:00:00. > :00:00.MH17. Those are the latest headlines. Now
:00:00. > :00:20.time for the business and money news with World Business Report.
:00:21. > :00:27.Britain's economy finally recovers from its six`year downturn. But is
:00:28. > :00:31.there really cause for celebration? Plus, the toughest cop on Wall
:00:32. > :00:41.Street. We meet the man behind that ?9 billion `` $9 billion fine for
:00:42. > :00:47.BNP Paribas. Welcome. This is World Business
:00:48. > :00:53.Report. In just a moment, KFC and McDonald's battled to contain the
:00:54. > :00:57.latest food safety scandal in China. But first, in the UK there could be
:00:58. > :01:03.official confirmation that the economy has emerged from its
:01:04. > :01:09.six`year downturn. Quarterly growth figures are expected to show the
:01:10. > :01:15.country's gross domestic product is back to where it was before the 2008
:01:16. > :01:21.financial crisis. A quick look at the figures. In the first three
:01:22. > :01:30.months of 2008, the UK's GDP was ?392 billion. That was a record high
:01:31. > :01:42.at the time. But by the middle of 2009, that had gone down more than
:01:43. > :01:50.7%. Since the last recovery, the recovery has been picking up speed.
:01:51. > :01:55.`` last year. Growth is around 0.8%. If that is confirmed, it would make
:01:56. > :02:01.GDP for the quarter to ?393 billion. Just above the peak. It is
:02:02. > :02:14.it cause for celebration? Kingfield Road in Coventry is the
:02:15. > :02:25.site where in the 1960s, jaguar made its iconic sports car. Half a
:02:26. > :02:29.century on, the company factory is used to make for tiles. It is not as
:02:30. > :02:36.glamorous, but it provides jobs for 400 people. It provides the UK
:02:37. > :02:43.economy with $70 million per year in export sales. It takes the different
:02:44. > :02:46.layers and puts them together. The chief executive says his company,
:02:47. > :02:52.like the UK economy, has bounced back. Sales growth is now very
:02:53. > :02:59.strong in some parts of the world. But it is weak in others. At the
:03:00. > :03:07.moment our sales in the UK are doing very well. We are 20% up on last
:03:08. > :03:10.year. The US is also up 20%. Mainland Europe is the weakest
:03:11. > :03:17.economy at the moment. Our sales are flat. According to the Confederation
:03:18. > :03:21.of British industry, 40% of manufacturing firms are now seeing
:03:22. > :03:26.an increase in orders. 30% are hiring more staff. But many of them
:03:27. > :03:32.say that growth is being dragged down by weak markets in continental
:03:33. > :03:38.Europe. That is where 50% of British manufactured goods are exported. We
:03:39. > :03:43.need to see higher levels of growth in Europe. That on its own will not
:03:44. > :03:50.be enough. We need to see more to export to other fast`growing
:03:51. > :03:55.economies. China, India, Mexico. We need to see both. Government
:03:56. > :04:02.ministers in the UK had been hoping for an export led recovery. But
:04:03. > :04:09.manufacturing firms face flat sales in Europe and higher tariffs. For
:04:10. > :04:16.the moment, most are pinning their hopes on a continued rise in
:04:17. > :04:21.domestic demand. KFC and McDonald's are battling to
:04:22. > :04:27.contain a spreading through the safety scandal in China. We can now
:04:28. > :04:35.go to Singapore. What can you tell us? It is not just China, but Hong
:04:36. > :04:40.Kong and Japan as well. These fast food restaurants have stopped
:04:41. > :04:48.selling out of date meet. This is a meat that has been imported into
:04:49. > :04:57.Hong Kong and Japan from a Chinese firm that is supplying out of date
:04:58. > :05:00.meet to those firms. Basically supplying expired product. This is
:05:01. > :05:06.not just being contained in China, but spread to Hong Kong and Japan.
:05:07. > :05:15.Hong Kong said they removed the nuggets from their outlets. About
:05:16. > :05:21.20% of its chicken nuggets sold in Japan apparently came from this
:05:22. > :05:26.ridiculous a player. Nearly 500 stores in Japan have been affected.
:05:27. > :05:32.Sales are expected to resume only after they switch to other suppliers
:05:33. > :05:37.in China and Thailand. It also comes after Hong Kong's food safety
:05:38. > :05:45.regulator suspended all imports from the company. The regulator added
:05:46. > :05:53.that any product already imported will be sealed and banned pending
:05:54. > :05:59.the results of the investigations. Now to New York, and to this man.
:06:00. > :06:04.You may not know him, but the banking industry most certainly
:06:05. > :06:07.does. His name is Benjamin Lawsky. He is superintendent of the New York
:06:08. > :06:17.State Department of financial services. He is the man behind a
:06:18. > :06:21.series of record`breaking fines against the world's biggest banks.
:06:22. > :06:24.Most recently, BNP Paribas was hit by an $8.9 billion fine for breaking
:06:25. > :06:33.US sanctions against Iran and others. Standard Chartered was the
:06:34. > :06:40.first to fall foul of the crackdown. It paid a more modest
:06:41. > :06:50.$340 million. Again, for doing more business with Iran. And there was
:06:51. > :06:54.its Swiss rival. We caught up with him in New York and asked him about
:06:55. > :07:03.the track down. Talk to me a bit about Credit
:07:04. > :07:08.Suisse. Was that an idle threat something you were prepared to go
:07:09. > :07:13.through with? We do not do threats. It does not work in life to
:07:14. > :07:18.threaten. When we looked at that, we thought it was pretty serious
:07:19. > :07:27.conduct. We wanted to deal with it. If you do not deal with it, if there
:07:28. > :07:32.is no consequence, back after bank, bank after bank will continue to
:07:33. > :07:39.engage in it. You have also gone through several firms. What do you
:07:40. > :07:45.say to people who say you're unfairly targeting foreign banks?
:07:46. > :07:54.Absolutely not. When we did Standard Chartered, we were told we were
:07:55. > :08:01.anti` British. When we did the NP, we were anti` France. It is all
:08:02. > :08:06.about conduct. They involved this deliberate and intentional act of
:08:07. > :08:10.taking information out of wire transfers to allow billions of
:08:11. > :08:16.dollars of money laundering to happen. Why have you proposed new
:08:17. > :08:23.rules to regulate virtual currencies? It is inevitable, all
:08:24. > :08:26.over the world frankly, that regulators will look at this. More
:08:27. > :08:34.and more people are getting involved in it. Virtual currencies, it is
:08:35. > :08:38.inevitable that regulators will want to protect consumers and we are not
:08:39. > :08:41.seeing massive amounts of money`laundering going on. They are
:08:42. > :08:45.going to want to make sure that the assets these firms hold high
:08:46. > :08:53.sufficient so we do not see a collapse. We saw consumers lose
:08:54. > :08:57.hundreds of millions of dollars in the collapse of one market. How do
:08:58. > :09:04.you manage that balance between cracking down on criminal activity
:09:05. > :09:08.but not stifling innovation? That is the billion dollar question. We do
:09:09. > :09:13.not want to have a small firm who cannot get off the ground because
:09:14. > :09:21.compliance with these rules is so rigourous that they cannot afford
:09:22. > :09:25.it. We do not want to allow a world where you have massive amounts of
:09:26. > :09:26.money laundering at the same time. Consequences of that I think the
:09:27. > :09:36.terrorism. A bit of other business news. One of
:09:37. > :09:40.Argentina's creditors has accused the country's government of choosing
:09:41. > :09:48.to default next week after failing to reach a deal during talks in New
:09:49. > :09:55.York. It has until the 30th to pay bonds, having lost a legal appeal.
:09:56. > :10:00.Shares in Amazon plunged 10% in late trade after it took a much larger
:10:01. > :10:02.than expected loss in the second quarter.
:10:03. > :10:11.It is continuing to invest heavily in new business is. But investors
:10:12. > :10:15.are becoming impatient. Its smartphone goes on sale in the US
:10:16. > :10:20.later today. A quick look at Asian markets this
:10:21. > :10:23.power. For the most part, several pulled away from highs for a mostly
:10:24. > :10:46.flat day. That is all for this hour.
:10:47. > :10:51.We will look at the papers soon. It us look at another story. Patients
:10:52. > :10:55.with early`stage breast cancer could be offered what is being described
:10:56. > :10:59.as a more convenient type of radiotherapy on the NHS if draft
:11:00. > :11:03.guidelines get the go`ahead. Experts say it can be carried out as a
:11:04. > :11:06.single treatment during surgery which would remove the need for
:11:07. > :11:07.weeks of radiotherapy and