Browse content similar to 24/02/2012. Check below for episodes and series from the same categories and more!
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the missing baby girl, who disappear the 30 years ago. Her | :00:01. | :00:11. | |
:00:11. | :00:16. | ||
parents want it to be clear that Welcome to World Business Report. | :00:16. | :00:23. | |
G20 finance chiefs gather in Mexico as Europe prepares to drum up Asian | :00:23. | :00:27. | |
cash to bolster its bail-out funds. Protecting the oceans has become a | :00:27. | :00:32. | |
priority for the World Bank and other organisations who want to | :00:32. | :00:35. | |
raise more than $1 billion for the purpose. | :00:35. | :00:39. | |
And in the euro and out of pocket. Why shrinking wages are forcing | :00:39. | :00:49. | |
:00:49. | :00:52. | ||
quicks to buy their basics abroad. -- forcing Greeks. | :00:52. | :01:00. | |
Finance ministers and others from the G20 need. The top of the agenda | :01:00. | :01:04. | |
is funding for Europe. Officials are asking countries with big | :01:04. | :01:08. | |
foreign exchange reserves, like China and Japan, to lend billions | :01:09. | :01:15. | |
to its financial stability fund. Eurozone leaders have been on a | :01:15. | :01:24. | |
long-running offensive with China to get it to bolster its of bail- | :01:24. | :01:28. | |
out fund. But they have -- face a tough challenge. China is angry at | :01:28. | :01:32. | |
how European states have treated it since the last time it helped to | :01:32. | :01:38. | |
avert a financial disaster. China, Russia, Brazil and India all | :01:38. | :01:43. | |
contributed to the IMF after the 2008 financial crisis. They were | :01:43. | :01:51. | |
promised more power in influence -- power and influence in the IMF but | :01:51. | :01:55. | |
that has not happened. Eurozone countries are building up | :01:55. | :01:58. | |
a firewall to prevent the debt crisis in Greece spreading to | :01:58. | :02:03. | |
countries like Italy and Spain. To counter any run on the market | :02:03. | :02:08. | |
against their government bonds. The current fund, the European | :02:08. | :02:13. | |
Financial Stability Facility, contains 410 billion euros. In July, | :02:13. | :02:18. | |
there will be a permanent firewall - the European Stability Mechanism. | :02:18. | :02:22. | |
That will have 300 billion euros in it. Chinese leaders have told | :02:22. | :02:27. | |
Europeans to build the wall higher. It is a storm tactic to a certain | :02:27. | :02:31. | |
extent. You help yourself first and then we will come in and support | :02:31. | :02:37. | |
you. The idea that China, the so- called wet night, could come to | :02:37. | :02:47. | |
:02:47. | :02:51. | ||
Europe's rescue is helping to calm fear. -- red knight. The idea is | :02:51. | :02:57. | |
that China will eventually step in, that is easing market and buying | :02:57. | :03:03. | |
European markets more time. The World Bank wants to raise $1.5 | :03:03. | :03:07. | |
billion over the next five years to protect the world's oceans from | :03:07. | :03:11. | |
overfishing. That is the centrepiece of a global conference | :03:11. | :03:21. | |
in Singapore today. A highly politicised issue. | :03:21. | :03:25. | |
Yes. And the World Bank says it is raising the amount, alongside | :03:25. | :03:30. | |
government and global organisations, to try to protect the oceans. They | :03:30. | :03:33. | |
plan to raise that amount collectively owed the next five | :03:33. | :03:37. | |
years. Of course the World Bank President make that announcement | :03:37. | :03:42. | |
here in Singapore today, where a summit is taking place. All of this | :03:42. | :03:46. | |
confronts problems of overfishing and marine degradation, loss of | :03:46. | :03:51. | |
habitat. This has all resulted in the depletion of many fish stocks | :03:51. | :03:56. | |
around the world, according to and Agriculture Organisation. Some 80% | :03:56. | :04:00. | |
of fish stocks they monitor are threatened. He re Naish of course | :04:00. | :04:06. | |
there is a lack of regulation on overfishing. -- here in Asia. | :04:06. | :04:11. | |
Dishes like shark fin soup have compounded the problem. In | :04:11. | :04:18. | |
developing countries, 1 billion people rely on fish sauces for | :04:18. | :04:28. | |
:04:28. | :04:29. | ||
their primary the source of protein. -- rely on fish stocks. Targets | :04:29. | :04:33. | |
have been suggested. That includes things like rebuilding at least | :04:33. | :04:39. | |
half of the world's fish stocks. I spoke to the CEO of Conservation | :04:39. | :04:46. | |
International earlier and they are helping businesses on how they can | :04:46. | :04:49. | |
contribute. If you do not work with businesses | :04:49. | :04:52. | |
and they do not see why it is in their self interest to collaborate | :04:52. | :04:58. | |
and co-operate, it cannot work. We will always include business. It is | :04:58. | :05:08. | |
:05:08. | :05:11. | ||
important for business because it is something in their interest. If | :05:11. | :05:15. | |
a business does something that is not right, it spreads very quickly | :05:15. | :05:21. | |
in social media. There are many businesses realising that it is | :05:22. | :05:28. | |
again in their self interest to do something positive for the fishing | :05:28. | :05:31. | |
industry. That particular NGO, Conservation | :05:31. | :05:35. | |
International, is working with companies like Wal-Mart, McDonald's | :05:35. | :05:38. | |
and others to help alleviate the situation. | :05:38. | :05:44. | |
Thank you. It is the end of another traumatic week for Greece. To get | :05:44. | :05:48. | |
the bail-out, Athens' government has to push through more austerity | :05:48. | :05:52. | |
measures which will hit living standards. How are quick people | :05:52. | :05:56. | |
managing to make ends meet? The answer is that many are trying to | :05:56. | :06:01. | |
beat rising prices by going to shop outside the euro currency area. In | :06:01. | :06:06. | |
particular, Greeks in the north are streaming over the border into | :06:06. | :06:10. | |
Bulgaria as our correspondent has been finding out. | :06:10. | :06:15. | |
The fish may be local and fresh but nobody is buying. Living costs here | :06:15. | :06:19. | |
may be close to those of Paris or London but most in comes hardly | :06:19. | :06:24. | |
cover the basics like eating, food and rent. So what do they do to | :06:24. | :06:29. | |
feed their families like they used to? There is a way. Jump in a car | :06:29. | :06:34. | |
or bus and head for the border. There, you can make up a lot of the | :06:34. | :06:39. | |
spending power lost through repeated tax rises and wage cuts. | :06:39. | :06:46. | |
Next stop, a Bulgarian town 140 miles north of Greece's second city. | :06:46. | :06:50. | |
For a start, fuel is one-third cheaper and they take euros as well | :06:50. | :06:55. | |
as Bulgarian currency. This town with its long main street of | :06:55. | :07:01. | |
independent stores has become a kind of poor man's Thorndike. Many | :07:01. | :07:05. | |
of these kind of shops have opened up on the door -- border and is not | :07:05. | :07:12. | |
hard to see why. Local products are the cheapest by iron not sure about | :07:12. | :07:17. | |
the quality. Greeks come on Sundays. They need to pay less. -- but I am | :07:17. | :07:24. | |
not sure. Staples can cost half the price. TRANSLATION: Somebody can | :07:24. | :07:29. | |
live on 250 euros a month here, compared to double that in Greece. | :07:30. | :07:34. | |
For some it is not shopping they come for but medical appointments. | :07:34. | :07:40. | |
If you go to a doctor in Greece, they can take 200 euros. Here, it | :07:40. | :07:44. | |
is half price. This town is not alone in welcoming visiting Greeks | :07:44. | :07:52. | |
and catering for their needs. can find the similar situation in | :07:53. | :08:00. | |
Turkey or Macedonia. People living in the Greek islands, it is a | :08:00. | :08:05. | |
phenomenon to see them going to the other side of the city. They can | :08:05. | :08:09. | |
buy even basic goods there. Things are generally cheaper in Bulgaria | :08:09. | :08:13. | |
because wages are lower. Prices are falling across the front here but | :08:14. | :08:17. | |
as long as Greece stays in the euro, cross-border shopping may be here | :08:18. | :08:24. | |
to stay. In other news, UK bank Lloyds is | :08:24. | :08:28. | |
set to reveal the damage from a tough year when it reports annual | :08:29. | :08:32. | |
results later. Lloyds Banking Group is expected to follow RBS in | :08:32. | :08:42. | |
unveiling massive losses in 2011. One estimate is that it will be | :08:42. | :08:48. | |
$3.5 billion. Lloyds, 40% owned by the UK taxpayer, is bearing huge | :08:49. | :08:58. | |
:08:59. | :08:59. | ||
restructuring costs. It cut some 1,500 jobs. | :08:59. | :09:02. | |
Telefonica is also expecting losses. It has been struggling in Spain | :09:02. | :09:08. | |
where it has also had to slash its workforce. They have had to sell | :09:08. | :09:18. | |
:09:18. | :09:18. | ||
off assets to cover debt. off assets to cover debt. | :09:18. | :09:21. | |
Looking and the market. There are good indications from the US. The | :09:21. | :09:26. | |
markers are also mindful of the concern over the European | :09:26. | :09:32. |