Browse content similar to 26/05/2016. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with | :00:00. | :00:00. | |
Japan wants G7 leaders to start shovelling the cash to boost | :00:00. | :00:18. | |
But Germany and the UK still say austerity, | :00:19. | :00:25. | |
McDonalds set for another king size grilling at its annual meeting | :00:26. | :00:35. | |
today, as fast food workers demand a bigger portion of pay. | :00:36. | :00:42. | |
Stay with me. I will give you an exciting snapshot of all good news | :00:43. | :01:00. | |
in business and money. In a moment - | :01:01. | :01:02. | |
could the fairy tale be over? Alibaba reveals its accounts are | :01:03. | :01:04. | |
under investigation. We start in Japan, where leaders | :01:05. | :01:06. | |
of the G7 group of nations are gathering in Ise-Shima, | :01:07. | :01:10. | |
in the mountains south west Up for discussion - terrorism, | :01:11. | :01:11. | |
the refugee crisis, tensions with China over territorial | :01:12. | :01:17. | |
waters and Britain's EU referendum But top of the agenda is this - | :01:18. | :01:20. | |
fears over global economic growth. The IMF has revised | :01:21. | :01:30. | |
down its world growth forecasts The economic picture is | :01:31. | :01:33. | |
getting worse, not better. Should governments be splashing | :01:34. | :01:48. | |
the cash, spending more money to Or is austerity the way to go - | :01:49. | :01:58. | |
cutting back and spending less? On one side you have the UK | :01:59. | :02:12. | |
and Germany who believe that the only way to a sustainable economy is | :02:13. | :02:15. | |
by spending less, something that they argue makes them more resilient | :02:16. | :02:20. | |
to future financial shocks. On the other side you have Japan, | :02:21. | :02:27. | |
which has been spending billions to It has been calling on its G7 | :02:28. | :02:30. | |
partners to commit to doing the same, saying cuts lead to | :02:31. | :02:34. | |
stagnation and recession. The United States, Canada, | :02:35. | :02:36. | |
Italy and France all agree. Is there any hope of a deal to boost | :02:37. | :02:50. | |
public spending? Asia business correspondent Karishma | :02:51. | :02:53. | |
Vaswani is at the G7 summit Great to see you. This is the same | :02:54. | :03:05. | |
old arguments, isn't it? Japan says to spend, but their new kind of go, | :03:06. | :03:16. | |
hang on, Japan? -- then you kind of. Japan spent a lot of money to boost | :03:17. | :03:20. | |
the economy and it didn't work. I am not sure Japan is the right one to | :03:21. | :03:24. | |
send this message! You are absolutely right. The fact that | :03:25. | :03:30. | |
Japan has provided all set for the solution as a remedy for global | :03:31. | :03:35. | |
growth almost seemed hypocritical, if you look at the state of Japan's | :03:36. | :03:41. | |
economy. 25 years of low or no growth, low wages and prices. It | :03:42. | :03:45. | |
really is a pretty dire situation for the Japanese economy. But Prime | :03:46. | :03:53. | |
Minister Abe says his big plan to boost growth in Japan through | :03:54. | :03:58. | |
monetary policy and fiscal stimulus, and structural reforms, he is | :03:59. | :04:02. | |
betting this will turn the economy around. Pivotal to about is the fact | :04:03. | :04:08. | |
that he is of the opinion that if you cut interest rates, remember | :04:09. | :04:11. | |
Japan cut them to below zero earlier this year, then eventually people | :04:12. | :04:16. | |
and companies will be forced to spend and prices will go up and you | :04:17. | :04:19. | |
will start to see the engines of the economy rolling again. But he has | :04:20. | :04:24. | |
received some criticism for this at home, which is why he is so keen to | :04:25. | :04:28. | |
get this backing from his partners at the G7 so that they can say, | :04:29. | :04:33. | |
look, he has got it right and this is the way forward to fix all of the | :04:34. | :04:37. | |
problems in the global economy. But you and I both know that what | :04:38. | :04:41. | |
happened. We had some inkling of that at the finance meeting of the | :04:42. | :04:46. | |
weekend, when none of them could get together and decide what the way | :04:47. | :04:49. | |
forward is. So all they said was that each country to its own and we | :04:50. | :04:54. | |
will just keep doing what we've been doing. So I don't expect to see any | :04:55. | :04:59. | |
surprises. We will talk to you in the next hour. Keep across whatever | :05:00. | :05:04. | |
is going on or whatever is not going on! Thank you. | :05:05. | :05:07. | |
We are also in Oak Brook Illinois, the head quarters of the world's | :05:08. | :05:10. | |
For the third year running the company's annual meeting is | :05:11. | :05:19. | |
being hit by protests over pay and conditions. | :05:20. | :05:25. | |
The Fight for 15 campaign is demanding a minimum wage | :05:26. | :05:28. | |
of $15 an hour, childcare and the right to join a union. | :05:29. | :05:31. | |
McDonalds has already pledged to raise workers average pay to $10 | :05:32. | :05:34. | |
by this year, that's in its own restaurants. | :05:35. | :05:45. | |
The boss recently said higher pay was helping to retain staff and is | :05:46. | :05:48. | |
boosting customer satisfaction. It is becoming an annual ritual, | :05:49. | :06:01. | |
protesting outside McDonald's Chicago headquarters is something | :06:02. | :06:04. | |
not on the menu. The $15 minimum wage and the right to form a union. | :06:05. | :06:10. | |
Gregory has been involved with this campaign since 2012, when even | :06:11. | :06:14. | |
members of his own family were sceptical. Now he says the national | :06:15. | :06:18. | |
attention and support has been remarkable. That was something that | :06:19. | :06:24. | |
we didn't see before. It has been a huge surprise for the global workers | :06:25. | :06:31. | |
who started this. We kept pushing, now everybody is in favour. Along | :06:32. | :06:34. | |
the way there have been successes. Some of the country's largest | :06:35. | :06:41. | |
low-wage employers, Walmart, Target and McDonald's, have announced a | :06:42. | :06:44. | |
small pay increases. The boss of the fast food giant recently told | :06:45. | :06:48. | |
investors the mood had not turned out to be bad for business. -- the | :06:49. | :06:50. | |
move. But a former McDonald's CEO warned | :06:51. | :07:06. | |
employees could be replaced by robots if the minimum wage went up, | :07:07. | :07:11. | |
lending support to critics who argue higher wages may lead to job losses. | :07:12. | :07:19. | |
Fight for 15 began here in New York four years ago and it has led to | :07:20. | :07:23. | |
wage increases in Seattle, San Francisco and Los Angeles. But the | :07:24. | :07:29. | |
protest outside McDonald's are a reminder that this issue is far from | :07:30. | :07:30. | |
settled. We will keep across that story for | :07:31. | :07:37. | |
you. Let's return to Asia now where | :07:38. | :07:39. | |
there are worries about China's Shares in Alibaba Group fell almost | :07:40. | :07:42. | |
7% in New York on Wednesday after the online retailing giant | :07:43. | :07:47. | |
said its accounting practices were Rico Hizon is following this for us | :07:48. | :07:49. | |
in Singapore. Good to see you! Here is a company, | :07:50. | :08:09. | |
just reminding people, when this Chinese giant chose New York to go | :08:10. | :08:12. | |
public, to go on the stock market, it was the biggest as we call it | :08:13. | :08:18. | |
flotation in history, wasn't it? That's right. And when you list in | :08:19. | :08:24. | |
the US you have to be more transparent than any country around | :08:25. | :08:28. | |
the world and right now they are being investigated by the US | :08:29. | :08:31. | |
security and exchange commission. At this point it isn't divulging what | :08:32. | :08:36. | |
they are investigating, but Alibaba has drawn the regulators' attention | :08:37. | :08:43. | |
in the past over fake goods on its website and analysts are concerned | :08:44. | :08:46. | |
about its use of financial measures that don't comply with generally | :08:47. | :08:52. | |
accept that accounting principles. -- generally accepted. Alibaba says | :08:53. | :09:01. | |
it is operating with authorities and is providing greater financial | :09:02. | :09:03. | |
information in its latest annual report. Everyone knows the face of | :09:04. | :09:11. | |
Alibaba. They have investors around the world. The company's affiliate | :09:12. | :09:17. | |
are involved in mobile payments, financial services, television and | :09:18. | :09:20. | |
film production. It holds stakes in car sharing services, discount | :09:21. | :09:27. | |
shopping website operators. At the moment investors are very concerned | :09:28. | :09:32. | |
about the company's investigation, growth prospects, amid the economic | :09:33. | :09:38. | |
slowdown. We will have to watch this space, regarding the investigation. | :09:39. | :09:43. | |
Good on you. I wonder if there are any regrets about going to New York! | :09:44. | :09:50. | |
Talk to you soon. He was saying Hong Kong, New York. Perhaps Shanghai. | :09:51. | :09:54. | |
Brent crude has risen above $50 a barrel. That's for the first time in | :09:55. | :10:00. | |
something like seven months. Asian shares are struggling. They are | :10:01. | :10:05. | |
worried about US interest rates. Could we see a rate hike next month, | :10:06. | :10:10. | |
June? And of course the slowing Chinese economy. | :10:11. | :10:11. | |
Don't forget you can get in touch with me and some | :10:12. | :10:14. | |
I will be back to take a look at the papers. | :10:15. | :10:24. | |
NHS spending on private ambulances for 999 calls in England has | :10:25. | :10:28. |