Browse content similar to 13/03/2012. Check below for episodes and series from the same categories and more!
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They suspect has been taken into custody. | :00:03. | :00:13. | |
:00:13. | :00:23. | ||
This is bold business report. Get a grip and a deficit column Spain's | :00:23. | :00:31. | |
finance minister gets a friendly warning from Brussels. | :00:31. | :00:37. | |
The United States is set to file a complaint against China and the | :00:37. | :00:40. | |
more trench -- World Trade Organisation changing restrictions | :00:40. | :00:45. | |
on exports. Battle lines from over a | :00:45. | :00:55. | |
:00:55. | :00:56. | ||
transaction tax. The Casey's is as an attack on the City of London. | :00:56. | :01:01. | |
Eurozone finance ministers meeting in Brussels have signed off a | :01:01. | :01:06. | |
second bailout Bassett -- package. It enables the first payment of 130 | :01:06. | :01:10. | |
billion euros to be made this month. Many fear it will not be the last | :01:10. | :01:16. | |
bail-out Greece needs. For now the country's is off the critical list. | :01:16. | :01:25. | |
The concern has switched to Spain. Spain's budget deficit in 2011 was | :01:25. | :01:34. | |
8.5 % of its GDP. That is of the 6% target. It is 19 billion euros in | :01:34. | :01:41. | |
the red. Equivalent to the entire bailout given to Portugal. Spain's | :01:41. | :01:44. | |
Finance Minister may have been strangled by a chief finance | :01:44. | :01:49. | |
minister in a friendly way but he agreed on Lissa targets for | :01:49. | :01:54. | |
overspending this year. That has triggered alarm bells for some over | :01:54. | :02:03. | |
commitment for tackling the debt crisis. It was nice to see any | :02:03. | :02:06. | |
little bit of you may guess -- yesterday. If you talk us through | :02:06. | :02:11. | |
the timeline now that Greece is looking like it may get its money. | :02:11. | :02:16. | |
What will happen next? It looks like we have some closure and a | :02:16. | :02:21. | |
solution on Greece for the meantime. It is only for the meantime. They | :02:21. | :02:30. | |
may have a whole series of new speed bumps coming up from Europe. | :02:30. | :02:39. | |
The Spain story comes slightly down. Spain is a crisis that is going to | :02:39. | :02:44. | |
happen at some point simply because Spain's economy will not be able to | :02:44. | :02:49. | |
boost growth. It will not be able to continue austerity and cut down | :02:50. | :02:54. | |
budget deficits unless something else changes. The immediate hurdles | :02:54. | :03:00. | |
for the Europe will be Portugal. The market has seen yields in | :03:00. | :03:05. | |
Portuguese debt widen dramatically. We think that Portugal is heading | :03:05. | :03:11. | |
towards some kind of restructuring like Greece has just done. Then we | :03:11. | :03:15. | |
had the French elections coming up. The French elections are very | :03:15. | :03:23. | |
significant. If Sarkozy loses the election and we have deep new | :03:23. | :03:27. | |
French President threatening to renegotiate the fiscal stability | :03:27. | :03:32. | |
pacts it could cause problems for Angela Merkel. She has been using | :03:32. | :03:37. | |
it to persuade German voters to support what she has been doing in | :03:37. | :03:47. | |
:03:47. | :03:47. | ||
keeping the River Wey. After that we worry more about Spain and Italy. | :03:47. | :03:50. | |
They have both benefited dramatically from the government | :03:50. | :03:57. | |
given from the ECB. During this meeting as well they have been | :03:57. | :04:02. | |
rubber-stamping the bail-out for Greece. The battery Affairs | :04:02. | :04:05. | |
Commission has said they hope they will reach an agreement on | :04:05. | :04:10. | |
increasing the size of the bail-out fund this month. That is the keep. | :04:10. | :04:15. | |
If you say it all those elements arrowhead, Portugal, uncertainty | :04:15. | :04:20. | |
about France, Spain, Italy, the bailout needs to be bigger. | :04:20. | :04:24. | |
Everyone says it does need to be bigger. For Germany to agree and | :04:24. | :04:28. | |
had more money to the bail-out fund requires all these other things to | :04:28. | :04:35. | |
happen. Everybody needs to stick to a tight budget agreements. The fact | :04:35. | :04:39. | |
that Spain is able to get a compromise yesterday and the | :04:39. | :04:44. | |
compromise they got was the EU asked them to come in with a 4% | :04:44. | :04:52. | |
target. They said we can make 5.8%. Based at the difference. It is a | :04:52. | :04:57. | |
complete fudge. That is the way the euro works. It will make it more | :04:57. | :05:07. | |
:05:07. | :05:09. | ||
difficult for Angela Merkel to get the approval. We will talk to you | :05:09. | :05:14. | |
in ten minutes for a look at today's newspaper stories. Let's | :05:14. | :05:18. | |
have a look at the other element on the agenda that could cause a | :05:18. | :05:24. | |
problem. The proposed financial transaction tax. The UK has made | :05:24. | :05:30. | |
its position clear. It is expected to stress strong opposition today. | :05:30. | :05:35. | |
He argues that it attacks a vital point of interest in the City of | :05:35. | :05:45. | |
London. The financial sector bears some of the blame for new reports | :05:45. | :05:50. | |
back economic downturn. So we should pay more. That is the | :05:50. | :05:56. | |
argument behind this tax. Britain has been determined to block it. | :05:56. | :06:01. | |
The City of London is the largest financial centre in Europe. In a | :06:01. | :06:08. | |
recent Impact Assessment the European Commission argued that | :06:08. | :06:14. | |
companies are here would pay 71% of all the revenue raised. That | :06:14. | :06:20. | |
compares to 16% from Germany and 17% from France. No wonder the | :06:20. | :06:25. | |
government is opposed to that. They fear that financial institutions | :06:25. | :06:30. | |
would desert London for other continents. They may head to Asia | :06:30. | :06:36. | |
or North America. Financial institutions will be able to bring | :06:36. | :06:42. | |
their prices down to match that. The EU financial institutions will | :06:42. | :06:48. | |
look for other places to do their business. At the meeting on Tuesday | :06:48. | :06:52. | |
it is expected that George Osborne will try and have the tax pushed | :06:52. | :06:58. | |
off EU's agenda. He will argue it has no right to impose fiscal | :06:58. | :07:03. | |
policy on member states. He will say that we do not want this | :07:03. | :07:12. | |
introduced. It could be Ireland, Luxembourg, maybe even some of the | :07:12. | :07:17. | |
others that pulsate it is not a good idea. It introduces a European | :07:17. | :07:24. | |
dictatorship. Member states on the hall a very opposed to that. It is | :07:24. | :07:29. | |
estimated that the tax could raise 57 billion euros a year. That makes | :07:29. | :07:35. | |
it hard for many politicians to get rid of the idea. President Sarkozy | :07:35. | :07:41. | |
has made it a pledge to introduce one for France. In Germany the | :07:41. | :07:45. | |
opposition parties at telling at Angela Merkel to push through the | :07:45. | :07:55. | |
:07:55. | :07:56. | ||
plant. -- plan. A fight over red earth exports has | :07:56. | :08:03. | |
stepped up a gear. China is on a collision course with America, | :08:03. | :08:10. | |
Japan and the youth. The Bramham also used in all kinds of products. | :08:10. | :08:19. | |
Tell us more about this latest in the long saga? It is the latest. | :08:19. | :08:25. | |
Another trade battle between the United States and China. Americans | :08:25. | :08:29. | |
will filed the complaint later today with the world trading body | :08:29. | :08:33. | |
challenging the mainland's restrictions on rare earth exports. | :08:33. | :08:41. | |
The European Union and Japan will pack up United States on this case. | :08:41. | :08:46. | |
Many of these are critical for the manufacturing of hi-tech products. | :08:46. | :08:49. | |
The US his argument that by limiting exports China which | :08:49. | :08:54. | |
produces more than 95% of the red earth metals and the world is | :08:54. | :08:58. | |
driving up prices and giving Chinese companies an unfair | :08:58. | :09:03. | |
advantage by increasing production costs for American companies. There | :09:03. | :09:09. | |
are also concerned that Beijing has implemented these codes to ensure | :09:09. | :09:15. | |
that these elements remain low within China. China says that it is | :09:15. | :09:19. | |
to ensure that There is no environmental damage caused. Thank | :09:19. | :09:27. | |
you. A look at the markets quickly. A slight gain for Japan and | :09:27. | :09:33. | |
elsewhere. Gains across the board. US retail sales figures out today. | :09:33. | :09:38. |