:00:00. > :00:00.after a ruling by the International Court of Justice. Those are the
:00:00. > :00:00.latest headlines from BBC World News. Now for the latest financial
:00:00. > :00:20.news with Sally. Shutting mines and mass lay offs `
:00:21. > :00:23.that could be the next steps for mining companies in South Africa as
:00:24. > :00:29.talks to end the long running strikes collapse.
:00:30. > :00:32.Let the games begin ` the E3 expo opens in Los Angeles as Sony and
:00:33. > :00:39.Microsoft announce how they hope to win valuable market share.
:00:40. > :00:46.Welcome to World Business Report I'm Sally Bundock. Also in the programme
:00:47. > :00:52.we see how price rises in China are moving markets in Asia.
:00:53. > :00:57.Talks aimed at ending the five month long strike in South Africa's
:00:58. > :01:00.platinum sector have collapsed. A move that could mean the government
:01:01. > :01:04.will pull out of its role as mediator. The walk out has affected
:01:05. > :01:07.45% of the global platinum supply and has cost the mining companies
:01:08. > :01:16.two billion dollars in lost revenues so far. Workers have now foregone
:01:17. > :01:25.nearly one billion dollars in wages and benefits. And all this is
:01:26. > :01:29.impacting the South African economy ` it shrank 0.6% in the first three
:01:30. > :01:32.months of this year. So with talks breaking down again ` what does the
:01:33. > :01:42.future hold for workers and the mining industry in South Africa?
:01:43. > :01:45.Matthew Davies reports. When 80,000 miners downed tools in
:01:46. > :01:48.late January, few thought the spike would last this long. The government
:01:49. > :01:54.warned at the weekend that it would be pulling out of its role as
:01:55. > :01:57.mediator if the talks failed. By the end of Monday, the negotiations
:01:58. > :02:07.ended without agreement and the three main companies said they would
:02:08. > :02:12.now review future options. Those options would include the closing of
:02:13. > :02:15.some mineshafts and expensive process to reverse and one which
:02:16. > :02:20.could see thousands of job losses. At the heart of the issue is the
:02:21. > :02:26.basic wage, the Association of Mineworkers and construction union
:02:27. > :02:30.is calling for wages of $1200 a month. Double the current level.
:02:31. > :02:34.Owning companies say their best offer is to phase in the rises over
:02:35. > :02:39.the next three years and they would also include other allowances for
:02:40. > :02:43.things like housing. With the collapse of the latest talks and
:02:44. > :02:48.with no end in sight for the prolonged and bitter strike, there
:02:49. > :02:53.is a fear the economy will tip into recession later this year. The
:02:54. > :02:57.ratings agency, stabbed and pause and Fitch are due to release their
:02:58. > :03:03.annual ratings reviews later this week. Some analysts say the threat
:03:04. > :03:09.of recession and the strike may strike ratings downgrade. The
:03:10. > :03:15.world's largest video gaming expo, E3 is under way in Los Angeles. At
:03:16. > :03:18.last year's show, Sony emerged as the undisputed victor with its
:03:19. > :03:23.PlayStation four beating Microsoft's Xbox One on both price and positive
:03:24. > :03:27.buzz. But this year, it seems there is yet to be a clear winner. Over
:03:28. > :03:32.the last few our two companies outlined their plans for the year
:03:33. > :03:37.ahead. And opinion ` on who came out on top ` seems to be split. For
:03:38. > :03:40.Sony, the focus was on the return of two of its biggest exclusive
:03:41. > :03:45.franchises: Uncharted and Little Big Planet. It also announced it would
:03:46. > :03:49.launch a budget console for $99 this year. In short, Sony's event covered
:03:50. > :03:54.more topics than Microsoft's. But the US company seems likely to
:03:55. > :03:59.deliver on its promises sooner. So what did it have to offer? Richard
:04:00. > :04:11.Taylor was at the Microsoft press briefing and has the details from
:04:12. > :04:14.LA. Microsoft making abundantly clear
:04:15. > :04:18.that it is laser focused on the Xbox one as a gaming console first and
:04:19. > :04:21.foremost. That is in stark contrast to his strategy last year which
:04:22. > :04:24.promoted the console as an all`round entertainer in the living room. That
:04:25. > :04:27.has not gone down too well with hard`core gamers and Microsoft over
:04:28. > :04:31.the last few months since the console has been out as lost ground
:04:32. > :04:37.to Sony. In a press conference, we saw the reboot of old franchises, as
:04:38. > :04:41.expected. Halo, the bestselling franchise sought a glimpse of what
:04:42. > :04:47.Halo might look like when it comes out next year. Also, racing games
:04:48. > :04:59.and old favourites like Call of Duty. What was left clear was the
:05:00. > :05:03.fundamental innovation in the gaming experience itself. Overall, no real
:05:04. > :05:07.surprises. Perhaps a few disappointments for some people who
:05:08. > :05:10.were hoping for a little more in terms of innovation. Microsoft will
:05:11. > :05:14.be hoping this new strategy will help them turn around what has been
:05:15. > :05:22.a disappointing year for them in terms of sales.
:05:23. > :05:30.Do have a look at our website, plenty more information there. It is
:05:31. > :05:33.all there on the Web. It was another record breaking
:05:34. > :05:36.session on Wall Street. The stock markets in the US crept to a record
:05:37. > :05:42.high after several companies announced a handful of deals. The
:05:43. > :05:46.broadest market ` that's the S P 500 ` closed at an all`time high of
:05:47. > :05:49.1,000 951 ` and is now in striking distance of hitting 2000 for the
:05:50. > :05:56.first time ever...so how are Asian markets reacting today? Well ` they
:05:57. > :05:59.have also been heading higher. It has been a little bit mixed. The
:06:00. > :06:06.focus there has been on China ` which has just released its latest
:06:07. > :06:12.inflation numbers. In May prices rose 2.5% ` above expectations and
:06:13. > :06:16.at a four month high. Let's get more on this ` Rico Hizon joins me now
:06:17. > :06:24.from our Asia Business hub in Singapore. Tell us, how is Asia
:06:25. > :06:30.digestive this news. Not much reaction to the Chinese inflation
:06:31. > :06:35.data, Sally. This string of record highs on Wall Street is instilling a
:06:36. > :06:41.lot of caution in Asian stock markets. They are currently drifting
:06:42. > :06:50.in midday trading, despite evidence of improving economic prospects. In
:06:51. > :06:54.the US, China and Japan, the top three economies. Investors are
:06:55. > :06:58.waiting for new leads before buying back aggressively. Take a look at
:06:59. > :07:03.the market numbers, gains have been quite moderate and volume has been
:07:04. > :07:08.light over the recent trading session. You mentioned about Chinese
:07:09. > :07:15.inflation data, it remained well within the government's comfort
:07:16. > :07:20.zone. It did not excite investors. It is still below the government 's
:07:21. > :07:26.target of 3/2%. Analysts say this could leave room for monetary easing
:07:27. > :07:32.as the mainland economy is forecast to grow at its slowest pace since
:07:33. > :07:36.1990. Traders say the week ahead is likely to be quiet for a merging
:07:37. > :07:39.Marford. It is quite surprising, nothing to do with the markets.
:07:40. > :07:45.Everyone will be waiting and watching and focusing on the World
:07:46. > :07:53.Cup. Which begins in three days. Who are you supporting? Well, I am going
:07:54. > :07:59.with the winner, Brazil. Hopefully! Keeping my fingers crossed! Thanks
:08:00. > :08:10.very much indeed. I wonder if he is in the sweepstake we do have one in
:08:11. > :08:12.the unit. Other business Tories: `` stories, After seven hours of talks,
:08:13. > :08:16.no agreement has been reached between the Russia and Ukraine over
:08:17. > :08:19.the price of gas purchased by Kiev ` but talks will continue tonight or
:08:20. > :08:21.on Wednesday morning in Brussels. The European Commissioner for Energy
:08:22. > :08:23.said that 'All issues were discussed' and that 'solutions have
:08:24. > :08:26.been proposed'. GoDaddy, the company that sells
:08:27. > :08:29.internet domain names and is known for airing risque Super Bowl
:08:30. > :08:33.adverts, has moved a step closer to selling shares. The company filed
:08:34. > :08:37.paperwork with US securities regulators on Monday but did not say
:08:38. > :08:39.which exchange it planned to float on.GoDaddy estimates it has
:08:40. > :08:45.registered roughly a fifth of the world's domains.
:08:46. > :08:49.Facebook's photo`sharing application Instagram will add advertising in
:08:50. > :08:52.Canada, the UK and Australia later this year as
:08:53. > :08:54.generate more sales from mobile users. The application, which
:08:55. > :08:57.Facebook acquired for about $700 million in 2012, will start to show
:08:58. > :09:02.adverts to to its global audience of more than 200 million members.
:09:03. > :09:04.According to reports, new Instagram ad sales will be a key part of
:09:05. > :09:15.The competition to win new banking Facebook's mobile strategy.
:09:16. > :09:19.The competition to win new banking customers in the UK is about to
:09:20. > :09:23.intensify, as the country's largest supermarket launches its first
:09:24. > :09:26.current account. Some 17 million customers of Tesco will be offered
:09:27. > :09:28.extra shopping discounts if they open an account.The supermarket is
:09:29. > :09:40.one of four banks offering new current accounts this year.
:09:41. > :09:46.Let sure you those market numbers. Not a big reaction to the Chinese
:09:47. > :09:49.inflation numbers. As you can see, a fairly mixed session. Indicate down
:09:50. > :09:54.by .6. Partly due to the fact the yen has been strengthening versus
:09:55. > :09:57.the dollar. There is that record close on the S 500. I will see you
:09:58. > :10:14.soon as we look through the papers. Many thanks to Sally. We will take a
:10:15. > :10:18.look at the papers in a moment. But first: From September all schools in
:10:19. > :10:19.England and Wales will "actively promote" British values in the