Browse content similar to 14/12/2011. Check below for episodes and series from the same categories and more!
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higher than their valuation. Now the latest financial news with | :00:05. | :00:15. | |
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World Business Report. The headlines: In the nick of time, a | :00:24. | :00:30. | |
Olympus files its revised ending its report and avoids being | :00:30. | :00:34. | |
delisted from the Tokyo Stock Exchange. Thomas Cook reveals its | :00:34. | :00:44. | |
:00:44. | :00:47. | ||
restructuring plans. Hundreds of its shops face closure. Japanese | :00:47. | :00:53. | |
regulators say that Olympus has submitted its revised and in its | :00:53. | :00:57. | |
report, narrowly meeting a deadline to avoid being delisted from the | :00:57. | :01:03. | |
Tokyo Stock Exchange. The company is at the centre of one of Japan's | :01:03. | :01:13. | |
worst corporate scandals, spanning 13 years. The fraud came to light | :01:13. | :01:18. | |
after it fired former chief executive at Michael Woodford. He | :01:18. | :01:23. | |
claims he was let go for questioning suspicious payments. | :01:23. | :01:31. | |
Our correspondent in Tokyo has the latest. They make the deadline with | :01:31. | :01:36. | |
a few hours to spare. Revised earnings reports for the last five | :01:36. | :01:46. | |
:01:46. | :01:49. | ||
years. Critically,... INAUDIBLE:. Deceiving shareholders about its | :01:49. | :01:59. | |
:01:59. | :02:00. | ||
very solvency. INAUDIBLE: unfortunately, we will have to | :02:00. | :02:04. | |
speak to Rowland later. technical reasons he cannot speak | :02:04. | :02:14. | |
to us. Shall we try to end? Restart from the beginning again. We had | :02:14. | :02:23. | |
trouble hearing year. We had five years revised earnings reports from | :02:23. | :02:31. | |
Olympus, taking into account the holes in its figures. At no time | :02:31. | :02:35. | |
did its liabilities exceed its assets. On at no time was it | :02:35. | :02:40. | |
deceiving shareholders about its solvency. That is very important | :02:40. | :02:44. | |
because it gives an Olympus a better chance of surviving this | :02:44. | :02:51. | |
scandal. It has avoided automatic the sting by meeting this deadline | :02:51. | :03:00. | |
for revised reports, but the scale of the deception is great. We will | :03:00. | :03:05. | |
have to leave it there. We will talk more about this on another | :03:05. | :03:09. | |
occasion. Apologies again for the technical fault at the beginning of | :03:09. | :03:16. | |
that discussion. We have to discuss Thomas Cook, revealing how bad | :03:17. | :03:23. | |
things are when it reports its full-year results in a few well was. | :03:23. | :03:29. | |
Shares in the London based company have plunged 92% this year after a | :03:29. | :03:33. | |
squeeze on consumer spending and political events in North Africa | :03:33. | :03:41. | |
reduced holiday bookings. Last month, a bank agreed to lend the | :03:41. | :03:44. | |
company emergency funds so it could stay afloat. Our correspondent | :03:44. | :03:52. | |
reports. Thomas Cook started by selling British railway excursions. | :03:52. | :04:01. | |
It is having the worst here in its history. It has been a tough year | :04:01. | :04:05. | |
economic Glee and the pressure on consumers has hurt the holiday | :04:05. | :04:12. | |
giant. The company has issued three profit warnings this year and has | :04:12. | :04:17. | |
now had to restructure its business. It sells 22 million holidays per | :04:17. | :04:21. | |
year in the UK. It has been criticised for not differentiating | :04:21. | :04:29. | |
its business from its competitors. market in a bid to turn its | :04:29. | :04:35. | |
fortunes around. Europe's second largest travel group is looking to | :04:35. | :04:41. | |
offer a more exclusive range of holidays. Doing that means job cuts | :04:41. | :04:48. | |
and shock closures. They have to get back to their core strategy of | :04:48. | :04:54. | |
offering really high quality tours with added value. The brand is very | :04:54. | :05:01. | |
strong. They have to get back to what they are really good at. Stop | :05:01. | :05:07. | |
doing peripheral things they have not been doing terribly well. | :05:07. | :05:10. | |
Assets to be sold include continental hotels and office | :05:11. | :05:20. | |
buildings. Last month the group was forced to arrange a new revolving | :05:20. | :05:26. | |
credit facility for $300 million, with 17 Yanders. Restricting costs | :05:26. | :05:33. | |
and redundancy payments are expected to come in at $155 million. | :05:33. | :05:37. | |
Thomas Cook may have the fun in needs to get through the winter, | :05:37. | :05:42. | |
but lower bookings next year could cause a major freezing its recovery. | :05:42. | :05:48. | |
BBC News. Former executives from a German company have been charged | :05:48. | :05:57. | |
with bribery in the US. They are accused of plotting to pay bribes | :05:57. | :06:02. | |
to keep a contract for identity cards for Argentine citizens. It | :06:02. | :06:08. | |
was described as a shocking level of corruption. HTC will learn today | :06:08. | :06:15. | |
if it can continue to sell some of its smartphone models in the US. On | :06:15. | :06:20. | |
there will be a ruling in a patent infringement case where Apple | :06:20. | :06:29. | |
claims HTC is unlawfully using ten of its patents. The Portuguese were | :06:29. | :06:35. | |
the first Europeans to set foot in Brazil over 500 years ago. A second | :06:35. | :06:40. | |
wave is coming, but for a different reason - the economic crisis in | :06:40. | :06:46. | |
Europe. A one in ten Portuguese graduates now leaves the country. | :06:46. | :06:54. | |
In the latest of our special series on the young and jobless we look at | :06:54. | :06:59. | |
the brain drain. Our correspondent reports. In university, this young | :07:00. | :07:06. | |
man never a major and he would end up in Brazil, let alone managing a | :07:06. | :07:10. | |
golf course in a country better known for its football. We speak | :07:10. | :07:16. | |
the same language. It is much easier for us being Portuguese and | :07:16. | :07:22. | |
working in Brazil. Brazil can offer me something today which Portugal | :07:22. | :07:32. | |
:07:32. | :07:32. | ||
cannot: Stability. Brazil needs a qualified workforce to grow. For | :07:32. | :07:37. | |
many years Brazil was a victim of the brain drain. Its brightest | :07:37. | :07:42. | |
young professionals working to move abroad for a career and a future | :07:42. | :07:49. | |
elsewhere. But now there is and economic boom, said the tide has | :07:49. | :07:56. | |
turned and growing numbers of foreign workers are coming in | :07:56. | :08:01. | |
hoping to make it beach in this expanding economy. Headhunters say | :08:01. | :08:08. | |
there is plenty of work for Portuguese graduates. If you have | :08:08. | :08:18. | |
:08:18. | :08:20. | ||
talent and know-how, Brazil is keen to have your expertise. Brazil is | :08:20. | :08:27. | |
still more carefree. Young Portuguese expatriates gather in | :08:27. | :08:33. | |
this bar for a very happy hour every week. One of the things you | :08:33. | :08:41. | |
learn in Brazil is having fun. Every day I get CVs from friends of | :08:41. | :08:49. | |
mine trying to come to Brazil. Brazil has become a safe haven for | :08:49. | :08:54. | |
young Portuguese. With the debt crisis in Portugal going from bad | :08:54. | :09:04. | |
:09:04. | :09:05. | ||
to worse, more and more are making the BBC is focusing on the young | :09:05. | :09:15. | |
:09:15. | :09:16. | ||
and jobs as theirs. -- jobless. This is your opportunity to put | :09:16. | :09:21. | |
questions about setting up and running a business to one of the | :09:21. | :09:28. | |
world's most famous entrepreneurs. The markets today. Losses across | :09:28. | :09:36. | |
the board. A lot of this is because the Fed decided to keep rates on | :09:36. | :09:40. | |
hold and do nothing else to stimulate the economy. On the one | :09:40. | :09:46. |