Browse content similar to 22/05/2012. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Those are the latest headlines. Now for the latest financial news in | :00:02. | :00:12. | |
:00:12. | :00:16. | ||
Hello and welcome to World Business Report. | :00:16. | :00:20. | |
The crisis of youth unemployment. Some 75 million people under 24 are | :00:20. | :00:30. | |
:00:30. | :00:34. | ||
now out of work, warns the UN, with Europe among the hardest hit. | :00:34. | :00:38. | |
Qantas announcer's restructuring plans to rescue the company from a | :00:38. | :00:46. | |
more losses. Signs of life in the US housing | :00:46. | :00:50. | |
market. But it will take years to rebuild the damage from America's | :00:50. | :00:52. | |
real estate crash. Turmoil in the eurozone is helping | :00:52. | :00:55. | |
push youth unemployment to crisis levels, with many young people | :00:55. | :00:59. | |
giving up hope of ever finding work. That is according to the UN agency | :00:59. | :01:03. | |
in charge of workers' rights, the International Labour Organisation. | :01:03. | :01:07. | |
In a report out today, the ILO says the number of young people aged 15- | :01:07. | :01:13. | |
24 without jobs now stands at almost 75 million worldwide. That | :01:13. | :01:19. | |
figure has risen by 4 million since 2007. Some of the highest rates of | :01:19. | :01:23. | |
unemployment are in the European Union, where one in five under 24's | :01:23. | :01:29. | |
are looking for jobs. In some countries the figure is much higher. | :01:29. | :01:32. | |
The ILO warns many have now become so discouraged they have given up | :01:32. | :01:36. | |
looking for work. Others are trapped in low paid, low skilled | :01:36. | :01:40. | |
temporary jobs. It sees some young people becoming increasingly | :01:40. | :01:50. | |
detached from society and says they risk becoming unemployable. | :01:50. | :01:57. | |
We will be talking to the altar of that report later. Moving on to | :01:57. | :02:02. | |
another business story, it is six years since the US housing market | :02:02. | :02:09. | |
collapsed. Is the market starting to stabilise? They should be | :02:09. | :02:14. | |
figures released today. Recent data paints a mixed picture. On the one | :02:14. | :02:19. | |
hand, the US builders began work on more homes last month. On the other, | :02:19. | :02:23. | |
many Americans still owe more on their mortgages than the actual | :02:23. | :02:28. | |
worth of their home. Our correspondent visited one town in | :02:28. | :02:30. | |
Connecticut that is still struggling. | :02:30. | :02:36. | |
How spices in the US are still falling. Not only in familiar | :02:36. | :02:42. | |
trouble spots but also here in Connecticut. -- house prices. This | :02:42. | :02:46. | |
area has been popular with middle class families for generations. Now, | :02:46. | :02:51. | |
one seller is having a difficult time convincing a new generation to | :02:51. | :02:57. | |
move in. This woman is having trouble selling her parent's house. | :02:57. | :03:04. | |
She has lowers the price from 159,000, 7%. The work she has put | :03:04. | :03:13. | |
into fixing the place has not paid off. It is very hard to find one | :03:13. | :03:17. | |
buyer that once it. As much as I would love to sell it, I cannot | :03:17. | :03:22. | |
give it away for free. For Terry, the experience has been | :03:22. | :03:26. | |
heartbreaking. Not only is this where she grew up, it is also the | :03:26. | :03:36. | |
:03:36. | :03:36. | ||
place where her immigrant parents called their palace. People are not | :03:36. | :03:46. | |
:03:46. | :03:47. | ||
buying. They are not in the nude. They are not feel insecure enough. | :03:47. | :03:54. | |
-- in the mood. Houses are affordable but they have not got | :03:54. | :04:01. | |
the message. On the poverty level, we have super for every property. | :04:01. | :04:06. | |
Not everybody has been scared off. Some are trying to cash in on the | :04:06. | :04:09. | |
decline in prices. This man invest in residential properties that are | :04:09. | :04:16. | |
going cheap. With the amount of product out there, we believe there | :04:16. | :04:23. | |
is something we can do. Right now we are coming into what was the | :04:23. | :04:28. | |
58th unit we purchased. He showed me the renovations they | :04:28. | :04:33. | |
did. He hopes to break even in the next year. The US housing market | :04:33. | :04:43. | |
:04:43. | :04:46. | ||
will take a lot longer to fix. Qantas has announced a radical | :04:46. | :04:50. | |
restructuring plans. It has had a very tough time. Will this be | :04:50. | :04:57. | |
enough to turn things around? We will have to wait and see. | :04:57. | :05:01. | |
Essentially, they have announced the fact that they are splitting | :05:01. | :05:04. | |
their international and domestic divisions. They are looking to | :05:04. | :05:09. | |
restructure its business in a major way. The firm's international | :05:09. | :05:14. | |
operations have been heard by many different issues, including strikes. | :05:14. | :05:19. | |
The split is aimed at trying to cut costs. Streamline efforts to make | :05:20. | :05:23. | |
its international operations more probable. The division has been | :05:23. | :05:28. | |
making a loss because of higher fuel prices, falling demand as well, | :05:28. | :05:32. | |
and it all follows a move yesterday when the airline cut some 500 jobs | :05:32. | :05:37. | |
in its maintenance and engineering division. The split is part of a | :05:37. | :05:41. | |
five-year plan announced last year, according to the chief executive | :05:41. | :05:46. | |
Alan Joyce. Because the carrier's international operations have | :05:46. | :05:50. | |
witnessed a downturn in the last few years, Qantas has announced its | :05:50. | :05:53. | |
withdrawal from a whole series of different international routes. | :05:53. | :06:00. | |
This includes the Singapore - Mumbai Road, Auckland-Los Angeles. | :06:00. | :06:03. | |
But it's domestic operations continued to grow because it enjoys | :06:03. | :06:07. | |
a big market share at home in Australia. According to airline | :06:07. | :06:14. | |
analysts, the two businesses have had very separate parts in the last | :06:15. | :06:22. | |
few years. They are contrasting fortunes. -- calfs. The | :06:22. | :06:25. | |
international operations will need to continue on attracting new | :06:25. | :06:35. | |
customers. -- paths. They need to fly on the most in-demand and | :06:35. | :06:38. | |
profitable routes to make it profitable. The airline also has to | :06:38. | :06:42. | |
maintain a dominant position, as well as the right potential | :06:42. | :06:49. | |
competition from low-cost carriers. But they were trading today at 1% | :06:49. | :06:51. | |
higher. Of thank you. | :06:51. | :06:56. | |
Lots of changes going on at Qantas. Other business stories. Many are | :06:56. | :07:06. | |
:07:06. | :07:08. | ||
asking how shares of Facebook performed today. They closed 11% | :07:08. | :07:11. | |
lower, leaving many investors who poured into the biggest ever | :07:11. | :07:16. | |
internet flotation already nursing losses on the $38 they paid on | :07:16. | :07:21. | |
Friday. Some analysts have questioned the $104 billion | :07:22. | :07:29. | |
evaluation - more than 100 times last year's earnings. | :07:29. | :07:36. | |
The former Goldman Sachs director has begun in a trial. He is accused | :07:36. | :07:40. | |
of giving confidential information to a hedge fund tycoon, who is | :07:40. | :07:46. | |
serving 11 years in jail for insider trading. It is part of a | :07:46. | :07:51. | |
crackdown on Wall Street corruption that has seen more than 20 exhibits | :07:51. | :07:59. | |
prosecuted. A Singapore's Stock Exchange has given way to Formula | :07:59. | :08:03. | |
One equity firms. They will hope to tap into interest | :08:03. | :08:08. | |
in the sport. They have been hosting races there since 2008 in a | :08:08. | :08:16. | |
five-year deal. Our Leader story today is the news | :08:16. | :08:18. | |
that the International Labour Organisation has released a report | :08:18. | :08:23. | |
focusing on youth unemployment. It warned it could go... It is at 75 | :08:23. | :08:27. | |
million people out of work worldwide. Unfortunately, we are | :08:27. | :08:33. | |
struggling to connect with the author of that report who is in | :08:33. | :08:39. | |
Geneva. I just want to fill you in on some of the issues in the report | :08:39. | :08:42. | |
that they said it would help solve this problem of youth unemployment. | :08:42. | :08:46. | |
They are talking about the Government's focusing on job- | :08:46. | :08:50. | |
creation and enabling tax breaks for companies that employ down | :08:50. | :08:55. | |
people. Also they are looking at policy-making for getting young | :08:55. | :09:02. | |
people in -- trained in skilled areas. Private sector investment, | :09:02. | :09:07. | |
if that were to pick up, because governments enabling tax breaks for | :09:07. | :09:11. | |
companies that employ the gang would try to help buck the trend. | :09:11. | :09:18. | |
Some of the ideas in that report. I do apologise, we were unable to | :09:18. | :09:27. | |
talk to the author. -- employ the youth. We are seeing gains again | :09:27. | :09:36. | |
today. Up 1% in Asia. Many exporters doing well. Metal prices | :09:36. | :09:46. | |
:09:46. | :09:46. |