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Those are the latest headlines from BBC World News. | :00:00. | :00:00. | |
Now for the latest financial news with Maryam and the | :00:00. | :00:00. | |
With a new trade deal with the EU coming into effect tomorrow, | :00:00. | :00:20. | |
Ukraine is turning its back on its old partner Russia. | :00:21. | :00:23. | |
But are the Russians taking it sitting down? | :00:24. | :00:38. | |
We'll take a closer look at the art market, where there are | :00:39. | :00:41. | |
signs that the rich may not be as willing to splash out on a bit of | :00:42. | :00:45. | |
Welcome to World Business Report, I'm Maryam Moshiri. | :00:46. | :00:51. | |
In a minute, Mariko in Singapore will take a look back | :00:52. | :00:53. | |
But first: On January 1st a free trade deal comes into effect between | :00:54. | :00:59. | |
Ukraine is ready to pay the price for a trade deal with the | :01:00. | :01:04. | |
European Union, President Petro Poroshenko has said after Moscow | :01:05. | :01:06. | |
moved to restrict its trade ties with Kiev over the accord. | :01:07. | :01:14. | |
Controversy over the trade deal was the initial trigger of unrest | :01:15. | :01:17. | |
in Kiev that culminated in the ousting of a Moscow-allied | :01:18. | :01:19. | |
Russia then annexed Crimea and backed a separatist revolt | :01:20. | :01:23. | |
in eastern Ukraine, in moves that led to Moscow's worst | :01:24. | :01:25. | |
At this juice factory, business is on track for a boost. Come January | :01:26. | :01:46. | |
one, the company and Ukraine will have unfettered access to the new | :01:47. | :01:55. | |
market. If all goes to plan, this juice will satisfy more and more | :01:56. | :01:59. | |
Europeans. Russia says it economy will suffer from the deal. The | :02:00. | :02:04. | |
Kremlin will slap restrictions on Ukrainian goods in the new year. It | :02:05. | :02:13. | |
says that the trade zone will help lessen the pain. Russia is a | :02:14. | :02:18. | |
sufficiently large part of our exports. But we hope to make it | :02:19. | :02:26. | |
bigger. The trade zone cannot come at a more critical time. Ukraine's | :02:27. | :02:32. | |
economy is in deep recession. You can's economic problems actually | :02:33. | :02:35. | |
help the club right now. This juice is relatively cheap to produce, and | :02:36. | :02:41. | |
less expensive than its European rivals. When the markets open up, | :02:42. | :02:48. | |
Ukrainian businesses are going to face a number of challenges -- | :02:49. | :02:54. | |
Vitmark. The trade is to weigh. European goods are free to enter | :02:55. | :03:00. | |
Ukraine, and companies must now adapt to European standards, which | :03:01. | :03:05. | |
cost time and money -- two-way. Competition won't be so stiff in the | :03:06. | :03:09. | |
juice business, but it will be in technology and heavy industry. You | :03:10. | :03:20. | |
get the element of, pretty much like those exporters are not in a | :03:21. | :03:27. | |
position to remodel themselves to more sophisticated markets. The free | :03:28. | :03:32. | |
trade zone is more than a decade in the making. If it feels the European | :03:33. | :03:41. | |
dreams of many Ukrainians. Two years ago, they took to the streets to | :03:42. | :03:44. | |
protest its cancellation and drove the then president from power. It | :03:45. | :03:51. | |
remains to be seen if their expectations of a bright European | :03:52. | :03:52. | |
future will be realised. On this the last day of the year, | :03:53. | :03:57. | |
it's traditional to look back Mariko Oi is in our | :03:58. | :04:01. | |
Asia Business Hub in Singapore Let's start with a good one. | :04:02. | :04:18. | |
Japan's shares have had a fairly good year. We finished trading | :04:19. | :04:25. | |
yesterday, ending the year higher. More than 9%, and above the 19,000 | :04:26. | :04:33. | |
level for the first time in two decades. Shinzo Abe said that | :04:34. | :04:40. | |
economic policies have been working in terms of boosting stock prices. | :04:41. | :04:46. | |
South Korea also ended the year on a high, but only by two and a half %. | :04:47. | :04:52. | |
Australia has had quite a tough year with shares, which ended lower today | :04:53. | :04:57. | |
and down by about 2% of the year. That is mainly because of commodity | :04:58. | :05:03. | |
shares, the mining boom which came to an end because of the slowing | :05:04. | :05:09. | |
growth in China which was the biggest importer. Chinese shares | :05:10. | :05:15. | |
have had an extremely volatile year. We still have a few more hours of | :05:16. | :05:19. | |
trading in Shanghai, they are down slightly today it got up near 10%. | :05:20. | :05:27. | |
And till June, they were up by 150% by losing almost a third of their | :05:28. | :05:31. | |
value in three weeks. The government intervened fairly quickly and shares | :05:32. | :05:39. | |
have recovered by about 25%. Hong Kong shares have been affected by | :05:40. | :05:46. | |
that volatility in China. They seem to be ending the year down by more | :05:47. | :05:55. | |
than 7%. Looking forward to 2016, what kind of sentiment you think | :05:56. | :06:01. | |
investors have within the markets in Asia looking forward to the new | :06:02. | :06:05. | |
year? I think that the interest rate hike in the US, which many people | :06:06. | :06:12. | |
here in Asia have been anticipating for a long time, I think a lot of | :06:13. | :06:18. | |
people will be watching what the Federal bank will do next. The | :06:19. | :06:24. | |
gradual pace that the chair has been talking about, it is being monitored | :06:25. | :06:30. | |
very carefully and how that would affect shares and currencies in | :06:31. | :06:36. | |
Asia. That will be closely monitored. What are your plans for | :06:37. | :06:47. | |
New Year's Eve? Where I come from, we tend to watch a singing | :06:48. | :06:50. | |
competition between male and female singers in Japan. I plan to watch | :06:51. | :06:54. | |
that with my parents who are visiting Singapore tonight. My | :06:55. | :06:59. | |
biggest challenge may be not to fall asleep. Thank you very much. | :07:00. | :07:04. | |
The art market has made headlines this year, | :07:05. | :07:06. | |
So does that mean the art market is back to | :07:07. | :07:11. | |
the boom times of the 2000's, before the global financial crisis? | :07:12. | :07:14. | |
Well, despite these headline grabbing | :07:15. | :07:15. | |
sales, it seems the rich are having second thoughts about splashing | :07:16. | :07:18. | |
their cash around the auction rooms, as Jeremy Howell reports. | :07:19. | :07:33. | |
A December evening at this auction house in London, an auction of | :07:34. | :07:46. | |
famous painters. Most works sold at the lower end of the estimated price | :07:47. | :07:50. | |
range. It is a subdued and to the year. Markets flew higher last week. | :07:51. | :07:57. | |
This painting sold three record-breaking $178 million. This | :07:58. | :08:03. | |
painting sold for $170 million. These aside, the appetite for | :08:04. | :08:11. | |
purchasing at may be waning. China has seen a slowdown in economic | :08:12. | :08:17. | |
growth. At the top of the market, billionaires who are keen to get a | :08:18. | :08:22. | |
great work by a famous artist like the Kiso, there is still a lot of | :08:23. | :08:26. | |
competition. Once you go under that, where we are talking about millions | :08:27. | :08:31. | |
of dollars, people are feeling more squeezed. There is less confidence. | :08:32. | :08:37. | |
Russians are feeling much poorer. People in general are feeling | :08:38. | :08:43. | |
poorer, and that has had an impact. The demand for works by contemporary | :08:44. | :08:48. | |
artists, which had been booming, are now starting to subside. People have | :08:49. | :08:58. | |
been advised by curators of an upcoming artist. They take the word | :08:59. | :09:01. | |
that upcoming means growing in value. What they stop believing in | :09:02. | :09:09. | |
that, they follow their hearts. It is easier to see virtually in an old | :09:10. | :09:17. | |
master. You would think those were a more solid investment. As the most | :09:18. | :09:23. | |
rich veer away from investing in contemporary art, old Masters become | :09:24. | :09:28. | |
a mainstay of the market. In other news: Troubling times | :09:29. | :09:36. | |
for Puerto Rico, the country will default on about $37 million | :09:37. | :09:39. | |
in bond payments due Jan. 1, escalating a conflict with | :09:40. | :09:42. | |
investors as Governor Alejandro Garcia Padilla seeks to | :09:43. | :09:46. | |
restructure a massive debt burden. The amount is just a fraction | :09:47. | :09:54. | |
of the almost $1 billion in interest Garcia Padilla has warned | :09:55. | :09:58. | |
for weeks that if forced to choose between paying creditors | :09:59. | :10:02. | |
and paying for essential services, The Brazilian currency, the real, | :10:03. | :10:04. | |
has weakened again in trading It fell on Wednesday | :10:05. | :10:08. | |
by nearly 2% against the US dollar. So far this year the Brazilian | :10:09. | :10:21. | |
currency has dropped in value by almost 33%, the weakest | :10:22. | :10:24. | |
performance of any of the world's Shares of | :10:25. | :10:27. | |
Weight Watchers International have piled on the dollars, up 27 percent | :10:28. | :10:30. | |
over the past two days after Oprah Winfrey debuted a campaign | :10:31. | :10:47. | |
endorsing the weight-loss program. The celebrity | :10:48. | :10:49. | |
and media mogul posted a video to her Twitter account about using | :10:50. | :10:52. | |
Weight Watchers to lose weight. Winfrey announced her partnership | :10:53. | :10:54. | |
with Weight Watchers in October, saying she would buy 10 percent | :10:55. | :10:56. | |
of the stock and join the board. Asian stock markets were mixed | :10:57. | :10:59. | |
in thin trading Thursday after the latest decline in oil | :11:00. | :11:02. | |
prices pulled Wall Street lower. Markets in Japan and South Korea | :11:03. | :11:05. | |
were closed for the New Year Losses in energy stocks weighed | :11:06. | :11:08. | |
on Wall Street on Wednesday and Oil prices look like they are ending the | :11:09. | :11:16. | |
year how they began, under pressure. Brent crude skid toward 11-year lows | :11:17. | :11:19. | |
after an unusual build in US stockpiles and signs Saudi Arabia | :11:20. | :11:22. | |
will keep adding to More from me throughout the day, but | :11:23. | :11:24. | |
for now, goodbye. Here in Britain, a couple who | :11:25. | :11:39. | |
plotted a terror attack in London Mohammed Rehman and his wife Sana | :11:40. | :11:42. | |
Ahmed Khan, both in their 20s, were convicted of preparing terrorist | :11:43. | :11:46. | |
acts, and will serve a combined | :11:47. | :11:50. |