Browse content similar to 12/08/2011. Check below for episodes and series from the same categories and more!
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were killed. Time now for the latest money news | :00:04. | :00:14. | |
:00:14. | :00:15. | ||
with World Business Report. Welcome to build -- World Business | :00:15. | :00:21. | |
Report. The headlines: France, Italy, Spain and Belgium or ask -- | :00:22. | :00:25. | |
banning the short-selling of some stocks in an effort to calm the | :00:25. | :00:30. | |
markets. We will get a better idea of how | :00:30. | :00:36. | |
the Greek economy is doing as the third set of growth figures are | :00:36. | :00:39. | |
released. Japan cut its growth forecast for | :00:39. | :00:49. | |
:00:49. | :00:52. | ||
the year to reflect the natural disasters in March. | :00:52. | :00:55. | |
Regulators have imposed a ban on the short-selling of selected | :00:55. | :01:01. | |
financial stocks in France, Italy, Belgium and Spain. The move is | :01:01. | :01:06. | |
designed to stop investors betting on share falls -- Falls and follows | :01:06. | :01:15. | |
days of swings to stop crisis. Shares fell by over 20% and one | :01:15. | :01:17. | |
point on Thursday. Greece and Turkey have already imposed | :01:17. | :01:25. | |
restrictions. We are joined by a senior market analyst. Firstly, | :01:25. | :01:31. | |
what is short-selling? The ability to profit from a stock not anyone | :01:31. | :01:38. | |
it is going up but when it is going down. Two short sell comedy what | :01:38. | :01:44. | |
the price to go down. Why is it so dangerous? Because we are getting | :01:44. | :01:48. | |
so much panic in the markets, you tend to get a rational trading | :01:48. | :01:52. | |
decisions. This can be quite dangerous because if you get these | :01:52. | :02:01. | |
irrational moods, we have seen it things plummet so heavily because | :02:01. | :02:05. | |
of short selling. The question is whether this 15 days will be long | :02:05. | :02:11. | |
enough. But it is a free market, people have a right to hedge and | :02:11. | :02:16. | |
speculate. But because of the damage it can cause and how | :02:16. | :02:22. | |
rational the markets get when there is panic, we have seen it does not | :02:22. | :02:27. | |
take hardly anything at all. They just need to be a little rumour and | :02:27. | :02:33. | |
we get huge swings all over the place. There are real ramifications | :02:33. | :02:38. | |
for Leigh's share prices. Why not just ban it permanently? Wire and | :02:38. | :02:45. | |
the ban it for 15 days at a time? This is a bit of a PR exercise also. | :02:45. | :02:50. | |
It puts beer into the market are saying, you can't do this. Whether | :02:50. | :02:55. | |
it is 15 days or longer does not really matter. It is more the stage | :02:55. | :02:59. | |
and steps of doing it than the fundamental issue of doing it | :02:59. | :03:05. | |
totally. Thank you for joining us. The Greek economy is continuing to | :03:05. | :03:10. | |
shrink. That is what the financial world is expecting will be | :03:10. | :03:13. | |
confirmed later when Athens announces its first set of | :03:13. | :03:18. | |
quarterly gross -- growth figures since the latest eurozone and IMF | :03:18. | :03:25. | |
bail-out. The credit crunch, spending cuts and rights in the | :03:25. | :03:28. | |
street have sent the economy into a nosedive. | :03:28. | :03:32. | |
More visitors this summer. One of the few bits of good news for | :03:32. | :03:38. | |
Greece. The tourist business is keeping one in five Greeks in work. | :03:38. | :03:42. | |
In a country where many feel threatened by reforms that have hit | :03:42. | :03:49. | |
their income. Many Greeks have to be convinced that the government | :03:49. | :03:57. | |
programs will boost business later on. Are they trying to improve the | :03:57. | :04:04. | |
tax efficiency, tax corruption, reduce the fiscal deficit, they are | :04:04. | :04:09. | |
trying to increase privatisation and introduce more deficiency in | :04:09. | :04:16. | |
the way the government is being run. A lot of these factors take a lot | :04:16. | :04:20. | |
of time to come through. Clearly Mr Papandreou is having a difficult | :04:20. | :04:25. | |
time in implementing this. This is the best opportunity we have had. | :04:25. | :04:31. | |
The recession in Greece is fuelling joblessness. Unemployment is rising | :04:31. | :04:36. | |
at the fastest rate ever recorded. That is as shops and businesses | :04:36. | :04:42. | |
closed. Crease has started making it easier to employ young people. | :04:42. | :04:46. | |
All of that is in spite of the improvement in tourism. It is | :04:46. | :04:50. | |
nearly impossible for Greece to improve its economy while trying to | :04:50. | :04:54. | |
keep on top of its debt mountain. The hope is that assistance | :04:54. | :05:01. | |
programs may help it to find new ways to grow. | :05:01. | :05:05. | |
Japan has just adjusted its growth forecast for the year. More on that | :05:05. | :05:15. | |
now. What are the figures telling us? The figures are not telling us | :05:15. | :05:21. | |
anything she usually knew. It is in line with what the Bank of Japan | :05:21. | :05:29. | |
said last month. They have adjusted their growth forecast. They are | :05:29. | :05:33. | |
forecasting a growth of 0.5% in this fiscal year. That is lower | :05:33. | :05:39. | |
than the original forecast of 1.5% growth. That was all done to | :05:39. | :05:44. | |
reflect the slump in factory output as a result of the natural | :05:44. | :05:54. | |
disasters in March. Essentially, BSc in the recovery from that been | :05:54. | :05:58. | |
complicated by uncertain global economic output. Rising strength of | :05:58. | :06:05. | |
the yen. The finance minister came out to issue a warning about the | :06:05. | :06:07. | |
strength of the yen at a week after Japan intervened in the market to | :06:07. | :06:15. | |
try and bring down the value of the yen. Japan is basically saying they | :06:15. | :06:22. | |
are expecting growth next year of between 2.7 to 2.9%. That is to | :06:22. | :06:26. | |
reflect the kind of spending they are putting into the reconstruction | :06:26. | :06:34. | |
following the earthquake in March. Thank you. Despite all the worries | :06:34. | :06:40. | |
about the US economy, the latest retail sales report from the | :06:40. | :06:42. | |
Commerce Department is expected to show that some shoppers are still | :06:42. | :06:47. | |
busy spending. Economists are forecasting a 0.5% increase in July | :06:47. | :06:55. | |
from June. Living the high-life. The | :06:55. | :06:58. | |
wealthiest Americans hold all the profits and luxury retailers even | :06:58. | :07:04. | |
as the wider economy struggles. This was before the week's wild | :07:04. | :07:11. | |
stock market swings. The big concerned is how has the high end - | :07:11. | :07:16. | |
- how are they feeling? It feels like things will slow down pivotal. | :07:16. | :07:23. | |
Every New Yorker knows that when it comes to bargain-hunting, this is | :07:23. | :07:27. | |
the place to go. Even as shoppers browse through the racks of | :07:27. | :07:33. | |
designer clothing, worries about the economy are never far away. | :07:33. | :07:38. | |
dampens the mood a little bit. While still in high spirits, this | :07:38. | :07:44. | |
group of friends have changed their shopping habits. My tolerance for | :07:44. | :07:50. | |
different articles of clothing, we will be in the dressing room and I | :07:50. | :07:58. | |
think, I really like that but not for $50. We're trying to pinch | :07:58. | :08:07. | |
those pennies. She says probably hundreds of dollars more a month. | :08:07. | :08:11. | |
have probably saved a thousand or more last year. It is this cautious | :08:11. | :08:15. | |
attitude among shoppers that is giving retailers pause. The last | :08:15. | :08:21. | |
two months of the year is when they make them money. The last six | :08:21. | :08:24. | |
months have been good but the really important a time is coming | :08:24. | :08:28. | |
up between back to school and the holiday. Consumer spending helps | :08:28. | :08:33. | |
drive growth. American shoppers -- if American shoppers are spending | :08:33. | :08:38. | |
more, that is good news. The fear is that amid all this economic | :08:38. | :08:43. | |
uncertainty, it may not last. Other business stories making | :08:43. | :08:50. | |
headlines: France brings out its latest GDP data. In one hour's time, | :08:50. | :08:55. | |
it is expected to show marked slowdown. It has not produced a | :08:55. | :09:00. | |
balanced budget since 1974. Like others in the eurozone, it is | :09:00. | :09:07. | |
struggling with low growth. A state owned Chinese train manufacturer | :09:07. | :09:12. | |
says it is recalling 54 bullet trains being used on the a new | :09:12. | :09:17. | |
high-speed rail link -- link between Beijing and Shanghai. The | :09:17. | :09:21. | |
statement comes a day after Beijing said it was suspending approval of | :09:21. | :09:26. | |
new railway projects. It underlines the concern over the safety of | :09:26. | :09:32. | |
high-speed rail after that fatal crash last month. | :09:32. | :09:41. | |
The Nikkei is down slightly after being up earlier on. As far as the | :09:41. | :09:47. | |
rest of the market in terms of the Dow and Nasdaq, those are closing | :09:47. | :09:57. | |
:09:57. | :10:05. | ||
on a high. That's all from me. In the UK, the average student debt | :10:05. | :10:09. | |
could rise to more than �50,000 when higher tuition fees are | :10:09. | :10:15. | |
introduced in England. That is according to an annual survey. | :10:15. | :10:19. | |
A university education can be a passport to a well-paid, satisfying | :10:20. | :10:26. | |
job. But it comes at a price. Almost 3,000 students across the UK | :10:26. | :10:29. | |
were questioned about their finances. Undergraduates who | :10:29. | :10:34. | |
entered university in 2010 and expected to leave with an average | :10:34. | :10:40. | |
debt of �24,100. Projected figures show this year's intake could face | :10:40. | :10:49. | |
debts of �26,100. Those entering in 2012, when feasible triple, could | :10:49. | :10:57. | |
leave students with an average debt of over �50,000. This university | :10:57. | :11:00. | |
admissions team will practise what they will do when A-levels are | :11:00. | :11:04. | |
published next week. They're expecting a big influx of calls. | :11:04. | :11:08. | |
This university has around 100 places available. That is one- | :11:08. | :11:13. | |
quarter of what they had last year. That is due to the sheer number of | :11:13. | :11:16. | |
students desperate two to go to university this autumn so they can | :11:16. | :11:22. | |
avoid higher tuition fees and greater debt from 2012. The | :11:22. | :11:26. | |
government says no-one should be put on -- of university because of | :11:26. | :11:30. | |
the cost. It points out the majority of students will not pay | :11:30. | :11:35. | |
�9,000 paid year and will not pay up front. They will be Labour's and | :11:35. | :11:45. | |
:11:45. | :11:49. | ||
reimbursements available. Coming up, Breakfast. All the day's | :11:49. | :11:53. | |
news and sport and they will look back to a year ago when 33 Chilean | :11:53. | :12:03. | |
:12:03. | :12:14. | ||
-- Chilean miners became trapped Our top stories: A man who was | :12:14. | :12:19. | |
beaten after trying to snuff out a fire in riots on Monday night has | :12:19. | :12:25. | |
died. He was 68. He was attacked in Ealing. | :12:25. | :12:30. | |
Asian stocks have risen following gains of the US and Europe. France, | :12:30. | :12:34. | |
Italy, Spain and Belgium have banned short-selling on the shares | :12:34. | :12:37. | |
of banks and other financial companies after sharp gains and | :12:37. | :12:41. | |
losses in bank stocks in recent days. | :12:42. | :12:45. | |
Syrian troops reportedly kill another 12 civilians. Hillary | :12:45. | :12:51. | |
Clinton urges others, China, India and Europe to get tough on Damascus | :12:51. | :12:55. | |
and impose sanctions. A company in China has recalled a | :12:55. | :13:00. | |
54 ball at trains for safety checks. The move comes after a collision | :13:00. | :13:05. | |
last month between two high-speed trains in a least -- in which at | :13:05. | :13:15. | |
:13:15. | :13:22. | ||
We start with the riots with such a have a shock to the entire British | :13:22. | :13:29. | |
establishment. We profile a university graduate to who stole a | :13:29. | :13:32. | |
plasma television and then handed herself into police, feeling | :13:32. | :13:38. | |
terrible. The upcoming French elections, nine | :13:38. | :13:45. |