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