:00:00. > :00:00.Now for the latest financial news with Sally and World Business
:00:00. > :00:21.Booming growth and a third of the world's poorest people.
:00:22. > :00:25.India looks for the way forward at the World Economic Forum.
:00:26. > :00:26.Plus, life after steel in Britain's north-east.
:00:27. > :00:29.The latest on Unfair Trade, our special series
:00:30. > :00:37.on globalisation's winners and losers.
:00:38. > :00:44.Also in the programme: Samsung makes a big purchase to move
:00:45. > :00:45.into the world of Artificial Intelligence.
:00:46. > :00:53.We start in India where business and political leaders are gathering
:00:54. > :00:56.for a special summit of the World Economic Forum.
:00:57. > :00:59.India is among the world's fastest growing economies and its rising
:01:00. > :01:01.prosperity has helped reduce global poverty levels.
:01:02. > :01:07.The World Bank defines extreme poverty as living on less
:01:08. > :01:10.According to its latest figures out this week,
:01:11. > :01:13.760 million people were living in extreme poverty in 2013,
:01:14. > :01:15.100 million less than the previous year.
:01:16. > :01:18.It's part of a longer term trend, the number of people in extreme
:01:19. > :01:21.poverty has fallen by one point one billion since 1990,
:01:22. > :01:22.despite growth in the world's population.
:01:23. > :01:25.That's really down to strong income growth in Asia,
:01:26. > :01:30.You won't be surprised to hear that around half of the world's poorest
:01:31. > :01:34.But 224 million of the poorest people, or one in three,
:01:35. > :01:42.That makes it by far the country with the most poor people.
:01:43. > :01:45.The World Bank says overall, income inequality has been declining
:01:46. > :01:50.But in a third of countries, India included, there is actually
:01:51. > :02:21.Shilpa Kannan is at the World Economic Forum summit in Delhi.
:02:22. > :02:28.I understand one of the areas of the Indian government is pushing for is
:02:29. > :02:32.international companies in India to do business and increase employment.
:02:33. > :02:40.That is something that will be discussed. Absolutely. The big
:02:41. > :02:44.challenge is to find ways of lifting these millions of people out of the
:02:45. > :02:49.poverty line and get them back into the workforce. Every year India
:02:50. > :02:52.faces a challenge of millions of people coming into the workforce,
:02:53. > :02:56.not finding the right employment which pays them enough to sustain
:02:57. > :03:01.their families. Manufacturing will be a big focus. It won't just be
:03:02. > :03:09.Indian companies are but a lot of foreign companies. To discuss that
:03:10. > :03:16.further I have a spokesperson from Nissan. You use this as an exporter
:03:17. > :03:24.based? Yes, we have invested $1 billion US so far, starting in 2010.
:03:25. > :03:30.We have a big manufacturing setup that employs 10,000 people and
:03:31. > :03:33.produces 350,000 cars per year. We have over and above that research
:03:34. > :03:38.and development facility with 6000 people. While the Indian government
:03:39. > :03:43.has been pushing for foreign players to invest and create jobs, have you
:03:44. > :03:47.found it easier to do business here? Yes, once you have a project then
:03:48. > :03:52.after you go to the states and discuss your project, then after
:03:53. > :03:56.things can go easy read. It is quite easy to invest in India and then
:03:57. > :04:00.after the ease of doing business is complicated, the tax system is
:04:01. > :04:03.extremely complex but the government and state governments assisting you
:04:04. > :04:08.to make sure that your investment is worth it. So far I will say it is
:04:09. > :04:12.difficult but we can make it through without any issues. Like you heard,
:04:13. > :04:16.the advantage India has is a strong domestic market, growth has been
:04:17. > :04:20.strong, so the challenge for India remains to use this as a major
:04:21. > :04:27.inflection point to create jobs and lift those millions out of poverty.
:04:28. > :04:32.Thanks a lot. Good to see you. Very interesting, from the World Economic
:04:33. > :04:35.Forum in Delhi right now and we will hear more from her and the rest of
:04:36. > :04:37.the delegates here on BBC World News.
:04:38. > :04:41.All this week, the BBC is looking at global trade and its impact
:04:42. > :04:45.In today's report the BBC's Steph McGovern has been back
:04:46. > :04:48.to her hometown Middlesbrough in the north-east of the UK to find
:04:49. > :04:54.out how it has been changed by globalisation.
:04:55. > :05:00.300 years ago the famous explorer captain cook was born in
:05:01. > :05:07.Middlesbrough. His achievements in mapping the globe radically changed
:05:08. > :05:10.our view of world geography, an important foundation for
:05:11. > :05:18.globalisation. This monument was put up in memory of Captain Cook and
:05:19. > :05:22.this is a hill I have climbed many years, look at the spectacular views
:05:23. > :05:27.of the region I grew up in. Over here is my hometown, it is a town
:05:28. > :05:31.like lots of areas over the UK that I have really seen change because of
:05:32. > :05:35.global trade. For a long time it was the heavy industries like steel
:05:36. > :05:40.which dominated towns like this one. And we did well from our ability to
:05:41. > :05:45.sell the things we manufactured here all over the world. At its peak
:05:46. > :05:49.40,000 people were employed in the steel sector here on Teesside but it
:05:50. > :05:53.has struggled as countries like China have been able to make steel
:05:54. > :05:58.more cheaply. This site was mothballed after decades in action
:05:59. > :06:04.and thousands of jobs were lost. It is not all about metal, though.
:06:05. > :06:08.There are other industries that are thriving. This is a petrochemicals
:06:09. > :06:13.business supporting over 1000 jobs here. We know that in order to be a
:06:14. > :06:16.leader and be successful on the global market we have to have
:06:17. > :06:21.regional and local presence. And that is exactly why we are hearing
:06:22. > :06:24.Teesside, because we have access to good raw materials, we have the
:06:25. > :06:28.factories, the people and the logistics to be competitive in the
:06:29. > :06:32.global market. It is easy getting Middlesbrough is a place all about
:06:33. > :06:36.heavy industry but in the shadows of the old industrial landscape is a
:06:37. > :06:41.growing digital sector that is making its mark a global player. If
:06:42. > :06:45.you want to pop that on, close your eyes, slowly open your eyes. This
:06:46. > :06:49.company uses virtual reality technology to help businesses solve
:06:50. > :06:53.real-life problems. We have strived for the last three and a half years
:06:54. > :06:56.to become an international company. We have made business in Japan and
:06:57. > :06:59.Singapore and we have secured business contract in those
:07:00. > :07:03.territories. So why Middlesbrough? You could be anywhere. It is a good
:07:04. > :07:06.place for international trade and there is a juxtaposition between the
:07:07. > :07:12.heavy industry of yesteryear and about 15 years of investment in the
:07:13. > :07:16.digital and creative sectors, so we have the IT industry to support
:07:17. > :07:20.these larger scale companies. The good and the bad of globalisation is
:07:21. > :07:26.really apparent here and it is that my hometown has suffered from rough
:07:27. > :07:29.times but it is resilient and last year the enterprise research centre
:07:30. > :07:32.named it amongst the most entrepreneurial areas in the
:07:33. > :07:37.country. Not like lots of places around the UK it is having to work
:07:38. > :07:39.hard to make sure we benefit from our ability to do business all over
:07:40. > :07:43.the world. If you use an iPhone
:07:44. > :07:46.you will know who Siri is. Well, this morning Apple's rival
:07:47. > :07:49.Samsung has announced it is buying Rico Hizon is following the story
:07:50. > :08:14.for us in Singapore. It is nice to see you. What's going
:08:15. > :08:19.on with Samsung? Hello, Sally, I am your digital assistant, Rico, I hope
:08:20. > :08:27.I can help you. Rico, please! Don't do that to me. I know you are real.
:08:28. > :08:30.What is going on? It is a major artificial intelligence deal. We
:08:31. > :08:38.have Samsung Electronics stepping up its AI strategy by taking over Viv
:08:39. > :08:45.and the man behind Viv is Doug Kidd lost, the brains behind Siri, the
:08:46. > :08:50.digital system taken by Apple in 2010. He left in 2012 and began
:08:51. > :08:57.working on Viv so this is a major acquisition. Samsung will integrate
:08:58. > :09:05.the AI platform of Viv Labs into the range of Galaxy smart phones. Their
:09:06. > :09:10.image has been battered by the global recall of the Note 7. And
:09:11. > :09:16.apart from its smartphone, Sally, smartphone will use Viv in TVs and a
:09:17. > :09:22.wide range of other devices and this acquisition comes just days after
:09:23. > :09:27.Google launched its new pickle -- pixel phone which also uses a
:09:28. > :09:31.digital analysis. The days of you and I are numbered and you have
:09:32. > :09:38.demonstrated to the viewer what we have replaced. (ROBOT VOICE) it is a
:09:39. > :09:40.pleasure working with you, Sally. Take care.
:09:41. > :09:44.In other news: Shares of Twitter slumped almost 10% late on Wednesday
:09:45. > :09:47.on a report that Google is not going ahead with a takeover bid.
:09:48. > :09:50.The report on tech news website Recode also claims Apple is unlikely
:09:51. > :10:01.to be a buyer for the struggling social media firm.
:10:02. > :10:04.Twitter has told potential buyers it wants to wrap up sale negotiations
:10:05. > :10:08.by the time it reports third quarter earnings on October 27th -
:10:09. > :10:09.according to Reuters - which reports that Salesforce.com
:10:10. > :10:14.and Walt Disney are also in the running.
:10:15. > :10:22.That is a story that has legs, isn't it. We will keep you up-to-date.
:10:23. > :10:26.Looking at the markets, the yen getting weaker, which is good for
:10:27. > :10:31.Tokyo, Honda and Toyota benefiting from a much weaker (BELL) make yen.
:10:32. > :10:40.And the close in the United States. Oh, it has disappeared. -- a much
:10:41. > :10:44.weaker yen. The SNP 500 is up half a percent. You see, this is what
:10:45. > :10:48.technology does to you, which is why you need real people like me and
:10:49. > :10:52.Rico. That is all from World Business Report for now, I will see
:10:53. > :10:57.you soon when we look through the papers in a few minutes.
:10:58. > :11:01.There's a call for longer prison sentences for those who carry knives
:11:02. > :11:03.and for those who use them to threaten people.
:11:04. > :11:06.The Sentencing Council says judges need to do more to reflect
:11:07. > :11:09.widespread concern among the public about the problem.