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Those are the latest headlines from BBC News. Now for the latest | :00:02. | :00:12. | |
:00:12. | :00:23. | ||
Hello and welcome to World Business Report. The headlines: Standard & | :00:23. | :00:26. | |
Poor's piles the pressure on Madrid as it slashes Spain's credit rating | :00:26. | :00:35. | |
to one level above junk. Christine Lagarde calls for action in | :00:35. | :00:45. | |
:00:45. | :01:02. | ||
tackling the euro crisis. And testing times for Indian graduates. | :01:02. | :01:06. | |
Hopefully we will get a connection from Singapore. We will work on | :01:06. | :01:11. | |
that now. The pressure is mounting on Madrid as it tries to resist | :01:11. | :01:15. | |
growing calls to request a financial rescue. Late on Wednesday | :01:15. | :01:18. | |
ratings agency Standard & Poor's cut Spain's sovereign credit rating | :01:18. | :01:21. | |
two levels to just above junk status. In the words of S&P, "the | :01:21. | :01:24. | |
capacity of Spain's political institutions to deal with the | :01:24. | :01:26. | |
severe challenges posed by the current economic and financial | :01:26. | :01:33. | |
crisis is declining." Georg Grodzki is head of credit research at fund | :01:33. | :01:43. | |
:01:43. | :01:44. | ||
managers Legal and General. Not a surprise to here the reduction of | :01:45. | :01:51. | |
the credit rating of Spain? They have lined their rating with other | :01:51. | :02:01. | |
:02:01. | :02:02. | ||
agencies. It is an overdue move. On the other hand, we had assumed | :02:02. | :02:09. | |
Spain would be quiet while investigations were underway. The | :02:09. | :02:13. | |
timing is odd especially as Spain yesterday ruled out another | :02:13. | :02:22. | |
austerity plan. Do you think what is going on at the moment, calls | :02:22. | :02:29. | |
from the IMF for more action, is the more pressure on the Prime | :02:29. | :02:34. | |
Minister of Spain to accept help from the European Central Bank? | :02:34. | :02:40. | |
That is the message. The Prime Minister's dilemma is even bigger. | :02:40. | :02:46. | |
He is still trying to avoid the call for help until regional | :02:46. | :02:49. | |
elections are over and maybe until the end of the year. He had a good | :02:49. | :02:54. | |
chance to do so because Spain has raised a lot of money in the market. | :02:54. | :02:59. | |
They only really need another 20 billion. It remains to be seen | :02:59. | :03:07. | |
whether his plane -- plan works. This news in combination with | :03:07. | :03:16. | |
lacklustre news in other parts of the world, it might have to do the | :03:16. | :03:22. | |
painful thing and ask for help. Spanish premier so does not want to | :03:22. | :03:30. | |
ask for help. Who else does not want Spain to ask for help? Germany | :03:30. | :03:39. | |
has also signalled for Spain to muddle through giving it is making | :03:39. | :03:45. | |
an effort to reduce the deficit and given that it is will fund it. It | :03:45. | :03:51. | |
is quite helpful for the German government, domestically, if the | :03:51. | :04:00. | |
reason another request for help. Spend would require a lot of money. | :04:00. | :04:06. | |
Once they are in a programme. is keen for Spain to go cap in hand | :04:06. | :04:16. | |
:04:16. | :04:18. | ||
in the near future? The ECB would allow it to act on its promise to | :04:18. | :04:23. | |
buy bonds. The IMF is apparently preferring to see action sooner | :04:23. | :04:31. | |
rather than later. S and P reduces the credit rating for Spain. We | :04:31. | :04:36. | |
will see how the markets react when they start to trade in Asia. It is | :04:36. | :04:41. | |
not looking good. The IMF and World Bank are of course holding their | :04:41. | :04:45. | |
twice-yearly meetings in Tokyo. IMF chief Christine Lagarde has been | :04:45. | :04:48. | |
calling for more action from world leaders to tackle the global crisis. | :04:48. | :04:58. | |
:04:58. | :05:02. | ||
Comments specifically aimed at Europe. Christine Lagarde was | :05:02. | :05:07. | |
breaking a couple of hours ago. She repeated the message that the | :05:08. | :05:14. | |
prospect for the global recovery haven't dimmed again. The common | :05:14. | :05:20. | |
refrain from the IMF that more action is needed. Where should we | :05:20. | :05:26. | |
see action? Certainly, in a Europe and most specifically in the | :05:26. | :05:31. | |
eurozone which is still at this point the epicentre of the crisis | :05:31. | :05:36. | |
and we're most urgent action is needed. Action has already occurred. | :05:36. | :05:43. | |
The European Central Bank, earlier in the year and with the are right | :05:43. | :05:49. | |
monetary transaction. In Tokyo they have been talking about Spain. They | :05:49. | :05:52. | |
have been questions about whether or not Spain should or should not | :05:52. | :05:59. | |
ask for a bail-out. Christine Lagarde said it was up to | :05:59. | :06:03. | |
individual countries. She pointed out that it was important that | :06:03. | :06:13. | |
:06:13. | :06:14. | ||
Spain be able to continue to borrow at reasonable rates. The New World | :06:14. | :06:20. | |
Bank leader had to say as well because he has been pretty loud as | :06:20. | :06:26. | |
well? This is his first meeting. He has been on the job for 100 for | :06:26. | :06:32. | |
days. His message tied in to what we hear about concerns about the | :06:32. | :06:37. | |
global economy and growth. I asked him about jobs because we are | :06:37. | :06:42. | |
seeing a round-the-world the number of unemployed rising as a result of | :06:42. | :06:46. | |
the crisis. I asked him what the danger was of not addressing the | :06:46. | :06:53. | |
issue. It is what we saw in the Arab Spring. You can have economic | :06:53. | :06:59. | |
growth but it is not inclusive for young people, especially young | :06:59. | :07:04. | |
women, it does not really look at employment across the board, then | :07:04. | :07:08. | |
you're going to be in trouble. You are building a fundamental | :07:08. | :07:17. | |
instability. The banks also want to see more Corporation. The Chinese | :07:17. | :07:20. | |
central bank governor and financial ministers will be missing from the | :07:20. | :07:30. | |
:07:30. | :07:31. | ||
meeting. In India, starting today, more than 200,000 students will be | :07:31. | :07:34. | |
taking in the Common entrance test to business schools around the | :07:34. | :07:39. | |
country. The competition to get into the premier schools has always | :07:39. | :07:41. | |
been tough but with the economy slowing down, there is even more | :07:41. | :07:51. | |
:07:51. | :07:57. | ||
Starting out in the corporate world, but it has not been as easy as | :07:57. | :08:01. | |
Pavan Shanbhog thought it would be. When he began business-school two | :08:01. | :08:06. | |
years ago, he expected to land a high-paid job with a multinational | :08:06. | :08:10. | |
company. Instead, after he graduated earlier this year, he | :08:10. | :08:15. | |
spent months searching for a job and has only recently been hired. | :08:15. | :08:19. | |
To be frank, I had to wait for a long time to just get into a | :08:19. | :08:28. | |
company. I had to compromise when it comes to pay. The starting | :08:28. | :08:33. | |
salaries from top business school graduates are still high. For those | :08:33. | :08:38. | |
from loll around institutions have dropped by 15% since last year. | :08:38. | :08:45. | |
Industry bodies have warned about the lower standard of education. | :08:46. | :08:53. | |
you look at the entire range. The top 25% a good. The next 25% but | :08:53. | :09:00. | |
passable. 50% is rubbish. I feel sorry for those students and the | :09:00. | :09:04. | |
money that parents pay because they're not getting anything. | :09:04. | :09:09. | |
the top rank universities cannot match up according to many surveys. | :09:09. | :09:17. | |
India has the largest population in the world yet, they run to enough | :09:17. | :09:21. | |
skilled people for companies to hire and the country is not reaping | :09:21. | :09:28. | |
the benefits of its demographic superiority. A mixed day for the | :09:28. | :09:32. | |
markets. In South Korea they cut interest rates for the second time | :09:32. | :09:38. | |
in four months by 0.25%. In South Korea, they downgraded their | :09:38. | :09:41. |