17/09/2012 World Business Report


17/09/2012

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123 days on board the space station. Those are the latest headlines from

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BBC News. Time for the latest financial news, here is Sally and

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the World Business Report. Hello, a warm welcome. I am Sally Bundock

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and here are the headlines for the World Business Report. Talks re sum

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between Lon bin -- resume between miners. A new report claims EU

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biofuel subsidies could deprive millions of food, land and water.

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Good to have you with us. In South Africa talks between Lombin and

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miners will retomb. They more than doubled its offer, but the pay rise

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is below the 12,500ran or $1500 demanded by miners. 44 people have

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died since the dispute began. Companies are losing millions in

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lost revenues. The Congress of South African unions will call for

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miners to return to work before the wider economy is damaged. Egged on

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by activists and the AMCU, thousands are on strike at mines

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owned my Lombin, Anglo-Saxon and others. These companies have called

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for stoppages at every mine. The Government warns the dispute is

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undermight being the economy and confidence of foreign investors.

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Investors and the strategy will be of detriment. Investors are saying

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"Do we need to be aware of other things, how risky is the operation

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in South Africa?" George Zimmerman is an ongoing reminder of how --

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Zimbabwe is a reminder of how things can go wrong. The trade

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union congress told strikers to return to work. It's affiliated to

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the African ruling congress and has a long-standing agreement, it

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guarantees peaceful labour relations in securing moderate pay

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increases. It's harder to achieve this. It managed to tread the line

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over the years, and more successfully than anticipated. But

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now that deal is starting to break down. It hasn't spread the wealth

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as much as it needed to. Ordinary South Africans are beginning to

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become exasperated by a lack of delivery. This new mood of

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militantsy may have unwelcome consequences. The company says many

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of its mines lose money, and a rise in its wage bills may force them to

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close down mines. Over in Asia, tensions between China and Japan

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spilled over to attacks in Japanese firms. We have the details on this.

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It is getting difficult for some companies operating in China.

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That's right. Panasonic confirmed with the BBC that it is suspending

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some of its operations in China until Tuesday, and it reports that

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canon is holding its production as well as reported damage of

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dealership of Toyota in China, with the state media warning that Japan

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can face another loss decade. It's because of the disputed islands in

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the east China Sea, known as Senkaku, in Japan, and Diaoyu in

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China. The issue, territorial dispute has been going on for

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months. The Japanese government agreed to purchase the islands from

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a private owner, sparking protests over the weekend. The Japanese

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companies operating in China - it is not an easy time. So as you say,

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it's not difficult, it's far from resolved. What do you think is

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likely to happen. We see various statements from Japan and China.

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That's right. The Prime Minister, Yoshihiko Noda has warned China to

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make sure that the Japanese citizens are safe. The Chinese and

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state media is saying that it doesn't seem to be quietening down.

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It's interesting how the Chinese people react to demonstrations

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which have been violent over the weekend. We have heard from the US

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Defence Secretary. They are saying that this could escalate. Analysts

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in Japan say it's unlikely that the US Defence Secretary is warning of

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a possible military consequence. Now, rising food prices are eating

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into household incomes around the world, coinciding with a sharp rice

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in the use of crops such a soy and maze to produce food. They are

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commonly used in animal feed and meat production. The European

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Commission proposed limits on crops. And the French President Francois

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Hollande called for a pause in crop-based fuel production. Oxfam

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is publishing its report. Thanks for coming in. Why is the

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production of biofuel for energy use a bad thing. It's a terrible

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thing. I lived in Africa and worked with the poor families. Imagine a

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family spending 80% of its income on food. A small increase is a

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terrible thing. Yet we are burning billons of food every year in our

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cars as biofuel. Talk us through the link between the two. There's a

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lot of subsidise of biofuel in England and the states. You are

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talking about families in Africa struggling to eat. It's the impact

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on the food price. If we divert more crops, and at the moment 40%.

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US corn crop is going into petrol for cars, that drives up world

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prices and the price of food. It's bad for the hungry people of the

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world. The EU seems to be going for a big U-turn, because a lot of

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evidence has come up to say the scientific basis for biofuels is

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not flawed but not 100% correct. Some may think it would be worth

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the harming of fuel prices, but it's not. Biofuels are harmful to

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the environments, which is why we are seeing indications of changes

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in policy. Nothing has been done yet or helping the hungry people

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that went to bed. What are you hoping for, because the EU and

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formers in America. It's -- EU and farmers in America. It's a strong

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lobby. It is. A lot of the companies agree with Oxfam that we

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need to cut the mandate, of putting food into the cars, and people are

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going hungry. Thank you. Your report out today on the harm of

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biFuels. Let's squeeze in the business stories. President Barack

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Obama launched a trade complaint against China, claiming the country

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is using illegal subsidies to support vehicle and motor part

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makers and claims Beijing is abusing world trade laws by

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imposing fees on US experts. President Barack Obama made the

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announcement during a tour of Ohio. Relying on the motor industry. It's

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an important swing state in the upcoming presidential election. The

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cost of borrowing has been frozen, pushing up inflation to 7.6% in

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August. The Reserve Bank of India had been under pressure to cut

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interest rates in a bid to boost economic growth, but cheaper

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borrowing could stoke inflation further. Markets in Asia, and

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Japanese markets closed. No access. Fairly flat, if not mixed pictures

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in Aish yeah, just to mention some markets are doing rather well off

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the back of all the niece from last week, across many key economies in

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the world, the US and Europe. Basically because, of course, in

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Europe and the US the Federal Reserve moved and all the votes in

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Germany and moves elsewhere in Europe to boost the economies. You

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can see the currencys there at the moment, how they are faring, and

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