Browse content similar to 20/11/2015. Check below for episodes and series from the same categories and more!
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Those are the latest headlines from BBC World News. | :00:00. | :00:00. | |
Now for the latest financial news with | :00:07. | :00:07. | |
Could Bitcoin become a victim of the fight against terrorism? | :00:08. | :00:21. | |
One of these men will be Argentina's new president, | :00:22. | :00:24. | |
but can either restore confidence in its crippled economy? | :00:25. | :00:40. | |
Also in the programme, a beef over foreign ownership | :00:41. | :00:45. | |
as regulators scupper Australia's biggest ever land sale. | :00:46. | :00:46. | |
We start with the virtual currency bitcoin, we are asking | :00:47. | :01:06. | |
whether it could become a victim of the fight against terrorism. | :01:07. | :01:09. | |
Later today EU interior and justice ministers will meet to | :01:10. | :01:11. | |
discuss how to combat the militant group IS and the way it's financed. | :01:12. | :01:14. | |
According to reports, they are planning a crackdown | :01:15. | :01:16. | |
on virtual currencies and anonymous payment methods, the | :01:17. | :01:18. | |
Users can buy bitcoins at exchanges using their local currency. | :01:19. | :01:22. | |
Once purchased, the bitcoins can then be transferred | :01:23. | :01:24. | |
online to other users quickly and anonymously without verification | :01:25. | :01:27. | |
That has made them attractive to users ranging | :01:28. | :01:30. | |
from drug dealers to those trying to get around those money controls we | :01:31. | :01:34. | |
It's feared they could also be used to finance terrorism. | :01:35. | :01:52. | |
Dr Garrick Hileman is an alternative currency expert at the London School | :01:53. | :01:54. | |
of Economics and he joins us via Skype from San Francisco. | :01:55. | :01:59. | |
Welcome to the programme. I just want to see if we can get an | :02:00. | :02:08. | |
understanding... Do we have any idea if groups like ISIS use big coin or | :02:09. | :02:14. | |
other virtual currencies to fund their activities -- BitCoin. There | :02:15. | :02:26. | |
is very little evidence of that and one of the big barriers is that you | :02:27. | :02:31. | |
can spend them in very many places today. I'm glad you said that | :02:32. | :02:34. | |
because I was thinking the same thing. I can't imagine these | :02:35. | :02:42. | |
so-called ISIS people using them to buy over the shoulder rocket | :02:43. | :02:47. | |
launchers. Cash is king and that is probably something we have to put | :02:48. | :02:51. | |
controls on or keep an eye on. Absolutely. The big difference | :02:52. | :02:56. | |
between cash and BitCoin is that cash is pervasive. People like get | :02:57. | :03:03. | |
by and large. It is also minted by the state, so it is much easier for | :03:04. | :03:12. | |
governments to police that. I don't think anyone argues that Bitcoin | :03:13. | :03:24. | |
could provide a means for terrorist financing and it is worth at least | :03:25. | :03:29. | |
thinking about. Indeed. Am I correct in saying that Europe is not only | :03:30. | :03:34. | |
looking at Bitcoin, and many other virtual currencies, but any other | :03:35. | :03:38. | |
form of anonymous payments even down to prepaid credit cards and gold | :03:39. | :03:45. | |
we're even hearing? Indeed. It is smart to look at Bitcoin and other | :03:46. | :03:49. | |
virtual currencies in the context of other, arguably more anonymous | :03:50. | :03:57. | |
payment instruments. The UK recently put out a study on money laundering | :03:58. | :04:04. | |
and virtual currency came up scoring the lowest in terms of risk profile | :04:05. | :04:09. | |
of any other means of payment. I think it is encouraging to see the | :04:10. | :04:15. | |
European Union is taking a holistic approach here. Thank you. Can you | :04:16. | :04:21. | |
tell whoever set up your Skype that it is the best quality I have ever | :04:22. | :04:23. | |
seen? We are also in Argentina, | :04:24. | :04:26. | |
where voters go to the polls on The election brings to an end 12 | :04:27. | :04:29. | |
years of rule by the Kirchner family and whoever takes over inherits an | :04:30. | :04:34. | |
enormous task, namely getting South America's number two economy back | :04:35. | :04:36. | |
on track, amid soaring inflation, rising poverty and almost zero | :04:37. | :04:39. | |
investor confidence. It's now down This is Daniel Scioli, | :04:40. | :04:42. | |
a former powerboat racer who's standing for the left wing ruling | :04:43. | :04:49. | |
party and backed by outgoing Here's his rival, the mayor | :04:50. | :04:51. | |
of Buenos Aires, conservative He's a businessman who has pledged | :04:52. | :05:01. | |
to restore business confidence That is seriously lacking | :05:02. | :05:04. | |
at the moment, here's why. According to official figures | :05:05. | :05:11. | |
inflation is running That sounds high | :05:12. | :05:13. | |
but the government's been widely accused of cheating | :05:14. | :05:17. | |
the data to underplay the problem. In fact, economists think | :05:18. | :05:19. | |
prices are rising at twice that That is crippling | :05:20. | :05:22. | |
ordinary Argentinians. Then there's the currency, | :05:23. | :05:29. | |
officially the peso is trading But nobody believes that, | :05:30. | :05:31. | |
in fact to change money on the black market a dollar will | :05:32. | :05:41. | |
cost you more than 15 pesos. Economists say whoever wins | :05:42. | :05:44. | |
the election will have to devalue the currency, possibly by 50%, | :05:45. | :05:46. | |
to restore credibility. The BBC's Daniel Gallas reports | :05:47. | :05:49. | |
from Buenos Aires. In one of the poorest neighbourhoods | :05:50. | :06:04. | |
in Buenos Aires, this small community centre is full of women | :06:05. | :06:07. | |
and children. They are here to claim social benefits from the | :06:08. | :06:12. | |
government. Each woman is entitled to about $70 monthly for each of | :06:13. | :06:15. | |
their children they can keep in school and with vaccination up to | :06:16. | :06:20. | |
date. Everywhere there are pictures of President Cristina Kirchner who | :06:21. | :06:25. | |
implemented the social programme. This community leader says most | :06:26. | :06:29. | |
people here are behind Cristina Kirchner's preferred candidate, | :06:30. | :06:32. | |
Daniel Scioli, because they believe he will expand her social | :06:33. | :06:39. | |
programmes. TRANSLATION: Before Cristina Kirchner, picture cheese to | :06:40. | :06:43. | |
take care of us. They give us medication, food, clothes for our | :06:44. | :06:48. | |
children. After she came to power the state started taking care of us | :06:49. | :06:54. | |
everything changed. But across town in Congress we hear a different | :06:55. | :06:58. | |
story. This MP is a familiar name in the Argentinian economy and an | :06:59. | :07:03. | |
inflation index is named after her. She says that prices rose so much | :07:04. | :07:12. | |
under the current government that the statistics were changed to mask | :07:13. | :07:16. | |
inflation. She released her own figures which show inflation is | :07:17. | :07:22. | |
twice as high as the real one. She thinks Mauricio Macri can make | :07:23. | :07:27. | |
Argentina flourish again by ending currency controls. We have had four | :07:28. | :07:34. | |
years where we are not growing. We are in Ground Zero. Part of the | :07:35. | :07:40. | |
problem in Argentina is that the government controls how many dollars | :07:41. | :07:44. | |
each businessperson can buy and there simply aren't enough to go | :07:45. | :07:48. | |
around for everyone. At this upmarket street in Buenos Aires, big | :07:49. | :07:52. | |
fashion brands like Louis Vuitton and Armani have had to close their | :07:53. | :07:57. | |
shops and some businesses have left Argentina altogether. Currency | :07:58. | :08:00. | |
controls are pushing up shops and driving investors away. Both | :08:01. | :08:04. | |
candidates have signalled a move to open up the economy but so far | :08:05. | :08:08. | |
neither have laid out a detailed plan of how this will be done. For | :08:09. | :08:12. | |
whoever wins the election next month, the challenge will remain the | :08:13. | :08:16. | |
same to secure the social gains made for the poor in the past decade | :08:17. | :08:19. | |
while convincing foreign companies to invest again in Argentina. | :08:20. | :08:26. | |
To Asia now and regulators in Australia have scuppered | :08:27. | :08:28. | |
a vast land sale that would have been the country's biggest ever. | :08:29. | :08:31. | |
Sharanjit Leyl is following the story for us in Singapore. | :08:32. | :08:37. | |
As an Australian, I think when we are talking big we're talking about | :08:38. | :08:45. | |
a cattle ranch as big as South Korea! That's right. It is bigger | :08:46. | :08:55. | |
than Ireland. Yet it constitutes just over 1%' APPLAUSE landmass. It | :08:56. | :09:02. | |
has nearly 200,000 cattle. The Chinese bidders had tried to buy | :09:03. | :09:07. | |
this. It is about $250 million worth, but it was blocked by | :09:08. | :09:12. | |
regulators and this was because of national interest, apparently -- | :09:13. | :09:24. | |
Australia's landmass. It could potentially strained relationships | :09:25. | :09:28. | |
between China and Australia. China is Australia's largest trading | :09:29. | :09:31. | |
partner and according to the investment review Board in | :09:32. | :09:34. | |
Australia, the decision was because of the proximity of the land to a | :09:35. | :09:38. | |
weapons testing site. The federal Treasurer Scott Morrison said the | :09:39. | :09:46. | |
acquisition of this huge cattle station would be contrary to | :09:47. | :09:50. | |
Australian interests. It is interesting that this is under the | :09:51. | :09:54. | |
new government of Malcolm Turnbull and it is on the fine line that | :09:55. | :09:59. | |
Australia often balances between investment and concerns regarding | :10:00. | :10:03. | |
foreign ownership. But the Prime Minister has rebuffed any suggestion | :10:04. | :10:05. | |
that this might result in a backlash from China. Australia's national | :10:06. | :10:12. | |
interests. They would be yelling that the Chinese are coming! | :10:13. | :10:14. | |
In other news: The Dutch government is expected to raise | :10:15. | :10:16. | |
around four billion euros this Friday with the flotation | :10:17. | :10:18. | |
It's the biggest initial public offering of a European bank | :10:19. | :10:23. | |
since the financial crisis - and investor interest has been strong. | :10:24. | :10:25. | |
ABN was bailed out in 2008 at a cost of 22 billion euros. | :10:26. | :10:29. | |
Finance Minister Jeroen Dijsselbloem has admitted | :10:30. | :10:30. | |
the Dutch taxpayer is unlikely to get the full amount back. | :10:31. | :10:39. | |
A quick look at the markets. This is what the Asian markets are doing at | :10:40. | :10:45. | |
the moment and I will be back to take a look at some of the | :10:46. | :10:48. | |
newspapers from around the world shortly. | :10:49. | :10:59. | |
The influential Justice committee of MP's | :11:00. | :11:00. | |
in the UK has recommended that the government scrap the controversial | :11:01. | :11:04. |