Browse content similar to 05/12/2013. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Thousands of protesters angry at the government decision not to sign an | :00:00. | :00:00. | |
association deal with the European Union. Now for the latest financial | :00:00. | :00:00. | |
news with Sally. Britain's economy is bouncing back | :00:00. | :00:25. | |
but the austerity is not over. That is the message we are expecting from | :00:26. | :00:28. | |
Chancellor George Osborne has the abilities Autumn statement. Waging | :00:29. | :00:36. | |
the war on fast food giants, workers wage war across a wage. | :00:37. | :00:47. | |
Welcome, you are with World Business Report. Also in the programme we | :00:48. | :00:52. | |
will talk about Qantas because shares diving in the company, it has | :00:53. | :00:57. | |
announced a profit warning and job cuts. First, we start in the UK | :00:58. | :01:01. | |
where Chancellor George Osborne delivers his autumn budget statement | :01:02. | :01:07. | |
to Parliament in a few hours. Britain's economy has made an | :01:08. | :01:11. | |
unexpectedly strong return to growth this year after a long period of | :01:12. | :01:15. | |
stagnation. He is expected to say that it will grow by 2.5% or more | :01:16. | :01:20. | |
next year. That would make it one of the best performing developed | :01:21. | :01:26. | |
economies. However, it is one of the most indebted as well. A national | :01:27. | :01:32. | |
debt of ?1.2 trillion. It cost tens of billions in interest every year. | :01:33. | :01:41. | |
The austerity will continue with new government cuts of ?1 billion per | :01:42. | :01:45. | |
year for the next three years, according to a leaked report, and is | :01:46. | :01:51. | |
a steady rise in the retirement age. Britons may not get a state 's | :01:52. | :01:57. | |
pension until they are 70, those under 18 years old now. There are | :01:58. | :02:00. | |
expected to be some tax breaks and handouts. Particularly to help with | :02:01. | :02:10. | |
energy bills. I have the head of European research at Standard | :02:11. | :02:15. | |
Chartered with me. Everybody will be digesting what was said and picking | :02:16. | :02:19. | |
apart. What you think will say? I think he will be emphasising the | :02:20. | :02:23. | |
economic recovery and emphasising the good news and also at the same | :02:24. | :02:28. | |
time he does not want people to expect too much too soon. As you | :02:29. | :02:35. | |
said, there is an election coming up, there is another budget to come | :02:36. | :02:40. | |
before that, I think that what is what he is what -- wanting to do now | :02:41. | :02:48. | |
is that business holds up and that business in the private sector can | :02:49. | :02:51. | |
counteract the cut in the public sector. Has he got it right? Anyone | :02:52. | :03:00. | |
looking at the state of the economy now will say perhaps even has. Plan | :03:01. | :03:03. | |
a seemingly worked, they announced infrastructure spending as well. | :03:04. | :03:11. | |
That is a lot of investment. Do you think they are on the right path, an | :03:12. | :03:15. | |
election in 2015, things will be steered to win votes. If you look at | :03:16. | :03:19. | |
the economic recovery than it does appear to be reasonably broad base. | :03:20. | :03:24. | |
Of course, there is quite a lot of support from the housing sector and | :03:25. | :03:30. | |
that is where some policymakers are somewhat worried that house prices | :03:31. | :03:34. | |
are rising in parts of the country to quickly and recovery, to a | :03:35. | :03:39. | |
certain extent is based on housing. We don't want to go through another | :03:40. | :03:42. | |
boom and bust and I think this is why the Chancellor is going to be | :03:43. | :03:46. | |
emphasising businesses and the need for investment to really pick up | :03:47. | :03:52. | |
between now and the election. How healthy is the recovery from your | :03:53. | :03:56. | |
point of view, clearly we are looking at what they are talking | :03:57. | :04:02. | |
about, 2.5% growth in the year future -- near future. Interest | :04:03. | :04:05. | |
rates could go up. How healthy is the economy as a whole, we still | :04:06. | :04:11. | |
hear about a lot of people, the poverty and of the scale, having a | :04:12. | :04:16. | |
difficult time. In terms of growth, the economy is looking in good | :04:17. | :04:24. | |
shape, we have been a very prolonged downturn and period of economic | :04:25. | :04:28. | |
meekness. You would anticipate that in economy would bounce back after | :04:29. | :04:31. | |
that. There are certainly some pockets of the economy that are | :04:32. | :04:36. | |
vulnerable. Wages have fallen in real terms over the last few years. | :04:37. | :04:42. | |
Many people are still finding it very difficult, some people just | :04:43. | :04:46. | |
don't have enough to make ends meet. Overall, I think the outlook is | :04:47. | :04:53. | |
probably improving, the Bank of England will be very cautious not to | :04:54. | :04:58. | |
raise interest rates too soon. That could cut short the recovery and | :04:59. | :05:04. | |
raises all sorts of issues about households that are very indebted | :05:05. | :05:08. | |
and mortgages that are particularly high at the moment. Thank you very | :05:09. | :05:14. | |
much for your time. There will be a lot of information for you on the | :05:15. | :05:19. | |
BBC website and BBC News. Television and radio as the statement kicks off | :05:20. | :05:23. | |
today. Let's move on. They are calling it the fight for 15. US | :05:24. | :05:27. | |
workers in the fast food industry are planning a wave of strikes | :05:28. | :05:32. | |
today, demanding pay $15 an hour a day after the president called the | :05:33. | :05:36. | |
growing gap between the rich and poor the defining challenge our | :05:37. | :05:40. | |
time. Low-paid employees from chains McDonald's, Wendy's and Taco Bell | :05:41. | :05:45. | |
are expected to walk off the job in 100 cities around the country. | :05:46. | :05:53. | |
America's stock market is booming. Corporate profits are up. Although | :05:54. | :05:58. | |
the economy may be improving, the gains have not been shared equally. | :05:59. | :06:06. | |
31 -year-old Morris Royal earns $7.25 an hour. Working at Burger | :06:07. | :06:12. | |
King. Not enough he says to afford anywhere to live. | :06:13. | :06:14. | |
King. Not enough he says to afford shelter right now. I have been in a | :06:15. | :06:20. | |
shelter for a month now. Struggling, trying to get special | :06:21. | :06:26. | |
assistance. His frustration is shared by many. | :06:27. | :06:32. | |
The fast food strikes that started in New York a year ago are expected | :06:33. | :06:39. | |
to spread to 100 cities on Thursday. They are calling for $15 | :06:40. | :06:42. | |
an hour. More than double the national minimum wage. They want the | :06:43. | :06:48. | |
right to form a union. Applicants for the restaurant industry | :06:49. | :06:50. | |
questioned who will pay for these wage increases. The model of the | :06:51. | :06:56. | |
fast food industry was to provide jobs for people starting at a low | :06:57. | :07:01. | |
wage. It is not designed to have a long time people. If we change the | :07:02. | :07:08. | |
business model, it will be difficult to maintain the business model. ) | :07:09. | :07:13. | |
the growing gap of the rich and poor has not escaped the attention of the | :07:14. | :07:19. | |
White House. President Obama defining it as the defining message | :07:20. | :07:31. | |
of our time. Increase. The timing of remarks is likely to draw more | :07:32. | :07:36. | |
attention to the protests. Fast food jobs represent a growing part of the | :07:37. | :07:40. | |
economy, the challenge of making ends meet on a low wage is going to | :07:41. | :07:47. | |
hit home. That is why the protest that started in New York is finding | :07:48. | :07:53. | |
a larger audience. Shares in Qantas slumped to an 18 | :07:54. | :08:00. | |
month low this morning of the Australian airline. It announced | :08:01. | :08:06. | |
1000 job cuts. Carter says a marked deterioration in profits, it is set | :08:07. | :08:12. | |
to lose $270 million in the half of the year. It is struggling with | :08:13. | :08:15. | |
fierce competition from virgin Australia. Tell us a bit more about | :08:16. | :08:26. | |
the challenges Qantas and why it has had to go down this road of cutting | :08:27. | :08:31. | |
jobs yet again. Sally they have been struggling for some time now, | :08:32. | :08:38. | |
increased competition has been a key factor higher costs and a subdued | :08:39. | :08:43. | |
travel market around the world has seen at international operation make | :08:44. | :08:48. | |
losses. That has been a drag on its profitability. Owning the contest | :08:49. | :08:51. | |
domestic operations have shrunk as well. Making life a bit more | :08:52. | :08:56. | |
difficult. If you break down the numbers, that translates into a loss | :08:57. | :09:02. | |
of $1.5 million per day. Investors are not happy with that. We will get | :09:03. | :09:12. | |
their shares in a moment. Trading in Australia. Apple has struck a deal | :09:13. | :09:18. | |
with China Mobile to offer the iPhone on its network. Those | :09:19. | :09:24. | |
reporting in the Wall Street Journal. China has been issued with | :09:25. | :09:35. | |
four G licences. It has 700 million subscribers. One of the last in the | :09:36. | :09:37. | |
world that does not offer the iPhone at the moment. A big story in | :09:38. | :09:43. | |
Australia is Qantas. at the moment. A big story in | :09:44. | :09:47. | |
Australia is It shares have dropped by 15% by midday in Australia. | :09:48. | :09:51. | |
Today, you can see the market there is down by 1.5%, Japan has lost a | :09:52. | :09:58. | |
bit of ground, down by 1.6%, Standard Chartered has also issued a | :09:59. | :10:03. | |
profits warning. Its shares slumping in Hong Kong. It lets look at the | :10:04. | :10:15. | |
United States. It has been a mixed colours. That is all from me for the | :10:16. | :10:16. | |
time being. United States. It has been a mixed | :10:17. | :10:19. | |
colours. That is all I'll be back to review the papers in a few | :10:20. | :10:21. |