tv World Business Report BBC News October 6, 2017 5:30am-5:46am BST
this is bbc news. i'm james menendez. our top stories: tropical storm nate kills at least 20 people across central america. it looks set to strengthen as it heads for the us. five days after the las vegas shooting, the white house, senior republicans, and the national rifle association consider limited changes to us gun laws. wins for germany and england secure qualification to next year's football world cup in russia. harvey weinstein has admitted he caused pain following claims he sexually harassed women for decades. he has taken a leave of absence from his company to undergo therapy. it is time for world business
report. ben is there for us. it's a $100 billion business relationship. but after 13 summits and more than a decade of talks, can the eu and india finally do a free trade deal? plus, autumn yuan bonanza. six million chinese tourists are on the move for the golden week holiday. we find out how singapore is cashing in. hello, and welcome to bbc news. also coming up, another dent on the reputation of the japanese car industry as nissan recalls more than a million cars injapan over improper safety checks. stay with us for that.
we start in the indian capital, delhi, where prime minister modi is hosting the 14th eu—india summit. european commission president, jean—claude juncker, and european council chief, donald tusk, are there to discuss everything from security to migration and climate change. but they will also be trying to revive talks on a free trade deal, which started a decade ago but have made little progress. the european union is india's biggest trading partner. the two sides traded over 90 billion dollars‘ worth of goods last year. including the service sector it's a 100 billion dollar a year relationship. but there are some big issues. india protects its local industries with import taxes or tariffs on foreign goods. the eu would like to see those slashed, particularly on cars, as well as wines and spirits. for india, the big priority is visas. it wants immigration rules relaxed, making it easierfor indian professionals to work in europe. but the eu says visas are question for national governments, not something it can regulate.
we heard talked about the size of this trading partnership. —— have. what is holding them back from doing a deal? we have seen more than a decade of negotiations. three years back, talks proceeded at a faster pace. as you mentioned, the european union wants duties cut in the car sector, and the same with wine and
spirits, and importantly, intellectual property rights. that has been holding the talks back. the 13th summit was organised in brussels after a four—year gap. this time, we have been told they are scheduled. they will be initiating the free—trade agreement towards a final stage. but they will be more talks before we can see that.” final stage. but they will be more talks before we can see that. ijust wa nt to talks before we can see that. ijust want to know the view of the indian side of things about what the eu can offer without the uk when brexit finally happens. that is an important point. the uk is india's largest exports market in the eu. now that brexit negotiations are under way, we believe until the time
those formalities are done, this trade negotiation with europe will ta ke trade negotiation with europe will take time. europe has already offered more investment in infrastructure projects in india. there is an announcement by the european union investment bank for urban infrastructure and transport. also, they are offering liberalised visas for indian intellectuals, which they have been campaigning for very hard. let's go to asia now. and another dent on the reputation of the japanese car industry. nissan is recalling all 1.2 million cars it sold in its home market over the past three years. the country's transport ministry has found cars were being signed off for delivery without being checked by qualified technicians. rico hizon is following this for us in singapore. ben! good to see. tell us more. you
better watch out. if you have a nissan car, it may not be certified. the transport ministry discovered quality checks on five major facilities of nissan in the country we re facilities of nissan in the country were not conducted by the correct employees. it also included contract workers as a result of the unauthorised approvals. so there will be a recall of cars sold in japan in the past three years, including the compact hatchback and minivan. it is the second automobile misconduct in as many years after mitsubishi in 2016 it had falsified fuel statistics for domestic models. there has been an apology from
nissan officials. the ceo, hiroto, said they apologise for mistakes and procedures must be taken seriously regardless of how busy they may be 01’ regardless of how busy they may be or how shortstaffed they are. watch this space. it may include the international market. thank you. we will talk more about it later. see you soon. let's stay in singapore. it's been having a lucrative week as six million chinese tourists head abroad for the annual golden week holiday, with spending money of an estimated $90 billion. south korea is normally a top destination, but this year, beijing has banned package tours there, because of tensions on the korean peninsula. seoul's loss is singapore's gain, as sharanjit leyl reports. a mythical creature created in 1972 bya a mythical creature created in 1972 by a tourism board keen to boost visitor numbers. the line is part
line, pipefish. —— merlion. today, it fulfils its purpose, attracting many from far and wide. tourists come here for the perfect snap. among them, 6 million chinese tourists on the move this week on the eighth day golden week holiday which began on october one. the chinese tourism academy predicts they will spend about $90 billion this golden week alone, making them a powerful force. the this golden week alone, making them a powerfulforce. the top this golden week alone, making them a powerful force. the top three destinations, thailand, japan, and right here, the merlion in singapore. why did they come? we like singapore very much. many chinese come here, choose to come here, to enjoy a holiday. and keeping them happy is this man's task, along with his company, the
singapore tourism board, the people who created the merlion, who are trying to find ways to keep chinese visitors coming back. this year, for the first seven months, we have had incredible numbers. we want to work together with companies to make sure we capture chinese visitors. together with companies to make sure we capture chinese visitorsm together with companies to make sure we capture chinese visitors. it is those wallets helping boost the economy here at the main shopping district. chinese spenders are of a higher quality. they spend more, 40% on watches and jewellery as well as fashion. it is a big market for us. keeping them smiling is a tough business. destinations fall in and out of favour on beijing's rulings. south korea, just last year a top spot for chinese visitors during golden week, has dropped
dramatically after political tensions with beijing and seoul. in order to keep chasing the chinese dollar, it appears one key strategy would be to stay in the good books of china. sharanjit leyl, bbc news, singapore. and now for some other business stories. ba rcelona—based bank sa badell says it's moving its legal base out of catalonia following threats by the region's leaders to declare independence. spain's fifth—biggest bank says that on friday it will start the process of moving its legal base to alicante. its headquarters and employees will remain in barcelona. according to reuters, the board of spain's number three bank caixabank will meet on friday to consider a similar move. shares of netflix have risen after it announced it's raising prices in the uk and us for the first time in two years. the streaming video service will also increase subscription charges in some european countries. a premium uk subscription will go up £1 to £9.99 a month. in the us it will go up by $2 for the premium option to $13.99. a quick look at the markets. all
three closing at record highs. the snp 500 getting a sixth straight record for the longest streak since 1997. that is it for world business report. i am 1997. that is it for world business report. iam ben 1997. that is it for world business report. i am ben bland. 1997. that is it for world business report. iam ben bland. see 1997. that is it for world business report. i am ben bland. see you $0011. ryanair has promised its pilots significant improvements in their pay and conditions, after having to cancel thousands of flights in recent weeks. in a three page letter to pilots, the airline's chief executive, michael 0'leary, said he'd beat the deal offered by other carriers if they stayed loyal. keith doyle reports. ryanair‘s boss was not known for
apologising, but recently he said sorry a lot after 700,000 passengers' sorry a lot after 700,000 a . sorry a lot after 700,000 passengers' journeys were cancelled after a problem rostering pilots. on behalf of ryanair and my own behalf, i want to apologise. i also want to apologise. i say sorry. i sincerely apologise. i say sorry. i sincerely apologise. now it is the pilots' turned to get an apology. in a letter addressed to all ryanair pilots from michael 0'leary, he apologises for the problems of the airline, and pleads with them not to join rival airlines, airline, and pleads with them not to join rivalairlines, promising improved pay, conditions, and prospects. last month, the irish local airline promised it would cancel 50 flights a day and ground 35 planes for the winter, affecting travel plans of 750,000 people. it was then forced to improve compensation to passengers, issuing
yet another apology. the airline says it has enough pilots, and this letter shows it desperately wants to hold on to them. in it, they are offered increases of up to 10,000 euros, better payments for extra working, improved conditions and career prospects, and a loyalty bonus of 12,000 euros if they do not move to a rival airline. the letter ends with a plea to pilots, i urge you to stay with ryanair, says michael 0'leary is. he hopes passengers will as well. keith doyle, bbc news. coming up at 6am on breakfast: charlie stayt and naga munchetty will have all the day's news, business, and sport. they will talk about the last concorde to fly, and it will be in a museum in bristol. this is bbc news. the latest headlines: tropical storm nate has killed at least 20 people in central america. many more are missing and hundreds of thousands are without running water.
the storm's expected to strengthen as it heads towards the us, possibly making landfall on sunday. the white house and some senior republicans have welcomed a suggestion from the powerful gun lobby group the nra that it will back calls to regulate rapid fire devices for guns in the wake of the las vegas shooting. the oscar—winning film producer harvey weinstein has apologised and admitted he "caused a lot of pain" following claims he sexually harassed women for decades. mr weinstein said he planned to take a leave of absence from his company now it is time for our news review. we begin with the independent and uk prime minister theresa may who paper says it's locked in a mexican —— prime minister theresa may who the paper says it's locked in a mexican stand—off as plotters within her party prepare to try and force herfrom office. the washington post online says us president donald trump will effectively try to scrap the iran nuclear deal because he does not think
it is in the national interest of the united states. the move could lead to renewed us sanctions against tehran. the gulf news leads with saudi king salaman bin abdul aziz who has met russian president vladimir putin in moscow. it's the first ever visit by a saudi monarch with both countries being on opposing sides during syria's civil war. the guardian's business pages look at moves by banks in catalonia to consider relocating, following the prospect of independence from spain. many businesses say they will be forced to move to guarantee access to the domestic spanish market and the european union. and finally, the japan times celebrates japanese—born british author kazuo ishiguro, who has won the nobel prize for literature for his "novels of great emotionalforce".