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Now for the latest financial news with Sally | :00:00. | :00:00. | |
Hanging in the balance - workers at Tata's Port Talbot plant in South | :00:00. | :00:19. | |
Wales wait to hear their fate as the company's top bosses meet in Mumbai. | :00:20. | :00:27. | |
The FBI says they've cracked it, and can access the iPhone used | :00:28. | :00:30. | |
The court order to make Apple cooperate is dropped. | :00:31. | :00:41. | |
I'm Sally Bundock. Also in the programme: | :00:42. | :00:47. | |
The good, the bad and the ugly - we've got a lot | :00:48. | :00:50. | |
Our team in the region will make sense of it all. | :00:51. | :00:54. | |
The board of Tata Steel is due to meet in Mumbai today to decide the | :00:55. | :00:58. | |
The struggling plant in Port Talbot, South Wales, | :00:59. | :01:04. | |
was estimated to be losing more than a million pounds a day in January. | :01:05. | :01:10. | |
Following hundreds of job cuts, about 3500 staff still work there. | :01:11. | :01:13. | |
Steelmakers say they're facing the most difficult conditions | :01:14. | :01:16. | |
Producers blame China - accusing the country of 'dumping' cheap | :01:17. | :01:25. | |
steel onto global markets, driving down prices to unrealistic levels. | :01:26. | :01:31. | |
UK steel plants say they are also being hurt by high energy prices. | :01:32. | :01:35. | |
One industry group says electricity costs are substantially higher | :01:36. | :01:37. | |
for producers in Britain compared to European rivals in Germany | :01:38. | :01:39. | |
Let's go to the headquarters of Tata Steel, where this key | :01:40. | :01:49. | |
Our Mumbai correspondent Yogita Limaye is there. | :01:50. | :01:59. | |
We will persevere with the shot. It is a bit shaky, but let's talk about | :02:00. | :02:06. | |
what we might hear about the Port Talbot plant today. Are you getting | :02:07. | :02:13. | |
any indications were they might decide? The Tata Steel group have | :02:14. | :02:17. | |
confirmed this board meeting is being held today, close to where I'm | :02:18. | :02:22. | |
staying, at the headquarters. They have not disclosed what time the | :02:23. | :02:25. | |
meeting will start and whether we will have a decision on the Port | :02:26. | :02:29. | |
Talbot plant. A delegation of members from the Steelworkers union | :02:30. | :02:33. | |
community as well as a local MP from Port Talbot have been here in | :02:34. | :02:39. | |
Mumbai. They said yesterday they met with senior representatives of Tata | :02:40. | :02:43. | |
Steel and have described that meeting as constructive. They also | :02:44. | :02:49. | |
said the Tata Steel company has outlined the global challenges they | :02:50. | :02:52. | |
are facing, some of which you mentioned, Chinese imports. Within | :02:53. | :03:01. | |
the UK... For obvious reasons, we have lost our connection, which is | :03:02. | :03:06. | |
unfortunate. You are looking at pictures of the Port Talbot plant in | :03:07. | :03:10. | |
South Wales, but she was going to add that it is not only thinking | :03:11. | :03:14. | |
about the future of its operations in the UK, but also right across its | :03:15. | :03:19. | |
business. It is facing some serious challenges at the moment, so the | :03:20. | :03:23. | |
company is poised to announce lots of restructuring. We will try to | :03:24. | :03:28. | |
reconnect with her to carry on a conversation a bit later, but for | :03:29. | :03:30. | |
now, let's move on. The FBI has said it no longer needs | :03:31. | :03:32. | |
the help of Apple to unlock the iPhone that | :03:33. | :03:35. | |
was used by the San Bernardino Investigators had taken Apple to | :03:36. | :03:38. | |
court in order to force it to weaken the device's security | :03:39. | :03:44. | |
so data could be accessed. Our technology correspondent | :03:45. | :03:48. | |
Dave Lee has the details. Last week, the FBI said outside | :03:49. | :04:04. | |
party had approached them with the way to break into the phone without | :04:05. | :04:08. | |
the need for Apple's cooperation. It appears that method has worked. So a | :04:09. | :04:13. | |
court case that had the US technology industry united against | :04:14. | :04:22. | |
the FBI has the being gone away. Now this debate moves into more | :04:23. | :04:26. | |
uncertain times. The US government has knowledge of a security | :04:27. | :04:29. | |
vulnerability that in theory weakens Apple devices around the world. To | :04:30. | :04:34. | |
protect its reputation, Apple will rush to find and fix that for, and | :04:35. | :04:39. | |
eschewing it can do that, this row will go back to square one -- as | :04:40. | :04:46. | |
eschewing it can do that, this row will go back to square one -- -- | :04:47. | :04:47. | |
side. Now on to the good news - | :04:48. | :04:49. | |
the Japanese are spending more Not as much as hoped for, | :04:50. | :04:52. | |
but still they are spending. However, the number of people out | :04:53. | :04:56. | |
of work has gone up slightly too, and Prime Minister Shinzo Abe is | :04:57. | :04:59. | |
saying he will not delay the second Sharanjit Leyl is in our | :05:00. | :05:03. | |
Asia Business Hub in Singapore. The increase in consumer spending | :05:04. | :05:07. | |
is a little but encouraging. It is significant, but it naturally | :05:08. | :05:19. | |
paints a mixed picture is yes, household spending did rise 1.2% in | :05:20. | :05:25. | |
February against expectations for a decline, but retail sales rose 0.5% | :05:26. | :05:30. | |
in the same month, and that defied expectations and people thought | :05:31. | :05:35. | |
would rise higher. The jobless rate also inched up to 3.3% despite | :05:36. | :05:41. | |
labour demand remaining fairly healthy, at its highest level in | :05:42. | :05:47. | |
fact in two decades. Say really a mixed picture about Japan. The jury | :05:48. | :05:53. | |
is still out where this economy is headed. Shinzo Abe was also in the | :05:54. | :05:59. | |
news, earlier telling lawmakers he has every intention of going ahead | :06:00. | :06:03. | |
with the sales tax hike unless the economy is heat by a shock on the | :06:04. | :06:08. | |
scale of the collapse of the Lehman Brothers in 2008 or the massive | :06:09. | :06:14. | |
earthquake that struck in 2011. This is significant, because it is | :06:15. | :06:18. | |
against expectations by many analysts he would delay raising that | :06:19. | :06:23. | |
sales tax to 10% next year on lots of concerns it would start to derail | :06:24. | :06:28. | |
Japan's fragile recovery that we are seeing in numbers like what came out | :06:29. | :06:33. | |
earlier today. That fragile recovery of course continues to require more | :06:34. | :06:37. | |
government help. The debate is of course a really intensified debate. | :06:38. | :06:44. | |
Later, we are watching the Japan Parliament, who are said to approve | :06:45. | :06:50. | |
a record over $850 billion state budget for the fiscal 2016. A lot | :06:51. | :06:52. | |
going on in Japan. Thank you. One of the ways Prime Minister | :06:53. | :06:55. | |
Shinzo Abe has been trying to jump-start the economy is by | :06:56. | :06:58. | |
encouraging corporate Japan to include more women | :06:59. | :07:00. | |
in the managerial mix. While most firms are | :07:01. | :07:02. | |
struggling to achieve this, As part of our Jump Starting series, | :07:03. | :07:04. | |
Mariko Oi puts the spotlight MUSIC PLAYS | :07:05. | :07:22. | |
With this gadget commercial of shrimp chips, Calbee became a | :07:23. | :07:27. | |
household name in the 1960s. It may be an old friend, but it has new | :07:28. | :07:36. | |
ideas. Meet the team behind a current bestseller. In most Japanese | :07:37. | :07:41. | |
firms, this team leader would be expected to work late. But she is a | :07:42. | :07:46. | |
mother, and she keeps her hours. TRANSLATION: I was surprised when | :07:47. | :07:50. | |
they offered me the position, but we have many more female executives | :07:51. | :07:54. | |
now, so it is becoming the norm. When she took the top job at Calbee | :07:55. | :08:02. | |
2009, any 6% of managers were women. Five years on, the number of female | :08:03. | :08:08. | |
managers has more than tripled. The key is top management decisions or | :08:09. | :08:17. | |
policies, but some top management in Japanese companies are still | :08:18. | :08:21. | |
hesitant. You have been a vocal advocate for diversity in your | :08:22. | :08:25. | |
company. What you hope to see from the rest of corporate Japan in the | :08:26. | :08:30. | |
next 5-10 years? My expectation is to promote this diversity. Any, or | :08:31. | :08:39. | |
some, or major Japanese companies, like Nissan, such a huge company. We | :08:40. | :08:46. | |
want to achieve that goal. If they reach a certain level, most of the | :08:47. | :08:52. | |
other companies they do it. Calbee is small. But Toyota, only 3% of | :08:53. | :09:02. | |
managers are women, while at Nissan, it is slightly higher at 8%. Most of | :09:03. | :09:07. | |
corporate Japan is struggling to meet the government's original | :09:08. | :09:10. | |
target of increasing the proportion of female managers to 30% at 2020. | :09:11. | :09:17. | |
So in December last year, the target was cut by half. For working mothers | :09:18. | :09:25. | |
at Calbee, it is time to rush back to pick up their children. Something | :09:26. | :09:30. | |
most men don't have to worry about. But what will it take for the rest | :09:31. | :09:33. | |
of corporate Japan to revamp their recipe for success? | :09:34. | :09:40. | |
The markets open again in Asia today. Some were closed yesterday | :09:41. | :09:48. | |
for the long break. The Nikkei down slightly. The Japanese yen has | :09:49. | :09:52. | |
gained ground. The dollar has been falling. The US markets were open. | :09:53. | :09:56. | |
You can see a mixed picture there today. And just to say that the | :09:57. | :10:10. | |
Chinese insurance firm Anbang has raised its offer for Starwood Hotels | :10:11. | :10:13. | |
to $14 billion, extending a bidding war with Marriott for the group. | :10:14. | :10:16. | |
Almost 8000 jobs in UK libraries have disappeared | :10:17. | :10:18. | |
in the last six years, around a quarter of the entire workforce. | :10:19. | :10:22. |