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Those are the latest headlines from BBC World News. | :00:02. | :00:12. | |
:00:12. | :00:15. | ||
Now for the latest financial news Hello and welcome to World Business | :00:15. | :00:19. | |
Report. A nightmare for the Dreamliner. Two | :00:20. | :00:22. | |
Japanese airlines ground their entire fleets of Boeing 787s after | :00:22. | :00:28. | |
another incident forces an emergency landing. | :00:28. | :00:32. | |
And how to police the credit rating agencies - EU lawmakers will vote | :00:32. | :00:42. | |
:00:42. | :00:46. | ||
today. Japan's All Nippon Airways has | :00:46. | :00:49. | |
ordered the grounding of all 17 of its Boeing 787 Dreamliner aircraft | :00:49. | :00:52. | |
after one was forced to make an emergency landing and evacuation in | :00:52. | :00:57. | |
western Japan this morning. The landing came after smoke reportedly | :00:57. | :01:01. | |
appeared in the aircraft's cockpit. The incident is the 6th to affect a | :01:01. | :01:04. | |
787 in the last two weeks raising serious concerns about the safety | :01:04. | :01:10. | |
of the new high tech aircraft. And a short while ago, Japan Airlines | :01:10. | :01:18. | |
also grounded its seven Dreamliners. Plane-maker Boeing quickly released | :01:18. | :01:21. | |
a statement saying, "Boeing is aware of the diversion of a 787 | :01:21. | :01:25. | |
operated by ANA to Takamatsu in Western Japan. We will be working | :01:25. | :01:34. | |
with our customer and the appropriate regulatory agencies." | :01:34. | :01:37. | |
On Friday US regulators announced an in-depth safety review of the | :01:37. | :01:40. | |
787 which was followed on Monday by the announcement of a probe in | :01:41. | :01:43. | |
Japan. Boeing currently have orders for around 800 Dreamliners yet to | :01:43. | :01:53. | |
:01:53. | :01:57. | ||
be delivered. This has been an ongoing saga. | :01:57. | :02:01. | |
Today's and then stepped up a gear up. Boeing and the airlines in | :02:01. | :02:10. | |
Japan have got to get this sorted out quickly. They do. This is the | :02:10. | :02:13. | |
most serious incident so far. What appears to have happened, the | :02:14. | :02:19. | |
latest information we have is that what happened is that the pilots | :02:19. | :02:22. | |
noticed the smoke detector in an internal compartments in the | :02:22. | :02:27. | |
aircraft had gone off. It appears that it was the compartment which | :02:27. | :02:30. | |
contains the auxiliary power batteries. This looks like a | :02:30. | :02:34. | |
similar incident to the one that happened in the west. When the | :02:34. | :02:38. | |
Japan Airlines Dreamliner last week, there is a problem with the | :02:38. | :02:43. | |
batteries. This was in flight. Smoke inside an aircraft in flight | :02:43. | :02:49. | |
is always a very serious event. That is why, we saw today that all | :02:49. | :02:52. | |
Nippon and Japan Airlines have both said that they would ground their | :02:52. | :02:57. | |
fleets until this go problem above all others would be sorted out. | :02:57. | :03:02. | |
are looking at amateur footage of their events from today. This has | :03:02. | :03:08. | |
Broadcasters all of the world have this. It is bad for the reputation. | :03:08. | :03:14. | |
It is very common is it not, for a brand new aircraft to have teething | :03:14. | :03:21. | |
troubles. It is. I insure that in the morning, when the bosses of | :03:21. | :03:26. | |
bowling wake up in Chicago, they will see these pictures and their | :03:26. | :03:29. | |
hearts will sink. This is the news that they did not want this week | :03:29. | :03:33. | |
after five separate incidents with the plane last week and now this | :03:33. | :03:38. | |
more serious one. Experts do say that most of these incidents, many | :03:38. | :03:41. | |
of the ones last week included a fuel leak and a broken windscreen | :03:41. | :03:46. | |
and a glitch with the computers on the breaks of one aircraft, is all | :03:46. | :03:50. | |
normal teething problems that you would expect with any new aircraft | :03:50. | :03:56. | |
being introduced into the market. On the other hand, this battery | :03:56. | :04:00. | |
problem, the fire that last week and these incidents today, this is | :04:00. | :04:04. | |
different. This is new technology that has never been on board an | :04:04. | :04:11. | |
aircraft before. The FAA in the US, as far back as 2007, said publicly | :04:11. | :04:15. | |
that they were worried about these kinds of batteries being used on | :04:15. | :04:19. | |
this board these aircraft because of the fire risk. We are now seen | :04:19. | :04:25. | |
the results of that date. There was a correspondent in Tokyo. We will | :04:25. | :04:30. | |
keep an eye on a story in World Business Report. | :04:30. | :04:33. | |
New EU rules to try and make credit rating agencies fairer and more | :04:33. | :04:36. | |
accountable go to the vote in the European Parliament in Strasbourg | :04:36. | :04:42. | |
today. It's the job of commercial agencies such as Standard & Poor's, | :04:42. | :04:44. | |
Moody's, and Fitch to assess if companies and sovereign states are | :04:44. | :04:48. | |
likely to repay their debts on time. In Europe, the agencies have been | :04:48. | :04:50. | |
repeatedly criticised for failing to warn about the debt crisis and | :04:50. | :04:53. | |
for endorsing financial products that were later found to be part of | :04:53. | :05:02. | |
the trouble. They slashed the credit rating of | :05:02. | :05:07. | |
Cyprus. Ireland says its latest trading is depressingly low. | :05:08. | :05:12. | |
Ireland -- France is living with a downgrade and Britain also risks | :05:12. | :05:17. | |
losing the triple-A status. Sovereign downgrades affect the | :05:17. | :05:23. | |
credibility of entire states. The EU insists that it is not on the | :05:23. | :05:27. | |
verge of muzzling the industry. They will have to be more | :05:27. | :05:33. | |
transparent. Regarding methodologies but that they used to | :05:33. | :05:43. | |
assess the economic and financial situations of every country. | :05:43. | :05:46. | |
timing of a big agency downgrades is being tackled. Agencies will | :05:46. | :05:51. | |
have to justify their positions more fully. Investors get leave to | :05:51. | :05:55. | |
claim that civil damages for ill- founded reports. They could be | :05:55. | :05:59. | |
curbs on conflicts of interest. Often they were very being rated is | :05:59. | :06:04. | |
also paying for their rating. Analysts say that this set up which | :06:04. | :06:08. | |
enclose the industry into a potentially dangerous game. Right | :06:08. | :06:13. | |
now, everyone is trying to get back in the market. Every sovereign, | :06:13. | :06:17. | |
Ireland, Spain there or tried to issue debt. They are trying to get | :06:17. | :06:23. | |
free and clear of official support. This is understandable. That may, | :06:23. | :06:28. | |
with his regulatory pressure and the continuing system where they | :06:28. | :06:32. | |
pay for the rating, is pushed the rating agencies have to really make | :06:32. | :06:36. | |
an upgrade to the rating before time. In much the same way that | :06:36. | :06:42. | |
they were signing ratings that were too high to begin with. They may | :06:42. | :06:46. | |
jump the gun and give us ratings that either the all clear signal | :06:46. | :06:50. | |
before everything is really fixed. Brussels wants financial firms to | :06:50. | :06:54. | |
be less reliant on the rating agencies and carry out more of | :06:54. | :06:58. | |
their own assessments. But the dream was of a home-grown, | :06:58. | :07:02. | |
independent rating agency for Europe. That doesn't seem to be | :07:02. | :07:08. | |
viable. The idea is now quietly dropped. Studies of bond market | :07:08. | :07:11. | |
behaviour says that the big freeze has always been taken with a pinch | :07:12. | :07:21. | |
of salt when a return is to be made. The recommendations of agencies are | :07:21. | :07:31. | |
:07:31. | :07:31. | ||
useful but felt -- bubble. -- fallible. | :07:31. | :07:34. | |
We'll get a better picture of the state of America's banks this week, | :07:35. | :07:37. | |
with five of the country's biggest revealing how much money they are | :07:38. | :07:41. | |
making. After a difficult few years for banks, many expect the worst to | :07:41. | :07:43. | |
be over. But is it? For America's big banks, 2012 was | :07:44. | :07:47. | |
dominated by two he issues. The fiscal cliff debate and the | :07:47. | :07:51. | |
uncertainty that that brought but also the legacy of the housing | :07:51. | :07:55. | |
crash. Many of the bigger banks paid out of compensation and heavy | :07:55. | :08:00. | |
settlements to clear up what many customers accused of mis-selling | :08:00. | :08:06. | |
mortgages or unfairly repossessing homes. Is the worst now over? What | :08:06. | :08:13. | |
does 2013 have in store? We have a direct the here. Is it fair to say | :08:13. | :08:20. | |
that the worst is now over? It does look like it. It seems as though | :08:20. | :08:25. | |
banks have adapted to the new regulation that we have seen since | :08:25. | :08:32. | |
2008 and 2009. Last year, we could say that the housing sector was one | :08:32. | :08:35. | |
of the best-performing sectors. One of the hurdles for earnings is that | :08:35. | :08:40. | |
they may be priced for perfection. If you look right around the world, | :08:40. | :08:44. | |
there are still big clubs on the horizon. There is a slowdown in | :08:44. | :08:49. | |
China. There is uncertainty in Europe. Amateurs that back into | :08:49. | :08:54. | |
figures? Absolutely. The global economy has a symbiotic | :08:54. | :08:58. | |
relationship. Chinese exports and a demand globally will have an impact | :08:59. | :09:03. | |
and US banks. On the home front, we have got past the fiscal cliff. The | :09:03. | :09:09. | |
next hurdle is the debt ceiling. That can have an impact. We are | :09:09. | :09:12. | |
already seen it fixed ratings coming out and threatening to lower | :09:12. | :09:18. | |
the US's triple A rating. If that occurs and the worst case an up | :09:18. | :09:22. | |
side does occur and we going to default as a result of not raising | :09:22. | :09:26. | |
the debt ceiling, interest rates will be certainly impacted and | :09:26. | :09:31. | |
bigger banks going forward as well. That will be weighing on the minds | :09:31. | :09:35. | |
of investors and the banks themselves. This week, we will get | :09:35. | :09:38. | |
figures from JP Morgan and Goldman Sachs and the Bank of America. They | :09:38. | :09:42. | |
will look very closely at events right around the world but also | :09:42. | :09:47. | |
here in the US. Particularly, the housing market. Their fortunes are | :09:47. | :09:53. | |
intrinsically linked to the banks. He has a busy week ahead. Will keep | :09:53. | :09:58. | |
you up-to-date. These are the markets in Asia. Some | :09:58. | :10:02. |