Browse content similar to 11/06/2012. Check below for episodes and series from the same categories and more!
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who are unbeaten in 21 games. Now for the latest financial news with | :00:06. | :00:16. | |
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World Business Report. Spain's Prime Minister calls the 100 | :00:28. | :00:31. | |
billion euro bail-out of its banks a victory. But many ask, is this | :00:31. | :00:38. | |
another rescue of a flagging economy through the back door? | :00:38. | :00:46. | |
Asian markets are two reacting positively to the rescue package. | :00:46. | :00:49. | |
Plus Europe's airlines will make a combined loss of over a billion | :00:49. | :00:51. | |
dollars this year, warns the International Air Transport | :00:51. | :01:01. | |
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Association. The euro has strengthened and share markets in | :01:06. | :01:08. | |
Asia are rallying today following the agreement reached between the | :01:08. | :01:12. | |
Spanish government and the EU on the rescue of its banks. Over the | :01:12. | :01:15. | |
weekend eurozone ministers agreed to lend Madrid up to 100 billion | :01:15. | :01:19. | |
euro's - or $125 billion - to help its debt-stricken lenders. Spain | :01:19. | :01:22. | |
has now become the fourth eurozone economy to seek an international | :01:22. | :01:32. | |
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bail-out. But the agreed EU loans for the banks is solely for their | :01:32. | :01:34. | |
recapitalisation and therefore Spain avoids the inspection of | :01:34. | :01:37. | |
government books that came with bail-outs of other economies such | :01:37. | :01:39. | |
as Greece. Still the European Commission is expected to impose | :01:39. | :01:44. | |
tough new measures on the overhaul of Spain's financial sector. | :01:44. | :01:46. | |
Spanish Prime Minister Mariano Rajoy hailed the decision as a | :01:46. | :01:55. | |
victory for the single currency. The TRANSLATION: Yesterday be | :01:55. | :02:02. | |
credibility of the euro and the future of the euro and the solidity | :02:02. | :02:12. | |
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of the financial sector won the day. Asian investors so far see this as | :02:13. | :02:17. | |
a step in the right direction. The share markets are heading higher | :02:17. | :02:23. | |
today. Absolutely. We are getting a thumbs | :02:23. | :02:28. | |
up from Asian investors. But some traders think it could be short- | :02:28. | :02:38. | |
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lived. Shias, commodities nb 8 are rising in my day training. -- and | :02:42. | :02:52. | |
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the euro currency. US stock futures are up more than 1% at the moment. | :02:52. | :02:58. | |
Some traders are spectacle, saying that any boost today could be | :02:58. | :03:03. | |
short-lived unless Europe comes forward quickly with more bold | :03:03. | :03:09. | |
action to a Shure the international community that it has a grip on its | :03:09. | :03:16. | |
debt crisis. If the result does not go the euros and's way, this could | :03:16. | :03:22. | |
depress the Asian markets again. More policy easing to support a | :03:22. | :03:30. | |
slowing economy in China is also adding to the positive out Grocke. | :03:31. | :03:39. | |
The euro is strengthening against the dollar and the yen. Its highest | :03:39. | :03:45. | |
level since 23rd May. In commodities, oil prices are getting | :03:45. | :03:55. | |
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a lift. More than $2 per barrel. Hopefully this good news will | :03:55. | :04:02. | |
continue. That is how the markets have | :04:02. | :04:09. | |
reacted, but to what extent has the rescue of Spanish banks really | :04:09. | :04:15. | |
fixed beat eurozone debt crisis? The bail-out is larger than many | :04:15. | :04:21. | |
expected it to be. Does it really fix the problem? It fixes this | :04:21. | :04:29. | |
particular symptom, of the Spanish debt. If you look at the sums | :04:29. | :04:33. | |
involved, we are dealing with property. Although they wrote the | :04:33. | :04:39. | |
value down, the value of property were still dropping. Good for | :04:39. | :04:46. | |
confidence, as reflected in the markets. But remember sorting be | :04:46. | :04:51. | |
euro issue out is a larger issue, making sure you have the fiscal | :04:51. | :04:57. | |
discipline in place. In terms of the loans to builders | :04:57. | :05:01. | |
and other elements in the Spanish economy, we is that going? Do we | :05:02. | :05:08. | |
know yet? Are not yet. This is coming of the government's debt | :05:08. | :05:16. | |
position, said this is 15% added. The central government has got it | :05:16. | :05:21. | |
so that gives them extra pressure. We are not sure whether this is | :05:21. | :05:31. | |
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coming through the stability found - we will need further details.. | :05:35. | :05:41. | |
They will assess some other banks to find out what they situation is? | :05:41. | :05:47. | |
This is primarily a domestic issue. Spain is nothing like Greece. The | :05:48. | :05:53. | |
Spanish economy has its problems, but this was a bank loans problem. | :05:53. | :05:57. | |
The Irish will be upset because they have had to go through a lot | :05:57. | :06:05. | |
of the paint and the Spanish have very definitely dance their way in. | :06:05. | :06:15. | |
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We will be looking at the newspapers later. Europe's airlines | :06:17. | :06:20. | |
will make a combined loss of $1.1 billion this year, warns the | :06:20. | :06:22. | |
International Air Transport Association, IATA. That's double | :06:22. | :06:25. | |
the scale of losses it forecast back in March. IATA says their | :06:26. | :06:28. | |
passenger numbers are likely to be hit hard by the developing crisis | :06:29. | :06:31. | |
in the Eurozone. But carriers elsewhere in the world could see | :06:31. | :06:34. | |
profits pick up thanks to the recent fall in crude oil prices. | :06:34. | :06:44. | |
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Jeremy Howell reports. For the past year, with the price of Brent crude | :06:44. | :06:51. | |
up to $120 per barrel, many airlines have plunged into loss. | :06:51. | :06:57. | |
Although the price has fallen 20% since spring, I doubt it precedes | :06:57. | :07:07. | |
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the losses of European carriers will top $1 billion. -- i Out -- | :07:08. | :07:18. | |
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Ita TA. France is undergoing a painful restructuring. Until the | :07:19. | :07:24. | |
European economies pick up the airlines exposed to that economy | :07:24. | :07:30. | |
will continue to find business tie- up. Airlines like Ryan near Hythe | :07:30. | :07:38. | |
port dozens of their planes out of service duty subdued demand. But | :07:38. | :07:41. | |
there is still cut throat competition for customers so | :07:41. | :07:45. | |
airlines will be under pressure to bring down fears as fuel prices | :07:45. | :07:52. | |
fall. It will play its way through because people are desperate to | :07:52. | :07:57. | |
keep their cabins fall. If the import price goes down they will | :07:58. | :08:03. | |
pass that on straight away. Airlines tend to buy their fuel and | :08:03. | :08:08. | |
advance to hedge against rising prices. That means that most will | :08:08. | :08:15. | |
have all they need for the rest of this year. They are by now for | :08:15. | :08:20. | |
delivery at the start of next year, meaning they could be several | :08:20. | :08:25. | |
months before lower costs and lower fares start to come through. The EU | :08:25. | :08:29. | |
is always the possibility that crude or will prices could rise | :08:29. | :08:34. | |
again. BBC News. China's export growth has increased while | :08:34. | :08:37. | |
inflation has slowed. Last month exports jumped by just over 15% | :08:37. | :08:40. | |
from a year earlier, beating expectations. In April they were up | :08:40. | :08:50. | |
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by 4.9%. But despite the surge in exports in May industrial output | :08:50. | :08:52. | |
and retail sales figures were disappointing and explained China's | :08:52. | :08:58. | |
surprise cut in interest rates last week in a move to boost growth. | :08:58. | :09:01. | |
Spain's Telefonica has announced it will sell almost half of its stake | :09:01. | :09:07. | |
in Hong Kong listed China Unicom for $1.4 billion. The buyer is | :09:07. | :09:10. | |
China Unicom's parent company China United Network. The deal, which | :09:10. | :09:12. | |
needs regulatory approval, is expected to close before the end of | :09:12. | :09:20. | |
July and will reduce the debt of Spain's largest phone company. The | :09:20. | :09:27. | |
markets in Asia have been rallying on the back of that larger-than- | :09:27. | :09:33. | |
expected bail out of the Spanish banks. Investors in Asia are happy | :09:33. | :09:39. | |
for now and we will see how long the sentiment last. In Europe, D | :09:39. | :09:48. | |
DAX and be FTSE and the French markets could be up well over 1%. | :09:48. | :09:54. | |
The euro has been gaining ground this is the Japanese yen and the US | :09:54. | :10:00. |