:00:00. > :00:00.killed a classmate in Oregan. Those the are the headlines from BBC
:00:00. > :00:00.World News. For the latest financial news, here
:00:00. > :00:25.is Sally. Gridlock in Europe ` thousands of ``
:00:26. > :00:31.taxis prepare to bring London, Paris, Madrid and Milan for a `` to
:00:32. > :00:40.a standstill as they lash out against a car hire app.
:00:41. > :00:45.Disappointing ` the World Bank's forecast for the global economy.
:00:46. > :00:50.Hello. A warm welcome. You're with World Business Report. Also in the
:00:51. > :00:54.program ` bribery and corruption are the biggest concerns for 40% of the
:00:55. > :00:58.world's top executives. We will find out why.
:00:59. > :01:02.First of all ` Europe in gridlock. That's what taxi drivers from Milan
:01:03. > :01:05.to Madrid, and Paris to London, are hoping to cause in some of the
:01:06. > :01:11.biggest cities on the Continent today. They are taking action
:01:12. > :01:17.because of a bitter row over the introduction of a phone app called
:01:18. > :01:22.Uber. It allows customers to book a ride in a private car via the
:01:23. > :01:27.mobile, undercutting cabbies. This united strooic in Europe highlights
:01:28. > :01:30.the charity `` challenges for Uber's expansion after a recent funding
:01:31. > :01:38.round valued the company at $17 billion. What is the future for taxi
:01:39. > :01:42.drivers, whether they are behind the wheel or an Uber car or traditional
:01:43. > :01:47.taxi? From Boston to Paris, taxi drivers
:01:48. > :01:58.have blocked the streets in noisy demonstrations against Uber, cop
:01:59. > :02:03.plaining drivers who use the system use Uber putting them out of
:02:04. > :02:07.business. With Uber, you book a car online.
:02:08. > :02:11.The computer system allocates the nearest driver, who usually arrives
:02:12. > :02:16.within minutes. Fares are generally lower.
:02:17. > :02:21.Ben John is one of 3,000 drivers in London who operate using Uber. You
:02:22. > :02:27.just touch a button and a cab arrives. The fact it's cashless,
:02:28. > :02:30.everybody feels a lot safer. So everything is just debited from your
:02:31. > :02:34.credit card at the end, which means you can hop on and off quickly.
:02:35. > :02:38.Their pricing could be more competitive and they can pay the
:02:39. > :02:44.drivers a lot more as well. This Uber app calculates the distance and
:02:45. > :02:48.the fare. Taxi drivers argue they're effectively meters which should be
:02:49. > :02:53.fitted only in licensed taxis. They've taken their case to the UK's
:02:54. > :02:56.High Court. We have ample legislation that prohibits Uber from
:02:57. > :03:00.working in the way they are. All we're saying is Uber needs to comply
:03:01. > :03:04.with the same rules as everyone else. The taxi industry complies,
:03:05. > :03:09.existing private hire vehicles comply with the rules ` what makes
:03:10. > :03:14.Uber so different, that they can pitch up and drive a horse and cart
:03:15. > :03:18.through the rules in London? In Brus sells the Regional Transport
:03:19. > :03:22.Minister has banned Uber from the streets. This has prompted one
:03:23. > :03:26.European Commissioner to complain about what she calls the ain't
:03:27. > :03:30.competitive practice right at the heart of Europe and this suggests
:03:31. > :03:35.that if other cities, like London, were to go ahead and ban Uber from
:03:36. > :03:39.operating as well, that the commission could take steps to force
:03:40. > :03:46.the taxi trade to open up to competition.
:03:47. > :03:51.Disappointing ` the overriding message from the World Bank in its
:03:52. > :03:56.latest global economic prospects report. The bank has revised
:03:57. > :04:01.downwards its growth forecast for the world to 2. 8% and says
:04:02. > :04:05.developing economies such as China, India and Brazil are of concern with
:04:06. > :04:13.the bank cutting the average growth forecast for developing countries by
:04:14. > :04:16.half to 4 poipt 8%. `` 4.8%. It warns there needs to be further
:04:17. > :04:20.economic reforms for growth. It says that growth will rise, breaking
:04:21. > :04:26.through the 5% mark in these countries by 2015. With China being
:04:27. > :04:33.the biggest emerging market economy, how much of a role has it played in
:04:34. > :04:38.this downgrade? Let's go to our Asia Business hub in Singapore. It was a
:04:39. > :04:42.downbeat report from the World Bank. What more does this mean for China
:04:43. > :04:49.and other economies? They're still predicting a growth rate of 7. 6%
:04:50. > :04:54.for China in 2014. That is still way off from the heady days of the
:04:55. > :05:01.mainland's expansion in the past decade of 9`10%. This will slow down
:05:02. > :05:04.to 7 poipt 4% by 2016. As for why? It seems the challenges of
:05:05. > :05:08.rebalancing the economy from export`driven to consumer`driven is
:05:09. > :05:17.the biggest issue the country now faces. The author of the World Bank
:05:18. > :05:22.Report explains. Seeing the tensions involved currently. As you try
:05:23. > :05:25.moving `` move buying power away from investment and towards
:05:26. > :05:29.individuals, you will see pressure on profits. As profit pressures
:05:30. > :05:33.rise, it will be more difficult servicing the debt that's already
:05:34. > :05:39.been generated. That's really what we're observing. Growth slows, the
:05:40. > :05:48.authorities are forced to respond, try to stimulate the economy, and we
:05:49. > :05:51.get this seasaw protest. And the World Bank is concerned about the
:05:52. > :05:55.number of factors that could impact the developing world. You have the
:05:56. > :05:59.financial turmoil prompted by an end to the heavy doses of financial
:06:00. > :06:03.stimulus used by central banks over the past five years, and you have
:06:04. > :06:12.the possibility of a hard landing in China and the vulnerbility of some
:06:13. > :06:18.emerging market economies. Now some other stories. Google has acquired
:06:19. > :06:23.Sky Box Imaging for $500 million. Founded in 2009, Sky Box's satellite
:06:24. > :06:26.also allow Google to improve the accuracy of mapping. It also is part
:06:27. > :06:31.of Google's longer term plan to bring the Internet to every corner
:06:32. > :06:37.of the planet. This expansion into satellites comes two months after
:06:38. > :06:41.Google brought drone maker Titan Aerospace for an undisclosed sum.
:06:42. > :06:45.The US Federal Aviation Administration has granted its first
:06:46. > :06:54.commercial drone licence over US land to British oil giant BP. The
:06:55. > :07:01.unmanned aerial vehicle firm Aeroviroment. It will control
:07:02. > :07:04.pipelines in Alaska and the largest oil field in America. The first
:07:05. > :07:10.drone flight took place on Sunday, the firm said.
:07:11. > :07:15.Now, bribery and corruption are still some of the top concerns for
:07:16. > :07:21.senior executives around the world, according to the latest EY survey
:07:22. > :07:26.into global corruption. It questioned 2, 700 executives from 59
:07:27. > :07:29.countries. Nearly ho % consider bribery and corruption widespread in
:07:30. > :07:32.their country and say the governments there need to take
:07:33. > :07:39.emerging risks seriously enough or at least they're not taking them
:07:40. > :07:43.seriously enough. Let's talk to the E Wide Global
:07:44. > :07:47.Forensics leader. Thank you for coming in. It's interesting that
:07:48. > :07:52.these issues remain high up in the minds of execs when you think of,
:07:53. > :07:57.say, cyber crime. Yes, this is our 14th survey and I think one of the
:07:58. > :08:04.questions you phrased earlier on ` isn't there a bit of fatigue? That
:08:05. > :08:08.is, I think, why we put the topic on the survey, but counter intuitively
:08:09. > :08:12.you're seeing that it's still a huge issue on the corporate agenda. One
:08:13. > :08:18.of the biggest findings for us was in the cyber agenda ` post Snowden,
:08:19. > :08:21.cyber is hot. Everyone is talking about cyber, but the lack of
:08:22. > :08:26.awareness by corporates on the type of breaches that have been going on.
:08:27. > :08:30.For us what Snowden has done is simply pointed out that breaches are
:08:31. > :08:36.happening all over the world for economic gain. Whether it's a
:08:37. > :08:41.government, an activist, an organised crime, there's a lot of it
:08:42. > :08:45.and this issue isn't going away. When you think about whistleblowers
:08:46. > :08:49.and you think about the regulatory environment, the fines that have
:08:50. > :08:52.been handed out to companies that have been found guilty of this kind
:08:53. > :08:56.of activity, you would have thought there's more of a der ter rent,
:08:57. > :09:04.there's further deterrents out there to hamper this. Is that not the
:09:05. > :09:06.case? No, I mean, unfortunately as you probably know there's the
:09:07. > :09:11.monitor "ation of whistleblowers where they're getting paid by the
:09:12. > :09:16.government. In the United States? Rjts in the United States. In the UK
:09:17. > :09:22.I would say that our statistics show ` not on the report, but probably
:09:23. > :09:26.10% of our work now is whistleblower which there is an allegation by a
:09:27. > :09:30.credible whistleblower and you go in and you are validating or refuting
:09:31. > :09:35.this. So far as you're report is concerned the traditional countries
:09:36. > :09:39.feature highly ` Africa, the Middle East, Asia, where the problem is
:09:40. > :09:43.more prevalent. What needs to be done to counter it? In the rapid
:09:44. > :09:47.growth markets, awareness, I think is number one, training and
:09:48. > :09:52.enforcement. I think everyone focuses on US`style enforcement, but
:09:53. > :09:57.I think, as I travel our global footprint and I open a local
:09:58. > :10:01.newspaper, you are seeing much more aggressive enforcement by either
:10:02. > :10:06.federal estate bodies in countries where in the past there wasn't that
:10:07. > :10:10.type of enforcement. Thank you. We appreciate your time.
:10:11. > :10:13.And that is all from World Business Report. Stay with us. We will be
:10:14. > :10:25.reviewing the financial press in a few minutes. See you then.
:10:26. > :10:31.Many thanks to Sally for that. Now, a US study suggests that there may
:10:32. > :10:36.be a link between eating lots of red meat and breast cancer. The risks
:10:37. > :10:37.are judged to be small, though, compared