WORLD BREXIT REVIEW

SOURCE: AP HORIZONS, LIFESTYLE, HEALTH AND TECHNOLOGY / POOL

RESTRICTIONS: HORIZONS CLIENTS AND AP LIFESTYLE, HEALTH AND TECHNOLOGY CLIENTS ONLY

LENGTH: 6.44

SHOTLIST:

AP Television

London, UK - 22 February 2016

1. Wide of UK Houses of Parliament as London bus passes

2. Close of clock face at the top of Elizabeth Tower, which houses Big Ben

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

5. Queen Elizabeth II with Prince Philip (centre), Charles (left) and Camilla (right) on royal barge during Diamond Jubilee celebrations

6. Mid of Duke and Duchess of Cambridge and Prince Harry on royal barge

7. Pull out of royal barge sailing down River Thames during Diamond Jubilee celebrations

AP Television

London, UK - 11 June, 2016

8. Mid of Queen Elizabeth II in carriage during the Trooping of the Colour for her 90th birthday celebrations

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

10. Close tilt down of man putting shirt in carrier bag

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

13. SOUNDBITE (English) Robert Johnston, Fashion Director, GQ Magazine UK

"You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

16. Pull focus of street sign reading: (English) "Brick Lane E1"

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

"Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

20. Various of takeaway fish and chips being served

AP Television

London, United Kingdom, April 30, 1973 (MUTE)

++4:3++

21. Red buses on a London street

AP Television

London, United Kingdom, September 24, 1973 (MUTE)

++4:3++

22. Tilt down of Ford workers walking out of various plants

23. Wide of Ford cars on a train

24. Various men take part in industrial action at Ford plant

AP Television

United Kingdom, February 10, 1974 - no exact location available

++4:3++

25. Various of non functioning coal mines during national coal strike

AP Television

London, United Kingdom, June 3, 1975 (MUTE)

++4:3++

26. Mid of Margaret Thatcher wearing a flags-of-Europe sweater, flanked by women also wearing pro-Europe sweaters

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

27. Clocktower of Maastricht town hall with EU, Limburg and Maastricht flags

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

29. Various of autistic teenager Rens Van Velzen completing other puzzles with black and yellow blocks against the clock

30. Close tilt down of the psychologist on the autism study at Kings College London timing Rens Van Velzen during test

31. Close of Van Velzen

32. SOUNDBITE (English) Professor Declan Murphy lead scientist, EU Aims study on autism, Kings College London:

"Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre or from one country."

33. Various of Van Velzen being tested in eye tracking unit at Kings College London

AP Television

Southampton, UK - 16 September 2016

34. Wide of Southampton Boat Show 2016, cruise ship in background

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

38. SOUNDBITE (English) Phil Popham, CEO of Sunseeker International:

"We've benefited because of the weakness of the pound, but its all about business confidence."

39. Various of Fairline yacht

40. SOUNDBITE (English) Russell Currie, Managing Director of Fairline Yachts:

"We've had an overnight decrease in the price of our boats in areas such as the European market

41. Zoom out from cruise ship docked near boat show

42. SOUNDBITE (English) Howard Pridding, Chief Executive of British Marine:

"Industry and business need stability and the time it will take to exit from the European Union will be problematic"

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

44. Pan of typical apartments in the area and people walking by the sea side

45. Various of British pensioners taking Spanish classes in the Parnell School

46. Various of Juan Mayor Carlos Maldonado in his office

47. SOUNDBITE (Spanish) Juan Carlos Maldonado, Mayor of Mijas:

"When the results of the Brexit (referendum) were known, a big uncertainty was created."

48. Various of family walking near beach

49. Pan from people walking up steps from the beach to the owner of Royal Beach cafe talking

50. SOUNDBITE (Spanish) Sergio Morales, co-owner of Royal Beach bar in Mijas:

"Most of our clients here, around 80% of them, are British."

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

54. Close tilt down of painting 'Paper Bride in Waiting' by Zeng Chuanxing (price £120,000/ USD 147,000)

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

56. Mid of Tiana Wilson with Santa who is holding a Hatchimal waiting for the toy to hatch

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

59. Low mid view of caterpillar going past boys and Furbys

60. SOUNDBITE (English) Frederique Tutt, toy industry analyst, NPD:

"Since the Brexit vote the toy market has been faring really well with an increase of three percent."

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

63. SOUNDBITE (English) Claus Jerram Christensen, Managing Director of the Danish Christmas Tree Association:

"The low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

64. Mid of large container truck filled with trees pulling out of yard stacked with trees

65. Pan across field of Christmas tree saplings for 2018 and beyond

LEADIN:

For decades Britain's discontent over its European Union (EU) membership has simmered on, but then came the June referendum.

Nationalism surfaced and Britain's voted to leave the EU.

Brexit as it became known sent shockwaves through money markets and governments around the world.

STORYLINE:

In the weeks running up to referendum judgement day, the British were busy with a little soul searching.

Mulling over their shared history, the country's pride in their democracy and heritage.

It was a year when Queen Elizabeth celebrated being the longest reigning UK monarch and the country celebrated her ninetieth birthday.

The pomp and ceremony from her recent jubilee were still a source of pride and were reminiscent of the heydays when London style was considered to be world leading.

In the 1960's British fashion and British pop were riding high.

That sense of being at the vanguard of style has continued, according to Robert Johnston the Fashion Director of GQ Magazine: "You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

Author Iain Aitch explained how a variety of heritages were now mixed up, making Britishness a more complex idea to communicate: "Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

But it wasn't this hipster, Brick Lane art and curry house side of Britain that won the vote.

The referendum on June 23rd was to signal the start of a long debate.

Britons for the first time had to absorb what being outside of the EU looked like.

Britain joined what was then called the European Economic Community in January 1973.

This was ratified by a referendum in 1975 with a resounding 67% majority.

By the seventies, Britain was beset by strikes and disgruntled union workers.

Traditional industries such as manufacturing and coal were in decline in the mid seventies.

Unemployment exceeded one million for the first time in March 1975. By the August that figure had increased to 1.25 million.

Some 83,000 immigrants were living in the UK by 1975, mostly from the Commonwealth.

According to Migration Watch UK for the year ending December 2015, net migration to the UK was 333,000.

And the lady had yet to turn. Margaret Thatcher MP (then leader of the opposition) campaigned to stay in the European Economic Community.

Later as prime minister between 1979 and 1990, Thatcher was known for her tough line with Brussels, especially during negotiations for the Maastrict Treaty in 1992.

The city of Maastrict is the home of the treaty which created the EU.

As summer arrived, businesses, leading universities and research establishments were beginning to assess the impact of Brexit.

For science and medicine, concerns were two fold.

Britain had attracted thousands of top researchers as well as billions of Euros in grants.

They went into research like this at Kings College London.

This project is a multidisciplinary look at the potential causes and effects of autism. It's a long term project which is linked to other studies across Europe.

Doctors and scientists aren't worried about losing cash in the short term, but falling behind in the knowledge race in the long term, especially as Britain has sought to place itself as a central base for the new industrial technologies.

The other fear is losing the brains which have been drawn to British research, people who now fear they will need to move to other institutions to keep up with the cash and the research.

Lead scientist at King's College Professor Declan Murphy warned: "Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre from one country."

The EU's Horizon 2020 budget is 80-billion Euro which funds medicine and science research across Europe.

Britain's split from the EU will leave a funding gap as well as a brain drain, according to Murphy. He argues it will be the children with autism like Van Velzen who will lose out.

As an island nation, boat building and sales have been important to the UK.

The industry fears rough waters may be ahead for Britain's luxury yacht industry, but right now it's riding on a wave caused by the plunge in the pound's value.

Phil Popham, the CEO of Sunseeker International was cautious: "We've benefited because of the weakness of the pound, but its all about business confidence."

Others like Russell Currie, the Managing Director of Fairline Yachts, says he already had cause to worry: "We've had an overnight decrease in the price of our boats in areas such as the European market."

British Marine's chief executive Howard Pridding tried to show more confidence in the course ahead: "Obviously, industry and business need stability and the time it will take to exit from the European Union will be problematic."

An estimated 1.2 million Britons live in other EU countries, mostly France, Portugal and Spain according to Britain's House of Commons library.

But that's a conservative figure because many expats don't bother registering with their embassies or the local authorities.

At Mijas on Spain's Costa del Sol, many Brits don't want to return to Blighty.

Used to the sun, sea and cafe society, some British residents are so concerned that their lives on the Costas are threatened, that after many years they're finally learning to speak Spanish.

According to Mijas' Mayor Juan Carlos Maldonado: "When the results of the Brexit (referendum) were known, a big uncertainty was created."

Local traders are also keen to keep the British on the Costa.

Many are retired and spend their pensions here.

Bar owner Sergio Morales says: "Most of our clients here, around 80% of them, are British."

A cloud of uncertainty still hangs over British expats in Spain and elsewhere in Europe.

And it's possible a string of similar nationality schools for expats may spring up.

Not everyone was bemoaning the onset of Brexit.

The art and antique market experienced a mini boom according to London dealers at this winter fair.

The weak pound against the dollar and Euro has seen American collectors in particular start to snap up bargains with savings of beween 25 and 30 per cent compared with six months ago.

Art dealers are reporting a similar trend.

They say investors see the arts market as a safe refuge in uncertain times.

As Christmas approaches the toy industry is bracing itself and Santa is wondering whether he'll have much to be jolly about.

It's the time of year when manufacturers and retailers count on making their biggest cash bonus of the year.

According to industry analyst Frederique Tutt: "Since the Brexit vote the toy market has been faring really well with an increase of three percent."

That's because toy retailers buy stock almost a year in advance and can keep prices stable, but the toy dealers here admit next year the stockings left out for Father Chrismas may have shrunk considerably.

There's nothing as Christmassy as a Christmas tree, but in Denmark the outlook for tree producers isn't quite so evergreen.

According to the Danish Christmas Tree Association, the small Scandinavian country grows around 11.5 million trees a year.

About 9.5 million of those are exported.

But these are challenging times and currency fluctuations are having an effect on trade.

Speaking about his members, Claus Jerram Christensen of the Danish Christmas Tree Association says: "They have experienced that the low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

The true impact of Brexit on Britain and Europe as a whole is still to an extent unknown.

The UK government had announced it was to trigger Article 50 next March to start negotiations to leave EU.

But since then, Brexit has twice been contested in the High Court.

One ruling has already stated Britain's law makers should be allowed a vote in Parliament beforehand.

Breaking up, it seems, really is hard to do.

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FOR CLEAN VERSION SEE STORY NUMBER: 4040484

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

FOR CLEAN VERSION SEE STORY NUMBER: 4040484

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

AP Television

Basel - 14 June 2016

1. Wide of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

2. Various close of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

3. Wide of "Mirori et Cuillere" by Juan Munoz

4. Tilt down of "Mirori et Cuillere" by Juan Munoz

5. Zoom in on "Number 21" by Jackson Pollock, offered for 25-million dollars

6. Various close of "Number 21" by Jackson Pollock, offered for 25-million dollars

7. Wide of "Number 21" by Jackson Pollock, offered for 25-million dollars

8. Exterior of Art Basel, VIP guests waiting to enter

9. Close of sign

10. Various of people entering VIP preview of Art Basel

11. People inside Art Basel halls

12. Wide of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

13. Various close of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

14. Art advisor Todd Levin speaking to woman

15. Close of Levin

16. SOUNDBITE: (English) Todd Levin, art advisor:

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market. And since then the market has begun a slow but gradual correction, or slide. It is nothing serious, but certainly I think that buyers are looking a little more carefully and thoughtfully."

17. People looking at "Anchorhead" statue by David Smith, offered for 7.3-million dollars

18. Various of "Anchorhead" statue by David Smith, offered for 7.3-million dollars

19. Wide of people in gallery

20. Mid of people in gallery

21. SOUNDBITE: (English) Todd Levin, art advisor:

"Certainly Trump and the presidential elections that are coming up, but even more so Brexit, really, at the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

22. Woman taking photo of "OM+A" by Tony Oursler

23. Various close of "OM+A" by Tony Oursler

24. Various of "Femme assise sur un chaise" by Pablo Picasso, offered for 25-million dollars

25. Wide of "930-7 strip" by Gerhard Richter

26. Zoom out of "930-7 strip" by Gerhard Richter

27. Alexander Forbes, editor of Artsy art news website, walking next to "930-7 strip"

28. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption. You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature."

29. Wide of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

30. Various close of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

31. Tilt up of sculpture

32. People at the Art Basel galleries

33. Various of people looking at "Memory Ware Flat" by Mike Kelley

34. Close pan of "Memory Ware Flat" by Mike Kelley

35. Pull focus of "Memory Ware Flat" by Mike Kelley

36. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years. But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

37. Wide of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

38. Various close of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

39. SOUNDBITE: (English) Adam Scheffer, partner at New York based dealer Cheim & Read:

"Well, Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show. And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

40. Wide of "Bonley Landscape" by Gerhard Richter, offered for 13-million dollars

41. Zoom in of "Bonley Landscape" by Gerhard Richter

42. Various wide of people in Art Basel galleries

LENGTH: 7:03

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

LEAD IN:

With the prospect of Britain voting to leave Europe in just over a week, art dealers are showing caution with big purchases.

At Art Basel in Switzerland, where works from the likes of Pollock and Picasso move in multi million dollar exchanges, experts say the mood is optimistic, but subdued.

STORY-LINE:

This large, colourful abstract painting, titled Prag 1883 is by German artist Gerhard Richter.

Available for 20-million dollars, it's been brought to northwest Switzerland by New York-based Gagosian gallery.

It's just one of the pieces on show at Art Basel, the highlight of the year for art lovers and collectors.

Mitchell-Innes & Nash, also a New York-based gallery, is showing one of the famous drip paintings by American artist, Jackson Pollock.

The white, red and green drip painting, titled Number 21, is listed for 25 million dollars.

Like always, Art Basel is a celebration of the intersection between fine contemporary art and big business.

All of the 4,000 artworks, shown by 280 galleries, are for sale.

This year the total value of the art on sale exceeds 2.5 billion euros (2.8 million US dollars), according to AXA Art - an art insurer.

But the mood is somewhat dampened by a sputtering market.

In 2015 the global art market shrunk by seven percent compared to the year before, according to the annual TEAF (The European Fine Art Fair) market report.

There were still a healthy 63.8 billion euros (71.6 billion US dollars) in sales globally, but a significant downturn from the last few boom years.

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market," says Todd Levin, a New York-based art advisor.

"And since then the market has begun a slow but gradual correction, or slide. It is nothing serious but certainly I think that buyers are looking a little more carefully and thoughtfully."

Slide or not, the specially invited guests were still lining up on Tuesday morning (15th June 2016) to enter the fair ahead of the press and public.

Many paintings and sculptures are for sale for tens of millions of dollars.

But still, current events and political uncertainty is creating a cautious mood, according to Levin.

"Certainly Trump and the presidential elections that are coming up. But even more so Brexit. Really. At the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

The Gagosian gallery is also showing a painting by American artist, Jean-Michel Basquiat.

The graffiti style New Rinso is available for 15 million dollars.

Art dealer Dominique Levy, who has galleries in both New York and London, is showing a Richter painting called "Bonley Landscape."

The oil painting depicting a mountain scene is listed at 13 million dollars.

In the top tier of the market all seems to be going quite well.

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption," says Alexander Forbes, editor of Artsy art news website.

"You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature," he says.

The global art market is still dominated by ultra-high sales, with artworks selling for over one million accounting most of the global sales in 2015, according to the TEAF report.

New York-based dealer Helly Nahmad is showing a painting by Pablo Picasso.

The "Femme assise sur un chaise" is being offered for 25 million dollars.

Hanging next to it is a masterpiece by Henri Matisse.

"Portrait au manteau bleu" is offered by the dealer for 35-million dollars.

In the past few years abstract paintings have taken up a large part of the fair.

This has changed over the last year, according to Forbes.

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years," he says.

"But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

There are Art Basel fairs in Miami and Hong Kong, but it is the fair in the Swiss town of Basel, where the event was founded in 1970, that draws the most high-profile galleries and collectors.

According to the annual TEAF (The European Fine Art Fair) market report, around 40 percent of all global art sales were made at art fairs in 2015.

It shows how important fairs like the Art Basel are for dealers.

"Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show," says Adam Scheffer, partner at New York based dealer Cheim & Read.

"And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

Art Basel, opens to the public on June 16 and runs through to June 19.

AP Television

Basel - 14 June 2016

1. Wide of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

2. Various close of "Prag 1883" by Gerhard Richter, offered for 20-million dollars

3. Wide of "Mirori et Cuillere" by Juan Munoz

4. Tilt down of "Mirori et Cuillere" by Juan Munoz

5. Zoom in on "Number 21" by Jackson Pollock, offered for 25-million dollars

6. Various close of "Number 21" by Jackson Pollock, offered for 25-million dollars

7. Wide of "Number 21" by Jackson Pollock, offered for 25-million dollars

8. Exterior of Art Basel, VIP guests waiting to enter

9. Close of sign

10. Various of people entering VIP preview of Art Basel

11. People inside Art Basel halls

12. Wide of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

13. Various close of "New Rinso" by Jean-Michel Basquiat, offered for 15-million dollars

14. Art advisor Todd Levin speaking to woman

15. Close of Levin

16. SOUNDBITE: (English) Todd Levin, art advisor:

"In the beginning of 2015, the first quarter, it felt as if the art market rang the bell at the top of the market. And since then the market has begun a slow but gradual correction, or slide. It is nothing serious, but certainly I think that buyers are looking a little more carefully and thoughtfully."

17. People looking at "Anchorhead" statue by David Smith, offered for 7.3-million dollars

18. Various of "Anchorhead" statue by David Smith, offered for 7.3-million dollars

19. Wide of people in gallery

20. Mid of people in gallery

21. SOUNDBITE: (English) Todd Levin, art advisor:

"Certainly Trump and the presidential elections that are coming up, but even more so Brexit, really, at the moment it is making people concerned enough that they are thinking twice before any large purchases are made. The pound has fallen sharply in the last week. And people, as we approach Brexit in the next 10 days are taking a very cautious approach."

22. Woman taking photo of "OM+A" by Tony Oursler

23. Various close of "OM+A" by Tony Oursler

24. Various of "Femme assise sur un chaise" by Pablo Picasso, offered for 25-million dollars

25. Wide of "930-7 strip" by Gerhard Richter

26. Zoom out of "930-7 strip" by Gerhard Richter

27. Alexander Forbes, editor of Artsy art news website, walking next to "930-7 strip"

28. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"What we are seeing now I think is a return to quality. A race for quality rather than a race for mass consumption. You see that by a lot of dealers switching back to showing some more modern art. Things that have exceptional provenance. They have a real history. Artists of real quality and of a lasting nature."

29. Wide of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

30. Various close of "Portrait au manteau bleu" by Henri Matisse, offered for 35-million dollars

31. Tilt up of sculpture

32. People at the Art Basel galleries

33. Various of people looking at "Memory Ware Flat" by Mike Kelley

34. Close pan of "Memory Ware Flat" by Mike Kelley

35. Pull focus of "Memory Ware Flat" by Mike Kelley

36. SOUNDBITE: (English) Alexander Forbes, editor of Artsy art news website:

"You know. We had this massive trend towards abstraction. Especially you know in 2012, 13, 14. That shifted back towards figuration in painting the past couple of years. But right now, again, across the halls here on both floors, you don't see too much of either thing. What you really see is a focus on the highest quality works. Something that Art Basel has always been particularly strong for."

37. Wide of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

38. Various close of "Untitled" by Joan Mitchell, offered for 5.5-million dollars

39. SOUNDBITE: (English) Adam Scheffer, partner at New York based dealer Cheim & Read:

"Well, Art Basel is the Gold Standard of art fairs in the world. There is no place better and no place more important to show. And I think that people always bring out their A-game. They put aside the best of the best to show here because it is the centre of the art world. And galleries are the centre of the art world. And it is an opportunity for education, and acquisition and all sorts of other very important aspects that truly make you, not just a buyer of art, but a collector and a connoisseur. And that is what Art Basel offers."

40. Wide of "Bonley Landscape" by Gerhard Richter, offered for 13-million dollars

41. Zoom in of "Bonley Landscape" by Gerhard Richter

42. Various wide of people in Art Basel galleries

LENGTH: 7:03

LEAD IN:

Diamond encrusted guitars, giant rubies and golden pyramids were just some of the highlights of 2016's run of jewellery fairs across the globe.

But war, political uncertainty and economic turmoil took centre stage this year as most countries reported a downturn in jewellery markets.

STORY-LINE:

In January, Tokyo kicked off a year of glittering jewellery fairs in a sparkling mood.

The increasing economic uncertainty around the globe that marked the end of 2015 did not seem to be weighing heavily on the industry with organisers remaining optimistic about the market as a whole.

The centrepiece of the show was this 400 karat diamond guitar worth a cool US$2 million.

In March 2015 it was certified by the Guinness World Records as the world's most 'valuable guitar'.

It took 68 designers and craftsmen 2 months to complete this unique piece, which is made with 10,000 diamonds.

Other extravagant and novel designs included unique LED jewellery by Tohkoo.Co. Ltd.

The company developed very small LED lights and incorporated then into jewellery items such as earrings and even nails.

By February in Bangkok prospects for the industry were not looking quite so shiny.

The Thailand Gems and Jewellery Fair takes place twice a year and is Asia's second largest trade show, attracting around 1,800 exhibitors.

But traders at the fair reported that the industry was struggling.

Foreign exhibitors were allowed to sell gems and jewellery duty-free. Many local exhibitors cut their prices too. This meant buyers saved about 20 percent, which traders hoped would encourage people to buy more.

The tactics became necessary due to the continuing effects of the global economy knocking onto the gems and jewellery market.

Anthony Peter Brooke, Vice President of the Thai Gem and Jewellery Traders Association said the collapse of China's market had been particularly damaging.

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

But rubies and sapphires were still deemed safe bets - remaining in demand by the China market and maintaining their price.

Over in Hong Kong, platinum was the saviour at March's International Jewellery Show.

Traders said they were revelling in record low costs for the metal, with prices at their lowest for 7 years.

Platinum remains a popular material for jewellery, particularly in western wedding rings and minimal design pieces.

More than 2,500 exhibitors from 41 countries and regions including India, Thailand and Turkey showcased their products at the 2016 show.

As one of the biggest jewellery consuming countries, gold-loving India said its jewellery industry had been slowing down and Indian traders voiced concern that their government's plan to reintroduce excise tax could result in a drop in sales.

For Istanbul's spring show, luxury and extravagance took centre stage with designers showcasing high-end pieces to customers.

This was the most expensive creation costing 6.3 million US dollars.

The miniature model of the Pyramids of Giza is made of 1,568 pieces of 24 carat gold, and weighs 157 kg.

In the jewellery pavilions, this queen of the Istanbul exhibition gold ring made of 20 and 7 carat diamonds was priced at 345,000 US dollars.

This dagger made of gold and giant rubies was valued at 250,000 US dollars.

And anybody who took a shine to this gold coated Mercedes car would have needed a cool 220,000 US dollars to drive it away.

But behind the luxury and extravagance, Turkish jewellery exporters reported that regional tensions between Turkey and Russia were having an impact on the market.

Relations between Russia and Turkey have soured over the conflict in neighbouring Syria, and have become particularly strained since Turkey shot down a Russian warplane in Syria on November 24.

The Kremlin, meanwhile, was displaying an array of jewellery of its own.

Known for its dazzling golden domes, at the end of March it presented a sparkling collection of jewellery in its museum.

The diamond flowers and gold birds form part of a collection of work on display by award-winning Russian jewellery designer Ilgiz Fazulzyanov.

Fazulzyanov is the first living designer to have been given a solo exhibition in the Kremlin since Pierre-Karl Faberge in 1917.

In Mumbai in August, the annual India International Jewellery Show saw jewellery makers reporting a slowdown in the industry due to soaring gold prices.

But they said designers were compensating by getting more innovative with their designs.

The gems and jewellery sector contributes about six percent to India's gross domestic product (GDP), according to the India Brand and Equity Foundation.

That's due to high local demand and India's role as major centre for cutting and polishing diamonds.

Jewels play an important role in weddings, festivals, or any special occasion in India, making them a much sought after commodity.

Not only jewellery, but also art works, ornaments and even clothing are crafted from gold, silver and platinum and studded with diamonds and precious gems.

One of the highlights of the show was the "Peacock Ring", which holds the Guinness World Record for the most diamonds set in a single ring: 3,827 diamonds in all.

Weighing slightly more than 50 grams, the ring was created by Savio Jewellery and has an estimated value of 2,744,525, US dollars.

The majority of the show had jewellery designed for women, priced from a few hundred dollars to several thousand.

Jewellery designer and blogger, Prernaa Makhariaa says Indian designers were experimenting with innovation, blending traditional Indian styles with Western designs to attract buyers.

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

In London, UK traders were confident their products had not lost their sparkle despite the Brexit vote.

Experts at the International Jewellery London show said a weak pound, innovative design and a diverse marketplace for suppliers were just some of the reasons the UK jewellery market was thriving.

Michael Rawlinson is chief executive of The National Association of Jewellers, the main industry body in the UK.

He said: "The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

With innovative designers continuing to emerge from the UK's most important jewellery schools in London and Birmingham, Rawlinson said 'brand Britain' was as strong as ever.

Examples of innovation came in the form of London-based designer Joanna Boyen of Biiju and her explosion designs and Katy Tromans' fairytale inspired silver rings.

Finishing off the season in October it was back to Istanbul.

Dazzling Turkey's 2nd jewellery fair of the year was this miniature of Istanbul's Camlica Mosque made of gold.

The 300 kilogram piece honouring the largest mosque in Asia Minor (Anatolia) was valued at 10 million US dollars.

But Turkish traders were not celebrating.

Turkey is one of the top three global producers together with Italy and India, but the usually buoyant jewellery sector was waning.

The situation in Syria, terror attacks, a failed coup and a long-running internal conflict with the Kurdish minority all impacted.

Exhibitors attending the show reported an export market drop of 18% overall in the last year according to the Turkish Jewellery Exporters Association. Total exports were 1.4 billion US dollars

Russia, Iran, UAE and Iraq, traditionally the biggest customers of Turkish jewellery, bought fewer Turkish products.

Russia was in 2014 one of the main buyers of Turkish jewellery and gold, but bilateral trade was halted a year ago when Turkey shot down a Russian warplane in Syria.

After resuming business this year, Russia is now the 18th buyer of Turkish jewellery.

Iran is now the top buyer, but the purchase of jewellery and gold has decreased by 38 per cent to 384 million US dollars from January to September compared to the same period last year, according to figures from the Turkish Jewellery Exporters Association.

Tokyo, January 20, 2016

1. Tilt down $2 million guitar

2. Left Pan of Aaron Shum, President of Aaron Shum Jewellery holding the $2 million guitar his company made

3. Guinness World Records certificate for the most valuable guitar

4. Right pan - close up of body of guitar

5. A Japanese samurai helmet (kabuto) adorned with pearls

6. Tilt down of a golden teapot

7. Close of rings

8. Tilt down of coloured necklace

9. Wide of LED jewellery stand

10. Various of LED jewellery

Bangkok, Thailand, 26 February, 2016

11. Mid of gem and jewellery booth exterior at Bangkok Gems and Jewellery Fair

12. Mid of customers looking at gold and silver jewellery

13. Close of gold and silver jewellery

14. SOUNDBITE: (English) Anthony Peter Brooke, Vice President, Thai Gem and Jewellery Traders Association:

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

15. Close of ruby earrings

16. Close of ruby necklace

17. Close of rubies

18. Close of blue sapphire necklace

Hong Kong - 3rd March, 2016

19. Wide of Victor Chan, Executive Director of Continental Holdings Limited putting a diamond necklace on a holder

20. Close of 11.64 carat diamond and platinum necklace (Price: USD 35,000)

21. Close of diamond and platinum bracelets and ring. (Price of bracelet on top: USD 22,000; small bracelet on left: USD 8,000; ring: USD 4,000)

22. Wide of buyer in an Indian jewellery shop

23. Close of hands counting money

24. Pan to right of Indian style jewellery

25. Various of Ravi Ajmera, Director of Ravi Jewels & Handicrafts Pvt Ltd looking at an Indian wedding jewellery

Istanbul, Turkey - 10 March 2016

26. Various of a miniature of Pyramids of Giza made in gold by Turkish company Nadir Doviz, 1,568 pieces of 24 carat gold, 157 kilograms in total, valued at 6.3 million US dollars

27. Close of gold camels

28. Close of ring by Zen Diamond, made of 20 and 7 carat diamonds and gold, valued at 345,000 US dollars

29. Close of necklace by On Mucevherat made of 18 carat diamonds and gold, priced at 26,000 US dollars

30. Mid of On Mucevherat necklace and earrings, made of 18 carats diamonds and gold, price of earrings 8,000 US dollars

31. Various of Baget-Is dagger made of gold, diamonds, rubies, valued 250,000 US dollars, not for sale

32. Wide of Mercedes gold coated car, by Nadir Doviz, valued at 220,000 US dollars

Moscow, Russia - March 30, 2016

33. Wide of cathedral in the Kremlin

34. Various of Jewellery by Ilgiz Fazulzyanov on display

Mumbai, India - 5 August, 2016

35. Mid of Taj Mahal shaped ring

36. Zoom out of a replica of Howrah Bridge (in Kolkatta) which is made of gold and silver, on man's wrist

Mumbai, India - 4 August 2016

37. Mid of peacock ring made out of diamonds, which holds the 2015 Guinness World Record for the most diamonds set in one ring (3827)

38. Tilt up of New Fusion necklaces with uncut diamonds, set diamonds and gold costing approximately 27,600 US dollars

39. Pull focus of necklaces on display

40. Tilt down of model wearing jewellery

41. Model wearing jewellery

42. SOUNDBITE (English) Prernaa Makhariaa, Jewellery Designer and Blogger:

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

43. Pull focus of strings of coloured stones

London, UK - 4 September, 2016

44. Pull focus of large diamond

45. Close of ring

46. Mid of women looking at ring

47. Close pan left from woman to emerald earring

48. Close of blue topaz explosion ring by Biiju

49. SOUNDBITE: (English) Michael Rawlinson, Chief Executive, The National Association of Jewellers:

"The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

50. Various shots of Bright Young Gem Katy Tromans demonstrating her Rapunzel tower ring

51. Close of Tromans' Alice in Wonderland ring ornament

Istanbul – 13 October 2016

52. Various of a miniature of Camlica Mosque, made in gold and silver by Turkish company Nadir Doviz, valued 10 million US dollars

53. Various of visitors

54. Close up to rings by Zen Diamond: (below) ring made by 20 and 7 carats diamonds and gold, valued at 324,000 US dollars; (upper right) ring made of 20 carats diamonds, valued at 97,000 US dollars

55. Various up of necklace by On Mucevherat made of 18 carats diamonds and gold, valued at 25,000 US dollars

LEAD IN:

Diamond encrusted guitars, giant rubies and golden pyramids were just some of the highlights of 2016's run of jewellery fairs across the globe.

But war, political uncertainty and economic turmoil took centre stage this year as most countries reported a downturn in jewellery markets.

STORY-LINE:

In January, Tokyo kicked off a year of glittering jewellery fairs in a sparkling mood.

The increasing economic uncertainty around the globe that marked the end of 2015 did not seem to be weighing heavily on the industry with organisers remaining optimistic about the market as a whole.

The centrepiece of the show was this 400 karat diamond guitar worth a cool US$2 million.

In March 2015 it was certified by the Guinness World Records as the world's most 'valuable guitar'.

It took 68 designers and craftsmen 2 months to complete this unique piece, which is made with 10,000 diamonds.

Other extravagant and novel designs included unique LED jewellery by Tohkoo.Co. Ltd.

The company developed very small LED lights and incorporated then into jewellery items such as earrings and even nails.

By February in Bangkok prospects for the industry were not looking quite so shiny.

The Thailand Gems and Jewellery Fair takes place twice a year and is Asia's second largest trade show, attracting around 1,800 exhibitors.

But traders at the fair reported that the industry was struggling.

Foreign exhibitors were allowed to sell gems and jewellery duty-free. Many local exhibitors cut their prices too. This meant buyers saved about 20 percent, which traders hoped would encourage people to buy more.

The tactics became necessary due to the continuing effects of the global economy knocking onto the gems and jewellery market.

Anthony Peter Brooke, Vice President of the Thai Gem and Jewellery Traders Association said the collapse of China's market had been particularly damaging.

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

But rubies and sapphires were still deemed safe bets - remaining in demand by the China market and maintaining their price.

Over in Hong Kong, platinum was the saviour at March's International Jewellery Show.

Traders said they were revelling in record low costs for the metal, with prices at their lowest for 7 years.

Platinum remains a popular material for jewellery, particularly in western wedding rings and minimal design pieces.

More than 2,500 exhibitors from 41 countries and regions including India, Thailand and Turkey showcased their products at the 2016 show.

As one of the biggest jewellery consuming countries, gold-loving India said its jewellery industry had been slowing down and Indian traders voiced concern that their government's plan to reintroduce excise tax could result in a drop in sales.

For Istanbul's spring show, luxury and extravagance took centre stage with designers showcasing high-end pieces to customers.

This was the most expensive creation costing 6.3 million US dollars.

The miniature model of the Pyramids of Giza is made of 1,568 pieces of 24 carat gold, and weighs 157 kg.

In the jewellery pavilions, this queen of the Istanbul exhibition gold ring made of 20 and 7 carat diamonds was priced at 345,000 US dollars.

This dagger made of gold and giant rubies was valued at 250,000 US dollars.

And anybody who took a shine to this gold coated Mercedes car would have needed a cool 220,000 US dollars to drive it away.

But behind the luxury and extravagance, Turkish jewellery exporters reported that regional tensions between Turkey and Russia were having an impact on the market.

Relations between Russia and Turkey have soured over the conflict in neighbouring Syria, and have become particularly strained since Turkey shot down a Russian warplane in Syria on November 24.

The Kremlin, meanwhile, was displaying an array of jewellery of its own.

Known for its dazzling golden domes, at the end of March it presented a sparkling collection of jewellery in its museum.

The diamond flowers and gold birds form part of a collection of work on display by award-winning Russian jewellery designer Ilgiz Fazulzyanov.

Fazulzyanov is the first living designer to have been given a solo exhibition in the Kremlin since Pierre-Karl Faberge in 1917.

In Mumbai in August, the annual India International Jewellery Show saw jewellery makers reporting a slowdown in the industry due to soaring gold prices.

But they said designers were compensating by getting more innovative with their designs.

The gems and jewellery sector contributes about six percent to India's gross domestic product (GDP), according to the India Brand and Equity Foundation.

That's due to high local demand and India's role as major centre for cutting and polishing diamonds.

Jewels play an important role in weddings, festivals, or any special occasion in India, making them a much sought after commodity.

Not only jewellery, but also art works, ornaments and even clothing are crafted from gold, silver and platinum and studded with diamonds and precious gems.

One of the highlights of the show was the "Peacock Ring", which holds the Guinness World Record for the most diamonds set in a single ring: 3,827 diamonds in all.

Weighing slightly more than 50 grams, the ring was created by Savio Jewellery and has an estimated value of 2,744,525, US dollars.

The majority of the show had jewellery designed for women, priced from a few hundred dollars to several thousand.

Jewellery designer and blogger, Prernaa Makhariaa says Indian designers were experimenting with innovation, blending traditional Indian styles with Western designs to attract buyers.

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

In London, UK traders were confident their products had not lost their sparkle despite the Brexit vote.

Experts at the International Jewellery London show said a weak pound, innovative design and a diverse marketplace for suppliers were just some of the reasons the UK jewellery market was thriving.

Michael Rawlinson is chief executive of The National Association of Jewellers, the main industry body in the UK.

He said: "The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

With innovative designers continuing to emerge from the UK's most important jewellery schools in London and Birmingham, Rawlinson said 'brand Britain' was as strong as ever.

Examples of innovation came in the form of London-based designer Joanna Boyen of Biiju and her explosion designs and Katy Tromans' fairytale inspired silver rings.

Finishing off the season in October it was back to Istanbul.

Dazzling Turkey's 2nd jewellery fair of the year was this miniature of Istanbul's Camlica Mosque made of gold.

The 300 kilogram piece honouring the largest mosque in Asia Minor (Anatolia) was valued at 10 million US dollars.

But Turkish traders were not celebrating.

Turkey is one of the top three global producers together with Italy and India, but the usually buoyant jewellery sector was waning.

The situation in Syria, terror attacks, a failed coup and a long-running internal conflict with the Kurdish minority all impacted.

Exhibitors attending the show reported an export market drop of 18% overall in the last year according to the Turkish Jewellery Exporters Association. Total exports were 1.4 billion US dollars

Russia, Iran, UAE and Iraq, traditionally the biggest customers of Turkish jewellery, bought fewer Turkish products.

Russia was in 2014 one of the main buyers of Turkish jewellery and gold, but bilateral trade was halted a year ago when Turkey shot down a Russian warplane in Syria.

After resuming business this year, Russia is now the 18th buyer of Turkish jewellery.

Iran is now the top buyer, but the purchase of jewellery and gold has decreased by 38 per cent to 384 million US dollars from January to September compared to the same period last year, according to figures from the Turkish Jewellery Exporters Association.

Tokyo, January 20, 2016

1. Tilt down $2 million guitar

2. Left Pan of Aaron Shum, President of Aaron Shum Jewellery holding the $2 million guitar his company made

3. Guinness World Records certificate for the most valuable guitar

4. Right pan - close up of body of guitar

5. A Japanese samurai helmet (kabuto) adorned with pearls

6. Tilt down of a golden teapot

7. Close of rings

8. Tilt down of coloured necklace

9. Wide of LED jewellery stand

10. Various of LED jewellery

Bangkok, Thailand, 26 February, 2016

11. Mid of gem and jewellery booth exterior at Bangkok Gems and Jewellery Fair

12. Mid of customers looking at gold and silver jewellery

13. Close of gold and silver jewellery

14. SOUNDBITE: (English) Anthony Peter Brooke, Vice President, Thai Gem and Jewellery Traders Association:

"The China market has now unfortunately collapsed, and that's not the wrong word to use, it genuinely has collapsed. It's probably going to take another 4 to 5 years to get back to the state that it was before. What that means is that prices have basically collapsed. The raw material producing countries are no longer able to sell the amounts that they were before because of this big price differential."

15. Close of ruby earrings

16. Close of ruby necklace

17. Close of rubies

18. Close of blue sapphire necklace

Hong Kong - 3rd March, 2016

19. Wide of Victor Chan, Executive Director of Continental Holdings Limited putting a diamond necklace on a holder

20. Close of 11.64 carat diamond and platinum necklace (Price: USD 35,000)

21. Close of diamond and platinum bracelets and ring. (Price of bracelet on top: USD 22,000; small bracelet on left: USD 8,000; ring: USD 4,000)

22. Wide of buyer in an Indian jewellery shop

23. Close of hands counting money

24. Pan to right of Indian style jewellery

25. Various of Ravi Ajmera, Director of Ravi Jewels & Handicrafts Pvt Ltd looking at an Indian wedding jewellery

Istanbul, Turkey - 10 March 2016

26. Various of a miniature of Pyramids of Giza made in gold by Turkish company Nadir Doviz, 1,568 pieces of 24 carat gold, 157 kilograms in total, valued at 6.3 million US dollars

27. Close of gold camels

28. Close of ring by Zen Diamond, made of 20 and 7 carat diamonds and gold, valued at 345,000 US dollars

29. Close of necklace by On Mucevherat made of 18 carat diamonds and gold, priced at 26,000 US dollars

30. Mid of On Mucevherat necklace and earrings, made of 18 carats diamonds and gold, price of earrings 8,000 US dollars

31. Various of Baget-Is dagger made of gold, diamonds, rubies, valued 250,000 US dollars, not for sale

32. Wide of Mercedes gold coated car, by Nadir Doviz, valued at 220,000 US dollars

Moscow, Russia - March 30, 2016

33. Wide of cathedral in the Kremlin

34. Various of Jewellery by Ilgiz Fazulzyanov on display

Mumbai, India - 5 August, 2016

35. Mid of Taj Mahal shaped ring

36. Zoom out of a replica of Howrah Bridge (in Kolkatta) which is made of gold and silver, on man's wrist

Mumbai, India - 4 August 2016

37. Mid of peacock ring made out of diamonds, which holds the 2015 Guinness World Record for the most diamonds set in one ring (3827)

38. Tilt up of New Fusion necklaces with uncut diamonds, set diamonds and gold costing approximately 27,600 US dollars

39. Pull focus of necklaces on display

40. Tilt down of model wearing jewellery

41. Model wearing jewellery

42. SOUNDBITE (English) Prernaa Makhariaa, Jewellery Designer and Blogger:

"There has been an infusion of diamonds with gold, or diamond with different kind of textures. It's not only diamonds, but even coloured stones are being mixed with gold or with silver or with brass and copper. So India is getting innovative with a lot of different manufacturing techniques and they are trying to play with textures and different kind of materials."

43. Pull focus of strings of coloured stones

London, UK - 4 September, 2016

44. Pull focus of large diamond

45. Close of ring

46. Mid of women looking at ring

47. Close pan left from woman to emerald earring

48. Close of blue topaz explosion ring by Biiju

49. SOUNDBITE: (English) Michael Rawlinson, Chief Executive, The National Association of Jewellers:

"The British market actually has responded quite well post Brexit at the moment, people have some level of certainty, even if it is leaving the European Union, so we've seen a strengthening of trade in the last couple of months."

50. Various shots of Bright Young Gem Katy Tromans demonstrating her Rapunzel tower ring

51. Close of Tromans' Alice in Wonderland ring ornament

Istanbul – 13 October 2016

52. Various of a miniature of Camlica Mosque, made in gold and silver by Turkish company Nadir Doviz, valued 10 million US dollars

53. Various of visitors

54. Close up to rings by Zen Diamond: (below) ring made by 20 and 7 carats diamonds and gold, valued at 324,000 US dollars; (upper right) ring made of 20 carats diamonds, valued at 97,000 US dollars

55. Various up of necklace by On Mucevherat made of 18 carats diamonds and gold, valued at 25,000 US dollars

WORLD 2017 PREDICTIONS

SOURCE: AP HORIZONS, LIFESTYLE, HEALTH AND TECHNOLOGY/POOL

RESTRICTIONS: HORIZONS CLIENTS AND AP LIFESTYLE, HEALTH AND TECHNOLOGY CLIENTS ONLY

LENGTH: 7:28

SHOTLIST:

AP Television

New York - 9 November 2016

1. Various of Trump fans celebrating

2. Wide of Trump and his family

3. Woman celebrating Trump's win

4. Trump and family walking on stage

5. People cheering Trump

6. Trump shaking hands with Mike Pence

Miami - 11 November 2016

7. Various of anti-Trump protests

New York - 1 December 2016

8. SOUNDBITE (English) Beth Ann Bovino, Chief U.S. Economist, S&P Global Ratings:

"In terms of the impact of the Trump presidency on growth, you have to keep in mind that right now campaign promises are just what they are, promises, they are not policies. So let's see what happens in terms of how they get through Congress and whether.. and basically what comes out at the end."

Washington - recent

9. Exterior of US Capitol

New York, US - 13 June 2014

10. New York Mercantile Exchange (NYMEX) floor

US - Exact date and location unknown

11. Man filling up car at petrol station

New York - 1 December 2016

12. SOUNDBITE (English) Beth Ann Bovino, Chief U.S. Economist, S&P Global Ratings:

"If you look at the job gains now averaging around 180,000 per month for the year to date and the unemployment rate under 5 percent we have a rather strong jobs market, so in terms of actually pushing the unemployment rate down even further and strengthening the jobs market that might actually result in stronger inflation as well, making the fed likely having to move further."

Moscow, Russia — December 15, 2016

13. Various of Kremlin

14. Various of political analyst Masha Lipman looking at computer

15. SOUNDBITE (English) Masha Lipman, political analyst:

"We used to say that Putin is unpredictable and keeps his intentions and his plans as secret. Now we have at least one more person, who is unpredictable and this is the President of the United States - President-elect at this point, but of course in 2017, he will become the President of the United States. We still know very little about his policies. His appointments leave many shocked and speechless even, shaking heads in this belief. But what his policies are going to be is an open question. "

Aleppo, Syria - 15 December 2016

16. Wide of Aleppo outskirts

17. Wide of buses parked near evacuation area

18. Various of United Nations vehicles parked near evacuation centre

Bartella, Iraq - 21 October 2016

19. Various of Bartella, east of Mosul during fight against IS group

20. Various of Iraqi Special Forces

Cairo, Egypt - 13 December 2016

21. Set up of Dr. Saeed Sadek Political Sociology Professor at Future university in Cairo at office

22. SOUNDBITE (English) Saeed Sadek, Political Sociology Professor at Future university in Cairo:

"The only problem for the Iraqi people is of course they have this ethnic and religion sectarian conflict may continue and erupt here and there from fanatics on both sides, corruption and oil prices will also affect the Iraqi economy for 2017."

London, UK - 13 July 2016

23. Various of British flag on parliament

UK Pool

London - 27 June 2016

24. British PM Teresa May ( formerly Home Secretary) arriving at 10 Downing Street

AP Television

Berlin, Germany - 12 July 2016

25. Various of German newspaper headlines about Teresa May

26. Various of German Chancellor Angela Merkel

Berlin - 1 December 2016

27. Various of the German Parliament building (Bundestag)

28. Thorsten Benner, director of the Global Public Policy Institute (GPPi) in Berlin, in his office

29. SOUNDBITE: (English), Thorsten Benner, director of the Global Public Policy Institute (GPPi) in Berlin:

"The AFD (Alternative Fuer Deutschland) is actually taking away quite a few voters from the Christian Democrats. And it is a very unfortunate thing for Merkel to have a party formed to her right. That indeed is a vital threat to her political ambitions."

Surat, India - 5 December 2016

30. Various of men working in Indian diamond factory

New Delhi, India – 3 December 2016

31. Various of economist Veena Jha in her office

32. SOUNDBITE (English) Veena Jha, Economist:

"India has to consolidate its trade relationships within Asia. It has to look to Europe, without Britain, for a strong trade relationship. It has to solidify its relationships, particularly, with Germany, Netherlands, and France, which are the largest markets. It has to look to the US for an Indo-US free trade agreement and kind of a strategic partnership which has been talked about but has not been inked."

New Delhi, India – 7 November 2016

33. British Prime Minister Theresa May shakes hands with her Indian counterpart Narendra Modi during her official visit to India

Surat, India - 5 December 2016

34. Various street scenes in Surat

Rojama Mayong Village, Assam, India – 18 November 2016

35. A woman waiting to exchange defunct currency bills at a bank

Beijing, China - 30 November 2016

36. Various of Chinese Feng Shui master and astrologist Dong Yilin

37. SOUNDBITE (Mandarin) Dong Yilin, Chinese Feng Shui Master and Astrologist:

"In the year of the rooster, the Heavenly Stem (in Yi Qing) is fire and the Earthly Branch is gold and they are struggling with each other. It's like a process of burning gold and beating it into a craftwork. The craftwork is beautiful but it has to go through enormous hardships. Therefore, in the year of 2017, we will see many "turmoils" not only in China but also many other parts of the world like Europe and the US."

38. Close of compass

LEADIN

2016 has been a year of upheavals and upsets that some would prefer to forget.

So what can we expect in 2017? Will the year of the rooster change the world pecking order or will it be business as usual?

While analysts are mixed on what lies ahead, one Chinese fortune teller says the world can expect "turmoil".

STORYLINE

It was a result few people predicted, but one which will play a major role in shaping the year ahead.

Donald Trump's inauguration as the 45th US President will be held on January 20th and it's expected to draw people of all persuasions to Washington whether it's to celebrate or commiserate.

His stunning election win sparked numerous protests, and it's provoked widespread speculation about the impact that some of his controversial campaign promises might have when he takes office in 2017.

Chief U.S. Economist with S&P Global Ratings, Beth Ann Bovino says there's still some uncertainty over what path he will take.

"In terms of the impact of the Trump presidency on growth, you have to keep in mind that right now campaign promises are just what they are, promises, they are not policies. So let's see what happens in terms of how they get through Congress and whether.. and basically what comes out at the end."

If there are no major shocks to the economy, growth is expected to be around 2.5 percent and more interest rate rises are likely, according to Bovino.

"If you look at the job gains now averaging around 180,000 per month for the year to date and the unemployment rate under 5 percent we have a rather strong jobs market, so in terms of pushing the unemployment rate down even further and strengthening the jobs market that might actually result in stronger inflation as well, making the fed likely having to move further," she says.

In light of CIA accusations of Russian hacking, Trump's relations with the Kremlin will come into focus in January.

The Senate Foreign Relations Committee plans to hold an open hearing that will examine possible Russian meddling in November's presidential election.

Political analyst Masha Lipman says there are signs Moscow's relationship with Washington will thaw, but adds that both leaders are not giving much away just yet.

"We used to say that Putin is unpredictable and keeps his intentions and his plans as secret. Now we have at least one more person, who is unpredictable and this is the president of the United States — President-elect at this point, but of course in 2017, he will become the president of the United States. We still know very little about his policies. His appointments leave many shocked and speechless even, shaking heads in disbelief. But what his policies are going to be is an open question."

Lipman says the ongoing civil war in Syria means Trump and President Putin will need to make some tough choices.

Syria has been torn apart by more than five years of war - at the moment both countries support different sides.

Over the border, the Iraqi special forces are still battling the Islamic State group, also known as Daesh.

UK Defence Secretary Michael Fallon says that "Daesh is now failing and controls less than 10 percent of Iraqi territory."

Political Sociology Professor at Future university in Cairo, Saeed Sadek says even if Daesh is eventually defeated, Iraq could still face many challenges.

"The only problem for the Iraqi people is off course they have this ethnic and religion sectarian conflict may continue and erupt here and there from fanatics on both sides corruption and oil prices will also affect the Iraqi economy for 2017," he says.

2017 will also see Britain set the wheels in motion for its exit from the European Union.

Prime Minister Teresa May has set a March deadline to start Brexit and will face 2 years of tense debate as she tries to get the UK the best deals on trade.

German Chancellor Angela Merkel says Britain faces "rough" and "hard" negotiation. But Merkel also faces a fight for her own survival with elections later in the year.

Germany will elect the members of the Bundestag, as the German parliament is called, after the summer in 2017.

Merkel's Christian Democrats are currently in a coalition government with the Social Democrats (SPD).

However, the Global Public Policy Institute (GPPI) in Berlin says there has been a right wing backlash because of her policy welcoming Syrian refugees.

"The AFD (Alternative Fuer Deutschland) party is actually taking away quite a few voters from the Christian Democrats. And it is a very unfortunate thing for Merkel to have a party formed to her right. That indeed is a vital threat to her political ambitions," says GPPI director Thorsten Benner.

While the West slows, the one jewel in the world economic crown is likely to be India as its growth outperforms the rest of the world.

Veena Jha, an economist and policy analyst, says India's economy is now growing faster than China and the country must seek new markets.

She says Britain could be the biggest loser because Brexit will slow Indian investment in the UK as it looks elsewhere.

"India has to consolidate its trade relationships within Asia. It has to look to Europe, without Britain, for a strong trade relationship. It has to solidify its relationships, particularly, with Germany, Netherlands, and France, which are the largest markets. It has to look to the US for an Indo-US free trade agreement and kind of a strategic partnership which has been talked about but has not been inked."

However there could be hiccups as Indian Prime Minister Narendra Modi moves towards a cashless society, promoting digital transactions instead to curb the black market.

However the coins fall, 2017 is the Chinese Year of the Rooster which begins on January 28th. The Rooster is the sign of dawn and awakening, but it also means that triumph can only be achieved at the price of hard work.

Chinese Feng Shui Master and Astrologist Dong Yilin says many countries will face huge challenges with their economies.

"In the year of rooster, the Heavenly Stem (in Yi Qing) is fire and the Earthly Branch is gold and they are struggling with each other. It's like a process of burning gold and beating it into a craftwork. The craftwork is beautiful but it has to go through enormous hardships. Therefore, in the year of 2017, we will see many "turmoils" not only in China but also many other parts of the world like the Europe and the US."

One thing's for certain, a busy 2017 awaits whatever way the compass points.

====

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LEAD IN

2016 has been a year of upheavals and upsets that some would prefer to forget.

So what can we expect in 2017? Will the year of the rooster change the world pecking order or will it be business as usual?

While analysts are mixed on what lies ahead, one Chinese fortune teller says the world can expect "turmoil".

STORY-LINE

It was a result few people predicted, but one which will play a major role in shaping the year ahead.

Donald Trump's inauguration as the 45th US President will be held on January 20th and it's expected to draw people of all persuasions to Washington whether it's to celebrate or commiserate.

His stunning election win sparked numerous protests, and it's provoked widespread speculation about the impact that some of his controversial campaign promises might have when he takes office in 2017.

Chief U.S. Economist with S&P Global Ratings, Beth Ann Bovino says there's still some uncertainty over what path he will take.

"In terms of the impact of the Trump presidency on growth, you have to keep in mind that right now campaign promises are just what they are, promises, they are not policies. So let's see what happens in terms of how they get through Congress and whether.. and basically what comes out at the end."

If there are no major shocks to the economy, growth is expected to be around 2.5 percent and more interest rate rises are likely, according to Bovino.

"If you look at the job gains now averaging around 180,000 per month for the year to date and the unemployment rate under 5 percent we have a rather strong jobs market, so in terms of pushing the unemployment rate down even further and strengthening the jobs market that might actually result in stronger inflation as well, making the fed likely having to move further," she says.

In light of CIA accusations of Russian hacking, Trump's relations with the Kremlin will come into focus in January.

The Senate Foreign Relations Committee plans to hold an open hearing that will examine possible Russian meddling in November's presidential election.

Political analyst Masha Lipman says there are signs Moscow's relationship with Washington will thaw, but adds that both leaders are not giving much away just yet.

"We used to say that Putin is unpredictable and keeps his intentions and his plans as secret. Now we have at least one more person, who is unpredictable and this is the president of the United States — President-elect at this point, but of course in 2017, he will become the president of the United States. We still know very little about his policies. His appointments leave many shocked and speechless even, shaking heads in disbelief. But what his policies are going to be is an open question."

Lipman says the ongoing civil war in Syria means Trump and President Putin will need to make some tough choices.

Syria has been torn apart by more than five years of war - at the moment both countries support different sides.

Over the border, the Iraqi special forces are still battling the Islamic State group, also known as Daesh.

UK Defence Secretary Michael Fallon says that "Daesh is now failing and controls less than 10 percent of Iraqi territory."

Political Sociology Professor at Future university in Cairo, Saeed Sadek says even if Daesh is eventually defeated, Iraq could still face many challenges.

"The only problem for the Iraqi people is off course they have this ethnic and religion sectarian conflict may continue and erupt here and there from fanatics on both sides corruption and oil prices will also affect the Iraqi economy for 2017," he says.

2017 will also see Britain set the wheels in motion for its exit from the European Union.

Prime Minister Teresa May has set a March deadline to start Brexit and will face 2 years of tense debate as she tries to get the UK the best deals on trade.

German Chancellor Angela Merkel says Britain faces "rough" and "hard" negotiation. But Merkel also faces a fight for her own survival with elections later in the year.

Germany will elect the members of the Bundestag, as the German parliament is called, after the summer in 2017.

Merkel's Christian Democrats are currently in a coalition government with the Social Democrats (SPD).

However, the Global Public Policy Institute (GPPI) in Berlin says there has been a right wing backlash because of her policy welcoming Syrian refugees.

"The AFD (Alternative Fuer Deutschland) party is actually taking away quite a few voters from the Christian Democrats. And it is a very unfortunate thing for Merkel to have a party formed to her right. That indeed is a vital threat to her political ambitions. And next year it will be interesting to see whether we will have a major terrorist attack for example in Germany. That is one of the big uncertainties.

If that happens I think you will see a lot of increase in support for the right-wing populists. Or if we have an unravelling of the refugee situation again with the EU-Turkey pact unravelling on refugees. That could also increase the pressure on Germany and that could also be in a sense a supporting factor for the AFD," says GPPI director Thorsten Benner.

While the West slows, the one jewel in the world economic crown is likely to be India as its growth outperforms the rest of the world.

Veena Jha, an economist and policy analyst, says India's economy is now growing faster than China and the country must seek new markets.

She says Britain could be the biggest loser because Brexit will slow Indian investment in the UK as it looks elsewhere.

"India has to consolidate its trade relationships within Asia. It has to look to Europe, without Britain, for a strong trade relationship. It has to solidify its relationships, particularly, with Germany, Netherlands, and France, which are the largest markets. It has to look to the US for an Indo-US free trade agreement and kind of a strategic partnership which has been talked about but has not been inked."

However there could be hiccups as Indian Prime Minister Narendra Modi moves towards a cashless society, promoting digital transactions instead to curb the black market.

However the coins fall, 2017 is the Chinese Year of the Rooster which begins on January 28th. The Rooster is the sign of dawn and awakening, but it also means that triumph can only be achieved at the price of hard work.

Chinese Feng Shui Master and Astrologist Dong Yilin says many countries will face huge challenges with their economies.

"In the year of rooster, the Heavenly Stem (in Yi Qing) is fire and the Earthly Branch is gold and they are struggling with each other. It's like a process of burning gold and beating it into a craftwork. The craftwork is beautiful but it has to go through enormous hardships. Therefore, in the year of 2017, we will see many "turmoils" not only in China but also many other parts of the world like the Europe and the US."

One thing's for certain, a busy 2017 awaits whatever way the compass points.

AP Television

New York - 9 November 2016

1. Various of Trump fans celebrating

2. Wide of Trump and his family

3. Woman celebrating Trump's win

4. Trump and family walking on stage

5. People cheering Trump

6. Trump shaking hands with Mike Pence

Miami - 11 November 2016

7. Various of anti-Trump protests

New York - 1 December 2016

8. SOUNDBITE (English) Beth Ann Bovino, Chief U.S. Economist, S&P Global Ratings:

"In terms of the impact of the Trump presidency on growth, you have to keep in mind that right now campaign promises are just what they are, promises, they are not policies. So let's see what happens in terms of how they get through Congress and whether.. and basically what comes out at the end."

Washington - recent

9. Exterior of US Capitol

New York, US - 13 June 2014

10. New York Mercantile Exchange (NYMEX) floor

US - Exact date and location unknown

11. Man filling up car at petrol station

New York - 1 December 2016

12. SOUNDBITE (English) Beth Ann Bovino, Chief U.S. Economist, S&P Global Ratings:

"If you look at the job gains now averaging around 180,000 per month for the year to date and the unemployment rate under 5 percent we have a rather strong jobs market, so in terms of actually pushing the unemployment rate down even further and strengthening the jobs market that might actually result in stronger inflation as well, making the fed likely having to move further."

Moscow, Russia — December 15, 2016

13. Various of Kremlin

14. Various of political analyst Masha Lipman looking at computer

15. SOUNDBITE (English) Masha Lipman, political analyst:

"We used to say that Putin is unpredictable and keeps his intentions and his plans as secret. Now we have at least one more person, who is unpredictable and this is the President of the United States - President-elect at this point, but of course in 2017, he will become the President of the United States. We still know very little about his policies. His appointments leave many shocked and speechless even, shaking heads in this belief. But what his policies are going to be is an open question. "

Aleppo, Syria - 15 December 2016

16. Wide of Aleppo outskirts

17. Wide of buses parked near evacuation area

18. Various of United Nations vehicles parked near evacuation centre

Bartella, Iraq - 21 October 2016

19. Various of Bartella, east of Mosul during fight against IS group

20. Various of Iraqi Special Forces

Cairo, Egypt - 13 December 2016

21. Set up of Dr. Saeed Sadek Political Sociology Professor at Future university in Cairo at office

22. SOUNDBITE (English) Saeed Sadek, Political Sociology Professor at Future university in Cairo:

"The only problem for the Iraqi people is of course they have this ethnic and religion sectarian conflict may continue and erupt here and there from fanatics on both sides, corruption and oil prices will also affect the Iraqi economy for 2017."

London, UK - 13 July 2016

23. Various of British flag on parliament

UK Pool

London - 27 June 2016

24. British PM Teresa May ( formerly Home Secretary) arriving at 10 Downing Street

AP Television

Berlin, Germany - 12 July 2016

25. Various of German newspaper headlines about Teresa May

26. Various of German Chancellor Angela Merkel

Berlin - 1 December 2016

27. Various of the German Parliament building (Bundestag)

28. Thorsten Benner, director of the Global Public Policy Institute (GPPi) in Berlin, in his office

29. SOUNDBITE: (English), Thorsten Benner, director of the Global Public Policy Institute (GPPi) in Berlin:

"The AFD (Alternative Fuer Deutschland) is actually taking away quite a few voters from the Christian Democrats. And it is a very unfortunate thing for Merkel to have a party formed to her right. That indeed is a vital threat to her political ambitions. And next year it will be interesting to see whether we will have a major terrorist attack for example in Germany. That is one of the big uncertainties.

If that happens I think you will see a lot of increase in support for the right-wing populists. Or if we have an unravelling of the refugee situation again with the EU-Turkey pact unravelling on refugees. That could also increase the pressure on Germany and that could also be in a sense a supporting factor for the AFD".

Surat, India - 5 December 2016

30. Various of men working in Indian diamond factory

New Delhi, India – 3 December 2016

31. Various of economist Veena Jha in her office

32. SOUNDBITE (English) Veena Jha, Economist:

"India has to consolidate its trade relationships within Asia. It has to look to Europe, without Britain, for a strong trade relationship. It has to solidify its relationships, particularly, with Germany, Netherlands, and France, which are the largest markets. It has to look to the US for an Indo-US free trade agreement and kind of a strategic partnership which has been talked about but has not been inked."

New Delhi, India – 7 November 2016

33. British Prime Minister Theresa May shakes hands with her Indian counterpart Narendra Modi during her official visit to India

Surat, India - 5 December 2016

34. Various street scenes in Surat

Rojama Mayong Village, Assam, India – 18 November 2016

35. A woman waiting to exchange defunct currency bills at a bank

Beijing, China - 30 November 2016

36. Various of Chinese Feng Shui master and astrologist Dong Yilin

37. SOUNDBITE (Mandarin) Dong Yilin, Chinese Feng Shui Master and Astrologist:

"In the year of the rooster, the Heavenly Stem (in Yi Qing) is fire and the Earthly Branch is gold and they are struggling with each other. It's like a process of burning gold and beating it into a craftwork. The craftwork is beautiful but it has to go through enormous hardships. Therefore, in the year of 2017, we will see many "turmoils" not only in China but also many other parts of the world like Europe and the US."

38. Close of compass

LEAD IN:

For decades Britain's discontent over its European Union (EU) membership has simmered on, but then came the June referendum.

Nationalism surfaced and Britain's voted to leave the EU.

Brexit as it became known sent shockwaves through money markets and governments around the world.

STORY-LINE:

In the weeks running up to referendum judgement day, the British were busy with a little soul searching.

Mulling over their shared history, the country's pride in their democracy and heritage.

It was a year when Queen Elizabeth celebrated being the longest reigning UK monarch and the country celebrated her ninetieth birthday.

The pomp and ceremony from her recent jubilee were still a source of pride and were reminiscent of the heydays when London style was considered to be world leading.

In the 1960's British fashion and British pop were riding high.

That sense of being at the vanguard of style has continued, according to Robert Johnston the Fashion Director of GQ Magazine: "You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

Author Iain Aitch explained how a variety of heritages were now mixed up, making Britishness a more complex idea to communicate: "Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

But it wasn't this hipster, Brick Lane art and curry house side of Britain that won the vote.

The referendum on June 23rd was to signal the start of a long debate.

Britons for the first time had to absorb what being outside of the EU looked like.

Britain joined what was then called the European Economic Community in January 1973.

This was ratified by a referendum in 1975 with a resounding 67% majority.

By the seventies, Britain was beset by strikes and disgruntled union workers.

Traditional industries such as manufacturing and coal were in decline in the mid seventies.

Unemployment exceeded one million for the first time in March 1975. By the August that figure had increased to 1.25 million.

Some 83,000 immigrants were living in the UK by 1975, mostly from the Commonwealth.

According to Migration Watch UK for the year ending December 2015, net migration to the UK was 333,000.

And the lady had yet to turn. Margaret Thatcher MP (then leader of the opposition) campaigned to stay in the European Economic Community.

Later as prime minister between 1979 and 1990, Thatcher was known for her tough line with Brussels, especially during negotiations for the Maastrict Treaty in 1992.

The city of Maastrict is the home of the treaty which created the EU.

As summer arrived, businesses, leading universities and research establishments were beginning to assess the impact of Brexit.

For science and medicine, concerns were two fold.

Britain had attracted thousands of top researchers as well as billions of Euros in grants.

They went into research like this at Kings College London.

This project is a multidisciplinary look at the potential causes and effects of autism. It's a long term project which is linked to other studies across Europe.

Doctors and scientists aren't worried about losing cash in the short term, but falling behind in the knowledge race in the long term, especially as Britain has sought to place itself as a central base for the new industrial technologies.

The other fear is losing the brains which have been drawn to British research, people who now fear they will need to move to other institutions to keep up with the cash and the research.

Lead scientist at King's College Professor Declan Murphy warned: "Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre from one country."

The EU's Horizon 2020 budget is 80-billion Euro which funds medicine and science research across Europe.

Britain's split from the EU will leave a funding gap as well as a brain drain, according to Murphy. He argues it will be the children with autism like Van Velzen who will lose out.

As an island nation, boat building and sales have been important to the UK.

The industry fears rough waters may be ahead for Britain's luxury yacht industry, but right now it's riding on a wave caused by the plunge in the pound's value.

Phil Popham, the CEO of Sunseeker International was cautious: "We've benefited because of the weakness of the pound, but its all about business confidence."

Others like Russell Currie, the Managing Director of Fairline Yachts, says he already had cause to worry: "We've had an overnight decrease in the price of our boats in areas such as the European market."

British Marine's chief executive Howard Pridding tried to show more confidence in the course ahead: "Obviously, industry and business need stability and the time it will take to exit from the European Union will be problematic."

An estimated 1.2 million Britons live in other EU countries, mostly France, Portugal and Spain according to Britain's House of Commons library.

But that's a conservative figure because many expats don't bother registering with their embassies or the local authorities.

At Mijas on Spain's Costa del Sol, many Brits don't want to return to Blighty.

Used to the sun, sea and cafe society, some British residents are so concerned that their lives on the Costas are threatened, that after many years they're finally learning to speak Spanish.

According to Mijas' Mayor Juan Carlos Maldonado: "When the results of the Brexit (referendum) were known, a big uncertainty was created."

Local traders are also keen to keep the British on the Costa.

Many are retired and spend their pensions here.

Bar owner Sergio Morales says: "Most of our clients here, around 80% of them, are British."

A cloud of uncertainty still hangs over British expats in Spain and elsewhere in Europe.

And it's possible a string of similar nationality schools for expats may spring up.

Not everyone was bemoaning the onset of Brexit.

The art and antique market experienced a mini boom according to London dealers at this winter fair.

The weak pound against the dollar and Euro has seen American collectors in particular start to snap up bargains with savings of beween 25 and 30 per cent compared with six months ago.

Art dealers are reporting a similar trend.

They say investors see the arts market as a safe refuge in uncertain times.

As Christmas approaches the toy industry is bracing itself and Santa is wondering whether he'll have much to be jolly about.

It's the time of year when manufacturers and retailers count on making their biggest cash bonus of the year.

According to industry analyst Frederique Tutt: "Since the Brexit vote the toy market has been faring really well with an increase of three percent."

That's because toy retailers buy stock almost a year in advance and can keep prices stable, but the toy dealers here admit next year the stockings left out for Father Chrismas may have shrunk considerably.

There's nothing as Christmassy as a Christmas tree, but in Denmark the outlook for tree producers isn't quite so evergreen.

According to the Danish Christmas Tree Association, the small Scandinavian country grows around 11.5 million trees a year.

About 9.5 million of those are exported.

But these are challenging times and currency fluctuations are having an effect on trade.

Speaking about his members, Claus Jerram Christensen of the Danish Christmas Tree Association says: "They have experienced that the low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

The true impact of Brexit on Britain and Europe as a whole is still to an extent unknown.

The UK government had announced it was to trigger Article 50 next March to start negotiations to leave EU.

But since then, Brexit has twice been contested in the High Court.

One ruling has already stated Britain's law makers should be allowed a vote in Parliament beforehand.

Breaking up, it seems, really is hard to do.

AP Television

London, UK - 22 February 2016

1. Wide of UK Houses of Parliament as London bus passes

2. Close of clock face at the top of Elizabeth Tower, which houses Big Ben

AP Television

London, UK - 16 June 2016

3. Wide of Big Ben as seen from Buckingham Palace

4. Wide of Buckingham Palace

POOL

London, UK - 3 June 2012

5. Queen Elizabeth II with Prince Philip (centre), Charles (left) and Camilla (right) on royal barge during Diamond Jubilee celebrations

6. Mid of Duke and Duchess of Cambridge and Prince Harry on royal barge

7. Pull out of royal barge sailing down River Thames during Diamond Jubilee celebrations

AP Television

London, UK - 11 June, 2016

8. Mid of Queen Elizabeth II in carriage during the Trooping of the Colour for her 90th birthday celebrations

9. Wide of Guardsmen in ceremonial marching during the celebrations

AP Television

London, UK - 1960s

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

10. Close tilt down of man putting shirt in carrier bag

11. Wide of man by scooters

UNIVERSAL ARCHIVES

London, UK - 31 October 1963

++BLACK AND WHITE FOOTAGE / MUTE++

++4:3++

12. Various of Beatles getting off plane in London

AP Television

London, UK - 7 June 2016

++16:9++

13. SOUNDBITE (English) Robert Johnston, Fashion Director, GQ Magazine UK

"You also think street scene, you think east London, you think hipsters, you think the most vibrant street fashion possibly in the world."

AP Television

London, UK - 3 July 2012

14. Punk and goth street fashion in Camden

AP Television

London, UK - 16 June, 2016

15. Hipster in Brick Lane cafe

16. Pull focus of street sign reading: (English) "Brick Lane E1"

17. Various of curry houses on Brick Lane

AP Television

Margate, UK - 8 June 2016

18. Various of Margate beach and people relaxing in sunshine

19. SOUNDBITE (English) Iain Aitch, Author:

"Everyone might say a Sunday roast or fish and chips, that's a quintessentially British meal, but then suddenly everyone says it's chicken tikka masala."

20. Various of takeaway fish and chips being served

AP Television

London, United Kingdom, April 30, 1973 (MUTE)

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21. Red buses on a London street

AP Television

London, United Kingdom, September 24, 1973 (MUTE)

++4:3++

22. Tilt down of Ford workers walking out of various plants

23. Wide of Ford cars on a train

24. Various men take part in industrial action at Ford plant

AP Television

United Kingdom, February 10, 1974 - no exact location available

++4:3++

25. Various of non functioning coal mines during national coal strike

AP Television

London, United Kingdom, June 3, 1975 (MUTE)

++4:3++

26. Mid of Margaret Thatcher wearing a flags-of-Europe sweater, flanked by women also wearing pro-Europe sweaters

AP Television

Maastricht, Netherlands - 7 June 2016

++16:9++

27. Clocktower of Maastricht town hall with EU, Limburg and Maastricht flags

28. Wide of streets in the town

AP Television

London, UK - 7 July 2016

29. Various of autistic teenager Rens Van Velzen completing other puzzles with black and yellow blocks against the clock

30. Close tilt down of the psychologist on the autism study at Kings College London timing Rens Van Velzen during test

31. Close of Van Velzen

32. SOUNDBITE (English) Professor Declan Murphy lead scientist, EU Aims study on autism, Kings College London:

"Big questions need big populations to come up with the right answers, and we simply cannot deliver the amount of patients for the amount of science from one centre or from one country."

33. Various of Van Velzen being tested in eye tracking unit at Kings College London

AP Television

Southampton, UK - 16 September 2016

34. Wide of Southampton Boat Show 2016, cruise ship in background

35. Tilt down to pontoon, boats and visitors

36. Close of 'Sunseeker' flag

37. Various of Sunseeker 95 Yacht exterior

38. SOUNDBITE (English) Phil Popham, CEO of Sunseeker International:

"We've benefited because of the weakness of the pound, but its all about business confidence."

39. Various of Fairline yacht

40. SOUNDBITE (English) Russell Currie, Managing Director of Fairline Yachts:

"We've had an overnight decrease in the price of our boats in areas such as the European market

41. Zoom out from cruise ship docked near boat show

42. SOUNDBITE (English) Howard Pridding, Chief Executive of British Marine:

"Industry and business need stability and the time it will take to exit from the European Union will be problematic"

AP Television

Mijas, Malaga - October 6, 2016

43. Wide of coastal area of Mijas

44. Pan of typical apartments in the area and people walking by the sea side

45. Various of British pensioners taking Spanish classes in the Parnell School

46. Various of Juan Mayor Carlos Maldonado in his office

47. SOUNDBITE (Spanish) Juan Carlos Maldonado, Mayor of Mijas:

"When the results of the Brexit (referendum) were known, a big uncertainty was created."

48. Various of family walking near beach

49. Pan from people walking up steps from the beach to the owner of Royal Beach cafe talking

50. SOUNDBITE (Spanish) Sergio Morales, co-owner of Royal Beach bar in Mijas:

"Most of our clients here, around 80% of them, are British."

AP Television

London, UK - 1 November 2016

51. Pull focus of bronze Japanese archer

52. Mid of men admiring antique chandelier

53. Art dealer Tanya Baxter showing painting to visitor

54. Close tilt down of painting 'Paper Bride in Waiting' by Zeng Chuanxing (price £120,000/ USD 147,000)

55. Wide of antique clock stand

AP Television

London, UK - 9 November 2016

56. Mid of Tiana Wilson with Santa who is holding a Hatchimal waiting for the toy to hatch

57. Wide of girl playing with toy on chair

58. Mid zoom in to boys playing with Bluetooth Furbys

59. Low mid view of caterpillar going past boys and Furbys

60. SOUNDBITE (English) Frederique Tutt, toy industry analyst, NPD:

"Since the Brexit vote the toy market has been faring really well with an increase of three percent."

AP Television

Lundby, Denmark - 22 November 2016

61. Mid tilt up of Christmas tree plantation

62. Wide of plantation through tops of trees

AP Television

Copenhagen, Denmark - 21 November 2016

63. SOUNDBITE (English) Claus Jerram Christensen, Managing Director of the Danish Christmas Tree Association:

"The low exchange rate for the sterling pound makes it more difficult to achieve the same prices."

64. Mid of large container truck filled with trees pulling out of yard stacked with trees

65. Pan across field of Christmas tree saplings for 2018 and beyond