14/10/2016

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:01:03. > :01:04.This is BBC World News, the headlines:

:01:05. > :01:06.The people of Thailand are mourning the death

:01:07. > :01:09.of King Bhumibol Adulyadej, after seventy years on the throne.

:01:10. > :01:13.In the next few hours, his body will be moved to the Temple

:01:14. > :01:16.of the Emerald Buddha in Bangkok - one of the country's most sacred

:01:17. > :01:19.Donald Trump has denied fresh accusations by numerous women

:01:20. > :01:21.that he groped them - as totally false.

:01:22. > :01:24.Mr Trump told supporters that he is the victim of a vicious

:01:25. > :01:26.campaign to stop him becoming President.

:01:27. > :01:29.Now for the latest financial news with World Business Report.

:01:30. > :01:32.Leaders of the top emerging economies face challenging times

:01:33. > :01:35.and deep divisions as they gather for a summit in India.

:01:36. > :01:40.Samsung puts a price on the exploding Galaxy Note 7

:01:41. > :01:45.Also coming up - another quarter - another scandal on Wall Street.

:01:46. > :01:49.Wells Fargo casts a shadow ahead of the latest round of bank results.

:01:50. > :01:52.We start with the world's emerging economic giants -

:01:53. > :01:56.We are talking about the so called BRICS nations - Brazil, Russia,

:01:57. > :02:01.Their leaders are gathering in the coastal town of Panaji

:02:02. > :02:03.in the Indian state of Goa for a summit this weekend.

:02:04. > :02:06.It's fifteen years since the phrase BRICS was coined.

:02:07. > :02:09.Since then they have fallen on much harder economic times,

:02:10. > :02:11.and they have struggled to work together -

:02:12. > :02:14.not least because of the major rivalry between China and India.

:02:15. > :02:17.But the BRICS are still a major force in the world -

:02:18. > :02:22.As of last year - together the five countries were home to over

:02:23. > :02:24.That's 53% of the world's population.

:02:25. > :02:27.Their combined economies are worth an annual -

:02:28. > :02:34.That's just under a quarter, 23%, of world GDP.

:02:35. > :02:44.India used to be at the miners now is the a star pupil? China and India

:02:45. > :02:48.has done really well. The Economist to point this term was saying that

:02:49. > :02:55.he expected that China and India wouldn't do so well. Brazil as well,

:02:56. > :03:02.you mentioned, the economies have been on a footing. That is what will

:03:03. > :03:08.be discussed in the summit. The annual summit in Panaji which starts

:03:09. > :03:12.tomorrow. President Vladimir Putin, they will all arrive tomorrow. Over

:03:13. > :03:17.the next few days, the leaders will figure out a way, how to increase

:03:18. > :03:20.and help each other on the economic front despite their political

:03:21. > :03:24.differences. You mentioned all the figures in the beginning but do you

:03:25. > :03:29.know how much is the intra- trade between these nations? Only 5% of

:03:30. > :03:33.what we do with the rest of the world and that is the figure they

:03:34. > :03:37.want to focus on. How can they do more trade with each other. That

:03:38. > :03:41.will be on the agenda in the next few days. Great stuff. We will talk

:03:42. > :03:52.to you soon. Thank you for your number.

:03:53. > :03:55.We start with Samsung - because the South Korean tech giant

:03:56. > :03:58.has been counting the cost of the massive recall crisis

:03:59. > :04:00.surrounding its flagship Galaxy Note 7 phone.

:04:01. > :04:02.Remember - it recalled the phones after reports

:04:03. > :04:05.Then the same problems emerged with the replacement phones it

:04:06. > :04:08.issued - and it finally abandoned the project altogether.

:04:09. > :04:14.Samsung says its profits will be hit to the tune of about $3 billion over

:04:15. > :04:38.The total bill? $5.3 billion. Let's go sure eight to Singapore. --

:04:39. > :04:43.straight. It won't kill Samsung, though, will it? It's not expected

:04:44. > :04:50.to but of course, it wrecks are a lot of havoc for the company and it

:04:51. > :04:54.outlook. As you are listing out the losses and numbers, I will tell you

:04:55. > :04:59.one number that is up, the stocks. The shares are actually up just over

:05:00. > :05:05.1% today. That is in spite of all that news. As you say, these are

:05:06. > :05:08.huge blows to the company. The notes seven was really the phone they were

:05:09. > :05:12.pinning all their hopes on. Phone that was meant to take on the new

:05:13. > :05:19.Apple iPhone. Of course, they have now scrapped it and that damaging

:05:20. > :05:23.numbers has been enormous. Essentially what the company is

:05:24. > :05:27.saying now is they are going to try and focus on some of the other

:05:28. > :05:31.phones that still continue to do reasonably well. They have said they

:05:32. > :05:35.want to normalise their mobile business, expand sales of the other

:05:36. > :05:41.flagship devices such as the Galaxy S seven and edge. Of course we know,

:05:42. > :05:46.the company recalled about 2.5 million note to seven devices after

:05:47. > :05:52.exploding batteries. It later said that all the devices were safe and

:05:53. > :05:57.however, that was discovered that those phones are also catching fire.

:05:58. > :06:01.Earlier this week, we heard even more bad news, the company saying

:06:02. > :06:05.permanently it will cease production of the Galaxy Note 7 and urging

:06:06. > :06:12.owners to turn it. Thanks for the update. Are you I bet your bottom

:06:13. > :06:19.dollar that will be back to the Samsung phones.

:06:20. > :06:22.We are also looking at US banking giant Wells Fargo.

:06:23. > :06:25.It's among the first of the Wall Street banks to report

:06:26. > :06:28.third quarter results - those are out later today.

:06:29. > :06:30.And it's likely to provide a very negative start

:06:31. > :06:34.Last month it agreed to pay $190m to regulators over

:06:35. > :06:37.revelations its staff opened up to two million fake bank accounts

:06:38. > :06:42.Yesterday the scandal cost finally cost the CEO his job -

:06:43. > :06:59.Wells Fargo has already been fined $185 million for creating false

:07:00. > :07:03.accounts. But the American bank faces more enquiries coming

:07:04. > :07:09.including a criminal investigation. The appearances before Congress is

:07:10. > :07:14.not appease critics. OK, so you haven't resigned? You haven't

:07:15. > :07:19.returned a single nickel of your personal earnings, you haven't fired

:07:20. > :07:22.a single senior executive, instead, evidently, your definition of

:07:23. > :07:26.accountable is to push the blame to your local level employees that

:07:27. > :07:32.don't have the money for a fancy PR firm to defend themselves? It at

:07:33. > :07:37.less leadership. The new man Tim Sloan much -- must restore Wells

:07:38. > :07:42.Fargo's image. Michelle McGrade,

:07:43. > :07:56.Chief Investment Officer, The people watching around the world

:07:57. > :08:05.they may remember this story. It is astonishing. This bank made up

:08:06. > :08:09.accounts? They make at accounts. The interesting thing is that there were

:08:10. > :08:15.over 5000 employees involved in doing this. That is astonishing. Not

:08:16. > :08:23.only was that 2 million accounts but 5000 plus employees were involved in

:08:24. > :08:30.the process. How was that not seen? Lets us see. There he is, there is

:08:31. > :08:40.the CEO. He stood quite Valiant but now I'm not. I read that the CEO is

:08:41. > :08:47.changing. It smells of it. He must have known about this. Some will say

:08:48. > :08:54.he may be tainted? He may be tainted but would he have known about it? 2

:08:55. > :08:57.million accounts. It sounds like a huge number but they were all very

:08:58. > :09:04.small amounts. So many people involved in covering it up. When you

:09:05. > :09:09.are running a huge bank like that, you know, it was in the community

:09:10. > :09:14.division. There is a commercial division as well. It is a huge bank.

:09:15. > :09:19.Somebody at the top to actually know what is going on down there, it's

:09:20. > :09:24.probably a bit difficult. But he was chief operating officer and

:09:25. > :09:31.operations are in charge of the operating side. That's what I'm

:09:32. > :09:36.saying? That is my point! We will hear from all the big US banks but a

:09:37. > :09:39.keep reading that the experts following this in the banking

:09:40. > :09:44.industry keeps saying, you know what? The only good news will be no

:09:45. > :09:49.bad news. What does that mean? What is interesting in the moment if the

:09:50. > :09:52.banks, where they are making their money is commercial and industrial

:09:53. > :09:56.loans. In the first quarter, they were making quite a lot of these

:09:57. > :09:59.loans and then it suddenly dropped off in the second quarter. Everyone

:10:00. > :10:03.is looking towards the third quarter and wondering whether the drop-off

:10:04. > :10:08.was a blip or a trend. That is what everybody is watching today. The

:10:09. > :10:12.quantity and volume of loans is really important because it is our

:10:13. > :10:21.low margin gain at the moment with interest so low. -- game. We will

:10:22. > :10:23.keep across those numbers. Thank you very much for coming in and have a

:10:24. > :10:29.good weekend. HP Incorporated - the hardware

:10:30. > :10:32.business of former tech giant Hewlett-Packard, says it expects

:10:33. > :10:35.to cut about 3000 to 4000 jobs over HP has been hit hard by the decline

:10:36. > :10:40.in personal computers and printers and the increasing dominance

:10:41. > :10:42.of mobile devices. It was split up last year

:10:43. > :10:45.when the corporate IT services Political leaders meeting in Rwanda

:10:46. > :10:53.are expected to agree a new deal that would phase out some

:10:54. > :10:56.of the most widely used chemicals Hydrofluorocarbons or HFCs are used

:10:57. > :10:59.in refrigeration and air conditioning but the coolants

:11:00. > :11:02.are several thousand times more warming than CO2 -

:11:03. > :11:08.Experts believe the rapid phase out could save up to a half

:11:09. > :11:11.a degree of global warming. Consumer goods giant Unilever says

:11:12. > :11:13.issues surrounding the supply of leading brands including Marmite

:11:14. > :11:19.to Tesco have now been resolved.