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News. Now for the latest financial President Obama outlines his plans | :00:21. | :00:24. | |
to boost economic growth but will his formula of increased spending - | :00:24. | :00:28. | |
upping the minimum wage and a revamp of the tax code - get the | :00:28. | :00:31. | |
political backing? Fasten your seat-belts - Peugeot will reveal | :00:31. | :00:34. | |
just how tough things are as the French car maker tries to save | :00:34. | :00:44. | |
:00:44. | :00:47. | ||
money through layoffs and factory closures. Welcome to World Business | :00:47. | :00:52. | |
Report. I'm Sally Bundock. Also in the programme - South Korea's | :00:52. | :00:56. | |
unemployment rate hit a 7-month high in January. The government | :00:56. | :01:04. | |
blames tens of thousands of college graduates flooding the job market. | :01:04. | :01:07. | |
President Obama has outlined his plans to get the US economy on a | :01:07. | :01:12. | |
strong growth path. In the first State of the Union address since | :01:12. | :01:15. | |
winning re-election, he made many promises - some we've heard before | :01:15. | :01:18. | |
- but his overall appeal was to help the struggling middle classes. | :01:18. | :01:23. | |
Are a growing economy that creates good middle class jobs. That should | :01:23. | :01:31. | |
be the start it guides our efforts. How does he propose to do that. | :01:31. | :01:34. | |
Here is a look at his key points on the economy. Obama talked about | :01:34. | :01:37. | |
boosting the manufacturing by creating hubs that will work in | :01:37. | :01:40. | |
partnership with the private sector and create jobs in the high tech | :01:40. | :01:42. | |
industry. He also talked about working with Europe to increase | :01:42. | :01:45. | |
trade. Another proposal to lift households out of poverty is to | :01:45. | :01:49. | |
increase the federal minimum wage to $9 an hour. Obama called on an | :01:49. | :01:51. | |
increase in spending to fix roads, bridges and update schools - | :01:51. | :01:54. | |
something he wants to achieve without increasing the budget | :01:54. | :02:00. | |
deficit. And he touched on the hot potato of tax reform - reducing | :02:00. | :02:03. | |
corporation tax - making the system easier and fairer - calling on the | :02:03. | :02:10. | |
rich to pay more. Michelle Fleury is in New York and has been | :02:11. | :02:19. | |
following President Obama's speech. What did you make of it? It is a | :02:19. | :02:25. | |
top job. We heard him not one what he hopes to do, his agenda for the | :02:25. | :02:31. | |
next four years. An ambitious plan to try to restore what we have seen | :02:31. | :02:35. | |
in America, and increasingly difficult life for middle class | :02:35. | :02:40. | |
Americans. One of the striking things he talked about was raising | :02:40. | :02:46. | |
the minimum wage. The idea that those on a low wage cannot earn a | :02:46. | :02:52. | |
bit more and reduce income inequality which has been a hot | :02:52. | :02:56. | |
potato topping care over the last few years. All this, while they | :02:56. | :03:01. | |
sound great on paper, his hands are tied behind his back because he has | :03:01. | :03:06. | |
very little money to spend and in his speech he said he will do all | :03:06. | :03:13. | |
he has planned without increasing the deficit. It is a tall order, | :03:13. | :03:18. | |
but there was a lot in there to help manufacturing. He talked about | :03:18. | :03:22. | |
bringing companies like Apple back to America. He talked on closer | :03:22. | :03:30. | |
ties to Europe as well? Let us start with manufacturing. In the | :03:30. | :03:34. | |
audience, the boss of Apple was beaming as President Obama | :03:35. | :03:37. | |
mentioned that Apple was bringing manufacturer and jobs back to | :03:38. | :03:42. | |
America. We have heard this before from the President. He's talked | :03:43. | :03:47. | |
about restoring American manufacturing but that truth of the | :03:47. | :03:51. | |
matter is that although some jobs of returning, we are not talking | :03:51. | :03:56. | |
significant numbers. Most Americans work in the service sector. | :03:56. | :04:02. | |
Interesting to see how much of the difference this does make. One of | :04:02. | :04:07. | |
the initiatives they're focusing on his technology centres, the idea | :04:07. | :04:14. | |
being that manufacturing in the future will be more highly skilled. | :04:14. | :04:22. | |
The other the area of interest was trading, he wanted to talk to the | :04:22. | :04:26. | |
US and Europe. Europe is already a huge trading partner for the United | :04:26. | :04:33. | |
States. There is $2.7 billion of trade between these regions on a | :04:33. | :04:37. | |
daily basis. Businesses on both sides of the Atlantic may welcome | :04:37. | :04:41. | |
what they have heard but the key will be in the detail. Can these | :04:41. | :04:46. | |
regions get over some of the disagreements they may have, | :04:46. | :04:54. | |
example on tariffs. Today is the day that French carmaker Peugeot | :04:54. | :04:56. | |
has been dreading - the day it releases its annual financial | :04:56. | :04:59. | |
results. Since the company has been losing a quarter of a billion | :04:59. | :05:02. | |
dollars a month, they're unlikely to be anything better than awful. | :05:02. | :05:05. | |
Peugeot is trying to stem the losses by closing one of its | :05:05. | :05:12. | |
factories and axing 8,000 jobs. But their plans are being opposed by | :05:12. | :05:19. | |
France's most militant trade union, as Jeremy Howell reports. For weeks, | :05:19. | :05:24. | |
members of this union have been picketing the Peugeot works make | :05:24. | :05:29. | |
Paris. Peugeot wants to close it down, redeploying up the stop and | :05:29. | :05:33. | |
laying off the rest. Most of the trade unions here have accepted the | :05:33. | :05:40. | |
move but this union is to find. With one to keep the factory open. | :05:40. | :05:45. | |
We will not wreck the factory. The ones wrecking the place are the | :05:46. | :05:51. | |
directors. The boss wants to close down the factory. Cook show is in | :05:51. | :05:59. | |
crisis. It is losing $250 million a month. Last year its global sales | :05:59. | :06:05. | |
fell by 16%. In 1983, it wasn't a similar state to today but then it | :06:05. | :06:09. | |
launched a car which went on to become Europe's best selling car. | :06:09. | :06:15. | |
It saved the company financially. Recently it has bought out its | :06:15. | :06:20. | |
successor which is currently Europe's 7th biggest-selling car. | :06:20. | :06:27. | |
Can it to turn pressure's fortunes around? Now there are so many good | :06:27. | :06:32. | |
small cars. Lots of small cars coming from Korea, all the | :06:32. | :06:36. | |
manufacturers are concentrating on that segment of the market. The | :06:36. | :06:40. | |
chance of one cartooning the fortunes of the company car round a | :06:40. | :06:44. | |
slimmer than they used to be. wants to make savings from the tie- | :06:45. | :06:49. | |
up with General Motors to share production and development | :06:49. | :06:55. | |
facilities but Opel is also a troubled company. Opel has lost | :06:55. | :07:00. | |
more money over the last decade more than any other company in | :07:00. | :07:08. | |
Europe. Their other two weakest car defensive alliance between two | :07:08. | :07:14. | |
weaklings, like to dance leaning against each other for support. | :07:14. | :07:18. | |
show's managers promised to inject new life into the firm, restoring | :07:18. | :07:24. | |
it to profit by 2015. It is difficult to see how they can, | :07:24. | :07:33. | |
given Europe's sinking car market. The South Korea released its latest | :07:33. | :07:37. | |
labour figures and its unemployment rate hit a 7-month high in January. | :07:37. | :07:42. | |
Mariko Oi is at our Asia Business hub in Singapore. Of why are the | :07:42. | :07:48. | |
number of people out of work going on? It is because of tens of | :07:48. | :07:53. | |
thousands of college graduates joining the labour market. Even | :07:53. | :07:57. | |
though when you say the jobless rate has hit the highest level in | :07:57. | :08:00. | |
seven months, it is still relatively low compared the United | :08:00. | :08:06. | |
States or Europe at 3.2%. When you look at the figures for younger | :08:06. | :08:12. | |
people, between 25 and 29, the jobless rate is much higher. It is | :08:12. | :08:18. | |
double the national average at 6.4%. As you were talking to Michel | :08:19. | :08:24. | |
earlier, job-creation was something President Obama took about a lot in | :08:24. | :08:29. | |
his speech, and it is something many Asian countries share as well. | :08:29. | :08:33. | |
It is one of any economic issues the new president will have to face | :08:33. | :08:43. | |
:08:43. | :08:44. | ||
when she takes office next month. In other news US cable provider | :08:44. | :08:47. | |
Comcast is to buy the part of TV and film company NBC Universal it | :08:47. | :08:50. | |
doesn't already own for $16.7 billion. Comcast will buy the 49% | :08:50. | :08:52. | |
stake in the joint venture from US industrial conglomerate General | :08:52. | :08:56. | |
Electric. As part of the deal, it will also buy the well-known 30 | :08:56. | :08:58. | |
Rockefeller Plaza building in New York and another property for $1.4 | :08:58. | :09:08. | |
:09:08. | :09:17. | ||
billion. Quite a week this year, the Chinese New year celebrations | :09:17. | :09:21. | |
continue for Shanghai and Hong Kong. Some of the share markets closed | :09:21. | :09:31. | |
:09:31. | :09:37. | ||
for Asia. Japan seeing a 1.2% fall, probably on profit taking. Japan | :09:37. | :09:43. |