17/08/2016 World Business Report

Now for the latest financial news with Sally Bundock

The car you don't have to drive, or even own and it won't

Ford says it will start delivering it in 2021.

Stitched up - Bangladesh fears its garment industry

is at risk as a recent terror attack targeting foreigners

Also in the programme Cathay Pacific has just

US car maker Ford has promised it will have a mass-produced

self-driving car on the road by 2021 - one that won't even

The company says you'll be able to hail a car like a taxi

To achieve that ambitious goal, Ford has invested $75m in a sensor

Our North America technology reporter Dave Lee spoke

The experience inside were you do not have to take control of a

vehicle, changes everything. Whether you want it to work, entertainment,

those are the things we are thinking about it as we designed the

experience for this type of fully autonomous vehicle. You mentioned it

would be part of a ridesharing, write Hayling, operation. Are you

planning for a time when people don't buy cars any more? -- hailing.

Even in years from now, people have bought and owned vehicles in the way

that they had for many, many years. There will be a growing % of the

industry that will be fully autonomous vehicles. Most probably

in cities and urban areas, dense areas. It will be growing. We want

to be a leader today in our core business of how people drive and

owned vehicles today and we want to be a leader tomorrow for the fully

autonomous. You announced a big investment in LiDAR technologies.

Tesla says there is no future in that technology. Why you investing

so much in what Tesla thinks is a waste of technology? I can't speak

about. We believe that LiDAR is extremely important because it

provides the precise definition of the exterior of the vehicle. What

about the people, the millions of people, that make their money from

driving taxis and trucks? Clearly, as you think about the societal

benefits around fully autonomous vehicles, and efforts around the

safety, mobility for elderly or disabled folks, benefits for the

environment because there is less congestion at clearly those are

really huge benefits. At the same time, a lot of economies in the US

are very resilient. As we see in situations like this, the economies

will be resilient and there will be new sources of opportunity for

people to work. A lot more from Dave on our website. Do take a look.

Cathay Pacific Airways, Asia's largest international

airline, will report its financial results for the first half

Rico Hizon is in our Asia Business Hub in Singapore.

Sally! What does it look like? A lot of turbulence here. Profit bound by

82% - $45.5 million. You have competition from regional carriages.

Major challenges as Cathay Pacific are having difficulty repaying their

profit margins. They are a multi- airline that didn't benefit fully

from the drop in airline prices. Cathay Pacific are also fighting off

the challenge of the Chinese and Middle Eastern airlines and are

expanding rapidly in the region. Air China, China Eastern, offering more

direct services from the mainland, making it less attractive to hop via

Hong Kong when you also have the Middle East, offering luxuries such

as shower rooms and a face. They are offering more services than Cathay

Pacific with a lower air fare. Going forward, authorities are opposing FC

who fly out of Hong Kong and that is to pay for the multi billion dollar

expansion of the airport including the construction of the city's that

runway. Net profit of Cathay Pacific in the first half of the year, 82%

to $45.5 million. It is not looking good for Cathay Pacific in the

second half of the year. We shall keep an eye on the performance.

Bangladesh's textile industry is the backbone of its economy.

There are nearly four thousand clothing factories in the country

and together they exported textiles worth $28 billion last year

and the government has set a target to increase that to $50 billion

But the sector has been shaken by an Islamist attack on a cafe

in Dhaka last month which killed more than 20 people,

The BBC's Anbarasan Ethirajan reports from Dhaka.

A busy day in a clothing factory. Clothes made here travel far and

wide with factories producing for major Western brands such as

Walmart, H and GAP. Several foreign buyers are leaving

Bangladesh due to security concerns. Factory owners are worried that

buyers will ultimately go elsewhere. What is happening is the immediate

effect is that buyers are mostly not planning to travel to this country

which is disastrous. It only means that we will have to travel and meet

them elsewhere but, more than that, I think it's the confidence level

which has been shaken. The industry here in this country is critical to

the economy. It has been able to most people out of poverty. --A lot

of people. 3 million people are women. These workers are concerned

that if the orders go elsewhere, they will lose their jobs. The

industry has just started to recover from the collapse of this complex in

which hundreds of garment workers were killed. Many factories have

been expanding the capacity at factory owners are now suspending

the plans. We had a plan to expand our business as well. In another

factory, I am planning to wait and see if the situation comes down.

Many western retailers have promised to stay with Bangladeshi factories.

But if this continues and foreigners are targeted again, the perception

may change. The government has promised to boost security. How it

responds to the militancy will define the future of the country's

garment industry. Online news site Gawker Media has

been sold to media firm Univision for $135m (?103m) in

a bankruptcy auction. The firm outbid media rival

Ziff Davis to seal the deal, which still hinges on approval

from a bankruptcy judge. The sale comes after Gawker filed

for bankruptcy protection in June to avoid paying damages after it

lost a $140m invasion of privacy lawsuit bought by former

wrestler Hulk Hogan. China's state council has approved

a new link between its tech heavy Shenzhen and Hong Kong

stock exchanges in a move Under the initiative -

limits on how much foreigners can invest in Chinese stocks

will be scrapped. But there will be a daily cap of $2

billion dollars on the amount Following a pledge by UK

Prime Minister Theresa May, banks and accountancy firms

which help their clients to avoid tax unlawfully, could face huge

fines under proposals Ministers have published plans

to give the courts powers to impose fines equivalent to the total

amount of tax avoided. It is incredible how Japan's Nikkei

has been resilient despite the fact that the yen has been strong versus

the dollar. Yesterday, the dollar has been buying less than 100 yen.

There is talk about when rates will be going up in the United States.

Movement on the dollar at the moment. In the US, some losses, not

heavy. Let's not forget this have been -- these have been hitting

record highs.