24/12/2015

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:00:16. > :00:18.India's Prime Minister Narendra Modi is making

:00:19. > :00:21.his first official visit to Russia and he's bought his cheque book.

:00:22. > :00:29.We'll be assessing the deals that are expected to be signed.

:00:30. > :00:31.Abe-Nomics get's turbo charged, Japans government approves

:00:32. > :00:33.an $800 billion dollar budget, it's biggest in history,

:00:34. > :00:51.In a minute we'll be getting the latest on the mounting troubles

:00:52. > :00:58.Indian Prime Minister Narendra Modi will meet with his Russian

:00:59. > :01:00.counterpart Vladimir Putin today in Moscow for the 16th India-Russia

:01:01. > :01:04.The high level meeting is the centrepiece of Mr Modi's first

:01:05. > :01:08.The two leaders are expected to sign a number of deals today,

:01:09. > :01:11.with a particular focus on the defence and energy sectors.

:01:12. > :01:13.Bilateral trade between the two countries currently

:01:14. > :01:16.stands at $10bn, However within the next decade it's expected that

:01:17. > :01:24.Russia is seeking to expand its ties with Asian nations

:01:25. > :01:30.Last year Putin agreed that Russia would help India to build

:01:31. > :01:33.at least ten nuclear reactors and it's thought that this

:01:34. > :01:37.relationship could be expanded after today's bilateral talks.

:01:38. > :01:41.India also buys the majority of its military hardware from Russia

:01:42. > :01:45.and that is expected to be added to today with a $6 billion purchase

:01:46. > :01:51.The two leaders shared a private dinner last night, ahead

:01:52. > :02:00.Mr Modi tweeted this picture, with a message below saying that their

:02:01. > :02:06.Evgeny Gavrilenkov is the Chief Economist of the Russian banking and

:02:07. > :02:28.Thank you very much for joining us. I noticed the red carpet was rolled

:02:29. > :02:33.out to Mr Modi. A testament of how important Indian business is for

:02:34. > :02:38.Russia. The relationships were always very stable and important.

:02:39. > :02:46.Largely because of the size of trade and stability. We have seen some

:02:47. > :02:55.technical assistance from the Soviet Union to nations including India. It

:02:56. > :03:03.is not only selling a defence, but also a mutual cooperation in

:03:04. > :03:09.producing some other things such as helicopters, designed in Russia. I

:03:10. > :03:15.think it is very important for India as well. Particularly for the trade

:03:16. > :03:23.which is around $10 billion, which is not that significant. We have to

:03:24. > :03:27.keep in mind that after the price fell, and it will stay low in the

:03:28. > :03:34.foreseeable future, Russia becomes more competitive internationally as

:03:35. > :03:44.a manufacturing country against a weaker currency. It'll be a rather

:03:45. > :03:49.stable market for Russia with manufacture and defence sectors. In

:03:50. > :03:53.some ways it is good for India to prove that it has not treated away

:03:54. > :03:59.from Russia, after recent years it has become closer to the United

:04:00. > :04:06.States. I think all countries try to diversify their relations.

:04:07. > :04:10.Historically, a relationship between Soviet Russia, Soviet Union and

:04:11. > :04:14.India has been very stable and they are very friendly. I would say they

:04:15. > :04:21.are very pragmatic, and that is why if Russia can offer something

:04:22. > :04:25.competitive, like with something we mentioned before, we will see more

:04:26. > :04:33.corporation in the consumer sector with Russia imposing bans against

:04:34. > :04:37.Turkey and food supplies in Europe, so some of those products can be

:04:38. > :04:45.substituted from India. What other main synergies between the Russian

:04:46. > :04:53.and Indian economies? Russia, people got used to looking at Russia as a

:04:54. > :04:59.$2.1 trillion economy. It is around 1 trillion, due to the oil price. Is

:05:00. > :05:07.not growing because that really is growth model was based largely on

:05:08. > :05:11.domestic demand. Cheap oil is fuelling local and domestic demand.

:05:12. > :05:15.Domestic demand will remain suppressed for a while because of

:05:16. > :05:21.the suppressed consumer sector, high interest rates, low debt with high

:05:22. > :05:32.rates, but what Russia can offer is export. It is not only to India,

:05:33. > :05:38.with the exchange rate, Russia's GDP per capita becomes a parable with

:05:39. > :05:44.that of China. China was the same of some of those countries in Asia. It

:05:45. > :05:48.means that, in a broad range of segments of the economy, Russia may

:05:49. > :05:58.be competitive, so this is the relationship. India is growing

:05:59. > :06:00.fast, as well. Thank you very much indeed.

:06:01. > :06:02.The Japanese government has approved the nation's biggest budget in

:06:03. > :06:06.history with the aim of controlling the country's huge public debt while

:06:07. > :06:11.Prime Minister Shinzo Abe is attempting to revive the economy

:06:12. > :06:20.by using his much publicised "three economic arrows" of fiscal stimulus,

:06:21. > :06:21.monetary easing and structural reforms.

:06:22. > :06:23.Today's record, near $800 billion budget focuses

:06:24. > :06:29.with fast-ageing population and more cash for the military.

:06:30. > :06:31.Tax revenue in Japan is estimated to reach

:06:32. > :06:34.a 25-year high next year of 476 point five billion dollars on the

:06:35. > :06:45.The hope is that this will allow Tokyo to reduce any new borrowing.

:06:46. > :06:48.That will come a welcome relief to a nation with such massive debts.

:06:49. > :06:52.By March of next year Japans debt-to-GDP ratio is expected to hit

:06:53. > :07:19.problems, is there a feeling that the president is going in the right

:07:20. > :07:25.correction still? Yes, still very much so. The main reason is that so

:07:26. > :07:29.far we have micro policies, in particular momentary policies

:07:30. > :07:34.supporting the economy. It has supported the exporter 's with

:07:35. > :07:41.weaker currency. The domestic economy is recovering gradually.

:07:42. > :07:45.Supporting young families, providing more funds to Social Security and

:07:46. > :07:50.that will certainly be very well received this year. And the

:07:51. > :07:54.president is relying on tax revenue to get the country out of the issues

:07:55. > :08:00.it has of barring. That is the important side effect of these

:08:01. > :08:05.monetary policy. The government funds are comparatively full. There

:08:06. > :08:08.is a mountain of public debt that has accumulated. Tax income is

:08:09. > :08:13.flowing, in particular from the corporate side which is helping the

:08:14. > :08:16.government. It can basically a open its purse strings a little bit

:08:17. > :08:22.more, and with the global environment next year, may be a

:08:23. > :08:25.little bit shaky, in particular Asia, the government must make sure

:08:26. > :08:29.that the domestic economy is on a very solid footing next year. How

:08:30. > :08:42.much political pressure as is put on Mr Abe? There is a feeling that

:08:43. > :08:46.nothing has been done for the future reforms. Try to get the lagging

:08:47. > :08:53.sectors like agriculture and the manufacturing sector up. Now the

:08:54. > :08:55.government is focusing on the elections next summer, so a bigger

:08:56. > :09:04.budget might be helpful with structural reforms which will be

:09:05. > :09:05.effective for the Japan government. Good to get an update from new life

:09:06. > :09:13.from Tokyo. That -- live. Shares in the troubled airbag

:09:14. > :09:16.manufacturer Takata are trading sharply down today

:09:17. > :09:18.after an eighth death in the U.S was linked to one of

:09:19. > :09:21.the firms faulty airbag inflators. It's the first death to be linked to

:09:22. > :09:24.the firms products since April Ashleigh Nghiem joins me now

:09:25. > :09:27.from Singapore with the latest. Bring us up to date with

:09:28. > :09:40.the latest on this? The driver was a teenager when he

:09:41. > :09:51.died in July. In response to this news, three carmakers, Honda, Subaru

:09:52. > :10:04.and Mazda recalling several 100 cars. It is a 2002, and 2006 cars.

:10:05. > :10:09.Across the US, more than 23 million vehicles fitted

:10:10. > :10:14.are under this massive recall campaign involving 12 carmakers and

:10:15. > :10:17.another 7 million have been recalled in other parts of the world. It is

:10:18. > :10:23.not being good for the company, which shares down 5% in afternoon

:10:24. > :10:29.trade. And we heard from court documents out of Florida that Honda

:10:30. > :10:36.may have known about this five years ago. The warning urged from unsealed

:10:37. > :10:41.documents that have been reported to be seen by a number of news

:10:42. > :10:45.agencies. According to minutes during a meeting at Honda's

:10:46. > :10:53.headquarters in California back in July 2009, nearly six years ago, an

:10:54. > :10:58.executive pressed the company on the extended to the defect. He has been

:10:59. > :11:02.reported that he told the chief executive that he was worried about

:11:03. > :11:08.how far the airbags spread out and asked for the company to get to the

:11:09. > :11:21.bottom of why it did this. They have declined to comment on this. Good to

:11:22. > :11:32.talk to on the. That that -- good to talk to you on this. For generations

:11:33. > :11:35.they have done it for free. New plans to make money of seaweed,

:11:36. > :11:43.means the old ways of collecting from the beach may become a thing of

:11:44. > :11:50.the past. And age-old tradition, harvesting seaweed in the west of

:11:51. > :11:55.Ireland. Seaweed he is used as a fertiliser to grow crops, but the

:11:56. > :12:02.man from the health and cosmetic industry is growing. We have been

:12:03. > :12:05.doing this for years and years. We have been doing this for 30 years or

:12:06. > :12:12.so. Harvesting the seaweed for potato. All of the people in the

:12:13. > :12:21.area, and the surrounding areas, they collect a lot of seaweed for

:12:22. > :12:25.potato. It is a natural manure. The health properties of seaweed both in

:12:26. > :12:36.food and medicine has been well known that from ancient times. The

:12:37. > :12:42.Irish government has spotted an opportunity and is starting a new

:12:43. > :12:48.licensing to tap into a new revenue source. Local industries are furious

:12:49. > :12:54.that they will be cut out. It is a disgrace to the people on the West

:12:55. > :12:58.Coast. Some people use it for selling and commercial use. Is that

:12:59. > :13:04.right is going to be taken away, you have no rights. The Irish state

:13:05. > :13:09.legally owns the shore and everything on it, including the

:13:10. > :13:13.seaweed. But the tradition has been that that is why they collect it for

:13:14. > :13:22.free. The legal position for the collection of seaweed is proving a

:13:23. > :13:28.little bit more complicated. Is now imagining a challenge with the

:13:29. > :13:34.Attorney General -- it is. The use has become something of a legal

:13:35. > :13:35.tangle. Many fear that the company is paying big money will be the

:13:36. > :13:40.winners. Facebook's effort to provide Indians

:13:41. > :13:42.with free access to a limited number of internet

:13:43. > :13:46.services has run into trouble. India's telecoms regulator has asked

:13:47. > :13:48.the mobile network that partnered with the US firm to put their

:13:49. > :13:51.Free Basics offer on hold. Critics of Facebooks 'Free Basics'

:13:52. > :14:10.service say it runs contrary to net Malicious software has been found on

:14:11. > :14:16.the Hyatt's computers. It is asking customers to carefully check their

:14:17. > :14:23.payment card statements. Hyatt said if any -- does not know if any

:14:24. > :14:29.customers' data has been stolen. It is a busy day for the markets in

:14:30. > :14:36.some areas, but in others, quiet. In Asia, a mixed bag. These are the

:14:37. > :14:42.closing market figures for the US overnight. In terms of European

:14:43. > :14:45.indices, we will just have to guess. That is the latest business from me

:14:46. > :14:53.and the team. Thank you for watching. Goodbye.

:14:54. > :14:57.Train services across the UK will be hit by engineering works