:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:00.Now for the latest financial news with Sally
:00:07. > :00:17.Indian Prime Minister Narendra Modi heads for the UK, with billions
:00:18. > :00:26.But is Britain in danger of missing out on India's economic rise?
:00:27. > :00:29.Plus: The longest recession in two decades, but there are signs of
:00:30. > :00:42.Welcome to World Business Report, I'm Sally Bundock.
:00:43. > :00:45.Also coming up: The Aussie dollar surges,
:00:46. > :00:48.We will have all the details from Asia.
:00:49. > :00:54.A historic opportunity, that is what British Prime Minister
:00:55. > :00:57.David Cameron is calling a visit by his Indian counterpart
:00:58. > :01:00.Narendra Modi, who arrives in the UK in a few hours' time.
:01:01. > :01:03.With billions of dollars of trade deals expected to be announced,
:01:04. > :01:05.India's growing importance in the global economy means there is
:01:06. > :01:19.India's economy is expected to grow at more than 7% this year,
:01:20. > :01:21.probably outstripping the growth rate in China.
:01:22. > :01:23.It is on track, say some experts, to become
:01:24. > :01:28.Long before that, it will certainly have the biggest population.
:01:29. > :01:31.That could happen within seven years, say the United Nations.
:01:32. > :01:34.So is Britain doing enough to build on its economic ties?
:01:35. > :01:42.From being one of India's top trading partners, the
:01:43. > :01:46.Trade between the UK and India fell almost 10% in
:01:47. > :01:49.the last financial year, despite a pledge by David Cameron double it.
:01:50. > :01:52.What could be more worrying for the future, the number
:01:53. > :01:54.of Indian students choosing to study in the UK has slumped
:01:55. > :02:17.Teaching his moves at the University of Edinburgh.
:02:18. > :02:23.Indian superstar, Shah Rukh Khan, was awarded an honourary doctorate
:02:24. > :02:25.from the University of Edinburgh last month, drawing India's
:02:26. > :02:29.attention to British University which really
:02:30. > :02:38.The number of Indian students going to the UK for higher education has
:02:39. > :02:44.And even many of those who did study there are not happy.
:02:45. > :02:48.This woman is a physiotherapist who specialises in
:02:49. > :02:50.breathing disorders, and borrowed nearly $18,000 to study in
:02:51. > :02:56.But because of Britain's visa policies, she had to return to India
:02:57. > :03:06.Because of my short time of student visa, I didn't get work
:03:07. > :03:08.experience, so I had come back here.
:03:09. > :03:11.After I came here, I applied for jobs in Mumbai, but
:03:12. > :03:15.when they called me for interviews, the only question was how much
:03:16. > :03:17.experience do you have in this field.
:03:18. > :03:19.While the UK only allows students to stay
:03:20. > :03:22.for four months after they finish their course to look for a job,
:03:23. > :03:31.In the US, poststudy work visas can be for a period of one or two
:03:32. > :03:37.Australia allows two years, while in Canada, students get to stay
:03:38. > :03:40.for up to three years once they finish their degree.
:03:41. > :03:42.For students here in India, the UK has been
:03:43. > :03:50.the most popular destination for higher studies after America.
:03:51. > :03:53.That is because of the quality of education, and also because it
:03:54. > :03:56.is a chance to study in English, a language most Indian
:03:57. > :03:58.Because of the changes in visa policies,
:03:59. > :04:02.many now think that a British degree is not worth the investment.
:04:03. > :04:05.When British Prime Minister David Cameron visited India two years ago,
:04:06. > :04:08.he tried to woo Indian students back, but it doesn't seem to have
:04:09. > :04:15.I'm not really sure we understand why numbers have fallen.
:04:16. > :04:19.I think there have been some misperceptions about our offer, and
:04:20. > :04:27.That's why I want to say, today, that there is no limit on the number
:04:28. > :04:30.of Indian students who can come to study in the UK at our great
:04:31. > :04:34.universities, and there is no limit on the number of Indian students who
:04:35. > :04:36.can stay on and work in the UK, provided they get
:04:37. > :04:40.That is a message the British government wants to reach youngsters
:04:41. > :04:42.like these, who are still contemplating studying in the UK.
:04:43. > :04:45.But it might not be enough to convince them,
:04:46. > :04:53.and that is a lesson Britain seems to be learning the hard way.
:04:54. > :04:58.You can be sure here on the BBC there will be a lot more on his
:04:59. > :05:00.visit as he touches down and goes about the various events here in the
:05:01. > :05:01.UK. If you need to find work, it would
:05:02. > :05:04.seem Australia is the place to be. The latest jobless data shows they
:05:05. > :05:07.have seen the best yearly gain Sharanjit Leyl is in our Asia
:05:08. > :05:18.business hub. Nice to see you. It all sounds like
:05:19. > :05:24.good news, but it does say wages are going down, so it is a bit of a
:05:25. > :05:27.mixed picture, isn't it? It is a mixed picture to some extent but
:05:28. > :05:32.what is really interesting is that these numbers basically beat all
:05:33. > :05:39.expectations. In October we saw that jobless rate falling, sharply. A
:05:40. > :05:43.five-month low. 5.9% from 6.2% the month earlier. The Australian dollar
:05:44. > :05:48.gaining almost 1% on that news and is on track for its best one-day
:05:49. > :05:55.gain in a month. The economy in fact adding over 58,000 jobs in October,
:05:56. > :06:00.that is almost 4000 more than consensus forecast ensures
:06:01. > :06:03.astonishing strength and may mean a cut in interest rates is less likely
:06:04. > :06:08.in Australia, all producing something of a boost to the
:06:09. > :06:11.administration of the country's new Prime Minister Malcom Turnbull. Of
:06:12. > :06:15.course it is a mixed picture because we are seeing a slowdown in China as
:06:16. > :06:19.well, that is Australia's largest trading partner. That has caused a
:06:20. > :06:23.lot of nervousness over the last few months in Australia. We saw the
:06:24. > :06:28.economy slowing in the three months to the end of June. The GDP that
:06:29. > :06:30.expanding just 0.2%. But of course this News is a spot of optimism for
:06:31. > :06:34.the economy, a much needed boost. To Russia, now,
:06:35. > :06:36.where growth figures out later are expected to show its economy shrank
:06:37. > :06:39.4.4% in the three months to That wouldn't be quite as bad
:06:40. > :06:43.as the previous quarter. Still, Russia is on track
:06:44. > :06:45.for its longest recession in two decades, dragged down
:06:46. > :06:48.by the slump in crude oil prices, Financial markets, though, are
:06:49. > :06:52.starting to bet on an improvement, with Russian shares and the rouble
:06:53. > :06:55.both up sharply in recent months. Lilit Gevorgyan, senior economist,
:06:56. > :07:17.IHS Global Insight. You are a regular on the show, it is
:07:18. > :07:21.nice to see you again. So the growth numbers again are going to be pretty
:07:22. > :07:26.grim. But actually not as bad as previous quarters and a year before.
:07:27. > :07:32.Well, only marginally better. And I think what is quite symbolic is how
:07:33. > :07:38.the Russian Ministry of economy has been so keen to announce this
:07:39. > :07:41.positive news even before the data came out, saying that they believe
:07:42. > :07:46.that they have reached the bottom. And from now on it is going to be
:07:47. > :07:49.much better, and so they will be on the track of recovery. However, I
:07:50. > :07:55.have to emphasise that the recent high frequency data is not really
:07:56. > :08:02.pointing to much easing in recession. A hat there will be some
:08:03. > :08:05.deceleration. -- perhaps there will be some deceleration, however I
:08:06. > :08:10.don't think there will be quite quick recovery. So it is going to be
:08:11. > :08:15.long and painful recovery. Absolutely, I think it will be a
:08:16. > :08:19.protracted, very slow recovery. Mainly because of the external
:08:20. > :08:23.reasons. I don't think there will be a quick recovery in oil prices, and
:08:24. > :08:28.I think domestically the confidence is really hurt. So how is the
:08:29. > :08:32.average person in Russia coping with all of this? Because sanctions are
:08:33. > :08:35.still in place, financial sanctions in particular are really hitting the
:08:36. > :08:41.economy hard. That is not going to change any time soon. Again if we
:08:42. > :08:46.look at data, it shows that inflation that was as high as 17% in
:08:47. > :08:52.December last year, it really eroded. Real disposable income of
:08:53. > :08:56.houses eroded. The middle class could use the travelling abroad, but
:08:57. > :09:06.with the rouble significantly weakened, this has become very
:09:07. > :09:10.expensive, so many lament the loss of those days when they could go
:09:11. > :09:14.abroad. If you look at the broader population, you see poverty levels
:09:15. > :09:17.have started creeping up again, and this is not actually good news for
:09:18. > :09:21.President Putin because one of his achievements during his long years
:09:22. > :09:27.of residency was that he brought down poverty levels by 50% --
:09:28. > :09:31.presidency. So it is really hurting. They have seen wages dropping. They
:09:32. > :09:40.have seen their hours, working hours getting longer. So I think for the
:09:41. > :09:44.Russian... For Russians, they have definitely felt the impact on their
:09:45. > :09:49.living standards. Thank you, always good to get the latest from you. And
:09:50. > :09:57.of course, when we get the official growth figures we shall update you.
:09:58. > :10:02.Now, we've got to talk about that incredible Singles Date yesterday.
:10:03. > :10:04.Chinese e-commerce giant Alibaba sold a record $14.3
:10:05. > :10:07.billion worth of goods on Thursday, known as Singles Day.
:10:08. > :10:08.The mock festival in honour of people not
:10:09. > :10:12.in a relationship has turned 11 November into a huge shopping binge,
:10:13. > :10:14.that outstrips the USA's Black Friday and Cyber Monday combined.
:10:15. > :10:26.Alibaba says its sales were up 60% on last year.
:10:27. > :10:32.Financial markets in Asia are mixed. Japan and Hong Kong up a little. The
:10:33. > :10:35.Australian dollar rising significantly off the back of those
:10:36. > :10:40.much better than expect the jobless figures. That's all from me for now.
:10:41. > :10:44.I will see you in a few minutes. We will look at some more business
:10:45. > :10:45.stories in the papers. See you then.