Browse content similar to 21/03/2012. Check below for episodes and series from the same categories and more!
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be out of immediate danger. Those are the latest headlines from BBC | :00:02. | :00:11. | |
World News. Now the latest money news with World Business Report. | :00:11. | :00:18. | |
Hello and welcome to World Business Report. The UK Chancellor presents | :00:18. | :00:22. | |
his budget to parliament today, but will his changes to tax and spend | :00:22. | :00:26. | |
be enough to boost the flagging economy? How Portugal is coping | :00:26. | :00:30. | |
with austerity measures and threats of massive strikes. We have a | :00:31. | :00:40. | |
:00:41. | :00:43. | ||
report from the town of Porto. Trade tensions between the United | :00:43. | :00:53. | |
:00:53. | :00:55. | ||
States and China intensified. China is accused of unfair subsidies on | :00:55. | :01:03. | |
us all white panels. Could to help you with the pass. -- Good To Have | :01:03. | :01:09. | |
you with us. It's budget day here in the UK and George Osborne has a | :01:09. | :01:12. | |
tough task ahead. Economic growth is anaemic at best and unemployment | :01:12. | :01:15. | |
is at a 17-year high. The Chancellor, who has put the UK | :01:15. | :01:19. | |
economy on a path of austerity, has little spare cash to play with, so | :01:19. | :01:22. | |
tinkering with taxes is most likely. Among the measures he is expected | :01:22. | :01:26. | |
to announce are tax cuts paid by business and low and middle income | :01:26. | :01:32. | |
families. Julia Caesar reports. Kicking groove back into Britain is | :01:32. | :01:39. | |
a huge priority, but the Chancellor has little room to manoeuvre. With | :01:39. | :01:45. | |
a sluggish economy and a Euro crisis, he is trying to promote a | :01:45. | :01:51. | |
competitive UK. Our economy has barely grown in the last 12 months. | :01:51. | :01:58. | |
In the final quarter of 2011 it fell back slightly. Unemployment is | :01:58. | :02:05. | |
at a 17-year high. More than one million young people are unemployed. | :02:05. | :02:12. | |
Their outlook is far from robust. Businesses are calling for Ray | :02:12. | :02:17. | |
radical Budget to jump-start the economy. They want tax cuts, | :02:17. | :02:23. | |
investment in infrastructure, less red tape, a revolution in planning | :02:23. | :02:28. | |
rules and increased lending to small business. 60% of UK small | :02:28. | :02:33. | |
businesses are struggling to get loans. Under a new scheme they will | :02:33. | :02:42. | |
get credit with interest rates lower by 1%. We will see | :02:42. | :02:47. | |
initiatives being taken forward. Investment relief will be talked | :02:48. | :02:55. | |
about. We will see something about the mainstream corporate tax rate. | :02:55. | :03:01. | |
Also something to help low-income employees. But it will not be a big | :03:01. | :03:07. | |
band, because they do not have the money. How will they raise the | :03:07. | :03:15. | |
money? -- brain. There will be provisions to stop tax leading -- | :03:16. | :03:25. | |
:03:26. | :03:26. | ||
leaking through avoidance. -- bang. The Budget has to stimulate growth | :03:26. | :03:32. | |
and reduce spending. Ratings agencies say any sign of back- | :03:32. | :03:36. | |
pedalling on players to cut the deficit mean that they see UK could | :03:36. | :03:41. | |
be stripped of its top credit rating. This would push government | :03:41. | :03:47. | |
borrowing costs up. We will have coverage of that budget throughout | :03:47. | :03:55. | |
the day. There is also a lot of information on our website. Heat | :03:55. | :04:05. | |
:04:05. | :04:07. | ||
across all our outlets. -- heat. -- keep. Greece's parliament has | :04:07. | :04:17. | |
:04:17. | :04:19. | ||
approved a new international bailout deal early this morning. | :04:19. | :04:28. | |
The bill authorises cuts in wages, pensions and jobs. Oil prices have | :04:28. | :04:31. | |
fallen from recent highs after the world's biggest exporter said it | :04:32. | :04:35. | |
was ready to boost global supply to prevent any shortages. Saudi | :04:35. | :04:38. | |
Arabia's oil minister Ali al-Naimi said 11 tankers laden with crude | :04:38. | :04:41. | |
were sailing to the United States. Indian airline Kingfisher says it's | :04:41. | :04:44. | |
halting international flights as it seeks more funding. Earlier today | :04:44. | :04:46. | |
India's airline regulator warned it could cancel Kingfisher's licence | :04:46. | :04:56. | |
:04:56. | :04:58. | ||
if owner Vijay Mallya does not come up with a viable turnaround plan. | :04:58. | :05:05. | |
Now we go to news of a trade war greeny between China and the US. | :05:05. | :05:15. | |
:05:15. | :05:18. | ||
What is going on? -- Brewin. -- brewing. These tensions have | :05:18. | :05:24. | |
intensified. Solo a panel cells but the new topic. BC's after President | :05:24. | :05:34. | |
:05:34. | :05:37. | ||
Baba Amr complained about rare oasis -- rare earths. -- this is | :05:37. | :05:46. | |
after Barack Obama. The US claims that Chinese solo panel companies | :05:46. | :05:52. | |
are benefiting from unfair export subsidies. So light panels are not | :05:52. | :05:56. | |
the only Chinese product which might become more expensive in the | :05:56. | :06:06. | |
:06:06. | :06:07. | ||
US. Galvanised steel wire is another thing. The US says they | :06:07. | :06:12. | |
will decide whether to investigate if Chinese made stainless steel | :06:12. | :06:18. | |
sinks are unfairly subsidised. Earlier I spoke to an analyst in | :06:18. | :06:25. | |
Beijing. He said these tit-for-tat duties and complains will continue. | :06:25. | :06:32. | |
We will talk about it again in the future. We will see you again soon. | :06:32. | :06:39. | |
Back to Europe. Portugal is in focus today. We'll find out later | :06:39. | :06:42. | |
how the Portuguese people respond to a call from the country's | :06:42. | :06:46. | |
largest union for a general strike. This in protest of the continuing | :06:46. | :06:49. | |
austerity cuts ordered by the EU and IMF. But there's another test | :06:49. | :06:53. | |
for the country today, when it tries to raise billions from a | :06:53. | :06:56. | |
short term debt auction. Portugal's real problem is that it also needs | :06:56. | :06:59. | |
to return to the long-term borrowing markets. Because if it | :06:59. | :07:06. | |
stays locked out, it will be forced to seek yet another bailout. One | :07:06. | :07:16. | |
year ago, 78 billion euros looked enough, such as austerity cuts, | :07:16. | :07:21. | |
another rescue it is being discussed. Meanwhile, staying | :07:21. | :07:27. | |
afloat is a priority for family businesses wiped these third- | :07:27. | :07:32. | |
generation specialist food store in the city of Oporto. It has avoided | :07:32. | :07:42. | |
:07:42. | :07:45. | ||
closure by sacrificing profits and avoiding price increases. -- Porto. | :07:45. | :07:51. | |
People do not have much money to spend. But according to these | :07:51. | :07:56. | |
economists, Portugal is just postponing insolvency. He says it | :07:56. | :08:03. | |
should renegotiate with its creditors. There is no point | :08:03. | :08:07. | |
delaying the moment. We should face it right now, because the situation | :08:08. | :08:14. | |
is not as bad as it will be in one year. The later we negotiate, the | :08:14. | :08:20. | |
worse it will be fought the Portuguese economy and people. | :08:21. | :08:29. | |
is true, but austerity has hastened a creek-style recession. But most | :08:29. | :08:34. | |
voters except that the vast cost of state benefits are part of the | :08:34. | :08:39. | |
problem. The difficulty is getting growth going. The Portuguese have | :08:39. | :08:45. | |
done everything they have been asked by the European partners. | :08:46. | :08:49. | |
Trikes -- strikes tomorrow will dent the Government was make | :08:49. | :08:59. | |
:08:59. | :09:00. | ||
resolve. More negotiations with lenders look highly likely. -- the | :09:00. | :09:05. | |
Government's resolve. Looking at the markets, losses across the | :09:05. | :09:10. | |
board. This is the first day of losses in Japan for six trading | :09:10. | :09:17. | |
sessions. People are thinking the Chinese economy is headed to slow | :09:17. | :09:23. | |
down its rapid growth. The economic news coming from bitter date is | :09:23. | :09:29. | |
feeling bad Fiat - the mainland fecal sales this year will miss | :09:29. | :09:35. | |
their targets. Also, China has raised fuel prices for the second | :09:35. | :09:41. |