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screens go to black. Thousands of people gathered outside the | :00:01. | :00:04. | |
Hellenic Broadcasting Corporation to protest against the decision. | :00:04. | :00:14. | |
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Now it is time to get the latest Another day of severe disruption | :00:19. | :00:21. | |
for air travellers in Europe as traffic controllers across the | :00:22. | :00:28. | |
region go on strike. And in today's edition of Taxing Times, we ask the | :00:28. | :00:38. | |
question is the beautiful island of Jersey a tax haven or not? Welcome | :00:38. | :00:45. | |
to World Business Report. Also in the programme: Yum Brands, the | :00:45. | :00:49. | |
owner of KFC, sees another steep fall in sales in China due to fears | :00:49. | :00:52. | |
about bird flu and the quality of its chicken supply. We'll have the | :00:52. | :01:02. | |
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details. In the run-up to the G8 summit on | :01:03. | :01:09. | |
tax, three centres who are widely accused of being tax havens have | :01:09. | :01:15. | |
agreed to share the deals with the rest of the International Committee. | :01:15. | :01:20. | |
One of them as Jersey, a small island just off the course of | :01:20. | :01:26. | |
France. It is home to more than one trillion dollars. What is it doing | :01:26. | :01:31. | |
to avoid being a tax haven? How will it cope without its enormous | :01:31. | :01:36. | |
banking section? It is only nine miles across at | :01:36. | :01:46. | |
five miles down. It manages more interest will wealth -- Inter | :01:46. | :01:49. | |
national wealth and anywhere else in the world per square metre. It | :01:49. | :01:54. | |
makes up more than two-thirds of its annual income. That revenue is | :01:54. | :01:59. | |
under threat like never before. The international community is | :01:59. | :02:03. | |
preparing to clamp down hard on illegal tax evasion and tax | :02:03. | :02:13. | |
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avoidance. His Jersey a tax haven? It is certainly a financial sector. | :02:15. | :02:22. | |
Some of the best financial services in the world exist here. This man | :02:22. | :02:28. | |
is a deputy of the local parliament. He says that Jersey is a tax haven. | :02:28. | :02:33. | |
It is pricing locals do not work in finance out of the tax -- housing | :02:33. | :02:43. | |
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market. The price of keeping fire as here means that tax is falling | :02:48. | :02:54. | |
on individuals. Labour is taxed. That is an incentive to try to | :02:54. | :03:00. | |
impose new business. Jersey has gone from and agreeing island famed | :03:00. | :03:05. | |
for its cows to one of the best known offshore financial centres in | :03:05. | :03:11. | |
the world. Taxation, or the lack of it, is a reason. Income tax cannot | :03:11. | :03:17. | |
go above 20 %. The super-rich foreign committee pay a fraction of | :03:17. | :03:27. | |
:03:27. | :03:27. | ||
their annual income. Tax on profit is zero. How would the Ireland | :03:28. | :03:34. | |
manager? It is a question they will have to answer themselves more | :03:34. | :03:38. | |
intensively in coming months adheres as the international | :03:38. | :03:48. | |
:03:48. | :03:57. | ||
community ramps up the pressure. The owner of Fast food chain KFC | :03:57. | :04:01. | |
has reported a 19 percent drop in sales in China... Rico Hizon is in | :04:01. | :04:11. | |
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our Asia business hub in Singapore. Rico, what's behind this? | :04:12. | :04:17. | |
There is still a 19 % drop in sales. Bad fortunes are being blamed on | :04:17. | :04:22. | |
the outbreak of bird flu and controversial publicity involving | :04:22. | :04:26. | |
the chicken supplier on the mainland. The sales have dropped by | :04:26. | :04:32. | |
double digits. This is still an improvement from the April numbers. | :04:32. | :04:39. | |
Sales fell by 30 % then. China is a critical region for young Rance. It | :04:39. | :04:45. | |
owns the Kentucky Fried Chicken and food chain. -- young brands. It | :04:45. | :04:50. | |
also owns Pizza Hut. They have benefited from expansion in recent | :04:51. | :04:56. | |
years. The expects sales to continue recovering and to turn | :04:56. | :05:06. | |
positive in the 4th quarter. Striking can be a dangerous | :05:06. | :05:12. | |
activity in some places. Tell us more. | :05:12. | :05:18. | |
In Cambodia, 300 workers have been fired for taking part in a strike | :05:18. | :05:27. | |
over pay. The factory involved makes garments for Nike. The | :05:27. | :05:32. | |
dismissals were described as illegal. People were forced from | :05:32. | :05:37. | |
their jobs without compensation. Thousands of workers clashed with | :05:37. | :05:43. | |
police. Workers clashed with colleagues. The textile industry is | :05:43. | :05:49. | |
very important. It employs 650,000 people throughout the country and | :05:49. | :05:53. | |
produces close for top Western brands. It is the largest exporter | :05:53. | :05:58. | |
in the country. Thank you. By massive battle is | :05:58. | :06:03. | |
taking place in the skies over Europe. A plan to simplify the | :06:03. | :06:07. | |
patchwork air-traffic control system and will burn up more air | :06:07. | :06:11. | |
traffic duties to private enterprise has caused strikes and | :06:11. | :06:18. | |
other actions by controllers. It began and Tuesday. A series of | :06:18. | :06:28. | |
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strikes forced mean -- mean airports to cancel some 800 flights. | :06:29. | :06:35. | |
That is 25 % of all scheduled flights. Passengers can expect more | :06:35. | :06:40. | |
widespread misery today. 10 European countries are joining the | :06:40. | :06:50. | |
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action. Let's get more. Good morning, Francois. Teller's | :06:51. | :06:58. | |
the reasons why this action is taking place. -- tell us. What is | :06:59. | :07:08. | |
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the reason for it? Two reasons. There is a package that has taken | :07:10. | :07:20. | |
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eight years to commission. It has created confusion. The main reason | :07:22. | :07:29. | |
is that the commission wants to legalise the open sky. For us, that | :07:29. | :07:39. | |
:07:39. | :07:41. | ||
is not acceptable. There needs to be communication. Their race to be | :07:41. | :07:49. | |
communication. There must be training. This is a new situation | :07:49. | :07:59. | |
:07:59. | :08:07. | ||
for the workers. Sorry to interrupt but I wanted to ask you on those | :08:07. | :08:12. | |
points, don't you agree that the system must be made more efficient? | :08:12. | :08:17. | |
One quotation from the transport commissioner is that the current | :08:17. | :08:22. | |
system is costing passengers and airlines 5 billion euros a year. Is | :08:22. | :08:28. | |
there not a better way of running the system? | :08:28. | :08:35. | |
When you speak about more efficiency, we have to take into | :08:35. | :08:42. | |
account all of the capacity and the safety of the environment. The | :08:42. | :08:48. | |
commission is pushing forward on an economic point of view. There has | :08:48. | :08:58. | |
:08:58. | :09:01. | ||
to be safety but first. There are a number of targets. These plans will | :09:02. | :09:08. | |
race safety levels, not compromise safety. I am not saying that it | :09:08. | :09:17. | |
will not be safe. The first priority is economic. This is an on | :09:17. | :09:26. | |
ending process. It is about cost cutting from the commission. The | :09:26. | :09:30. | |
commission has planned that the cost must reduced by 70 % in coming | :09:30. | :09:40. | |
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years. This approach is not justified. We are risking people | :09:42. | :09:52. | |
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losing their jobs. This is why it is not acceptable. Where is the | :09:53. | :10:00. | |
middle ground. It is causing disruption than these guys. Where | :10:00. | :10:09. | |
is the middle ground? At the moment, this is too much. There is a social | :10:09. | :10:19. | |
dimension. I think we can work together with the commission. It is | :10:19. | :10:29. | |
:10:29. | :10:35. | ||
very important. France and Germany do not need the new package. Thank | :10:35. | :10:42. | |
you. This is a story that we will keep | :10:42. | :10:49. |