Browse content similar to 10/10/2013. Check below for episodes and series from the same categories and more!
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clear a system of pay—outs were delayed or cancelled flights. —— | :00:00. | :00:32. | |
China ups the pressure on the US to get its financial house in order. | :00:32. | :00:54. | |
We start with a very big news that we would usually —— were previewing | :00:54. | :01:01. | |
for you yesterday. President Obama nominated Janet Yellen as the next | :01:01. | :01:02. | |
head of the US Federal reserve. nominated Janet Yellen as the next | :01:02. | :01:09. | |
approved, which looks likely, she will become the first woman to have | :01:09. | :01:11. | |
the world 's most powerful central markets, but as we report, not | :01:12. | :01:17. | |
He knows what it is like having markets, but as we report, not | :01:17. | :01:25. | |
shoulders. She is about to find markets, but as we report, not | :01:25. | :01:30. | |
67 —year—old Janet Yellen has been lined up to run the central bank of | :01:30. | :01:34. | |
the world 's largest economy. Her decisions will reverberate around | :01:34. | :01:37. | |
the globe, affecting us all. She made it clear whether priorities | :01:37. | :01:40. | |
lie. Many Americans still cannot find a job and worry how they will | :01:40. | :01:46. | |
pay their bills and provide for their families. The Federal reserve | :01:46. | :01:55. | |
effectively. The daughter of a doctor and teacher from Brooklyn, | :01:55. | :01:58. | |
she has served at the third longer than any other senior official. | :01:58. | :02:03. | |
she has served at the third longer has been the number to there since | :02:03. | :02:07. | |
2010. Back in the 90s she chat Bill impressive academic career as a | :02:07. | :02:14. | |
professor at Berkeley and holding teaching positions at Harvard and | :02:14. | :02:15. | |
the London School of economics. teaching positions at Harvard and | :02:15. | :02:20. | |
to Wall Street to make loads of spent her time between this place | :02:20. | :02:24. | |
to Wall Street to make loads of money and the Democrats like that. | :02:24. | :02:25. | |
There is something of a keen on money and the Democrats like that. | :02:25. | :02:32. | |
— that it has the job of balancing unemployment and inflation. She | :02:32. | :02:34. | |
— that it has the job of balancing or is put the stress on policies | :02:34. | :02:38. | |
that create jobs. Her husband won the Nobel Prize for economics in | :02:38. | :02:39. | |
Keynesians. He has been a consistent advocate that when unemployment | :02:39. | :02:53. | |
Keynesians. He has been a consistent high that is one of the main points | :02:53. | :03:03. | |
think what she will bring is a kind lacking in the years before the | :03:03. | :03:09. | |
crisis. The markets seem to like her as well, bouncing back this morning. | :03:09. | :03:11. | |
Many think she will put on hold as well, bouncing back this morning. | :03:11. | :03:14. | |
plan is to reduce the amount of money they are pumping into the | :03:14. | :03:18. | |
plan is to reduce the amount of economy. The thought of a cutback | :03:18. | :03:19. | |
makes them nervous. If it happened it could shape —— sent shockwaves | :03:19. | :03:24. | |
around the world. Not everyone will be pleased with her though. If | :03:24. | :03:28. | |
you're in the Senate voted against forgetting her current job and they | :03:28. | :03:33. | |
will be more nervous now. Flooding the financial system with liquidity | :03:33. | :03:36. | |
is always popular. It is when you take the punchbowl away. I think she | :03:36. | :03:40. | |
has the fortitude to do that is necessary. The question is will | :03:40. | :03:45. | |
has the fortitude to do that is I am a sceptic that when the time | :03:45. | :03:47. | |
comes she is going to make the really hard choices. She has been | :03:47. | :03:52. | |
given a tall order and have started measures adopted that will not | :03:52. | :04:04. | |
bankers from the G 20 are meeting in Washington later ahead of this | :04:04. | :04:07. | |
weekend 's annual meeting of the IMF government services shut down for | :04:07. | :04:15. | |
nine days now and raised fears America could be forced to default | :04:15. | :04:18. | |
discussions. They are joined by on its debts is likely to dominate | :04:18. | :04:25. | |
discussions. They are joined by Sarah Huon. It is true, isn't it | :04:25. | :04:30. | |
that the —— isn't it, that the situation in the US will be pretty | :04:30. | :04:30. | |
much talked about in most of these situation in the US will be pretty | :04:30. | :04:34. | |
much talked about in most of these meetings because it is not just | :04:34. | :04:36. | |
much talked about in most of these deadlock in the budget and the debt | :04:36. | :04:38. | |
appointment. There is so much going ceiling crisis that is around the | :04:38. | :04:46. | |
appointment. There is so much going on, isn't there? There is a huge | :04:46. | :04:48. | |
subjects, even though the G 20 finance ministers are trained to | :04:48. | :04:52. | |
focus on the longer term. What is finance ministers are trained to | :04:52. | :04:58. | |
economy and how can global growth be economy and how can global growth be | :04:58. | :05:05. | |
dominate everywhere else. There economy and how can global growth be | :05:05. | :05:08. | |
immediate concerns, if we reach economy and how can global growth be | :05:08. | :05:10. | |
17th of October without an agreement between converse in the White House | :05:10. | :05:14. | |
then there is a risk of the US defaulting on its debt or at the | :05:14. | :05:19. | |
spending very sharply in order to pay its investors. From the point of | :05:19. | :05:25. | |
view of those going to Washington, i.e. Global finance ministers and | :05:25. | :05:30. | |
central bankers, in terms of the deadlock in Washington there isn't | :05:30. | :05:33. | |
really much they can do about that apart from complain about the impact | :05:33. | :05:38. | |
it is having, I guess? That is really all they can do. There is | :05:38. | :05:40. | |
very little influence, there is really all they can do. There is | :05:40. | :05:43. | |
influence that they can bring on the politicians. I think that they can | :05:43. | :05:49. | |
discuss, probably the scenes, the implications, if there were to be a | :05:49. | :05:57. | |
crunch or get past into late October without an agreement, it could have | :05:58. | :06:02. | |
repercussions for the world 's financial markets. Tell us about the | :06:02. | :06:05. | |
Federal reserve minutes that we financial markets. Tell us about the | :06:05. | :06:10. | |
analysing to get a sense of when tapering might happen will stop | :06:10. | :06:20. | |
analysing to get a sense of when might happen. For —— what is your | :06:20. | :06:21. | |
thinking on when they might pull back the stimulus? I think that | :06:21. | :06:25. | |
thinking on when they might pull will probably wait until March to | :06:25. | :06:28. | |
pull back the stimulus. This could well be one of the first actions | :06:28. | :06:30. | |
that is taken by Janet Yellen in her well be one of the first actions | :06:30. | :06:34. | |
that is taken by Janet Yellen in her new role. The economy is ticking | :06:34. | :06:37. | |
of the current problems is likely to over. It is certainly not forging | :06:37. | :06:49. | |
of the current problems is likely to reduce growth. I don't think the Fed | :06:49. | :06:53. | |
is going to be in any hurry to begin tapering and reduce its quantitative | :06:53. | :06:56. | |
easing. In our view they can afford to wait until March before they | :06:56. | :07:00. | |
here at BBC World News to keep you Thank you very much indeed for your | :07:00. | :07:07. | |
here at BBC World News to keep you across all those events taking place | :07:07. | :07:10. | |
Washington to enter the budget in Washington in the next few days. | :07:10. | :07:21. | |
Washington to enter the budget leaders at the ASEAN summit in | :07:21. | :07:29. | |
The person missing at these summits is Barack Obama, the US President, | :07:30. | :07:35. | |
understand he's getting a talking to the Chinese as Denmark absolutely. | :07:35. | :07:44. | |
The Chinese are very concerned. the Chinese as Denmark absolutely. | :07:45. | :07:50. | |
Premier, who has been diplomatic so far with his views, said that China | :07:50. | :07:55. | |
is indeed paying great attention to the US debt ceiling issue. These | :07:55. | :07:58. | |
remarks from the Chinese leader the US debt ceiling issue. These | :07:59. | :08:01. | |
more pressure on the Americans to resolve the impasse as the mainland | :08:01. | :08:07. | |
is the biggest foreign holder of US Treasuries. His comments add to | :08:07. | :08:12. | |
earlier retreat from the Debbie finance minister who said that | :08:12. | :08:14. | |
America should prevent a default and ensure the security of Chinese | :08:14. | :08:20. | |
investment in US Treasuries. China has become more outspoken about | :08:20. | :08:24. | |
investment in US Treasuries. China this political impasse has affected | :08:24. | :08:24. | |
them. A default could slow down this political impasse has affected | :08:24. | :08:27. | |
slowing Chinese economy. Japan, this political impasse has affected | :08:27. | :08:31. | |
the —— second biggest holder, is also on edge. The Finance Minister | :08:31. | :08:36. | |
said the US must consider the impact cancelled flight in Europe, then you | :08:36. | :08:46. | |
European transport ministers are cancelled flight in Europe, then you | :08:46. | :08:56. | |
European transport ministers are talking in Brussels about how to | :08:56. | :08:56. | |
it forces them to pay out huge sums talking in Brussels about how to | :08:56. | :09:08. | |
a mess. Getting compensation from —— aren't even their fault. The | :09:08. | :09:24. | |
a mess. Getting compensation from to clarify many grey areas. They | :09:24. | :09:28. | |
proportionate and they want to out want to encourage better rerouting | :09:28. | :09:35. | |
proportionate and they want to out clear rights. The fact there are so | :09:35. | :09:39. | |
many European court judgements and challenges overflight regulations | :09:39. | :09:41. | |
and rights would suggest the rules reason is they were first assigned | :09:41. | :09:51. | |
airlines argue they should not be penalised for events beyond their | :09:51. | :09:54. | |
control. If you can imagine an aircraft with 400 passengers on | :09:54. | :10:01. | |
control. If you can imagine an if it encounters a problem and each | :10:01. | :10:01. | |
of those passengers is entitled if it encounters a problem and each | :10:01. | :10:09. | |
600 euros, then we are talking about an event with a potential liability | :10:09. | :10:20. | |
of $250,000. —— 200 50,000 euros. So regulations. If they go for the | :10:20. | :10:24. | |
of $250,000. —— 200 50,000 euros. So generations compensation, airlines | :10:24. | :10:26. | |
may have few incentives to offer a wider risk —— wider range of routes | :10:26. | :10:28. | |
It showed in the markets before wider risk —— wider range of routes | :10:28. | :10:36. | |
say goodbye. A mixed picture in Asia. These markets are in and out | :10:36. | :10:40. | |
of positive territory depending Asia. These markets are in and out | :10:40. | :10:43. | |
what is going on. The Janet Yellen News has helped markets. Very flat | :10:43. | :10:46. |