14/08/2013 World Business Report


14/08/2013

Similar Content

Browse content similar to 14/08/2013. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

between the two sides. Those are the headlines. Now for the latest

:00:05.:00:14.
:00:15.:00:28.

In all out of recession? Today we will get the verdict on the economy.

:00:28.:00:30.

While the world's largest airline failed to take off. The US

:00:30.:00:36.

Department of Justice acts to block the merger between it American

:00:36.:00:46.
:00:46.:00:56.

Ahead: Recession that has gripped Europe is likely to be over. Figures

:00:56.:01:00.

out today are likely to show a growth among the countries that use

:01:00.:01:05.

the single currency edged up 0.2% from April. This would be

:01:06.:01:10.

competitive previous quarter. The increase, although slight, wood and

:01:10.:01:16.

quarters of debilitating recession that has affected the eurozone since

:01:16.:01:21.

its creation. I will speak to a leading economist. First let's have

:01:21.:01:28.

a look at one of the eurozone countries, Ireland. There are some

:01:28.:01:32.

glimmers of hope and the grassroots economy of the country. A reluctance

:01:32.:01:39.

by banks to lend could mean a slower hold. Island's comic took a dive

:01:39.:01:47.

five years ago but at this holiday spot it is a key for these people

:01:47.:01:52.

wanting to take the plunge. -- OK. Before the recession and would have

:01:52.:01:57.

had more than 20 holidays abroad a year but now I can Bendigo wants a

:01:57.:02:03.

year. I am lucky to even have that. I guess people are looking at what

:02:03.:02:08.

they have and they are staying here to holiday in Ireland. The downtown

:02:08.:02:16.

has meant more business though. It has been a good year overall.

:02:16.:02:19.

south people have been offering great value in local restaurants and

:02:19.:02:28.

for families. They want to keep people coming in.

:02:28.:02:32.

This area has the scenery but there are also high-tech companies. Local

:02:32.:02:36.

people may be staying at home to save money during the recession but

:02:36.:02:43.

for the company is the focus is aboard. Exports are seen key to

:02:43.:02:48.

Ireland's getting out of recession. Most of this company 's business is

:02:48.:02:55.

now after the US. There is not much backing at home with cautious banks

:02:55.:03:02.

and a weakening economy. We have massive growth coming through the

:03:02.:03:06.

US. We are sitting up there. We are involved in major opportunities. We

:03:06.:03:09.

have new customers coming on all the time. The problem is that we can't

:03:09.:03:15.

get access to capital through either investors or the banks. The busy

:03:15.:03:21.

streets wouldn't suggest recession. While visitors full inwards, local

:03:21.:03:27.

figures show that exports are declining. They may be fighting to

:03:27.:03:32.

win business at home but the battle for money will depend on money and

:03:32.:03:42.
:03:42.:03:42.

the EU. I speak to a senior economist at the

:03:42.:03:50.

bank. It looks as though after the long, cold, hard winter that we have

:03:50.:03:54.

gone through, things are starting to look up for the eurozone. Indeed. It

:03:54.:04:02.

seems as though the recession... And a pool the eurozone was already

:04:02.:04:08.

growing. It remains a very uneven recovery though. Most service

:04:08.:04:15.

Ireland is in recession but most of the recession has eased. Germany

:04:15.:04:18.

will probably report a significant growth. It may even be the fastest

:04:18.:04:22.

growing economy this time. Interestingly, we have one other

:04:22.:04:27.

country, France, the second largest economy in the eurozone, expected to

:04:27.:04:32.

move out of recession and into growth. Indeed. They had two

:04:32.:04:37.

quarters of negative growth. The reported positive growth in the

:04:37.:04:41.

second quarter. We are talking about very slight growth and a very slight

:04:41.:04:46.

recession before. France is stagnating rather than growing.

:04:46.:04:52.

is going to happen after September. There are elections in Germany in

:04:52.:04:56.

September. It is the powerhouse of Europe. What can we expect to change

:04:56.:05:01.

in terms of economic policy? There are some stories about the German

:05:01.:05:04.

election which will probably be the biggest political event in Europe in

:05:04.:05:11.

the second half of the year. One of the story is, what will happen to

:05:11.:05:14.

Germany, domestically? There would be massive change. The second is,

:05:14.:05:20.

what will happen to Europe? At the moment, Germany is softer on the

:05:20.:05:23.

periphery than it used to be because it wants to avoid a crisis ahead of

:05:23.:05:28.

the election. After the election it will get harsher. The other story is

:05:28.:05:32.

that at the moment Gemina 's harsh on the periphery because German

:05:32.:05:35.

voters like that. After the elections they will get softer. They

:05:35.:05:39.

will allow Eurobonds and other things like that. In my view, it is

:05:39.:05:46.

most likely that this turns out to be a nonevent because whatever

:05:46.:05:49.

happens at the elections, it is in the German national interest to keep

:05:49.:05:54.

the eurozone together and to lead the eurozone back to growth. For

:05:54.:06:02.

that policy they are being a bit softer. A bit more growth is the

:06:02.:06:08.

right policy. It will change after the election. Thank you. We will

:06:08.:06:14.

wait for GDP figures to trickle out over the morning.

:06:14.:06:19.

In a surprise move, US government officials have filed a lawsuit to

:06:19.:06:22.

block the proposed merger between US Airways and American Airliness

:06:22.:06:30.

parent company AMR Corp. It would have created the world's biggest

:06:30.:06:38.

airline. If you are a boss at American Airlines or US Airways you

:06:38.:06:43.

might be forgiven for thinking that your planned merger was pretty much

:06:43.:06:47.

on track. It was backed by a federal judge in March and it has been

:06:47.:06:51.

approved by the European union as well. The US Department of Justice

:06:51.:06:55.

has had other thoughts. It has moved to block the deal. They say the

:06:55.:07:02.

merger would push up fees. It would lead to consumers with -- leave

:07:02.:07:08.

consumers with fewer choices. There are four US airlines now. They used

:07:08.:07:18.

to be six. This planned merger was... The airline has been in

:07:18.:07:26.

bankruptcy protection. Other carriers have fallen sharply. What

:07:26.:07:30.

is next? In light of the government's decision, they no

:07:30.:07:33.

longer expect the merger to complete by the end of this year. They are

:07:33.:07:43.

not giving up. US Airways says the company will fight the injunction.

:07:43.:07:48.

Some are the news now. Public prosecutors and Brazil have begun

:07:48.:07:54.

legal action against South Korean Alec Tronics giant, Samsung saying

:07:54.:07:59.

it is violating labour laws at its factory in the Amazon region. --

:07:59.:08:05.

electronic. It says that they make people work long hours without

:08:05.:08:12.

sufficient breaks. It says they will take action. Shares for Apple jumped

:08:12.:08:20.

nearly 5% on Tuesday after a well known Wall Street personality

:08:20.:08:27.

commented. He said he had a major hold an Apple stock and the Company

:08:27.:08:31.

should accelerate its share. BP is suing the US government for barring

:08:31.:08:37.

it from obtaining new federal contracts. The Environmental

:08:37.:08:41.

Protection Agency banned BP last November because of the firm's lack

:08:41.:08:47.

of business and Tiruchi after the deepwater exploit. -- business and

:08:47.:08:57.
:08:57.:08:58.

tech pretty. -- deepwater exploit in. Kohlberg & Co has abandoned its

:08:58.:09:02.

effort to buy Steinway Musical Instruments. In July Kohlberg & Co

:09:03.:09:09.

had accepted advice, valuing the company at 430 8 million US

:09:10.:09:15.

dollars. It was dropped on Monday by a mystery that -- 438 million US

:09:15.:09:22.

dollars. It is said that the offer from a high of business came from

:09:22.:09:26.

John Polson. John Polson.

:09:26.:09:32.

Let's look at Around the world we are waiting for GDP figures to come

:09:32.:09:39.

out. First numbers are expected for France, Germany, and around 9am we

:09:39.:09:43.

Download Subtitles

SRT

ASS