Browse content similar to 13/06/2011. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
the latest headlines. It is now time for the latest financial news. | :00:05. | :00:15. | |
:00:15. | :00:17. | ||
Here is Sally with World Business Report. Hello and a warm welcome. | :00:17. | :00:21. | |
The headlines: As thousands turnout in Athens for another night of | :00:21. | :00:25. | |
protest, there is a fresh call on the Prime Minister to reshuffle his | :00:25. | :00:29. | |
cabinet. The boss of General Electric | :00:29. | :00:32. | |
presents President Obama with his initial report on what can be done | :00:33. | :00:42. | |
to boost job creation in the US. Flights out of Melbourne that | :00:42. | :00:47. | |
Parisian but the ash cloud perfects flights in Hobart and New Zealand. | :00:47. | :00:54. | |
-- affects flights in Hobart and New Zealand. As anti- austerity | :00:54. | :00:58. | |
protests in Athens and have therefore squeaker the country's | :00:58. | :01:02. | |
Prime Minister is under increasing pressure to reshuffle his cabinet. | :01:02. | :01:06. | |
One of his deputies has openly called for the Finance Minister and | :01:06. | :01:08. | |
others to be replaced by a new economic team involving officials | :01:08. | :01:14. | |
from other parties. Local reports suggest he is considering the move | :01:14. | :01:18. | |
but only if the main opposition party backs his revised savings | :01:19. | :01:22. | |
plan in a parliamentary vote later this month. To talk us through the | :01:22. | :01:31. | |
issues I am joined by our electric -- owl expert in the Greek economy. | :01:31. | :01:35. | |
What do you make of these calls that have been gathering pace over | :01:35. | :01:44. | |
the weekend for a reshuffle of Cabinet? The Greek programme of | :01:44. | :01:48. | |
economic reforms so far has not achieved the progress they had | :01:48. | :01:56. | |
hoped. People are starting to look for solutions. One of these is the | :01:56. | :02:02. | |
possibility of a reshuffle. For the time being, these calls came from | :02:02. | :02:07. | |
quarters which opposed the reform. From that point of view I do not | :02:07. | :02:11. | |
think that based on these calls there will be such a reshuffle and | :02:12. | :02:16. | |
particularly a replacement of the Minister of National economy. But | :02:16. | :02:22. | |
on the other hand there is some pressure from EU countries for the | :02:22. | :02:27. | |
ma maion party to support these reforms, in which case, if | :02:27. | :02:31. | |
there is a basis through which the government and the main opposition | :02:31. | :02:36. | |
party do agree on some kind of co- operation, I would say it is | :02:36. | :02:41. | |
possible to have such kind of replacement. The possibility of | :02:41. | :02:45. | |
such an agreement at this stage is relatively small but not completely | :02:45. | :02:51. | |
non-existent. If there were a new economic team, do you think it | :02:51. | :02:56. | |
would make it easier for Greece to get more money, more borrowing next | :02:56. | :03:01. | |
year? This is the issue. The Greek debt situation is not getting any | :03:01. | :03:06. | |
easier for the government to sort out. If that were to be within the | :03:07. | :03:11. | |
context of a government of wider acceptance, a kind of co-operation | :03:12. | :03:15. | |
between the government and the main opposition party, then yes. Because | :03:15. | :03:20. | |
that would send a strong signal that the two main parties agree on | :03:20. | :03:25. | |
the basic principles of reform. Then the programme and its | :03:25. | :03:28. | |
implementation will be easier to follow. But that will not | :03:28. | :03:32. | |
necessarily bring the interest rate down for the Greek authorities. It | :03:32. | :03:38. | |
is very expensive for them to borrow. Yes. For the interest rates | :03:38. | :03:43. | |
to decline, you need to seek not only words but action. They need to | :03:43. | :03:47. | |
have a realistic plan. They need to show the determination to implement | :03:47. | :03:56. | |
the plan. We will watch this space and keep everybody in touch. Taiz | :03:56. | :04:00. | |
volcanic ash continues to cause problems for the airline industry. | :04:00. | :04:04. | |
Carriers in Australia and New Zealand are the latest affected | :04:04. | :04:08. | |
with dozens of flights cancelled because of an eruption in Chile. | :04:08. | :04:11. | |
Let's get the latest from Our Sydney Correspondent. What is the | :04:11. | :04:17. | |
latest? Some flights have resumed out of Melbourne airport. That | :04:17. | :04:23. | |
airport was shut down. That is why the biggest airports in Australia. | :04:23. | :04:27. | |
So it there has been a huge knock- on effect around the country | :04:27. | :04:32. | |
because of that. But the ash cloud is still causing huge problems in | :04:32. | :04:37. | |
Tasmania, where the Hobart airport remains shut. And also, flights | :04:37. | :04:44. | |
between Australia and New Zealand have been affected. Qantas are | :04:44. | :04:51. | |
still grounding those fires. Some 30,000 passengers have been | :04:51. | :04:57. | |
affected. It's it's is there a real worry about what will happen next? | :04:57. | :05:02. | |
When you talk about volcanic ash in Europe, a shiver goes down | :05:02. | :05:06. | |
everybody's spine. What is the feeling about where you are about | :05:06. | :05:11. | |
how difficult this could become? is remarkable that it has affected | :05:11. | :05:21. | |
:05:21. | :05:23. | ||
his part of the world. This was from a volcano in Chile. You would | :05:23. | :05:25. | |
expect it to cause problems in South America, but not in | :05:25. | :05:31. | |
Australia! Virgin Airlines started operating flights. Qantas is far | :05:31. | :05:36. | |
more cautious. It has a policy where if there is a significant ash | :05:36. | :05:42. | |
cloud in the atmosphere, they do not fly at all. New Zealand have | :05:42. | :05:46. | |
been flying. They have been trying to conduct the tours around the ash | :05:46. | :05:50. | |
cloud and fly at low altitude. There is the concern that there | :05:50. | :05:56. | |
will be a knock-on effect, not only from the ash cloud, but from the | :05:56. | :06:00. | |
knock-on effect. Thank you very much. | :06:00. | :06:05. | |
Pravda has revealed it hopes to raise as much as $2.6 billion to | :06:05. | :06:11. | |
its flotation on the Hong Kong Stock Exchange. The Italian firm | :06:11. | :06:19. | |
sale prospectus says some of that raised will be used to raise its | :06:19. | :06:24. | |
network. The stock price is due to be confirmed on Friday. Trade | :06:24. | :06:27. | |
starts one week it might have. The Israel's central bank chief has | :06:27. | :06:35. | |
one of the backing of the Palestinian to stand for IMF | :06:35. | :06:41. | |
President. He was described as a superb human being who would make a | :06:41. | :06:44. | |
great managing director. However the Palestinian Authority is not | :06:44. | :06:48. | |
involved in the selection process and experts say France's Christine | :06:48. | :06:52. | |
Lagarde remains the favourite. China's efforts to restrict bank | :06:52. | :06:57. | |
lending appear to be working. Data shows that new loans totalled $85 | :06:57. | :07:03. | |
billion in May, lower than previous month. The central bank has made a | :07:03. | :07:07. | |
lender's' Reserve will require us to record levels and told them to | :07:07. | :07:12. | |
scale back loads to the property sector. Experts warned not to read | :07:13. | :07:20. | |
too much into single month numbers. Talking of reading into numbers, | :07:20. | :07:24. | |
President Obama today receives his first progress report from the | :07:24. | :07:28. | |
Council of business chiefs asked to suggest steps to boost employment. | :07:28. | :07:34. | |
The panel, led by General Electric, delivered its suggestions just over | :07:34. | :07:44. | |
:07:44. | :07:48. | ||
one week after the joblessness rate rose. It's with roughly one in ten | :07:48. | :07:51. | |
of Americans out of work, President Obama is selling his support behind | :07:51. | :07:55. | |
the country's Community College system to change the way people | :07:55. | :08:03. | |
find new jobs. Here they retrain the unemployed and according to | :08:03. | :08:08. | |
this man, they are busier than ever. They come from all walks of life. | :08:08. | :08:12. | |
That is the interesting thing from this recession. Nobody has been | :08:12. | :08:18. | |
spared. People have to reinvent themselves. At this community | :08:18. | :08:22. | |
college they do not only retrain those looking for a job. They also | :08:22. | :08:26. | |
work with local businesses to help them find new opportunities which | :08:27. | :08:33. | |
they hope will eventually lead to more job creation. One graduate is | :08:33. | :08:39. | |
Michael, owner of a coffee lounge. He has a staff of 12 and also | :08:39. | :08:43. | |
supplies the New York branches of a supermarket chain. He says the | :08:43. | :08:50. | |
course was invaluable. encompassed what we needed. We had | :08:50. | :08:57. | |
a great idea and I understood budgeting from other businesses I | :08:57. | :09:01. | |
had been involved in, but it solidified what we were lacking the | :09:01. | :09:07. | |
most. The biggest challenge that we are seeing now is the fact that | :09:07. | :09:12. | |
unemployment is still way too high. Since the President's job Council | :09:12. | :09:16. | |
met last February, the recovery has slowed. With opinion polls showing | :09:16. | :09:20. | |
more of their -- more Americans disapproval of his handling of the | :09:20. | :09:27. | |
economy, his own job may be at risk. It is all these issues we talked | :09:27. | :09:32. | |
about in today's show, the situation with Greece, the slowing | :09:32. | :09:36. | |
recovery in the US economy, that is the general feeling that is pulling | :09:36. | :09:39. | |
down these market today. There is not specific corporate news | :09:40. | :09:45. |