Browse content similar to 03/02/2012. Check below for episodes and series from the same categories and more!
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from the sea. -- 240 people. Now it is time for World Business Report. | :00:17. | :00:26. | |
Work in progress - the chief hails a modest recovery. Just how well | :00:26. | :00:36. | |
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Spain's banks come up with the extra billions? Japanese corporate | :00:37. | :00:47. | |
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profits get heat. Panasonic results. American manufacturing sector has | :00:50. | :00:56. | |
been contributing to the improving picture in the world's largest | :00:56. | :01:01. | |
economy. How much of a difference will it make to the unemployment | :01:01. | :01:10. | |
rate which is at 8.5%. We went to visit and manufacturing training | :01:10. | :01:18. | |
centre in New Jersey. The controls are all manual but you will find | :01:18. | :01:23. | |
equipment that looks so different these days because most of them are | :01:23. | :01:30. | |
a computer controlled. What used to take an hour can now be done with | :01:30. | :01:35. | |
this in a fraction of the time. But it means learning a new set of | :01:35. | :01:41. | |
skills. The manufacturing programme at this college aims to fill that | :01:41. | :01:46. | |
skill gap and with factories hiring, they cannot turn out workers fast | :01:46. | :01:52. | |
enough. The local companies we are affiliated with are almost begging | :01:52. | :01:56. | |
us to get the young high-school students recruited into our | :01:57. | :02:03. | |
programme. The programme was developed with help from several | :02:03. | :02:11. | |
leading local manufacturers. At a time when more than 13 million | :02:11. | :02:15. | |
Americans are unemployment, the project leader says the jobs are | :02:15. | :02:20. | |
there for those with the right training. One of the big problems | :02:20. | :02:25. | |
we have as manufacturers is there is not enough unskilled talent to | :02:25. | :02:32. | |
run these machines are effectively. In that state of the Union, I laid | :02:32. | :02:40. | |
out my blueprint. President Obama has been trumpeting the revival in | :02:40. | :02:44. | |
manufacturing, hoping it would helping keep his job after the | :02:44. | :02:49. | |
election. Since the recession ended, more than 300,000 jobs have been | :02:49. | :02:56. | |
added by manufacturing. It will not be the key driver in the US. The | :02:56. | :03:00. | |
service sector has been bigger. That will be determining whether a | :03:00. | :03:07. | |
job growth is weak or strong. But the manufacturing sector is making | :03:07. | :03:12. | |
a healthy contribution. For many Americans still looking for work, | :03:12. | :03:19. | |
the job climate is not improving fast enough. | :03:19. | :03:27. | |
The Spanish Prime Minister is set to approve plans to overhaul | :03:27. | :03:34. | |
Spanish banks. 15 billion euros in capital need to be raised. Half the | :03:34. | :03:39. | |
home loans could turn bad, it is predicted as unemployment rises and | :03:39. | :03:49. | |
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house prices fall. Mergers may be needed. Oh a professor of economics | :03:51. | :04:00. | |
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joins us. Why are those Spanish banks in so much trouble? And this | :04:04. | :04:09. | |
is the follow-up from out construction model. There were lots | :04:10. | :04:17. | |
of loans made and many have turned bad. The assets that are in the | :04:17. | :04:22. | |
bank balance sheet have not been priced to market and the government | :04:22. | :04:27. | |
is an forcing some sizable mark downs. Many property markets within | :04:27. | :04:34. | |
Europe also suffered, why is Spain such a difficult case? There are | :04:34. | :04:39. | |
too many reasons. One is the peculiarity of the Spanish banking | :04:39. | :04:49. | |
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system. They are unlike anywhere else. They work into real estate, | :04:51. | :04:56. | |
there is no international base, they lent heavily to both | :04:56. | :05:04. | |
developers and home owners. The second thing, we have a delayed... | :05:04. | :05:14. | |
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They struggled with the real estate. The Prime Minister has a job to do | :05:14. | :05:21. | |
and he is introducing sweeping reforms? With such a weak economy, | :05:21. | :05:30. | |
our latest GDP growth numbers were coming in at -1.2 %. Our | :05:30. | :05:35. | |
unemployment number is a ready over 5.2 5 million. It paints a grim | :05:35. | :05:42. | |
picture that requires radical reform it seems that the prime | :05:42. | :05:49. | |
minister is ready to undertake them. But the banks receptive to the | :05:49. | :05:53. | |
ideas and new capital requirements? The banks would rather not do what | :05:53. | :06:00. | |
but they have no other choice. The credit needs to flow in Spain | :06:00. | :06:05. | |
especially to small to medium-sized firms. And we are not seeing this | :06:05. | :06:09. | |
happening. They're trying to clean the balance sheets in the hope that | :06:09. | :06:18. | |
it will be restored. In Asia, Panasonic and looks set to | :06:18. | :06:26. | |
round off at a dismal report for Japanese exporters. It comes at a | :06:26. | :06:31. | |
time when the US dollar is reaching a record low against the Japanese | :06:31. | :06:38. | |
currency? A lot of yen headaches for these | :06:38. | :06:48. | |
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companies. Sony took a hit from the yen. Panasonic is due to report its | :06:48. | :06:54. | |
report after the Japanese markets closed in about one hour. He could | :06:54. | :06:59. | |
report a staggering loss of more than $9 billion. There are a number | :06:59. | :07:05. | |
of factors as to why it has done so badly. One of which is the strength | :07:05. | :07:13. | |
of the yen. Profits we appreciated from overseas -- proffers were | :07:13. | :07:20. | |
repatriated. There are other issues as well. It acquired Sanyo Electric | :07:20. | :07:24. | |
so and there were losses they, it restructured its television | :07:24. | :07:34. | |
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division. There was also up production disruption. Investor | :07:35. | :07:41. | |
Service downgraded the deck rating up Panasonic alongside Sony and | :07:41. | :07:46. | |
kept them in a negative outlook for both companies. Mainly due from the | :07:46. | :07:51. | |
fact they are suffering losses in their television division. | :07:51. | :07:59. | |
Panasonic produces different products and it says it will cut | :07:59. | :08:04. | |
17,000 jobs by March of this year. It brought Sanyo Electric last year | :08:05. | :08:12. | |
which is known for its environment related businesses as well. | :08:12. | :08:16. | |
Ironically, and despite all these problems, Panasonic shares are up | :08:16. | :08:22. | |
today. How extraordinary! | :08:22. | :08:28. | |
The world's biggest truck maker is expected to report a rise in | :08:28. | :08:38. | |
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Fanning. -- a rise in an innings. - - and earning. | :08:43. | :08:49. | |
A modest rise in Russia for 2011. The group has benefited from higher | :08:49. | :08:59. | |
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The US central bank having declared interest rates will stay low for a | :09:10. | :09:18. | |
considerable period, it hasn't done nothing to support the dollar - yen | :09:18. | :09:27. |