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Tuesday. Those are the latest headlines from | :00:00. | :00:00. | |
BBC World News. Now for the latest financial news in | :00:00. | :00:00. | |
World Business Report. The trade deal that sparked a | :00:00. | :00:26. | |
revolution. Ukraine to sign the EU pact it hopes will transform its | :00:27. | :00:31. | |
struggling economy. Plus the next generation of billionaires ` we meet | :00:32. | :00:34. | |
the young Indians on the road to riches. | :00:35. | :00:46. | |
Welcome to World Business Report. It has a fascinating snapshot of | :00:47. | :00:48. | |
everything in the world of business and money. In a minute, Japan sees | :00:49. | :00:57. | |
the highest inflation for 32 years, so is Abenomics finally working? But | :00:58. | :01:00. | |
first, we start in Ukraine ` which is due to sign a political and trade | :01:01. | :01:04. | |
accord with the European Union later this Friday. It represents a | :01:05. | :01:06. | |
historic shift for the country away from Russia and towards the West. | :01:07. | :01:10. | |
It's also a victory for pro`European Ukranians who ousted Russia`backed | :01:11. | :01:12. | |
president Viktor Yanukovych earlier this year when he abandoned the deal | :01:13. | :01:24. | |
` sparking the current crisis. The Association Agreement, as it's | :01:25. | :01:27. | |
known, will open up European and Ukrainian markets to each other over | :01:28. | :01:30. | |
the next decade, and see Ukraine adopt EU standards on everything | :01:31. | :01:32. | |
from food additives to copyright protection.The EU says it will boost | :01:33. | :01:35. | |
exports to Europe by a billion euros or 1.35 billion dollars a year, and | :01:36. | :01:38. | |
save Ukrainian firms 685 million dollars a year in customs | :01:39. | :01:45. | |
duties. But Russia has threatened to punish Ukraine economically if it | :01:46. | :01:59. | |
signs. Ex`president Yanukovych argued it would cost 500 billion | :02:00. | :02:02. | |
dollars in lost trade with Russia. And, cost another billion to | :02:03. | :02:05. | |
implement EU standards. Either way, Ukraine's economy desperately needs | :02:06. | :02:14. | |
a boost. It has been tipped deep into recession by the political | :02:15. | :02:17. | |
crisis, the IMF predicts GDP will slump five per cent this year. | :02:18. | :02:24. | |
Ukraine's currency has also been battered. Yesterday it was trading | :02:25. | :02:33. | |
at 11.88 to the US Dollar. It's fallen around 45% in the last six | :02:34. | :02:36. | |
months ` the worst of any currency in the world. David Stern reports | :02:37. | :02:40. | |
from the Ukranian capital Kiev on the hopes and fears of local | :02:41. | :02:49. | |
business. This underwear is multinational, | :02:50. | :02:53. | |
produced by a local company, and is sold in Ukraine, Russia and the EU. | :02:54. | :02:58. | |
Business will receive a boost when Ukraine signs a long anticipated | :02:59. | :03:04. | |
free`trade deal with Europe. The owner says that European integration | :03:05. | :03:09. | |
is Ukraine's only choice. But, he says that the road will be rocky, | :03:10. | :03:13. | |
competition with European companies will increase. It is like learning | :03:14. | :03:20. | |
to swim, everybody will dive into the water, but somebody will learn | :03:21. | :03:29. | |
to swim, and some people won't. They will drown. The trade deal comes | :03:30. | :03:36. | |
among political and economic turmoil. Ukraine's growth has | :03:37. | :03:40. | |
plummeted, and the government owes billions of dollars to international | :03:41. | :03:46. | |
investors. Last year, Ukraine's former president cancelled the EU | :03:47. | :03:51. | |
deal. Hundreds of thousands protested the move, and drove him in | :03:52. | :03:55. | |
power. Now, his successor is signing the deal. The revolution was not | :03:56. | :04:05. | |
only pro` European, but also anti` Moscow and last year Russia said it | :04:06. | :04:09. | |
would punish Ukraine economically if it signed the association agreement. | :04:10. | :04:12. | |
The question is, does the threat still stand? Ukraine's relations | :04:13. | :04:20. | |
with Russia had deteriorated drastically. Pro` Kremlin | :04:21. | :04:22. | |
separatists are fighting in Ukraine's East. Russia and its | :04:23. | :04:27. | |
economic allies can influence Ukraine in a number of ways. Russia | :04:28. | :04:36. | |
and other Eurasian countries, especially given that they come from | :04:37. | :04:40. | |
a third of our trade, there are a number of companies in the east of | :04:41. | :04:45. | |
the Ukraine that exporter Russia. Many Ukrainians are hoping that once | :04:46. | :04:50. | |
the deal is signed, that the benefits will outweigh the initial | :04:51. | :04:54. | |
pain it will undoubtably bring. `` exports to Russia. | :04:55. | :05:00. | |
Some good news from Japan in its battle to end deflation. It has seen | :05:01. | :05:07. | |
consumer prices rise at their fastest rate in more than three | :05:08. | :05:13. | |
decades. Let's go straight to Sharanjit Leyl in Singapore, who has | :05:14. | :05:17. | |
been following the story. People typically around the world in some | :05:18. | :05:21. | |
parts may say, oh my goodness, I don't want to see prices rise, but | :05:22. | :05:26. | |
in Japan it is a relief? It is a huge sigh of relief, it is also a | :05:27. | :05:32. | |
sign that Japanese Prime Minister `` the Japanese Prime Minister is | :05:33. | :05:36. | |
making headway in the fight against deflation, and inflation is rising | :05:37. | :05:42. | |
to 3.4%, that was in May, following an increase in nationwide sales. | :05:43. | :05:50. | |
Deflation has been a huge problem for years. Falling prices for | :05:51. | :05:55. | |
decades in Japan has held off making purchases. We have seen high utility | :05:56. | :06:00. | |
charges squeezing budgets, household spending was down more than | :06:01. | :06:05. | |
expected, about 8%. Analysts I have spoken to have said that raising the | :06:06. | :06:10. | |
effects of the price rise, means that consumer prices would have been | :06:11. | :06:14. | |
flat. That is a sign that not much has changed. It could also be a | :06:15. | :06:18. | |
temporary blip and price gains could slow in coming months. As we have | :06:19. | :06:24. | |
said before, this is important because Japan has battled deflation | :06:25. | :06:27. | |
for the best part of the past two decades. That has hit domestic | :06:28. | :06:34. | |
demand, stifling growth, and the government has taken steps to | :06:35. | :06:40. | |
reverse the trend. The country 's central back Hill Central Bank has | :06:41. | :06:44. | |
hit a target of 2%. The Japanese Prime Minister today in an interview | :06:45. | :06:53. | |
declared an end to it. `` Japanese Prime Minister in an interview this | :06:54. | :07:07. | |
week. If you are a regular viewer, you | :07:08. | :07:10. | |
will know that every Friday we are trying to spot the next generation | :07:11. | :07:13. | |
of global billionaires, who they might be, where they might come from | :07:14. | :07:16. | |
and how they might make their money. Today we are in India, where the | :07:17. | :07:19. | |
billionaire count is expected to double in the next ten years. Yogita | :07:20. | :07:22. | |
Limaye has met two young entrepreneurs from the financial | :07:23. | :07:25. | |
capital Mumbai who think they are already on the road to success. | :07:26. | :07:38. | |
Young India is in the fast lane. This man is 27, and ever since he | :07:39. | :07:42. | |
graduated five years ago, he has started one company every year. | :07:43. | :07:50. | |
Among his ventures, this Harley`Davidson franchise. The only | :07:51. | :07:55. | |
one in Mumbai. He has had the financial support of his family. | :07:56. | :07:59. | |
But, he is aiming to make his own mark. He is in a hurry to achieve | :08:00. | :08:04. | |
his goals, but is also realistic that sometimes not everything goes | :08:05. | :08:08. | |
to plan. When the economy was better, I was aiming to be in the | :08:09. | :08:12. | |
billionaire club at the age of 30, but that is going to push to 32 | :08:13. | :08:18. | |
now. I want to be the youngest billionaire in India. The other one | :08:19. | :08:25. | |
was 31, so I am aiming for 30. That is going to be postponed but you | :08:26. | :08:32. | |
never know! India has a large young population, and in Mumbai, they are | :08:33. | :08:40. | |
among the first to be exposed to new technologies and ideas. It has an | :08:41. | :08:44. | |
entrepreneurial spirit, that is a culture often employed early on. | :08:45. | :08:49. | |
This man started up his first company when he was only 16, | :08:50. | :08:53. | |
providing software solutions to local businessmen. I got my first | :08:54. | :09:00. | |
company at the age of 15. It was something awesome. I discovered a | :09:01. | :09:03. | |
new world. A new world could be Internet! `` called the Internet. I | :09:04. | :09:11. | |
was researching how to make money on it rather than playing games. At the | :09:12. | :09:16. | |
age of 19, he still has to graduate, but has already begun six ventures, | :09:17. | :09:20. | |
some with his classmates from university. He believes that India | :09:21. | :09:27. | |
is the place to be in right now. If you have a great idea, there is | :09:28. | :09:31. | |
amazing potential. Because there are millions of people in India, it | :09:32. | :09:35. | |
could happen faster than anyone has ever seen in New York, or anywhere. | :09:36. | :09:40. | |
The conference to take on the world has come with India's rapid rise | :09:41. | :09:45. | |
over the past decade. Even though growth has slowed over the past | :09:46. | :09:50. | |
couple of years, people like these to believe that India still has most | :09:51. | :09:56. | |
to go and they want to make sure that they are riding along as it | :09:57. | :09:59. | |
tries to make its way towards economic success `` Miles to go. | :10:00. | :10:07. | |
Good luck to them. In other news, Chinese e`commerce giant Alibaba has | :10:08. | :10:10. | |
decided to list on the New York Stock Exchange in what could be the | :10:11. | :10:16. | |
largest ever technology flotation. The decision is a blow to the rival | :10:17. | :10:19. | |
Nasdaq market which was hoping to handle the share sale, expected | :10:20. | :10:23. | |
later this summer. Alibaba handles more than 80% of online retail | :10:24. | :10:26. | |
transactions in the world's number two economy. It could have a stock | :10:27. | :10:30. | |
market valuation north of $200 billion. Wowzers! Argentina has | :10:31. | :10:43. | |
moved closer to defaulting on its debt after a US judge refused to | :10:44. | :10:47. | |
give it more time to pay off two hedge funds which hold 1.3 billion | :10:48. | :10:51. | |
dollars in bonds. In debt. The judge has ordered Buenos Aires to pay both | :10:52. | :10:58. | |
the funds by the June 30th deadline. Don't forget you can get in touch | :10:59. | :11:02. | |
with me and some of the team on Twitter ` I'm @BBCAaron. | :11:03. | :11:13. | |
Aaron will be back later, but another story here in the UK now. | :11:14. | :11:21. | |
The head of counter terrorism in Wales says that police forces | :11:22. | :11:23. | |
haven't failed in their efforts to combat the radicalisation of British | :11:24. | :11:26. | |
Muslims. The denial comes after a video emerged showing two young | :11:27. | :11:29. | |
Cardiff men encouraging others to join them in Syria and Iraq. More | :11:30. | :11:32. | |
from our Wales Correspondent, Hywel | :11:33. | :11:33. |