24/02/2012 World Business Report


24/02/2012

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the missing baby girl, who disappear the 30 years ago. Her

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parents want it to be clear that Welcome to World Business Report.

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G20 finance chiefs gather in Mexico as Europe prepares to drum up Asian

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cash to bolster its bail-out funds. Protecting the oceans has become a

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priority for the World Bank and other organisations who want to

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raise more than $1 billion for the purpose.

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And in the euro and out of pocket. Why shrinking wages are forcing

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quicks to buy their basics abroad. -- forcing Greeks.

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Finance ministers and others from the G20 need. The top of the agenda

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is funding for Europe. Officials are asking countries with big

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foreign exchange reserves, like China and Japan, to lend billions

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to its financial stability fund. Eurozone leaders have been on a

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long-running offensive with China to get it to bolster its of bail-

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out fund. But they have -- face a tough challenge. China is angry at

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how European states have treated it since the last time it helped to

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avert a financial disaster. China, Russia, Brazil and India all

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contributed to the IMF after the 2008 financial crisis. They were

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promised more power in influence -- power and influence in the IMF but

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that has not happened. Eurozone countries are building up

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a firewall to prevent the debt crisis in Greece spreading to

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countries like Italy and Spain. To counter any run on the market

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against their government bonds. The current fund, the European

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Financial Stability Facility, contains 410 billion euros. In July,

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there will be a permanent firewall - the European Stability Mechanism.

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That will have 300 billion euros in it. Chinese leaders have told

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Europeans to build the wall higher. It is a storm tactic to a certain

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extent. You help yourself first and then we will come in and support

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you. The idea that China, the so- called wet night, could come to

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Europe's rescue is helping to calm fear. -- red knight. The idea is

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that China will eventually step in, that is easing market and buying

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European markets more time. The World Bank wants to raise $1.5

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billion over the next five years to protect the world's oceans from

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overfishing. That is the centrepiece of a global conference

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in Singapore today. A highly politicised issue.

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Yes. And the World Bank says it is raising the amount, alongside

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government and global organisations, to try to protect the oceans. They

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plan to raise that amount collectively owed the next five

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years. Of course the World Bank President make that announcement

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here in Singapore today, where a summit is taking place. All of this

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confronts problems of overfishing and marine degradation, loss of

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habitat. This has all resulted in the depletion of many fish stocks

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around the world, according to and Agriculture Organisation. Some 80%

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of fish stocks they monitor are threatened. He re Naish of course

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there is a lack of regulation on overfishing. -- here in Asia.

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Dishes like shark fin soup have compounded the problem. In

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developing countries, 1 billion people rely on fish sauces for

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their primary the source of protein. -- rely on fish stocks. Targets

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have been suggested. That includes things like rebuilding at least

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half of the world's fish stocks. I spoke to the CEO of Conservation

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International earlier and they are helping businesses on how they can

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contribute. If you do not work with businesses

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and they do not see why it is in their self interest to collaborate

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and co-operate, it cannot work. We will always include business. It is

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important for business because it is something in their interest. If

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a business does something that is not right, it spreads very quickly

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in social media. There are many businesses realising that it is

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again in their self interest to do something positive for the fishing

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industry. That particular NGO, Conservation

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International, is working with companies like Wal-Mart, McDonald's

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and others to help alleviate the situation.

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Thank you. It is the end of another traumatic week for Greece. To get

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the bail-out, Athens' government has to push through more austerity

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measures which will hit living standards. How are quick people

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managing to make ends meet? The answer is that many are trying to

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beat rising prices by going to shop outside the euro currency area. In

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particular, Greeks in the north are streaming over the border into

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Bulgaria as our correspondent has been finding out.

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The fish may be local and fresh but nobody is buying. Living costs here

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may be close to those of Paris or London but most in comes hardly

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cover the basics like eating, food and rent. So what do they do to

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feed their families like they used to? There is a way. Jump in a car

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or bus and head for the border. There, you can make up a lot of the

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spending power lost through repeated tax rises and wage cuts.

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Next stop, a Bulgarian town 140 miles north of Greece's second city.

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For a start, fuel is one-third cheaper and they take euros as well

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as Bulgarian currency. This town with its long main street of

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independent stores has become a kind of poor man's Thorndike. Many

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of these kind of shops have opened up on the door -- border and is not

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hard to see why. Local products are the cheapest by iron not sure about

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the quality. Greeks come on Sundays. They need to pay less. -- but I am

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not sure. Staples can cost half the price. TRANSLATION: Somebody can

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live on 250 euros a month here, compared to double that in Greece.

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For some it is not shopping they come for but medical appointments.

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If you go to a doctor in Greece, they can take 200 euros. Here, it

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is half price. This town is not alone in welcoming visiting Greeks

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and catering for their needs. can find the similar situation in

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Turkey or Macedonia. People living in the Greek islands, it is a

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phenomenon to see them going to the other side of the city. They can

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buy even basic goods there. Things are generally cheaper in Bulgaria

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because wages are lower. Prices are falling across the front here but

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as long as Greece stays in the euro, cross-border shopping may be here

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to stay. In other news, UK bank Lloyds is

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set to reveal the damage from a tough year when it reports annual

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results later. Lloyds Banking Group is expected to follow RBS in

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unveiling massive losses in 2011. One estimate is that it will be

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$3.5 billion. Lloyds, 40% owned by the UK taxpayer, is bearing huge

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restructuring costs. It cut some 1,500 jobs.

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Telefonica is also expecting losses. It has been struggling in Spain

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where it has also had to slash its workforce. They have had to sell

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off assets to cover debt. off assets to cover debt.

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Looking and the market. There are good indications from the US. The

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markers are also mindful of the concern over the European

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