CCTV Script 18/02/14


This is the script of CNBC's news report for China's CCTV on February 18, Tuesday.

Welcome the CNBC Business Daily.

Gold has traditionally been seen as a safe haven trade, and as the global economy continues to waver, the precious metal is regaining some of its glitter.

Gold has been hovering near three and a half month highs as a weaker US dollar and QE taper fears saw a sell off in global equities. Fears over a slowdown in both the US and China have also pushed prices steadily higher.

The precious metal has gained 10 percent since the start of the year, and as one analyst told us, it can only go higher:

[Soundbyte on tape by Tom Essaye, President, Kinsale Trading] I don't think it's overdone in anything other than maybe the very short term. I think we've seen a bottom in gold. I think that gold bottomed at $1,180 - $1,200 per ounce, so in the short term, you saw gold rally initially off a crisis bid in the emerging markets. That then continued most recently because we've been seeing the USD go down. Why? Because economic data here in the United States has been soft. I don't think that's a trend that will necessarily continue, so I think we could see gold come in here a bit, but I would buy that dip. I think the long term bottom is in, I think we're going significantly higher in gold, but it will take some time, there's no need to rush.

Li Sixuan from CNBC's Singapore headquarters.

Reporter: Karen Tso

2014 has been hit and miss so far for fashion industry profits, but here at the bi-annual showcase in London, designers are doing all they can to fire up consumer spending.

Trends on the catwalks so far include sport luxe, layering, androgyny and a big helping of intricate detailing. And fashion firms are looking to the future. Pringle of Scotland is a brand steeped in history. Founded in 1815, the cashmere specialist even counts the queen as a customer! But that hasn't stopped the company from venturing into new technologies. 3D printing was used to create these designs, which were made using nylon powder before being woven into the knitwear.

[Soundbyte on tape by Massimo Nicosia, Creative Director, Pringle of Scotland] 3D printing is a driver of change for many disciplines such as design, industrial design and architecture. It's been utilized in architectural modeling, for instance. It is the first time that 3D printing is almost woven and interconnected, knitted together with something that relates to fashion garments.

Here at Vivienne Westwood, despite the bevy of activity, the aim of the game is to sell less, not more as the designer strides towards sustainability.

[Soundbyte on tape Vivienne Westwood, Designer] Quality doesn't hurt the planet as much as quantity.

And it wasn't just restrained consumption that Westwood was arguing for - the designer also used her show to highlight the case against fracking in Britain

[Soundbyte on tape Vivienne Westwood, Designer] Everything is being done for a quick profit. You know, that's what we're doing with fossil fuels, that's what they're trying to do with fracking and everything. Just quickness, you just get it out and then it would be there anymore. Then a few people would've made a lot of money and it's just absolutely terrible what's happening in the world.

Emerging markets - once a source of huge sales growth for luxury brands - have become a sore spot for some in recent months. Companies like Burberry and Mulberry have rattled investors with warnings of slowing growth in Asia. But it's not all doom and gloom - LVMH and Swatch recently said 2014 was looking bright, especially in China. Pringle's design boss say fashion brands need to stop thinking about the emerging market customer differently.

[Soundbyte on tape by Massimo Nicosia, Creative Director, Pringle of Scotland] The market is becoming so global so definitely emerging markets - or what were once perceived as emerging markets - are very mature markets, very knowledgeable markets. We have a very interesting scene in China - Pringle is opening new shops - but Chinese customers are learning very quickly.

But whatever 2014 holds, the fashion industry still gives a stylish boost to the economy. The latest figures from the British Fashion council say the sector contributes 26 billion pounds to the UK economy - that's a more than 20 percent jump from four years ago.

This is Karen Tso reporting for CNBC in London.

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