13/07/2016 World Business Report

Those are the latest headlines from BBC World News.

Now for the latest financial news with Sally and World Business

Theresa May becomes the UK's Prime Minister today,

but will she be able to steer the world's fifth biggest economy

And running for longer than before - as a three minute advert goes

viral in india, we look at the growing apatite

Also in the programme: What does Hong Kong's Financial Secretary

As you've been hearing, today the UK will get its first

Prime Minister Theresa May faces the difficult task of renegotiating

Britain's relationship with the European Union and bringing

together the country after a hard fought referendum.

So what can Mrs May expect to find at the top of her economic to do

list when she is sworn in later today?

First off she will need to reassure the markets about the state

The pound has rebounded slightly in the last 25 hours,

but is still close to a record low against the US dollar,

as currency traders react to ongoing uncertainty

She will also now need to decide what sort of economic

relationship she wants the UK to have with the EU,

At the forefront of the negotiations will be whether to accept or reject

any type of deal that that involves an agreement on the free movement

of people in exchange for tariff free access to the EU's

She will also have to mastermind new trade deals

with 50 nations that currently have agreements with the EU,

and pro-Brexit economists argue the UK will be able to get better

deals and some are planning to set out their economic plans.

With me now is one of those economists, Ryan Bourne,

head of Public Policy at the free market think tank,

You have a busy day as you set out your argument for UK economy that

isn't really intertwined with the EU at all. Is that correct? The

government can now decide to remain in the single market, which would

mean giving up control of migration, giving up control of economic

regulation. All we could decide to withdraw from the single market,

trade under the WTO rules. That will be moving towards unilateral free

trade, unilaterally stripping away tariffs from the EU and around the

world. How would that impact companies based in the UK who are

not necessarily the most competitive or who are supported by subsidies,

that kind of scenario? It would have a huge impact on many businesses if

we did that. There would be more global competition in markets, which

would be like a big tax cut for the economy, let alone the impact of

that greater competition overtime leading to greater productivity.

Certain companies would face more competition, but that can be a good

thing and if competition at a European level is a good thing then

competition at a global level is an even better thing. The government

could choose to make transitional arrangements to ease the pressure on

certain sectors, the agricultural sector, some manufacturing. Some

cars might come to a deal with the EU. But many do recognise the

benefits of free trade. Global competition, there is a debate over

whether that's good or bad, but if it was to work in a kind of fare

playing field internationally than some would argue it could be a good

option. The problem is it isn't a fair playing field, is it? Countries

play by different rules. Some countries protect their industries,

some countries perhaps flood the global market with subsidies. At the

issue, whether to have no restrictions, or no access to the

single market. That could be difficult for issues in the UK. From

an economic perspective the evidence is clear. The people who pay for

protection, and the projection is regarded as a bad thing by

economists, the people who pay are the consumers. Our agenda is very

much proconsumer. If China wants to subsidise... Don't name names, by

the way. If China wants to subsidise the production of cheap steel it

means we can consume steel more cheaply. Governments can come to

some sort of conditional arrangement. They can protect

certain strategic industries if they think that something they need to

do, but our starting point should be free trade. We appreciate your time.

Thank you very much. It is a hot debate and of course we shall see

how this plays out in the coming days when the recent make announcers

who has got the top jobs in her cabinet. Moving on.

The Financial Secretary of Hong Kong has told the BBC more needs to be

done to restore confidence in international markets

following Britain's decision to leave the European Union.

In Asia, Hong Kong is thought to be most at risk from the prospect

of Brexit and speaking to the BBC John Tsang said the UK needs

to reach out to countries around the world to reassure them post

Certainly with the referendum decision, what we have now is not

big on confidence. So I think that needs some repair. I think for one

thing perhaps they should do more roadshows. Going around the world to

assure people that the market in the UK will continue to operate in a

normal way. I think that sort of assurance is important. But the

world is in a difficult position and now the Brexit has become a reality

we will have to watch closely, what the other will contribute.

Rico Hizon joins us with all the details.

Very interesting to get his take on Brexit.

Yes. A lot of analysts say he is a bit pessimistic about the impact of

Brexit on Hong Kong, recalls -- because almost everybody has an

impact. Some say it will impact the economy, others say it will have on

-- and minimal effect. But there are many who say it will affect Hong

Kong less than mainland China and none of the existing scenarios

suggest that this association would affect another global financial hub.

Evidence is currently suggesting that Brexit will do nothing more

than slightly accelerate trends, such as the further opening of doors

for the city's law firms and the investment banks. Brexit will help

Hong Kong elite is used Brexit as an opportunity to work with British

colleagues, for legal and financial services in Europe and outside that

EU law. So we will have to wait and see how this all plays out and what

impact it will have in Hong Kong and on other Asian economies when it

happens. Thanks a lot. Good to see you.

How do you react when you're browsing the internet on your phone

Do you flick away from the commercial, or watch?

Well, if you're in Asia, it's highly likely you'll watch

An advert by sportswear firm Nike has gone viral in India,

racking up over two million views in just one day and it's part

It is really storytelling. It is very natural. It is authentic. So

that type of content, whether it's a TV drama or ads, if it's a great

piece of content that connects with you audiences and users are choosing

to watch that. Inspiration is one of the key trends

that brands want to get on top of and inspiring people to do great

things or take part in great things and that often takes the form of

thing for travel. A third-party study that was done last year found

that combining television causes you to increase rand recall and

awareness as well. So it is proving to be effective. It is also creating

a finicky, so you do see across social media a lot of activity when

great use of content resonates with users. -- creating affinity. They

will then start talking about it and sharing it.

An interesting trend. That's all from World Business Report.

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