:00:00. > :00:00.would also apply to balaclavas and masks.
:00:00. > :00:27.It is time now for World Business Report.
:00:28. > :00:30.Under the microscope: The ride-hailing app Uber
:00:31. > :00:33.will reveal the conclusions of a self-imposed investigation
:00:34. > :00:39.A day of reckoning for Spain's Prime Minister:
:00:40. > :00:43.Mariano Rajoy faces a no-confidence vote in Parliament over corruption
:00:44. > :00:50.Hello. It is another day and this is another edition of World Business
:00:51. > :00:55.Report, with me, Sally Bundock. It is good to have you with us. It is a
:00:56. > :00:59.packed programme as usual. And we are starting with what looks like a
:01:00. > :01:13.bumpy ride for the taxi hailing company, Uber.
:01:14. > :01:17.The US giant is expected to announce the recommendations
:01:18. > :01:22.from an extensive probe into its corporate culture and practices.
:01:23. > :01:22.The investigation was carried out by former
:01:23. > :01:26.US Attorney General Eric Holder - who is understood to have suggested
:01:27. > :01:30.a series of measures to bring about far reaching change
:01:31. > :01:36.Uber commissioned the probe back in February after a blogpost
:01:37. > :01:40.In it, Susan Fowler said she'd suffered
:01:41. > :01:43.from persistent sexual harassment at the company -
:01:44. > :01:44.and that she's been punished for complaining.
:01:45. > :01:46.Uber reacted with horror, saying it would investigate.
:01:47. > :01:50.The company's been forced to fire more than 20 people after uncovering
:01:51. > :01:52.And the firm's problems don't stop there.
:01:53. > :01:54.It's suffered a series of high profile resignations in recent
:01:55. > :01:56.months - including its chief financial officer and most recently
:01:57. > :02:00.All this has meant a lot of pressure on the chief
:02:01. > :02:10.In March a video of him getting into a foul mouthed row with an Uber
:02:11. > :02:14.and he was forced to make a very public apology.
:02:15. > :02:20.There is no question that Uber has been an absolute game changer. It
:02:21. > :02:24.has dramatically and aggressively shifted the way people use
:02:25. > :02:28.transportation. It has forced legacy taxi companies to catch up, and has
:02:29. > :02:33.fray. But ever since the claims of fray. But ever since the claims of
:02:34. > :02:36.sexual harassment and lack of response from senior managers came
:02:37. > :02:43.on, Uber has been trying to clean up its image. Lastly, the company it
:02:44. > :02:49.fired 20 staff after another law firm looked into 215 complaints of
:02:50. > :02:55.sexual harassment, discrimination, bullying, and unprofessional
:02:56. > :03:01.behaviour. Now, while Eric Holder's report is anticipated, but's
:03:02. > :03:07.executives have adopted the recommendations in it. Duty will be
:03:08. > :03:11.opportunity for Uber employees to hear the fighting. So what happens
:03:12. > :03:18.next? Uber is still being investigated by the Department of
:03:19. > :03:23.Justice said that it used technology to avoid law enforcement. And the
:03:24. > :03:30.self driving car programme? It is facing a lawsuit from Google's
:03:31. > :03:32.before the overall culture of the before the overall culture of the
:03:33. > :03:38.company changes for good. To Spain now where Prime Minister
:03:39. > :03:41.Mariano Rajoy is facing The vote, which was called
:03:42. > :03:55.by the far left Podemos Party, But it could raise the political
:03:56. > :04:03.pressure on the Prime Minister after a fresh burst of corruption
:04:04. > :04:06.revelations linked to his Mr Rajoy's party has been
:04:07. > :04:12.at the centre of multiple probes into alleged kickback schemes
:04:13. > :04:25.and illegal party slush funds We go light of Madrid, now. -- live.
:04:26. > :04:31.We don't hear much about this, but tell us how damaging this is, and to
:04:32. > :04:33.what extent the Prime Minister, Mariano Rajoy, is personally
:04:34. > :04:38.affected. Clearly, Mariano Rajoy is affected. Clearly, Mariano Rajoy is
:04:39. > :04:41.going to have two go to Parliament and give an expedition of all as
:04:42. > :04:48.matters you have spoken about, slush funds, it generalise corruption. I
:04:49. > :04:57.guess that is one of the reasons for this censure vote. -- generalised.
:04:58. > :05:05.This is another opportunity for Pablo Iglesias to put himself up as
:05:06. > :05:09.Socialist party. In terms of the Socialist party. In terms of the
:05:10. > :05:15.scandal itself, what do you think the outcome will be? Many are saying
:05:16. > :05:18.he will not lose the vote of confidence today. Oh, no, there is
:05:19. > :05:24.no surprise that all whatsoever. All parties have already announced their
:05:25. > :05:27.Spain, so we know we don't have Spain, so we know we don't have
:05:28. > :05:36.enough votes, it will not go through. You need a majority in
:05:37. > :05:42.Spain for anything to pass, and they are just do have, they are not there
:05:43. > :05:46.to get even half of it. So there is secret as to the outcome. It is
:05:47. > :05:50.interesting to see the President tried to defend itself, and the
:05:51. > :05:55.kinds of our give us his tried to bring forth, and as I said before,
:05:56. > :06:01.Pablo Iglesias, with his ponytail, now he will be in a ponytail and a
:06:02. > :06:02.jacket, to try and convince the Spanish that he is an alternative to
:06:03. > :06:41.the government. This is the we are all expecting to see this far
:06:42. > :06:45.less party -- we are waiting to see if this far less party can offer
:06:46. > :06:58.alternative and Spanish politics. Thank you for your time. There seem
:06:59. > :06:59.to be no limit to Alibaba founder Jack Ma's ambitions.
:07:00. > :07:02.While his e-commerce empire is a major force in Asian retailing
:07:03. > :07:02.he is now announcing a big expansion.
:07:03. > :07:11.A further expansion. We go to Rico Hizon in our Asia Business Hub. Good
:07:12. > :07:16.to see you Rico Hizon. His ambitions are getting bigger? Yes, that is
:07:17. > :07:22.right. He wants to build an e-commerce site is the right here in
:07:23. > :07:26.Asia. The German is opening new sales channels in Singapore,
:07:27. > :07:32.Malaysia, Hong Kong and Taiwan, as part of his world e-commerce site.
:07:33. > :07:39.Targeting at the same time 100 million Chinese citizens are living
:07:40. > :07:46.overseas. Alibaba has roughly 600 million active buyers in its place.
:07:47. > :07:53.He was a quadruple that to 2 billion people within 15 years. $1 billion
:07:54. > :08:01.year. Very spending heavily in the year. Very spending heavily in the
:08:02. > :08:06.region through investment and joint ventures. We see deals recently in
:08:07. > :08:12.Thailand, South Korea, and India. Jack Ma is very aggressive with all
:08:13. > :08:17.the cashier has, and it did was a bigger piece of the Asian e-commerce
:08:18. > :08:19.by. We will keep an eye on him. -- buy.
:08:20. > :08:24.Ever since the UK voted to leave the European Union a year ago,
:08:25. > :08:29.business leaders in the Eurozone have called for some of the City
:08:30. > :08:30.of London's most prized businesses to be moved to the continent.
:08:31. > :08:32.One of these segments of business, that generates millions
:08:33. > :08:35.One of these segments of business, that generates millions of dollars a
:08:36. > :08:40.day for the City of London, is your row clearing.
:08:41. > :08:48.Later today the European Commission is set to release its proposals
:08:49. > :08:52.on whether it should be moved away from London after Brexit.
:08:53. > :08:56.So what is euroclearing, and why does it matter if it moves
:08:57. > :08:59.This City of London has a fast business in clearing financial
:09:00. > :09:03.trades, were that deals are done in euros. Resample, many bet on whether
:09:04. > :09:07.interest rates will rise or fall in the future. Clearing houses act as
:09:08. > :09:12.the middleman, ensuring that these deals are completed, even if one of
:09:13. > :09:15.the trade as default. -- for example. This reduces the risk that
:09:16. > :09:19.a single default can spread throughout the financial system.
:09:20. > :09:22.Almost three quarters of you nominated deals are currently
:09:23. > :09:29.cleared in London, totalling nearly $1 trillion a day. Such large
:09:30. > :09:34.volumes keeps costs down. But the EU is worried it will lose regular tree
:09:35. > :09:38.control of London's clearing houses, once the UK leads Europe, which
:09:39. > :09:45.could be harmful in a currency crisis. But losing this could lose
:09:46. > :09:52.London its status as a financial powerhouse. -- regulatory. And the
:09:53. > :09:53.City of London will be seeing it as a sign of its future relationship
:09:54. > :09:58.with the EU. Now you know. Let's look at the
:09:59. > :10:01.markets in Asia. We saw losses that are much across the board yesterday.
:10:02. > :10:05.They have been parried a little today. Just Japan down slightly.
:10:06. > :10:08.Technology stocks are doing a little better. There has been a real
:10:09. > :10:15.concern that there has been a sell-off of tech stocks in the US.
:10:16. > :10:29.What is it mentor Sir? -- what is that men elsewhere? We will quickly
:10:30. > :10:34.show you the US. I was just told Auld Mug Toshiba numbers. No, we
:10:35. > :10:38.can't. I won't. You can sit on our website if you want to do that. I
:10:39. > :10:39.will be back soon for news