Browse content similar to 11/08/2011. Check below for episodes and series from the same categories and more!
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Business Report. Welcome to World Business Report. More market | :00:03. | :00:07. | |
turmoil in Asia this Thursday as worries over France lead to falls | :00:07. | :00:14. | |
in Europe and the US. Asian markets are also low were | :00:14. | :00:19. | |
reacting to Wall Street's fall. As England recovers from the impact | :00:19. | :00:24. | |
of the riots, we asked how badly tourism has been affected by the | :00:24. | :00:34. | |
:00:34. | :00:37. | ||
events of the past few days. Shares in the US and Europe fell | :00:37. | :00:41. | |
sharply on Wednesday, continuing the turmoil that hit global markets. | :00:41. | :00:46. | |
Let's have a look at the figures. As far as Wall Street is concerned, | :00:46. | :00:51. | |
these are the closing because there. In Europe as well, not much better. | :00:51. | :00:55. | |
The London market closed down. This is what Asian markets are doing. | :00:55. | :01:02. | |
The Nikkei is down 1%. The Hang Seng is also down 1.5%. Shares of | :01:02. | :01:07. | |
course have fallen those in New York and in Europe. The worry | :01:07. | :01:12. | |
mainly is over France and French banks. Rumours are circulating that | :01:13. | :01:17. | |
France could lose its AAA credit rating. Let's talk to our guest | :01:17. | :01:22. | |
from BTC partners. Thank you for joining us. What do you make of | :01:22. | :01:27. | |
this? It is uncertainty. We have said it a million times. We coped | :01:27. | :01:31. | |
well with good news, even better with bad news, what we do not cope | :01:31. | :01:36. | |
with is uncertainty. I do not remember a period when the world | :01:36. | :01:40. | |
lacked political leadership. It is short in the United States. There | :01:40. | :01:45. | |
is no uniform thought process in Europe. Until they get on top of it | :01:45. | :01:51. | |
and implement cuts, have avengers talking about it, this will | :01:51. | :01:56. | |
continue and continue. Somebody has to get a grip of it. It is no use | :01:56. | :02:01. | |
saying that we must fight on. Where is the plan about cutting debt. In | :02:01. | :02:10. | |
my opinion, debt can destroy democracy. The problem are the | :02:10. | :02:14. | |
rumours surrounding Societe Generale. There are rumours | :02:14. | :02:19. | |
surrounding the debt rating. weeks ago we got Societe Generale's | :02:19. | :02:29. | |
results. They had a big exposure to Greece. In the case of BNP, it is | :02:29. | :02:35. | |
one of the more lively investment banks in it Europe. When the bond | :02:36. | :02:39. | |
market comes under pressure, it is not surprising that the focus goes | :02:39. | :02:47. | |
on them. These compounds the problem. The whole banking sector | :02:47. | :02:54. | |
was hit. What next? Where is the leadership? I do not think we can | :02:54. | :02:58. | |
say, where is the bottom? Until somebody gets a grip on the | :02:58. | :03:04. | |
situation, both in the US and Europe, I thought Mervyn King was | :03:04. | :03:10. | |
excellent. He said that we have done all we can. We are very | :03:10. | :03:14. | |
reliant on what is happening from outside forces. That means the US | :03:14. | :03:22. | |
and Europe. We need leadership. there a safe haven then out? To a | :03:22. | :03:27. | |
degree that I do not think US debt is that much of an issue in terms | :03:27. | :03:31. | |
of the most liquid markets of the world. But President Obama must | :03:31. | :03:36. | |
come up with a programme on where he is going to cut his debt. He | :03:36. | :03:40. | |
must do it quickly. There was a committee put together yesterday. | :03:40. | :03:46. | |
Let's hope they act quickly. Until somebody stands up and says, I am | :03:46. | :03:54. | |
in charge, we will carry on with his. Thank you. | :03:54. | :03:59. | |
Barely a I told you about the Asian markets. Let's take a check on | :03:59. | :04:07. | |
those. Our correspondent is in Singapore. What is the latest? | :04:07. | :04:12. | |
are low. Japan's Nikkei is down about 1%. The Hang Seng is down | :04:12. | :04:16. | |
about 1.5%. Your guest just talked about the state of French banks as | :04:16. | :04:21. | |
well as the state of America's economy. Those issues affect Asian | :04:21. | :04:24. | |
economies and that is why we are continuing to see the volatility in | :04:25. | :04:29. | |
Asia. Your guest said there nobody seems to know where the market is | :04:29. | :04:33. | |
going. Asian investors are saying the same thing. We are likely to | :04:33. | :04:37. | |
see choppy sessions going forward. I want to mention the currency | :04:37. | :04:41. | |
market. The US dollar continues to slide in Asian trade. That means | :04:41. | :04:46. | |
that Asian currencies have been strengthening. Especially the | :04:46. | :04:51. | |
Japanese yen, currently trading at 76.6, that is very close to the | :04:51. | :04:56. | |
record high levels since the end of the Second World War. We are | :04:56. | :05:01. | |
getting to that level. Traders are still aware that Japan's government | :05:01. | :05:04. | |
has repeatedly said that they would monitor the market and would | :05:04. | :05:09. | |
intervene if necessary. But that has not stop the Japanese yen from | :05:09. | :05:12. | |
strengthening. We're also seeing the Australian dollar rising | :05:12. | :05:20. | |
despite a surprise rise in the unemployment rate today. Thank you. | :05:20. | :05:26. | |
Today is the day that Italy's Minister goes to the Rome | :05:26. | :05:29. | |
parliament to changes to say that in future the country will only | :05:29. | :05:33. | |
spend what it can raise. Leaders have acknowledged that Italy will | :05:33. | :05:40. | |
soon be plunged into a full-blown sovereign debt crisis if it fails - | :05:40. | :05:45. | |
- if it fails to balance its budget. This is the man who has to push | :05:45. | :05:49. | |
through far reaching austerity cuts to keep Italy's creditors at bay | :05:49. | :05:56. | |
and the whole country afloat. It will be his toughest task. | :05:56. | :06:01. | |
economy is going at a snail's pace. That will continue over the next | :06:01. | :06:06. | |
few years. Government revenues are likely to rise. They will be relied | :06:06. | :06:11. | |
on having to cut spending to make inroads into the deficit. Italy is | :06:11. | :06:16. | |
bracing itself for a savage cuts of up to 35 billion euros in 2012. | :06:16. | :06:21. | |
These could include putting back the minimum state pension age, | :06:21. | :06:26. | |
attacks on second homes, a one of tax on savings deposits, and | :06:26. | :06:33. | |
symbolic salary cuts for politicians. Reportedly, event Mr | :06:33. | :06:37. | |
Berlusconi is against some of the plans. Italy is ceding its | :06:37. | :06:41. | |
financial decision-making to the ECB in Frankfurt. It has told the | :06:41. | :06:46. | |
Italian Cabinet to nail down plants such as those for privatising state | :06:46. | :06:49. | |
companies and freeing up the economy before taking them to the | :06:49. | :06:54. | |
full parliament. These are Labour and trade reforms which are easier | :06:54. | :06:59. | |
said than done. Markets say that Italy has dodged them for years. | :06:59. | :07:03. | |
Rome knows it is a country under surveillance. It may resent outside | :07:03. | :07:08. | |
interference, but if Mr Tran Monty is not seen to be delivering, the | :07:08. | :07:14. | |
ECB is in a position to put the country into receivership. | :07:14. | :07:20. | |
If you have been watching the English riots, would you be feeling | :07:20. | :07:26. | |
nervous about visiting England? Pictures of high street littered, | :07:26. | :07:32. | |
violent attacks on passers-by have been beamed across the world. It is | :07:32. | :07:37. | |
bad enough for the people living here. But these cities are also | :07:37. | :07:40. | |
destinations for millions of visitors each year from abroad. How | :07:40. | :07:44. | |
many people will be giving Britain a wide berth? And what about the | :07:44. | :07:49. | |
Olympics? I am joined by the head of the 2012 games. Thank you for | :07:49. | :07:52. | |
joining us. How worried are you? This is a PR disaster for the | :07:52. | :07:58. | |
Olympics? Fees and of the best images of Britain that we would | :07:58. | :08:02. | |
like to be showing to the world. -- these are not the best images. But | :08:02. | :08:06. | |
we are confident. We have some great months ahead of us to show | :08:06. | :08:11. | |
the best side of Britain. What do you think the problems are being | :08:11. | :08:17. | |
faced? It is too early to tell exactly what the impact will be | :08:17. | :08:22. | |
both now and in the longer term. The industry is having a very good | :08:22. | :08:27. | |
time at the moment in Britain. We have welcomed an additional 500,000 | :08:28. | :08:31. | |
visitors in the last year. We are seeing double-digit growth from the | :08:31. | :08:37. | |
US. Speaking to some businesses in London yesterday, they have had a | :08:37. | :08:41. | |
very strong July. We have great opportunity coming up. We have a | :08:41. | :08:45. | |
fantastic Test match. A lot of viewers in India have been watching | :08:45. | :08:48. | |
that over the last day. That is happening in Birmingham. We have | :08:48. | :08:54. | |
got beach volleyball in London. worry will be on security. Will | :08:54. | :09:00. | |
more money be spent? The organising committee have always stressed that | :09:01. | :09:06. | |
security is high on the agenda. It is one of their priorities. It is | :09:06. | :09:07. | |
something that Britain and London does very well. | :09:07. | :09:13. | |
Thank you. That is a round-up of the latest business. The top | :09:13. | :09:17. | |
headline is the Asian markets and how they have fallen after falls in | :09:17. | :09:24. | |
the US and Europe. In a moment will have the newspaper review. Do stay | :09:24. | :09:34. | |
:09:34. | :09:40. | ||
with us. With five. -- goodbye. More news from the UK. The latest | :09:40. | :09:44. | |
batch of the UFO files released by the National Archives show the | :09:44. | :09:49. | |
Ministry of Defence had neither the resources or will to study the | :09:49. | :09:56. | |
reporting -- the thousands of reported sightings. | :09:56. | :10:00. | |
It might have been... Since the Second World War there have been | :10:00. | :10:06. | |
thousands of sightings of UFO, this in 1967, which turned out to be a | :10:06. | :10:13. | |
classic coats. But not all are so easily explained. In 2000 and for a | :10:13. | :10:17. | |
photographer took a night time shot of his local town hall. When he | :10:17. | :10:21. | |
developed it, he saw a flying saucer. Experts could not explain | :10:21. | :10:26. | |
it. He sent it to the Government. They passed it to a senior image | :10:26. | :10:32. | |
analyst. They declared there was insufficient information. That is | :10:32. | :10:36. | |
probably a kind way of getting out of it. They did not say that it was | :10:37. | :10:44. | |
a flying saucer. They cannot do that. Over the last three years, | :10:44. | :10:48. | |
scores of formerly secret documents on UFO sightings have been released | :10:48. | :10:52. | |
at the National Archives. Is that shows how officials within the | :10:52. | :10:59. | |
ministry responded. One of the a Telecom's officers said that they | :10:59. | :11:03. | |
receive thousands of reports since the Second World War. -- | :11:03. | :11:07. | |
intelligence officers. Despite all of these reports, they have never | :11:07. | :11:10. | |
had the staff or resources to investigate them properly. There | :11:11. | :11:16. | |
are still sightings of UFO is. The MoD has closed the UFO desk. | :11:16. | :11:21. | |
Officially it does not investigate them any more. | :11:21. | :11:25. | |
Coming up at 6am, Bill and Louise will be here with breakfast. As | :11:25. | :11:29. | |
well as all of the day's news, business and sport, they will look | :11:30. | :11:34. | |
at the effect of cuts on rural bus services. The transport committee | :11:34. | :11:36. | |
is claimed that the elderly and those with disabilities are being | :11:36. | :11:46. | |
hard hit. -- is claiming that. You're watching BBC World News. The | :11:46. | :11:51. | |
headlines: The huge security operation involving thousands of | :11:51. | :11:55. | |
extra police combined with heavy rain in some areas appears to have | :11:55. | :12:00. | |
prevented a fifth night of rioting in cities across England. | :12:00. | :12:03. | |
The first people to be found guilty of taking part in disturbances have | :12:03. | :12:07. | |
been jailed. The British Prime Minister David Cameron is expected | :12:07. | :12:13. | |
to make a statement later today on how to restore law and order. | :12:13. | :12:17. | |
Shares have fallen on stock markets across Asia following losses in the | :12:17. | :12:21. | |
US and Europe following concerns that France may lose its top credit | :12:21. | :12:28. | |
rating. Hong Kong's Hang Seng index fell by more than 2.5%. | :12:28. | :12:33. | |
A man suspected of masterminding the 2002 Bali bombings has arrived | :12:33. | :12:37. | |
in Indonesia after being extradited from Pakistan. The authorities say | :12:37. | :12:40. | |
he was the field commander who co- ordinated the attacks in Bali in | :12:40. | :12:47. | |
which more than 200 people died. Now it is time for the newspaper | :12:47. | :12:51. | |
review. We look at the stories making headlines around the world. | :12:51. | :12:54. | |
Let's begin with the coverage of the riots which have blighted | :12:54. | :12:58. | |
several English cities. The Guardian looks at the increasing | :12:58. | :13:00. | |
pressure on the Prime Minister David Cameron to abandon his pledge | :13:00. | :13:06. | |
to introduce cuts to the police in the midst of the violence. | :13:06. | :13:10. | |
The Independent examines how vigilante groups took to the | :13:10. | :13:15. | |
streets to confront troublemakers in the absence of the police. | :13:15. | :13:18. | |
The Times examines another turbulent day which saw markets | :13:18. | :13:22. | |
plummet due to rumours that France may see its credit rating | :13:22. | :13:25. |