With sally and World Business report. From Boardroom Chief to commander in chief. Trump hands control of his Business Empire to his sons. But ethical questions will remain for americas richest ever president. Plus i apologize to the south korean people. Samsung Boss Jay Y Lee is questioned in a growing Corruption Scandal welcome to World Business report. Im Sally Bundock well be live in seoul in a moment for the latest on samsung. But first we are in the us where, as youve been hearing, President Elect donald trump has been dismissing claims russia holds Compromising Material on him, calling it fa ke news. The row has even threatened to overshadow controversy over mr trumps Business Dealings and concerns he will face a major Conflict Of Interest once in the white house. On wednesday he said hed hold onto his Business Empire but hand complete control to his two eldest sons, donald junior and eric. So will it be enough to silence the critics . Lets show you some of the details. The Trump Organisation is not listed on the stock market so it doesnt publish financial information. But according to private Company Research firm privco the real estate, hotel and Leisure Empire made revenues of 9. 5 billion in 2014. According to bloomberg as well as billions in assets, the organisation has some 600 million of debt, owed to scores of financial institutions. Another potential source of conflict. It employs an estimated 22,000 people in more than 20 countries, raising questions over Foreign Policy but mr trumps lawyer says no new foreign deals will be made whatsoever while he is president. She says over 30 pending deals have been cancelled, instantly losing the family millions of dollars. And an ethics advisor will be appointed to approve all dealings that might raise Conflict Of Interest concerns or be seen to exploit the office of the presidency. Heres Samira Hussain in new york in order to address issues of Conflict Of Interest the President Elect is said he will establish a trust and will turn over management of his organisation to that trust. The trust will be run by his two sons and a trusted adviser. The President Elect has also said there will not be any new International Deals made by the Trump Organisation while he is in office and any new domestic deals will be subject to the approval of a self appointed as its adviser that will be also part of this trust. Have a listen to a little bit of what the President Elect said in a press c0 nfe re nce what the President Elect said in a Press Conference about his business interests. My two sons who are right here, don and eric, are going to be running the company. They are going to be running it in a very professional manner. They re to be running it in a very professional manner. Theyre not gonna discuss it with me. Again, i dont have to do this. Theyre not gonna disgusted with me. The question is whether this will be enough to silence its critics. And the early indication is that it probably wont. The biggest problem, of course, being that mr trump has not fully divest it and many people believe that in order for this to really work, the President Elect would actually have to sell any of his business interests. Further, establishing a trust with his two sons at the helm doesnt really give enough distance between the highest office in the land and the Trump Organisation. So many questions remain. Iam organisation. So many questions remain. I am joined organisation. So many questions remain. Iamjoined by organisation. So many questions remain. I am joined by stephanie. Organisation. So many questions remain. I am joined by stephaniem this enough . It does not even come close to being enough and he knows this. Congress knows this and the press knows this. So what will be interesting will be how will we hold him to account on this . Every other president in modern history has put their assets into a blind trust. It is completely fair to say that that is completely fair to say that that is difficult in this case because his empire is so massive. It is about real estate as opposed to just shares. So we are in uncharted territory with the kind of assets that he has. But the idea that this is going to be transferred to his children and that guarantees a sense of neutrality for him is proposed is. You can imagine the family discussions over dinner. But the independent ethics adviser, whoever he or she will be, will that be held full or is thatjust tokenism . Exactly. What power will this person have caught . If the President Elect is the boss for this person, they can make advice or comments but that is the question here and this is the detail we are lacking. The other issue of course, there was a lack of detail in the Press Conference about anything else and market Around The World A Re Anything Else and market around the world are reacting in different ways. The dollar has fallen quite a lot over the last couple of days. We have seen shares falling injapan. There is concern that he is still not saying much about his policies are for businesses in and outside the us it is difficult for them to know what his presidency will mean. There is one thing i think has become abundantly clear and that will continue well before his inauguration which is this desire to seekjobs kept in the United States. Any plans that any specifically American Companies had to take jobs outside will be criticised. We have already seen him happily and deliberately use his twitter account to criticise Companies Whose share prices have been collapsed. Every board and the United States is going to be factoring that into their Risk Management strategy. They do very much for coming and. We will see you again soon. We are also in south korea where Technology Giant samsung has been battling to rebuild its reputation after its top of the range phone had to be withdrawn following a spate of battery fires. In the last few hours, a new setback for the firm, as Boss Jay Y Lee was called in for questioning in a widening Corruption Investigation that has already seen the President Park gyeun hye impeached. Mr lee is seen as the Heir Apparent of the firm, which he has been running since his father lee kun hee had a heart attack two years ago. Investigators want to know if the company gave millions of dollars to a friend of the south korean president in return for approving a merger. Lets talk to the bbcs Stephen Evans in seoul. We have heard a lot of apology but nobody admitting to wrong doing so far. Is that correct . Yes. Its one of those. Connoisseurs of apologies will relish this case. It is one of the cases where somebody is one of the cases where somebody is saying sorry but i am innocent. The apology today was i am very, very sorry for creating a bad image. The president s apology was for trusting, i am very sorry but i trusted people too much. So apologies, yes. Admissions of guilt, absolutely not. These remain allegations which are being investigated. Very serious allegations because a lot of outside shareholders from samsung, people who have shares in samsung but who are outside the family as saying this merger of two Companies Back in 2015 within samsung was basically so the family could tighten its control of the company and was not actually to the benefit of shareholders in general. So if the pension fund, the third biggest in the world, remember, stuck its votes behind the family because the family had done private deal with the president to give money to the president s friend, that would be a pretty serious matter. The difficulty is its an allegation of nudge and a wink corruption. This is not cash in brown envelopes at, it is meetings with only two people present doing deals. That is the allegation and thatis deals. That is the allegation and that is very, very difficult to prove. In the long run, how damaging could this be for samsung given its recent history which, as we mentioned, Exploding Phone and everything, but they have been so many other issues for samsung as playful is not who knows. But my feeling is not damaging at all, not very much damaging. You know, people purchase phones because they like the phone. And there is a history of corruption, i think that is the word we can use, at the top of the companies in this country. A lot of the political president s have been found guilty of corruption but you get the sense that they do not really feel that is a serious crime. It is sometimes even they go to jail and sometimes they are pardoned, sometimes they are not. In this case, let us assume that he is found guilty and goes to jail, the company will go on, the phones will keep coming, people will purchase or they dont. Thank you very much. Quite interesting. Lets have quick look at markets in asia so you have a sense of how the day is progressing so sense of how the day is progressing so far. 0bviously that is not the market at all. That is an apology for interrupting in our programme. We dont need that today, thankfully. Headed south today. We have japan under pressure because the yen is going up in value. The dollar is down in reaction to the press C0 Nfe Re Nce Dollar is down in reaction to the Press Conference from donald trump. More on that in a moment as we review the press. I will see you 0011. Plans to build a £1. 3 billion tidal lagoon in swansea bay are expected to be supported by a gun government funded review today. The report from the former minister concludes that the former minister concludes that the lagoons that can deliver a secure supply of clean energy and of the uk an opportunity to lead the world in new technology. Will this be the uks latest source of low Carbon Energy . The tides in swansea bay are some of the highest in the world. So why not build a seawall to ca ptu re world. So why not build a seawall to capture the outgoing tide . That is the plan from a private firm. They will use hydroelectric turbines to generate power as the Water Flushes through gaps in the seawall. The cost was thought too high for bill payers to bear. A review says it will need subsidy but it is not as expensive as it looks. If you look at the cost spread over a lifetime, it comes out at about 30 p per household to the next 30 years. That is less than a pint of milk and that is less than a pint of milk and that is where a thing we can start a new industry and we can do it at an affordable cost to consumers. Supporters hope we will see lagoons dotted around the post. That will bring down the cost, they say. Half anglers via the impact of the lagoon on wildlife. Doctors believe they are closer to understanding why Chronic Stress increases the risks of Heart Attacks and strokes. They suggest high levels of activity and a level of the brain which it responds to a motion such as fear and anger prompts bone marrow to produce extra White Blood Cells and this makes blockage in the arteries more likely. In breakfast later on this morning we have the usual mix of news and sport. Welcome to bbc world news. Donald trump has angrily denied suggestions he may be vulnerable to blackmail by russia. The director of National Intelligence denies his organisation has leaked any allegations against mrtrump. He held his first News Conference on wednesday afternoon. The german carmaker volkswagen has agreed to plead guilty to criminal charges in the us, for using Illegal Software to disguise the level of emissions from its diesel cars. It has also agreed to pay 4. 3 billion in fines. Now it is time for our news review. Quite a News Conference in new york. The independent leads with us President Elect donald trump who has angrily dismissed claims that russia has Compromising Material on him and has suggested that Us Intelligence agencies may have leaked the allegations. The gulf News Business pages report on volatile world stocks which fell following comments made by donald trump. Prices dipped on wall street and european markets were also down. In asia we have japanese shares falling. The guardian financial section carries a warning from the World Economic forum that rising Income Inequality and the polarisation of societies are among the biggest risks to the Global Economy in 2017. The ft says turkish president recep Tayyip Erdogans efforts to tackle terrorism and consolidate power have alarmed investors and seen the turkish lira fall 4 to a new low. And finally, The Business Section of the telegraph has this still from the hotly tipped film la la land
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