Browse content similar to 14/01/2013. Check below for episodes and series from the same categories and more!
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BBC World News. Now for the latest financial news with Sally and World | :00:05. | :00:15. | |
:00:15. | :00:19. | ||
Business Report. The Detroit Auto show opens today to the roar of a | :00:19. | :00:26. | |
muscle car. The iconic Corvette is reborn, but can it fend off the | :00:26. | :00:36. | |
:00:36. | :00:42. | ||
Truck maker MAN becomes the latest German firm to cut working hours to | :00:42. | :00:45. | |
avoid layoffs and whether the economic downturn. We have a report | :00:45. | :00:51. | |
from Munich. If you are lover of fast cars then you will enjoy this | :00:51. | :00:55. | |
week. In Detroit later today, the North American International Auto | :00:55. | :00:59. | |
Show kicks off and a lot of focus is on the efforts by US car giants | :00:59. | :01:03. | |
to seize the initiative back from its German rivals in the luxury car | :01:03. | :01:05. | |
market. Ford has recently relaunched its Lincoln brand and | :01:05. | :01:08. | |
for the Corvette faithful, this is the moment they've been waiting for. | :01:08. | :01:10. | |
Michelle Fleury attended the launch of General Motors' seventh | :01:10. | :01:14. | |
generation Corvette just a few hours ago. She reports on the | :01:14. | :01:24. | |
:01:24. | :01:26. | ||
redesigned muscle car that's intended to boost Chevrolet's sales. | :01:26. | :01:35. | |
Meet the new muscle in Motown. Thus stingray. This is the name to | :01:35. | :01:38. | |
market special generation of Corvette. By calling it the | :01:39. | :01:44. | |
stingray, General Motors is linking its second generation Corvette to | :01:44. | :01:49. | |
the iconic 1963 model driven by albas. The American carmaker it | :01:49. | :01:54. | |
needs new products like this to excite its customers and revive its | :01:54. | :02:02. | |
declining market share. In mac Crow the next 12 months, 70% of our | :02:02. | :02:06. | |
portfolio will be refreshed or brand new. We have had to stem the | :02:06. | :02:12. | |
tide post bankruptcy. This is the might you | :02:12. | :02:22. | |
:02:22. | :02:25. | ||
The Corvette is embedded in American culture. Its heritage is | :02:25. | :02:31. | |
meaningful to GM has it redefines itself over a few bumpy years which | :02:31. | :02:41. | |
:02:41. | :02:41. | ||
included a stint in bankruptcy. Everywhere we go, people yell out, | :02:41. | :02:48. | |
I like your car. You find a stud is common amongst Corvette owners like | :02:48. | :02:58. | |
this man. -- nostalgia. You see the stars on your car and the Chevrolet. | :02:58. | :03:04. | |
My generation, we watched a Corvette since 1953 up until the | :03:04. | :03:09. | |
current year. That is 60 years. As one of those things, one day, I | :03:09. | :03:16. | |
will get a Corvette. Corbett is pinning hopes on its newest beat to | :03:16. | :03:22. | |
boost the whole brand. It is a halo vehicle. It represents the best of | :03:22. | :03:28. | |
Chevrolet. That draws people into a showroom that may not otherwise go | :03:28. | :03:34. | |
there. It is the personification of the brand. The Corvette Stingray as | :03:34. | :03:39. | |
not just an important launch would GM but it is a big deal for the | :03:39. | :03:44. | |
American home-grown car industry. Is it an original American sports | :03:44. | :03:50. | |
car made in the United States. And it is a showcase for what Detroit | :03:50. | :03:57. | |
can do. Japanese exporters are continuing to enjoy the benefits of | :03:57. | :04:01. | |
a very weak yen. It's at a 2.5 year low against the US dollar today. | :04:01. | :04:09. | |
Rico Hizon is at our Asia business hub in Singapore with the details. | :04:09. | :04:13. | |
This is all to do with expectations that the Japanese authorities will | :04:13. | :04:20. | |
take serious action to help the Japanese economy? That is correct. | :04:20. | :04:24. | |
You have statements from the Prime Minister who is following through | :04:24. | :04:29. | |
with this campaign promise, pressuring the Bank of Japan to set | :04:29. | :04:33. | |
a medium-term inflation target. He said over the weekend that they | :04:33. | :04:38. | |
must set a 2% inflation level. That is what is weakening the yen | :04:38. | :04:43. | |
against the US dollar. He said he would be meeting with monetary | :04:43. | :04:46. | |
policy experts on Tuesday to seek an opinion on who would be suitable | :04:47. | :04:53. | |
as next central bank governor. This rhetoric of the Prime Minister over | :04:53. | :04:58. | |
the weekend, pushing the yen close to 90 against the US dollar with | :04:58. | :05:06. | |
Asian trading. Its highest level since June 2010. It is at 120 | :05:06. | :05:13. | |
against the euro. Its weakest level since 20th since 20th hey have | :05:13. | :05:17. | |
approved a stimulus package, the biggest boost since the financial | :05:17. | :05:24. | |
crisis to try to support the market today it is closed for a | :05:24. | :05:31. | |
public holiday. Analysts say it will benefit auto manufacturers | :05:31. | :05:36. | |
more than technology companies. Auto manufacturers will see an | :05:36. | :05:40. | |
increase with demand and profitability from the falling yen. | :05:40. | :05:44. | |
Technology companies have lost the leadership and reputation and the | :05:44. | :05:53. | |
recovery will take a lot longer. Today the German truck maker MAN | :05:53. | :05:55. | |
becomes the latest German manufacturer to slash working hours | :05:55. | :05:58. | |
for over 5,000 of its staff. Due to the economic slowdown, it's | :05:58. | :06:01. | |
introducing shorter shifts at two of its plants in Germany. The | :06:01. | :06:04. | |
company is following in the footsteps of a string of other | :06:04. | :06:07. | |
firms from Opel to Thyssenkrupp. Under the government backed scheme, | :06:07. | :06:10. | |
employees have their working hours cut and the government makes up | :06:10. | :06:20. | |
:06:20. | :06:25. | ||
part of the shortfall in pay. MAN's chief-executive has a ambitious | :06:25. | :06:30. | |
dream for the long-term. You will not see this futuristic design on | :06:30. | :06:34. | |
the roads yet, one day it could you dramatic improvements for fuel- | :06:34. | :06:38. | |
efficient sleeve. The man in charge of this business has a more | :06:38. | :06:42. | |
immediate concerns, he has to tent with week's sales at its core | :06:42. | :06:50. | |
market. Demand in Europe, due to the debt crisis, started out in the | :06:50. | :06:53. | |
south part of Europe and is spreading to the northern parts. | :06:53. | :06:58. | |
says making tracks is a volatile cyclical business and he does not | :06:58. | :07:03. | |
expect a rapid improvement. It is not the quick fix. There are | :07:03. | :07:08. | |
political problems and debt problems in Europe which has the | :07:08. | :07:12. | |
common market. For that it will take some years to figure out. At | :07:12. | :07:18. | |
least until 2013, something coming back for 2014. The next couple of | :07:18. | :07:24. | |
years, we do not see a big pay cut for the European markets. Eurozone | :07:24. | :07:30. | |
crisis is making itself felt on MAN production lines. No job losses but | :07:30. | :07:37. | |
fewer shifts and there will have an impact on workers household budgets. | :07:37. | :07:43. | |
MAN is using a government scheme, employees were keys and the | :07:43. | :07:46. | |
government makes good part of the shortfall for pay. In the case of | :07:46. | :07:52. | |
MAN, bonuses being rescheduled to reduce the impact on basic pay for | :07:52. | :08:01. | |
workers. Even so, some will suffer. Never forget, they receive 10% less | :08:01. | :08:05. | |
than they would if they were care. If you are the only one who is | :08:05. | :08:10. | |
earning money that has some effect on you. The positive effect is that | :08:10. | :08:16. | |
they do not lose their jobs. MAN is one of Munich's biggest employers. | :08:16. | :08:20. | |
Its problems with European exports are reminders that the city and | :08:21. | :08:30. | |
Germany are not immune from the crisis in other eurozone countries. | :08:30. | :08:32. | |
Other stories making headlines - thousands of people were marching | :08:32. | :08:35. | |
in Madrid on Sunday to protest against plans to privatize parts of | :08:35. | :08:38. | |
their public health care system. The Madrid region has proposed | :08:38. | :08:41. | |
selling the management of six of 20 large public hospitals in its | :08:41. | :08:43. | |
jurisdiction and 10% of its 268 public health centers. It says | :08:43. | :08:46. | |
these reforms are needed to secure health services during Spain's | :08:46. | :08:51. | |
economic crisis. German Finance Minister Wolfgang Schaeuble will | :08:51. | :08:53. | |
meet Greek anti-bailout politician Alexis Tsipras in Berlin on Monday | :08:53. | :08:56. | |
and will try to persuade him to back the Greek government's | :08:56. | :09:02. | |
austerity measures. Tsipras, whose leftist SYRIZA party leads opinion | :09:02. | :09:05. | |
polls in Greece, has led opposition to the spending cuts and tax hikes | :09:05. | :09:08. | |
that Germany has demanded in return for billions of euros in aid to | :09:08. | :09:14. | |
stave off the country's bankruptcy. Jaguar Land Rover has announced the | :09:14. | :09:17. | |
creation of 800 production jobs at its plant in Solihull. It comes on | :09:18. | :09:20. | |
top of a successful retail performance by the carmaker, owned | :09:20. | :09:27. | |
by India's Tata, in 2012. The West Midlands plant already employs | :09:27. | :09:37. | |
:09:37. | :09:38. | ||
6,000 people producing the Range Rover Discovery and Defender models. | :09:38. | :09:43. |