Browse content similar to 30/12/2016. Check below for episodes and series from the same categories and more!
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The clock is ticking in one of the largest currency experiments | :00:00. | :00:19. | |
Yep today is the last day to exchange those bank notes | :00:20. | :00:25. | |
abruptly scrapped by the Indian govt last month. | :00:26. | :00:29. | |
The Prime Minister calls it a success - | :00:30. | :00:31. | |
but what do ordinary Indians think about it all? | :00:32. | :00:35. | |
And the big boss of the world's 3rd largest pension fund looks set to be | :00:36. | :00:39. | |
arrested for abuse of power and giving false testimony. | :00:40. | :00:41. | |
It's just another Sth Korean corruption scandal - | :00:42. | :00:44. | |
we're going live to Seoul to get the latest. | :00:45. | :00:52. | |
Welcome to World Business Report I'm Aaron Heslehurst. | :00:53. | :01:04. | |
If you are walking past the telly, stay where you are fought little | :01:05. | :01:08. | |
bite of Finance. Today is the last chance | :01:09. | :01:10. | |
for Indians to deposit, in banks, any of the cash, | :01:11. | :01:12. | |
those 500 1000 rupee notes - the government abruptly | :01:13. | :01:16. | |
scrapped last month. It's an unprecedented experiment | :01:17. | :01:18. | |
in a society where cash is king. 85% of the bank notes in circulation | :01:19. | :01:24. | |
have been withdrawn. The government's aim is to crack | :01:25. | :01:28. | |
down fake notes and corruption. But as Yogita Limaye | :01:29. | :01:32. | |
reports from Mumbai, the move has had a major impact | :01:33. | :01:34. | |
on the entire Indian economy. This workshop used to be a hive of | :01:35. | :01:52. | |
activity. At least 20 people work here making hundreds of leather | :01:53. | :01:58. | |
wallets and purses every week. Now there are just four. After the | :01:59. | :02:02. | |
government withdrew most banknotes in November, work has almost come to | :02:03. | :02:08. | |
a standstill. TRANSLATION: I need cash to pay my workers and by | :02:09. | :02:11. | |
materials. No one except cheques. We do not have the means to make | :02:12. | :02:16. | |
digital payments nor do the people who we purchased goods from. Most of | :02:17. | :02:22. | |
my workers have left and I do not have any orders either. Some | :02:23. | :02:27. | |
businesses have simply had to close down. Behind me is a row of | :02:28. | :02:32. | |
factories all closed, some of which is to make things like clothes. | :02:33. | :02:37. | |
India's informal sector employs more than 80% of its workforce and it is | :02:38. | :02:43. | |
these businesses that are most heavily dependent on cash. -- 18%. | :02:44. | :02:50. | |
Workers who travel from villages to cities to aid the living have been | :02:51. | :02:54. | |
heading back. Employers do not have cash to pay them but there is also | :02:55. | :02:59. | |
less work because consumers are cutting down on purchases. The pace | :03:00. | :03:04. | |
at which new pace that's being introduced is slow. ATM regularly | :03:05. | :03:12. | |
run out of notes and there are queues at banks. Almost two months | :03:13. | :03:15. | |
after the announcement, people are divided. A couple... You can look at | :03:16. | :03:25. | |
the number perspectives and it does not really matter. Initially I | :03:26. | :03:29. | |
thought it was a good idea but what I feel could have been done better | :03:30. | :03:33. | |
was the fact that it could have been planned out a little bit. I feel | :03:34. | :03:37. | |
there is a lot of chaos and you can see it everywhere. Not in just one | :03:38. | :03:43. | |
or two cases. Everybody is affected. Among the worst affected are those | :03:44. | :03:47. | |
at the bottom of the economic ladder. Those who cannot afford to | :03:48. | :03:48. | |
go even a day without a job. We will keep across the currency | :03:49. | :03:55. | |
situation in India. South Korean prosecutors | :03:56. | :03:59. | |
investigating an influence-peddling scandal that has engulfed | :04:00. | :04:03. | |
President Park are seeking a warrant to arrest the head of | :04:04. | :04:06. | |
the national pension fund, The special prosecutor said he had | :04:07. | :04:09. | |
applied for a warrant on charges of abuse of power and | :04:10. | :04:14. | |
giving false testimony. Stephen Evans has been | :04:15. | :04:16. | |
following the story for us in Seoul Good to see you as always, my | :04:17. | :04:29. | |
friend. You chose a good patch was make I mean, it keeps you busy. If | :04:30. | :04:34. | |
it is not one corporate scandal it is another. What is this about? It | :04:35. | :04:40. | |
is all part of the same scandal... Alleged scandal I should say. That | :04:41. | :04:48. | |
scandal is that President Park's friend got money out of companies to | :04:49. | :04:54. | |
fund she controlled and there were favours given to companies. That is | :04:55. | :04:59. | |
the nub of the scandal. This bit the killer is that concerns Samsung. | :05:00. | :05:06. | |
Last year, it wanted to reorganise itself in a dig, big wet- ait | :05:07. | :05:15. | |
billion dollars worth. --8. Some shareholders said that was not very | :05:16. | :05:21. | |
good for the company, not good for the shareholders, they are only | :05:22. | :05:24. | |
doing this because the ruling family wants to tighten its grip on the | :05:25. | :05:30. | |
company. A lot of opposition to the merger. The national pension fund | :05:31. | :05:34. | |
put its substantial number of votes behind the family and the merger | :05:35. | :05:42. | |
went through - just. The allegation now that pressure was put on the | :05:43. | :05:47. | |
fund by the health Minister at the time to put its votes behind the | :05:48. | :05:52. | |
Samsung family in return for money that the family had paid to the | :05:53. | :05:58. | |
fans. That is the essence of it. Mr Moon was invited as a witness and | :05:59. | :06:03. | |
has since become a suspect. I do have another question but I have | :06:04. | :06:08. | |
even told to leave it there. Happy New Year and this is said. And to | :06:09. | :06:17. | |
you. It was his day off today and he came in just to do that! | :06:18. | :06:19. | |
Earlier this year, the British government finally gave the go-ahead | :06:20. | :06:22. | |
for the construction a new 22 billion dollar nuclear power station | :06:23. | :06:24. | |
at Hinkley point in the West of England. | :06:25. | :06:27. | |
But while attention is focused on the next generation of power | :06:28. | :06:30. | |
plants, many of those built in the past have reached the end | :06:31. | :06:33. | |
And as Theo Leggett now reports, dismantling a nuclear power plant | :06:34. | :06:37. | |
is a challenging - and costly - process. | :06:38. | :06:44. | |
What forms the heart of a power station? Physicists would say the | :06:45. | :06:55. | |
call but for me it is the control room. Half a century ago | :06:56. | :06:58. | |
nuclear-power seemed like science fiction brought to life. Cheap plea | :06:59. | :07:06. | |
energy. Sufficient energy to generate... Britain open the world | :07:07. | :07:12. | |
's first commercial nuclear station in 1950 and more were built soon | :07:13. | :07:18. | |
afterwards. -- 1956. But they do not last for ever. This one in eastern | :07:19. | :07:23. | |
England were shut down in 2002. Demolition works have been under way | :07:24. | :07:29. | |
for some time but they will carry on on to the next century. This was | :07:30. | :07:35. | |
once a cutting edge facilities but now it is obsolete. Large parts had | :07:36. | :07:39. | |
the demolished by pulling apart and nuclear facility is not easy. | :07:40. | :07:44. | |
Because of the use of the building, there were levels of contamination, | :07:45. | :07:52. | |
all of this work is stuff that has not been done before on nuclear | :07:53. | :07:56. | |
sites so we developed processes that meant it was done in a safe and | :07:57. | :08:00. | |
proficient manner. The buildings themselves will not be taken apart | :08:01. | :08:05. | |
for a long time, instead they have been clad in aluminium to protect | :08:06. | :08:09. | |
them against the weather and they will stay like that for another 80 | :08:10. | :08:13. | |
years. We reduce the radiation levels for the workers and also to | :08:14. | :08:19. | |
reduce the volume of waste. This is one of the most interesting parts, | :08:20. | :08:26. | |
of the Bradwell complex, pack down and taken away for storage is at the | :08:27. | :08:31. | |
waist. This is not an old system, it is Rand you and part of the | :08:32. | :08:36. | |
decommissioning process but it costs money and a total bill for dealing | :08:37. | :08:40. | |
with the nuclear legacy is expected to be more than. This is pioneering | :08:41. | :08:48. | |
work. Many react as were not built with a decommissioning in mind and | :08:49. | :08:55. | |
we are learning and taking lessons from Bradwell and applying those | :08:56. | :09:01. | |
across the fleet. Hopefully hell swear as well. A new generation of | :09:02. | :09:08. | |
nuclear plants is now planned. Access to it will now have to be | :09:09. | :09:12. | |
built with that costs and challenges of the commissioning firmly in mind. | :09:13. | :09:16. | |
-- decommissioning. In other news China's | :09:17. | :09:20. | |
Huawei Technologies, one of the world's largest | :09:21. | :09:22. | |
telecom equipment makers, says it expects to record a 32% jump | :09:23. | :09:27. | |
in revenue for 2016, thanks to a strong performance | :09:28. | :09:31. | |
across its business platforms. The Shenzhen-based company, | :09:32. | :09:35. | |
which competes with Sweden's Ericsson for the top spot | :09:36. | :09:39. | |
in the global market for telecoms equipment, forecasts revenue | :09:40. | :09:42. | |
will reach $74.8 billion. | :09:43. | :09:51. |