30/12/2016 World Business Report


30/12/2016

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The clock is ticking in one of the largest currency experiments

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Yep today is the last day to exchange those bank notes

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abruptly scrapped by the Indian govt last month.

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The Prime Minister calls it a success -

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but what do ordinary Indians think about it all?

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And the big boss of the world's 3rd largest pension fund looks set to be

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arrested for abuse of power and giving false testimony.

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It's just another Sth Korean corruption scandal -

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we're going live to Seoul to get the latest.

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Welcome to World Business Report I'm Aaron Heslehurst.

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If you are walking past the telly, stay where you are fought little

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bite of Finance. Today is the last chance

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for Indians to deposit, in banks, any of the cash,

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those 500 1000 rupee notes - the government abruptly

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scrapped last month. It's an unprecedented experiment

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in a society where cash is king. 85% of the bank notes in circulation

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have been withdrawn. The government's aim is to crack

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down fake notes and corruption. But as Yogita Limaye

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reports from Mumbai, the move has had a major impact

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on the entire Indian economy. This workshop used to be a hive of

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activity. At least 20 people work here making hundreds of leather

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wallets and purses every week. Now there are just four. After the

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government withdrew most banknotes in November, work has almost come to

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a standstill. TRANSLATION: I need cash to pay my workers and by

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materials. No one except cheques. We do not have the means to make

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digital payments nor do the people who we purchased goods from. Most of

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my workers have left and I do not have any orders either. Some

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businesses have simply had to close down. Behind me is a row of

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factories all closed, some of which is to make things like clothes.

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India's informal sector employs more than 80% of its workforce and it is

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these businesses that are most heavily dependent on cash. -- 18%.

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Workers who travel from villages to cities to aid the living have been

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heading back. Employers do not have cash to pay them but there is also

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less work because consumers are cutting down on purchases. The pace

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at which new pace that's being introduced is slow. ATM regularly

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run out of notes and there are queues at banks. Almost two months

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after the announcement, people are divided. A couple... You can look at

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the number perspectives and it does not really matter. Initially I

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thought it was a good idea but what I feel could have been done better

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was the fact that it could have been planned out a little bit. I feel

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there is a lot of chaos and you can see it everywhere. Not in just one

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or two cases. Everybody is affected. Among the worst affected are those

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at the bottom of the economic ladder. Those who cannot afford to

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go even a day without a job. We will keep across the currency

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situation in India. South Korean prosecutors

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investigating an influence-peddling scandal that has engulfed

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President Park are seeking a warrant to arrest the head of

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the national pension fund, The special prosecutor said he had

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applied for a warrant on charges of abuse of power and

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giving false testimony. Stephen Evans has been

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following the story for us in Seoul Good to see you as always, my

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friend. You chose a good patch was make I mean, it keeps you busy. If

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it is not one corporate scandal it is another. What is this about? It

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is all part of the same scandal... Alleged scandal I should say. That

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scandal is that President Park's friend got money out of companies to

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fund she controlled and there were favours given to companies. That is

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the nub of the scandal. This bit the killer is that concerns Samsung.

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Last year, it wanted to reorganise itself in a dig, big wet- ait

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billion dollars worth. --8. Some shareholders said that was not very

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good for the company, not good for the shareholders, they are only

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doing this because the ruling family wants to tighten its grip on the

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company. A lot of opposition to the merger. The national pension fund

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put its substantial number of votes behind the family and the merger

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went through - just. The allegation now that pressure was put on the

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fund by the health Minister at the time to put its votes behind the

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Samsung family in return for money that the family had paid to the

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fans. That is the essence of it. Mr Moon was invited as a witness and

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has since become a suspect. I do have another question but I have

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even told to leave it there. Happy New Year and this is said. And to

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you. It was his day off today and he came in just to do that!

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Earlier this year, the British government finally gave the go-ahead

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for the construction a new 22 billion dollar nuclear power station

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at Hinkley point in the West of England.

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But while attention is focused on the next generation of power

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plants, many of those built in the past have reached the end

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And as Theo Leggett now reports, dismantling a nuclear power plant

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is a challenging - and costly - process.

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What forms the heart of a power station? Physicists would say the

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call but for me it is the control room. Half a century ago

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nuclear-power seemed like science fiction brought to life. Cheap plea

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energy. Sufficient energy to generate... Britain open the world

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's first commercial nuclear station in 1950 and more were built soon

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afterwards. -- 1956. But they do not last for ever. This one in eastern

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England were shut down in 2002. Demolition works have been under way

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for some time but they will carry on on to the next century. This was

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once a cutting edge facilities but now it is obsolete. Large parts had

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the demolished by pulling apart and nuclear facility is not easy.

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Because of the use of the building, there were levels of contamination,

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all of this work is stuff that has not been done before on nuclear

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sites so we developed processes that meant it was done in a safe and

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proficient manner. The buildings themselves will not be taken apart

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for a long time, instead they have been clad in aluminium to protect

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them against the weather and they will stay like that for another 80

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years. We reduce the radiation levels for the workers and also to

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reduce the volume of waste. This is one of the most interesting parts,

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of the Bradwell complex, pack down and taken away for storage is at the

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waist. This is not an old system, it is Rand you and part of the

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decommissioning process but it costs money and a total bill for dealing

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with the nuclear legacy is expected to be more than. This is pioneering

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work. Many react as were not built with a decommissioning in mind and

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we are learning and taking lessons from Bradwell and applying those

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across the fleet. Hopefully hell swear as well. A new generation of

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nuclear plants is now planned. Access to it will now have to be

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built with that costs and challenges of the commissioning firmly in mind.

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-- decommissioning. In other news China's

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Huawei Technologies, one of the world's largest

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telecom equipment makers, says it expects to record a 32% jump

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in revenue for 2016, thanks to a strong performance

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across its business platforms. The Shenzhen-based company,

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which competes with Sweden's Ericsson for the top spot

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in the global market for telecoms equipment, forecasts revenue

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will reach $74.8 billion.

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