: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.