19/10/2011 World Business Report


19/10/2011

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violent student protests. -- Chile. We now bring you the latest

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financial news with World Business report. Hello and welcome. The

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headlines: another day of strikes increase. Banks warned they want to

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see more sacrifice before writing off her that debt. A new union is

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forged. Russia and ex-Soviet nations signed an historic trade

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pact. Another day and another protest against government cuts in

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Greece. Public-sector workers are staging a general strike today.

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Athens is caught between opposition to austerity and impatience from

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overseas creditors. Greece's future as part of the eurozone looks

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uncertain. How would greet business protest -- coat with a return to

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the trapped Mark? It has been run by the same family for 70 years. --

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drachma. The country makes too little itself and often exports are

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only will materials. Because it gets all its material, honey, from

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beekeepers you would think this company would be self-contained and

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would benefit from dropping the euro and adopting a devalued

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drachma to boost its expert -- exports. But the family who run

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this company say they do not want to return to the drachma. We always

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had problems with drachma. The currency went down. For example you

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would build with a great product but import packaging and pay higher

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costs. We want to stay with the euro. We want to leave with a

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stable currency. The company's bosses are enraged by suggestions

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Greeks are lazy. They say private companies work hard and pay for the

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country's civil servants. They are fed up with bureaucracy's. To send

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out product from Athens to an island is more expensive than

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sending it to Italy. This did not help us to become competitive. We

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need the free market. If we are in the free market Greek companies can

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work miracles. The message is clear enough. They have become stronger

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since Greece adopted the euro. They sell on quality, not price. Greece

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hopes to get another 8 billion euros from lenders in the next few

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days but few now believe that will be enough to enable Greece to repay

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his debts. The head of German Banks says lenders would be reluctant to

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write off more than the agreed 21 % of Greek debt. The head of the

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Association of German Banks said he would not consider a bigger haircut

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without seeing fundamental reform. Always the private investors have

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said they are willing to accept a 21 % haircut. This is a significant

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step that will help Greece to come forward and solve their problems.

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This should be fixed now. This is not yet fixed. This will help

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Greece to develop in a better way. But it is very important that

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capital markets, investors, have a minimum of trust in the States and

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bags. This is not increased when you always increase the amount of

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haircut which you want to get from private investors. A short distance

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from here, the Reichstag, angry people a cant. They are very angry

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at banks. If they heard you say you are not the problem they would get

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angrier. We have to explain that to the people. We understand they are

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angry and concerned and do not understand what is going on because

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this is a very complicated issue. We must make clear that this is not

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a banking crisis. This is a crisis of trust in the state. We have to

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make clear to the public that the financing of the welfare state in

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the past by taking more public debt, this is over. Greece is not alone

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in its failure to find a credible solution to its huge debt. Moody's

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followed standard and Poor's and downgraded Spain's credit rating by

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two notches. They say the banks owed too much to foreign creditors.

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The downgrade will make it more expensive for Spain to repay its

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debt. Those problems in the European Union have not deterred

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their eastern neighbours. Vladimir Putin has outlined a vision to

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create an Eurasian Union. Earlier this month, a former Soviet nations

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Russia, Moldova, Ukraine and others signed an historic trade pact. But

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the free energy which states of Azerbaijan, Turkmenistan and was

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back a star and have yet to join the customs union. An expert joins

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us from Armenia one of the signature nations. This is the

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grand plan of Russian Prime Minister Vladimir Putin? How will

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it work? It EC's grand plan and as he revealed earlier heearlier he as

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an economic union first of all. He allayed concerns that this has

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anything to do with recreating the Soviet Union. He sees this as first

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of all an economic, NO-SPACE where there will be free movement of

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goods and capital as well as Labour. But there is also a political

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agenda. Let's talk about what he wants to achieve. It is a huge idea.

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It has massive potential. What is behind it from his board a few?

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turn -- Vladimir Pruden and the Kazakhstan President CVs as an

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opportunity to recreate a European Union in the space of former Soviet

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countries. Essentially it will be a replica of the European Union in an

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ideal case where you will have economic and political union with

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international projects co- ordinating economic and political

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policies of the member states. have to leave it here. We have no

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more time to talk about the issues and problems. I am sure there are

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many. The profits of Yahoo have felt more than 25% in the three

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months to September. His chief executive was sacked a few weeks

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ago. The search engine is st sto compete with Dougal.

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Shares in Apple fell sharply in trading on Wall Street after it

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unveiled worse than expected earnings for the third quarter.

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Profit rose but Apple sold shares 17 million iPhones in the three

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0 million forecast. Customers are

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holding off fought the launch of the next phoe next pho is not all

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bad news. Computer giant Intel recorded a 17 % profit increase.

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The group saw a sharp rise in sales of servers. Its corporate customers

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ar ar arentres to phones and notebook PCs using Intel

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chips stop Bella it was an all-time revenue and profit record. When we

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