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Now for the latest financial news Hello and welcome to World Business | :00:13. | :00:19. | |
Report. Greece, Spain, now Portugal again. Crisis talks in Lisbon as | :00:19. | :00:22. | |
support for austerity crumbles - a new headache for leaders battling | :00:22. | :00:32. | |
:00:32. | :00:35. | ||
to save the Euro. China's largest foreign investment gets the Green | :00:35. | :00:40. | |
light. But there is rising opposition to the deal in Canada. | :00:40. | :00:43. | |
Brussels may give Universal the green light to take over EMI but | :00:43. | :00:53. | |
:00:53. | :00:54. | ||
only if it sells off some of its most treasured assets. As pressure | :00:54. | :00:57. | |
mounts on Spain to request an economic rescue, a new front could | :00:57. | :01:02. | |
be opening or re-opening, in the battle to save the euro. Portugal's | :01:02. | :01:05. | |
government is under growing pressure to back down on its latest | :01:05. | :01:08. | |
austerity plans, after some of the largest protests ever seen in the | :01:09. | :01:13. | |
country. With even members of the two governing parties publicly | :01:13. | :01:16. | |
opposing the plans, and the coalition apparently in disarray, | :01:16. | :01:19. | |
Portugal's president has called a meeting of the Council of State for | :01:19. | :01:29. | |
:01:29. | :01:35. | ||
Friday afternoon and summoned the finance minister to attend. Last | :01:36. | :01:40. | |
weekend, tens of thousands demonstrated around Portugal in the | :01:40. | :01:46. | |
biggest protests since the general election last year. Social security | :01:46. | :01:56. | |
:01:56. | :01:56. | ||
in traditions are to rise to 18% of salaries. -- security contributions. | :01:56. | :02:00. | |
The government says it will boost job creations but the changes are | :02:00. | :02:07. | |
seen as unfair. TRANSLATION: I am revolted. That is why I have come | :02:07. | :02:14. | |
here to fight as my parents did - for freedom. We have to show | :02:14. | :02:18. | |
opposition. They are increasing everything and now, we're going to | :02:18. | :02:26. | |
show them hour anger. The protests have been followed by strikes and | :02:26. | :02:30. | |
state-controlled oil and gas companies and at ports. And these | :02:30. | :02:36. | |
are central to the government policies. TRANSLATION: We are on | :02:36. | :02:41. | |
strike because of the lack of dialogue from the government and | :02:41. | :02:45. | |
its intention to apply new legislation where they intend to | :02:45. | :02:55. | |
:02:55. | :02:57. | ||
get rid of 50% of Port workers and replace them with unskilled workers. | :02:57. | :03:00. | |
The Finance Minister hopes Portugal can make a gradual return to the | :03:00. | :03:10. | |
:03:10. | :03:12. | ||
debt markets. On Thursday, the government auctioned $2 billion of | :03:12. | :03:20. | |
euro debts. It must be ready to stand on its own feet from next | :03:20. | :03:26. | |
September but many doubt that is possible. I think the good results | :03:26. | :03:35. | |
in the short-term, of the auction, art a positive sign but I did not | :03:35. | :03:42. | |
guarantee a long-term return to the markets. It is an open issue. | :03:42. | :03:45. | |
protests have added to the impression that support is | :03:45. | :03:50. | |
dwindling even within the government. His senior advisers | :03:50. | :03:56. | |
were called to a meeting on Friday. The finance minister was asked to | :03:56. | :04:01. | |
attend. Adding to pressure, the protesters will say they will hold | :04:01. | :04:06. | |
a vigil outside the presidential palace. A row is brewing over what | :04:06. | :04:10. | |
would be China's biggest foreign takeover. Shareholders of Canadian | :04:10. | :04:13. | |
oil and gas producer Nexen have approved a takeover by China | :04:13. | :04:23. | |
:04:23. | :04:26. | ||
National Offshore Oil Company, or C-NOOC. Not everybody is wild about | :04:26. | :04:34. | |
the idea? Absolutely. The leader of Canada's opposition party has | :04:34. | :04:39. | |
voiced concern about his potential deal, questioning how it would be | :04:39. | :04:44. | |
in the country's interest to sell strategic assets to a foreign state | :04:44. | :04:50. | |
company. But the owners do not agree with the politicians. They | :04:50. | :05:00. | |
:05:00. | :05:03. | ||
have voted in favour of the takeover. It is a 61% premium. Its | :05:03. | :05:07. | |
stock, however, has weakened as public opposition appears to be | :05:07. | :05:14. | |
growing. A survey revealing the his opposition to the deal. It could | :05:14. | :05:24. | |
:05:24. | :05:29. | ||
lead the government to turn it down. You have the Prime Minister of the | :05:30. | :05:35. | |
country are reporting that Chinese investments are also losing support. | :05:36. | :05:45. | |
:05:46. | :05:46. | ||
The his discomfort with China making such a major investment. But | :05:46. | :05:52. | |
some are promising the deal is attracted to Canada. Listing it | :05:52. | :05:59. | |
share on the Toronto Stock Exchange. Mixed reactions. Today could be a | :05:59. | :06:02. | |
big one for the global music industry. According to several | :06:02. | :06:04. | |
reports, EU competition regulators will give the go-ahead for | :06:04. | :06:09. | |
Universal's near $2 billion dollar takeover of rival EMI. But they are | :06:09. | :06:11. | |
expected to demand heavy concessions to stop Universal - | :06:11. | :06:15. | |
already number one in Europe- having too much power over the | :06:15. | :06:19. | |
music business. According to the Wall Street Journal, Brussels will | :06:19. | :06:22. | |
require Universal to sell off many of EMI's most treasured record | :06:22. | :06:31. | |
labels and the accompanying global rights. That could see them walk | :06:31. | :06:35. | |
away from the deal. Chris Cooke is Business Editor for CMU, which is a | :06:35. | :06:45. | |
UK-based music business news service. We are expecting a major | :06:45. | :06:49. | |
concessions given that universal starting point will be no | :06:49. | :06:57. | |
concessions required - which was probably bluff. It could be up to | :06:57. | :07:03. | |
60% of the assets within the European Union which would be a | :07:03. | :07:11. | |
quarter or a third of EMI in its entirety. Is it worth their while? | :07:11. | :07:18. | |
It is a debate. There was a little bit of a bluff from EMI saying they | :07:18. | :07:23. | |
could walk away. That has seemed incredibly unlikely. Universal has | :07:23. | :07:33. | |
worked and it would be embarrassing, with the apparent company going | :07:33. | :07:38. | |
through some changes, will they make a loss? It seems to be enough | :07:38. | :07:42. | |
interest to buying these bits of EMI that they probably will make | :07:42. | :07:48. | |
back the money they have paid Citigroup to buy EMI in the first | :07:48. | :07:58. | |
:07:58. | :08:00. | ||
prize. Will it make universal too powerful? One of their main | :08:00. | :08:05. | |
competitors, Warner Music an Independent record-company us, | :08:05. | :08:10. | |
thinking in the digital space, if I have about a 30% market share, if | :08:10. | :08:15. | |
they bought EMI in its entirety, that would have a 40% market share. | :08:15. | :08:20. | |
What it means is that if you want to launch a digital service, you | :08:20. | :08:25. | |
could almost not launch without its catalogue which gives them an | :08:25. | :08:30. | |
incredibly strong hand at the negotiation table. They're already | :08:30. | :08:37. | |
have a strong hand whether it would be stronger is debatable. A mega | :08:37. | :08:40. | |
merger between commodities trading giant Glencore and miner Xstrata | :08:40. | :08:43. | |
could be announced as early as today. According to press reports, | :08:43. | :08:46. | |
the boards of both companies held last-minute meetings on Thursday to | :08:46. | :08:50. | |
agree the terms of the $80 billion deal ahead of a deadline set by UK | :08:50. | :08:55. | |
regulators of 7:00am London time on Monday. A Taiwanese firm has been | :08:55. | :08:59. | |
fined half a billion dollars by a US judge for fixing the the price | :08:59. | :09:02. | |
of liquid crystal screens. Two executives at AU Optronics were | :09:02. | :09:06. | |
also given three year prison sentences. AU, which says it will | :09:06. | :09:10. | |
appeal, was charged as part of a wider investigation into an alleged | :09:10. | :09:16. |