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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:08. | |
financial news with World Business Report. | :00:09. | :00:17. | |
Markets hope for a rebound in US hiring after last month's disastrous | :00:18. | :00:24. | |
figures. Plus, fears for Switzerland's role | :00:25. | :00:27. | |
as a business haven as it votes on curbing the number of EU workers it | :00:28. | :00:29. | |
lets in. Welcome to World Business Report. | :00:30. | :00:44. | |
I'm Alice Baxter. Also in the programme, US markets notch up their | :00:45. | :00:48. | |
biggest day of gains this year. We'll see if that optimism is | :00:49. | :00:54. | |
carrying through into Asia. We start in the United States, where | :00:55. | :00:57. | |
global markets are focused this Friday on the health of the world's | :00:58. | :01:00. | |
biggest economy - specifically, the recovery in the labour market. In a | :01:01. | :01:04. | |
few hours' time, we'll get jobs figures for January. The hope is | :01:05. | :01:09. | |
they will show a rebound from the last set of numbers, which were | :01:10. | :01:15. | |
nothing short of disastrous. Last month, we learned that US employers | :01:16. | :01:18. | |
created just 74,000 jobs in December. That was the worst payroll | :01:19. | :01:27. | |
data for almost three years. Was it a blip caused by the extreme cold | :01:28. | :01:31. | |
weather in the US or a sign of a sharp slowdown in the economy? | :01:32. | :01:35. | |
Today, we'll find out. Economists are expecting a much healthier | :01:36. | :01:39. | |
185,000 new jobs in January. That would keep the unemployment rate at | :01:40. | :01:46. | |
its five-year low of 6.7%. But even with unemployment coming down, | :01:47. | :01:50. | |
there's another big concern - wages. Many working Americans have seen | :01:51. | :01:53. | |
their pay stagnate for years, putting severe pressure on their | :01:54. | :01:57. | |
spending power. We'll have a report on that. Michelle Fleury reports | :01:58. | :02:06. | |
from New York. A majority of US workers have | :02:07. | :02:11. | |
experienced a decade of flat wages. The meeting weekly wage in 2012 was | :02:12. | :02:20. | |
$768. The same as 12 years earlier. The situation was made worse by the | :02:21. | :02:25. | |
recession five years ago. Wages fell despite a rise in productivity. For | :02:26. | :02:35. | |
this woman, a new -- a New York subway assistant, the flatlining | :02:36. | :02:40. | |
wages has left her in a financially vulnerable position. 25 years ago | :02:41. | :02:45. | |
when I first started, the pay cheques were good. The raised were | :02:46. | :02:51. | |
good. I had four young children. I was able to survive. My two children | :02:52. | :02:57. | |
went to college. I had no issue with trying to make ends meet. Now I'm | :02:58. | :03:02. | |
alone and my children are up. It is hard for me to survive. In a country | :03:03. | :03:08. | |
were consumer spending accounts for two thirds of economic activity, | :03:09. | :03:12. | |
shed some light on why the recovery has been so lacklustre. The very | :03:13. | :03:20. | |
slow growth in earnings is slowing their demand for goods and services. | :03:21. | :03:29. | |
That, in turn, is slowing the growth of the US economy, giving it more | :03:30. | :03:33. | |
moderate than it has been in the last economic recoveries. Most agree | :03:34. | :03:39. | |
that recovery is under way. Over the year, the implement rate has been | :03:40. | :03:45. | |
falling. For too many Americans, the job market is still too weak. That | :03:46. | :03:53. | |
could mean stagnant wages. That prevent them from sharing any sense | :03:54. | :03:54. | |
of wider prosperity. Investors around the world are | :03:55. | :04:04. | |
waiting for those US employment figures at 8:30 Washington time or | :04:05. | :04:06. | |
1330GMT. Let's cross to Singapore to see how Asian markets are faring. | :04:07. | :04:23. | |
They are doing relatively well. Many people are keen to what the | :04:24. | :04:32. | |
employment report later today, to see if the largest economies out of | :04:33. | :04:41. | |
the woods. They were better than estimated US jobless claims. It | :04:42. | :04:46. | |
helped lift most Asian markets. There are rebounding from the Iraq | :04:47. | :04:49. | |
experienced earlier, the five-month lows hit yesterday. | :04:50. | :04:57. | |
There was a loss forecast yesterday. That is after an electronics giant | :04:58. | :05:08. | |
was shedding 5000 jobs. There is a stagnant PC market this year. The | :05:09. | :05:14. | |
aggressive restructuring plan might offset the impact of the forecast | :05:15. | :05:21. | |
net loss of $1.08 billion. In Australia, we have seen gains as | :05:22. | :05:28. | |
well after the nation's Central Bank raced forecast in economic growth | :05:29. | :05:33. | |
and inflation this year. Rates will remain at 2.5% for a while. While | :05:34. | :05:39. | |
most Asian forces were off, there is the exception of China's markets | :05:40. | :05:45. | |
which reopened after the Lunar New Year holiday. There is growth in the | :05:46. | :05:52. | |
Chinese services industry. We will keep an island that. | :05:53. | :05:59. | |
-- eye on that. To Switzerland now, where | :06:00. | :06:05. | |
immigration has long been a controversial and emotive issue. | :06:06. | :06:08. | |
This is a poster from the right-wing Swiss People's Party back in 2008. | :06:09. | :06:12. | |
On Sunday, the Swiss hold a referendum on whether to impose | :06:13. | :06:15. | |
quotas on immigrants from the EU as it already does on non-EU | :06:16. | :06:22. | |
immigrants. The twist is that it's particularly aimed at well-educated | :06:23. | :06:24. | |
and highly skilled workers, who are blamed for pushing up house prices | :06:25. | :06:27. | |
and taking the best jobs from locals. The vote threatens to damage | :06:28. | :06:32. | |
Switzerland's reputation as a business-friendly haven and has its | :06:33. | :06:41. | |
many multinational firms worried. Yves Nidegger is a Member of | :06:42. | :06:44. | |
Parliament for the Swiss People's Party who have proposed the | :06:45. | :06:53. | |
referendum. Sadly, we have been told that we have lost the line. We have | :06:54. | :07:04. | |
to leave that for now. A former portfolio manager at SAC | :07:05. | :07:08. | |
Capital Advisors hedge fund has been found guilty of conspiracy and | :07:09. | :07:10. | |
securities fraud in what prosecutors called the most lucrative insider | :07:11. | :07:13. | |
trading scheme in US history. Mathew Martoma could face up to 45 years in | :07:14. | :07:16. | |
jail for acquiring secret information about drug trials that | :07:17. | :07:19. | |
left his firm $275 million better off. He's the eighth current or | :07:20. | :07:26. | |
former employee of SAC, owned by Wall Street billionaire Stephen | :07:27. | :07:29. | |
Cohen, to be convicted of insider trading. | :07:30. | :07:38. | |
Steel giant ArcelorMittal is expected to report a jump in | :07:39. | :07:44. | |
fourth-quarter profits. Analysts think they could be up some 30% on | :07:45. | :07:48. | |
the same period last year. The world's biggest steel maker, seen as | :07:49. | :07:51. | |
an indicator of global economic activity, said in November that it | :07:52. | :07:58. | |
was turning the corner. Investors will be looking for its outlook on | :07:59. | :08:01. | |
the rest of the year and possible effects of the turmoil in emerging | :08:02. | :08:03. | |
markets. We heard how Asian stocks were | :08:04. | :08:25. | |
faring. We are waiting for the key job numbers to come out for January. | :08:26. | :08:38. | |
Investors think the stocks are there in Sony. | :08:39. | :08:49. | |
In Wall Street, anticipating positive jobs reports for January, | :08:50. | :08:59. | |
following the slightly disastrous report for the last period. That is | :09:00. | :09:07. | |
the view at the moment. A quick look at US markets. We cannot bring those | :09:08. | :09:19. | |
numbers. But these numbers are positive in participation of the | :09:20. | :09:22. | |
jobs numbers report. There we go. A lot. More on BBC News. | :09:23. | :10:05. | |
Up to 60 young people have been taken ill at a dance music event in | :10:06. | :10:09. | |
Belfast. It's thought they had | :10:10. | :10:10. |