×

CCTV Script 08/07/15

— This is the script of CNBC's news report for China's CCTV on July 8, Wednesday.

Welcome to CNBC Business Daily, I'm Qian Chen.

Leaders of the BRICS countries are meeting on Wednesday in Ufa, Russia.

Just one day ahead of the summit, the group of five major emerging economies launched a development bank, which aimed at financing projects mainly in member countries Brazil, Russia, India, China and South Africa by creating a $100 billion reserve fund by the end of July that can be tapped in financial emergencies.

China will contribute $41 billion to the currency pool.

Brazil, India and Russia will each provide $18 billion, while $5 billion will be provided by South Africa.

The combined GDP last year of Brazil, Russia, India, China and South Africa ALMOST matched the U.S.'s.

However, JUST 7 years ago, back in 2007, the U.S. economy was double that of the BRICS.

Although we've been seen major slowdowns in these EM economies, their collective weight in global GDP continues to rise.

Since 2009, China has clearly been a sparkling spot on the global stage, with its GDP jumping to more than 50% larger than that of its four peers combined .

For the remaining members, Russia and Brazil seems to lose momentum recently, as sliding commodity prices and political stresses weigh on their outlooks. However, India is gaining confidence. In terms of GDP growth, it has already surpassed Russia and is now getting closer to Brazil.

Eric Liu, Head of Research from Vanda Research, believed that during the summit, all eyes will be on China, Russia and to a lesser extent India.

He said in a note to CNBC that the three countries have similar but slightly different goals for the Summit; Xi Jinping is trying to expand his influence, Putin is trying to hold on to it and Modi is trying to establish it.

CNBC's Qian Chen, reporting from Singapore.

(LIU DRIVING)

When Uber driver Liu Mindong hits the road in Beijing, she's watching more than the rush hour traffic.

(LIU ON MOBILE)

Every day Liu fires up her Uber app to find passengers -- earning at least 1300 dollars a month - nearly three times what she earned in her last job as an assistant.

But she's never quite sure if the next pick up will be her last.

"We Uber drivers all concerned about our cars being stopped and detained," she says.

That's because Uber operates in a legal grey area in China.

(TRAFFIC THEN LIU)

Unclear regulations for all ride-sharing businesses here has led to government raids on Uber offices and spooked drivers like Liu who fear being caught by the authorities.

[Liu Mindong, Uber Driver] "All Uber drivers discuss the police sting operations every day in online chat groups," she says.

Uber's seen spectacular growth here. Thanks to its People's Car campaign, It has 11 percent of the market... and boasts more than 1 million trips a day.

Uber also faces stiff competition from local rivals like Car Inc which launched a campaign featuring celebrities to Beat U - as well as taxi hailing apps like Didi Kuaidi - backed by internet giants Alibaba and Tencent.

Uber's success has also threatened the livelihood of drivers for the traditional taxi business.

"Taxi drivers complain companies like Uber are putting them out of business. So many have been organizing strikes across the country - in protest."

Driver Liu hopes Uber will work out what she believes is the biggest obstacle of all.

"We hope Uber headquarters can coordinate with the government and give us Uber drivers a sense of security."

Eunice Yoon CNBC Beijing.

======================================

(PKG)Tourism is the single most important industry in Greece, providing more than 20 billion euros in revenue last year. July and August are the peak of the season.

This is the period where I should say that everything's going fine. We're in the middle of july, things are in a period where everything should be running well. It's quite the opposite right now.

Alex Angelopoulos is on the Board of directors of the Hotel Association and says cancellations are rolling in.

"because we are in the front page of every newspaper in the world. I'm really hoping this is not going to last for very long"

But businesses of every kind are suffering. As a result of the crisis, the banks have been shut for more than a week.

Although online banking is permitted inside Greece, no one is permitted to transfer money outside of Greece, meaning business owners can't pay foreign suppliers.

Kosta Kanaroglou is the CEO of Cana laboratories, which distributes pharmaceuticals and manufactures products like anti bacterial soap. He needs to purchase materials and products from overseas.

(SOT)--the fact is i can't transfer money, its creating some issues with our providers. we import a lot of products, we import raw materials and although a lot of our partners have us some room to breathe, it this goes on for longer, its going to become a real issue.

The crisis which started in 2009 has been tough on the company. Five years ago revenues were 60 million a year, not they've fallen to only 25 million a year.

"I haven't been sleeping ok in the past five years. To be honest."

Even internet companies based in Greece are having a tough time.. Manolis Nikforakis, the founder of a weather website hosts his site on servers in the United States.

(SOT--You need servers on the cloud, like amazon, google, microsoft, rackspace, this kind of infrastrucuture. So in order to rent the mahcines and deploy your software, you obviously need to pay them.

But right now he can't.

(Michelle)

Unemployment had finally shown some signs of improvement last year, but if this crisis continues, you can be sure unemployment will start to rise again.

Follow us on Twitter: @CNBCWorld