:00:00. > :00:16.Now for the latest financial news with World Business Report.
:00:17. > :00:19.The UK promises action as world leaders, financiers, and campaigners
:00:20. > :00:29.Plus, out of the desert, a $2 trillion stock market giant.
:00:30. > :00:40.The boss of Saudi Aramco tells us why now is the time to float.
:00:41. > :01:00.We start in London where world leaders, financiers,
:01:01. > :01:02.and campaigners are gathering for a major Anti-Corruption Summit.
:01:03. > :01:05.UK Prime Minister David Cameron sparked a row on Wednesday after he
:01:06. > :01:07.was recorded calling Nigeria and Afghanistan "fantastically corrupt."
:01:08. > :01:10.But today it is the UK itself that is in focus over
:01:11. > :01:12.its role in international corruption, as a destination for
:01:13. > :01:14.money laundering, and through its overseas territories which include
:01:15. > :01:19.Let's take a look at some of the details.
:01:20. > :01:21.A letter this week by leading economists claims $170
:01:22. > :01:23.billion a year are lost through tax dodging, with
:01:24. > :01:27.Much of this money is channelled into British overseas territories,
:01:28. > :01:42.More than a third of the world's tax havens are British.
:01:43. > :01:43.Then there is London's property market.
:01:44. > :01:45.An estimated 36,000 homes in the capital are owned
:01:46. > :01:49.That is almost one in ten properties in the City
:01:50. > :01:51.of Westminster, and almost as many in Kensington and Chelsea.
:01:52. > :01:54.More than a third of them are owned by companies registered
:01:55. > :02:12.Today, the UK will force companies owning or buying property to
:02:13. > :02:16.The Prime Minister was questioned about the issue in Parliament.
:02:17. > :02:23.Has the Prime Minister read the appeals from Nigerian campaigners
:02:24. > :02:29.who say our efforts are sadly undermined if countries such as your
:02:30. > :02:34.own are welcoming the corrupt to hide your ill gotten gains in car
:02:35. > :02:39.dealerships, private schools, and anywhere else that will accept that
:02:40. > :02:44.cash with no questions asked. One of the steps we are taking to make sure
:02:45. > :02:48.that foreign companies that own UK property have to declare to the
:02:49. > :02:53.beneficial owner is one of the ways we know plundered money cannot be
:02:54. > :02:55.hidden in London. Cobus De Swardt is Managing Director
:02:56. > :03:06.at Transparency International. We can't underestimate the role of
:03:07. > :03:10.Britain when it comes to the global web of corruption and tax havens. It
:03:11. > :03:18.is important this is happening in London. It is critical. One has to
:03:19. > :03:21.commend the UK for setting out and admitting that it is indeed part of
:03:22. > :03:30.the worldwide problem of corruption. What is critical is for
:03:31. > :03:33.Britain to also lead the way to set the new agenda to fight corruption
:03:34. > :03:39.around the world on a different path. Surely some of the signs we
:03:40. > :03:44.are seeing are positive. To tackle the issue of property. To bring
:03:45. > :03:56.beneficial ownership veiled in secrecy to more transparency. That
:03:57. > :04:01.is positive. But it is not enough. Especially when you think about the
:04:02. > :04:08.Northshore Havens. Sharing the information isn't going far enough.
:04:09. > :04:13.The message seems to be positive. But the British Virgin Islands for
:04:14. > :04:18.example are not here for this summit. What kind of message does
:04:19. > :04:27.that sand for how effective these are regarding corruption? -- send.
:04:28. > :04:33.It depends on the strength and commitment of the leaders. Of
:04:34. > :04:40.course, the UK has to lead. Is actually, making sure that whatever
:04:41. > :04:48.benefits Britain has had in the past because of corrupt money, that has
:04:49. > :04:52.to be stopped. -- especially. Ultimately, one cannot say, and that
:04:53. > :04:57.argument we hear a lot, especially with offshore territories, if return
:04:58. > :05:03.was to close that money would go elsewhere. -- if Britain. That is
:05:04. > :05:07.like saying if I did not steal your money someone else would. Britain
:05:08. > :05:14.has a major benefit of corrupt money. The ones that suffered were
:05:15. > :05:18.often the poor of the world. That is a major moral commitment that has to
:05:19. > :05:24.be put into a concrete commitment to stop that. One of the particular
:05:25. > :05:29.suggestions that is coming out of this summit is an increased
:05:30. > :05:32.awareness and transparency of who owns what when it comes to the
:05:33. > :05:37.London property market. Will that have the desired effect? That is an
:05:38. > :05:43.important step. It doesn't go far enough. Clearly, corrupt money does
:05:44. > :05:50.not only go into property, it also goes into the financial system.
:05:51. > :05:55.While they are bringing a lot more transparency into property, it
:05:56. > :06:00.doesn't go far enough. Though, it is important. Ultimately, what any
:06:01. > :06:03.country should be doing, is to make sure that whatever money flows into
:06:04. > :06:10.it and its financial system, it has a greater transparency. That means
:06:11. > :06:15.that not only criminals, but terrorists' money, can be exposed.
:06:16. > :06:18.Corruption is just one way of fuelling instability around the
:06:19. > :06:22.world. We will have to leave it there. But thank you for that. And
:06:23. > :06:30.now to Saudi There are plans to create
:06:31. > :06:33.a $2 trillion stock market giant. When shares are sold
:06:34. > :06:36.in state oil firm Saudi Aramco later this year it will immediately become
:06:37. > :06:38.the world's most valuable company, almost four times bigger than
:06:39. > :06:41.its nearest rival Apple. But why is Saudi selling off some
:06:42. > :06:44.of its most prized assets? Our business editor Simon Jack has
:06:45. > :06:47.been given rare access to the company and its Chief Executive,
:06:48. > :06:50.and sent this report. One in every eight barrels
:06:51. > :06:59.of crude oil comes from underneath This single plant produces more
:07:00. > :07:07.than the entire North Sea. It's rare to be invited here
:07:08. > :07:10.but the state-owned oil company and its chief executive, Amin
:07:11. > :07:13.Nasser, is on a charm offensive. It's offering up a slice
:07:14. > :07:15.of the world's most valuable company to try to encourage future foreign
:07:16. > :07:24.investment in other industries. This is Shaybah, a south-eastern
:07:25. > :07:27.outpost of Aramco's sprawling empire, which they now want to sell
:07:28. > :07:30.a slice of to foreign investors. Do they want to sell the family
:07:31. > :07:35.silver, change the oil regime and strategy and diversify the Saudi
:07:36. > :07:37.economy after all these years? I think it is timely and overdue to
:07:38. > :07:41.identify new resources, rely more on investment for additional streams
:07:42. > :07:43.of revenue for the kingdom. Is that because of the arrival of US
:07:44. > :07:52.shale? Is it because we are looking at
:07:53. > :07:59.a future with fewer hydrocarbons? Are you worried that you have
:08:00. > :08:03.so much of the stuff in the ground that one day you won't
:08:04. > :08:06.be able to sell it? Yes, there are more energy resources
:08:07. > :08:08.coming, electric car, renewables, but they are starting
:08:09. > :08:10.from a small base, However, oil will continue to play
:08:11. > :08:23.a major part for the long term. Near Aramco's headquarters
:08:24. > :08:25.in Dhahran, people agreed that They graduated and have degrees
:08:26. > :08:38.but they stay at home. And there are older men
:08:39. > :08:41.like us who are retired, God willing, I want a job and a shop
:08:42. > :08:50.and to get married and have kids. And later, after I retire,
:08:51. > :08:53.I want my kids to be comfortable Make no mistake, diversifying
:08:54. > :08:59.does not mean producing less oil. In fact, Aramco said it would
:09:00. > :09:02.probably produce more this year than last, but why,
:09:03. > :09:06.when it pushes global prices down? It doesn't, as it were,
:09:07. > :09:08.matter whether they produce them at low prices today because they
:09:09. > :09:12.are not saving them up, as it were, They continue to produce regardless
:09:13. > :09:25.of the price because, in effect, you could regard their reserves
:09:26. > :09:26.as infinite. So, no relief in sight
:09:27. > :09:29.for competitors like the North Sea. The oil beneath
:09:30. > :09:31.the desert will keep on coming. Let's go to Asia now where there
:09:32. > :09:37.could be a rescue for Japanese carmaker, Mitsubishi,
:09:38. > :09:38.which has been struggling since it admitted cheating on its
:09:39. > :09:41.fuel efficiency figures for years. Rico Hizon is following
:09:42. > :09:54.the story for us in Singapore. good morning. Good morning. Who is
:09:55. > :10:02.the white knight riding to the rescue? Resources are saying that
:10:03. > :10:11.Nissan could be the white knight. They are in advanced negotiations to
:10:12. > :10:19.take one third in the scandal. It is worth around 1.8 billion US dollars.
:10:20. > :10:23.If this deal indeed goes through, Nissan, the second-largest automaker
:10:24. > :10:32.in Japan, would become the largest holder of the larger. So that would
:10:33. > :10:42.give them more than a 15% stake. A French automaker owns 40%. They are
:10:43. > :10:47.still discussing various matters including cooperation. But nothing
:10:48. > :10:50.as of now has been decided. Hopefully we will have a decision
:10:51. > :10:54.from both board by later today or tomorrow. -- boards. Thank you very
:10:55. > :11:09.much. And here is the markets. The mode
:11:10. > :11:16.overnight has been cautious. There was a rally in gold. Other metals
:11:17. > :11:21.have in rallying as well. That is because of the weaker dollar. You
:11:22. > :11:23.can see its effect on the yen at the moment. More coming up later. I will
:11:24. > :11:32.see you then.