Browse content similar to 18/08/2011. Check below for episodes and series from the same categories and more!
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recovery might be too slow to deal with the country's unemployment | :00:03. | :00:06. | |
crisis. Those are the latest headlines from | :00:06. | :00:11. | |
BBC World News. Now for the latest financial news | :00:12. | :00:21. | |
:00:22. | :00:24. | ||
Hello and welcome to World Business Report. | :00:24. | :00:29. | |
Our had headlines: Venezuelan nationalises... | :00:29. | :00:39. | |
:00:39. | :00:47. | ||
SILENCE Here in Asia, the lingering effect | :00:47. | :00:57. | |
:00:57. | :00:59. | ||
of the March quake. Japan's exports fell again in July. | :00:59. | :01:02. | |
Hello and welcome to World Business Report. | :01:03. | :01:06. | |
President Hugo Chavez announced on Wednesday he's nationalising | :01:07. | :01:09. | |
Venezuela's goldmining industry. The move comes after a quarrel with | :01:09. | :01:13. | |
foreign companies, who complained that limits on how much gold they | :01:13. | :01:17. | |
could export hurt their efforts to secure financing and develop | :01:17. | :01:20. | |
projects. The President said the government aims to fight mafias | :01:20. | :01:24. | |
that have been taking some of the country's gold. He also said he | :01:24. | :01:28. | |
intends to bring home $11 billion in gold reserves currently held in | :01:28. | :01:32. | |
the US and European markets. The recall of the gold reserve is | :01:32. | :01:36. | |
intended to help protect the oil- producing country from the economic | :01:36. | :01:40. | |
woes seen in the US and in Europe. Gold remains very much in the | :01:40. | :01:43. | |
spotlight today. The world gold council is expected to announce | :01:43. | :01:46. | |
this morning that the outlook for the price of gold remains strong, | :01:46. | :01:49. | |
despite its record levels. The precious metal is still trading | :01:49. | :01:55. | |
within a whisker of last week's record high of just under $1,800 an | :01:55. | :01:59. | |
ounce. The price is being driven by continuing demand from central | :01:59. | :02:09. | |
:02:09. | :02:09. | ||
banks, a well as customers in Across the world the gold industry | :02:09. | :02:15. | |
enjoys a boom with merchants refining it as fast as they can. | :02:15. | :02:21. | |
Investors in China and India are convinced it is the best store of | :02:21. | :02:25. | |
long-term value. People buy it as soon as it has had time to cool. | :02:25. | :02:32. | |
Bars like these currently worth $60,000 each are a popular choice. | :02:32. | :02:39. | |
Small gold bars through to large onces. Bullion in any form. They | :02:39. | :02:44. | |
are filling their boots and the space under the bed. Every week | :02:44. | :02:49. | |
seems to bring a new price record. Since July gold has risen by 20% | :02:50. | :02:55. | |
having doubled in the last two years. Last week it briefly over | :02:55. | :03:00. | |
took the price of platinum. But where is the price of gold headed | :03:00. | :03:03. | |
next? Certainly some think a correction is due soon but remember | :03:03. | :03:09. | |
back in May the price of silver suddenly collapsed. But gold is not | :03:09. | :03:13. | |
silver and as the World Gold Council confirmed Central Banks | :03:14. | :03:19. | |
from Thailand to Mexico are still buying up hundreds of tonnes of it. | :03:19. | :03:25. | |
Not only is that trend likely to continue it says but while the US | :03:25. | :03:30. | |
and European debt crisis grip the markets there is little danger of | :03:30. | :03:40. | |
:03:40. | :03:40. | ||
the gold price overheating in the future. Over in Asia we have had | :03:40. | :03:44. | |
some trade news from Japan, mixed news from the Japanese economy? | :03:44. | :03:50. | |
That is right. It is not good news in terms of exports, they sell | :03:50. | :03:54. | |
again in July for the fifth straight month, they fell. Down | :03:54. | :04:01. | |
about 3% from a year ago level. There is still the effect of the | :04:01. | :04:05. | |
March earthquake which disrupted production of cars and electronics. | :04:05. | :04:11. | |
The yen continues to head exporters because it makes products more | :04:11. | :04:15. | |
expensive overseas and when they convert them back into the Japanese | :04:15. | :04:20. | |
currency it is bad news for the economy because exports on the | :04:20. | :04:25. | |
account for 30% of the country's GDP it is the key driver for growth. | :04:25. | :04:30. | |
Last week we saw Japan's economy shrink for the third straight | :04:30. | :04:34. | |
quarter between and and June even though the contraction was smaller | :04:34. | :04:38. | |
than expected. They say the economy is recovering much quicker than | :04:38. | :04:44. | |
expected but we are likely to continue to see some smaller | :04:44. | :04:51. | |
figures going forward. Some good news out from Linovo, computer | :04:51. | :04:55. | |
maker? That is right. Profits nearly doubled in the first quarter. | :04:55. | :05:01. | |
The company made $100 million, much better-than-expected. Linovo one of | :05:01. | :05:10. | |
the most largest companies from China is the third largest PC maker. | :05:10. | :05:14. | |
China accounts for half of total sales and another 20% comes from | :05:14. | :05:18. | |
other emerging markets so even though the slowdown in the US and | :05:18. | :05:23. | |
Europe will affect the company's performance it is likely to be | :05:23. | :05:29. | |
smaller compared to its bigger rifle Dell which has already | :05:29. | :05:35. | |
slashed its revenue forecast for next year. Homes sales data comes | :05:35. | :05:39. | |
out later and while the number is expected to increase it will not | :05:39. | :05:43. | |
begin to erase the glut of repossessed homes dragging down | :05:43. | :05:48. | |
house prices in the US. The Obama administration has asked for input | :05:48. | :05:55. | |
on proposal the rent out the more than 20,000 properties it owns by | :05:55. | :05:58. | |
mortgage finance giants Fannie Mae and Freddie Mac. We went to New | :05:58. | :06:04. | |
Jersey to look at one community that could benefit. The great falls | :06:04. | :06:09. | |
is one of New Jersey's natural wonders but across tonne the view | :06:09. | :06:17. | |
is not as scenic. These are all empty lots t value has deteriorated. | :06:17. | :06:22. | |
Foreclosures are destroying some of the neighbourhood. One local | :06:22. | :06:26. | |
residents shows us one block where all but two houses are abandoned. | :06:26. | :06:30. | |
People who live here took care of their property and looked after | :06:30. | :06:34. | |
each other. The problem is that now you have so many empty properties | :06:34. | :06:40. | |
you get squatters, a lot of crime going on. This is not just at local | :06:40. | :06:46. | |
problem. The US government owns around 250,000 fore closed | :06:46. | :06:51. | |
properties which it wants the get rid of. It is considering turning | :06:51. | :06:57. | |
some into rentals. There are some markets in the US that - in which | :06:57. | :07:03. | |
rental is in high demand and there may be more demand for rental units | :07:03. | :07:10. | |
than there are units to rent. mayor says he embraces any proposal | :07:10. | :07:15. | |
that saves neighbourhoods and stabilises house prices. I welcome | :07:15. | :07:20. | |
anything that will take a look at keeping families intact in their | :07:20. | :07:25. | |
homes, that keep neighbourhoods up and viable. For years the Gate | :07:25. | :07:30. | |
False here have powered local industry. Now there are plans to | :07:30. | :07:39. | |
turn this area into a national park. Dreams of another economic revival | :07:39. | :07:45. | |
will only be fulfilled if the | :07:45. | :07:51. | |
the day's other business news. Boeing has reaffirmed a September | :07:51. | :08:00. | |
delivery of its 787 dream liner to Japanese Nippon Airways is on track. | :08:00. | :08:08. | |
The testing approachs the final stage. The dream liner used Rolls | :08:08. | :08:11. | |
Royce engines. Boeing is three years behind schedule in delivering | :08:11. | :08:17. | |
the first thanks to snags in the complex global supply chain. | :08:17. | :08:22. | |
Consumer price data is likely to confirm a relatively tame inflation | :08:22. | :08:27. | |
outlook in the US. The data due out later will give policy makers a | :08:27. | :08:33. | |
tense of how much room they have. US consumer prices have risen 0.2% | :08:33. | :08:38. | |
in July. Prices outside food and energy the US Central Bank's preare | :08:38. | :08:43. | |
preferred way of looking at inflation will rise 1.7% arguely, | :08:43. | :08:48. | |
that is a comfort range but too high for many policy makers to | :08:48. | :08:54. | |
allow for traditional easing. A and F is offering the pay the cast of | :08:54. | :08:57. | |
US television show to stop wearing its problems. They say the brand | :08:57. | :09:04. | |
could be damage food the cast of jersey Shore continue the wear its | :09:04. | :09:12. | |
clothes. The station which broadcast the reality show is not | :09:12. | :09:17. | |
commenting. A mixed picture in Europe after Nicolas Sarkozy and | :09:17. | :09:22. | |
Angela Merkel came up with a few policies for investors. Markets | :09:23. | :09:31. | |
ending on a mixed session,, as far as the Asian market is concerned - | :09:31. | :09:36. | |
the Hang Seng not moving. Asian markets mixed looking out to the | :09:36. | :09:40. | |
inflation figures out in the US. That is a round-up of all the | :09:40. | :09:43. | |
latest business from me on world business report. Stay with us for | :09:43. | :09:53. | |
:09:53. | :10:01. | ||
the newspaper review in a few More news from the UK. August is | :10:01. | :10:05. | |
the busiest time of the year for many rescue services. In Cornwall | :10:05. | :10:10. | |
more than 900 lifeguards have been employed by the RNLI but the | :10:10. | :10:20. | |
:10:20. | :10:20. | ||
service can be costly and it is now facing budget cuts. Famous for one | :10:20. | :10:26. | |
of kourpb wall's most lively resorts one of the county's busiest | :10:26. | :10:30. | |
lifeboat stations. All the crew are volunteers from families who have | :10:30. | :10:36. | |
worked here for generations. Day jobs range from paramedics to fish | :10:36. | :10:40. | |
mongers. This year has been busy. We will a busy winter and spring | :10:40. | :10:46. | |
period and that rolled on now. It has not gone into the summer. | :10:46. | :10:51. | |
lifeboat deals with different incidents. The most common here is | :10:51. | :10:55. | |
tourists trapped by rising tides. Another is looking for people in | :10:55. | :11:00. | |
the water which requires regular training. Easy in the daylight but | :11:00. | :11:04. | |
half the crews rescued happen at night. If you think you see someone | :11:04. | :11:09. | |
in trouble in the water, dial 999 and ask for the Coast Guard and | :11:09. | :11:14. | |
they will coordinate the rescue services. Here they not only | :11:14. | :11:19. | |
monitor the Cornish coastline but respond to shipping emergencies | :11:19. | :11:24. | |
1200 miles out in the Atlantic. the summer we go from 350,000 to a | :11:24. | :11:31. | |
couple of million people visiting the southwest. It does not put a | :11:31. | :11:35. | |
strain on us but there is a huge spike in the incidents we deal with. | :11:35. | :11:43. | |
The coast guards are a government organisation and face budget cuts. | :11:43. | :11:49. | |
Foulmouth will remain staffed 24 hours a day but some stations will | :11:49. | :11:51. | |
close. Unions argue despite government reassurances lives could | :11:52. | :12:01. | |
:12:02. | :12:13. | ||
- severe Syria's President has told the UN Secretary-General Ban Ki- | :12:13. | :12:17. | |
moon that military and police operations against protesters have | :12:17. | :12:24. | |
stopped. The Indian anti-corruption campaigner Anna Hazare says police | :12:24. | :12:29. | |
have agreed to let him go on a hunger strike. India's government | :12:29. | :12:32. | |
has backed down. Earlier in the week the police had banned this | :12:32. | :12:36. | |
protest from going ahead and they said it could only last for three | :12:36. | :12:41. | |
days, there could only be 5,000 supporters. Then they arrested Anna | :12:41. | :12:44. | |
Hazare when he said he would not accept the terms. Now they have | :12:44. | :12:47. | |
backed down and accepted, they have dropped the conditions. He is going | :12:47. | :12:52. | |
to be - he will leave prison soon in the next few hours stkpwhrfrplts | :12:52. | :12:57. | |
The Pope arrives in Spain in a few hours for World Youth Day after | :12:57. | :13:02. | |
thousands took the streets of Madrid to protest the visit's cost. | :13:02. | :13:06. | |
President Obama says the US is not in danger ever falling into another | :13:06. | :13:09. | |
recession but warn this the economic recovery might be too slow | :13:09. | :13:15. | |
to deal with the country's unemployment crisis. Time for the | :13:15. | :13:20. | |
newspaper review where we look at the stories making headlines around | :13:20. | :13:24. | |
the world. The aftermath of the euro crisis summit in PAris, it is | :13:24. | :13:30. | |
still on the agenda for many international newspapers. Gulf News | :13:30. | :13:35. | |
analyses how European markets have reacted to the re-emergence of the | :13:35. | :13:38. | |
financial transaction tags. The daily Telegraph has an interview | :13:38. | :13:44. |