22/08/2014 World Business Report

aid delivery could start later today. Those are the latest

headlines from BBC World News. Now for the latest financial news and

World Business Report. Poland looks to pip Russias apple

ban but the core issue is where to send all that fruit? As an European

ban on Indian mangoes continues, farmers in Pakistan see a gap in the

Welcome to World Business Report. In market.

Welcome to World Business Report. In a minute we'll have more on that

important US central bankers meeting in Wyoming. But first, it's an

industry that doesn't get much attention but it's a difficult time

right now, for Poland's apple growers. The country is the world's

largest producer of the fruit, even beating China. And until Russia's

recent ban on EU imports, it was the biggest supplier to the Russian

market. And while Moscow's embargo on EU food may be hitting growers

everywhere on the continent, it's especially painful for Poland's

mainly family farms because last year their apples accounted for 90%

of the country's 339 euros million worth of annual sales to Russia `

that's about $450 million. And with the autumn harvest about to begin,

it has becoming a race against time to decide what can be done with the

crop. From the orchards south of the capital Warsaw, our Europe business

correspondent Nigel Cassidy sends this report. It promises to be one

of Poland's has ever apple harvest but half of all exports from family

farms like this is to go across the board into Russia by the truckload.

It is a low profit margin with high turnover trade so finding buyers all

over Europe will test the farmers cooperative that sell the crop. This

variety is a good seller to Russia. It is an agonising time for growers.

Harvest is in less than a months time and this group of farmers

usually sent 20 trucks a day to Russia, 20,000 apples in each truck.

They need to either sell in the market or get Europe compensation

fund either way that will not get very good money for their apples.

Nothing lasts forever. We have to improve to meet the requirements of

the most demanding market then we can say, I do want to say we say

goodbye to Russia but we would be much more independent. This is what

Apple is not so go for it Poland switches to more demanding markets.

Washing, grading, branding and packaging to meet specifications.

This largest corporation is fully equipped but it would be happy at if

embargoed hit growers were not obliged to take their apples of the

market in exchange for emergency aid. We are very happy that the

farmers get money from the European Union but it would be better instead

of wasting fruit, we sell cheaply to other markets outside the EU so they

will be able to taste our apples and maybe, in the future, they will come

back and buy it again. For Poland, the longer term answer to dealing

with the Russian bands seems to be selling better package, better

quality apples they can sell to more customers around the world. From

apples to mangos. Earlier this year the European Union banned imports of

mangos from India ` after the discovery of insects which

authorities said threatened crops. That created a gap in the market

which growers around the region have been quick to fill but not without

some challenges. Nosheen Abbas reports from the Pakistani capital

Islamabad. After Europe's India mango ban kicked in, it was

businesses like this that started to suffer. They had agreed to buy the

fruit from farmers and suddenly had to find new customers for the

mangoes could no longer sent to the EU. Some went elsewhere abroad but

most were sold in India. Meaning prices fell. For India's mango

farmers, it is worrying, especially if the ban continues. But of course,

India is not the only country in this region to grow mangoes. This

farm is on the outskirts of Pakistan. Every summer, the fruit

grown here is goes to local markets that some kits sold abroad. `` gets

sold abroad. Pakistan is the eighth biggest exporter of mangoes in the

world and it is always on the lookout for new customers. The

European Union ban on Indian mangoes is due to last until the end of 2015

but that has not stopped some Pakistan in exporters looking to

take advantage of this opportunity, getting ashore on sales now. And

perhaps giving new customers something to think about. This man

buys mangoes from local farms and exports them. His biggest markets

are Asian markets but this year, he got his biggest order from the

European Union. TRANSLATION: A company in Ireland placed an order.

In one week they wanted 1500 kilograms because of the ban on

Indian mangoes. It is something we in Pakistan can definitely take

advantage of. Pakistan was ready to sell mangoes to the EU and the

Indian badminton total exports are set to increase in 2014. But pests

like fruit flies which led to the Indian ruling have caused problems

here as well. There is a ban on sales to the US and Japan as a

result. There is a bit national pride over mangoes across the

region. Whether you are from India, Pakistan or other growers like

Bangladesh and Sri Lanka, people will tell you that their mangoes

taste best. Later, the head of America's central bank, Janet Yellen

is due to give a speech. Investors will be watching closely for clues

on the likely timing of an interest rate rise. The latest Fed minutes,

released on Wednesday, showed a majority of Fed policymakers believe

the US economy is improving enough for the cost of borrowing to rise

sooner than previously thought. But when? If she waits too long, the

economy may overheat. If she moves too soon, the recovery could lose

steam. With me Athan`asios Vam`vakidis, European head of

currency strategy at Bank of America Merrill Lynch. What are you

expecting? We are expecting her to be cautious. You should be

consistent with previous messages and she has to strike a delicate

balancing act. The focus will be on the labour markets in the US. They

have been improving and unemployment has been declining but there are

also some weak this is. Labourforce participation has been falling.

Underemployment is quite high. Part`time employment is quite high.

Her message would be although the recovery is gaining steam we are not

there just yet. If you raise rate soon, if you do not raise them soon

enough it can spiral out of control. That balancing act now linked to the

labour market, making sure the job picture is improving but it is not

quite there yet? Absolutely. Definitely, we believe the

normalisation of the monitoring policy is a key market in. It is a

key market theme. Even at next year. They have to make sure they prepare

the market so they do not do it too fast which would threaten the

recovery. What would allow them to do that is they are not concerned

about inflation. Although the labour market has been improving faster

than expected, inflation is under control pulls top however, if they

moved too slowly, price pressure may appear. They have to be cautious and

take into account all different indicators in order not to threaten

the recovery but to have the monetary authorities. It is a

different picture in the euro. We will also hear from Mario Draghi

later? We expected the Bank of England to be one of the first to

move towards hiking rates next year. In both cases the labour market have

been improving. We have some concerns about prices. We believe

the Bank of England would move most likely in February but not to

earlier than the Feds. We will also have monetary policies because it is

moving in a positive direction. Plenty for us to listen out too.

Thank you very much. If we have time to show you the market numbers: the

European markets. European stocks were higher yesterday through a

result of the better than expected figures. Much more from us later.

Experts are warning of a growing health problem due to difficulties

people have in affording good quality food.