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President Bashar al`Assad is expected to win. Now for the latest | :00:00. | :00:00. | |
financial news and World Business Report. | :00:07. | :00:18. | |
Streaming profits, after a strong earnings report from the world's | :00:19. | :00:21. | |
biggest internet video service, Netflix says it plans to hike | :00:22. | :00:27. | |
prices. And Russia stares at recession as the Ukraine crisis | :00:28. | :00:29. | |
scars the economy. Welcome to World Business Report. | :00:30. | :00:45. | |
I'm Sally Bundock, also in the programme Rico Hizon will join us | :00:46. | :00:47. | |
from Singapore with more on the impact the hike in sales tax has had | :00:48. | :00:54. | |
on Japan.... But first are you sitting comfortably watching the TV? | :00:55. | :00:58. | |
Because I will tell you the story of the hugely successful Netflix. The | :00:59. | :01:01. | |
internet video streaming firm has just reported record profits of $53 | :01:02. | :01:04. | |
million dollars during the first quarter of this year and revealed | :01:05. | :01:07. | |
its plans to push harder for more business in Europe and increase | :01:08. | :01:11. | |
prices. Good news for shareholders not quite so good for subscribers. | :01:12. | :01:16. | |
The internet video streaming firm said it added two point 25 million | :01:17. | :01:19. | |
new customers during the first three months of 2014, bringing its total | :01:20. | :01:29. | |
global membership to 48 million. Netflix also announced a potential | :01:30. | :01:32. | |
"one or two dollar increase" in monthly rates for new members later | :01:33. | :01:39. | |
this year. Which was music to the ears of shareholders with the firm's | :01:40. | :01:43. | |
shares soaring more than 6% in after hours trading on Wall Street. From | :01:44. | :01:54. | |
New York here's Samira Hussain. Netflix has been an industry | :01:55. | :01:58. | |
disruptor altering the way that people watch television and movies. | :01:59. | :02:04. | |
More recently, some of their original programming have been real | :02:05. | :02:10. | |
game changers for the company. For the first time they have surpassed | :02:11. | :02:16. | |
YouTube as the place where people go to watch online videos. It's now has | :02:17. | :02:24. | |
48 millions of drivers, they made gains both here in the United States | :02:25. | :02:30. | |
and internationally. New subscribers have pushed the company's revenue | :02:31. | :02:34. | |
and earnings up higher for this last quarter. For those who have yet to | :02:35. | :02:39. | |
sign on, they can expect to pay a little bit more. They will be | :02:40. | :02:45. | |
charging new subscribers a dollar or two more in the upcoming months and | :02:46. | :02:49. | |
looking forward in the next year or so, they are planning a big push in | :02:50. | :02:55. | |
Europe to increase international subscriptions. Are you a Netflix | :02:56. | :03:03. | |
member? What do you think about this decision? Do send us your thoughts | :03:04. | :03:15. | |
on twitter. Let us know what you are thinking about this move as some | :03:16. | :03:23. | |
analysts are arguing that this may prove to be a poor decision on the | :03:24. | :03:31. | |
part of Netflix. How will it stay ahead of the game? Is it really | :03:32. | :03:38. | |
about the content? Is that why it has been such a success? Let us know | :03:39. | :03:49. | |
what your thoughts are. There's been a warning Russia could tip into | :03:50. | :03:51. | |
recession after the economy contracted by around half a percent | :03:52. | :03:54. | |
in the first three months of this year. Russia's already seen heavy | :03:55. | :03:57. | |
capital flight since the start of the Ukraine crisis, as worried | :03:58. | :04:00. | |
investors pull their money out of the country and that is taking its | :04:01. | :04:03. | |
toll on the economy. If sanctions from the West get tougher, Russia's | :04:04. | :04:06. | |
Finance Minister is warning the economy may not see any growth in | :04:07. | :04:13. | |
2014. Jeannie Joye reports. The government of Russia may now be | :04:14. | :04:18. | |
regretting the money they spent on the Sochi Olympics. When it was | :04:19. | :04:22. | |
being planned, money seemed no object. The economy was forecast to | :04:23. | :04:31. | |
grow at 2.5% this year. Now it is increasingly likely that it will | :04:32. | :04:34. | |
enter recession instead. The government revealed that the economy | :04:35. | :04:39. | |
shrank in the first quarter of 2014 by half a percent and that the | :04:40. | :04:46. | |
billions of dollars of funds are now flooding out of Russia. The most | :04:47. | :04:53. | |
worrying thing is capital flight. It was $50 billion according to our | :04:54. | :04:58. | |
data it was actually more than that at 63 billion. A number of Russian | :04:59. | :05:04. | |
firms have raised money in London but because of the political crisis | :05:05. | :05:09. | |
in Ukraine many investors have been scared off and loans are hard to | :05:10. | :05:14. | |
come by. The Russian government spent more than a decade making | :05:15. | :05:19. | |
Russia an attractive investment destination and it only took three | :05:20. | :05:24. | |
months to lose this. It will take years of effort to convince | :05:25. | :05:30. | |
investors that they are a safe investment destination. Further | :05:31. | :05:36. | |
evidence of a deteriorating economy has emerged in their car market. | :05:37. | :05:42. | |
This month, for it cut many jobs in St. Petersburg `` Ford. The | :05:43. | :05:53. | |
president's annexation of Crimea have pushed his approval ratings to | :05:54. | :06:03. | |
80% but economists now say that Russia faces its hardest time since | :06:04. | :06:07. | |
the financial crisis of 2008. Without foreign investment to stoke | :06:08. | :06:12. | |
the economy there is little chance of it recovering quickly. To Asia | :06:13. | :06:23. | |
now and the Japanese market, where for the year, the benchmark Nikkei | :06:24. | :06:27. | |
index is down by more than 10%. It's hurt by concerns over the country's | :06:28. | :06:30. | |
consumption tax which jumped to 8% from 5% at the start of April. We're | :06:31. | :06:35. | |
just at the start of the earnings season for corporate Japan, and | :06:36. | :06:38. | |
investors will be looking at how exporters are faring. Rico Hizon is | :06:39. | :06:56. | |
in Singapore for us. Tell us more about this trend in Japan. They had | :06:57. | :07:05. | |
such a stellar year in 2013. Absolutely. We are looking at the | :07:06. | :07:12. | |
earnings report for the full year which ended on the 31st of March and | :07:13. | :07:17. | |
according to analysts it could be a decent earnings season. It was | :07:18. | :07:28. | |
strong consumer demand ahead of the implication of a sales tax hike | :07:29. | :07:32. | |
which was implemented on the 1st of April. It started on a disappointing | :07:33. | :07:40. | |
note, and that is the first Japanese firm to report earnings has reported | :07:41. | :07:45. | |
an 80% drop in its net income for the year. One analyst I spoke with | :07:46. | :07:50. | |
told me that he is optimistic about the earnings season, saying that is | :07:51. | :07:56. | |
one poor results will not set the tone for the earnings season. There | :07:57. | :08:06. | |
are strong sales in other sectors and although some are more | :08:07. | :08:12. | |
cautious, and the disappointment regarding the ink of Japan not | :08:13. | :08:15. | |
offering fresh stimulus, it would still recover. Thank you very much | :08:16. | :08:27. | |
indeed. It's being reported that American car giant Ford will name | :08:28. | :08:30. | |
chief operating office Mark Fields as successor to its chief executive | :08:31. | :08:33. | |
Alan Mulally. That's been the buzz in the auto industry overnight, | :08:34. | :08:38. | |
according to sources. The auto maker has declined to comment. Mr Mulally | :08:39. | :08:42. | |
is said to be stepping down at the end of this year. He has been | :08:43. | :08:46. | |
credited with reviving Ford's fortunes since taking the helm in | :08:47. | :08:54. | |
2006. India's Supreme Court has ruled that iron ore mining can | :08:55. | :08:57. | |
resume in the state of Goa, ending a previous ban imposed to stop | :08:58. | :09:00. | |
environmental damage. But there are conditions attached. The country's | :09:01. | :09:05. | |
highest court said a maximum of 20 million tonnes can now be mined | :09:06. | :09:09. | |
every year. Goa, a scenic coastal state, is a top tourist destination. | :09:10. | :09:12. | |
India was once the world's third biggest exporter of iron one, | :09:13. | :09:15. | |
shipping around 100 million tonnes of the raw material annually. Thai | :09:16. | :09:19. | |
Airways has warned it will post a net loss for the first quarter, as | :09:20. | :09:22. | |
fewer travellers headed to Thailand due to a prolonged political unrest | :09:23. | :09:25. | |
in the country. The carrier said passenger numbers in March alone | :09:26. | :09:28. | |
dropped by more than 20% from the same period one year ago. In | :09:29. | :09:32. | |
addition to the political unrest, the airline also cited fierce | :09:33. | :09:35. | |
competition from low`cost carriers. The airline is scheduled to announce | :09:36. | :09:38. | |
its first quarter results next month. Markets today, nearly all of | :09:39. | :09:51. | |
them are open today although some were closed over the long weekend. | :09:52. | :09:56. | |
The pan as you can see, it is up slightly. This is how the US ended | :09:57. | :10:00. | |
their day. The dollar is gaining ground versus many currencies. I | :10:01. | :10:21. | |
will see you soon. Advertisements have appeared in some of the day's | :10:22. | :10:27. | |
papers regarding how to apply for compensation if one was sexually | :10:28. | :10:34. | |
assaulted by Jimmy Savile. Amounts are | :10:35. | :10:35. |