:00:00. > :00:14.Now for the latest financial news with World Business Report.
:00:15. > :00:17.The new normal - China's economy grows at its slowest
:00:18. > :00:23.pace for 25 years in 2015 - marking a roller coaster year.
:00:24. > :00:25.But it is within the government's target.
:00:26. > :00:28.And the European parliament takes on the likes of Netflix,
:00:29. > :00:31.YouTube and the BBC in a fight over viewers' rights to
:00:32. > :00:53.Unions are calling for the UK government to do more to help those
:00:54. > :00:54.who work in the steel industry who are facing redundancy. Details in a
:00:55. > :01:05.moment. China says its economy grew
:01:06. > :01:09.by 6.9% in 2015. Annual growth in the world's
:01:10. > :01:11.second-largest economy was Beijing had set an official growth
:01:12. > :01:22.target of "about 7%" for 2015. Take a look over
:01:23. > :01:24.the past five years. You can see the steep drop in growth
:01:25. > :01:30.from double-digit figures just a few years ago as the country's
:01:31. > :01:33.manufacturing sector shrank and is now in the process of moving
:01:34. > :01:40.towards a consumer-driven economy. And to make matters worse -
:01:41. > :01:43.some are concerned the figures may Fears over the slowdown have
:01:44. > :01:54.also fuelled market volatility in China over recent weeks, spilling
:01:55. > :01:56.over into global markets after shrinking foreign and domestic
:01:57. > :01:58.demand, weak investment, factory overcapacity and an oversupply
:01:59. > :02:04.in the property market. The impact
:02:05. > :02:07.of the slowing economy is being felt across a range of industries -
:02:08. > :02:09.not least the steel sector, as Stephen Evans reports
:02:10. > :02:15.from Hangzhou. This is the glut that's swamping
:02:16. > :02:18.the world. China's produced so much steel,
:02:19. > :02:20.it leaves it rusting, And closes steelworks,
:02:21. > :02:31.bricking them up. This steelworks couldn't compete as
:02:32. > :02:44.steel prices crashed from ?600 a ton New figures tomorrow are expected to
:02:45. > :03:05.show China's slowest growth Prosperity has improved
:03:06. > :03:07.relentlessly, but now an -- unemployment poems.
:03:08. > :03:10.China's moving from an economy which has grown phenomenally for 25 years.
:03:11. > :03:19.Now it's the fearfulness of redundancy.
:03:20. > :03:21.Redundant steelworkers gamble as they ponder the sudden
:03:22. > :03:33.They all now compete with each other for work
:03:34. > :03:44.He says, "The shutdown has greatly affected each and every one of us."
:03:45. > :03:51.We've got old parents and young children we have to provide for.
:03:52. > :04:08.Of course we complain. The still got is not going away. China's communist
:04:09. > :04:13.government warns of more closures. It is brutal competition out there.
:04:14. > :04:15.It's only economy only intensifies that competition between countries
:04:16. > :04:20.and the twin workers. -- between. Stephen Evans, BBC News,
:04:21. > :04:36.eastern China. At the moment, surprisingly, the
:04:37. > :04:42.China markets are treating up despite the weak numbers. The
:04:43. > :04:45.Shanghai and Shenzhen indices are continuing to be well entrenched in
:04:46. > :04:50.positive territory. Traders say several factors could contribute to
:04:51. > :04:54.these games. Although the numbers were weak, they were in line with
:04:55. > :04:57.forecasts and strengthening expectations of more stimulus
:04:58. > :05:03.initiatives going forward. They could be more rate cuts in benefits
:05:04. > :05:06.that would put more money into the people's pockets. Secondly, you
:05:07. > :05:13.mentioned this growth to be the new normal that the market has already
:05:14. > :05:18.accepted, but Chinese officials also said the mainland economy will face
:05:19. > :05:23.a similar situation in 2016 as in 2015, meaning more stable growth
:05:24. > :05:26.this year. The other key figures released today from industrial
:05:27. > :05:31.production, retail sales and fixed asset investment or expanded but
:05:32. > :05:37.were below expectations. China over the past year has been hit by
:05:38. > :05:41.shrinking foreign and domestic demand, weak investment, factory
:05:42. > :05:44.overcapacity and an oversupply in the property market. The central
:05:45. > :05:49.bank has cut interest rates six times since November 2014, and the
:05:50. > :05:53.currency has depreciated as well. This is helped some sectors of the
:05:54. > :05:57.economy, especially trade, uppity and services industries. Thank you.
:05:58. > :05:59.-- property. It's how content offered by
:06:00. > :06:03.entertainment companies is protected and is essentially blocked
:06:04. > :06:07.by media firms. Companies that do this include
:06:08. > :06:10.the likes of Netflix, YouTube This is how they ensure
:06:11. > :06:15.their content is only broadcast But now the European Commission
:06:16. > :06:19.wants to end unjustified geo-blocking, and the European
:06:20. > :06:24.Parliament will vote on it today. With me is Phil Sherrell,
:06:25. > :06:37.a media lawyer with Bird Bird. We have just put that very simply,
:06:38. > :06:42.but it is really complicate it. Tell us what is at stake. The commission
:06:43. > :06:46.said it wants a digital single market and that is a priority for
:06:47. > :06:51.its five-year term. There are two things happening today. The first is
:06:52. > :06:56.they bought a common edition investigation against the media
:06:57. > :07:03.companies, the home with companies, sky and someone. They say you can't
:07:04. > :07:07.segment content territorially. So there is a competition challenge
:07:08. > :07:11.going on and there is a hearing today for the media companies to
:07:12. > :07:15.explain why they split the market territorially. At the same time, the
:07:16. > :07:19.European Parliament is adding its voice to the debate. There is a vote
:07:20. > :07:23.today in Parliament to say whether they approve what the commission is
:07:24. > :07:26.doing in terms of new laws. We heard the announcement before Christmas
:07:27. > :07:31.that the commission wants to allow content portability. If I go abroad
:07:32. > :07:36.should be able to access subscriptions I have paid for the
:07:37. > :07:41.UK. And this throws up all sorts of issues for the likes of BBC and
:07:42. > :07:44.Netflix in terms of the rights they pay for for things to be seen or
:07:45. > :07:51.viewed or downloaded overseas. That kind of thing. It is a minefield.
:07:52. > :07:56.Yes, if you look at how the pain -- pay-TV market is developing. They
:07:57. > :08:01.are majoring on exclusivity, and the way they are driving customers is
:08:02. > :08:04.saying we are the only ones with the rights to a series. The commission
:08:05. > :08:08.is setting on breaking up this market completely, though we would
:08:09. > :08:14.see a change in the landscape. Had you think this will play out, and
:08:15. > :08:20.presumably the companies involved are already having to rethink their
:08:21. > :08:23.strategy just encase? One thing is certain, for a consumer perspective
:08:24. > :08:28.it is good news in that we will definitely get content portability
:08:29. > :08:31.soon. That is taking your existing content abroad with you. It is less
:08:32. > :08:36.clear how far the commission will go. I'd don't think it knows yet it
:08:37. > :08:40.sell. The one thing they want to understand is is the defence of the
:08:41. > :08:47.media companies true. -- knows itself yet. If that argument stands
:08:48. > :08:53.up, maybe the commercial will go the other way. -- commission. Thank you.
:08:54. > :08:56.We will keep an eye on that story. Certainly the BBC, I would imagine.
:08:57. > :08:59.Attacks by the Islamic State group have led
:09:00. > :09:02.to a fall in tourism in parts of North Africa,
:09:03. > :09:04.where millions rely on the trade to make a living.
:09:05. > :09:07.New figures from the United Nations World Tourism Organisation indicate
:09:08. > :09:12.visits to North Africa fell by 8% in 2015, bucking a global upward trend.
:09:13. > :09:14.Tata Steel and trade unions have called
:09:15. > :09:17.for more British Government support for the industry, after the company
:09:18. > :09:20.More than a thousand posts are to go, mainly
:09:21. > :09:27.Global miner Rio Tinto has reported an 11% rise
:09:28. > :09:30.in annual iron ore shipments - just short of forecasts.
:09:31. > :09:32.And the mining giant is expected to boost production
:09:33. > :09:36.While commodity prices are at multi-year lows, the company is
:09:37. > :09:44.benefiting from strong output, low costs and spending cuts.
:09:45. > :09:51.Let's show you the markets. Investors taking it in their stride
:09:52. > :09:56.the news from China. You can see the main market in China just up
:09:57. > :10:00.slightly. The Hong Kong up 1%. No surprises at all, which is a gift to
:10:01. > :10:05.investors around the world. That is all from me for now. I will see you
:10:06. > :10:11.soon as we look at the stories in the press.
:10:12. > :10:14.Polling for the result of the General Election last year predicted
:10:15. > :10:18.the wrong result because too many Labour voters were sampled and not