Browse content similar to 26/03/2012. Check below for episodes and series from the same categories and more!
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Now for the latest financial news, it is time the World Business | :00:06. | :00:16. | |
:00:16. | :00:21. | ||
Hello and welcome. Here are the headlines: Fuel prices hit a record | :00:21. | :00:26. | |
highs in the UK as global oil prices continued to rise. | :00:26. | :00:28. | |
Controversial new plans to give small business an alternative to | :00:28. | :00:35. | |
the banks for funding. The world's second largest bank puts the | :00:35. | :00:45. | |
:00:45. | :00:50. | ||
spotlight on bad loans as it reports its earnings. | :00:50. | :00:54. | |
Average fuel prices hit a record high in the UK last week. Across | :00:54. | :00:57. | |
the Atlantic President Obama is facing mounting criticism over | :00:57. | :01:02. | |
sharp rises in the cost of gasoline. The main reason for higher prices | :01:02. | :01:07. | |
at the pump is the rising cost of crude oil on the global markets. | :01:07. | :01:09. | |
Analysts say the number of countries warding crude oil is | :01:09. | :01:16. | |
contributing. China is thought to be adding half a million barrels a | :01:16. | :01:22. | |
day to its stockpiles. The train comes as tensions with around seems | :01:22. | :01:32. | |
:01:32. | :01:33. | ||
to be easing. A US aircraft carrier patrols in a | :01:33. | :01:36. | |
continuing show of strength. The aim is to counteract the Iranian | :01:36. | :01:39. | |
threat to stop vital oil supplies being delivered through these | :01:39. | :01:44. | |
waters. With such a display of military hardware, the prospects | :01:44. | :01:50. | |
for any kind of display are stopped. Why do oil prices continued to go | :01:50. | :01:57. | |
skywards? As petrol prices soar, the answer seems to be that | :01:57. | :02:01. | |
countries around the world are hoarding oil. Emerging countries | :02:01. | :02:07. | |
like South Africa, India and Thailand are busy stockpiling. So | :02:07. | :02:13. | |
too is China, the world's second biggest consumer of oil. China may | :02:13. | :02:17. | |
be stockpiling some of its own domestic production. It may be | :02:17. | :02:24. | |
storing half a million barrels a day. It all adds to pressure on | :02:24. | :02:28. | |
prices. The Chinese believe that this is a major strategic on | :02:28. | :02:32. | |
ability that they have to field. They are concerned about at the | :02:32. | :02:40. | |
supply shock. Stockpiling is once again going to increase the premium | :02:40. | :02:44. | |
for oil. Last week Britain and the US confirmed they are still in | :02:44. | :02:48. | |
talks to release some of their stockpiles to try and drive prices | :02:48. | :02:52. | |
down. With continuing demand from Asia, many analysts think any | :02:52. | :02:59. | |
effect on prices will be extremely short lived. | :02:59. | :03:03. | |
Staying with fuel. Here in the UK, the Government is taking action to | :03:03. | :03:08. | |
prevent potential shortages at the pump. It has announced his training | :03:08. | :03:12. | |
soldiers to replace your tankard drivers who are threatening to go | :03:12. | :03:20. | |
on strike. -- fuel tankers. The Government is reported to be on | :03:20. | :03:24. | |
the verge of selling of the Royal Mail. The battle and parcel | :03:24. | :03:30. | |
delivery business could raise more than $6 billion. Any sale would | :03:30. | :03:37. | |
rely on the relaxing of prizes and the marked increase in efficiency. | :03:37. | :03:44. | |
Royal Mail products come solely from its post office network. | :03:44. | :03:48. | |
Ireland's premier is due to meet his Chinese counterpart in Beijing. | :03:48. | :03:53. | |
Figures released last week show island's economy slipping back into | :03:53. | :04:03. | |
:04:03. | :04:04. | ||
Ireland's government hopes to recover much needed investors from | :04:04. | :04:10. | |
the world's second-biggest economy. Fiat is to close two of its plants | :04:10. | :04:15. | |
this week due to a month of strikes by its drivers. It will lay off | :04:15. | :04:22. | |
drivers temporarily. Of close another facility later this week. - | :04:22. | :04:27. | |
- it will close. The drivers are protesting acres government | :04:27. | :04:34. | |
measures which have raised the or prices. There are claims that some | :04:34. | :04:37. | |
staff had been subjected to intimidation. | :04:37. | :04:41. | |
Small firms around there are finding it tough to raise money to | :04:41. | :04:45. | |
grow their business. One report out today suggests banks will cut back | :04:45. | :04:48. | |
lending by $1 trillion this year and that makes alternative sources | :04:48. | :04:53. | |
of funding all the more important. In the US President Obama is set to | :04:53. | :05:01. | |
sign a new law. The Act would allow private firms to raise money from | :05:01. | :05:07. | |
large numbers of shareholders or crowd saucing. | :05:07. | :05:12. | |
This man has worked for some big names. From IBM to gold and sax. He | :05:12. | :05:17. | |
now hopes his small business will be a big name in consumer | :05:17. | :05:20. | |
electronics. He says that could happen if the US government allows | :05:20. | :05:27. | |
start-ups to tap lots of small investors. By letting everyone in | :05:27. | :05:32. | |
the public sector make them eligible to contribute to ideas | :05:32. | :05:36. | |
that they believe in, you are opening up things to a wider pool | :05:36. | :05:45. | |
of talent. Currently, companies in the US with more than 500 investors | :05:45. | :05:50. | |
are forced to go public and open their books up to US regulators. | :05:50. | :05:55. | |
But this new legislation will change that. It will allow small | :05:55. | :05:59. | |
businesses and start-ups to have many more investors and for them to | :05:59. | :06:04. | |
cut back on red paper. Given that small businesses create many new | :06:04. | :06:09. | |
jobs in America and that credit is still hard to get these days, it is | :06:09. | :06:14. | |
perhaps no surprise that President Obama's administration is backing | :06:14. | :06:19. | |
the Bill. Critics say the law could be disastrous. It loosens investor | :06:19. | :06:24. | |
protection as they had been around for decades. It is a bad day for | :06:24. | :06:30. | |
the retail investor. They are going to get silly tape -- solicitations | :06:30. | :06:37. | |
online from companies. It is a peach tree dish of fraud. As I say, | :06:37. | :06:41. | |
the only jobs that are going to benefit from this are fraudsters, | :06:41. | :06:46. | |
Scholes, Wall Street analysts. What's more, and those regulations | :06:46. | :06:50. | |
were at the heart of America's recent financial crisis. With | :06:50. | :06:54. | |
widespread support from lawmakers, small businesses will probably soon | :06:54. | :07:04. | |
:07:04. | :07:05. | ||
be able to use crowd funding for There are more signs of a slowdown | :07:05. | :07:09. | |
in China. The world's second largest bank has reported a sharp | :07:09. | :07:19. | |
:07:19. | :07:20. | ||
rise in bad loans. What is going on with his bank? It has posted a 25% | :07:21. | :07:25. | |
growth in its net profit in 2011, but it is warning that bad loans | :07:25. | :07:35. | |
:07:35. | :07:35. | ||
are rising. It is the world's second largest bank by market | :07:35. | :07:45. | |
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capitalisation. Its profits did pretty well. It was up $27 billion | :07:46. | :07:51. | |
in the year to 31st December. A big concern for it and other banks in | :07:51. | :08:01. | |
China are these possible rises in loan defaults. The bank said it is | :08:01. | :08:11. | |
:08:11. | :08:14. | ||
-- its non-performing loans rose by It is driven by the increased risks | :08:14. | :08:20. | |
by investments and the housing bubble. These are some of the | :08:20. | :08:25. | |
challenges that have been cited by the bank. All this would go to | :08:25. | :08:32. | |
explain why its shares are actually falling today. Tell us about Qantas | :08:32. | :08:40. | |
and China Eastern of launching a new Hong Kong-based budget airline. | :08:40. | :08:45. | |
The airline will be called Jetstar Hong Kong. It will be the first | :08:45. | :08:50. | |
low-cost airline based in Hong Kong. Jetstar already runs a budget | :08:50. | :08:54. | |
airline services in other parts of Asia. It is all part of a strategy | :08:54. | :08:57. | |
by Qantas to revive its international business after it | :08:57. | :09:00. | |
said it would close some international routes and cut almost | :09:00. | :09:06. | |
500 jobs. The new airline will start operation in 2013. It is | :09:06. | :09:11. | |
going to have a fleet of around three Airbus A three 20s, which it | :09:11. | :09:17. | |
plans to increase to 18 by 2015. The two companies would be equal | :09:17. | :09:23. | |
partners in the joint venture, which would have capital. China | :09:23. | :09:26. | |
Eastern Airlines is China's second largest airline in terms of | :09:26. | :09:32. | |
passengers. Let's show you the markets and how | :09:32. | :09:36. | |
they started the trading week. A bit of a mixed picture emerging. | :09:36. | :09:40. |