31/07/2014 World Business Report


31/07/2014

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Obama. `` president. Now it is time for the latest

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business news. The deadline has come and gone, and

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Argentina is pushed into default for the second time in the 13 years.

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Plus, the stars of Youtube. People who have toned clips into cash. ``

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turned. Hello, everyone. Welcome to the

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programme. Let us take a fascinating and exciting snapshot of all the

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latest in the world of business and money. We have also got a bit of a

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row with India. Let us start with Argentina. It has been declared in

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default on its debts for the second time. Two is a very intense talks

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between Argentina and some hedge funds holding Argentine debt. The

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deal expired 30 minutes ago. The economic minister gave it and

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passion speech to reporters. He insists his country is not in

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default. Let us rewind a little. The situation dates back to Argentina's

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original financial crisis in late 2001. It was unable to pay foreign

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debts of nearly $100 billion. Almost all creditors have since accepted

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the restructuring deals. 75% has been written off. Except several

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hedge funds, called vultures by Argentina, they had bought the debt

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very cheaply when Argentina was in trouble. But they sued the US courts

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to be paid in full. They need to be paid $1.5 billion, including

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interest. Argentina fears that it would have to pay its debt in full

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if they did. The competent things even further, the court has

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prevented Argentina from paying interest to other debtholders until

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this has been resolved. It was due until June the 30th, a grace period

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expired yesterday. Standard and Poor has declared Argentina in selected

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default. While both sides were still locked in last`minute talks on

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Wednesday evening, a rally in the centre of the capital brought

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together people angry about the vultures that Argentina accuses of

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pushing them into default. The numbers are not big, just a few

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hundred people. But they represent a feeling I have heard quite a lot.

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People feel unfairly treated by the financial community. They have given

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out posters saying, Argentina or the vultures? Later in the evening, the

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country stuck to its guns. Argentina's economy minister did not

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hold back. TRANSLATION: The President said it. This government

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is not going to sign anything or consent to anything despite the

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pressure being exerted. But it will respect the parameters of the law

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and respect the interests of the Argentine people. It is more than 12

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years since Argentina last default it. It unleashed economic chaos.

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People were killed in street protests. Her plan to purchase a

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house was scuttled. You could not move it, the money. We had the

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money, because of the evaluation, we could only get a car. It was

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terrible. Really terrible. There was no solution. That was the reality

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for many people. Will this be as bad? Experts say, no. Argentina

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never returned to international capital markets after the last

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default. The worldwide impact will be limited. According to this man,

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the situation at home will not be a crisis. But it will not be easy

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either. Over time you see the effects of lack of investment. You

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see the effects of constrained trade with the rest of the world.

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Financial conditions will become much tighter. That transpires into

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an economy that is much more stagnant. Argentina has taken a

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stand, but nobody is a winner. People face rising prices every day

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in a country already in recession. It will be longer until the vultures

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stop circling. We will keep across that all day for

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you. In India, John Kerry is on an official trade visit. US trade with

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India was worth nearly $100 billion last year. It is up about fivefold

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since last September. They are at odds over global trade reforms.

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Particularly over subsidies to its farmers. It is good to have you on

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the programme. This is what it is all about? The government says they

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will sign this global trade agreement, but only if we can

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stockpile food and subsidise farmers. That is it. India says it

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wants to, despite this trade deal, keep the right to be able to buy the

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food of farmers for higher than market prices and then sell some of

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it will market prices to its citizens. `` below. It is important

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in a country with so much poverty. It does not want to sacrifice that

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at the cost of signing this deal. It hopes it can have a deal that can

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happen signed in parallel. It is interesting. Some people might be

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going, hang on, this government is supposed to be pro` trade. There is

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that question. Does the US, will this visit see if we can get a

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U`turn in India? That is what the delegation is hoping to do. It is

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their first visit since the new government came to power. The

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relationship is a bit prickly at the moment. President Obama has talked

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about trying to improve things. There have been so many disputes

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going on with trade and things like intellectual property. I think it

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will be an interesting process to watch. Most people do not expect

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India will agree to the deal. Thank you.

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Or this week, we have been looking at how the millennial generation,

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those born after the 1980, how they are using new technology to earn a

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living. Thanks to the rise of Youtube, one of the most lucrative

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ways of earning money has turned out to be posting videos online.

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Companies are queueing up to get their product advertised. What

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separates the individuals from the amateurs. This is Colin.

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He makes a living building things at home you probably should not and

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then posting the videos on YouTube. Some of them have now been watched

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millions of times. People like Coleen are paid by advertisers for

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every view of their video. I used to be a plumber. In my spare time I

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started making things. The combination of doing that and the

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Internet growing at the same time. As I made bigger and better things,

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the audience saw me as a mad inventor doing strange things in his

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shed. His videos have millions of views online. Turning household

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parts into jet engines is not to everyone's taste. But there are new

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video blogging channels for everyone on topics from history to

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philosophy, physics to shopping. Tania was learning to be a make`up

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artist. Friends suggested she upload tutorials to the Internet so she

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could practice more and other people could learn. The videos took off and

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now she makes her living from them full`time. My videos were getting

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quite a few views. Google got in contact and said, would you like to

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be a Youtube partner? I have nothing to do with it, they just sort it all

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out on their end. My view is feel like they are friends with me. It is

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modestly catching up with them on camera. `` more just me. So if you

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have a skill or passion you think millions of others would want to

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watch, there are ways to make money from it. Even if it is by building

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and filming the world's fastest mobility suit `` scooter. He makes a

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fortune, apparently. If any of you want to get in touch,

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get in touch with you on Twitter. See you shortly.

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According to new research from public health England we should be

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measuring and monitoring our waistlines. Analysis shows people

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with bigger stomachs won a higher risk of developing

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