Browse content similar to 16/06/2011. Check below for episodes and series from the same categories and more!
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Turkey to escape the violence. -- that was Syria, not Libya. Now it | :00:10. | :00:20. | |
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is time for World Business Report. The headlines: Greece's debt crisis | :00:21. | :00:30. | |
rocks world markets. Sending shares and the euro tumbling. American | :00:30. | :00:35. | |
luggage manufacturer Samsonite fails on the Hong Kong Stock | :00:35. | :00:42. | |
Exchange. Research in Motion, the makers of BlackBerry, struggle in a | :00:42. | :00:52. | |
:00:52. | :00:55. | ||
changing market. Fear is gripping financial markets says Europe faces | :00:55. | :01:01. | |
up to the possibility of Greece to defaulting on its debt so. The | :01:02. | :01:06. | |
failure of the Greek government to push through new austerity measures | :01:06. | :01:12. | |
amid violence has raised alert levels. Without further funding | :01:12. | :01:17. | |
Greece cannot make bond repayments due next month. It has caused | :01:17. | :01:23. | |
investor confidence to drop around the world, similar to the collapse | :01:23. | :01:30. | |
of Lehman Brothers in September 2008. The yield on the two-year | :01:30. | :01:36. | |
bond was over 28%. Markets now put the likelihood that Greece will not | :01:36. | :01:44. | |
repay its debts at around 74%. Credit rating agency Moody's also | :01:44. | :01:48. | |
warns it may be downgrading its ratings on French banks because of | :01:48. | :01:52. | |
their investments in Greece, raising fears of so-called | :01:52. | :02:00. | |
contagion. In Asia we have seen falls following yesterday's falls. | :02:00. | :02:08. | |
The fear is that his -- is Greece defaults it could cause panic in | :02:08. | :02:18. | |
the market. This was yesterday's markets in Europe. We will see how | :02:18. | :02:20. | |
markets in Europe. We will see how they start their day in around an | :02:20. | :02:30. | |
:02:30. | :02:39. | ||
hour-and-a-half. The euro taking another battering. We have someone | :02:39. | :02:45. | |
from the Economist Intelligence Unit. Things seem to be | :02:45. | :02:48. | |
accelerating now. Yesterday's disastrous day for the Greek | :02:48. | :02:53. | |
government not helping. Prime Minister Papandreou has announced a | :02:53. | :02:58. | |
Cabinet reshuffle and bought a little more time for his cabinet | :02:58. | :03:05. | |
and for Greece. You think Greece will default? What are the | :03:05. | :03:15. | |
implications? Default: Firstly, in the banking sector. French banks | :03:15. | :03:21. | |
have been downgraded by Moody's. May be downgraded by Moody's. | :03:21. | :03:25. | |
Contagion through the banking sector. A lot of the European banks | :03:25. | :03:30. | |
have written down their great debt. I do not think there will be a | :03:30. | :03:33. | |
financial crisis throughout Europe financial crisis throughout Europe | :03:33. | :03:43. | |
if Greece to falls. Secondly, they will think: His next? BA -- the | :03:43. | :03:52. | |
answer is Portugal, and then Ireland. They might go for a | :03:52. | :03:57. | |
strategic default. If we cedar falls across the eurozone we may | :03:57. | :04:02. | |
see a to unravel. Obviously Greece being a part of the eurozone means | :04:02. | :04:07. | |
it cannot play with its currency, which could probably benefit it | :04:07. | :04:11. | |
right now. Do you think they may choose to leave the eurozone his | :04:11. | :04:17. | |
face takes place? I think there is a real possibility. Greece cannot | :04:17. | :04:21. | |
devalue its currency so it is trying to do an internal | :04:21. | :04:31. | |
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devaluation, which is extremely painful. He in the meantime, the | :04:36. | :04:42. | |
IMF is saying it probably will give its next batch of money to Greece. | :04:42. | :04:46. | |
The EU leaders are tried to come to an agreement about their next batch | :04:46. | :04:54. | |
of money. If Greece defaults, that all stops, doesn't it? The second | :04:54. | :05:00. | |
that Greece defaults on its debt or restructures its dead all bets are | :05:00. | :05:03. | |
off and it will not fulfil the conditions of its bail out added | :05:03. | :05:08. | |
will lose access to official funded. Thank you for talking us through | :05:08. | :05:13. | |
the implications. And of course we are keeping a close eye on what is | :05:13. | :05:19. | |
happening in Greece. Research n Motion, the maker of BlackBerry. Is | :05:19. | :05:29. | |
:05:29. | :05:30. | ||
it too slow in a changing market? The company reports first-quarter | :05:30. | :05:35. | |
results after close of business today. It has already reported that | :05:35. | :05:42. | |
sales of its phone will be down. Before Google's Android there was | :05:42. | :05:48. | |
the BlackBerry. The smart phone that is still the chosen device for | :05:48. | :05:52. | |
most businesses, yet its share price tells a different story. | :05:52. | :05:57. | |
Research n Motion, the Canadian company behind BlackBerry, has seen | :05:57. | :06:04. | |
its share price tumbled by almost 40% since the start of this year. | :06:04. | :06:09. | |
When they were a hot stock they were perceived as invincible | :06:09. | :06:14. | |
because they had most of the corporate market. Once that turns | :06:14. | :06:21. | |
it is like they fell out of love with it. BlackBerry's first tablet | :06:21. | :06:24. | |
computer was released their earlier this year in the US to mixed | :06:24. | :06:29. | |
reviews. But it is their devices the company has not yet launched | :06:29. | :06:37. | |
that investors are waiting for. the horizon is operating system | :06:37. | :06:41. | |
software which runs there tablet computer. They are supposed to | :06:41. | :06:45. | |
bring that operating system to use their telephones some time next | :06:45. | :06:52. | |
year. That could be a big upgrade if they achieve it. And as if that | :06:52. | :06:55. | |
Research n Motion did not have enough on their plate, they are | :06:55. | :07:00. | |
being sued by Dolby for using some of which audio technology without | :07:00. | :07:07. | |
permission. The tablet may have helped to boost profits since it | :07:07. | :07:11. | |
went on sale in spring, but if the company comes back with any bad | :07:11. | :07:17. | |
news about its prospects prospecre price could move lower. BBC News, | :07:17. | :07:22. | |
New York. It has been a disappointing market debut for the | :07:22. | :07:32. | |
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luggage maker her Samsonite. What has been going on? Several factors. | :07:33. | :07:40. | |
Fragile investor sentiment and bad timing as Samsonite listed amid a | :07:40. | :07:47. | |
slump in Hong Kong. It does not help when the benchmark Hang Seng | :07:47. | :07:53. | |
index has declined during this period. There is also concern about | :07:53. | :07:58. | |
high interest rates in China, debt troubles in Greece and we keep US | :07:58. | :08:04. | |
economic gross. Hong Kong IPOs generally attract a lot of interest, | :08:04. | :08:09. | |
but Samsonite, according to many traders, was not particularly hot | :08:09. | :08:15. | |
among them. Despite the fall and it's frustrating day the Samsonite | :08:15. | :08:20. | |
Chief Executive remains optimistic, saying the company plans to build | :08:20. | :08:25. | |
its business in China, India and other parts of Asia. Waning | :08:25. | :08:35. | |
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investor at appetite has other companies also shelving IPOs. | :08:35. | :08:39. | |
Including a Chinese auto parts company and an Australian mining | :08:39. | :08:49. | |
company. Italian fashion house Prada is a much larger IBO at two. | :08:49. | :08:59. | |
$6 billion. It lists on 24th June. Thank you. Let's stay with news | :08:59. | :09:04. | |
ut on the international markets. It | :09:04. | :09:11. | |
has been a turbulent start for Pandora. A wider sell-off in the | :09:11. | :09:18. | |
market sent them tumbling. The company is valued at $2.8 billion | :09:18. | :09:25. | |
or 20 times last year's sales. Pandora is yet to make a profit. | :09:25. | :09:30. | |
Some investors are calling the rash of flirtations with internet | :09:30. | :09:36. | |
companies a repeat of the dot com bubble. Acomb Peter that almost | :09:36. | :09:44. |