18/01/2016 World Business Report

Those are the latest headlines from BBC World News.

Now for the latest financial news, with Sally Bundock and

Oil prices slide to lower than $28 a barrel as investors weigh up the

For Iran the economic gains are immense.

And, as Taiwan elects its first female president, can she revitalise

Our team in the region has the latest.

Also in the programme: Tata Steel is poised to shed over

Iran's president, Hassan Rouhani, called it an economic turning point

as sanctions over its nuclear programme are lifted.

He said it's time for the country to build and grow, promising that 2016

Mr Rouhani says his country needs up to $50 billion in foreign

investment per year to reach its ultimate goal of 8% annual growth.

It's a new beginning at an ideal time

because Iran could be seen as one of the largest untapped markets in the

And the economic dividend for Iran and its potential business partners

The US estimates more than $100 billion of funds could be unblocked.

The oil and gas industry, banking sector, transport, and

tourism services, will all likely benefit from foreign investment.

For more analysis, I'm joined by Asaday Meskarian, head of

the Iran Desk at the international sanctions specialists, Zaiwalla.

A number of Iranian clients, including the National Iranian Oil

Company, Petropars, Iran's largest private bank,

It truly is historic. From your perspective, talk us through what

this means for the country. As you correctly mentioned, Iran has a very

young collations. The market has been cut off from the international

world because of sanctions started by the UN and the drastic EU and US

measures. This is a new beginning. They have a young and sophisticated

ovulation. They are the holder of one of the largest oil and gas

reserves. -- population. The opportunities are not limited to oil

and gas, of course. Technology infrastructure, transport, and

aviation and tourism, of course, they are areas in which Iran is

looking to expand into. When we look at the energy markets, the financial

markets are already reacting to the story. The price of oil sinking a

bit. How quickly can it produce it's output? -- its. What we're hearing

from the Iranian side is they are ready to produce at least 500,000

extra barrels today and everyone would know that Iran was

significantly cut off from the oil market and the Iranian economy is

still dependent on oil those actions have been taken to make it much less

so. Other players in the market have taken significant benefit from their

lack of presence. That is a new beginning. It has been shifted. Back

in the day, one in five barrels was coming from Iran into the EU. Iran

is ready to make 500,000 a day. That will be shortly followed by another

500,000. Just briefly, from the point of view of the young and

sophisticated population that wants to produce a lot of good made in the

West and far East, how quickly will that take place? Is the legal

framework in place for foreign companies to come in and sell? As

far as the lifting of sanctions is concerned, their implementation of

the weekend, it gives body. But as far as the practical moving of

business into Iran is concerned, it may take longer. Many businesses

have in travelling to Iran. Delegations from many European

countries have been entering the Iranian market to test the waters

and see how it will go. But much has been window shopping so far. It will

take a little longer. The Iranian side of the deal will have to take

some steps. As far as the law is concerned, to make the system more

transparent to give more confidence to move into Iran and hopefully we

begin to see more investment into the market. OK. Fascinating to talk

to you. As you were hearing earlier, the US has imposed new sanctions

over missile tests. That is nothing to do with the nuclear programme, it

is ballistic testing. A separate issue altogether. Let's talk about

Taiwan. Taiwan has just elected

its first female president. 59-year-old Tsai Ing-Wen is a former

law professor, who now faces multiple challenges, including

whether the island should get even closer to China, its main trading

partner, so can she revitalise Sally! Lovely to see you. A huge

deal she got this top job. The question is can she deliver. That is

right. That is the main question. Reviving the economy, GDP contracted

in the last quarter of 2015 and is estimated to have grown just 1% last

year. Her campaign emphasised innovation and improving relations

with South East Asia, Japan and the United Nations. Earlier, I spoke to

someone about the main risks. There are a few risks, especially for

exports. All through the 15 they fell. The criticism during the

campaign that some of her economic policies... -- 2015. She stressed

throughout the campaign it is about economic policy and not the Chinese

economy. But she will have to look at energy and giving Taiwanese

businesses investing in Taiwan and not going over overseas. The victory

over the weekend gave stocks a slight boost but investors remain

cautious after investors were less friendly to China. And you have the

decline in the global financial markets. Sally. Thank you so much.

Good to see you. And now another important stories -- story.

Tata Steel is expected to confirm later that it is cutting more than

About 750 of them in Port Talbot, in south Wales.

The firm announced 12,000 redundancies last year.

New figures indicate China's property market is continuing to

New home prices in its 70 biggest cities rose for a third straight

month, by 1.6% year-on-year in December, compared to a rise

Chinese president, Xi Jinping, has officially launched a new

The Asian Infrastructure Investment Bank, or AIIB, is seen as

Look at the markets. The price of oil science. No surprise. The price

at $28 a barrel, above Brent Crude. At one point it was $27 and 67 cents

a barrel. The market is much lower. Japan's currency is hurting. Wall

Street will be closed for a public holiday today. Martin Luther King

Day today. Of course, Wall Street had a 2% loss across the board on

Friday. Expected another torrid day for market. -- Expect. I will see

you soon as we look through the papers.

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