Browse content similar to 24/11/2011. Check below for episodes and series from the same categories and more!
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secure a more secure future. Those at the latest headlines from BBC | :00:03. | :00:13. | |
:00:13. | :00:15. | ||
News. We now have the latest financial news. This is World | :00:15. | :00:21. | |
Business Report. The headlines: Cash is king, investors seek the | :00:21. | :00:25. | |
safest of havens after Germany failed to attract enough buyers for | :00:25. | :00:32. | |
its bombs. News from Germany affecting Asia markets as well, the | :00:32. | :00:42. | |
:00:42. | :00:44. | ||
Nikkei hitting a 2.5 year low. The cost of the crisis. A nation | :00:44. | :00:51. | |
battles with austerity. Good to have you with us. A first-class | :00:51. | :00:58. | |
ticket on the Titanic, that is how one reporter characterised | :00:58. | :01:02. | |
Germany's Position after its least successful bond sale since the | :01:02. | :01:08. | |
launch of the euro. It failed to persuade investors to buy two- | :01:08. | :01:13. | |
thirds of the debt on offer yesterday. Investors no longer see | :01:13. | :01:17. | |
Germany as immune from the eurozone debt crisis. That has made a fresh | :01:18. | :01:25. | |
bout of nerves on battled financial markets. In Asia we see a mixed | :01:25. | :01:35. | |
picture emerged. The Nikkei is down by 1.6%. Let me show you what | :01:35. | :01:38. | |
happened on the Dow Jones. This is mainly because of what happened in | :01:38. | :01:47. | |
Germany. The lacklustre sale of ten-year bonds. The Dow is down by | :01:47. | :01:56. | |
2%. Serious losses. Let's go to Singapore for more details on yet | :01:56. | :02:03. | |
another volatile day for investors. It has been an extremely volatile | :02:03. | :02:10. | |
day in Asia. The Nikkei has fallen even further. The lowest level in | :02:10. | :02:17. | |
2.5 years in April 2009. There are a few reasons for this. You mention | :02:17. | :02:22. | |
of Germany's bond sale, that is affecting investor sentiment in | :02:22. | :02:32. | |
:02:32. | :02:35. | ||
Japan. There is weak manufacturing data. That is affecting exporters | :02:35. | :02:45. | |
:02:45. | :02:45. | ||
shares in Japan. The Japanese yen is rising against the US dollar. | :02:45. | :02:50. | |
That is more bad news for exporters as well. That is the reason why | :02:50. | :03:00. | |
:03:00. | :03:04. | ||
Nikkei has hit a 2.5 kilo. -- year low. We are looking at the numbers | :03:04. | :03:13. | |
on the screen. Those are the share markets. Tell us about oil. In New | :03:13. | :03:18. | |
York oil prices slipped 2% because of the Bonn sale news coming out of | :03:18. | :03:24. | |
Germany. It is recovering slightly in Asia trade. It has been an | :03:24. | :03:31. | |
extremely volatile day. Traders are seen that bad news from China, US | :03:31. | :03:41. | |
:03:41. | :03:46. | ||
and Europe. -- seeing. Thank you. Chancellor Angela Merkel and | :03:46. | :03:53. | |
Nicolas Sarkozy will be meeting Mario Monti, who is in his new role | :03:53. | :04:03. | |
:04:03. | :04:09. | ||
as Italian Prime Minister. That sale yesterday for Germany, it was | :04:10. | :04:17. | |
a bit of a surprise? It was a shock. We are used to bad news, but that | :04:17. | :04:22. | |
was quite an unexpected confidence blow. It shows two things. Europe | :04:22. | :04:28. | |
is no longer - the strongest economy is no longer immune to the | :04:28. | :04:37. | |
contagion of the crisis. It also indicates that this is a crisis | :04:37. | :04:45. | |
that is badly in need of a remedy. Do you think that will put the | :04:45. | :04:51. | |
pressure on Angela Merkel to change her stance? She has been so staunch | :04:51. | :04:54. | |
that the European Central Bank will not become the lender of last | :04:54. | :04:59. | |
resort. The European financial stability fund may not be enlarged | :04:59. | :05:06. | |
to the agree that some are calling for. Absolutely. It is running out | :05:07. | :05:16. | |
of time. Europe's strongest economy, the most credible government cannot | :05:16. | :05:24. | |
raise funds in the market. What help is there for everyone else? | :05:24. | :05:31. | |
This has sent off alarm signals that European leaders have got to | :05:31. | :05:35. | |
change. Let's talk about this meeting between Mario Monti and | :05:35. | :05:41. | |
Angela Merkel and Nicolas Sarkozy. Italy is very critical, it has yet | :05:41. | :05:50. | |
to receive a bail-out, it has a new government in place. It is critical. | :05:50. | :05:58. | |
What I think they will be debating is how to reunified Europe. We have | :05:58. | :06:05. | |
this financial disintegration. Europe needs a political solution | :06:05. | :06:14. | |
and badly. The three largest economies need to agree to a common | :06:14. | :06:19. | |
way forward. That is what has been lacking so far. Do you have | :06:19. | :06:29. | |
confidence in them? Are you an optimist in this scenario? I think | :06:29. | :06:32. | |
we are seeing the end of the monetary union as we have known it | :06:32. | :06:37. | |
for the last decade. I hope we are seeking a new stronger monetary | :06:37. | :06:47. | |
:06:47. | :06:52. | ||
union. -- seeing. It can be sustainable on the basis of fiscal | :06:52. | :07:00. | |
integration. Thank you for your thoughts. Let's go to Portugal. A | :07:00. | :07:05. | |
general strike is getting underway there. Much of the public transport | :07:05. | :07:11. | |
as well as hospitals and schools are going to be closed or hard hit. | :07:11. | :07:16. | |
Portugal must meet EU conditions for a 78 billion euros bail-out. | :07:16. | :07:21. | |
Workers are protesting against the tough austerity measures which they | :07:21. | :07:28. | |
say are imposed on them by technocrats in Brussels. Midnight | :07:28. | :07:33. | |
on Wednesday, Portugal's general strike will hit public-sector | :07:33. | :07:39. | |
workplaces. The action was announced in October, giving active | :07:39. | :07:45. | |
has plenty of time to ensure its impact. Officials for the largest | :07:45. | :07:51. | |
union federation are bullish about this and future protests. If the | :07:51. | :07:59. | |
government decides to go on with its policies, yes, Forshaw, we will | :07:59. | :08:09. | |
:08:09. | :08:09. | ||
continue to fight against them. -- for sure. We want the agreement | :08:09. | :08:15. | |
that was established between the government and the strikers. This | :08:15. | :08:23. | |
is only the third general stoppage in four decades of democracy. Many | :08:23. | :08:29. | |
Portuguese are not convinced. Everything will remain as if. | :08:29. | :08:37. | |
Greece went on to two strikes per week, it has not helped them. | :08:37. | :08:46. | |
Portuguese need to work rather than strike. Holiday and Christmas | :08:46. | :08:51. | |
bonuses will be suspended to most state employees. Even if it manages | :08:51. | :08:56. | |
to implement its budget, a long hard road lies ahead. Portugal | :08:56. | :09:01. | |
needs to do a lot to regain competitiveness. A lot of that is | :09:01. | :09:04. | |
in terms of labour costs. The government is cutting wages and the | :09:04. | :09:09. | |
private sector will have to follow. People are finding it difficult to | :09:09. | :09:14. | |
get credit and refinements their mortgages. It takes a huge social | :09:14. | :09:23. | |
toll on people and put pressure on the government. Meanwhile, as state | :09:23. | :09:29. | |
spending is cut, Portugal's welfare safety net becomes full of holes. | :09:29. | :09:33. |