | :06:03. | |
ability to think big, then this could be the job for you. Mike Lake | :06:04. | :06:06. | |
designed and developed this complex and his job now is to bring in | :06:07. | :06:11. | |
filmmakers from around the world. Welcome Pinewood Malaysia Studios. | :06:12. | :06:15. | |
He was headhunted by the Malaysian government to turn the little city | :06:16. | :06:18. | |
of Johor into a base for international film and television | :06:19. | :06:24. | |
production. Blink and you could think you were in Hollywood. That is | :06:25. | :06:28. | |
because Mike spent ten years there before moving to Malaysia. He | :06:29. | :06:33. | |
started out in TV in Australia 40 years ago before working in | :06:34. | :06:35. | |
production companies in ten countries. What we did in the early | :06:36. | :06:44. | |
days while it was still jungle, we did all the designing and got all | :06:45. | :06:48. | |
that right first. Then we went into the construction stage. We spent | :06:49. | :06:51. | |
months and months. We cleared and moved something like one million | :06:52. | :06:54. | |
cubic feet of earth. Mike's job is not about glitz and glamour. It is | :06:55. | :06:57. | |
about hiring and managing all the staff needed to support filmmakers | :06:58. | :07:12. | |
and their huge crews. They do a lot of local films just for Malaysia but | :07:13. | :07:15. | |
they never really got into international production. The | :07:16. | :07:19. | |
challenges are this is a unique. Mike is now overseeing the final | :07:20. | :07:22. | |
stages of construction. He and his team have come a long way since the | :07:23. | :07:26. | |
project started four years ago but they have been some low points when | :07:27. | :07:29. | |
he had many burning questions. How do I bring the infrastructure that | :07:30. | :07:32. | |
is required? How do I bring the labour that is required to service | :07:33. | :07:36. | |
this it is a plan that may well pave the way for local talent to one day | :07:37. | :07:48. | |
take over? He set up a training college. It is a plan that may well | :07:49. | :07:52. | |
pave the way for local talent to one day take over. | :07:53. | :08:06. | |
What has been happening on the markets? Some Asian shares are | :08:07. | :08:16. | |
getting a break after this moderate railing in the US stocks. Japanese | :08:17. | :08:22. | |
stocks are rebounding, led by exports. The weaker yen has the | :08:23. | :08:29. | |
likes of Sony leading the way forward. Australia down slightly | :08:30. | :08:36. | |
after the Reserve Bank has said they would keep interest rates steady. | :08:37. | :08:42. | |
Looking ahead, investors will be watching closely to the Chinese GDP | :08:43. | :08:51. | |
data. The economy is slowing. Also today, the US market watchers will | :08:52. | :08:58. | |
be listening to Janet Yellen and what she has to say about the | :08:59. | :09:07. | |
economy and interest rates. A quick look at some of the days other | :09:08. | :09:16. | |
business News, raw materials for everything from mobile phones to | :09:17. | :09:24. | |
jury reminds links to malicious. The court found they broke rules. US | :09:25. | :09:30. | |
Airways has apologised about an image on its Twitter feed. The | :09:31. | :09:37. | |
carrier said the image had been sent to its sister company America | :09:38. | :09:40. | |
airlines and was inadvertently attached to the customer response. | :09:41. | :09:56. | |
More than a million people could have had their personal data stolen | :09:57. | :10:00. | |
after the UK's leading website for parents was | :10:01. | :10:02. |