:00:00. > :00:21.A gamble or two away from destroying Switzerland's largest bank.
:00:22. > :00:24.In his first ever TV interview, the former UBS trader convicted
:00:25. > :00:34.of fraud tells the BBC it could happen again.
:00:35. > :00:38.A new law in Malaysia gives this man - the Prime Minister -
:00:39. > :00:41.sweeping new powers to crack down on basically anything he wants.
:00:42. > :00:43.Problem is his critics fear it might be used to silence
:00:44. > :01:04.If you are joining us for the first time, this is a bite shot of what is
:01:05. > :01:05.going on in business. In a minute we'll have reaction
:01:06. > :01:08.to last Friday's stress tests Kweku Adoboli the former UBS trader
:01:09. > :01:19.convicted of fraud has told the BBC, in an exclusive first broadcast
:01:20. > :01:22.interview that the culture of profit "no matter what" in banking
:01:23. > :01:29.has not changed. The 36 year-old's unauthorised
:01:30. > :01:31.trading lost the Swiss bank $2.2bn and in 2012 and he was sentenced
:01:32. > :01:35.to seven years jail on two Let's just have a quick look
:01:36. > :01:43.at the details of the case. Mr Adoboli became a junior trader
:01:44. > :01:46.at just 25 and by the age of 27 he was part of a team,
:01:47. > :01:54.responsible for $50bn in assets. He claimed in court he had "lost
:01:55. > :01:57.control" of his trades but the prosecution said his actions
:01:58. > :02:03.amounted to fraud, pure and simple. His actions cost fellow
:02:04. > :02:06.traders their jobs, prompted the resignation of the Chief
:02:07. > :02:13.Executive and wiped $4.5bn from the UBS share price.It
:02:14. > :02:15.was the largest trading loss in British banking history
:02:16. > :02:19.and the prosecution said that he was only "a gamble or two
:02:20. > :02:22.away from destroying Mr Adoboli is a Ghanaian national
:02:23. > :02:30.and because he was sentenced to more than four years in prison
:02:31. > :02:32.he is automatically Last month he lost his appeal
:02:33. > :02:38.against being deported from the UK Speaking to the BBC's
:02:39. > :02:42.Economics Editor Kamal Ahmed in his first ever TV interview
:02:43. > :02:59.he was asked if he should I have apologised and will continue
:03:00. > :03:04.to apologise. I am devastated, not for myself but for my institution
:03:05. > :03:11.and the people I worked with. The very first thing I did when I was
:03:12. > :03:17.arrested was that I was sorry. During my trial I said I was sorry
:03:18. > :03:25.repeatedly. These are not just devices, it is how I feel. I failed,
:03:26. > :03:33.I made mistakes. Do you think the culture has changed and that it
:03:34. > :03:39.could not happen again? Unfortunately, I have to say that
:03:40. > :03:45.the conversations I have had with people in the industry over the last
:03:46. > :03:52.year, through the conferences, the seminars I have been involved in,
:03:53. > :03:59.the young traders, the senior executives, everyone is still
:04:00. > :04:05.looking for a way to change culture within the industry. We still have
:04:06. > :04:10.so much work to do to get the finance industry in a position where
:04:11. > :04:15.it is trusted by society, where it is contributing consistently to help
:04:16. > :04:22.society move forward in a positive way. Has it changed enough in
:04:23. > :04:28.banking? Absolutely not. The young people I have spoken to, the former
:04:29. > :04:31.colleagues, are still struggling with the same issues, conflicts,
:04:32. > :04:39.pressures, to achieve no matter what. And the no where conflict
:04:40. > :04:46.goes? When conflict comes it is where people fall into this maze. It
:04:47. > :04:51.can happen again, absolutely, especially as we go into the next
:04:52. > :04:58.phase of the great financial crisis. Looking back now, do you think of
:04:59. > :05:05.yourself as a criminal? I do not think I am a criminal. It is a label
:05:06. > :05:11.I have. You made a terrible mistake. You made a sequence of terrible
:05:12. > :05:17.choices you'll intentions were always in the right place. I accept
:05:18. > :05:24.that I was found guilty of a crime that had dishonestly central to it.
:05:25. > :05:30.I was called a liar and I accept responsibility for what I was doing.
:05:31. > :05:33.Kweku Adoboli speaking for the very first time on television.
:05:34. > :05:35.Markets are expected to be digesting the results
:05:36. > :05:38.of European Banking Authority's stress tests that came out
:05:39. > :05:42.The tests to see how the continent's biggest banks would cope
:05:43. > :05:52.Investors are fretting about Italy's Banca Monte dei Paschi
:05:53. > :05:54.as well as the German giant Deutsche Bank.
:05:55. > :05:56.Of course, the global economic backdrop is getting gloomier: the US
:05:57. > :06:02.economy growing less than expected, a eurozone slowdown and investors
:06:03. > :06:05.are eyeing a slew of recent manufacturing numbers from China
:06:06. > :06:15.Lorenzo Codogno, Founder and Chief Economist,
:06:16. > :06:17.LC Macro Advisors, formerly Chief Economist of the Italian
:06:18. > :06:34.Good morning. Ranks for coming in. Very quickly, I mention of what the
:06:35. > :06:40.stress test was for but, as a layman, are they looking to see how
:06:41. > :06:46.much money they have in the vault? It is like a crash test. You make
:06:47. > :06:51.extreme assumptions on the economic environment and you look at what
:06:52. > :06:58.happens to the banks and whether there is any capital left. If they
:06:59. > :07:07.have any money left after this sort of scenario. Some British banks did
:07:08. > :07:12.not do very well, in particular RBS, but it seems to be the focus on the
:07:13. > :07:19.Italian banks. How much of a mess are they in? Before the test they
:07:20. > :07:23.would be concerns about the Italian backing sector, some concern about
:07:24. > :07:30.the German banking sector and some concern about systemic problems.
:07:31. > :07:36.Despite these concerns, the overall picture that emerges is a
:07:37. > :07:41.reassuring. In other words, there is some improvement. There are some
:07:42. > :07:49.critical issues. You might say, after so many years, why are we
:07:50. > :07:53.still discussing this... Eight is! Posted by an aide, the US banking
:07:54. > :07:57.system went through a huge cleanup and they are solid at the moment.
:07:58. > :08:05.The eurozone banks were less aggressive. That is my point. Eight
:08:06. > :08:11.years on, the eurozone is still in a mess. Well, you know, I think it is
:08:12. > :08:18.a mixed picture. The good news is that, again, very is in proven. I
:08:19. > :08:22.fully agree with you, we should have seen this improvement a long time
:08:23. > :08:28.ago but the system is gradually improving and it basically means
:08:29. > :08:33.there is no systemic risk that is really concerning financial markets
:08:34. > :08:46.at this stage say this is positive news. No major surprises is good
:08:47. > :08:50.news. We will end on the good news. Molte grazie! I fluid in every
:08:51. > :08:54.language! More fallout from the ongoing
:08:55. > :08:56.corruption scandal surrounding Malaysia's state
:08:57. > :08:57.investment fund, 1MDB. The fund was set up
:08:58. > :09:00.by Prime Minister Najib Razak in 2009, and was meant to turn
:09:01. > :09:03.Kuala Lumpur into a financial hub and boost the economy
:09:04. > :09:05.through strategic investments. The man in charge of investigating
:09:06. > :09:07.the Mr Najib's finances is reportedly stepping down due
:09:08. > :09:10.to political pressure. Abu Kassim Mohammed may leave his
:09:11. > :09:16.post more than two years early. Some critics suggest that Malaysia's
:09:17. > :09:19.new security laws are also partly aimed at containing the fallout
:09:20. > :09:27.from the 1MDB saga. Rico Hezon is in our
:09:28. > :09:32.Singpore bureau for us - what's the background
:09:33. > :09:47.to the 1MDB story? How did this corruption allegation
:09:48. > :09:54.come about? It started to attract negative attention in early 2015. It
:09:55. > :10:01.is famous for the $11 billion each owed to banks. It had seen a paper
:10:02. > :10:10.trail that allegedly traced 700 million US dollars from the fund to
:10:11. > :10:15.the Prime Minister's personal fund. The allegation has gone deeper with
:10:16. > :10:26.the US Justice Department looking for a lawsuit. Quickly, this new
:10:27. > :10:32.law, in 15 seconds, this new law gives the Prime Minister powers to
:10:33. > :10:41.do basically what he wants? That's right. Sweeping new powers. He said
:10:42. > :10:46.the legislation was necessary to conduct security areas where forces
:10:47. > :10:49.can be deployed and individual premises and vehicles can be
:10:50. > :11:02.searched without a warrant. Critics are expressing concern that it may
:11:03. > :11:05.lead to problems. That is it with World Business Report. I will be
:11:06. > :11:39.back to look at some of the newspapers from around the world.
:11:40. > :11:42.An Australian family living in the Scottish Highlands face
:11:43. > :11:47.deportation from tonight, despite a high profile campaign
:11:48. > :11:50.Kathryn Brain arrived with her husband and young son