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as it moves across the Philippines. Those are the latest headlines. Now | :00:00. | :00:00. | |
for the latest financial news, Sally, World Business Report. | :00:00. | :00:19. | |
Bang on target, China's economy grows by 7.5%, but could a slump in | :00:20. | :00:29. | |
the housing market halt future expansion? And, Apple and IBM forge | :00:30. | :00:38. | |
a partnership to create business apps for iPads and iPhones. | :00:39. | :00:44. | |
Hello, and welcome. You are with World Business Report, also in the | :00:45. | :00:50. | |
programme: more from the Farnborough airshow whereas small eco` plane is | :00:51. | :00:59. | |
grabbing attention. Growth in China is picking up at a rate better than | :01:00. | :01:03. | |
expected, accelerating by 7.5% in the second quarter, compared to the | :01:04. | :01:07. | |
year before. That hits the growth target set by Premier Li's | :01:08. | :01:12. | |
government. Despite this growth, there are concerns a sharp slowdown | :01:13. | :01:16. | |
in the property market, which makes up 20% of China's economy, could | :01:17. | :01:23. | |
derail the attempts to keep the growth wait at 7.5% or more. `` | :01:24. | :01:29. | |
growth rate. Despite the looming clouds on the | :01:30. | :01:36. | |
economic horizon, this city, like so many others, has just kept on | :01:37. | :01:40. | |
building. Now, though, it may have become the first to face the storm | :01:41. | :01:44. | |
of overcapacity and unsold housing stock. This year, something | :01:45. | :01:51. | |
previously unheard of is rife. Massive property discounting. This | :01:52. | :01:55. | |
brand`new apartment is being advertised with 30% off, leaving | :01:56. | :02:00. | |
those who pay the original price furious. China has been through | :02:01. | :02:05. | |
property wobbles before. The question this time is whether it is | :02:06. | :02:10. | |
just another adjustment, or something more serious and systemic. | :02:11. | :02:16. | |
Some observers suggest that if this country's massive construction boom | :02:17. | :02:18. | |
really is unwinding in a catastrophic way, then it could wipe | :02:19. | :02:26. | |
2% or more of GDP at a stroke. Many analysts fear that China's property | :02:27. | :02:31. | |
market for years, such an important engine of growth, has begun to pose | :02:32. | :02:37. | |
the biggest risk, and there is talk of further government action to | :02:38. | :02:43. | |
support home sales. Others, like this estate agent, said the danger | :02:44. | :02:50. | |
is limited. Chinese families have less debt than those in the West, so | :02:51. | :02:57. | |
they have less to lose. People from the countryside are still flooding | :02:58. | :03:02. | |
to the cities for better education and a better life, he tells me. The | :03:03. | :03:06. | |
demand will always be there. The Chinese government agrees. It is | :03:07. | :03:11. | |
urbanisation, it says, that will ultimately keep growth on track. But | :03:12. | :03:15. | |
if so, critics are beginning to wonder, why are so many new homes | :03:16. | :03:23. | |
deal empty, and why are prices so damp? `` still empty. | :03:24. | :03:30. | |
For decades, these two technology giants have battled to dominate | :03:31. | :03:36. | |
personal computing, but in this new era of tablets and smart phones, | :03:37. | :03:41. | |
they are becoming friends. Apple and IBM have teamed up to provide simple | :03:42. | :03:47. | |
to use business apps, and sell them to business clients. They are | :03:48. | :03:52. | |
developing more than 100 apps to business clients, and they are | :03:53. | :03:54. | |
hoping to make them available sometime later this year. | :03:55. | :04:01. | |
These little devices, they are everywhere. In a city like New | :04:02. | :04:06. | |
York, it seems that almost everyone is cutting some sort of Apple | :04:07. | :04:11. | |
device. They are immensely popular with consumers. But, Apple is | :04:12. | :04:18. | |
aggressively trying to make their products equally ubiquitous in the | :04:19. | :04:22. | |
corporate world, and this partnership with IBM clears the road | :04:23. | :04:28. | |
for them to do just that. IBM is selling Apple products to their | :04:29. | :04:32. | |
corporate clients. IBM is keen to get more of their software onto | :04:33. | :04:38. | |
Apple devices, and Apple is very good at creating simple to use apps. | :04:39. | :04:43. | |
30 years ago it would have been unthinkable to see these two | :04:44. | :04:46. | |
companies working together. In what seems to be a win win for both Apple | :04:47. | :04:52. | |
and IBM, this could also make it virtually impossible for the once | :04:53. | :04:56. | |
industry dominant blackberry to regain any sort of foothold in the | :04:57. | :04:59. | |
corporate world `` BlackBerry. De BRICS bank has been announced, | :05:00. | :05:25. | |
and we report from Fortaleza, Brazil. | :05:26. | :05:28. | |
After hosting football players for the last month, Dilma Rousseff has | :05:29. | :05:33. | |
turned to hosting political leaders. After months of talk, big | :05:34. | :05:38. | |
announcements were made. The BRICS have announced their new development | :05:39. | :05:42. | |
bank, the fund projects in developing markets. It will | :05:43. | :05:46. | |
initially have $50 billion worth of funds, and the capacity to double | :05:47. | :05:51. | |
that figure. As well as the bank, they have agreed on a contingency | :05:52. | :05:55. | |
fund worth 100 $11. It is a pool of money that will help BRICS countries | :05:56. | :06:00. | |
when they are under pressure. These announcements are significant. BRICS | :06:01. | :06:05. | |
countries have long criticised the World Bank and the IMF for not | :06:06. | :06:09. | |
giving developing nations enough representation. I creating their own | :06:10. | :06:15. | |
bank account control where their money goes and what influence they | :06:16. | :06:20. | |
have. BRICS countries say they need an estimated $4.5 trillion to fund | :06:21. | :06:22. | |
infrastructure projects in the next five years. The bank can go some way | :06:23. | :06:27. | |
to plugging the gap, but it is just a start. The big question is whether | :06:28. | :06:31. | |
that institution can really challenge the World Bank and develop | :06:32. | :06:36. | |
a sense of competition, or whether it will be a mere symbol. I think it | :06:37. | :06:40. | |
depends a bit on how these countries get along. They don't really know | :06:41. | :06:47. | |
each other so well. The BRICS nations feel they can offer a better | :06:48. | :06:51. | |
alternative. As Brazil's president said on Tuesday, they can make | :06:52. | :06:56. | |
changes that are equal and fair. These countries want more of a say | :06:57. | :06:59. | |
in global politics, and this is their first step in making that | :07:00. | :07:03. | |
happen. We will discuss that further when we | :07:04. | :07:08. | |
look at the papers. Of all the vintage and state`of`the`art planes | :07:09. | :07:11. | |
at this week's Farnborough airshow, one tiny two seater is taking part | :07:12. | :07:15. | |
in the display. It is standing out because it is almost silent, it | :07:16. | :07:21. | |
doesn't need any kerosene to get off the ground. It is being bankrolled | :07:22. | :07:27. | |
by Airbus has an experimental project. | :07:28. | :07:32. | |
They have not yet dared to cross the English Channel in this tiny plane, | :07:33. | :07:36. | |
but that is a plan for someday soon, as Airbus engineers test ideas to | :07:37. | :07:42. | |
eat out more air miles from no or very little airline fuel. There are | :07:43. | :07:48. | |
a lot of electric buggies rolling around here, so it was only a matter | :07:49. | :07:52. | |
of time before we got an all electric plane. This has two seats, | :07:53. | :07:56. | |
it is powered by lithium iron factories, which are stored in the | :07:57. | :08:05. | |
wings. They provide about 50 kilowatts between them. This can | :08:06. | :08:08. | |
only run for about half an hour, but they are working on that. Cost of | :08:09. | :08:12. | |
running it is minimal, which is why there are already applications for | :08:13. | :08:19. | |
planes like this as pilot trainers. We had some very specific ideas on | :08:20. | :08:25. | |
how to isolate every cell and make it very safe. The next generation of | :08:26. | :08:30. | |
batteries has come through, and it will be a lot safer for the future. | :08:31. | :08:36. | |
If we have a hybrid, the thermal engine will only be used to | :08:37. | :08:40. | |
replenish batteries. All the proportion will always be electric. | :08:41. | :08:45. | |
The ultimate goal for Airbus is to combine this with hybrid tech | :08:46. | :08:47. | |
knowledge it and produce a regional jet that could maybe carry 90 people | :08:48. | :08:53. | |
in the air for a couple of hours. The problem is, if we look at the | :08:54. | :08:56. | |
modern airliner, even compared to five years ago, it uses are not more | :08:57. | :09:01. | |
electricity, so maybe we have to wean ourselves off that power. We | :09:02. | :09:06. | |
are seeing it as a technological platform to demonstrate electrical | :09:07. | :09:13. | |
plane capabilities, and at the same time, with the Boeing 787, we are | :09:14. | :09:18. | |
over consuming electricity, we couldn't manage the battery because | :09:19. | :09:24. | |
when you look at the previous generation, the 787 is consuming | :09:25. | :09:27. | |
three times more electricity than the previous generation. Industry | :09:28. | :09:35. | |
leaders know they need to keep investing, and what they need now is | :09:36. | :09:40. | |
better batteries. Let's have a look at the markets. | :09:41. | :09:46. | |
The better than expected growth in China gave them a bit of a boost. | :09:47. | :09:54. | |
They are fairly flat. These markets are also digesting what Janet Yellen | :09:55. | :09:57. | |
had to say about foreign monetary policy. They could be going up if | :09:58. | :10:05. | |
the jobs market in the US creep up faster than expected. You can see, | :10:06. | :10:10. | |
this is the close in the US, and a stronger dollar. I will see you | :10:11. | :10:11. | |
soon. The Department of Education says | :10:12. | :10:26. | |
that 99% of schools are | :10:27. | :10:27. |