07/08/2014 World Business Report

be targeted. A full list will be published later on Thursday. Those

World News. Now for the latest World News. Now for the latest

financial news with Sally Bundock and World Business Report. As the

risks to Eurozone economies rise, the European Central Bank meets to

decide its next move. A state of emergency ` we look at the economic

impact of Ebola on West Africa. programme: We look at the rise of

China's mobile phone manufacturers. But first: Italy is back in

recession, deflation is looming, and Portugal has had to bail out its

biggest bank. Since the ECB met last month, the economic picture has in

many ways deteriorated, and things could get even worse. On Wednesday

Russia retaliated to European sanctions by banning some food

imports, creating more headaches for EU exporters. When the ECB meets

later today, it will have plenty to talk about, but what can it do?

Nigel Cassidy reports. euro1 talk about, but what can it do?

N of cheap long`term loans are on the

way. Some interest rates are below zero. But France says it

enough. The country risks failing to rein in its public deficit to 3% of

economic output. Its president once the ECB to make a start on

large`scale asset purchases to boost growth. No action is expected today,

but ECB chief may be pressed on the risks posed by falling prices. One

large economies like that of fronts. I think if you are looking at the

ECB to rescue us it might be too ambitious goal. Looking to it to

shore up the situation. That is the point of Central Bank exercises.

They are not there to rescue the situation, they are there to provide

reading space. And that is desperately what we need. The

eurozone hasn't had any respite from the dangerous cycle of low inflation

and low growth. And good economic news has been in short supply this

summer. New data shows easily slipping back into recession.

Portugal has had to rescue it largest private bank. Rekindling

fears about financial contagion. But the ECB may draw some comfort from

the slight fall in the euro currency exchange rate. It can only hope

growth and inflation may creep up in the coming months. Yet it may need

to get hoped`for large`scale asset purchases out of its policy tool box

in autumn. And when we hear from the ECB we will update you. As you've

been hearing, health experts are gathering for a second day of talks

about how to tackle the Ebola outbreak, with the World Health

Organization expected to declare a global health emergency of

international concern. In the last few hours Liberia has declared a

state of emergency, following a similar move by Nigeria on

Wednesday. We are looking at the economic impact. Guinea, where the

Ebola outbreak began, has a population of 11 million, mainly

dependent on farming. Neighbouring Liberia and Sierra Leone, where the

disease quickly spread, are amongst the poorest countries in the world.

Africa's largest economy, Nigeria, is now affected, with one death

there so far. This is a booming economy, but it is also one of the

most populous, and health officials are very concerned about containing

Ebola there. In the meantime, airlines such as British Airways

have stopped flights to Liberia and Sierra Leone for one month, bringing

further isolation to these economies. With me is Manji Cheto

from Risk Analysts Teneo Intelligence, and an expert on West

Africa. Good morning. Thank you for coming in. We have two very

different scenarios, Nigeria of course is a huge nation. The

outbreak is in Lagos, the capital city, but if we talk about Liberia,

Sierra Leone, and Guinea to start with, and the impact air, there is

farming but also a big mining industry, isn't? Absolutely. Again,

obviously, the agriculture sector, particularly farming, accounts for

most of the jobs in the country. They are export economies which come

from main affected areas, the border areas of Sierra Leone, beginning in

Liberia. We will see an impact there. We have already seen farmers

abandoning their farms there. From a mining perspective that is a huge

contributor to GDP growth. So far mining companies in the three

countries have said they had not been affected. However we know that

they have pulled out non`essential personnel from the countries. And

already, we need to start considering the possibility that we

could see about 0.5 to 1% of GDP shaved off the GDP productions for

this year. Because those three countries are pretty much in

lockdown, aren't they? Absolutely. So what about Nigeria? Penetrating

Nigeria, with somebody who travelled to the country and had it but didn't

know it at the time. There is a small area being cordoned off in

Lagos. Tell us about the situation there. All the confirmed cases in

Lagos have an identified by authorities as primary contact,

meaning that they had contact with the index patient, meaning the one

patient who flew into the country. So so far, I expect in the next few

days, businesses in Lagos will continue. Airing in mind that a lot

of the multinationals operating in Africa have headquarters in Lagos.

We are talking about the financial, oil, other sectors, major firms

based out in Lagos, even infrastructure, which is a booming

industry in Africa, but also Nigeria as well. And at the moment, because

a lot of the infections confirmed within this contained health

surveillance were not yet in a situation where we can consider the

economic impact Nigeria. However, if we have confirmed cases within

central parts of the city, for individuals not identified as part

of the health operation, then we will definitely start to consider

the huge economic impact for Nigeria. Thank you very much for

sharing your thoughts on that situation. We are keeping you

up`to`date. The rise of the cheap, home`grown smartphone makers has

seen Samsung knocked off its perch as the number one seller in the

world's biggest market, China. Rico Hizon is in Singapore for us to tell

us more. Lovely to see you. Tell us more about this shift. A big blow

for Samsung, presumably? That's right. You have the lights of a

Beijing `based company, not popular internationally, has sold more

smartphones than anyone else in the three months to the end of June,

including Samsung. There is an appetite for mid` to low range smart

smartphones, where the volumes are. And this is where they have found

their niche. And another fact which has gained their market share is

their great engagement with their customers, through software and

services. But Samsung has also been given a run its money in India,

where the local phone maker Micromax is also winning customers. So they

are being India in their respective markets. They want to replicate this

strategy in other markets. If they can make inroads into India, where

Micromax wants to make its mark in Russia. But the Indian company also

faced issues. They have had problems with meeting demand in India, and

supply chain management. You may not have heard of this sport. The sport

of kabaddi is played by millions in India, but it's rarely in the news

and players are unknown. So can a new tournament raise its profile,

and be a viable business? The BBC's Simon Atkinson reports from Mumbai.

Cricket may be India's sporting obsession, but this is the country's

traditional home`grown game. Kabaddi has been played here for centuries,

especially in rural India. This is kabaddi in its purest form,

high`tempo and plenty of colour. A recipe which the founders of the

professional league hope will make it more mainstream. It is not just

about the games. There is plenty of razzmatazz as well. Not least, the

famous faces from Bollywood who are watching matches, owning teams, and

quite happy to get involved in the hype. One, two, three. Like IPL, it

is designed for TV. This channel is one of its major investors, not just

broadcasting pictures, with the long`term aim of making it

mainstream. It might be slow going. In this first season, some teams

have struggled even to get sponsors. The big winners of the new league

seem to be the players. Salaries have leapt from around $500 a month

to more than $5000. But can these recruits really propel the game to a

new level? Everytime a sport has become popular, one of the reasons

is one breakthrough player. This is going to be a big challenge, in

India we need icons, and currently kabaddi has no icons. Youngsters

like these will keep paying again, as well as cricket of course. But

kabaddi's chance of finding mainstream popularity still seems in

the balance. If you didn't know about that sport, you heard it here.

Looking at the markets. The ECB meeting today. Bank of England

meeting in Japan. Say as well, a story breaking overnight, several

newswires have reported tank of America is nearing a

$16`$17000000000 settlement to resolve its investigation into its

role in the sale of mortgage`backed securities in 2008. Welcome back.

Researchers say they have found the strongest evidence yet that older

people who don't get enough vitamin D