: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 Bundock and
:00:00. > :00:20.Oil prices slide to lower than $28 a barrel as investors weigh up the
:00:21. > :00:23.For Iran the economic gains are immense.
:00:24. > :00:31.And, as Taiwan elects its first female president, can she revitalise
:00:32. > :00:43.Our team in the region has the latest.
:00:44. > :00:49.Also in the programme: Tata Steel is poised to shed over
:00:50. > :01:01.Iran's president, Hassan Rouhani, called it an economic turning point
:01:02. > :01:03.as sanctions over its nuclear programme are lifted.
:01:04. > :01:07.He said it's time for the country to build and grow, promising that 2016
:01:08. > :01:12.Mr Rouhani says his country needs up to $50 billion in foreign
:01:13. > :01:14.investment per year to reach its ultimate goal of 8% annual growth.
:01:15. > :01:17.It's a new beginning at an ideal time
:01:18. > :01:20.because Iran could be seen as one of the largest untapped markets in the
:01:21. > :01:38.And the economic dividend for Iran and its potential business partners
:01:39. > :01:41.The US estimates more than $100 billion of funds could be unblocked.
:01:42. > :01:44.The oil and gas industry, banking sector, transport, and
:01:45. > :01:46.tourism services, will all likely benefit from foreign investment.
:01:47. > :03:12.For more analysis, I'm joined by Asaday Meskarian, head of
:03:13. > :03:14.the Iran Desk at the international sanctions specialists, Zaiwalla.
:03:15. > :03:16.A number of Iranian clients, including the National Iranian Oil
:03:17. > :03:18.Company, Petropars, Iran's largest private bank,
:03:19. > :03:26.It truly is historic. From your perspective, talk us through what
:03:27. > :03:33.this means for the country. As you correctly mentioned, Iran has a very
:03:34. > :03:38.young collations. The market has been cut off from the international
:03:39. > :03:43.world because of sanctions started by the UN and the drastic EU and US
:03:44. > :03:50.measures. This is a new beginning. They have a young and sophisticated
:03:51. > :03:57.ovulation. They are the holder of one of the largest oil and gas
:03:58. > :04:03.reserves. -- population. The opportunities are not limited to oil
:04:04. > :04:07.and gas, of course. Technology infrastructure, transport, and
:04:08. > :04:12.aviation and tourism, of course, they are areas in which Iran is
:04:13. > :04:17.looking to expand into. When we look at the energy markets, the financial
:04:18. > :04:23.markets are already reacting to the story. The price of oil sinking a
:04:24. > :04:32.bit. How quickly can it produce it's output? -- its. What we're hearing
:04:33. > :04:35.from the Iranian side is they are ready to produce at least 500,000
:04:36. > :04:40.extra barrels today and everyone would know that Iran was
:04:41. > :04:46.significantly cut off from the oil market and the Iranian economy is
:04:47. > :04:53.still dependent on oil those actions have been taken to make it much less
:04:54. > :04:56.so. Other players in the market have taken significant benefit from their
:04:57. > :05:03.lack of presence. That is a new beginning. It has been shifted. Back
:05:04. > :05:11.in the day, one in five barrels was coming from Iran into the EU. Iran
:05:12. > :05:15.is ready to make 500,000 a day. That will be shortly followed by another
:05:16. > :05:20.500,000. Just briefly, from the point of view of the young and
:05:21. > :05:26.sophisticated population that wants to produce a lot of good made in the
:05:27. > :05:32.West and far East, how quickly will that take place? Is the legal
:05:33. > :05:38.framework in place for foreign companies to come in and sell? As
:05:39. > :05:46.far as the lifting of sanctions is concerned, their implementation of
:05:47. > :05:50.the weekend, it gives body. But as far as the practical moving of
:05:51. > :05:54.business into Iran is concerned, it may take longer. Many businesses
:05:55. > :05:57.have in travelling to Iran. Delegations from many European
:05:58. > :06:03.countries have been entering the Iranian market to test the waters
:06:04. > :06:08.and see how it will go. But much has been window shopping so far. It will
:06:09. > :06:13.take a little longer. The Iranian side of the deal will have to take
:06:14. > :06:16.some steps. As far as the law is concerned, to make the system more
:06:17. > :06:21.transparent to give more confidence to move into Iran and hopefully we
:06:22. > :06:28.begin to see more investment into the market. OK. Fascinating to talk
:06:29. > :06:34.to you. As you were hearing earlier, the US has imposed new sanctions
:06:35. > :06:39.over missile tests. That is nothing to do with the nuclear programme, it
:06:40. > :06:42.is ballistic testing. A separate issue altogether. Let's talk about
:06:43. > :06:45.Taiwan. Taiwan has just elected
:06:46. > :06:47.its first female president. 59-year-old Tsai Ing-Wen is a former
:06:48. > :06:50.law professor, who now faces multiple challenges, including
:06:51. > :06:52.whether the island should get even closer to China, its main trading
:06:53. > :07:06.partner, so can she revitalise Sally! Lovely to see you. A huge
:07:07. > :07:12.deal she got this top job. The question is can she deliver. That is
:07:13. > :07:18.right. That is the main question. Reviving the economy, GDP contracted
:07:19. > :07:24.in the last quarter of 2015 and is estimated to have grown just 1% last
:07:25. > :07:29.year. Her campaign emphasised innovation and improving relations
:07:30. > :07:39.with South East Asia, Japan and the United Nations. Earlier, I spoke to
:07:40. > :07:47.someone about the main risks. There are a few risks, especially for
:07:48. > :07:53.exports. All through the 15 they fell. The criticism during the
:07:54. > :08:00.campaign that some of her economic policies... -- 2015. She stressed
:08:01. > :08:05.throughout the campaign it is about economic policy and not the Chinese
:08:06. > :08:08.economy. But she will have to look at energy and giving Taiwanese
:08:09. > :08:18.businesses investing in Taiwan and not going over overseas. The victory
:08:19. > :08:24.over the weekend gave stocks a slight boost but investors remain
:08:25. > :08:28.cautious after investors were less friendly to China. And you have the
:08:29. > :08:34.decline in the global financial markets. Sally. Thank you so much.
:08:35. > :08:40.Good to see you. And now another important stories -- story.
:08:41. > :08:44.Tata Steel is expected to confirm later that it is cutting more than
:08:45. > :08:48.About 750 of them in Port Talbot, in south Wales.
:08:49. > :08:55.The firm announced 12,000 redundancies last year.
:08:56. > :08:58.New figures indicate China's property market is continuing to
:08:59. > :09:01.New home prices in its 70 biggest cities rose for a third straight
:09:02. > :09:04.month, by 1.6% year-on-year in December, compared to a rise
:09:05. > :09:14.Chinese president, Xi Jinping, has officially launched a new
:09:15. > :09:17.The Asian Infrastructure Investment Bank, or AIIB, is seen as
:09:18. > :09:31.Look at the markets. The price of oil science. No surprise. The price
:09:32. > :09:39.at $28 a barrel, above Brent Crude. At one point it was $27 and 67 cents
:09:40. > :09:42.a barrel. The market is much lower. Japan's currency is hurting. Wall
:09:43. > :09:49.Street will be closed for a public holiday today. Martin Luther King
:09:50. > :09:54.Day today. Of course, Wall Street had a 2% loss across the board on
:09:55. > :10:00.Friday. Expected another torrid day for market. -- Expect. I will see
:10:01. > :10:08.you soon as we look through the papers.
:10:09. > :10:11.Dementia patients admitted to hospital in England play Russian