:00:00. > 3:59:59BBC News. Now for the latest financial news with Sally Bundock
:00:00. > :00:19.and World Business Report. A radical makeover. Airbus is set to
:00:20. > :00:31.revamp its ageing A330 wide body jet as it attempts to not lose market
:00:32. > :00:35.share to Boeing's newer Dreamliner. Samsung temporarily stops business
:00:36. > :00:38.with a Chinese supplier over child labourer fears adding that it would
:00:39. > :00:50.sever ties with the supplier permanently if the allegations are
:00:51. > :01:01.proven correct. A very warm welcome. A BRICS development ban is
:01:02. > :01:03.said to be high on the agenda when the leaders of Brazil, Russia,
:01:04. > :01:08.India, China and South Africa meet in Northern Brazil. But first... The
:01:09. > :01:11.European planemaker Airbus is to revamp its popular A330 wide`body
:01:12. > :01:15.passenger jet. The news is set to be confirmed in a few hours time at the
:01:16. > :01:17.opening of the Farnborough Air Show and it comes as both Airbus and
:01:18. > :01:20.Boeing battle with their biggest`ever backlog of undelivered
:01:21. > :01:23.planes. We're live from the show all day today, to set the scene our
:01:24. > :01:33.Europe business correspondent Nigel Cassidy sent this report.
:01:34. > :01:38.Welcome to the Farnborough Air Show a celebration of all things
:01:39. > :01:41.aerospace. Almost 100 planes will be taking part either in the air or on
:01:42. > :01:53.static displays in the ground with 200,000 visitors expected. It is
:01:54. > :01:58.sold out. When it comes to the big aeroplane makers, Boeing and Airbus,
:01:59. > :02:04.things could be quite quiet when it comes to orders. They each have over
:02:05. > :02:12.5000 warplanes then they can deliver. He components can fail and
:02:13. > :02:14.components get cancelled. There is unfulfilled global demand for the
:02:15. > :02:23.next generation of lighter jets with a longer range. The good news is
:02:24. > :02:31.that Airbus chief have created a new leaner burning engine. The A330 is a
:02:32. > :02:36.good solid aeroplane but it burns about 12% more fuel. If you could
:02:37. > :02:43.make one with all those good things, the larger seeds, the
:02:44. > :02:47.beautiful interior, but earned 14% less fuel, you would really have a
:02:48. > :02:57.winner on your hands. That is the case for the A330 Neo. Capital costs
:02:58. > :03:02.are roughly 25% lower. It is just as well for the makers and suppliers
:03:03. > :03:08.that the economic slowdown in Asia and Latin America has not extended
:03:09. > :03:12.to aerospace. All the larger continents are looking for larger
:03:13. > :03:20.aircraft and so, as a result, civil and commercial aircraft is growing
:03:21. > :03:25.exponentially. As a result, that is bringing along the entire supply
:03:26. > :03:28.chain with it. Wherever you are in the world, what customers wanted
:03:29. > :03:37.more than anything is fuel efficiency. That can be tricky if
:03:38. > :03:41.you take Airbus. If you put in an order today for your A330 extra
:03:42. > :03:53.wide`body plane, you could not expect delivery till 2021 and seven
:03:54. > :04:01.you `` so you can see why they have decided to extend this model.
:04:02. > :04:03.Samsung Electronics says it has suspended business with a Chinese
:04:04. > :04:06.supplier it suspects of employing child labour. This comes less than a
:04:07. > :04:09.week after a U.S. Watchdog report accused the supplier of using
:04:10. > :04:11.under`aged workers. Rico Hizon is in our Asia business hub in
:04:12. > :04:18.Singapore... What more can you tell us about
:04:19. > :04:26.this? Samsung has found an illegal hiring process at this mainland
:04:27. > :04:33.company which supplies the electronics giant with mobile phone
:04:34. > :04:47.covers and parts. The US activist group Labour Watch says that it
:04:48. > :04:49.found at least five child workers without contracts. Samsung
:04:50. > :04:54.Electronics said that it would permanently and business with this
:04:55. > :05:02.supplier if allegations are confirmed. It has said that it found
:05:03. > :05:07.no child workers at this factory in three audits, the latest of which
:05:08. > :05:11.was June the 25th. They demand that the suppliers adopt a hiring process
:05:12. > :05:15.which includes face`to`face interviews and the use of banners to
:05:16. > :05:23.prevent fake identification cards to ensure that no child labourers are
:05:24. > :05:32.employed `` scanners. They have accused one of the suppliers of
:05:33. > :05:36.underage workers at this facility but previously, they have found no
:05:37. > :05:45.evidence of this. Samsung is currently leading the new
:05:46. > :05:48.investigation. Thank you. Leaders from the BRICS emerging
:05:49. > :05:51.economies ` those are Brazil, Russia, India, China and South
:05:52. > :05:54.Africa will be meeting over the next few days in the north`east of
:05:55. > :05:57.Brazil. Top of the agenda is the expected announcement of a BRICS
:05:58. > :06:00.development bank that will rival the likes of the IMF and World Bank.
:06:01. > :06:03.It's seen as a significant political step for the group of countries but
:06:04. > :06:10.economically, what ties them together? Katy Watson is in Brazil
:06:11. > :06:16.for us. This is just one of the 800 million
:06:17. > :06:21.pairs of shoes that Brazil produces every year. As the third`largest
:06:22. > :06:26.footwear maker in the world, it is a potentially lucrative industry
:06:27. > :06:31.Brazilian exports. This company produces over 9 million pairs of
:06:32. > :06:34.shoes at year and exports to 90 different countries but 90% of the
:06:35. > :06:41.shoes that they make here remain in Brazil or in South America. Brazil
:06:42. > :06:47.is one of the world's most closed economies as exports account for
:06:48. > :06:52.just 13% of GDP. Its peers exports double that. China has made itself
:06:53. > :06:58.the biggest trading partner of Brazil but is a threat in some
:06:59. > :07:07.industries. For Brazilian shoes coming there one of our main
:07:08. > :07:13.competitors for exports as we cannot compete with their prices but at the
:07:14. > :07:18.same time, it is a big opportunity. We would be insane not to look at
:07:19. > :07:25.them as a big market for us. Easler realisation of China's potential has
:07:26. > :07:34.led to some calling Brazil protectionist, an allegation many
:07:35. > :07:37.don't because they're. We're going through a stage in our development
:07:38. > :07:42.where we need to protect our country because we are on the path to
:07:43. > :07:52.development. That analysis is not accurate or helpful. Brazil have
:07:53. > :07:54.higher labour costs than China although the differences can be a
:07:55. > :08:00.good thing as the middle`class is growing and is high. You have to
:08:01. > :08:04.find a niche in between low`cost production and very high`cost
:08:05. > :08:11.production. In this middle stage, we can be very competitive. That is
:08:12. > :08:16.what this company is doing. At the moment, just 2% of its exports go to
:08:17. > :08:21.Asia and it is trying to focus on China and India as well. If it
:08:22. > :08:35.succeeds, it will be a definite step in the right direction.
:08:36. > :08:38.In other news... Chinese internet giant, Alibaba, has raised its
:08:39. > :08:41.estimated valuation to $130 billion. That's up from $116 billion in its
:08:42. > :08:43.earlier submission to the US Securities and Exchange Commission.
:08:44. > :08:46.The company also gave more details about its controversial decision in
:08:47. > :08:48.2011 to carve off its Alipay payments service. This comes just
:08:49. > :08:50.weeks ahead Alibaba's expected listing on the New York Stock
:08:51. > :08:53.Exchange. Chinese private equity firm, Hony
:08:54. > :08:58.Capital, is buying Pizza Express, one of Britain's best known chain
:08:59. > :09:01.restaurants for $1.5 billion. Pizza Express has more than 400
:09:02. > :09:04.restaurants in the UK, with dozens more internationally including 22 in
:09:05. > :09:13.China. It's said to be the biggest deal in the European restaurant
:09:14. > :09:18.sector in the past five years. Financial markets today, it is a
:09:19. > :09:22.brand`new trading week in Asia and they have started slightly higher
:09:23. > :09:28.although you can see that there is a bit of a drop`off in Bombay. We will
:09:29. > :09:35.concentrate on the Indian markets as the day progresses. As you can see,
:09:36. > :09:41.in Hong Kong and Japan we are seeing some gains. A lot to keep an eye on
:09:42. > :09:48.today. The Bank of Japan is starting a policy meeting, the European
:09:49. > :09:56.Central Bank is outlining decisions later in Stroudsburg and Janet
:09:57. > :10:14.Yellen will be giving testimony to Congress later this week. Many
:10:15. > :10:23.thanks. We will take a look at the papers soon but first... The Church
:10:24. > :10:26.of England's governing body will vote today on whether to allow women
:10:27. > :10:29.to be bishops. The General Synod has previously rejected the idea. The
:10:30. > :10:32.church's most senior bishop, the Archbishop of Canterbury, has said
:10:33. > :10:33.he's "hopeful" the reform will be agreed. Our religious affairs
:10:34. > :10:34.correspondent Robert