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tv   World Business Report  BBC News  September 19, 2017 5:30am-5:46am BST

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this is bbc world news, the headlines. myanmar is facing mounting pressure over the plight of rohingya muslims. in the last hour, the country's leader aung san suu kyi condemned human rights violations in rakhine state and said she will allow rohingya refugees to return. a powerful hurricane has made landfall in the eastern caribbean. the us national hurricane centre says hurricane maria is a potentially catastrophic category five storm, with sustained winds of 260 kilometres an hour. ryanair has published a full list of the flights being cancelled over the next six weeks, after admitting it's messed up the planning of pilot holidays. thousands of passengers were left stranded at the weekend and the company is facing a massive compensation bill. a huge fire has broken out at a warehouse in north london. 120 firefighters tackled the blaze, one person has been taken to hospital. the cause of the fire is as yet unknown. now it's time for
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world business report. off limits to foreigners? china's government considers plans to open up it's financial sector to more overseas investment. so who is interested? burgers and sandwiches unite! a filipino fast food chain eyes a takeover bid for british chain pret a manger. welcome to world business report. i'm sally bundock. also in the programme, shares in mattel and hasbro sink on rumours toys r us is about to go bankrupt. details in a moment.
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but first, china is the world's second biggest economy, trailing only the united states, and could well become number one in the next decade. but as it stands, large chunks of it are off limits to foreigners because of restrictions over what they are allowed to own. but that is changing with the chinese government looking at how it can attract more investment from overseas — and that is what's behind an important meeting of china's central bank which is taking place today. that meeting of the people's bank of china is looking at the financial services industry which at around $40 trillion, is one of the most valuable sectors of the economy for companies both inside and outside of china. un figures suggest over the last few years there's been a trend
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of growing foreign direct investment in china — despite it falling to $133] billion last year. while the finance industry is still subject to restrictions, many parts of the chinese economy are open to foreign trade with little regulation — particularly in the 11 trial free trade zones dotted around the country. and some of the areas where china's government wants more investment from abroad include electric vehicle manufacturing, ship design, aircraft maintenance and the railways. we'll have an expert opinion on the story in the next hour of world business report. it's the fancy sandwich chain that has over 400 stores around the world. pret a manger is reportedly a takeover target, with filipino firm jollibee considering a bid.
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according to reuters sources, jollibee — which is best known for its fried chicken and burgers — is exploring a bid that would value pret at around $1 billion. rico hizon is in singapore — you called jollibee, what did they say? you are saying jollibee correctly. absolutely. jollibee, at this point, have denied that any bid has been made for pret a manger. this is quite common for major listed companies who are plotting key acquisitions. jollibee has been acquiring some of the largest fast food chains in the world in china and the united states. they recently
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acquired a 40% stake in the us chain smash burger. sources said that jollibee‘s valuation of pret a manger could be over $1 million. jollibee stated that the acquisition of new businesses has always been a pa rt of new businesses has always been a part of their growth strategy and they are looking for opportunities. 0nly they are looking for opportunities. only time will tell if they are negotiating for a deal. are posh sandwiches and fast food a good combination? yes, it could be an unlikely pairing. jollibee has a huge following in the philippines and overseas for their burgers, spaghetti and fried chicken. if you their menu, there is also organic coffee and wholesome sandwiches. a successful bid by jollibee
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coffee and wholesome sandwiches. a successful bid byjollibee would market the biggest overseas deal to date by a filipino company. they currently have over 2700 officers internationally. they also intend to enter italy and other countries in the coming years. if you do see a jollibee store, you would be greeted at the door by a giant bee. thank you, i will see very soon. staying with big brands on the high street. american toy giant toys r us could announce plans to file for bankruptcy imminently according to various reports. the company has been hit by downgrades from credit rating agencies and is struggling with around $400 million of debt. it's yet another example of the grim
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reality that traditional retailers face as they are shaken up by ecommerce competitors like amazon. sales at the company, which was founded in the post world war two baby boom, have been slipping for a while. the news has caused shares in some of its major suppliers to fall. shares in mattel fell more than 6% in us trade, while monopoly maker hasbro lost 2%. the recent mass cancellation of flights by ryanair will cost the company $30 million dollars. in a press conference on monday, boss michael 0'leary admitted the firm had made a mess in the planning of its pilot holidays, which he blamed the crisis on. however, ryanair pilots who wished to remain anonymous told the bbc that ryanair has a staff shortage due to many pilots leaving. 140 pilots moved to rival
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norwegian last year. ryanair has now published full details of the cancelled flights between now and 28 october, on it's website. a case involving bank notes and a toilet has swiss investigators scratching their heads. the geneva prosecutors office confirmed that tens of thousands of euros — in 500 euro bills — were found cut—up in toilet pipes in a local branch of ubs, and three nearby restaurants. the high—value euro notes are due to be taken out of circulation next year over concerns they facilitate illegal activities. prosecutors would not comment on local reports that a lawyer has been questioned over the incident. the european union is leading an effort to limit global trade
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of torture instruments, such as spiked batons and gas chambers. almost 60 countries have committed to join the alliance for torture—free trade, which formally launched at the united nations on monday. countries with some of the highest rates of execution, including china and the us, are not participating. but supporters of the effort say the alliance is a start. the eu's trade commissioner cecilia malmstrom sat down with the bbc‘s michelle fleury and told us why she was launching this alliance 110w. we have very tough legislation in the european union, on transit and promoting these products. but it is not enough. people are being tortured and executed all over the world. we are trying to limit access of this product. it is such a global economy, you are talking about people able to trade in these items online. how do you prevent this? we have seen and by limiting certain chemicals used for execution, it has been harder to execute people. in this country and the united states, for example. the idea is for these
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countries, there will be more to come, to get proper legislation to make sure that this is prohibited. we would set up a network for our customers to ensure that these products cannot be traded. in united states where the death penalty is legal, and in china, how is this taken? we have had people sign up to the international convention on the death penalty, we have reached out to them to start with. as we get more countries, it is also a political signal to isolate those countries who do follow these issues. you could portray person with a pencil if you wanted to, but this is a way to limit access to these products. my aim is to work
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with the united nations convention on these issues. a quick look at the markets. another day of strong gains. hong kong down slightly. the yen, not weak at steady. no rate change is expected, but discussion is expected about whether they will undertake quantitative tightening. you can see how things ended on wall street. see you soon for the news review. the prime minister theresa may has travelled overnight from canada to new york where she'll attend
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a meeting of the united nations general assembly. also there is her foreign secretary borisjohnson. 0ur deputy political editor john pienaar says the pair's recent spat over brexit could make for some awkward conversations. the story of the past to brexit does seem to exemplify the old adage, one step forward and two steps back. the prime minister does nurse hopes of significant progress by the end of this week. she will be meeting world leaders, including donald trump. those talks are always going to be interesting. they will discuss their differences over trade differences in northern ireland. she will be talking about online terrorism, modern slavery and other ideas with countries. the site we have seen,
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the prime minister having to slap down her foreign secretary, looking to set up his own agenda without approvalfrom downing to set up his own agenda without approval from downing street, to set up his own agenda without approvalfrom downing street, there are questions about whether that relationship will flare up into a new crisis. that overshadows everything. maybe the prime minister can gain some ground this week. maybe she can restore some of her battered authority. the fact is that the sight of her arguing that she is in the driving seat of her own government, it is not an admission of strength but a mark of weakness. coming up at 6am on breakfast, dan walker and louise minchin will have all the day's news, business and sport. they'll also have more on warnings that your home could be prone to a hacking attack — if you use a set top box that's been
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adapted to illegally stream movies and sport. this is bbc news. the latest headlines: myanmar is facing mounting pressure over the plight of rohingya muslims. in the last hour, the country's leader aung san suu kyi condemned human rights violations in rakhine state and said she will allow the refugees to return. a powerful hurricane has made landfall in the eastern caribbean. the us national hurricane centre says hurricane maria is a potentially catastrophic category five storm, with sustained winds of 260 kilometres an hour. ryanair has published a full list of the flights being cancelled over the next six weeks after admitting it's messed up the planning of pilot holidays. thousands of passengers were left stranded at the weekend and the company is facing a massive compensation bill. sally has joined
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sally hasjoined us. sally has joined us. she has been sneezing. i'm fine. a tree i will not sneeze for the next eight minutes. let's have a look at what is being said about various events around the world. hurricane maria is going to dominate the headlines over the next few days. this is a huge storm, rapidly intensifying to a category five storm. this is the most category five storm. this is the m ost rea d category five storm. this is the most read articles for the washington post, which is hardly surprising. it said order rico is in line to be hit byjust its second category five hurricane in recorded history. ryanair is dominating all the front pages as well. this is the

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