Browse content similar to 03/10/2013. Check below for episodes and series from the same categories and more!
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tells financial markets that the Those are the latest headlines. | :00:00. | :00:26. | |
tells financial markets that the threat of a US debt default is real. | :00:26. | :00:28. | |
Hello and a warm welcome to World Plus it is Europe's busiest airport, | :00:28. | :00:49. | |
Hello and a warm welcome to World programme, why the shutdown could | :00:49. | :00:50. | |
affect the price of the food on programme, why the shutdown could | :00:50. | :00:54. | |
breakfast table. First of all, as you have been hearing, the latest | :00:54. | :00:57. | |
meeting between President Obama you have been hearing, the latest | :00:57. | :01:01. | |
senior congressional leaders have ended without agreement yet again on | :01:01. | :01:03. | |
the budget dispute that has led ended without agreement yet again on | :01:03. | :01:08. | |
shutdown of many US government services since Tuesday. President | :01:08. | :01:12. | |
Obama has been doing his best to harness the power of financial | :01:12. | :01:16. | |
markets in his budget battle with the Republicans. On Wednesday he | :01:17. | :01:21. | |
used an interview with financial television network CNBC to warn | :01:21. | :01:25. | |
used an interview with financial Street it should be concerned that a | :01:25. | :01:28. | |
conservative faction of Republicans is willing to allow the country | :01:28. | :01:31. | |
conservative faction of Republicans default on its debt. The broadcast | :01:31. | :01:33. | |
came after the close of the US markets, which have so far shown a | :01:33. | :01:37. | |
muted reaction to this political deadlock. Earlier the President | :01:37. | :01:43. | |
muted reaction to this political met the bosses of America's biggest | :01:43. | :01:48. | |
So far the markets have appeared numb in the face of government | :01:48. | :01:52. | |
dysfunction. At the time for such calm on Wall Street is over. When | :01:52. | :01:57. | |
you have a situation in which a faction is willing potentially to | :01:57. | :02:09. | |
obligations, then we are in trouble. Hours earlier at the White House, he | :02:09. | :02:14. | |
met with more than a dozen worlds —— Wall Street bank chiefs. Looking | :02:14. | :02:16. | |
less like masters of the universe Wall Street bank chiefs. Looking | :02:16. | :02:22. | |
less like masters of the universe they spoke of how bad things might | :02:22. | :02:24. | |
get if America were unable to find itself and pay its bills. Goldman | :02:24. | :02:29. | |
Sachs's chief executive summed it up precedent for a shutdown. There | :02:29. | :02:37. | |
Sachs's chief executive summed it up no precedent for default. We are the | :02:37. | :02:40. | |
reserve currency of the world. Payments have to go out. If money | :02:40. | :02:43. | |
boss of Bank of America. There is no Payments have to go out. If money | :02:43. | :03:02. | |
boss of Bank of America. There is no debate that the seriousness of the | :03:02. | :03:06. | |
US not paying its debts, be it small—business loans, up to the | :03:06. | :03:09. | |
treasury notes and bills, it is small—business loans, up to the | :03:09. | :03:11. | |
most serious thing we have. We witnessed it in August 2011. We | :03:12. | :03:17. | |
most serious thing we have. We the ramifications as a sled and | :03:17. | :03:19. | |
most serious thing we have. We economy. The 2008 financial crisis | :03:19. | :03:23. | |
government shelter. Now the bank bosses fear the government could | :03:23. | :03:26. | |
push them back into the financial The budget crisis in the States | :03:26. | :03:34. | |
push them back into the financial having an effect on President Obama | :03:34. | :03:43. | |
What is happening as far as this trip is concerned? He was due to | :03:43. | :03:45. | |
Malaysia and the Philippines as trip is concerned? He was due to | :03:46. | :03:57. | |
tries to unlock this political gridlock in Washington which could | :03:57. | :04:04. | |
economy, but also Asia which exports many of its products to the United | :04:04. | :04:10. | |
States. The White House has not ruled out the possibility of Mr | :04:10. | :04:12. | |
Obama cancelling the remaining legs of his trip, the Apec summit in | :04:12. | :04:21. | |
Obama cancelling the remaining legs Southeast Asian meetings in Brunei. | :04:21. | :04:24. | |
His four nation Asian tour is being looked forward to in the region | :04:24. | :04:28. | |
key economic partner and is part of looked forward to in the region | :04:28. | :04:41. | |
priorities in the region. His visit America's initiative. The south—east | :04:41. | :05:06. | |
priorities in the region. His visit Asian treaty allies. Thank you very | :05:06. | :05:10. | |
much. The fallout from the shutdown could have an impact on the price of | :05:10. | :05:14. | |
food on your breakfast table. That is because it is unlikely the US | :05:14. | :05:18. | |
Department of agriculture will be estimates. Farmers and traders | :05:18. | :05:24. | |
around the world rely on this date, which can cause huge swings in the | :05:24. | :05:28. | |
price of corn, wheat, soya beans, and many other commodities. A Europe | :05:28. | :05:31. | |
business correspondent has the America has planted, but with no | :05:31. | :05:38. | |
official figures know people quite know how much it has wreaked. As the | :05:38. | :05:46. | |
world's largest grain exporter, America's actual crop yields matter. | :05:46. | :05:50. | |
Feeding into what we all pay for exporter. Without all the state | :05:50. | :06:01. | |
only have recent history to go on. When it comes to the breakfast table | :06:01. | :06:05. | |
it is cereals which have seen some of the biggest price cuts. Take | :06:05. | :06:10. | |
it is cereals which have seen some week for example, it is 60% cheaper | :06:10. | :06:13. | |
than it was one year ago. The story is different for meat. Frozen orange | :06:13. | :06:28. | |
concentrate is 11% more expensive. The commodity markets may be unsure | :06:28. | :06:33. | |
of the 2013 harvest has proved as good as many hoped. There are some | :06:33. | :06:35. | |
concerns about soya bean yields good as many hoped. There are some | :06:35. | :06:39. | |
little August rain on the corn belt. There is exported data, there's | :06:39. | :06:42. | |
are surveys going out and checking There is exported data, there's | :06:42. | :06:48. | |
are surveys going out and checking the yields and measuring heights. It | :06:48. | :06:48. | |
some traders might see this as an the yields and measuring heights. It | :06:48. | :06:54. | |
some traders might see this as an opportunity to trade on preferential | :06:54. | :06:57. | |
information. There could be some traders who have access to deep | :06:57. | :07:01. | |
knowledge on the markets. They may take advantage of that at a time | :07:01. | :07:04. | |
when the rest of the world's does not have access to this because | :07:04. | :07:15. | |
the downing of the USDA. The size of the crop in the US also shapes | :07:15. | :07:29. | |
the downing of the USDA. The size of Britain's aviation regulator will | :07:29. | :07:34. | |
rule on how Europe's busiest port can charge airlines in learning | :07:34. | :07:36. | |
fees. The Civil Aviation Authority is the industry watchdog which | :07:37. | :07:38. | |
average, 200,000 passengers fly is the industry watchdog which | :07:39. | :07:52. | |
and out Heathrow every day. The charges passed on as a service fee. | :07:52. | :08:01. | |
It is capped at $50 for shortfall —— shorthaul flights. What is the | :08:01. | :08:05. | |
likely outcome and what will it shorthaul flights. What is the | :08:05. | :08:14. | |
for travellers? I have said that it is three times more than other | :08:14. | :08:17. | |
airports charge. How have they gotten away with it? Heathrow, as | :08:18. | :08:25. | |
interest, is a different airport to anywhere else on the planet. London | :08:25. | :08:37. | |
is the world capital of aviation. The problem with Heathrow is that | :08:37. | :08:41. | |
because it is effectively full there The problem with Heathrow is that | :08:42. | :08:47. | |
because it is effectively full there are lots in essence. The actual | :08:47. | :08:49. | |
market would say that we judge people may be $100 per passenger, | :08:49. | :08:53. | |
which would be excessive. Therefore the regulator controls what Heathrow | :08:53. | :08:58. | |
may charge. At the way that is the regulator controls what Heathrow | :08:58. | :09:02. | |
may charge. At the way that is worked out is arcane. It is not | :09:02. | :09:04. | |
may charge. At the way that is do with the actual marginal cost of | :09:04. | :09:13. | |
bit strong. They have allowed above agreement? I think that would be a | :09:13. | :09:21. | |
bit strong. They have allowed above at it is to say that from a flight | :09:21. | :09:24. | |
pay $65 as your passenger service from Heathrow to Los Vegas you would | :09:24. | :09:29. | |
pay $65 as your passenger service fee, that goes to the airport. If | :09:29. | :09:38. | |
The airlines are furious at the regulators get it right? Indications | :09:38. | :09:47. | |
are that they will allow only below inflation increases. The airports is | :09:47. | :09:58. | |
that if they cannot get the fees that they need then the investors | :09:58. | :10:01. | |
will put their money elsewhere and Heathrow will not get the necessary | :10:01. | :10:07. | |
upgrades it needs. It is basically a shoehorned into the 21st century. | :10:07. | :10:15. | |
background of London being starved of runways. Nothing you since the | :10:15. | :10:17. | |
Second World War. That is a big of runways. Nothing you since the | :10:17. | :10:21. | |
we will no doubt be talking about soon. Thank you very much. We will | :10:21. | :10:27. | |
keep you up—to—date on that story. Before I go, a quick flash of the | :10:27. | :10:29. | |
We have been talking about the fact that these markets so far have maybe | :10:29. | :10:37. | |
been a bit calm and muted. Not reacting aggressively to what has | :10:37. | :10:40. | |
been going on. That could change soon. We will discuss that shortly | :10:41. | :10:42. | |
by me look at the newspapers. The main markets are down just lightly. | :10:42. | :10:49. |