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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:00. | |
financial news with Sally and World Business Report. | :00:00. | :00:15. | |
Where are the jobs? The International Labour Organisation | :00:16. | :00:22. | |
sees rising unemployment in the next few years, despite the creation of | :00:23. | :00:26. | |
many new jobs. Serbia has officially started | :00:27. | :00:29. | |
accession talks with the European Union. If all goes well, it may | :00:30. | :00:33. | |
become a member sometime around 2020. | :00:34. | :00:45. | |
Welcome to World Business Report. I'm Sally Bundock. In a minute, | :00:46. | :00:50. | |
we'll also hear how it's becoming easier for foreign auto companies to | :00:51. | :00:51. | |
build and sell cars in Malaysia. The world economy may have turned | :00:52. | :00:59. | |
the corner but the job market is yet to recover. That's according to the | :01:00. | :01:02. | |
latest report by the International Labour Organisation. The study shows | :01:03. | :01:05. | |
not enough new jobs are being created to keep up with a growing | :01:06. | :01:10. | |
labour force. Almost 202 million people were jobless around the world | :01:11. | :01:16. | |
last year. That's five million more than in 2012. And the ILO predicts | :01:17. | :01:19. | |
global unemployment will continue to rise, with about 215 million people | :01:20. | :01:21. | |
seeking jobs by 2018. Guy Ryder is the director-general of | :01:22. | :01:31. | |
the International Labour Organisation. He joins me now from | :01:32. | :01:42. | |
Geneva. You are calling this a jobless recovery. Tell us more about | :01:43. | :01:47. | |
your concerns. The problem we have is that despite the recovery, in | :01:48. | :01:53. | |
global economic growth, we're not going quickly enough into the new | :01:54. | :01:59. | |
entrance of the markets around the world. | :02:00. | :02:04. | |
We have going dole queues. This trend will continue unless the trend | :02:05. | :02:20. | |
picked up significantly. At the time, policymakers were saying, the | :02:21. | :02:26. | |
crisis will be over. When we get people back to work, that is. | :02:27. | :02:31. | |
Unfortunately, people are not going back to work. Things are still going | :02:32. | :02:35. | |
in the wrong direction. Policymakers have to focus on this. From the | :02:36. | :02:41. | |
perspective of business leaders and the developed world, they say there | :02:42. | :02:46. | |
are more confident. Many are ready to invest and create new jobs. You | :02:47. | :02:51. | |
are saying that governments need to be more. We need investment to pick | :02:52. | :02:58. | |
up. One of the key policy areas we identified in our report is | :02:59. | :03:02. | |
uncertainty. Higher uncertainty, policy uncertainty. Policymakers | :03:03. | :03:08. | |
have they have clear indications of where they are going in the future. | :03:09. | :03:12. | |
Then we will see jobcreating investment picked up. Corporate | :03:13. | :03:18. | |
profits are doing well around the world. Two of that is still going | :03:19. | :03:22. | |
into financial markets and assets, rather than real economy | :03:23. | :03:26. | |
investment, job creation investments. That needs to be | :03:27. | :03:32. | |
redirected. We are looking at a global view. If we have to narrow it | :03:33. | :03:37. | |
down, where do you feel which country is doing... Not doing | :03:38. | :03:49. | |
enough? Nearly half of the additional unemployment in 2013, 40 | :03:50. | :03:57. | |
5% has been observed in Asia, South Asia and East Asia. That might not | :03:58. | :04:02. | |
be where you would expect. That might be related to demographic | :04:03. | :04:05. | |
trends. The highest level of unemployment, and this is not new, | :04:06. | :04:12. | |
is to be found in North Africa and the Middle East. Some of the has to | :04:13. | :04:17. | |
do with political turbulence and dislocation. That part of the world | :04:18. | :04:21. | |
has had a long-term structural problem in labour markets. We have | :04:22. | :04:29. | |
to look at the developed world. We have to look at the euro area. An | :04:30. | :04:36. | |
employment figures remain stubbornly high despite feeling the corner has | :04:37. | :04:39. | |
been turned. We have to look across the world and point the finger at | :04:40. | :04:46. | |
the situation of young people. If you translate these millions in the | :04:47. | :04:50. | |
percentage terms, for the general population, unemployment is around | :04:51. | :04:58. | |
6%. For young people, it is 13% and heading in the wrong way. We have to | :04:59. | :05:02. | |
give priority that. Thank you. | :05:03. | :05:13. | |
Serbia, once considered a pariah state, is eagerly awaiting the start | :05:14. | :05:16. | |
of accession talks with the European Union, hoping the move will provide | :05:17. | :05:19. | |
a boost to its struggling economy. Socialist Prime Minister Ivica Dacic | :05:20. | :05:21. | |
will head Serbia's delegation in Brussels today at the first | :05:22. | :05:23. | |
inter-governmental conference, a formal start of the talks on EU | :05:24. | :05:26. | |
membership. As Guy Delaunay reports from Belgrade, Serbia's industry has | :05:27. | :05:30. | |
a lot of catching up to do before it can join the European mainstream. | :05:31. | :05:46. | |
It had its own railway station. It gave its name to the surrounding | :05:47. | :05:52. | |
area and local football team. The sprawling industrial complex outside | :05:53. | :05:57. | |
a great lies in ruins. This is to be a combined Harvester fact there | :05:58. | :06:03. | |
Thousands of people once worked here. Like most of Serbia's | :06:04. | :06:07. | |
industry, it didn't survive the breakup of Yugoslavia. -- harvester | :06:08. | :06:16. | |
factory. It is trying to attract investment. These are desperate | :06:17. | :06:22. | |
times. Around one in three people cannot find a job. Even those who | :06:23. | :06:28. | |
can earn an average of 400 euros per month. The country has to break with | :06:29. | :06:34. | |
the past and embrace a European future. We are very keen. We are | :06:35. | :06:41. | |
very frank and open to cooperate with the international community to | :06:42. | :06:46. | |
get more knowledge from Western societies, to attract more | :06:47. | :06:54. | |
investors. Is car factory shows renewal is possible. It is to be a | :06:55. | :07:00. | |
disaster of a factory. Now it is turning out the theatre models. The | :07:01. | :07:07. | |
Italian company to wake for EU talks to make the move. -- wait. It might | :07:08. | :07:18. | |
make Serbia at an attractive option for investors. There are mixed | :07:19. | :07:23. | |
feelings about the prospect of EU membership. We have a big market in | :07:24. | :07:29. | |
European unions. We have the opportunities. Maybe we have a | :07:30. | :07:34. | |
problem with retail standards because a lot of companies work in | :07:35. | :07:39. | |
Serbia do not have licences and standards. We are closer to Russia | :07:40. | :07:51. | |
and NT the EU. We appreciate some of the things that are not Willie | :07:52. | :07:59. | |
valuable today. A lot of things will change you. Whatever happens, it | :08:00. | :08:08. | |
will take time. Of negotiations and reform will follow before Serbia | :08:09. | :08:09. | |
finally becomes an EU member. The Malaysian government has | :08:10. | :08:19. | |
unveiled a new policy which could create big changes for foreign car | :08:20. | :08:22. | |
manufacturers. Babita Sharma has the details from Singapore. An | :08:23. | :08:32. | |
interesting development this morning. The government says it will | :08:33. | :08:41. | |
these incentives in relation to smaller vehicles. Foreign carmakers | :08:42. | :08:47. | |
can only make vehicles with an engine size of 1.8 litres. That was | :08:48. | :08:52. | |
to protect the country's National car makers. This policy shift | :08:53. | :08:59. | |
emphasises the opportunities for international brands looking for new | :09:00. | :09:04. | |
avenues of growth. To give you an idea, there are 650,000 cars sold in | :09:05. | :09:11. | |
Malaysia last year. That is a 5% growth compared to sales in 2012. | :09:12. | :09:17. | |
The government aim is to increase total car production to around 2.5 | :09:18. | :09:22. | |
million vehicles by 2020. Previously, Malaysia was South East | :09:23. | :09:31. | |
Asia's carmaking hub, before Thailand took over. This change | :09:32. | :09:36. | |
could be a benefit for Honda. They already have a hybrid car | :09:37. | :09:40. | |
manufacturing plant in Malaysia. Time will tell how this works out. | :09:41. | :10:02. | |
A lot of cash has been injected in the Chinese economy in the run-up to | :10:03. | :10:06. | |
the lunar New Year. Energy distribution bosses will face | :10:07. | :10:25. | |
questions today from MPs about the power cuts which followed the storms | :10:26. | :10:28. | |
over the Christmas period. The problems hit | :10:29. | :10:29. |