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Prost digit. -- prostitutes. Now it is time for our World Business | :00:05. | :00:15. | |
:00:15. | :00:23. | ||
Report. Banking secrecy in Switzerland is | :00:23. | :00:30. | |
in the spotlight again. Politicians vote on whether to pass on client | :00:30. | :00:40. | |
:00:40. | :00:42. | ||
details. And China launches its first carbon trading scheme. | :00:42. | :00:46. | |
Welcome to World Business Report. Also when the programme, the latest | :00:46. | :00:52. | |
on the Paris Air Show. First, as world leaders grapple at the G8 | :00:52. | :00:57. | |
with the thorny issue of tax evasion, Switzerland's parliament | :00:57. | :01:02. | |
is set to vote back on a controversial bill that could allow | :01:02. | :01:07. | |
information to be passed to authorities. The deal is the result | :01:07. | :01:13. | |
of huge pressure from Washington after revelations that American | :01:14. | :01:20. | |
Account holders were helped to avoid tax. The bill would put an | :01:20. | :01:27. | |
end to Swiss banking secrecy. Nobody likes being told what to do. | :01:28. | :01:33. | |
Swiss members of parliament are no exception. The deal before them is | :01:33. | :01:38. | |
being insisted on, not by their own electorate but the United States. | :01:38. | :01:42. | |
They are furious that billions of dollars of tax revenue could have | :01:42. | :01:47. | |
been stored in Swiss banks. They're demanding details of American | :01:47. | :01:54. | |
Account holders and the Swiss bankers who may have advised them. | :01:54. | :02:00. | |
Other details of the deal are not being revealed to Parliament at the | :02:00. | :02:06. | |
request of Washington. After hours of debate, last week the Senate | :02:06. | :02:11. | |
said yesterday deal, reluctantly. They are afraid of the consequences | :02:11. | :02:17. | |
of seeing all. Try and the ASEAN we have the choice of a controlled | :02:17. | :02:22. | |
emergency landing or a crash. It is clear what we have to do. -- | :02:23. | :02:29. | |
TRANSLATION: We have the choice. The way are warning those who think | :02:29. | :02:35. | |
they are not affected. This nightmare could come to you, too. | :02:35. | :02:40. | |
The banks themselves are very nervous. Indictments from the US | :02:40. | :02:45. | |
are a certainty if the bill does not pass. Every Swiss banker knows | :02:45. | :02:50. | |
what happened to the oldest private bank when it was indicted. It | :02:50. | :02:57. | |
closed its doors for good. To come into Loch, the bill must get | :02:58. | :03:02. | |
approval in Parliament. It will be a close-run thing. Many politicians | :03:02. | :03:10. | |
do not see why they should be the once to kill off banking Secretary. | :03:10. | :03:15. | |
-- secrecy. The first pilot carbon trading | :03:15. | :03:21. | |
scheme in China comes into operation today. The China's | :03:21. | :03:25. | |
planning to experiment with the scheme over the next three years. | :03:25. | :03:31. | |
It will encourage businesses to cut pollution. It has been so bad | :03:32. | :03:36. | |
recently that normal activity has ground to a halt. The latest | :03:36. | :03:45. | |
figures from the UN sure that, as of 2008, China accounted for more | :03:45. | :03:53. | |
than 25 % of emissions in the world. The bows last year. China has | :03:53. | :03:58. | |
promised to reduce emissions relative to economic output by 2020. | :03:58. | :04:02. | |
First, they will need to come up with the working scheme. Attempts | :04:02. | :04:09. | |
to set up a carbon trading scheme in Europe are currently floundering. | :04:09. | :04:19. | |
:04:19. | :04:20. | ||
Let's get more. Thank you for being on the programme. How will this | :04:20. | :04:28. | |
teamwork? They Chinese scheme will be | :04:28. | :04:33. | |
operating with a cap. Companies will be given a locations. They | :04:33. | :04:37. | |
will be allowed to trade their permits. Companies that produce | :04:37. | :04:44. | |
more emissions will be able to sell off their permits. The market will | :04:44. | :04:50. | |
achieve the most effective and efficient way. The scheme is not | :04:50. | :04:57. | |
working very well at the moment in Europe. It is not effective to | :04:57. | :05:01. | |
trade the emissions. Do you think you will have the same problem in | :05:01. | :05:10. | |
China? It is hard to say at the moment. A couple of years ago, I | :05:10. | :05:20. | |
:05:20. | :05:22. | ||
was part of a discussion where people were invited to share | :05:22. | :05:29. | |
experiences with carbon schemes. We shared some of our experiences. | :05:29. | :05:35. | |
China has been doing their research. It seems like they are well | :05:35. | :05:42. | |
prepared to launch their national scheme. With any investor, price | :05:42. | :05:51. | |
transparency is important. We will have to see what happens. It is | :05:51. | :05:59. | |
very important, isn't it, that's something works? Pollution levels | :05:59. | :06:09. | |
:06:09. | :06:12. | ||
have been debilitating. It has been very bad. The launch of the scheme | :06:12. | :06:20. | |
shows strong political will from China's perspective. It is | :06:20. | :06:30. | |
:06:30. | :06:39. | ||
important that we see transparency, longevity and confidence. The | :06:39. | :06:45. | |
economy is looking towards transparency. They want to see if | :06:45. | :06:55. | |
:06:55. | :06:59. | ||
the pilot schemes become national. We will bring you the latest from | :06:59. | :07:09. | |
the Paris Air Show. We have been talking to a representative from | :07:09. | :07:14. | |
the parent company of Airbus. We are talking to the crowds. They | :07:14. | :07:17. | |
are enjoying manoeuvres from the largest passenger plane in the | :07:17. | :07:26. | |
world. It is the Airbus A350. A lot of delays with that plane. There | :07:26. | :07:33. | |
are developing low fuel burning techniques. -- they are. The plane | :07:34. | :07:38. | |
has pre-sold around 600. The hope is that it will make another | :07:38. | :07:43. | |
appearance before the end of the week. When we launched the | :07:43. | :07:50. | |
programme, we still had subsidiary companies operating nationally. We | :07:50. | :07:59. | |
have had problems. There are many things I could tell you that are | :07:59. | :08:09. | |
:08:09. | :08:11. | ||
positive. Over 600 orders. Customers want these fuel-saving so | :08:11. | :08:21. | |
now. What can we say about this? The 330s are still selling well. We | :08:21. | :08:29. | |
sold more after the launch of the 787. We're planning to deliver the | :08:29. | :08:39. | |
:08:39. | :08:39. | ||
first aircraft by the end of next year. That is a helluva schedule. A | :08:39. | :08:46. | |
lot of focus. We are looking for something like 10 aircraft a month | :08:46. | :08:52. | |
eventually. Not long ago, you were pursuing a merger with British | :08:53. | :08:59. | |
Aerospace. A lot of people think this is unfinished business and you | :08:59. | :09:06. | |
will have to make some changes. am thing I can tell you is that we | :09:07. | :09:16. | |
:09:17. | :09:19. | ||
will not give up. We are very well positioned. We have at a very good | :09:19. | :09:27. | |
revenue. Very strong and able not six. That will remain the main | :09:27. | :09:31. | |
strength of the company going forward. | :09:31. | :09:38. | |
Let's move on to bring you Other Business News. The New York-based | :09:38. | :09:48. | |
:09:48. | :09:50. | ||
hedge fund company Third. Has raised its stake in Soni. They want | :09:50. | :10:00. | |
:10:00. | :10:03. | ||
to have more of a say on the board. Third Point. Giggle has delayed a | :10:03. | :10:12. | |
stock split. It was a class action brought in Massachusetts. It was | :10:12. | :10:17. | |
alleged that the co-founders engineer at the stock in a way that | :10:17. | :10:21. | |
unfairly benefited them while short changing the rest of the | :10:21. | :10:26. | |
shareholders at the company. This clears the way for them to issue | :10:26. | :10:33. |