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by her brother, the ousted former leader. Those are the latest | :00:00. | :00:00. | |
headlines. Time for the latest money news. | :00:00. | :00:20. | |
India struggles with this weakest growth in a decade. The question is, | :00:21. | :00:26. | |
will the latest numbers show the green shoots of recovery? | :00:27. | :00:31. | |
The Thanksgiving parades, they are over, let the shopping begin. But | :00:32. | :00:36. | |
America's retailers are expecting a tough time Black Friday. | :00:37. | :00:53. | |
Welcome to the programme. We are going to talk about shopping in the | :00:54. | :00:57. | |
United States. Also in the programme, Australia box `` blocks a | :00:58. | :01:04. | |
US takeover bid for Graincorp. Financial markets are not happy. | :01:05. | :01:12. | |
But first, we start in India, where the Prime Minister and his | :01:13. | :01:15. | |
government are desperately hoping for a rare bit of good news on the | :01:16. | :01:21. | |
economy. India's growth rate has collapsed in the last couple of | :01:22. | :01:25. | |
years, with inflation soaring, companies struggling to invest, and | :01:26. | :01:29. | |
the recent slump in the value of its currency, all because foreign | :01:30. | :01:33. | |
investors are pulling out of India. It's taken a quick look at the | :01:34. | :01:38. | |
numbers. India needs its economy to be growing at 8%. That is what it | :01:39. | :01:44. | |
needs if it is to reduce poverty and provide jobs for the growing number | :01:45. | :01:48. | |
of young people. In the last financial year ending in March, | :01:49. | :01:53. | |
annual growth was only 5%. That is the weakest growth number in a | :01:54. | :02:00. | |
decade. It is half of what it was two years ago. Since then, things | :02:01. | :02:05. | |
have gotten worse. Annual growth was 4.4%. In a few hours, ousted his `` | :02:06. | :02:14. | |
the statistics office will publish figures for the latest quarter. It | :02:15. | :02:17. | |
showed that growth may have picked up a fraction, or .6%. A good | :02:18. | :02:26. | |
monsoon has certainly helped. It has given India's 100 million farmers | :02:27. | :02:30. | |
more money to spend. They spend that in the economy, that is good, but | :02:31. | :02:36. | |
the rupee's kind has also helped the exporter 's. It means them cheaper | :02:37. | :02:42. | |
for all of us to buy. But experts are warning an improvement could be | :02:43. | :02:46. | |
just a blip. They say that annual growth this financial year may be | :02:47. | :02:54. | |
even work `` weaker than last year. We are at a factory that makes auto | :02:55. | :03:00. | |
components. I guess that is the question. Certainly all the people | :03:01. | :03:04. | |
in the factory, the owners, the workers, they want to see some solid | :03:05. | :03:16. | |
growth. Will it just be a blip? I don't think she can hear me. | :03:17. | :03:24. | |
Apologies about that. Maybe the machinery is too loud, I do not | :03:25. | :03:29. | |
know. Let's talk about this. Shares in Australia's biggest grain | :03:30. | :03:33. | |
company, Graincorp, have been plunging this morning after the | :03:34. | :03:38. | |
government blocked a takeover bid by a US rival. The Australian Treasurer | :03:39. | :03:43. | |
said the $2.5 billion offer by ADM was not in the nation and `` the | :03:44. | :03:50. | |
nation's interest. Graincorp shares have slumped by as much as 26%. | :03:51. | :03:59. | |
Thankfully you can hear me. This is interesting. The Prime Minister, | :04:00. | :04:11. | |
Kevin Rudd, when elected, he said Australia is open for business. But | :04:12. | :04:14. | |
some investors may be doubting that now. Also I have to correct you... | :04:15. | :04:23. | |
Kevin Rudd is gone now and we have Tony Abbott. Our fellow Australians | :04:24. | :04:30. | |
are determined not to let the Americans get their hands on this | :04:31. | :04:33. | |
company, Graincorp, which is the biggest handler of Aalborg grain | :04:34. | :04:37. | |
exports. It is a very interesting case, and not just because of that | :04:38. | :04:41. | |
open for business declaration, but also the whole sensitive `` | :04:42. | :04:47. | |
sensitivity about foreign ownership, especially when it comes to food and | :04:48. | :04:51. | |
agriculture. Joe Hockey is keen to point out that he is not going to | :04:52. | :04:56. | |
make a habit of saying no, of the 131 foreign investment applications | :04:57. | :05:00. | |
that he has looked out, he has only rejected one, and this is it. He | :05:01. | :05:05. | |
says there are two reasons, one is competition, and the other is much | :05:06. | :05:10. | |
broader. He says there has been so much concern about the takeover, | :05:11. | :05:15. | |
that if he said yes, it could undermine public support for foreign | :05:16. | :05:19. | |
investment generally. But experts are arguing that buyers may have to | :05:20. | :05:24. | |
start factory on a level of political risk when they are looking | :05:25. | :05:29. | |
at Australian assets. It has been viewed as a potential indication of | :05:30. | :05:32. | |
where this new government is heading. But at the same time that | :05:33. | :05:38. | |
Graincorp has been in play, one of Australia's oldest dairy processors | :05:39. | :05:40. | |
is in the middle of the takeover battle. There is a Canadian company | :05:41. | :05:48. | |
wanting it. Even before we know who is going to win that bidding war, | :05:49. | :05:53. | |
they have been given the green light by the foreign investment | :05:54. | :05:55. | |
regulators. You could say the Canadians are in but the Americans | :05:56. | :06:00. | |
are out. It is too soon to draw any broader conclusions. | :06:01. | :06:05. | |
I do know that Rudd is out, Tony Abbott is in. We will talk to you | :06:06. | :06:11. | |
soon. Let's go to the US, where the nation | :06:12. | :06:18. | |
has been celebrating. The Thanksgiving holiday. These were the | :06:19. | :06:23. | |
scenes in New York. 3 million people gathered to watch the parade. | :06:24. | :06:26. | |
Sponsored by Macy's department store. But if Thursday was about the | :06:27. | :06:33. | |
parades, and the food, today it is all about the shopping. Indeed, | :06:34. | :06:39. | |
Black Friday, as it is known, is the biggest shopping day of the year. | :06:40. | :06:45. | |
The biggest of them all, Walmart, is ready warning of the gloomy times | :06:46. | :06:50. | |
ahead. More Americans have jobs than a year rego, but incomes are failing | :06:51. | :06:55. | |
to keep pace with all the household costs. It our final part of our | :06:56. | :07:03. | |
series, we report from New York where for many, cheap and cheerful | :07:04. | :07:10. | |
is the order of the day. A steady stream of customers keep | :07:11. | :07:16. | |
this couple pretty busy. They owe and this could store and almost | :07:17. | :07:23. | |
everything sells for only $1. These days, they are seeing more | :07:24. | :07:25. | |
customers, and not just their regulate `` regulars. People are | :07:26. | :07:31. | |
losing their jobs, their houses, they are in debt. It is hard for | :07:32. | :07:38. | |
everyone. It is very hard for everyone to spend money. So more of | :07:39. | :07:44. | |
them come here because they do not have to hunt to find a bargain. Of | :07:45. | :07:50. | |
course it is less money because everything is so expensive. We | :07:51. | :07:58. | |
manage. Everything is up in cost. You have more variety here and you | :07:59. | :08:03. | |
get to stretch your dollars more. It is quick, things are radon. Since | :08:04. | :08:08. | |
the economic recession, incomes in the US have been declining. They are | :08:09. | :08:13. | |
barely outpacing inflation, which means that people these days have | :08:14. | :08:19. | |
less money in their pocket. Why does that matter? If people have less to | :08:20. | :08:25. | |
spend? This economy depends on consumers making purchases, and lots | :08:26. | :08:29. | |
of them. If people are not in the shops, the economy as a whole | :08:30. | :08:37. | |
suffers. The typical family, on a low income level, has two spent | :08:38. | :08:41. | |
every dime they make. So that money gets circulate it in the economy, | :08:42. | :08:46. | |
causing growth, but what we are seeing is that families have low | :08:47. | :08:49. | |
incomes, they are spending everything they have but it is still | :08:50. | :08:53. | |
not enough to sustain the kind of consumers spending that we really | :08:54. | :08:57. | |
need. In an economy that needs consumers to shop, the people | :08:58. | :09:04. | |
staking these idols are doing their part for the recovery, even if it is | :09:05. | :09:11. | |
only $1. We are going to keep across the big | :09:12. | :09:16. | |
spend on Black Friday. Let's touch on this particular story. Can she | :09:17. | :09:22. | |
price inflation in Japan hit a five`year high in October. `` | :09:23. | :09:33. | |
consumer. It rose 09%. It is being seen as a victory for the Prime | :09:34. | :09:38. | |
Minister, who is trying to end inflation and try to reinvigorate | :09:39. | :09:40. | |
the world 's's third largest economy, but his stimulus policies | :09:41. | :09:46. | |
through all about. Let's have a quick look at the Asian | :09:47. | :09:47. | |
markets. A major new report is out in the UK | :09:48. | :10:15. | |
which says that radical action is needed to stop town centres and high | :10:16. | :10:19. | |
streets from falling into terminal decline. It is estimated that they | :10:20. | :10:28. | |
are ruffled T5 vows and `` 45,000 empty shops in Britain, and the | :10:29. | :10:31. | |
distressed town property task force says that many towns and cities need | :10:32. | :10:36. | |
rebuilding on a scale not seen since after the Second World War. | :10:37. | :10:41. | |
What to do about all of these empty shops blighting our town centres? | :10:42. | :10:49. | |
They galvanised communities into action. There have been a host of | :10:50. | :10:53. | |
Government schemes, but there is no quick fix. He is the head of a group | :10:54. | :10:57. | |
of retailers, bankers, landlords and | :10:58. | :10:59. |