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Those are the latest headlines from BBC World News. Now, the latest | :00:08. | :00:18. | |
:00:18. | :00:18. | ||
financial news with World Business Portugal's Prime Minister says he | :00:19. | :00:21. | |
will not sway from his austerity drive despite the resignation of | :00:21. | :00:28. | |
two ministers over the measures in as many days. | :00:28. | :00:30. | |
German Chancellor Angela Merkel hosts a summit to tackle Europe's | :00:30. | :00:38. | |
youth unemployment crisis, but will it deliver anything substantial? We | :00:39. | :00:48. | |
:00:49. | :00:49. | ||
look at a controversial new plan to Welcome to World Business Report. | :00:49. | :00:56. | |
I'm Sally Bundock. Also in the programme: We await the verdict of | :00:56. | :01:06. | |
:01:06. | :01:07. | ||
the accounting scandal that To pinch a phrase from Oscar Wilde: | :01:07. | :01:10. | |
To lose one minister is unfortunate. To lose two looks like carelessness. | :01:10. | :01:12. | |
That's the situation Portugal's Prime Minister finds himself in | :01:12. | :01:19. | |
this morning. Earlier, in a televised address, Prime Minister | :01:19. | :01:21. | |
Pedro Passos Coelho vowed he'd fight on with austerity measures as | :01:21. | :01:23. | |
resignations threaten his government. On Tuesday the | :01:23. | :01:26. | |
country's Foreign Minister, Paulo Portas, attempted to resign. He is | :01:26. | :01:28. | |
also the leader of the junior partner in the governing coalition. | :01:28. | :01:31. | |
And on Monday, the country's Finance Minister, Vitor Gaspar, | :01:31. | :01:33. | |
resigned. He'd been overseeing the government's efforts to reduce | :01:33. | :01:36. | |
Portugal's debt by means of drastic public spending cuts and tax rises. | :01:36. | :01:39. | |
Austerity policies in Portugal have so far failed to stem a deep | :01:39. | :01:41. | |
recession and a rapid rise in unemployment, as Alison Roberts now | :01:42. | :01:51. | |
:01:52. | :01:53. | ||
reports from the capital Lisbon. Despite his two most senior | :01:53. | :01:57. | |
officers entering the resignation, the par Minister of Portugal | :01:57. | :02:03. | |
pledged to continue in offers. Tries but I will not resign. I'll | :02:03. | :02:10. | |
not abandon my country. We live in a time when cannot do this in the | :02:10. | :02:15. | |
face of adversity. How can I get scared when I see bravery in | :02:15. | :02:21. | |
hundreds of thousands of people in Portugal? The Prime Minister has | :02:21. | :02:25. | |
not accepted the resignation of the Foreign Minister, submitted a few | :02:25. | :02:30. | |
hours earlier. As leader of the junior partner in the two party | :02:30. | :02:34. | |
coalition, he repeatedly distanced himself from the unrelieved | :02:34. | :02:40. | |
austerity advocated by the Finance Minister. Critics say it has pushed | :02:40. | :02:47. | |
the country deeper into recession and debt. The resignation on Monday | :02:47. | :02:52. | |
shook the government. He cited public weariness with two years of | :02:52. | :02:55. | |
austerity, a series of missed deficit targets and a lack of | :02:55. | :03:01. | |
political backing within the coalition, reasons for his stepping | :03:01. | :03:08. | |
down. The Prime Minister's decision to replace him as a woman equally | :03:08. | :03:12. | |
committed to austerity was seen as a signal there will be no major | :03:12. | :03:16. | |
shift in economic policy. According to the Foreign Minister in his | :03:16. | :03:20. | |
resignation statement on Tuesday, but appointment was made his | :03:20. | :03:26. | |
explicit advice. He has not responded to the Prime Minister's | :03:26. | :03:35. | |
refusal to accept his resignation or for the call that the party will | :03:35. | :03:42. | |
continue. Outside, the mood had shifted against austerity of. Last | :03:42. | :03:47. | |
week, unity among the unions with a general strike. Some opposition | :03:47. | :03:51. | |
politicians are calling for people to come onto the streets to demand | :03:51. | :04:01. | |
:04:01. | :04:05. | ||
the government's resignation. German Chancellor Angela Merkel is | :04:05. | :04:08. | |
hosting a summit on youth unemployment in Berlin later today. | :04:08. | :04:11. | |
It comes at a time when unemployment across the 17 European | :04:11. | :04:14. | |
Union countries that use the euro hit an all-time high in May. The | :04:14. | :04:16. | |
most recent figures from Eurostat, the EU's statistics office, found | :04:16. | :04:19. | |
the eurozone's unemployment rate was 12.2% in May, up from 12.1% in | :04:19. | :04:22. | |
April. Across the eurozone, there were 19.34 million people | :04:22. | :04:31. | |
unemployed - around 70,000 higher than the previous month. Nearly one | :04:31. | :04:36. | |
in four people aged under 25 are estimated to be out of work. This | :04:36. | :04:40. | |
latest coming together of leaders aims to agree on how best to spend | :04:40. | :04:43. | |
the 6 billion-euro fund - around $8 billion - dedicated to reducing the | :04:43. | :04:51. | |
high levels of youth unemployment. One idea on the table is a new | :04:51. | :04:54. | |
scheme to attract the young and unemployed to Germany, where many | :04:54. | :05:00. | |
companies are keen to recruit new talent. But is this good for | :05:00. | :05:02. | |
Europe? Is it creating further problems for the future? Germany's | :05:03. | :05:05. | |
Labour Minister, Ursula von der Leyen, told Steve Evans why the | :05:05. | :05:15. | |
:05:15. | :05:23. | ||
Young people are willing to move. They want perspective. The only | :05:23. | :05:26. | |
barrier they have in the European labour market is a language barrier. | :05:26. | :05:32. | |
We are paying for language classes if the want them. And also | :05:32. | :05:37. | |
travelling costs. The cost to have eight weeks of internships, just | :05:37. | :05:43. | |
have to match the expectation of the potential employee. -- employee | :05:44. | :05:49. | |
era. I can hear voices in Greece and Spain saying, you are taking | :05:49. | :05:58. | |
our ghost workers, you are taking our future. -- best workers. These | :05:58. | :06:03. | |
young people do not have work. They are looking for a job. Unemployment | :06:03. | :06:07. | |
is painful for families because these young people have no future | :06:07. | :06:15. | |
right now. It is not the only one way thing. We have to invest in the | :06:16. | :06:21. | |
country with the highest youth unemployment. There has to be | :06:21. | :06:25. | |
billions to invest in companies that are healthy and need | :06:25. | :06:30. | |
investment credit for a moderate interest rate. This is the growth | :06:30. | :06:34. | |
initiative right now, giving relief in the short-term and investing in | :06:34. | :06:41. | |
the future. We will update you with the news | :06:41. | :06:46. | |
later. Let's look at Japan now, where the | :06:46. | :06:49. | |
Tokyo District Court will hand down its verdict on a case involving the | :06:49. | :06:52. | |
former chairman and two other ex- senior executives of camera and | :06:52. | :06:55. | |
medical equipment maker Olympus. The court will rule over their role | :06:55. | :06:58. | |
in the huge accounting scandal that rocked the firm in 2011. The case | :06:58. | :07:06. | |
has just started in Tokyo, so we won't get the verdict immediately. | :07:06. | :07:09. | |
The scandal made headlines around the world. Has anything actually | :07:09. | :07:12. | |
changed in corporate Japan as a result? I'm joined by Dr. Seijiro | :07:12. | :07:19. | |
Takeshita, Director of Mizuho International. | :07:19. | :07:23. | |
We have talked about this many times. The government at the time | :07:24. | :07:30. | |
said it would clean up corporate Japan. Has anything changed? | :07:30. | :07:40. | |
:07:40. | :07:41. | ||
really. There was the seeming economic revival we saw. But as you | :07:41. | :07:45. | |
suggested, we need to see more internationalisation in many of the | :07:45. | :07:53. | |
Japanese companies to have some segments of governors in many areas. | :07:53. | :07:58. | |
What will kick-start a serious change? Does it take another | :07:58. | :08:04. | |
scandal like the Olympics scenario? What was the verdict be today? | :08:04. | :08:12. | |
relative strength of foreign investors is actually giving some | :08:12. | :08:18. | |
pressure. There are some changes being made. That includes clarity | :08:18. | :08:22. | |
in auditors. Increased diversity on the employment side. That is | :08:22. | :08:28. | |
gradually happening. When something hot goes down the throat and | :08:28. | :08:35. | |
stomach, forget about it. That is as saying in Japan. We need to put | :08:35. | :08:45. | |
:08:45. | :08:55. | ||
pressure to open up the doors on Oil is above $100 a barrel. Traders | :08:55. | :08:57. | |
are worried about disruptions to supplies after embattled Egyptian | :08:57. | :09:04. | |
President Mohammed Morsi vowed not to resign. For a bit of analysis on | :09:04. | :09:06. | |
this, I'm joined by Justin Urquhart Stewart, Director of Seven | :09:06. | :09:15. | |
Investment Management. Is it about the Suez Canal? | :09:15. | :09:21. | |
Partially. That is one of the key arteries to world oil. We have to | :09:21. | :09:26. | |
differentiate between different types of crude oil. We have liked | :09:26. | :09:32. | |
oil. That is used in the US. It is not affected that much. Then you | :09:32. | :09:41. | |
have the heavier, sour crude oil. We have seen price rises with that. | :09:41. | :09:50. | |
There are restrictions. Exports have decreased by half. In the US, | :09:50. | :09:55. | |
the energy department will release their weekly report on stockpiles. | :09:55. | :10:01. | |
They will show the demands going up in the US. It is interesting. One | :10:02. | :10:07. | |
of the reasons the price has been OK used because the demand in US | :10:07. | :10:16. | |
has been, not flat, but a spiky. America, the economy is improving | :10:16. | :10:20. |