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headlines: A Greek tragedy in the making. Antonis Samaras has only | :00:02. | :00:06. | |
days to prevent his country from running out of money. | :00:06. | :00:16. | |
:00:16. | :00:18. | ||
Japan's last ditch attempt to push through its finance bill. | :00:18. | :00:21. | |
The head of the European Central Bank has supported German plans for | :00:22. | :00:25. | |
a new currency commissioner, which would have the power to veto | :00:25. | :00:33. | |
budgets set by European governments that broker strict spending | :00:33. | :00:41. | |
guidelines. -- that violate street spending guidelines. | :00:41. | :00:51. | |
:00:51. | :00:54. | ||
-- strict. Thank you for joining us. | :00:54. | :00:59. | |
The working group meeting today - what is going to be top of the | :00:59. | :01:04. | |
agenda? Greece. We are coming close to decision time again. Greece is | :01:04. | :01:08. | |
running out of money and they require this next tranche of the | :01:08. | :01:13. | |
bail out very soon. The Troika in Athens has found that Greece is | :01:13. | :01:17. | |
very far along the way on its reform promises and fiscal cuts but | :01:17. | :01:22. | |
there are still some serious issues remaining. First, labour-market | :01:23. | :01:27. | |
reforms in particular. Second, how to finance a potential two-year | :01:28. | :01:31. | |
extension of the programme, which would cost extra money which would | :01:31. | :01:39. | |
have to come from somewhere. When will we see some deals done | :01:39. | :01:44. | |
and announced regarding this two- year time frame? Last week, the | :01:44. | :01:49. | |
Greek Finance Minister told parliament that the two extra years | :01:49. | :01:55. | |
had been agreed upon but that was denied by the Troika. This working | :01:56. | :01:59. | |
group meeting today is probably not high ranking enough to announce | :01:59. | :02:04. | |
major decisions. Eurozone finance ministers will meet on Wednesday | :02:04. | :02:09. | |
and that might be when the announcement is made. It still | :02:09. | :02:13. | |
might not be in the final decision. That will be up to the leaders. In | :02:14. | :02:18. | |
terms of running out of money, we now understand that this is a | :02:18. | :02:24. | |
flexible matter. But November is definitely when they must make a | :02:24. | :02:31. | |
decision. We will receive a decision some time... There is also | :02:31. | :02:41. | |
talk about restructuring the debt, which Germany is not keen on. | :02:41. | :02:45. | |
questioning about how to finance these next two years... There are | :02:45. | :02:53. | |
different ways to provide the money. One would be lower interest rates. | :02:53. | :02:59. | |
One would be to provide more money. The Troika would prefer to cut the | :02:59. | :03:07. | |
official public sector debt. It is likely that they will find | :03:07. | :03:12. | |
some compromise were the official sector will have some of its debt | :03:12. | :03:16. | |
forgiven, some interest rates will be cut and more additional money | :03:16. | :03:26. | |
:03:26. | :03:30. | ||
found. Thank you. | :03:30. | :03:35. | |
From one debt crisis to another, Japan's national debt as a | :03:35. | :03:40. | |
proportion of its income is nearly twice the size of Greece's. | :03:40. | :03:43. | |
Spending has ballooned to cover reconstruction of areas devastated | :03:43. | :03:49. | |
by last year's tsunami and the shutdown of most of the country's | :03:49. | :03:59. | |
:03:59. | :04:01. | ||
nuclear facilities. There has been political infighting, | :04:01. | :04:05. | |
delaying any possible solution to the problem. | :04:05. | :04:13. | |
Thank you for joining us. First, or explain how critical this | :04:13. | :04:20. | |
is and what it means for the Japanese economy. | :04:20. | :04:25. | |
On the one hand, this is irregular procedure in the Japanese | :04:25. | :04:35. | |
government. It runs out of tax money every fiscal year. -- this is | :04:35. | :04:40. | |
a usual, regular procedure in the Japanese government. The problem is | :04:40. | :04:44. | |
that they need new legislation to make arrangements and they need a | :04:44. | :04:49. | |
parliamentary agreement for that legislation. At this point in time, | :04:49. | :04:54. | |
with political tensions as they are, this is a difficult issue. How will | :04:54. | :05:00. | |
politicians find any middle ground? The opposition party is trying to | :05:00. | :05:05. | |
use the opportunity to finally put out the government. The | :05:06. | :05:11. | |
government's approval rating is at its lowest point in history. The | :05:11. | :05:15. | |
opposition certainly has the opportunity to ask for fresh | :05:15. | :05:19. | |
elections. The government is trying to stick to its plans. Further | :05:19. | :05:24. | |
financing is desperately required. The economy is already heading to | :05:24. | :05:29. | |
recession. We have low demand from China and the rest of the world | :05:29. | :05:33. | |
economy. Also problems internally. Domestic support from the | :05:33. | :05:38. | |
government is very critical. All eyes are on the Bank of Japan | :05:38. | :05:43. | |
because the government has not been able to get its act together. | :05:43. | :05:51. | |
is your outlook for the economy? How will the eurozone debt crisis | :05:51. | :06:01. | |
affect matters? Will China's growth also affect | :06:01. | :06:04. | |
matters? We were also hoping that domestic demand would be stronger | :06:04. | :06:10. | |
this year, particularly on government spending for | :06:11. | :06:14. | |
Reconstruction and trying to keep the economy together. The problem | :06:14. | :06:19. | |
now is because of the political situation this is extremely | :06:20. | :06:24. | |
unlikely. The Bank of Japan will meet tomorrow and basically, the | :06:24. | :06:29. | |
situation is the same as in Europe and the US. Quantitative easing. | :06:29. | :06:38. | |
Hopefully this will have a good effect on the economy. | :06:38. | :06:42. | |
Staying with Japan, shares in Honda fell 6% today after it warned of | :06:42. | :06:48. | |
lower profits due to anti-Japanese protests. The company made just | :06:48. | :06:53. | |
over $1 billion in the three months to the end of September. Sales in | :06:53. | :07:02. | |
China fell 40% because of violent protests sparked by a territorial | :07:02. | :07:06. | |
dispute. Honda says it expects the anti-Japanese sentiment to continue | :07:06. | :07:11. | |
for some months. Heathrow Airport is Europe's | :07:12. | :07:17. | |
busiest, handling 17 million passengers per year. But its | :07:17. | :07:21. | |
operators are struggling to make a profit. In a few hours, Heathrow | :07:21. | :07:30. | |
Airport will release its latest quarterly results and it is | :07:30. | :07:36. | |
expected to be posting serious losses. | :07:36. | :07:41. | |
Heathrow Airport's operators used to be called the British Airport | :07:41. | :07:45. | |
Authority. They have been told to take control of so many UK airports | :07:45. | :07:50. | |
- Gatwick, Edinburgh and Stansted - they have decided to call | :07:50. | :07:56. | |
themselves simply Heathrow. Can they pull themselves back into | :07:56. | :08:03. | |
profit? In the first half of this year, they made a loss of $110 | :08:03. | :08:08. | |
million. Debt accrued to $17.7 billion. The interest paid on that | :08:08. | :08:12. | |
debt was $600 million. Heathrow is not increasing revenue from | :08:12. | :08:16. | |
passengers fast enough to keep up with the interest charges. | :08:17. | :08:21. | |
Passenger numbers have tended to grow at 2.5% per year, roughly in | :08:21. | :08:27. | |
line with growth in real GDP. He from hopes that growth will | :08:27. | :08:34. | |
continue and increase. -- Heathrow hopes. How can the company ramp up | :08:34. | :08:40. | |
activity at the airport? At peak times, aircraft land once every 45 | :08:40. | :08:46. | |
seconds. It is already operating to the limit of its capacity. Heathrow | :08:46. | :08:50. | |
Airport's directors want to build a third runway but the UK government | :08:50. | :08:55. | |
has deferred a decision on this contentious issue until after the | :08:55. | :08:59. | |
next election. In the meantime, City, Gatwick and Birmingham have | :08:59. | :09:04. | |
been offering their plans to the government on how they can take the | :09:04. | :09:07. | |
future increase in air traffic, which Heathrow Airport will | :09:07. | :09:12. | |
seemingly be unable to handle. But Heathrow hopes it can expand its | :09:12. | :09:17. | |
capacity just a little bit more. Heathrow group's a grand plan is to | :09:17. | :09:22. | |
reconfigure the output's layout so that its terminals are lined up | :09:22. | :09:26. | |
neatly, sitting at right angles to the runway. This will make more | :09:26. | :09:30. | |
efficient and profitable use of the space available but the rebuild | :09:30. | :09:36. | |
will require yet another issue chunk of borrowing from its | :09:36. | :09:46. | |
:09:46. | :09:49. | ||
creditors. -- huge chunk. These are the markets at the moment. | :09:49. | :09:54. | |
There is absolutely no trading today later in the New York Stock | :09:54. | :10:04. | |
:10:04. | :10:13. | ||
Exchange, which is closed because of Hurricane Sandy. | :10:13. | :10:19. | |
The government has announced it was spent another �315 million for work | :10:19. | :10:25. | |
on a new series of nuclear-armed submarines. The new submarines are | :10:25. | :10:29. | |
supposed to maintain Britain's policy of nuclear deterrence but | :10:29. | :10:35. | |
not everyone is happy with the decision. | :10:36. | :10:39. | |
The British submarine firing a Trident missile in the Atlantic | :10:39. | :10:48. | |
last week - just a test, the first in three years. This is one of four | :10:48. | :10:53. | |
ageing submarines based on the Clyde, which maintain the UK's | :10:53. | :10:58. | |
nuclear deterrent. They will be replaced over the next decade at a | :10:58. | :11:03. | |
cost of between �10,000,000,000.- 1474760187 pounds. The Ministry of | :11:03. | :11:13. | |
:11:13. | :11:21. | ||
Defence -- a cost between �10 billion... And �20 billion. �3 | :11:21. | :11:27. | |
billion has been set aside for their design.... Kicks the Liberal | :11:27. | :11:32. | |
Democrats and the coalition are keen on cheaper alternatives. The | :11:32. | :11:36. | |
Scottish government is keen on removing the system if Scotland | :11:36. | :11:40. | |
votes for independence. One in five people working in the UK are paid | :11:40. | :11:46. | |
less than the living wage, the amount needed for a basic standard | :11:46. | :11:51. | |
of living. These findings also suggest that low-paid workers are | :11:51. | :11:56. | |
feeling the worst effects of a harsh economic climate. | :11:56. | :12:05. | |
Coming up: Breakfast. Taking a look at what is happening across the | :12:05. | :12:12. | |
Atlantic with Hurricane Sandy. That is from six o'clock this | :12:12. | :12:22. | |
:12:22. | :12:22. | ||
morning. This is BBC News. The headlines: | :12:22. | :12:26. | |
President Obama has told Americans to take Hurricane Sandy very | :12:26. | :12:31. | |
seriously as it approaches the east coast of the US. Michael Bloomberg | :12:31. | :12:34. | |
has ordered the evacuation of thousands of people from low-lying | :12:34. | :12:43. | |
areas in New York City. This is a serious storm. My first | :12:43. | :12:49. | |
messages to all the people across the eastern seaboard, the mid- | :12:49. | :12:55. | |
Atlantic going north - take this very seriously and follow the | :12:55. | :12:58. | |
instructions of your state and local officials because they are | :12:58. | :13:02. | |
going to be providing you with the best advice in terms of how to deal | :13:02. | :13:05. | |
with this storm over the coming days. | :13:05. | :13:10. | |
In Ukraine, the governing party of President Viktor Yanukovych has | :13:10. | :13:14. | |
claimed victory in parliamentary elections. His party has received | :13:14. | :13:20. | |
25% of the rate - are not enough to take the overall majority. | :13:20. | :13:24. | |
A Greek magazine editor is due in court in a few hours, charged with | :13:25. | :13:28. | |
violating privacy laws after publishing the names of around | :13:28. | :13:36. | |
2,000 people who were allegedly hold private bank accounts in | :13:36. | :13:38. | |
Switzerland. San Francisco has won the World | :13:38. | :13:48. | |
:13:48. | :13:58. | ||
Now it is time for our newspaper review where Sally and I look at | :13:58. | :14:01. | |
the stories making headlines around the world. Hurricane Sandy is on | :14:01. | :14:05. | |
the front page of the China Daily. Thousands of flights have been | :14:05. | :14:12. | |
suspended as America prepares for one of the worst storms in years. | :14:12. | :14:15. | |
With just over a week to go before the US presidential election, the | :14:15. | :14:21. | |
Times reports on key battleground states for the two candidates. | :14:21. | :14:24. | |
Lloyds reform bid to axe sales incentives is the headline in the | :14:24. | :14:27. | |
Financial Times. The Moscow Times reports on Aeroflot's plans to | :14:27. | :14:31. | |
start a low cost airline. The head of the European Central Bank, Mario | :14:31. | :14:35. | |
Draghi, has said he would support proposals to give the EU the power | :14:35. | :14:38. | |
to veto the budgets of member countries. That story in the South | :14:38. | :14:47. | |
China Morning Post. The Guardian reports American television network | :14:47. | :14:50. | |
NBC has bought the rights to show English Premier League football in | :14:50. | :14:54. | |
the United States for three years. To discuss these, Sally and I are | :14:55. | :14:58. | |
joined by Michael Hewson, a senior market analyst from CMC Markets. | :14:58. | :15:08. | |
Welcome to the programme. The China Daily, Hurricane Sandy, someone | :15:08. | :15:16. | |
describing it as once in a century weather phenomenon. Of course we | :15:16. | :15:19. | |
can look at the financial implications, but it is a reminder | :15:19. | :15:25. | |
of how powerless we are in the face of Mother Nature. One of the things | :15:25. | :15:30. | |
about this year, the huge weather events we have seen. You look at | :15:30. | :15:35. | |
Spain, you look at the drought. The weather seems to be getting an | :15:35. | :15:43. | |
awful lot worse. This one is closing the New York Stock Exchange. | :15:43. | :15:48. | |
It could be interesting. intruded a conversation about | :15:48. | :15:58. | |
:15:58. | :16:09. | ||
climate change? That has kind of died down. -- has it triggered. | :16:09. | :16:16. | |
it also brings up nuclear power. That is Brom -- probably the | :16:16. | :16:26. | |
:16:26. | :16:29. | ||
cheapest option. Japan has bandit, Germany has. -- banned it. Where | :16:29. | :16:35. | |
are our energy needs going to come from? I would mention the US | :16:35. | :16:40. | |
presidential election. It could work in President Obama's favour. | :16:40. | :16:49. | |
It could make him look presidential. Commander In Chief. That the 18th | :16:49. | :16:59. | |
:16:59. | :17:07. | ||
is in the Times as well. -- in the Times. This remote state of Ohio is | :17:07. | :17:12. | |
very important. No presidential candidate has taken the race | :17:12. | :17:20. | |
without Ohio. All the networks are covering it. It is going to go to | :17:20. | :17:27. | |
the wire. The weather problems could impact of voting. Are you | :17:27. | :17:34. | |
surprised how quickly this race has changed? Five weeks ago people were | :17:34. | :17:42. | |
saying this is Obama's Toulouse. It is now neck-and-neck. -- to lose. | :17:42. | :17:47. | |
Yes, it has surprised me. A lot of people in the financial markets did | :17:47. | :17:52. | |
not rate Mitt Romney. Despite the fact on Friday we saw a very good | :17:52. | :17:59. | |
GDP number. What is key is the latest jobs report out on Friday. | :17:59. | :18:08. | |
If that is a good number it could swing it to Obama. Is there a | :18:08. | :18:12. | |
candidate that the financial markets would prefer? Would they | :18:12. | :18:19. | |
prefer another four years of an Obama Administration? Mitt Romney | :18:19. | :18:24. | |
has gone on record as saying he wants to replace Ben Bernanke. That | :18:24. | :18:31. | |
could have impacts on the Fed's monetary policy. If the Fed decides | :18:31. | :18:37. | |
it wants to hold back, it could adversely affect equity markets. I | :18:37. | :18:41. | |
think the status quo is the preferable option rather than the | :18:41. | :18:47. | |
unknown of Mitt Romney. Let's be honest, he is a bit gaffe-prone. I | :18:47. | :18:52. | |
recall the comments he made in London about the Olympics. That did | :18:52. | :18:58. | |
not go down too well. We will have DC. Not long to wait now. The | :18:58. | :19:08. | |
:19:08. | :19:15. | ||
Financial Times, Lloyds Bank and the reforms. -- have to see.. It | :19:15. | :19:19. | |
has cost the banks dearly, they are looking to mitigate that. They have | :19:19. | :19:29. | |
set aside �4 billion at Lloyd's. Replacing the practice of selling | :19:29. | :19:37. | |
and rewarding customer service. How are they going to do that? This PPI | :19:37. | :19:42. | |
thing, they estimate the final bill will be �15 billion. Three times | :19:42. | :19:48. | |
the original estimates. I think Barclays is due to report later | :19:48. | :19:53. | |
this week it will have to increase its provisions as well. It is not | :19:53. | :19:59. | |
just addressing this problem, it is a PR exercise. The banks are really | :19:59. | :20:09. | |
:20:09. | :20:19. | ||
suffering at the moment on a multitude of fronts. LIBOR as well. | :20:19. | :20:29. | |
:20:29. | :20:30. | ||
Let's look at the Moscow Times. Aeroflot will unveil a plan to have | :20:30. | :20:39. | |
a carrier between London and Moscow. Budget carriers could be going neck | :20:39. | :20:48. | |
and neck? Yes, Easyjet were looking to open a Moscow route from around | :20:48. | :20:57. | |
�125 return. It is a competitive market. Aeroflot, it has got a bit | :20:57. | :21:02. | |
of a reputation. I am not sure I would like to fly with them. Can I | :21:02. | :21:10. | |
say that? You just did. Before Aeroflot can become a low-cost | :21:10. | :21:20. | |
:21:20. | :21:21. | ||
carrier, there needs to be a change in the laws in Russia. They have to | :21:21. | :21:30. | |
change the requirement to feed passengers and four baggage. | :21:30. | :21:35. | |
think you have to pay for baggage on Easyjet. I do not think that is | :21:35. | :21:43. | |
an issue. Most of them are doing it. Let's look at what Mario Draghi has | :21:43. | :21:49. | |
been saying. He did an interview with a German magazine. I was | :21:49. | :21:54. | |
looking at 20 yesterday and there were dozens of comments about this. | :21:54. | :22:02. | |
-- at Twitter. He agrees with Germany on the idea that European | :22:02. | :22:06. | |
officials will be able to veto it national government budgets if they | :22:06. | :22:13. | |
are not sticking to the rules. Very controversial. Hugely controversial. | :22:13. | :22:19. | |
There is a massive democratic deficit already. You are already | :22:19. | :22:27. | |
seeing polarisation in Spain in respects to EU demands. You have | :22:27. | :22:33. | |
got an election in Catalonia next month. That could be a vote on | :22:33. | :22:40. | |
succession. That is a key thing. They are going to have to change | :22:40. | :22:47. | |
the treaty. Germany wants it. will ask you very quickly, for | :22:47. | :22:52. | |
someone who travels back and forth across the Atlantic, are you | :22:52. | :22:58. | |
pleased you can watch the English Premier League on the NBC? Let's | :22:58. | :23:02. | |
hope they do a better job than the Olympics. There was a lot of | :23:02. | :23:12. | |
negative feedback about that. $250 million. Absolutely. Good stuff. | :23:12. | :23:22. | |
:23:22. | :23:25. | ||
That's it. That is the newspaper That's it. That is the newspaper | :23:25. | :23:31. | |
review. After a bit of a mixed weekend, this week promises some | :23:31. | :23:35. | |
pretty typical autumnal weather. We see some rain, especially in the | :23:35. | :23:38. | |
south. It is breezy as well. Brighter towards the northern half | :23:38. | :23:42. | |
of the UK. The satellite image shows the cloud moving further | :23:42. | :23:45. | |
southwards overnight. Clearer skies in the north and the west. That | :23:45. | :23:50. | |
will continue on Monday. In the morning it is a fairly damp and | :23:50. | :23:54. | |
mild in the south. 4-6 degrees. It is cooler further north. A touch of | :23:54. | :24:02. | |
frost. It is rather mild and rather grey as we begin in the south-east. | :24:02. | :24:07. | |
A few spots of drizzly rain. 8-9 degrees. The rain quite persistent | :24:07. | :24:11. | |
across the southern counties of England. One or two light showers | :24:11. | :24:14. | |
for the Channel Islands and some heavy rain across Devon and | :24:14. | :24:18. |