: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
:00:00. > :00:18.Up for sale, with thousands of UK steel jobs at risk.
:00:19. > :00:25.Tata is off-loading its loss making UK business, but who will buy it?
:00:26. > :00:29.What would it mean for Indian businesses if the UK were to leave
:00:30. > :00:44.Welcome to World Business Report. I'm Sally Bundock.
:00:45. > :00:47.Also in the programme: What did Janet Yellen say that caused the US
:00:48. > :00:57.Tata Steel has confirmed it's planning to sell its loss-making UK
:00:58. > :01:00.business and has told its European holding company to "explore all
:01:01. > :01:02.options for restructuring", including the partial or entire
:01:03. > :01:19.The biggest UK steel plant affected by this decision is in Port Talbot,
:01:20. > :01:21.South Wales, that currently employs 3,500 people.
:01:22. > :01:23.Other UK plants include Rotherham, Corby and Shotton.
:01:24. > :01:28.The Indian company held a board meeting in Mumbai on Tuesday
:01:29. > :01:35.Union leaders travelled to Mumbai in a bid to persuade Tata to keep
:01:36. > :01:37.making steel at plants, including Port Talbot.
:01:38. > :01:39.The UK and Welsh governments say they are working
:01:40. > :01:42.tirelessly to ensure the future of the British steel industry.
:01:43. > :01:44.Labour MP Stephen Kinnock, whose constituency includes
:01:45. > :01:56.the Port Talbot plant, accompanied the union delegation to Mumbai.
:01:57. > :02:02.Indication was that the turnaround plan was not acceptable to the board
:02:03. > :02:07.and so then you have to look at other options. Clearly the most
:02:08. > :02:12.positive of the other options is the option of finding a buyer. That's
:02:13. > :02:19.something that will move forward I think very rapidly, as we know the
:02:20. > :02:24.lawn products part of the business in the UK has found a buyer. -- long
:02:25. > :02:29.products. I think there's a lot of confidence that a buyer will be
:02:30. > :02:32.found and all of the options are now being explored and the European
:02:33. > :02:38.board of Tata Steel has been asked to take that forward. Clearly the
:02:39. > :02:41.steelworks in Port Talbot plays an absolutely critical role for the
:02:42. > :02:47.entire community. There isn't a single family or street or group of
:02:48. > :02:50.people in the area that isn't directly connected to the
:02:51. > :02:55.steelworks. So we will continue to fight to ensure that it continues to
:02:56. > :02:56.make a steel -- EA still making place.
:02:57. > :03:02.Simon Atkinson has been following events from our Mumbai bureau.
:03:03. > :03:11.Hearing the determination to find a buyer to see a resolution for this.
:03:12. > :03:13.Union leaders are now on their way home and some are calling for action
:03:14. > :03:19.from the Prime Minister, aren't they? That's right. The head of the
:03:20. > :03:23.community union representing a lot of the steel workers in Port
:03:24. > :03:26.Talbot, one of the steel plant affected by this plan, says he wants
:03:27. > :03:32.an urgent meeting with David Cameron to try to ensure that ultimately
:03:33. > :03:34.this plant doesn't close and the steel industry does continue. They
:03:35. > :03:40.say the outcome of this long meetings in more by could have been
:03:41. > :03:45.worse. Perhaps Tata could have said they would close the plant is
:03:46. > :03:50.outright. Instead they will put the UK operations up for sale. --
:03:51. > :03:53.plants. So they are perhaps returning to the UK disappointed,
:03:54. > :03:58.but not as angry as they could have been. Looking at the statement from
:03:59. > :04:01.Tata Steel they explain that really they had little choice when looking
:04:02. > :04:09.at the financial performance of the UK business. Yes, the UK business
:04:10. > :04:12.has long been a problem for them. If you look at Tata Steel's overall
:04:13. > :04:16.operations, in India it is actually doing fairly well. Profits are down
:04:17. > :04:22.slightly but it is making money. Even Southeast Asia is picking up.
:04:23. > :04:26.It has been in Europe where it has really seen problems and this is
:04:27. > :04:28.largely caused by issues that are hitting the steel industry
:04:29. > :04:34.worldwide, I got the supply and low prices. So you could argue that Tata
:04:35. > :04:39.didn't have any option. That's something which the operators in the
:04:40. > :04:44.UK reject. They say they've put together a strong turnaround plan.
:04:45. > :04:49.Now that's being rejected and they just hope that a sale can be done, a
:04:50. > :04:53.deal can be found, and the plants can be saved. Thanks so much.
:04:54. > :04:56.Indian Prime Minister Narendra Modi is in Brussels to attend an India-EU
:04:57. > :04:59.Hopes are running high they'll be able to relaunch stalled talks
:05:00. > :05:03.But for many Indian firms, the road to Europe has traditionally
:05:04. > :05:06.passed through the UK and with a referendum looming
:05:07. > :05:09.on the UK's EU membership there's a growing debate in Delhi
:05:10. > :05:27.Finishing off garments headed for the UK high street. The textiles
:05:28. > :05:33.industry is India's second biggest employer. This firm alone employs
:05:34. > :05:37.nearly 100,000 people and about one third of its business is with
:05:38. > :05:44.Britain. And its boss worries that if UK exits the European Union the
:05:45. > :05:55.company will suffer. Everybody I know is very afraid and anxious,
:05:56. > :06:02.very concerned. We've seen the UK like a rock. If a rock starts to
:06:03. > :06:07.move, where do you go? He is not alone. One of India's largest
:06:08. > :06:12.industrial bodies has already said that a Brexit, Britain's exit from
:06:13. > :06:15.the EU, could injure the flow of investment and people by diminishing
:06:16. > :06:20.Britain's role in providing access to Europe. The Indian home minister
:06:21. > :06:26.Narendra Modi says Britain is the gateway and entry point to the EU
:06:27. > :06:33.for many Indian companies. Marks Spencer has gone the other way. A
:06:34. > :06:40.famous British name now in India, with 54 stores, more than in any
:06:41. > :06:44.country outside the UK. The boss of its Indeo joint ventures as
:06:45. > :06:50.so-called Brexit is complex, at thinks it may be beneficial if the
:06:51. > :06:54.UK could negotiate its own trade agreements. The relationship that
:06:55. > :06:58.Britain has with India has definitely been one of the factors
:06:59. > :07:01.which has helped us to grow our business and that will certainly
:07:02. > :07:06.contribute to standards in good stead going forward as well. The UK
:07:07. > :07:09.at tracks more Indian investment than the rest of European Union put
:07:10. > :07:16.together. So would Brexit make a difference? India-UK trade over the
:07:17. > :07:22.last few decades has stood apart anyway from the EU. It has largely
:07:23. > :07:26.occurred on a trade investment side, on a bilateral level. That was
:07:27. > :07:29.certain extent you could argue that it won't have a significant impact
:07:30. > :07:36.either way, because that relationship is already there.
:07:37. > :07:40.Whatever happens in late June, India, with its young population and
:07:41. > :07:44.rising spending power, is a country that both the UK and EU will remain
:07:45. > :07:48.key to do -- keen to do business with.
:07:49. > :07:50.The US Federal Reserve chair Janet Yellen has been moving
:07:51. > :07:55.In a speech Tuseday evening she said the Fed would proceed cautiously
:07:56. > :07:57.in its return to a normal interest rate environment.
:07:58. > :08:00.Ms Yellen said that one thing holding up future rate rises is the
:08:01. > :08:16.The major thing that's changed between December and March that
:08:17. > :08:19.affects the baseline outlook is a slightly weaker projected pace of
:08:20. > :08:28.global growth. Ali Moore joins us from our Asia
:08:29. > :08:34.business hub. One of the big reactions is the dollar on the
:08:35. > :08:37.slide? Yes. But on the whole, if you look at markets, it has been music
:08:38. > :08:42.to the ears of investors, because of course what they have been really --
:08:43. > :08:45.what they have been interested in is the emphasis on proceeding
:08:46. > :08:49.cautiously. That seems to have prompted a bit of a rethink on when
:08:50. > :08:55.the Fed might move next. Most regional markets certainly earlier
:08:56. > :08:59.today were higher, not by a lot, but they were in positive territory.
:09:00. > :09:03.Hong Kong was up more than 1%. Australia was higher earlier in the
:09:04. > :09:08.day, but has turned negative in the past half hour or so. What happening
:09:09. > :09:12.is really about the exposure of the financial sector in Australia to the
:09:13. > :09:16.mining industry. Japan is one exception to the positive movement
:09:17. > :09:19.earlier today. They've been in negative territory since they
:09:20. > :09:23.opened. That's more about the yen and anything else. The US dollar
:09:24. > :09:27.fell after Janet Yellen's comments and that's meant a high yen, which
:09:28. > :09:30.is bad for Japanese exporters. Thanks so much.
:09:31. > :09:32.More trouble for Brazil's President Dilma Rousseff.
:09:33. > :09:36.The PMDB, the largest party in the ruling coalition, has voted for an
:09:37. > :09:41.The move could hasten impeachment proceedings against President
:09:42. > :09:43.Rousseff, who the opposition want to remove over claims she manipulated
:09:44. > :09:48.The embattled president has now cancelled a trip to attend a summit
:09:49. > :10:09.That's all from me for the moment. See you for a review of the papers.
:10:10. > :10:12.Save the Children say that every nursery in England
:10:13. > :10:15.should have a qualified teacher to help children develop key
:10:16. > :10:19.The charity says that failure to properly stimulate toddlers' brains