Browse content similar to 08/06/2012. Check below for episodes and series from the same categories and more!
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couples in 1989. Those are the latest headlines. Time now for the | :00:03. | :00:13. | |
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money Newsweek World Business Report. -- money news weird. | :00:14. | :00:21. | |
Welcome. The headlines: The family US Treasury Secretary says why he | :00:21. | :00:27. | |
thinks Europe is a threat to the US economy -- the fan Mark. A new test | :00:27. | :00:32. | |
for Francois Hollande as he looks to tighten his grip on power with | :00:32. | :00:39. | |
this week's elections. The interest-rate cuts in China raises | :00:39. | :00:43. | |
the of a weaker than expected might -- may economic data which will be | :00:43. | :00:53. | |
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released this weekend. The former US Treasury Secretary | :00:57. | :01:00. | |
has warned European leaders that they need to take more radical | :01:00. | :01:06. | |
action to solve the region's debt crisis. He was also an economic | :01:06. | :01:09. | |
adviser to President Barack Obama, he says that there has been a deep | :01:09. | :01:18. | |
and profound Saudi of realism in dealing with the problems. -- | :01:18. | :01:24. | |
profound lack. It will affect our exports. European banks will lend | :01:24. | :01:29. | |
less money. That affects credibility to small and medium | :01:30. | :01:34. | |
businesses. There are large psychological effects in the sense | :01:34. | :01:38. | |
that a large part of the world's economy could encounter a grave | :01:38. | :01:43. | |
financial problems. There is uncertainty, and when people are | :01:43. | :01:48. | |
uncertain they wait, they do not spend. In an unsure economy, back | :01:48. | :01:52. | |
and be a serious problem. Europe is a threat, not only to itself, but | :01:52. | :01:57. | |
to the entire world. Some people think they do not get the markets. | :01:57. | :02:01. | |
They do not realise the urgency of dealing with the markets. Some | :02:01. | :02:04. | |
politicians think they are immoral and should not have the effect that | :02:05. | :02:12. | |
they do. I do not defend the way policy makers are handling this. It | :02:12. | :02:19. | |
has been a deep and profound and continuing failure of realism. If | :02:19. | :02:25. | |
that persists to this day, the international community has been | :02:25. | :02:30. | |
more timid than it should be in pointing out the unreality of a | :02:30. | :02:34. | |
variety of things that had been said. One does not know what he | :02:34. | :02:41. | |
said in private rooms. It is much easier to council, saying tough | :02:41. | :02:45. | |
words when you are in in an official position. I think that it | :02:46. | :02:51. | |
is a failure of realism. That has been a central part of what has | :02:51. | :03:00. | |
brought us to this point. Why are they doing that? It is for them to | :03:00. | :03:06. | |
describe the reasons for their actions. It is a desire to maintain | :03:06. | :03:14. | |
confidence. Sometimes, we sustain confidence by going along with | :03:14. | :03:19. | |
preferred beliefs. Sometimes, There is nothing more demoralising than | :03:19. | :03:24. | |
being told that the emperor is well clothed when you can see for | :03:25. | :03:34. | |
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yourself that the emperor is naked. The areas had been made to maintain | :03:35. | :03:42. | |
compliments to perpetuate an illusion. -- the areas. The US | :03:42. | :03:46. | |
perspective on the eurozone crisis. The rate cut in China comes into | :03:46. | :03:54. | |
force today. It surprised economists. We have been gauging | :03:54. | :04:00. | |
the reaction and the markets did not like it. | :04:00. | :04:07. | |
It may be a rate cuts, usually we see markets rise. Most of them are | :04:07. | :04:12. | |
in negative Territory. Analysts are basically saying that the central | :04:12. | :04:19. | |
bank rate cut of 0.25 % is raising fears, not confidence, the numbers | :04:19. | :04:23. | |
would be coming out this weekend could be worse than expected. The | :04:23. | :04:27. | |
key date had been released tomorrow on Saturday are fixed investments, | :04:27. | :04:31. | |
retail sales and the Consumer Price Index. Some analysts are | :04:31. | :04:37. | |
forecasting that China will deliver at its weakest growth rate in years. | :04:37. | :04:43. | |
The numbers could be stabilising, we must wait and see. Economists | :04:43. | :04:50. | |
are expecting that this could be the first of several this year. -- | :04:50. | :04:59. | |
first of several rate cuts. Two indicators are forecasting signs of | :04:59. | :05:05. | |
stability. Industrial production rose by 9.8%. Picking up from a 30 | :05:05. | :05:10. | |
four-month low. While fixed asset investment growth in the first five | :05:10. | :05:15. | |
months will stay flat at 20%. Little change from April. Investors | :05:15. | :05:20. | |
will have to wait for the data and the market's reaction to them it | :05:20. | :05:27. | |
would be this coming Monday. A test for the French President | :05:27. | :05:31. | |
this weekend with the country voting fine National Assembly. The | :05:31. | :05:34. | |
socialist Francois Hollande is looking to consolidate his power to | :05:34. | :05:38. | |
get through the economic and social reforms he promised. He placed | :05:38. | :05:43. | |
himself firmly on growth, not austerity. He has cut the | :05:43. | :05:47. | |
retirement age for all workers. He has made it more expensive to lay | :05:47. | :05:53. | |
off workers. The markets are taking the rough bombs in their stride. A | :05:53. | :05:59. | |
bond auction Serb government rates failing to record lows. -- Searle | :05:59. | :06:06. | |
government rates. Why do you think the markets have reacted in what | :06:06. | :06:12. | |
would traditionally be an unexpected way? That is correct. | :06:12. | :06:20. | |
The markets had been very calm so far. Even though they have added, | :06:20. | :06:25. | |
they have included mad people on the Penzance then said in election | :06:25. | :06:31. | |
campaign. They have raised the minimum wage -- the pension. They | :06:31. | :06:38. | |
have backtracked on revenues. The market is focusing on Spain and | :06:38. | :06:48. | |
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Italy too much. It expected that France will manage. There is a | :06:55. | :07:00. | |
possibility that France were not get anywhere close to meeting | :07:00. | :07:08. | |
budget deficit targets and that he may fail to generate growth? Yes, | :07:08. | :07:16. | |
the growth is dependent on it the entire European situation. France | :07:16. | :07:22. | |
is the largest trading partner of Spain. If the eurozone gram balls, | :07:22. | :07:30. | |
of France would be a fake dead -- if the eurozone fails. -- will be | :07:30. | :07:40. | |
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affected. We have yet to see the announcement of the new government. | :07:41. | :07:47. | |
There is clearly a downside risk that the French economy. There is | :07:47. | :07:50. | |
also the role of Francois Hollande on the international stage within | :07:50. | :07:54. | |
the eurozone. But he has to say to Germany about the school | :07:54. | :08:02. | |
integration. Malware the sight of eurozone nations and their finances | :08:02. | :08:11. | |
-- eurozone integration. Right now we are seeing an alliance of the | :08:11. | :08:17. | |
three big countries in the eurozone, Italy, France and Spain. They are | :08:17. | :08:21. | |
leading heavily in favour of the banking union in the short-term, | :08:21. | :08:27. | |
that seems to be needed to bail-out the Spanish banks in Ely and a | :08:27. | :08:37. | |
:08:37. | :08:47. | ||
fiscal union in the euro bonds. -- Spanish banks financially. We | :08:47. | :08:51. | |
expect them to make moves in the direction of the banking union, but | :08:51. | :09:00. | |
not be in any mood to precipitate that fiscal union. | :09:00. | :09:06. | |
The Japanese cannot make up Olympus will announce the 2,500 job cuts | :09:06. | :09:12. | |
this morning -- Japanese camera company. This comes after at 8 | :09:12. | :09:17. | |
billion dollar furred scandal. Ali and pears is considering a Lyon's | :09:17. | :09:23. | |
office that -- offers from Fujitsu and Sony. The Argentine President | :09:23. | :09:27. | |
has promised to close down her personal savings account in dollars. | :09:27. | :09:31. | |
She will convert the money to local currency and encourage others to do | :09:31. | :09:36. |