21/12/2012 World Business Report

World News. Now for the latest financial news with World Business

Welcome to the program, your chance to catch up with all the latest in

the world of business and money. Let's take a look at the headlines:

Women drivers across Europe face a jump in insurance premiums as EU

rules come into force outlawing gender discrimination.

Asian markets are down after the US Republican proposal to do with the

fiscal cliff failed to get support. Energy high on the agenda as

President Putin meets EU leaders amid concerns that Europe is far

too dependent on Russian gas. From today, insurers are banned from

pricing their policies according to whether you are male or female as

new EU rules on gender discrimination come into force.

Young women drivers are among those particularly affected. They're

the cost of car insurance. It is enough to put you off your

driving lesson. If the 17-ylesson. If the 17-y woman passes her Test next month,

she will be faced with a sudden extra cost. A big price rise for

young women's driving insurance. pay because of males. At a traffic

light, and male is more likely to zoom off whereas a woman is more

like he did take her time. Because of the European Court ruling that

gender cannot be a factor in insurance, women's coverage is now

38% more ex 38% more ex will 38% more expensive. Some women will

pay 30% more for life insurance and men will suffer when they buy a

pension annuity. They could get as pension annuity. They could get as

much as 10% less in retirement income. Insurer says that the ban

on different prices for men and women is a backward step. By giving

women discounts, they could encourage them to drive well. The

more that insurance premiums can in centre five safe driving, the

women drivers have better accidents means that there is less of an

incentive to drive more safely. It is not much converted to jazzman

could -- that men could see a cut in the cost. For many young people,

car insurance is virtually impossible to fault afford.

Asian markets are under pressure after an apparent deepening of the

deadlock over America's budget next year, pushing the US ever closer to

the so-called fiscal cliff. Explain this to our viewers around

the world. This doesn't just a matter to the US. This could have

the global implications. America being the world's largest

impact impact here in Asia. Remembering

crisis, there were some experts that said that Asia is decoupled

and will be fine. We saw the economy slumped sharply as soon as

the US economy was affected. That is partly why the progress in the

US Congress is monitored closely here in Asia. This morning his

example. The markets initially opened high opened high as

soon as we heard the news that the Republican proposal to avoid the

crunch in the US fell -- failed to get support, we started to see the

monitoly monitored carefully. Many experts

say that hopefully the US lawmakers will eventually reach a deal.

That is when they get back from the Christmas holidays. Ten days and

counting. The clock is ticking. It was a broad sell-off. Everything

from oil to currencies. We did see oil prices as well as

heard that news from the Americans. In the currency market, we saw the

euro fall. One currency being quite firm is the Japanese yen which has

been weakening especially after the elected as the next leader of the

more moneta more moneta. Effectively, printing more money. We had been

seen in -- see the yen for that it is now rebounding as this morning.

We will talk you very soon. Now we should talk about an

important meeting. Russia's president Vladimir Putin meets with

the EU leadership on Friday in Brussels. The summit is expected to

on a number of business issues like trade barriers and visas. But the

big issue is energy. Europe is heavily dependent on Russian gas.

It wants to force Russia's energy pipelines

pipelines to other companies in a bid to reduce its dependence on the

state controlled company. Russia is resisting. A Russian economist

joins us. Russia is resistant. No surprises. Can you explain how this

company, it produces and then ships fall of the gas and it has complete

control over that. All the way to his partners, it has two pipelines.

It is in the process of building another. You may remember recently

that they have also started the construction of other things.

Vladimir Putin is in Brussels at trying to calm European leaders'

down -- beers down. It is natural. We have gas and you need gas. The

regulations that require that they should be a decoupling between the

transport and distribution and company that produces, the EU

things that they should not also produce -- transport. The same

company should not be involved in transportation, production and

distribution of gas. Is it fair to say that the relationship between

Russia and the EU has been soured pipelines but also trade disputes

on everything from cars to pigs. There have been a few problems but

the EU, despite these problems, backed the Russian admission to the

WTO. That gives a framework to resolve this problem. One of the

the EU pushing Russia to get on with it and try to comply with the

WTO membership rules. These are facilitation is another area or in

which Russia is frustrated. The EU only two days ago signed a deal

with Armenia and the Russians think, we should do the same thing. Do you

think we'll get any breakthrough. Some commentators are saying that

they are surprised about President Vladimir Putin is even bothering to

make the trip. This is a symbolic step up by Vladimir Vladimir

the third s the third slike to go there and come back with some

tangible results. A visa simplification regime would be one

thing. Also a breakthrough in gas issues. We will see that happens or

not. We will keep our eyes on that summer. They queue.

In other business news this Friday: Britain's biggest baiggest ba

the prospect of being broken up after a parliamentary commission

said UK government proposals for banking reform fall well short of

what is required. In its first report, the commission welcomes

plans to ring-fence savers' deposits from banks' risky trading

activities. But it argues that tougher sanctions need to be

available, saying the fence needs electrification.

She shares in the owner of Blackberry plunged in the US. The

company reported a smaller-than- expected loss of but admitted that

the subscriber base had shrunk for the first time in its history.

Blackberry had been struggling against the likes of the iPhone and

the End Road based phones. There is a lot of hopes pinned on the launch

-- Android-based phones. It is make-or-break for the company.