Browse content similar to 03/07/2014. Check below for episodes and series from the same categories and more!
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peninsula. It is being seen as a strengthening of relations between | :00:00. | :00:00. | |
Beijing and Seoul. Now, it is time for World Business Report. | :00:00. | :00:18. | |
A lifeline for the low paid, or a drag on the economy? Germany set to | :00:19. | :00:27. | |
vote through a minimum wage after serious debate. Plus, from the | :00:28. | :00:33. | |
farmer's field straight to the dustbin, we look at India's food | :00:34. | :00:40. | |
waste problem. Welcome to World Business Report. Also in the | :00:41. | :00:46. | |
programme, a $230 billion trading relationship. We will also talk to | :00:47. | :00:51. | |
the implications of china's president, Xi Jinping, visiting | :00:52. | :01:00. | |
South Korea. First of all, is it a vital safety net and a boost for the | :01:01. | :01:03. | |
economy, or a recipe for uncompetitiveness? Arguments have | :01:04. | :01:07. | |
been fierce on both sides, but later today Germany is set to introduce a | :01:08. | :01:10. | |
national minimum wage in a bill that is expected to pass through | :01:11. | :01:14. | |
Parliament with a strong majority. It will be phased in from the | :01:15. | :01:17. | |
beginning of next year, and eventually benefit more than 5 | :01:18. | :01:22. | |
million low`paid German workers. Let's have a quick look at some of | :01:23. | :01:25. | |
the figures. Germany's minimum wage will be reviewed every year, but it | :01:26. | :01:32. | |
will start at 8 euros 50 per hour. That is more generous than debt in | :01:33. | :01:39. | |
Britain, where it is ?6.31, or 7.91 euros per hour. That will go up in | :01:40. | :01:44. | |
the UK in October. It is a full euro lower than what you will get in | :01:45. | :01:46. | |
France, where the minimum wage at the moment is 9.53 euros per hour. | :01:47. | :01:54. | |
Let's speak to Steve Evans in Berlin. I assume the vast majority | :01:55. | :02:00. | |
of people in Germany are for this move? The opinion polls show large | :02:01. | :02:07. | |
majorities in favour, but if you ask people if they should go up, they | :02:08. | :02:11. | |
will say yes. The bigger argument will be whether it will hurt | :02:12. | :02:14. | |
Germany's competitiveness in the long run. What the unions say is | :02:15. | :02:21. | |
that it is still substantially lower than the going rate in many | :02:22. | :02:27. | |
industries, and that the industries that will benefit are not those | :02:28. | :02:31. | |
industries which trade competitively across borders. Hairdressing, for | :02:32. | :02:37. | |
example, is notoriously poorly paid in pretty well every country. It is | :02:38. | :02:46. | |
industries like security guards, and trade industries, that they say will | :02:47. | :02:50. | |
benefit. The argument on the other side is that any rise in wages in | :02:51. | :02:58. | |
one part of industry then moves through industry is everyone raises | :02:59. | :03:03. | |
their prices. The convocation to this argument is that there are lots | :03:04. | :03:07. | |
of people saying that German wages should go up anyway, just to | :03:08. | :03:10. | |
reinflate the economy. The eurozone economy still has very high | :03:11. | :03:15. | |
unemployment, and a bit of inflation wouldn't go amiss. It is a complex | :03:16. | :03:22. | |
argument that has played out, because the conversation in the | :03:23. | :03:26. | |
government has been split on this. Having said that, it will go through | :03:27. | :03:29. | |
Parliament. What our business leaders saying about this? | :03:30. | :03:33. | |
Presumably small and medium`size companies, this could be quite tough | :03:34. | :03:37. | |
to put this in place in their companies. Business leaders say what | :03:38. | :03:43. | |
they always say when there is a minimum wage. They set it in Britain | :03:44. | :03:50. | |
ten years ago, they say it will cost jobs, it will be anti`competitive. | :03:51. | :03:55. | |
The argument is always where you pitch it. If you pitch it so low it | :03:56. | :03:59. | |
is below the going rate, it will have no effect. If you pitch it very | :04:00. | :04:06. | |
high than it has a big effect. It will be phased in for some | :04:07. | :04:13. | |
industries, for example, and interns will be exempted, and also young | :04:14. | :04:19. | |
people starting out on their careers. Thank you very much indeed. | :04:20. | :04:27. | |
As we get news that going through Parliament in Germany, we will you. | :04:28. | :04:32. | |
Now, let's speak to Sharanjit Leyl. As you have heard, prime ministers | :04:33. | :04:40. | |
Xi Jinping has arrived in South Korea. | :04:41. | :04:47. | |
The economic relationship is crucial, likely to be very high on | :04:48. | :04:56. | |
the agenda. A huge business delegation is travelling with Xi | :04:57. | :05:02. | |
Jinping. This will elevate the crucial trade ties between Beijing | :05:03. | :05:08. | |
and Seoul, and a break with tradition in that he will be | :05:09. | :05:13. | |
visiting Seoul ahead of Zhong Yang. That highlights just how important | :05:14. | :05:15. | |
the business relationship is `` Pyongyang. He will attend a business | :05:16. | :05:22. | |
forum, where a huge business delegation is coming along, meeting | :05:23. | :05:31. | |
senior management from companies like Samsung and LG. They are also | :05:32. | :05:35. | |
likely to talk about a string of agreements, but direct training | :05:36. | :05:39. | |
between the currencies `` trading. That could boost trade ties between | :05:40. | :05:44. | |
the two countries. We know that trade between the countries tops | :05:45. | :05:49. | |
more than $270 billion, and foreign investment is about a quarter of | :05:50. | :05:56. | |
that, at around 57 billion. There are talks about a bilateral free | :05:57. | :06:00. | |
trade agreement, and they are said to be close to an agreement, but | :06:01. | :06:05. | |
analysts say it won't likely happen on this trip, because there are | :06:06. | :06:10. | |
sticking points, particularly in the agricultural sector. | :06:11. | :06:21. | |
Throughout the week, we have been highlighting the issue of food | :06:22. | :06:24. | |
waste, and what can be done to address it. Industrialised countries | :06:25. | :06:28. | |
waste roughly twice as much food as developing countries, but plenty of | :06:29. | :06:33. | |
food is still lost in those developing nations. Usually it is | :06:34. | :06:42. | |
because of a lack of proper storage and transport as foodies moved from | :06:43. | :06:46. | |
the farm to the market. This means losses for farmers and higher prices | :06:47. | :06:53. | |
for consumers. We look at what is being done to try to tackle this | :06:54. | :07:01. | |
problem. This is one of Asia's largest | :07:02. | :07:04. | |
wholesale markets. It is in the Indian capital. Truckloads of | :07:05. | :07:07. | |
produce a here every day to be auctioned and sold at the best | :07:08. | :07:14. | |
prices. This man has driven eight hours from a village in a | :07:15. | :07:16. | |
neighbouring state, bringing his harvest of potatoes. It is a long | :07:17. | :07:22. | |
trip that might earn him as much as $3000. But he says he has no other | :07:23. | :07:30. | |
choice. TRANSLATION: Once we harvest our vegetables, we just don't know | :07:31. | :07:34. | |
what to do with them. We need to sell them fast or they are just | :07:35. | :07:38. | |
going to rot. We don't have large markets in the village, so I have to | :07:39. | :07:42. | |
pay for them to be transported all the way to Delhi. More food is | :07:43. | :07:48. | |
brought here than ever before to feed India's hungry cities. But | :07:49. | :07:52. | |
conditions here haven't really changed in the last few decades. | :07:53. | :07:56. | |
This reflects one of the biggest threats to India's food security. | :07:57. | :08:00. | |
Improper storage means that nearly 14% of what the country produces | :08:01. | :08:03. | |
perishes before even reaching consumers. Despite being the world's | :08:04. | :08:12. | |
second`largest grower of fruits and vegetables, India throws away fresh | :08:13. | :08:15. | |
produce worth about $7 billion every year. This is one solution, India | :08:16. | :08:26. | |
has just over 6000 are still it is like this. `` facilities like this. | :08:27. | :08:33. | |
Only a fraction of what it actually needs. Providing technology for | :08:34. | :08:37. | |
climate controlled warehouses is proving to be a good business for | :08:38. | :08:45. | |
companies. The price of milk per litre potentially could go down by | :08:46. | :08:54. | |
20 to 40% if wastage was reduced. For fruit and vegetables, prices | :08:55. | :08:57. | |
could be halved potentially, so for a country, as I said earlier, of 1.2 | :08:58. | :09:01. | |
billion people, if you can bring down pricing it is good for | :09:02. | :09:03. | |
everyone. India's inability to keep much of what it produces edible | :09:04. | :09:09. | |
means many are left hungry. Unless India invests in modern warehouses | :09:10. | :09:11. | |
and cool trucks, or perhaps tempting foreign retail giants to make the | :09:12. | :09:14. | |
investment for them, the problems of hunger and high food prices will | :09:15. | :09:32. | |
only get worse. Copper business stories, the European Central bank | :09:33. | :09:36. | |
is expected to take no new action when it meets today, after | :09:37. | :09:39. | |
announcing a raft of stimulus measures last month, including | :09:40. | :09:42. | |
cutting deposit interest rates to below zero. Investors will be | :09:43. | :09:47. | |
looking for any hints large`scale money printing or quantitive easing | :09:48. | :09:56. | |
could be the next step. Monthly payroll data out early in the US | :09:57. | :10:00. | |
because of the Independence Day holiday should show that they | :10:01. | :10:05. | |
created around 230,000 new jobs last month. That would be a fifth | :10:06. | :10:10. | |
straight month of good job gains above 200,000. It is the positive | :10:11. | :10:19. | |
sentiment about the US economy that has been boosting markets. | :10:20. | :10:23. | |
sentiment about the US economy that has The Dow and the SSP closed up. | :10:24. | :10:49. | |
The NHS in England may need an additional ?4 billion per year | :10:50. | :10:50. |