Browse content similar to 10/02/2014. Check below for episodes and series from the same categories and more!
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severe disruption to road and rail transport. In a moment all of the | :01:01. | :01:08. | |
action from Singapore. A referendum proposal has been proposed. Brussels | :01:09. | :01:22. | |
views free movement as essential to participation in Europe 's single | :01:23. | :01:27. | |
market. Exclusion could spell disaster for Switzerland 's booming | :01:28. | :01:32. | |
economy. Over half their exports are sold in the EU. Swiss employers rely | :01:33. | :01:36. | |
on highly qualified staff from across Europe. They believe they | :01:37. | :01:42. | |
will lose out if they are no longer able to employ whoever they choose. | :01:43. | :01:47. | |
Christian shorts from the bank in Switzerland. -- shall. How big a | :01:48. | :01:55. | |
deal is this? How worried should Swiss businesses and banks be about | :01:56. | :02:00. | |
this? Switzerland is in global and EU competition. If companies find it | :02:01. | :02:05. | |
difficult to hire people from across the -- EU, highly skilled people, it | :02:06. | :02:13. | |
will increase labour cost and the labour shortage and make them less | :02:14. | :02:18. | |
competitive. Even if the relationship with the EU and the | :02:19. | :02:21. | |
access to the market remains the same, it will make them less | :02:22. | :02:25. | |
competitive and that is not good news for the economy. Switzerland 's | :02:26. | :02:31. | |
economy is booming, isn't it? Why bring this in now. What are you | :02:32. | :02:37. | |
worried about? It is booming because the constant influx of highly | :02:38. | :02:39. | |
skilled foreigners from around the EU, many of them are close to the | :02:40. | :02:46. | |
Swiss. The second largest group of foreigners are the Germans who speak | :02:47. | :02:49. | |
the language of large part. Italians are also a big group that culturally | :02:50. | :02:57. | |
close and the Portuguese. They have been making Switzerland competitive | :02:58. | :03:02. | |
and have added skill and made the nation successful even during the | :03:03. | :03:06. | |
crisis. With the influx now being potentially cut off, Swiss money | :03:07. | :03:19. | |
will be weakened. This doesn't seem to be about the economy, but about | :03:20. | :03:21. | |
people having a fear of globalisation, losing their | :03:22. | :03:23. | |
identity. This is what is driving the decision. Nee would -- now we | :03:24. | :03:26. | |
will have to see new commercial agreements and diplomatic agreements | :03:27. | :03:38. | |
with the EU. This is going to be the really interesting thing. | :03:39. | :03:43. | |
Switzerland now has time to renegotiate with the EU. The EU can | :03:44. | :03:48. | |
cancel all of the other treaties, including the access to the single | :03:49. | :03:52. | |
market and the judicial cooperation, all of these things | :03:53. | :03:56. | |
which Switzerland needs. This is going to be the difficult part. The | :03:57. | :04:02. | |
EU has to face are the renegotiation attempts, for example, from the UK. | :04:03. | :04:09. | |
They may take a tough line with small Switzerland in order to then | :04:10. | :04:13. | |
be able to argue with more powerful members like the UK that one rule | :04:14. | :04:20. | |
for all players, with no exceptions. I am sure that we'll talk about this | :04:21. | :04:24. | |
more in the coming months. Thank you. Before the world fell into | :04:25. | :04:33. | |
recession in 2008 there was one area that let out a warning signal. It | :04:34. | :04:48. | |
was the shipping industry. And the key measure that industry uses to | :04:49. | :04:51. | |
track freight rates is the Baltic Dry Index. It sounds technical, but | :04:52. | :04:54. | |
historically it's been seen as a great forecaster of global economic | :04:55. | :04:57. | |
demand. So far this year it's lost half its value. Should we be | :04:58. | :04:59. | |
worried? Jeannie Joye has been finding out. Commodities make the | :05:00. | :05:05. | |
world go round. On the way that they get around is on bulk carrier ships | :05:06. | :05:09. | |
like this. Shipping is the linchpin of the global economy. If there is a | :05:10. | :05:15. | |
slowdown in shipping rates, it signals a storm had historically. | :05:16. | :05:20. | |
The movement of raw materials is tracked here at the Baltic Exchange. | :05:21. | :05:28. | |
It is measured by the Baltic dry index. It has had a rough ride this | :05:29. | :05:40. | |
year. After declining the Baltic dry index recovered that in January this | :05:41. | :05:48. | |
year it fell by more than 47%. China is in some ways the answer to every | :05:49. | :05:53. | |
question. Just because the demand from China is so overwhelming and | :05:54. | :06:00. | |
its impact on shipping. China had gone three period where they have | :06:01. | :06:04. | |
stated their desire to go from an export economy to a consumption | :06:05. | :06:09. | |
economy. It will see a reduction in GDP in the short term with a | :06:10. | :06:13. | |
slowdown which worries many people. The shipping industry faces a | :06:14. | :06:21. | |
serious problem. Overcapacity. We have seen an influx of massive ships | :06:22. | :06:24. | |
on the water, the biggest ships ever built. That has seen a cascading | :06:25. | :06:30. | |
effect in terms of the ships already they are, already being affected by | :06:31. | :06:34. | |
too many ships on the water and are not enough demand for trade. So can | :06:35. | :06:40. | |
the index return to precrisis levels? The head of the index in | :06:41. | :06:46. | |
London is doubtful. I do not think so. It was a special set of | :06:47. | :06:50. | |
circumstances that gave us those kinds of rates. Far too few ships, | :06:51. | :06:57. | |
lots of cargo. I cannot imagine us going back there. Amidst the | :06:58. | :07:00. | |
slowdown in the world 's second-biggest economy, and the | :07:01. | :07:04. | |
oversupply of vessels, the shipping industry faces continued low freight | :07:05. | :07:18. | |
rates and uncertainty ahead. The Singapore airshow opens on Tuesday, | :07:19. | :07:21. | |
but there have already been quite a bit of activity ahead of the | :07:22. | :07:24. | |
official opening. Our man in Singapore, Rico Hizon, joins me now | :07:25. | :07:31. | |
with the latest pre-show action. Aviation leaders are gathering from | :07:32. | :07:37. | |
all over the world to Singapore, hoping to do some major deals. This | :07:38. | :07:42. | |
is Asia's biggest aerospace event. More than 1000 companies from 20 | :07:43. | :07:48. | |
countries will be here in the citystate to showcase their | :07:49. | :07:54. | |
products. In the previous airshow in 2012, deals more than $30 billion | :07:55. | :08:00. | |
worth were closed. The United States will have a big presence, it is the | :08:01. | :08:04. | |
feature country this year. Earlier I spoke to the American ambassador to | :08:05. | :08:14. | |
Singapore. It is crucial. We all know that Asia over the next 20 | :08:15. | :08:17. | |
years is going to do more business than the rest of the world combined | :08:18. | :08:23. | |
in aviation. We have 163 companies here that represent some of the | :08:24. | :08:29. | |
largest companies to small commercial services companies. If | :08:30. | :08:34. | |
there is a need in aerospace, we have a company that fits that need | :08:35. | :08:40. | |
right now. And US air maker Boeing says that strong passenger growth | :08:41. | :08:47. | |
will be the driver of the manned in the Asia-Pacific region. They | :08:48. | :08:56. | |
estimate that the original carriers will produce planes valued at over | :08:57. | :09:02. | |
$2 trillion in the past in the next ten years. The European Union is | :09:03. | :09:15. | |
expected to offer to lift tariffs on nearly all goods imported from the | :09:16. | :09:17. | |
United States as part of negotiations towards the world's | :09:18. | :09:20. | |
largest free-trade deal. The offer will come a week ahead of | :09:21. | :09:22. | |
face-to-face talks between EU trade chief, Karel De Gucht, and his U.S. | :09:23. | :09:25. | |
Counterpart, Michael Froman, in Washington. Japan posted its | :09:26. | :09:34. | |
smallest current-account surplus for some years. There is a concern about | :09:35. | :09:41. | |
economic growth. Data also showed that the current account balance for | :09:42. | :09:46. | |
December went to the largest deficit on record as exporters failed to | :09:47. | :09:48. | |
reap the benefits of the weak currency. A quick look at the | :09:49. | :09:52. | |
markets now before I go. Quite a bit of corporate news coming | :09:53. | :10:03. | |
out. British Gas is coming under new | :10:04. | :10:26. | |
pressure after the energy secretary urged the regulator to look into the | :10:27. | :10:29. | |
profits being made by the six companies that supply gas into our | :10:30. | :10:32. | |
homes. Ed Davey has written to industry regulators asking them to | :10:33. | :10:34. | |
consider all options, including their authority to break up | :10:35. | :10:36. | |
companies exercising monopoly | :10:37. | :10:37. |