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Now for the latest financial news with Sally and World Business | :00:00. | :00:00. | |
Back on the streets: Tens of thousands prepare to march | :00:00. | :00:19. | |
Is France putting big business before workers' rights, | :00:20. | :00:26. | |
China says it's deeply concerned about protectionism in the US steel | :00:27. | :00:33. | |
industry, fanning the flames of a growing trade row. | :00:34. | :00:42. | |
Also in the programme: Plugging into the smart home. | :00:43. | :00:51. | |
We get the latest from the Consumer Electronics Show | :00:52. | :00:54. | |
In Paris, trade unions are about to lead | :00:55. | :01:00. | |
tens of thousands of people in a march against proposed changes | :01:01. | :01:03. | |
It's just the latest in a string of strikes and demonstrations | :01:04. | :01:06. | |
President Hollande's government argues a shake-up is vital to make | :01:07. | :01:12. | |
France more competitive, but unions say the bill, | :01:13. | :01:14. | |
which will go to a vote in the senate next Wednesday, | :01:15. | :01:17. | |
France will keep its famous 35-hour working week, | :01:18. | :01:26. | |
Firms will be able to negotiate with local trade unions on more | :01:27. | :01:34. | |
or fewer hours from week to week, up to a maximum of 46 hours | :01:35. | :01:38. | |
The changes will also make it easier to lay off workers. | :01:39. | :01:41. | |
It's hoped companies will take on more people if they know they can | :01:42. | :01:44. | |
Employers will also be given more leeway to negotiate holidays | :01:45. | :01:51. | |
which is currently heavily regulated. | :01:52. | :01:56. | |
Proof that reform is needed, say its supporters, | :01:57. | :01:58. | |
France has an unemployment rate of over 10%. | :01:59. | :02:05. | |
That's more than double that of the UK and Germany. | :02:06. | :02:12. | |
Michel Martinez is chief Euro economist at Societe General. | :02:13. | :02:14. | |
Good morning and thanks for joining us. Another day of disruption in | :02:15. | :02:25. | |
Paris and in France. Just give us your take on how this is all being | :02:26. | :02:29. | |
handled. The last time they had strike action more than 1 million | :02:30. | :02:32. | |
people across France were protesting. I expect fewer | :02:33. | :02:43. | |
participants. Even the demonstrations work well for the | :02:44. | :02:49. | |
trade unions. I don't think they will step backwards. I think next | :02:50. | :02:53. | |
week the reform will pass through the Senate and Parliament. So that's | :02:54. | :03:01. | |
a reform that is heading in the right direction, in terms of | :03:02. | :03:08. | |
deregulating the market. As you just mentioned, there is one significant | :03:09. | :03:15. | |
change which is the decentralisation of the banking process at the | :03:16. | :03:19. | |
company level. -- bargaining process. Most of the bargaining | :03:20. | :03:25. | |
processes happen at the branch, sector or even national level and | :03:26. | :03:29. | |
with that reform, regarding the numbers of hours worked, | :03:30. | :03:38. | |
negotiations will be possible at the company level. That is a significant | :03:39. | :03:44. | |
change. That's the reason for which the tougher unions are against | :03:45. | :03:52. | |
reform because they are very powerful at the branch level, for | :03:53. | :03:59. | |
example in the refinery sector or the transportation sectors, and the | :04:00. | :04:07. | |
fear that they will lose the power... In practice this reform | :04:08. | :04:15. | |
will allow companies to depart from the 35 hours week. So that's a | :04:16. | :04:20. | |
reform that is heading in the right direction. Sorry to interrupt. I was | :04:21. | :04:26. | |
just going to ask you, because as you are explaining the reforms are | :04:27. | :04:31. | |
likely to take place next week but they are very watered down compared | :04:32. | :04:37. | |
to the original ideas to change the labour regulation in France. So will | :04:38. | :04:42. | |
they be effective in boosting the French economy, do you believe? We | :04:43. | :04:48. | |
don't believe that this reform will be a game changer. It won't go up to | :04:49. | :05:02. | |
6% like in other European economies. No. But we have to take this reform | :05:03. | :05:13. | |
as probably one of the first reforms in the labour market for a decade. | :05:14. | :05:25. | |
If you look at the reports via the main international organisations, | :05:26. | :05:29. | |
they say that the pension is France is now almost balanced. It took | :05:30. | :05:36. | |
French policymakers almost two decades to change the pension | :05:37. | :05:45. | |
reform. The way I see this reform is the first door that has been opened | :05:46. | :05:54. | |
and... But of course more will be needed. Regarding the | :05:55. | :05:59. | |
decentralisation of the bargaining process, it is possible negotiations | :06:00. | :06:02. | |
will happen at the company level. The next time will be able to deal | :06:03. | :06:06. | |
not only on the number of hours but also on the numbers of jobs, on the | :06:07. | :06:11. | |
restructuring of the company as well. All right. We appreciate your | :06:12. | :06:18. | |
time. Thank you. We will be keeping an eye on how things go today in | :06:19. | :06:23. | |
Paris and elsewhere in France. The last time protests occurred it all | :06:24. | :06:24. | |
got very nasty. Moving over to Asia. China's Commerce Ministry says | :06:25. | :06:30. | |
it is deeply concerned about protectionism | :06:31. | :06:32. | |
in the US steel sector. In a statement it blames the lack | :06:33. | :06:34. | |
of competitiveness in the US steel It's the latest blow in a growing | :06:35. | :06:38. | |
trade row between the two It is interesting. Almost like China | :06:39. | :06:55. | |
fighting back. It is. Of course many of China's critics would say it is | :06:56. | :07:01. | |
somewhat ironic, when most other global steel producers would | :07:02. | :07:05. | |
chastise China for pricing steel to cheaply and looking out for their | :07:06. | :07:09. | |
own interests. So it is China's commerce industry saying on their | :07:10. | :07:12. | |
website that the lack of competitiveness by the US steel | :07:13. | :07:15. | |
sector is a result of overprotection and that they should abide either | :07:16. | :07:21. | |
rules. But all of this of course comes after the US International | :07:22. | :07:23. | |
Trade Commission said on Wednesday it had found that imports of coal | :07:24. | :07:30. | |
products from China are hurting US producers and that's paving the way | :07:31. | :07:36. | |
for hefty anti- dumping duties, a tit-for-tat spat really. The US | :07:37. | :07:41. | |
Commerce Department had previously slapped Chinese steelmakers with | :07:42. | :07:45. | |
import duties of over 500% on some of the Chinese products. But we know | :07:46. | :07:50. | |
as well there's a huge collapse in prices globally. That is leading to | :07:51. | :07:55. | |
all of this. The shutting of competing mills around the world. | :07:56. | :08:00. | |
This is being blamed on Chinese overcapacity, the fact that they | :08:01. | :08:05. | |
produce too much steel. China is the world's biggest producer and | :08:06. | :08:08. | |
consumer of the metal and is rising production has come despite its own | :08:09. | :08:14. | |
attempts to cut capacity. Thank you so much. Squeezing in some other | :08:15. | :08:16. | |
stories. South Korean car maker Kia has | :08:17. | :08:17. | |
topped a US quality survey by auto It's the first time in 27 years | :08:18. | :08:20. | |
a non-luxury brand has The survey questioned over 80,000 | :08:21. | :08:24. | |
drivers who'd bought a new car this year about problems | :08:25. | :08:33. | |
during their first 90 Kia came first, pushing last year's | :08:34. | :08:36. | |
winner Porsche into second place. The Smart minicar brand owned | :08:37. | :08:39. | |
by Daimler came bottom, Struggling smartphone maker | :08:40. | :08:42. | |
Blackberry reports first At its annual meeting on Wednesday, | :08:43. | :08:46. | |
boss John Chen promised to start making a profit from its hardware | :08:47. | :08:55. | |
division again this year. He's so far been unable to stem | :08:56. | :08:57. | |
a sharp decline in revenue or boost Blackberry was once the leading | :08:58. | :09:01. | |
smartphone maker before losing out A look at the markets. UK voters | :09:02. | :09:17. | |
will go to the polls in one hour and 20 minutes. For legal reasons today | :09:18. | :09:23. | |
broadcasters... I have lost my market board! For legal reasons we | :09:24. | :09:27. | |
can't discuss all of the reports on Mac UK referendum result. But let me | :09:28. | :09:30. | |
move the market boards on. You can see how the sterling is | :09:31. | :09:39. | |
trading. You can get a sense of how that is doing. A big Dane on the | :09:40. | :09:48. | |
Nikkei two to five, up 8%. -- gain. It has the brisk at the ring going | :09:49. | :09:51. | |
on. The possibility of 7000 jobs going. -- it has big restructuring. | :09:52. | :09:58. | |
Oil is about $50 a barrel. See you soon. | :09:59. | :10:10. | |
Three-quarters of LGBT people still feel the need to lie | :10:11. | :10:13. | |
about their sexuality or gender identity, according to new research | :10:14. | :10:17. |