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Report. Summers steps aside — he was | :00:00. | :00:22. | |
favourite to take on the biggest banking job in the world, but | :00:22. | :00:24. | |
political pressure makes Larry Summers pull out of the Federal | :00:24. | :00:25. | |
Reserve leadership battle. Immigration policies split the vote | :00:25. | :00:30. | |
— with just days to go until the — with just days to go until the | :00:30. | :00:32. | |
German election we head to Duisberg, a town that's divided by its migrant | :00:32. | :00:34. | |
population. a town that's divided by its migrant | :00:34. | :00:42. | |
Welcome to World Business Report. Welcome to World Business Report. | :00:42. | :00:45. | |
I'm Sally Bundock. Also in the programme: financial markets react | :00:45. | :00:47. | |
to Summers stepping to Summers stepping out of the race | :00:47. | :00:57. | |
to run the Fed. The front runner for the so—called | :00:57. | :00:58. | |
top job in global banking has pulled top job in global banking has pulled | :00:58. | :01:02. | |
out of the race. Lawrence Summers, a former top economic aide to Barack | :01:02. | :01:04. | |
become the next chairman of the Obama and | :01:04. | :01:11. | |
become the next chairman of the Federal Reserve in January. However, | :01:11. | :01:17. | |
in recent days several democratic senators made it clear they would | :01:17. | :01:20. | |
vote against him if he was elected by Obama. Many now predict it's more | :01:20. | :01:25. | |
likely that the current Fed Vice President Janet Yellen will get the | :01:25. | :01:27. | |
job, marking the first woman to do job, marking the first woman to do | :01:27. | :01:30. | |
so. Sharanjit Leyl is so. Sharanjit Leyl is live in | :01:30. | :01:35. | |
Singapore for us now. A look at Singapore for us now. A look at the | :01:35. | :01:49. | |
market reaction. What is going on? Larry Summers pulling out of the | :01:49. | :01:52. | |
race is boosting shares. He was seen to be much tougher on tightening | :01:52. | :01:59. | |
monetary policy. There is a sense of relief amongst investors who believe | :01:59. | :02:03. | |
that the other contender is less likely to withdraw economic stimulus | :02:03. | :02:12. | |
as quickly. We are seeing games right across Asia. Australia's share | :02:12. | :02:19. | |
index rising to a five—year high. Many other markets are higher as | :02:19. | :02:23. | |
well. The US dollar weakened against most of its counterparts. The saw | :02:23. | :02:29. | |
the South Korean currency going to a the South Korean currency going to a | :02:29. | :02:30. | |
six—month high. now — his company manages nearly | :02:30. | :03:16. | |
at Western Asset Management joins me $500 billion of assets. | :03:16. | :03:29. | |
surprised that he withdrew. surprised that he withdrew. | :03:29. | :03:35. | |
President Obama clearly like him, a think what this episode illustrates | :03:35. | :03:42. | |
is the dimmest ring —— diminishing influence that President Obama has. | :03:42. | :03:48. | |
You sad to see him not run? Not necessarily. They think now we have | :03:48. | :03:59. | |
an obvious choice from a policy perspective. I am not so sure that | :03:59. | :04:05. | |
President Obama will nominate her. He is not have a personal | :04:05. | :04:10. | |
relationship with her. He will try to persuade the former secretary to | :04:10. | :04:15. | |
take the job. Others are speculating that he made have his arm twisted. | :04:15. | :04:25. | |
Peter from familiar with the story —— people familiar with this story | :04:25. | :04:29. | |
say he is not one that job. What you think? Do you think you would go | :04:29. | :04:34. | |
fruit or not? He could leaders not want to be the Federal reserve | :04:34. | :04:40. | |
chair. But stranger things have happened. A former vice—chair, a | :04:40. | :04:48. | |
similar position, is the likely frontrunner if the job is refused. | :04:49. | :04:53. | |
this several reserve and markets. He this several reserve and markets. | :04:53. | :05:00. | |
would be moderate. Wished you think would be moderate. Wished you think | :05:00. | :05:02. | |
the US economy is at, its recovery the US economy is at, its recovery | :05:02. | :05:11. | |
story. Who is best for the job? I think Jana 's yellow. She is three | :05:11. | :05:15. | |
pragmatic and strong. my choice, but I do not get a | :05:15. | :05:19. | |
my choice, but I do not As you can see, we are moving on. We | :05:19. | :05:38. | |
are talking about the event that will take place in a few days time. | :05:38. | :05:41. | |
The people of Germany will head to the polls. Several issues have | :05:41. | :05:44. | |
divided the nation in recent weeks, with immigration policy becoming an | :05:44. | :05:46. | |
increasingly divisive one. Since Germany joined the EU, migrants from | :05:46. | :05:49. | |
around the continent have flooded in to take advantage of work and | :05:49. | :05:51. | |
so—called power house of Europe. so—called power house of Europe. | :05:52. | :05:56. | |
Merkel argues most of these new comers are skilled and help the | :05:56. | :05:57. | |
German economy stay competitive and German economy stay competitive and | :05:57. | :06:02. | |
grow. But Germans are increasingly concerned about competition for | :06:02. | :06:04. | |
and the threat to indigenous and the threat to indigenous | :06:04. | :06:11. | |
culture. But with one in ten voters with origins from outside Germany | :06:11. | :06:12. | |
it's not an easy issue for it's not an easy issue for | :06:12. | :06:19. | |
politicians to tackle. In the first of our special series Tanya Beckett | :06:19. | :06:20. | |
has gone to one city in the has gone to one city in the | :06:20. | :06:23. | |
north—west of the country that's bearing the brunt of the influx. | :06:23. | :06:29. | |
Welcome to Duisberg, Germany's 15th Welcome to Duisberg, Germany's 15th | :06:29. | :06:38. | |
largest city, home to 500,000 people and an economy in the midst of a | :06:38. | :06:42. | |
battle against poverty. This is quite a poor part of Duisberg. In | :06:42. | :06:47. | |
terms of inhabitants, it is a melting pot. You can see that from | :06:47. | :06:51. | |
some of the science and the shops and also the people wandering | :06:51. | :06:56. | |
around. It has quite clearly a well—established Turkish community. | :06:56. | :07:00. | |
That is not unusual for many parts of Germany. More recently, half of | :07:00. | :07:06. | |
the influx is actually from Bulgaria all remaining. They are European | :07:06. | :07:15. | |
citizens. This man is an engineer from Barcelona. In Spain, one in | :07:15. | :07:19. | |
every two young people is unemployed. I prefer staying at home | :07:19. | :07:23. | |
or having a chance to, but I am unemployed. I prefer staying at home | :07:23. | :07:36. | |
getting any reasonable pay or jobs. Ages packed suitcase and left. He | :07:36. | :07:39. | |
task ahead of them. Words may not other newcomers have | :07:40. | :07:48. | |
task ahead of them. Words may not come yet, but the city is working to | :07:48. | :07:49. | |
give these people a voice. A give these people a voice. A | :07:49. | :07:54. | |
response to the problem which this recruitment manager sees as | :07:54. | :08:03. | |
typically German. The German picture is that society works lack of the | :08:03. | :08:15. | |
machine. And the Turkish committee, the belief is then passed on over | :08:15. | :08:20. | |
decades that in Germany, there is opportunity. He was born here in | :08:20. | :08:27. | |
Germany. He is not no one ever life. The Hindu everything you want. The | :08:27. | :08:32. | |
taste of success is already being felt it. Is it enough to feed | :08:32. | :08:35. | |
Germany's new economic dream? Germany's new economic dream? | :08:35. | :08:43. | |
Will squeeze in some other stories. Representatives from the | :08:43. | :08:44. | |
International Monetary Fund, International Monetary Fund, | :08:44. | :08:46. | |
European Commission and European Central Bank have begun their latest | :08:46. | :08:49. | |
audit of Portugal's economic health. A raft of reforms was promised by | :08:49. | :08:52. | |
Portugal's leaders in return for its $102 billion bailout in May 2011. | :08:52. | :08:57. | |
determine whether the country determine whether the country | :08:57. | :08:59. | |
receives its next instalment of bailout funds. It is expected to | :08:59. | :09:04. | |
meet the criteria and the Portuguese government maintain that it is on | :09:04. | :09:07. | |
track to emerge from the bailout programme in June 2014 Angela | :09:07. | :09:09. | |
Merkel's closest political allies, the conservative Christian Social | :09:09. | :09:10. | |
Union, won a another look at the markets. Japan | :09:10. | :09:21. | |
is close to death or there. Elsewhere we have seen gains across | :09:21. | :09:24. | |
the board. Hong the board. Hong Kong is up over 1% | :09:24. | :09:25. | |
of the moment. A lot of that is to of the moment. A lot of that is to | :09:25. | :09:29. | |
do with the situation as far as is next in charge of the Federal | :09:29. | :09:31. | |
currency, the US dollar is reserve in the US. The | :09:31. | :09:39. | |
currency, the US dollar is weakening. That is a quick look at | :09:39. | :09:40. | |
trading day in a couple of hours. trading day in a couple | :09:40. | :09:46. |