Browse content similar to 06/02/2013. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Conservative Mps opposed the change. Those are the latest headlines from | :00:01. | :00:03. | |
BBC World News. Now for the latest financial news | :00:03. | :00:13. | |
:00:13. | :00:21. | ||
Britain's Royal Bank of Scotland gets set to be slapped with an $800 | :00:21. | :00:28. | |
million fine for rigging interbank lending rates. And back in the | :00:28. | :00:31. | |
game? Zynga announces a sharp fall in losses as it breaks ties with | :00:31. | :00:41. | |
:00:41. | :00:51. | ||
Welcome to World Business Report. Why Japan's main share market is | :00:51. | :00:57. | |
trading so high today. We will find out. Britain's Royal Bank of | :00:57. | :01:00. | |
Scotland will today announce a Libor settlement with UK and US | :01:00. | :01:02. | |
regulators that could cost the part-nationalised bank close to | :01:02. | :01:07. | |
$800 million. It follows the news that the boss of the banks | :01:07. | :01:10. | |
investment arm John Hourican will step down for his part in the | :01:10. | :01:14. | |
scandal. Libor, or London Interbank Offered Rate, estimates the rates | :01:14. | :01:18. | |
at which banks lend money to each other and affects huge numbers of | :01:18. | :01:20. | |
contracts around the world.Last year it emerged that hundreds of | :01:20. | :01:23. | |
bankers had purposely manipulated the rate to boost trading positions | :01:23. | :01:31. | |
or make their bank more secure. Barclays has already paid out $450 | :01:31. | :01:38. | |
million in fines and Swiss bank UBS $1.5 billion. With me is Ralph | :01:38. | :01:48. | |
:01:48. | :01:48. | ||
Silva, banking analyst at SRN. Good to see you. RBS other next to be | :01:48. | :01:56. | |
given a hefty fine. It dwarfs that of what Barclays played out. | :01:56. | :02:00. | |
Barclays was the first to go. I think there was some benefit in | :02:00. | :02:05. | |
being the first. Because RBS is mostly owned by the public, there | :02:05. | :02:09. | |
are some politics involved. They cannot give a low fine because it | :02:09. | :02:14. | |
is not fair to other banks that are not privatised. HSBC and Barclays | :02:15. | :02:20. | |
have to pay a large fine. It would not be fair to use a lot of fine | :02:20. | :02:25. | |
because it is publicly owned. would be paid? RBS is under | :02:25. | :02:30. | |
pressure to take the money out of its bonus pot. There is not enough | :02:30. | :02:34. | |
money to pay for it all from there. It will have to come from somewhere | :02:34. | :02:39. | |
else. We will see the government peso this. The government will have | :02:39. | :02:45. | |
to pay a portion of the money to the US. Some of it is for the | :02:45. | :02:55. | |
British regulators as well. head of the Bank has announced he | :02:55. | :03:04. | |
is going. Is that it as Forres individuals and responsibility? | :03:04. | :03:09. | |
is the highest profile. The investment programme will be wound | :03:09. | :03:12. | |
down her becoming mothers. They do not have the resources to sustain | :03:12. | :03:21. | |
it. -- over the coming months. We'll see other heads roll because | :03:21. | :03:27. | |
the discussion is back on the front page. They will have to deal with | :03:27. | :03:36. | |
it. What about the prospects for RBS. Taxpayers are owned a large | :03:36. | :03:41. | |
part of the bag. Will we ever get the money back? We could get the | :03:41. | :03:45. | |
money back if we are willing to wait. Politicians are losing | :03:45. | :03:51. | |
patience. Politicians are looking at privatisation. They will give | :03:51. | :03:56. | |
the shares to the public. Then the public can own it and get it out of | :03:56. | :04:02. | |
government hands. Thank you. As soon as we have any announcement on | :04:02. | :04:06. | |
the actual size of the fine we will make sure you hear it. Keep in | :04:06. | :04:09. | |
touch with us. Translating popularity into profits - that's | :04:09. | :04:12. | |
been the challenge facing Zynga - the online gaming company behind | :04:12. | :04:15. | |
Farmville and Words with Friends. It's reported a sharp drop in | :04:15. | :04:18. | |
losses in the last three months of 2012 - it lost just $48 million, | :04:18. | :04:26. | |
down from $435 million for the same period the year before. The San | :04:26. | :04:27. | |
Francisco-based company has been undergoing a transformation, | :04:28. | :04:30. | |
breaking its ties with Facebook, which previously hosted its games, | :04:30. | :04:40. | |
:04:40. | :04:42. | ||
and setting up its own gaming platform. Samira Hussein reports. | :04:42. | :04:47. | |
Character interaction, world building... They may look like a | :04:47. | :04:52. | |
typical student put -- a typical student group, but they are | :04:52. | :04:59. | |
involved in a master's programme in gaming. Games will become what | :04:59. | :05:04. | |
cinema was for the 20th century. Gaining has become an important | :05:05. | :05:09. | |
part of pop culture. Translating popularity into profits has proved | :05:09. | :05:14. | |
elusive. What we're seeing more than anything is an explosion of | :05:14. | :05:19. | |
different kinds of opportunities. Different distribution methods, | :05:19. | :05:26. | |
different business models, 'Harry Potter' for Zynga, finding a model | :05:27. | :05:33. | |
that works is a prologue. They made their debut a little over one year | :05:33. | :05:39. | |
ago. Since then, the stock price has been on a decline. Revenues | :05:39. | :05:43. | |
continued to fall. Couple that with the company's recent decision to | :05:43. | :05:48. | |
lay off 5% of its workforce, the company is now placing bets on | :05:48. | :05:54. | |
gambling as a new source of revenue. The company did better than | :05:54. | :05:59. | |
expected. Still, it faces obstacles. They make most of their money from | :05:59. | :06:06. | |
Facebook, with the social network making products of mobile users, it | :06:06. | :06:11. | |
presents a problem. Orders and, everyone who was playing these | :06:11. | :06:18. | |
games on Facebook shifted their attention and money towards mobile | :06:18. | :06:25. | |
games played on ferns and tablets computers. For Zynga it has been a | :06:25. | :06:30. | |
big and a real problem. Bera Ivanishvili is now fighting to stay | :06:30. | :06:40. | |
afloat. -- Zynga is now fighting to stay afloat. The company's very | :06:40. | :06:44. | |
survival is at stake. Now to China which has this morning announced it | :06:44. | :06:47. | |
intends to raise the minimum wage it pays workers- a plan that should | :06:47. | :06:54. | |
lift up to 80 million people out of poverty by 2015. Sharanjit Leyl is | :06:54. | :07:04. | |
:07:04. | :07:08. | ||
at our Asia business hub in Singapore. Tell us more. It is all | :07:08. | :07:11. | |
part of a long-awaited plan to tackle the income gap between the | :07:11. | :07:18. | |
rich and poor. The minimum wage would increase to 40% of average | :07:18. | :07:24. | |
salaries. The growing divide has been an area of big concern in | :07:24. | :07:28. | |
China. There has been a lot of political uneasiness about an | :07:28. | :07:34. | |
unfair society. The new rules have been announced. State-owned firms | :07:34. | :07:39. | |
would be to give a greater share of profits to the government. This | :07:39. | :07:49. | |
:07:49. | :07:51. | ||
money will be used to fund social security programmes. China's gauge | :07:51. | :08:01. | |
:08:01. | :08:03. | ||
of income disparity rose in 2012. It wrote to a level higher than we | :08:03. | :08:08. | |
seen as a threshold for potential social unrest. The statistics are | :08:08. | :08:18. | |
big. Almost 128 people in rural areas are defined as poor. -- 128 | :08:18. | :08:27. | |
million people. It has been quite a day in Tokyo. A three-year high for | :08:27. | :08:33. | |
Japan's market. This is due to the weakness of the yen. It has touched | :08:33. | :08:41. | |
a new lows. The yen is at a three- year low against the dollar. That | :08:41. | :08:51. | |
:08:51. | :08:52. | ||
has helped export relied stocks. Car manufacturers are rising. Much | :08:52. | :09:02. | |
:09:02. | :09:02. | ||
of the gains are coming after the Governor said he would step down. | :09:02. | :09:07. | |
That has raised the prospect that the next Governor will be more keen | :09:07. | :09:15. | |
to implement what has been demanded by the Prime Minister. One more | :09:15. | :09:21. | |
story before we go. The UK cable TV operator Virgin Media is being | :09:21. | :09:24. | |
bought by Liberty Global of the US for $16 billion. The deal is the | :09:24. | :09:27. | |
biggest media transaction since 2007 and challenges Rupert Murdoch | :09:27. | :09:32. | |
in Europe's biggest pay TV market. John Malone, the owner of Liberty | :09:32. | :09:35. | |
Global, is looking to increase the companies presence outside of the | :09:35. | :09:39. | |
US. He already runs pay TV providers in Germany - Belgium and | :09:40. | :09:49. | |
:09:50. | :09:51. | ||
Switzerland. We will look at the market numbers in Asia. They're | :09:51. | :09:57. | |
having a fantastic day. Up 4%. We have 20 minutes to go in Japan. | :09:57. | :10:07. |