01/04/2016 World Business Report

Tesla unveils its new model. Apple celebrates its 40th birthday and we

meet the co-founder who sold his 10% stake back them for 800 arcs! --

back then. Good morning. Welcome to the programme. If you are watching

in Britain, you are trying to get to work. If me ten minutes and I will

give you are fascinating and exciting snapshot of all the latest

in business. Coming up, Chinese factories. It is exciting stuff! We

will talk to Ali Moore, in Singapore.

We start with the world of electric cars - and a hugely important day

In the last hour it has unveiled this - its big hope for the future -

Up until now Tesla has made expensive electric cars for wealthy

drivers who can afford a price tag of $75,000 and up.

But at less than half the price - the Model 3 is Tesla's attempt to

get more of us to ditch petrol and diesel and bring electric

Tesla's been very successful as a niche manufacturer but if it wants

to sell cars to the mass market it will have to take on the big

established names - many of them are now offering full electric cars.

Let's remind you of what it's up against - Nissan's Leaf was

the first mass-market plug-in car when it launched in 2010.

It's one of the cheapest - at the equivalent of $29,000.

Last year it sold more than 43,000 cars around the world.

Just over year ago BMW entered the fray with this -

It's a fair bit more expensive - but still managed to sell almost

Other big carmakers have been plugging into the market with

electric versions of their best selling cars, like the Ford

But the problem with all of them is this: range.

Around 100 miles on a single charge is just not

The Tesla Model 3 is promising to give double the range -

around 200 miles - for a price tag from $35,000.

Tesla hopes it will attract buyers who would normally go for cars

like the Audi A4 and BMW 3 series and allow them to finally take

Let's speak to David Bailey. He got up nice and early for us. Nice to

see you. For the electric cars, it all comes down to the tree and we

know that Tesla has invested $5 billion plus into that. 250 miles

for the layman like myself does not sound too bad! That is the holy

Grail. Can they have significant range at an affordable price? The

key is that the battery cost. The factory should produce half million

batteries and drive the price down significantly. At the moment, half

the cost is the battery. If they can bring it down they can sell to the

mass market. Apparently people have been lining up to pay at does the --

$1000 deposit. 150,000 people have put down deposit according to Tesla.

But I am wondering, will this car before Tesla what the iPhone is for

Apple? This is one of the most eagerly awaited cars in automotive

history. People have been queueing up, putting down deposits, and that

will bring in hundreds of millions of dollars, real cash boost. They

will be hoping to increase the markets and scaling down production.

-Million hopefully. -- scaling up. We may look back at this moment in

the years to come as being A significant car in bringing the

electric vehicle into the mass market. Will this spurred some of

the other manufacturers to also get involved? There will be increased

competition. One of the challenges is time like this, General Motors

will trying get their vehicle to market before theirs. Tesla is

moving into the mass market but the electric car competition is hotting

up. Thank you for joining us. In Asia, there are good signs that the

slowdown could be improving. I always say it, let's get more from

Ali Moore, in Singapore. Sex up PM eyes for us! We have lots of

economic news out of China and not a lot of that has been positive.

Yesterday, standard and Poor downgraded its outlook for the

economy but today's news is on the good side. They have been a lot

busier than people have thought. It is called the purchasing

manufacturer index, it measures activity, and it rose to 50.2 in

March. It is up only marginally from the previous month that this is the

key, it is just over that 50 point mark and that is that the market

that separates growth from contraction and analysts had not

predicted that. In dust for profits were higher so basically people are

feeling better. But do not hold your breath. -- industrial profits. Great

stuff. We will talk to you soon. We are also going to take look at big

the big business world - because forty years ago today three young

a computer company in an apartment in Mountain View California.

The rest, as they say, is history - Apple is now worth $600 billion.

We all know the story of the late Steve Jobs.

The nerdier among us will also know about the flamboyant Steve Wozniak.

But there is a reason few can name the third co-founder of Apple.

Ronald Wayne was the man behind the famous logo,

but sold his ten per cent stake early on for a few hundred dollars -

in what proved to be one of the most expensive decisions in history.

The BBC's Dave Lee went to speak to him and found he had few regrets.

anniversary in jobs had this focus. Once he got an idea in his head,

that was the and you never wanted to be in between him and where you

wanted to go or you wound up with footprints on your forehead. This is

the contract. He regarded me as something of eight minor mental

because I had somewhat more diplomatic way. The problem he was

having was with Steve. It took me 45 minutes, less than an hour to get

him to understand that you could not do it that way for eight is this

enterprise. OK, fine. -- 48 business enterprise. He then said we were

going to form A company and 12 days later we had the contract. They had

not to Nicholls together but I had our house. Some months later I get

the letter in the mail with the cheque with $1500. -- not to

dollars. I figured that I had already signed off the contract so I

thought it was found money so I went in and signed. People would watch

this and say, surely, you must often think, as you go to sleep, of what

could have been? I knew exactly what would have been if I stayed with the

company. I would have wound up having very large documentation

department at the back of the building, shuffling papers for the

next 20 years of my life and that is not their future I saw for myself.

God love him. In other news: Chinese telecoms

giant Huawei says profits were up more than a third last year

after the strongest revenue growth It's network equipment division is

benefiting from the adoption of 4th generation mobile services

across China. It also became the first Chinese

company to sell more than 100 million smartphones in a year

in 2015 - revenues in its comsumer division soared more than 70% - it's

now the world number three handset company after Samsung and

Apple Chinese insurance firm Anbang says it has abandoned its 14

billion dollar bid for Starwood Hotels - the owner of the Sheraton,

Westin and St Regis hotel chains. It marks an end to

a bidding war with hotel giant Marriott - which is planning to

create the world's biggest hotel Follow me on Twitter. It will be

back to have look at the papers later.

Greater Manchester becomes the first part of England to take