Browse content similar to 23/11/2012. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
bombing in Tel Aviv. Those are the latest headlines. Time now for the | :00:05. | :00:15. | |
:00:15. | :00:19. | ||
Hello everybody. Welcome to the programme. Your chance to catch up | :00:19. | :00:23. | |
on the latest in the world of business and money. The headlines: | :00:23. | :00:28. | |
Deadlock in Brussels. Talks on the but s, | :00:28. | :00:32. | |
but Angela Merkel warns they will need another summit next year to do | :00:32. | :00:37. | |
suspends suspends its chief financial | :00:37. | :00:43. | |
officer amid allegations of bribery. Plus Ready, steady, shock! US | :00:43. | :00:48. | |
retailers gear up for their biggest day of the year. Will Black Friday | :00:48. | :00:58. | |
:00:58. | :01:01. | ||
be much cause for Thanksgiving? -- We will catch up with other stories | :01:01. | :01:07. | |
shortly, but first to putt is how Angela Merkel describes the | :01:07. | :01:16. | |
positions Europe's leaders last night. -- too far apart. They will | :01:16. | :01:20. | |
reconvene at lunchtime today, but Mrs Merkel is now warning that a | :01:20. | :01:25. | |
second summit will more than likely be needed early next year. The | :01:25. | :01:28. | |
splits are on predictable lines with France defending its farm | :01:28. | :01:33. | |
subsidies and poorer countries in resisting cuts to infrastructure | :01:33. | :01:38. | |
spending. Britain is leading the calls from rich nations to rain in | :01:38. | :01:43. | |
the EU spending at a time of much austerity at home. Lots to talk | :01:43. | :01:49. | |
about. I am joined by a Bill, thank you for joining us. In a nutshell, | :01:49. | :01:55. | |
what we are seeing is the very reason we have still got the | :01:55. | :02:02. | |
eurozone crisis. Last night's no agreement news is another example | :02:02. | :02:07. | |
of how it has all become about politics. The good news is we don't | :02:07. | :02:11. | |
have open warfare between the UK and the rest of Europe, which would | :02:11. | :02:16. | |
have caused an enormous market credibility problem for the euro. | :02:16. | :02:19. | |
But what we do have is more interminable discussion about | :02:19. | :02:24. | |
what's going to happen next in Europe. We need to step back and | :02:24. | :02:28. | |
say, what does this mean for Europe that there is lack of agreement, | :02:28. | :02:33. | |
that the French are pushing to keep the inefficiencies of the Common | :02:33. | :02:36. | |
Agricultural Policy going, and the weaker nations are pushing for more | :02:36. | :02:43. | |
infrastructure. That is a valid point, you look at the numbers... | :02:43. | :02:49. | |
The agricultural spend out of the budget is 30 %? This is the whole | :02:49. | :02:52. | |
point, this common agricultural spending is basically keeping | :02:52. | :02:59. | |
inefficient farmers in Business, building thousands of airports for | :02:59. | :03:05. | |
nobody to use in Spain, or the best littleme | :03:05. | :03:09. | |
little cocky Peninsular in some benighted island, it does not add | :03:09. | :03:15. | |
to growth. What we have got here is in Europe they are contemplating | :03:15. | :03:20. | |
its navel while ther at all. It is now going to be next | :03:20. | :03:23. | |
year, growth prospects in Asia is going to dominate and especially | :03:23. | :03:29. | |
the US, Europe is making itself irrelevant with these kinds of | :03:29. | :03:33. | |
squabbles. Okay, one trillion Euro- budget is in question, they have | :03:33. | :03:37. | |
got to do it and it's important, but in the grand scheme of things | :03:37. | :03:41. | |
we have still got a massive crisis. We have got regional elections in | :03:41. | :03:45. | |
Spain which some say could be a problem for the country and the | :03:45. | :03:51. | |
economy as a whole. Cyprus may be getting a bail-out today. And we | :03:51. | :03:56. | |
have Greece on the sidelines still! This is the fascinating thing about | :03:56. | :04:02. | |
Europe. We have got Greece getting sold guaranteed from Europe, that | :04:02. | :04:08. | |
will delay the next bail-out. I guarantee I will be sitting here | :04:08. | :04:12. | |
next year talking about the next stage of the Greek crisis. You're | :04:12. | :04:16. | |
right about Cyprus. Europe is showing resilience to keep the | :04:16. | :04:21. | |
whole thing going. We call it kicking the can down the long and | :04:21. | :04:25. | |
winding road. But the problem is the rest of the world is now moving | :04:26. | :04:32. | |
on. The great recession of 2012 will be replaced by growth | :04:32. | :04:37. | |
everywhere else except for Europe. Bill, I could talk to you for much | :04:37. | :04:41. | |
longer but I have got to move on. The focus next year, Asia and the | :04:41. | :04:46. | |
US? The US particularly. Thank you for joining us. Let's move on | :04:46. | :04:50. | |
because today is the day after Thanksgiving and for many Americans | :04:50. | :04:55. | |
it means one thing, what could that be? Shopping. Is traditionally | :04:55. | :04:59. | |
known as Black Friday, a chance for retailers to haul back any losses | :05:00. | :05:03. | |
and move back into the black. Many of the big shots open at midnight | :05:03. | :05:08. | |
or even earlier with big discounts -- big shots. The holiday season | :05:08. | :05:13. | |
can account for between one-third and one-half of total revenues for | :05:13. | :05:21. | |
retailers. Our consumers willing to spend, though? -- are the consumers. | :05:21. | :05:25. | |
Holiday in America, a make-or-break time for retailers, each offering | :05:25. | :05:30. | |
bigger and better discounts to persuade customers to spend. For | :05:30. | :05:34. | |
many retailers the holiday season is the most profitable time of year. | :05:34. | :05:39. | |
A chance to make up for lost sales during what has been a difficult 12 | :05:39. | :05:45. | |
months. But convincing Americans to get out and spend won't easy with a | :05:45. | :05:49. | |
weak economy, retailers are having to work much harder to get | :05:49. | :05:54. | |
customers through their doors. And four big retailers that means | :05:54. | :06:00. | |
cashing in while they can. Black Friday is equivalent to a full week | :06:00. | :06:04. | |
for much of the year. It is a huge day. It's by far the biggest | :06:04. | :06:11. | |
shopping day of the year here. The traffic builds enormously in the | :06:11. | :06:16. | |
toy business between Black Friday and Christmas Day. So you start | :06:16. | :06:23. | |
having days that are equal two weeks the rest of the year. In fact | :06:23. | :06:27. | |
147 million Americans are expected to shock this holiday weekend. That | :06:27. | :06:33. | |
is down from last year's 152 million. -- shop. None the less | :06:33. | :06:37. | |
sales are expected to grow 4.1 %, the biggest rise since the | :06:37. | :06:41. | |
recession. So have the consumers finally shaken off their worries | :06:41. | :06:46. | |
about the economy? Times are a little better than last year. | :06:46. | :06:52. | |
Definitely spending more. Not a lot but a little bit. We look for staff | :06:52. | :06:58. | |
and if it seems like a good deal we go for it. -- stuff. I want to keep | :06:58. | :07:02. | |
the kids happy and that sort of thing. I am going to spend more to | :07:02. | :07:07. | |
make everybody happy. That will make the retailers happy. They have | :07:07. | :07:11. | |
been forced to cut prices to keep hold of customers and that's hit | :07:11. | :07:16. | |
profits. Retail has been tricky this year. It is not that the | :07:16. | :07:20. | |
consumer isn't spending but they are doing it in fits and spurts and | :07:20. | :07:23. | |
they have been distracted by economic issues, political issues, | :07:23. | :07:28. | |
and even that will disasters. The consumer has found lots of reasons | :07:28. | :07:34. | |
to spend but then stop. -- even natural disasters. Come the new | :07:34. | :07:37. | |
year they may have even less to spend. The looming threats of tax | :07:37. | :07:42. | |
rises and spending cuts combined with a post-holiday Hanover means | :07:42. | :07:46. | |
that consumers will likely feel less well-off -- hangover. Even | :07:46. | :07:52. | |
more reason for retailers to cash in now. Let's stay with big retail | :07:52. | :07:57. | |
because Wal-Mart has suspended a number of its executives in India | :07:57. | :08:04. | |
pending a bribery investigation. I know this news is really very fresh | :08:04. | :08:11. | |
and it is just out, what's going on? We have only really got it from | :08:11. | :08:16. | |
various reports at the moment but essentially the chief financial | :08:16. | :08:26. | |
:08:26. | :08:30. | ||
officer and much of the legal team That is as the bribery law | :08:30. | :08:35. | |
corruption investigation goes on. There were also accusations in | :08:35. | :08:39. | |
Brazil and China and Mexico. According to Indian press quoting | :08:39. | :08:43. | |
sources, investigations are looking into whether bribes were paid to | :08:43. | :08:48. | |
government officials in India. A spokesperson has said everyone | :08:48. | :08:53. | |
involved is innocent until proven guilty. Indian authorities also | :08:53. | :08:57. | |
separately investigating possible foreign exchange rules violations | :08:57. | :09:01. | |
that could have occurred when Wal- Mart invested $100 million in the | :09:01. | :09:07. | |
domestic unit, which is owned by its wholesale joint venture partner. | :09:07. | :09:11. | |
We have been talking a lot in recent weeks about India's attempts | :09:11. | :09:16. | |
to reform its retail sector. But this development could scupper all | :09:16. | :09:21. | |
of that. Indian opposition parties and many others are opposed to | :09:21. | :09:24. | |
allowing international retail giants like Wal-Mart into the | :09:24. | :09:29. | |
retail sector. They say allowing them in would make it tough for | :09:29. | :09:33. |