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Those are the latest headlines from BBC News. | :00:00. | :00:00. | |
Now for the latest financial news with Aaron Heslehurst | :00:00. | :00:00. | |
The French agree to build Britain's first new new-clear power | :00:00. | :00:25. | |
But now the Brits want more time to think. | :00:26. | :00:29. | |
Plus - five centuries in business but now banking on a rescue. | :00:30. | :00:32. | |
The perilous state of the world's oldest financial institution. | :00:33. | :00:41. | |
This is just a bite-size snapshot of all the latest in the world of | :00:42. | :00:56. | |
business and money. Also coming up: Will the Bank | :00:57. | :01:00. | |
of Japan turn on the money It could end up as one of the most | :01:01. | :01:03. | |
expensive structures ever built. It would certainly be a massive, | :01:04. | :01:12. | |
multi-billion dollar gamble for the companies and | :01:13. | :01:14. | |
governments involved, We are talking about Britain's first | :01:15. | :01:16. | |
nuclear power station in a generation, the | :01:17. | :01:27. | |
proposed Hinkley C plant Late on Thursday the board of French | :01:28. | :01:29. | |
energy giant EDF narrowly approved the $24 billion project, | :01:30. | :01:34. | |
despite fears it could In fact, two senior executives have | :01:35. | :01:36. | |
quit over all of this. Now, the UK Government says | :01:37. | :01:49. | |
it won't make a final Because of the vast cost, | :01:50. | :01:52. | |
a third of the investment The state CGN group will put | :01:53. | :02:00. | |
in almost $8 billion, that's The Chinese hope it will give them | :02:01. | :02:07. | |
an in with the UK government Hinkley C would provide | :02:08. | :02:15. | |
3,200 megawatts of power. That would supply 7% of the UK's | :02:16. | :02:24. | |
total electricity requirement. It's enough to make 85.3 million | :02:25. | :02:29. | |
cups of tea at once. Or to keep the lights on in 48.5 | :02:30. | :02:43. | |
million homes around the UK. to charge 640 million iPhones | :02:44. | :02:46. | |
all at the same time. In return for their | :02:47. | :02:58. | |
massive investment, the French and Chinese | :02:59. | :02:59. | |
would get a guaranteed price for the electricity | :03:00. | :03:01. | |
the plant produces. That price is this - | :03:02. | :03:04. | |
about ?92.50, or $121.68, per megawatt hour of electricity | :03:05. | :03:08. | |
for a period of 35 years. this is more than twice | :03:09. | :03:17. | |
the current market rate, another one of the reasons | :03:18. | :03:24. | |
it is so controversial. Dr Paul Dorfman is from | :03:25. | :03:26. | |
the Energy Institute The delay from the British side, is | :03:27. | :03:41. | |
this a Brexit issue or a new government going, we just need a bit | :03:42. | :03:45. | |
more time to think about this? Yes, it's good news. The deal, as you | :03:46. | :03:53. | |
say, is deeply problematic and it looks like our government is | :03:54. | :03:56. | |
thinking again. There are lots of reasons for this. The reactor that | :03:57. | :04:04. | |
his bill is the same brand of reactor that has failed in | :04:05. | :04:08. | |
construction terms, both in Finland and France, where it is about three | :04:09. | :04:13. | |
times over time and cost. That will be a problem in itself, right? This | :04:14. | :04:21. | |
is a plant that has failed? It is certainly a failed reactor. The | :04:22. | :04:26. | |
failure of the construction of this reactor has essentially bankrupted | :04:27. | :04:31. | |
EDF's construction arm, which will have to be bailed out by the French | :04:32. | :04:37. | |
government. Can I just ask you this. Time is short. Some will say this is | :04:38. | :04:43. | |
a 20th-century solution to a 21st-century problem and locking in | :04:44. | :04:48. | |
at prices for the UK government, to pay the French and Chinese, locking | :04:49. | :04:53. | |
in a rate that is more than twice the market rate today for 35 years, | :04:54. | :04:59. | |
that is absurd, isn't it? It does seem to be absurd and there are | :05:00. | :05:08. | |
problems with it. For example, this is all the UK government has to find | :05:09. | :05:12. | |
low carbon energy. Fortunately, nuclear by about 2020 will eat all | :05:13. | :05:19. | |
of the framework. So if you are wondering why we have seen the | :05:20. | :05:23. | |
decimation of nuclear solar, wind, UK gridlock grid, that's why. If you | :05:24. | :05:28. | |
are talking about energy in the round, a recent report has said that | :05:29. | :05:33. | |
renewables account for all of the increasing global power generation | :05:34. | :05:37. | |
in 2050, so that's a 70% in wind and about 32% in solar, with China | :05:38. | :05:42. | |
leading the way. Thank you very much. Short and sweet, but we | :05:43. | :05:46. | |
appreciate your time. In Italy, there are growing fears | :05:47. | :05:48. | |
about the health of Tonight, after the US markets close, | :05:49. | :05:50. | |
the EU will publish results of the latest so-called | :05:51. | :05:57. | |
bank stress tests. Those are basically to test if banks | :05:58. | :06:04. | |
can withstand the financial crisis. are expected to be the major source | :06:05. | :06:08. | |
of concern, as Theo Leggett reports This is the world's oldest bank, | :06:09. | :06:22. | |
founded in 1472 it originally provided small loans to Tuscan | :06:23. | :06:27. | |
farmers. Now it is Italy's third-largest bank and is in | :06:28. | :06:32. | |
trouble, weighed down by a huge fort stomach portfolio of loans that may | :06:33. | :06:37. | |
never be repaid. -- huge portfolio. There are about 600 banks across the | :06:38. | :06:41. | |
country and more local branches than pizza restaurants. Many of them are | :06:42. | :06:45. | |
struggling because customers can't repay their debts. Across the | :06:46. | :06:51. | |
sector, depending on which metrics you look at, there are 360 billion | :06:52. | :06:57. | |
euros, which makes up about one fifth of the country's GDP and about | :06:58. | :07:04. | |
20% of all loans in the country. Here in this northern Italian town | :07:05. | :07:07. | |
they know exactly what can happen when a bank gets into financial | :07:08. | :07:12. | |
trouble. Last deal on local bank was one of four which had to be bailed | :07:13. | :07:15. | |
out by the Italian government. But the price of that they allowed under | :07:16. | :07:20. | |
EU law was that investors had to lose money and in Italy bank | :07:21. | :07:26. | |
investors are often ordinary savers. One of them is Roberto. He and his | :07:27. | :07:33. | |
wife lost 24,000 euros they had invested in the bank. Now he's | :07:34. | :07:37. | |
fighting for compensation. TRANSLATION: It doesn't matter what | :07:38. | :07:45. | |
had -- whether it is 100 or 1000 euros. We are talking about our | :07:46. | :07:50. | |
money, money that we made from hard work and sweat. It is my money and | :07:51. | :07:53. | |
the Italian government has stolen it from me. This is a relatively small | :07:54. | :08:00. | |
bank. ??Monte dei Paschi is a lot to go. If a solution to its problems | :08:01. | :08:05. | |
can't be found in the private sector the government may have to step in | :08:06. | :08:08. | |
and many more ordinary people could lose their money. Experts fear that | :08:09. | :08:12. | |
could cause political up rural, possibly threatening the government | :08:13. | :08:21. | |
and the Prime Minister and sending shockwaves through the entire EU. | :08:22. | :08:25. | |
To Asia now, where all eyes are on Tokyo, | :08:26. | :08:28. | |
specifically the Bank of Japan which has just wound | :08:29. | :08:30. | |
Karishma Vaswani is our Asia business correspondent. | :08:31. | :08:39. | |
All of these huge expectations on the bank of Japan and they came out | :08:40. | :08:45. | |
and said, we will do something, we will continue pumping money into the | :08:46. | :08:49. | |
markets. That's about it, and nobody likes that at the moment. You are | :08:50. | :08:53. | |
absolutely right. I think this is being read as a major | :08:54. | :08:56. | |
disappointment. Investors were looking for some sort of major | :08:57. | :08:59. | |
effort by the bank of Japan and the central bank of an to show that he | :09:00. | :09:05. | |
was trying to support the Japanese economy. -- bank governor. Japan has | :09:06. | :09:15. | |
been in a two decade-long slump. Prices are low, wages are low and | :09:16. | :09:19. | |
the problem is that no matter what the central bank and the government | :09:20. | :09:23. | |
has thrown at this problem, massive, billions of dollars worth of cash | :09:24. | :09:26. | |
and money and stimulus, even pushing interest rates further below zero, | :09:27. | :09:31. | |
nothing appears to be working. Earlier in the week we saw a move by | :09:32. | :09:36. | |
the Japanese Prime Minister Shinzo Abe, who announced plans for a $265 | :09:37. | :09:42. | |
billion stimulus package. He says details of that will be released | :09:43. | :09:46. | |
next week. And it looked at the time like he was saying to his friend at | :09:47. | :09:50. | |
the central bank, now show your cards. Well, it hasn't impressed | :09:51. | :09:57. | |
investors at all. Nothing has worked in the past and nothing will work in | :09:58. | :10:01. | |
the future, until economic structural reforms! Economic | :10:02. | :10:07. | |
structural reforms. The Nikkei is down just over 1% and the Japanese | :10:08. | :10:10. | |
yen has gone back up again. That continues to hurt the Japanese | :10:11. | :10:12. | |
economy. Don't forget you can get in touch | :10:13. | :10:12. | |
with me and some of the team I will be back to look at some of | :10:13. | :10:16. | |
the papers from around the world. The UK's first maternity service | :10:17. | :10:25. | |
for victims of rape and sexual | :10:26. | :10:29. |