tv World Business Report BBC News June 26, 2017 5:30am-5:46am BST
this is bbc world news, the headlines. a passenger boat carrying more than 170 people has sunk in a reservoir in colombia, taking less than five minutes to go down. officials said six people died and 16 others were missing. there are no details yet on why the boat sank. reports from iraq say fighters from so—called islamic state have mounted a counter attack against iraqi troops, who are trying to recapture parts of the old city of mosul. iraqi commanders say that british fighters, as well as chechens and other foreigners, are among the militants. firefighters in southern spain are battling to stop a huge forest fire causing widespread damage to a national park that's home to rare species of wildlife. the blaze has led to the evacuation of more than 2,000 people. pakistan's prime minister, nawaz sharif, has cut short a visit to london to return home, after more than 140 people were killed when an oil tanker exploded in punjab province. those are the main stories. time to
catch up with all the business news in the world business report. the biggest recall in automotive history leads to the bankrupcty courts. japan's takata has had to recall more than 100m airbags across the world. yet another italian rescue job. two more banks get government bailouts — the third time that's happened in a year. is it isita is it a sign of more trouble for the eurozone? welcome to world business report. i'm susannah streeter. the japanese company behind the biggest recall in car—making history has filed for bankruptcy. takata's airbags were first found to be faulty in 200a. they've were used by 13 of the world's biggest carmakers who have all agreed to proceedings which have seen takata file for bankruptcy with courts in both tokyo and the us city of delaware.
worldwide, more than 100 million takata airbags — which can rupture with deadly force and spray shrapnel at passengers — have been recalled. the faulty airbags have been linked to at least 17 deaths and more than 100 injuries worldwide. it's all been very expensive for the company. $9 billion is the estimated cost according to japan's nikkei newspaper. the us firm, key safety systems, has bought all of takata's assets — except those relating to the faulty airbags for almost $1.6 billion. let's speak to mariko 0i who is in our asia business hub in singapore. there's just been apress conference — what did the ceo have to say? in addition to what you said, i think what a lot of consumers who
drives those cars, the cars with the possibly faulty airbags, their concerns are, what are they going to do if they are affected? the company has assured consumers that they can still get a free exchange of the airbag if necessary, but i think the big concern is that the company has even said that themselves that they don't know what has actually been causing these faulty airbags to explode. i remember a colleague of oui’s explode. i remember a colleague of ours in tokyo went to get a new airbag, she was very concerned that it was exactly the same. how do you know that the new airbag is actually 0k? there are a lot of unknown entities and concerns, but for now, at least the company has got the $1.6 billion from its key rival that would be allocated to pay for some
of the lawsuits and for the clients wanting to get their money back.- the moment, they are still battling for compensation, because it's been extremely costly? what our car company saying about this —— are?” spoke to toyota, nissan and honda, all of which use the takata airbags. they have been negotiating and paying for all of the recall related cost. they have been negotiating to get reimbursed. now that takata has filed for bankruptcy, they are not hopeful that they will get their money back. however, they have emphasised that their priority is to make sure that their cars are safe. there seems to be a bit of disagreements between takata and its clients. whether those carmakers can get the money back. the us company
which has taken over all the assets, other than a faulty airbags, has also said they are not going to be affected by it. they will continue to operate takata as it is for all the other assets, because you remember that the company does make other products such as child seats and seatbelts. millions of italians will be waking up to find their bank accounts have moved to banco intesa sanpaolo. it's because the country's biggest lender has taken on the good assets of both banca popolare di vicenza and veneto banca after the government effectively bailed them out with 5bn euros of taxpayers cash. the european commission has approved the deal which still needs parliamentary backing because it should stop their problems spreading. joe lynam reports. two more italian banks bite the dust. excessive debt and not enough profit, banca popola re
dust. excessive debt and not enough profit, banca popolare di vicenza and veneto banca have collapsed. the good parts of the banks were handed over to banco intesa sanpaolo. the italian government effectively giving a gift of almost 5 billion euros. they have also set aside a further 12 billion euros in case even more banks go bad in future. the italian state intends to and will probably manage to recuperate some of the costs in the medium term. don't forget that the state that bought the assets are defined as the bad bank. they use respected european regulations in the best way possible, using all measures which are possible, using all measures which a re often possible, using all measures which are often difficult to implement at the european level. this is the third such banking failure in the yearin third such banking failure in the year in italy, after another bank needed a state bailout around christmas. that was a loud that bank
was deemed vital to the overall functioning of the italian banking system. the question now is, is this enough to stabilise italy's indebted banking system ? enough to stabilise italy's indebted banking system? 0r enough to stabilise italy's indebted banking system? or is this just the start? when the billionaire president meets the prime minister of a billion people, the growing trade and business ties betweens their countries will be at the top of their agenda. while donald trump oversees the world's biggest economy, india's narendra modi, is in charge of of the world's fastest growing economy. last year india sold $46 billion worth of goods to the united states, more than anywhere else. but it was also more than as much as india bought from the us. but that imbalance might be changing. since the turn of the millennium, the number of high income households in india has grown more than fivefold.
as the middle class expands, so too does demand for us goods such as cars, air travel and consumer electronics. another issue crucial to economic ties between india and the us is the h1b visa scheme which allows highly skilled foreigners to work in the us. they've benefited the indian it industry, which is now concerned that washington is considering making them harder to get. it's an issue michelle fleury has been looking at. she sent this report from new york. this woman had no intention of staying in america after her studies. i wanted to go back and implement those learnings. but she joined mogul, a platform for women. they did a feature which lets companies hire highly skilled workers from abroad, she was able to stay. she played a key role in helping the company to grow and hire more american workers. helping the company to grow and hire more american workerslj helping the company to grow and hire more american workers. i am needed to build the company, because it is still in a high—growth phase. 0ne
to build the company, because it is still in a high—growth phase. one of the largest platforms for female millennial is, and i would like to be the largest worldwide. we believe jobs must be offered to american workers first. donald trump has made a big issue of immigration. under his leadership, this is fresh scrutiny. when president trump was talking about diseases on the campaign trail, most americans probably didn't know what he was talking about. in india, everyone's yea rs talking about. in india, everyone's years perked up because it is a huge pa rt years perked up because it is a huge part of the tech centre. he told me, the hb1 these are plays an important pa rt the hb1 these are plays an important part be in the economy —— h1b. people use those to come to the us every year. 70% of people who use it are from india. despite the importance of the h1b issue to india, narendra modi is not likely
to risk souring relationships between the two economies. the uk's biggest health food retailer holland and barrett is being bought by a russian billionaire for about $2.3 billion. the financial times says that the chain of more than 1,100 stores is being by l1 retail which is controlled by mikhail fridman. holland and barrett also has stores across europe, as well as a growing presence in emerging markets including the middle east, china and india. shares in asia have edged up on optimism about global growth, while the dollar was on the defensive as a subdued us inflation outlook raised questions about the federal reserve's plans to tighten policy. japan's nikkei rose 0.1%. that's all from me for now. the 65,000 ton hms queen elizabeth will leave her dock at rosyth
in scotland, where she's been built, to begin six weeks of sea trials. 0ur defence correspondent, jonathan beale, reports. the biggest warship ever built in britain is about to go to sea for the very first time. it has been one of the largest and most complex engineering products in the uk, it has taken years and cost more than £3 billion. but hms queen elizabeth is now ready to set sail. this is a significant move for the royal navy. it had been without an aircraft carrierfor it had been without an aircraft carrier for almost it had been without an aircraft carrierfor almost a decade. it had been without an aircraft carrier for almost a decadelj it had been without an aircraft carrier for almost a decade. i think there are very few capabilities by any country that are symbolic and titanic as a strike capability. these are very visible symbols of national power and projection. but
first, they will have to carefully manoeuvre this massive ship out of the dock with the help of 11 barges. to give you a sense of scale, from one end of the deck to a number is about 300 metres. that is the length of the houses of parliament. from the keel to the top of the mast, thatis the keel to the top of the mast, that is taller and some of the tallest buildings in the uk. eventually, they will have to take are under the bridges out there. that will be a real challenge in the beginning of herfirst real that will be a real challenge in the beginning of her first real sea trials. by tonight, hms queen elizabeth should be heading out to sea under her own power. later this year, if it all goes according to plan, she will be sailing into her new home of portsmouth. coming up at 6am on breakfast, dan walker and naga munchetty
will have all the day's news, business and sport. this is bbc news. the latest headlines: a passenger boat carrying more than 170 people has sunk in a reservoir in colombia, taking less than five minutes to go down. officials said six people died and sixteen others were missing. reports from iraq say fighters from so—called islamic state have mounted a counter attack against iraqi troops, who are trying to recapture parts of the old city of mosul. iraqi commanders say that british fighters, as well as chechens and other foreigners, are among the militants. firefighters in southern spain are battling to stop a huge forest fire causing widespread damage to a national park that's home to rare species of wildlife. the blaze has led to the evacuation of more than 2,000 people. it is time from —— for the newspaper
review. and a stark message from the world's biggest banking watchdog — a brutal warning over the state of the global economy. in the daily telegraph, the bank for international settlements says there's a rot in the monetary system, and the next financial crisis will hit with a vengeance. the ft‘s us edition reports that eu officials in brussels this week plan to fine google more than a billion euros. the internet search engine stands accused of using its market dominance to steer people unfairly towards its own shopping service. the south china morning post
looks at the online debate in china about whether the country should open its borders to help middle eastern refugees. china's foreign minister has weighed in, saying a political solution for syria needs to be found. muslims around the world are celebrating the festival of eid al—fitr, marking the end of the holy month of ramadan. the arab news here showing thousands of people praying at the prophet's mosque in the saudi city madinah. and "the water in majorca looks scarier than it oughta". a fun headline in the sun — a not so fun encounter for holiday makers on the spanish island, who had to flee from an eight foot blue shark. it isa it is a shame we cannot show you the picture.