this is business briefing. i'm sally bundock. re—election for vladimir putin: but how will he steer the economy through troubled times, the heavy burden of sanctions and volatile oil prices? facebook‘s boss faces a storm over claims it allowed data from millions of users to be exploited for political gain — we have a special report from silicon valley. and a brand new trading week is under way in asia — shares apple suppliers are sliding on reports it's to make its own screens for the first time. vladimir putin's re—election hands him another six years as russian president and extends his grip on the world's 12th biggest economy. as you can see, growth was stronger

when mr putin came into office at the turn of the century — but the economy has suffered in recent years as global oil prices fell with russia dipping in and out of recession. russians have seen living standards fall. the average income is nowjust over ten thousand dollars — a third lower than its peak. but mr putin said he wanted to reverse that gap with a 50% rise by 2025. president putin did pledge to spend more on healthcare, education and infrastructure, including about $194bn on roads over the next six years. there is some room to spend because government debt is relatively low —

just 13.2% of the economy in 2016. here is what mr putin had to say. translation: india so i can see the recognition of what has been done over the last few years. i can see trust and hope. hope of our people that we will continue working in the same way with the same great results. thank you for this wonderful, multi—million member team. success is waiting for a. —— us. with me is craig botham, emerging markets economist.

schroders, in terms of the economy, vladimir putin has quite a job on his hands. russia has recently emerged from recession and grown to be given in the years to come. what you would expect now is that they would maybe have one or two years where they grow above trend growth. and then it is back towards i.5% grow above trend growth. and then it is back towards 1.5% that we think they are stuck at medium to long—term. they need to fit the supply side of the economy to help productivity grow faster and that is why he's talking about spending on infrastructure education and healthcare. he has made some big promises and i think that people feel that perhaps with the price of oil much higher than it has been an seemingly staying at the level it is that at the moment, that really does help russia. to what extent can he deliver on his promises and how quickly can he? one of the long—term aims is to get growth to about three

oi’ aims is to get growth to about three or4%, aims is to get growth to about three or 4%, double what it is at the moment. he does sound like president trump, doesn't it? they did both, is to make the country ‘s great again. that is their repeal. vladimir putin ‘s chance will be that russia does not assume this price will last. they budgeted $40 a barrel. gains cannot come from largest because that cannot continue so they are talking about boosting the infrastructure in the economy, trying to reduce long—term costs for business and consumers and making russia a more business friendly base. also they are still operating under international sanctions that we re under international sanctions that were put in place when russia annexed crimea. and probably gotten used to that to become the new normalfor used to that to become the new normal for them, hasn't it? used to that to become the new normalfor them, hasn't it? what extent has the impact of the sanctions being? it was evident in the chart that growth went into

recession and inflation skyrocketed. that was the steep fall in the chart. absolutely. it was very weak. the economy has now adjusted to that is the new normal. so products have filled the gap left by some of the imports were you will always be less efficient than an economy that has access to global markets. thank you for dropping by to share your expertise. there is a lot of analysis is well on our website and we will look at some of the media analysis in the news briefing later as well. now, let's focus on facebook where the chief executive is facing mounting pressure to appear in front of committees on both sides of the atlantic to defend allegations that data from millions of its users was harvested for use in political campaigns. facebook may be something of a tourist attraction here but for many around the world this place now

represent something else. a company that has enabled the collection of personal data that was then used as political propaganda. the latest problems are because of information allegedly obtained by cambridge analytic, a firm credited with helping donald trump win the presidency. reports claim details of around 50 million —— 50 million profiles were gathered with out permission. prominent lawmakers are now demanding that the facebook founder address the concerns about his company in person and notjust via his own facebook page. mark zuckerberg needs to testify before the senate judiciary zuckerberg needs to testify before the senatejudiciary committee demanded one democrat who said her office was launching a fresh investigation. a former presidential hopeful had this to say on sunday morning. these companies have grown quite quickly in the span of less than a decade. they have gone from being a novel idea to a major corporation. i am

being a novel idea to a major corporation. iam not being a novel idea to a major corporation. i am not sure if the institutional knowledge about the responsibilities, legal and ethical, that come with that have kept pace with the growth. similar calls have been made in the uk and investors are perhaps beginning to show signs of concern as well. mark zuckerberg if he hired a high balls and does not front and centre, this has the potential to grow into something much more odorous. so it is time to get ahead of the storm before it turns into a hurricane. facebook became a multibillion dollar industry because it made advertising more effective by knowing more about each and every one of us. it seems that that innovation was given added power to political proper gander as well. many of you have been in touch about the story. we will share your comments about the use of your data later in the news briefing. and now, a new boss at the central bank in china. a us educated economist. you

can see him here behind ming. —— behind me. let's go to our asia business hub where rico hizon is following the story. tell us more about him. he has a lot of experience for this job. he has served as deputy governor of the people's bank of china for the last decade and he will be replacing the governor who was set to retire this year after a record 15 year tenure. when you speak to analysts about the incoming appointment, they say it assures policy continuity as beijing moves aggressively to incorporate the west into its financial system. other banking regulations have reacted to contain problems in terms of runaway debt rose and curb risking lindy practices in the shadow banking system. this man will ta ke shadow banking system. this man will take charge of efforts to liberalise the exchange rate and get greater

investments into the capital market. a steady hand for monetary policy in china. thank you very much. it is good to see you, rico. now let's brief you on some other business stories. melrose industries has stepped up its fight to snap up uk engineering firm gkn, with a promise to pump more than $ibn into the firm's pension fund. the hostile takeover bid by melrose, worth some £8bn, has attracted opposition from politicians, customers and some shareholders. apple is designing and producing its own device displays for the first time at a secret plant near its california h0, according to bloomberg. the ipad maker is reported to be making a big investment in the development of microled screens, which use different technology to the current oled displays, and could replace those made by samsung. the g20 gathering of finance ministers kicks off in buenos aires against a backdrop of global trade tensions. there are concerns over a potential us—china trade rift and president trump's steel and aluminium tariffs. one finance minister will be absent from the meeting however — japanese finance taro aso — he's not attending due to political

issues at home. quickly before we go, a look at the financial markets. the apple suppliers are having a tough session today and you can see that japan has dropped and a strong yen not helping either. shares down over i%. japan display over 3.4%. i will see you in a minute. much of the uk has been in the midst of a second significant snowfall of the winter.

a new weather alert is now in place in parts of southern england and south wales where more snow is expected. dozens of cars have been stranded in devon overnight and nearly 250 schools in the county will be closed today. snowstorms and snowdrift. strong winds causing blizzard conditions making driving treacherous. in the north—west, snow gates on the a66 remain closed between cumbria and county durham. just getting outside the front door in newcastle was no mean feat. we have been here fora good hourand i have done a quarter of this road so i am making headway. there were severe delays as trains were stopped in their tracks. railway stations across the country have also seen delays and cancellations. in gloucester, sporting fixtures like the anglo welsh cup final had to be

called off for snow stopped play. and as the heaviest snowfall hit the south—west, bristol airport stopped flights, with exeter airport cancelling flights for the rest of the day. the snow showed no sign of giving up in devon and neither did those trying to keep traffic moving. while snowploughs and gritters cleared major roads, some drivers were stuck and there were problems on the m5 and a roads with motorists seemingly ignoring repeated appeals not to go out unless it was essential. it was not all doom and gloom as the so—called ‘mini beast from the east‘ swept through. another snow day play day beckoned. but there is an amber warning in place across the south—west until the early hours of tomorrow morning, with ice being a major risk. coming up at six o'clock, a brea kfast coming up at six o'clock, a breakfast with more on the weather and the other big stories in

business and sport. is at six o'clock. this is the briefing from bbc news. the latest headlines: vladimir putin describes his re—election as russian president as a sign of the "confidence and hope" of his people. at a victory rally in moscow, he also dismissed suggestions his country is behind the poisoning of a former spy and his daughter in the uk. us police in austin, texas, investigating a series of parcel bombings respond to another explosion in which two men are injured. a medical breakthrough say scientists — after stem cell transplants are used to treat multiple sclerosis. now it is time look at the stories that are making the headlines in media across the world. we begin with the front page of

the independent, leading with britain accusing russia of secretly manufacturing and stockpiling the deadly nerve agent used in the salisbury attack, earlier this month. staying with russia, the ft looks at rigging claims following the country's presidential elections. mr putin won — as expected — and kremlin aides achieved their 70% turnout target. it was actually 67. on bloomberg, eu and british brexit negotiators, michel barnier and david davis, are pictured side by side — they're expected to hammer out details ahead of this week's eu summit. fox news — trump is expected to detail his plan to combat opioid addiction. there's reports the death penalty

may be sought for certain drug traffickers. here on the bbc news website a major breakthrough offers hope to multiple sclerosis patients. the results are from an international trial that was able to stop the disease and improve symptoms. and finally on south china morning post, hot off the press: 3d—printed cars will be in mass production in china by 2019. a company from italy says it's edging closer to mass production of the vehicles, which would cost about $10,000 us and reach maximum speeds of 70 kilometres per hour. that is quite phenomenal. so let's begin. with me is nina trentmann from the wall street journal. let's little talk about russia.