Browse content similar to 20/09/2013. Check below for episodes and series from the same categories and more!
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BBC World News. Now for the latest financial news | :00:00. | :00:00. | |
Nigeria's criminal crude — oil worth with Alice | :00:00. | :00:20. | |
Nigeria's criminal crude — oil worth billions of dollars is stolen and | :00:20. | :00:22. | |
sold on international markets every year, according to a new report. | :00:22. | :00:28. | |
Iceland's Prime Minister tells the BBC his country is open for business | :00:28. | :00:34. | |
five years after the financial crisis that brought it to the brink | :00:34. | :00:35. | |
of bankruptcy. Welcome to World Business Report. | :00:35. | :00:55. | |
Sunday's German election with a top Sunday's German election with a | :00:55. | :00:59. | |
economist in Berlin. But first, stolen on an industrial | :00:59. | :01:02. | |
scale — that is how a new report describes the theft of crude oil | :01:02. | :01:04. | |
Nigeria. A Nigeria. A massive criminal | :01:04. | :01:07. | |
enterprise that has knock—on effects around the world. According to the | :01:07. | :01:12. | |
Royal Institute of International Affairs, 100,000 barrels of oil per | :01:12. | :01:15. | |
day were stolen from pipelines in the Niger Delta in the first three | :01:15. | :01:21. | |
months of this year. Counting theft from export terminals, that total | :01:21. | :01:22. | |
could be much higher. The theft could be much higher. The theft and | :01:22. | :01:31. | |
lost production because of damage to pipelines costs Nigeria an estimated | :01:31. | :01:37. | |
$5 billion a year in lost revenue. Stolen oil from this area could be | :01:37. | :01:40. | |
finding its way into markets in the US, Asia and the Balkans, often | :01:40. | :01:43. | |
mixed with legitimate crude to make it untraceable. And the proceeds are | :01:43. | :01:50. | |
likely to be laundered in the financial centres like London, | :01:50. | :01:51. | |
Singapore and Dubai. Here is our Singapore and Dubai. Here is our | :01:51. | :02:02. | |
correspondent in Nigeria. Armed and ready for action. These | :02:02. | :02:08. | |
soldiers are off to patrol the creeks of the Niger Delta. Tough | :02:08. | :02:10. | |
security is needed here because creeks of the Niger Delta. Tough | :02:10. | :02:17. | |
is stolen. It is estimated that Nigeria lost about 100,000 barrels | :02:17. | :02:19. | |
of oil every day of this year 's first quarter. It is a lucrative | :02:19. | :02:22. | |
oil which is then sold break into pipelines, | :02:22. | :02:31. | |
internationally. Closer home, some of the stolen oil is processed | :02:31. | :02:43. | |
from their land. This is contributed to the ongoing plunder of resource. | :02:44. | :02:48. | |
The corporation charged with regulating the oil industry is often | :02:48. | :02:51. | |
report has raised these reports —— report has raised these reports —— | :02:51. | :02:55. | |
these concerns and more, calling for foreign governments to and ensuring | :02:55. | :03:04. | |
countries. They have also urged the countries. They have also urged the | :03:04. | :03:07. | |
government to track the oil more thoroughly. Stemming the flow of | :03:07. | :03:14. | |
stolen crude is crucial. This report highlights the well—known facts | :03:14. | :03:17. | |
about the billions of dollars of oil —— of revenue lost to theft. The | :03:17. | :03:24. | |
Nigerian authorities, including the Nigerian authorities, including the | :03:24. | :03:27. | |
military, have themselves been accused of being complacent or even | :03:27. | :03:31. | |
colluding with the thieves. Clearly, the government has its work | :03:31. | :03:37. | |
cut out if it is to put an end to this rampant pilfering of the nation | :03:37. | :03:38. | |
's most treasured resource. 's most treasured resource. | :03:38. | :03:42. | |
Now to Germany, and Now to Germany, and Sunday's | :03:42. | :03:44. | |
election, which is being closely watched by global markets. | :03:44. | :03:48. | |
Chancellor Angela Merkel's centre right coalition has a slim lead over | :03:48. | :03:50. | |
the left—leaning opposition parties in opinion polls. She's credited | :03:50. | :04:01. | |
with steering a with steering a steady course | :04:01. | :04:03. | |
through the eurozone crisis so far, insisting on tough austerity in | :04:03. | :04:05. | |
return for Germany's financial support. That's despite calls from | :04:05. | :04:09. | |
the left for more emphasis on growth and from the right to quit the euro | :04:09. | :04:12. | |
as usual on Monday? as usual on Monday? | :04:12. | :04:17. | |
President of the DIW research President | :04:17. | :04:21. | |
Come Sunday, is it likely that we institute in Berlin. | :04:21. | :04:27. | |
are going to see any major change in are going to see any major change in | :04:27. | :04:34. | |
Germany's economic policy? Good morning. No ID not think there will | :04:34. | :04:36. | |
be a major feeling that the German economy is | :04:36. | :04:37. | |
government will come feeling that the German economy is | :04:37. | :04:43. | |
everything right in the past is the everything right in the past is the | :04:43. | :04:47. | |
perception. On key issues, the major parties have | :04:47. | :04:55. | |
position will stop I do not expect there will be any major change. What | :04:55. | :04:56. | |
about the differences in calls that we are seeing from some parties | :04:56. | :05:00. | |
saying that the austerity routes that we are seeing across Europe, | :05:00. | :05:05. | |
being driven by Germany, is still working, others saying it is not, | :05:05. | :05:08. | |
those on the right in Germany saying they want to leave the eurozone | :05:08. | :05:15. | |
altogether. There is big support within Germany to stay within the | :05:15. | :05:18. | |
euro and also to keep all the other members part of the euro. The | :05:18. | :05:23. | |
attitude of the population and of the major parties is very much pro— | :05:23. | :05:27. | |
European. However, there is little appetite, as before, by any party to | :05:27. | :05:33. | |
give more to Europe in terms of financing, so the German government | :05:33. | :05:37. | |
will do the least necessary to keep the euro afloat. There is also these | :05:37. | :05:43. | |
Germany. This focus on the need for Germany. This focus on the need for | :05:43. | :05:51. | |
a minimum wage in Germany, and also this debate about the top rate of | :05:51. | :05:53. | |
tax, and whether tax, and whether it should be | :05:53. | :05:59. | |
raised. The election campaign has very much been about fairness, not | :05:59. | :06:03. | |
about the economy, Howard is doing, but really about distribution. You | :06:03. | :06:08. | |
should have how much within German society. Very much a push towards | :06:08. | :06:12. | |
more equality, less inequality in terms of income and benefits and | :06:12. | :06:13. | |
entitlements will stop that has been entitlements will stop that has | :06:13. | :06:16. | |
a key issue. But the European issues a key issue. But the European issues | :06:16. | :06:20. | |
and the German economy has not been at the forefront of the debate. | :06:20. | :06:29. | |
Would you say that debate is focused on Eurozone crisis, unemployment and | :06:29. | :06:30. | |
social policy, but specifically social policy, but specifically on | :06:30. | :06:32. | |
the topic of the top the topic of the top rated tax, is | :06:32. | :06:41. | |
that likely to gain traction? Has it proved a divisive point within the | :06:41. | :06:47. | |
campaigning? This discussion of raising the tax for the top income | :06:47. | :06:48. | |
earners has been very controversial. But I think it is fair to say that | :06:48. | :06:55. | |
there is a fair bit of scepticism echoes the German government already | :06:55. | :06:59. | |
has a fiscal surplus. A lot of people ask, why do we need a another | :06:59. | :07:01. | |
is doing very well? I have picked tax rate if the government | :07:01. | :07:11. | |
is doing very well? I have picked out whether such a big change in | :07:11. | :07:18. | |
income tax for the top earners will come into effect because of that | :07:18. | :07:20. | |
surplus and that the government has surplus and that the government | :07:20. | :07:21. | |
been doing very well. been doing very well. | :07:21. | :07:25. | |
Thank you for joining me. Thank you for joining me. | :07:25. | :07:31. | |
Five years ago, its banking system collapsed, its currency crashed and | :07:31. | :07:33. | |
it was plunged into a severe recession. But now Iceland is back | :07:33. | :07:35. | |
and ready for and ready for international | :07:35. | :07:41. | |
investment. That's the message from its prime minister Sigmundur | :07:41. | :07:44. | |
week trying to entice foreign week trying to entice foreign | :07:44. | :07:45. | |
capital back to his country. capital back to his country. He's | :07:45. | :07:51. | |
been talking to the BBC and started by telling us why Iceland has halted | :07:51. | :07:57. | |
talks to join the European Union. There is very little support for EU | :07:57. | :08:01. | |
membership in Iceland. Why is that? Because things are not progressing | :08:01. | :08:07. | |
economically in the eurozone in particular. We see GDP growth in | :08:07. | :08:17. | |
Iceland, we see stability, economic and political stability returning. | :08:17. | :08:24. | |
future, based on natural resources, future, based on natural resources, | :08:24. | :08:31. | |
the position in the Arctic, a the position in the Arctic, a | :08:31. | :08:36. | |
EU talks now? Will there be a so on. Have you closed the | :08:36. | :08:45. | |
referendum? We have decided we would referendum? We have decided we would | :08:45. | :08:49. | |
not continue without a referendum. point would a referendum be a viable | :08:49. | :08:57. | |
option. The next step would be to have a debate in Parliament. What is | :08:57. | :08:59. | |
the opinion of what it is it —— what the opinion of what it is it —— what | :08:59. | :09:06. | |
is it becoming? We will have two decide whether it is something which | :09:06. | :09:08. | |
will suit us in the future. You have talked about capital controls. They | :09:08. | :09:14. | |
Iceland. In a way, unfairly protect basically prevent foreign owned | :09:14. | :09:25. | |
rid of them? And what effect will they have on the economy? They were | :09:25. | :09:33. | |
a necessity because of the situation the economic crisis created in | :09:33. | :09:37. | |
to deal with. However, the to deal with. However, the | :09:38. | :09:42. | |
fundamentals of fundamentals of the Icelandic | :09:42. | :09:48. | |
inspecting investment to grow inspecting investment to grow | :09:48. | :09:53. | |
steadily, we are expecting the current —— the currency | :09:53. | :09:55. | |
strengthen. Everybody remembers the strengthen. Everybody remembers the | :09:55. | :10:05. | |
banking saga in Iceland. It is that —— is it now I trust worthy | :10:05. | :10:06. | |
situation? The Eurozone and the EU situation? The Eurozone and the EU | :10:06. | :10:19. | |
have not gone through this process. Iceland has built a more stable | :10:19. | :10:23. | |
system, transparent and well system, transparent and well | :10:23. | :10:28. | |
functioning, so people should feel more at ease investing in Iceland | :10:28. | :10:30. | |
are in in other places. —— than | :10:30. | :10:33. |