13/06/2017 World Business Report


13/06/2017

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would also apply to balaclavas and masks.

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It is time now for World Business Report.

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Under the microscope: The ride-hailing app Uber

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will reveal the conclusions of a self-imposed investigation

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A day of reckoning for Spain's Prime Minister:

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Mariano Rajoy faces a no-confidence vote in Parliament over corruption

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Hello. It is another day and this is another edition of World Business

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Report, with me, Sally Bundock. It is good to have you with us. It is a

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packed programme as usual. And we are starting with what looks like a

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bumpy ride for the taxi hailing company, Uber.

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The US giant is expected to announce the recommendations

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from an extensive probe into its corporate culture and practices.

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The investigation was carried out by former

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US Attorney General Eric Holder - who is understood to have suggested

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a series of measures to bring about far reaching change

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Uber commissioned the probe back in February after a blogpost

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In it, Susan Fowler said she'd suffered

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from persistent sexual harassment at the company -

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and that she's been punished for complaining.

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Uber reacted with horror, saying it would investigate.

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The company's been forced to fire more than 20 people after uncovering

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And the firm's problems don't stop there.

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It's suffered a series of high profile resignations in recent

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months - including its chief financial officer and most recently

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All this has meant a lot of pressure on the chief

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In March a video of him getting into a foul mouthed row with an Uber

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and he was forced to make a very public apology.

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There is no question that Uber has been an absolute game changer. It

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has dramatically and aggressively shifted the way people use

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transportation. It has forced legacy taxi companies to catch up, and has

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fray. But ever since the claims of fray. But ever since the claims of

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sexual harassment and lack of response from senior managers came

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on, Uber has been trying to clean up its image. Lastly, the company it

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fired 20 staff after another law firm looked into 215 complaints of

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sexual harassment, discrimination, bullying, and unprofessional

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behaviour. Now, while Eric Holder's report is anticipated, but's

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executives have adopted the recommendations in it. Duty will be

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opportunity for Uber employees to hear the fighting. So what happens

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next? Uber is still being investigated by the Department of

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Justice said that it used technology to avoid law enforcement. And the

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self driving car programme? It is facing a lawsuit from Google's

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before the overall culture of the before the overall culture of the

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company changes for good. To Spain now where Prime Minister

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Mariano Rajoy is facing The vote, which was called

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by the far left Podemos Party, But it could raise the political

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pressure on the Prime Minister after a fresh burst of corruption

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revelations linked to his Mr Rajoy's party has been

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at the centre of multiple probes into alleged kickback schemes

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and illegal party slush funds We go light of Madrid, now. -- live.

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We don't hear much about this, but tell us how damaging this is, and to

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what extent the Prime Minister, Mariano Rajoy, is personally

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affected. Clearly, Mariano Rajoy is affected. Clearly, Mariano Rajoy is

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going to have two go to Parliament and give an expedition of all as

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matters you have spoken about, slush funds, it generalise corruption. I

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guess that is one of the reasons for this censure vote. -- generalised.

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This is another opportunity for Pablo Iglesias to put himself up as

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Socialist party. In terms of the Socialist party. In terms of the

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scandal itself, what do you think the outcome will be? Many are saying

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he will not lose the vote of confidence today. Oh, no, there is

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no surprise that all whatsoever. All parties have already announced their

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Spain, so we know we don't have Spain, so we know we don't have

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enough votes, it will not go through. You need a majority in

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Spain for anything to pass, and they are just do have, they are not there

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to get even half of it. So there is secret as to the outcome. It is

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interesting to see the President tried to defend itself, and the

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kinds of our give us his tried to bring forth, and as I said before,

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Pablo Iglesias, with his ponytail, now he will be in a ponytail and a

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jacket, to try and convince the Spanish that he is an alternative to

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the government. This is the we are all expecting to see this far

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less party -- we are waiting to see if this far less party can offer

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alternative and Spanish politics. Thank you for your time. There seem

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to be no limit to Alibaba founder Jack Ma's ambitions.

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While his e-commerce empire is a major force in Asian retailing

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he is now announcing a big expansion.

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A further expansion. We go to Rico Hizon in our Asia Business Hub. Good

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to see you Rico Hizon. His ambitions are getting bigger? Yes, that is

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right. He wants to build an e-commerce site is the right here in

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Asia. The German is opening new sales channels in Singapore,

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Malaysia, Hong Kong and Taiwan, as part of his world e-commerce site.

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Targeting at the same time 100 million Chinese citizens are living

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overseas. Alibaba has roughly 600 million active buyers in its place.

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He was a quadruple that to 2 billion people within 15 years. $1 billion

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year. Very spending heavily in the year. Very spending heavily in the

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region through investment and joint ventures. We see deals recently in

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Thailand, South Korea, and India. Jack Ma is very aggressive with all

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the cashier has, and it did was a bigger piece of the Asian e-commerce

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by. We will keep an eye on him. -- buy.

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Ever since the UK voted to leave the European Union a year ago,

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business leaders in the Eurozone have called for some of the City

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of London's most prized businesses to be moved to the continent.

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One of these segments of business, that generates millions

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One of these segments of business, that generates millions of dollars a

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day for the City of London, is your row clearing.

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Later today the European Commission is set to release its proposals

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on whether it should be moved away from London after Brexit.

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So what is euroclearing, and why does it matter if it moves

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This City of London has a fast business in clearing financial

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trades, were that deals are done in euros. Resample, many bet on whether

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interest rates will rise or fall in the future. Clearing houses act as

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the middleman, ensuring that these deals are completed, even if one of

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the trade as default. -- for example. This reduces the risk that

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a single default can spread throughout the financial system.

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Almost three quarters of you nominated deals are currently

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cleared in London, totalling nearly $1 trillion a day. Such large

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volumes keeps costs down. But the EU is worried it will lose regular tree

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control of London's clearing houses, once the UK leads Europe, which

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could be harmful in a currency crisis. But losing this could lose

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London its status as a financial powerhouse. -- regulatory. And the

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City of London will be seeing it as a sign of its future relationship

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with the EU. Now you know. Let's look at the

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markets in Asia. We saw losses that are much across the board yesterday.

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They have been parried a little today. Just Japan down slightly.

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Technology stocks are doing a little better. There has been a real

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concern that there has been a sell-off of tech stocks in the US.

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What is it mentor Sir? -- what is that men elsewhere? We will quickly

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show you the US. I was just told Auld Mug Toshiba numbers. No, we

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can't. I won't. You can sit on our website if you want to do that. I

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will be back soon for news

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