17/02/2012 World Business Report


17/02/2012

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This is World Business report. Nuclear power is back on the agenda

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as Britain and France plan more reactors. The private side chasing

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for the Greek economy. The markets The centrepiece of the French UK

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some at is about nuclear power. The deal is worth over $800 million. It

:00:56.:01:04.

may create 1,500 jobs. The French energy giant which operates many

:01:04.:01:10.

nuclear plants plans for new reactors. The first will be in

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Somerset. It's almost one year since explosions ripped through the

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Fukushima in Japan. In the wake of their earthquake and tsunami it

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left 18,000 dead. The event hit the confidence of the nuclear industry.

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Tour of the European biggest countries signalled it more

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confidence for the decades to come. EDF owns many of the British

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nuclear plants. It has plans for all new reactors the first in the

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west. Today, it will sign a contract worth $160 million to

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prepare the site or construction. The French nuclear company will

:01:59.:02:03.

design and build the reactor. Last year it signed an agreement with

:02:03.:02:09.

the British Rolls-Royce. Today it goes further. It may be best known

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for its huge engines but Rolls- Royce has nuclear expertise. It has

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provided reactors for the nuclear submarines. Now it will provide

:02:23.:02:29.

components and a deal is worth $630 million. It will come from a

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purpose-built plant in the north of England which will support several

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hundred jobs. They hope this will provide a springboard for made it

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exports orders. Other countries need to assume they want the

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technology. Germany has opposed to technology and has closed many

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facilities. As the anniversary of the Japanese and army approaches

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the future for nuclear power is far from clear. The Greek lawyer

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leading the sale of state assets to pay for the date has told us that

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there are two ways for privatisation. It may raise 4

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billion euros. They need 10 billion euros. The presidents of the

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Management fund spoke from the second Greek city will the port has

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not been sold after all years of negotiations with the unions. No

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cruise ships but behind those historic walls, the sport in the

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second city has over 400 staff on permanent payroll. It's the biggest

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state employee up. Private Eye's -- privatisation was mooted but it's

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been kept it by a combination of state in activity and trade union

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opposition. Now the privatisation is slated for the second half of

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the key and many will not be surprised if it slips again. Report

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says it is profitable. Two and am 80 staff work in the Office. Union

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leaders have resisted change. They had seen off one large buyer.

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have live with this threat for years. There was once more workers.

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This is the history. It's not for selling and we will not allow it.

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The man who now has the job to a overcome the blocking tactics is

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this top lawyer. He says he could not act sooner because no-one would

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clarify in law what would be sold. We're doing a great job but the

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market is frozen at and we need investors with big-money but they

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do not know if we will state in the eurozone and what will happen to

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the great banks to get loans. We want the plan to run quickly and we

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can only estimate what the assets are worth probably 4.5 billion

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euros. To greet people do not want to sell them at low prices. Energy

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utility sales have been delayed and the agency can only hope that the

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new bail-out for Greece may bring out some - back put out some fires.

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On Friday Hungary will outline plans for a set of controversial

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laws. They need to respond to that here you worries about legislation

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on the Central Bank protection agency. They threaten legal action

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to block the deal on if the changes are not made. The laws threaten

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democracy and breach rules. They may amend the rules but investors

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wait to see if the proposals are enough. How radical are these

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changes needed to be made as far as that EU is concerned? As far as the

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EU, the changes are not particularly radical. They want to

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drop one of the Deputy Governors of the National Bank of Hungary. They

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want to abolish the idea of having to extra members on the monetary

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council. The Government argues that it has not encroach on the

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Independent's of that. The demand from the EU is fairly minimal. It

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will be relatively easy for hungry to respond. It's the tip of the

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iceberg. Once they reply, we will watch very closely how the European

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Community response. They want more changes than this. The backdrop is

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that Hungary needs the money? do need the money. Since the

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initial crisis in January, the currency has improved a great deal

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simply because the Government has made more conciliatory noises. But

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it does need the money and the urgency is not there yet. It's not

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as intense. But they do need the money and they need the green light

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from the European Commission for the talks to begin with the IMF.

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Were we told that Greece we talk about it getting bigger but is a

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holding smaller in Hungary? It more difficult here. When the market is

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reassured, Hanbury is trying to refine its, what it wants from the

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IMF is a safety net. When the market believes the Government is

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going to go properly for the deal with the IMF, things will get

:07:54.:08:04.
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easier. Things may get more In Asia, we will see how the

:08:05.:08:15.
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markets of doing. We are responding That's right. All the markets of

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trading higher. It looks like we will end positive. Investors are at

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cheering the US job market which is stronger than expected. That pushed

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up the shares on Wall Street. The Japanese Nikkei it is 2% higher.

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That was held by the Japanese yen weakening against the US dollar and

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other currencies. Investors here it up quite hopeful that the second

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bail at all Greece will be approved early next week. I should also

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mention shares in the billabong company Australia have jumped 50%

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today after the company said it has received a takeover bid and it has

:09:03.:09:06.

confirmed it will sell a majority stake in one of the brands to pay

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off its debts. Investors like to The European Commission welcomes

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plans from Italy to make the country's Catholic Church subject

:09:23.:09:28.

to property tax and that may contribute $1 billion to Italy.

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Construction of homes in the US has cooled after surging last year. The

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