Browse content similar to 03/09/2014. Check below for episodes and series from the same categories and more!
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forward with allegations of child sexual abuse in Rotherham, according | :00:00. | :00:00. | |
to the Chief Constable of South Yorkshire. A report last week said | :00:00. | :00:00. | |
1,400 children had been abused over a 16`year period. | :00:00. | :00:00. | |
Now on BBC News, all the latest business news live from Singapore. | :00:07. | :00:22. | |
Australia scraps the controversial and unpopular mining tax. What | :00:23. | :00:25. | |
impact will this have on the government's finances? 100 days. We | :00:26. | :00:33. | |
look at what India's Prime Minister has achieved since he took up the | :00:34. | :00:43. | |
post. Thank you for joining us. Australia's mining sector has long | :00:44. | :00:48. | |
pushed for the government to abandon the mining tax and now the Prime | :00:49. | :00:53. | |
Minister has delivered. The 30% tax on mining profits from coal and iron | :00:54. | :00:58. | |
ore was first introduced by the former government in 2012. The | :00:59. | :01:09. | |
scrapping of the mining tax has been a long time coming. It was the | :01:10. | :01:16. | |
promise by the Conservatives going into an election last September here | :01:17. | :01:19. | |
in Australia and finally. The government has pushed this reform | :01:20. | :01:22. | |
through the upper house of Parliament, the Senate. The | :01:23. | :01:29. | |
government has had to negotiate with Clive Palmer's Palmer United Party | :01:30. | :01:32. | |
in order to push through the repeal legislation. There is a price to be | :01:33. | :01:37. | |
paid. Welfare payments and other changes to pensions are a concession | :01:38. | :01:41. | |
that the government has had to make, which will result in a | :01:42. | :01:43. | |
multibillion`dollar hole in government finances. A | :01:44. | :01:48. | |
multibillion`dollar hole. What kind of impact will this have on the | :01:49. | :01:51. | |
mining sector? The Conservative government has | :01:52. | :01:53. | |
always argued the mining tax was never likely to raise anywhere near | :01:54. | :01:57. | |
the sort of money that had been predicted. It was introduced in 2012 | :01:58. | :02:06. | |
by the previous administration, partly to fund welfare payments and | :02:07. | :02:08. | |
also to spread the wealth of Australia's resources boom. The | :02:09. | :02:17. | |
Conservatives said it simply wasn't working and also that it was having | :02:18. | :02:20. | |
at negative impact on mining investment in this country. Critics, | :02:21. | :02:25. | |
including the Greens in Australia, say that this is the greatest | :02:26. | :02:28. | |
conflict of interest in modern Australian political history given | :02:29. | :02:31. | |
that Clive Palmer, a Federal MP, is also a coal billionaire and they | :02:32. | :02:34. | |
wonder just how it is that he has been able to vote down Australia's | :02:35. | :02:37. | |
mining tax. It is not the first time Australia | :02:38. | :02:41. | |
has repealed an unpopular tax. In July, it scrapped the carbon tax | :02:42. | :02:53. | |
legislation. Yes, two unpopular taxes, according | :02:54. | :02:56. | |
to the government, have been axed in the last few months. The carbon tax | :02:57. | :03:00. | |
bit the dust and now we have seen the mining tax go the same way too. | :03:01. | :03:09. | |
It hasn't been an easy journey for the Conservative government in the | :03:10. | :03:12. | |
upper house of Parliament, the Senate, which is the house of | :03:13. | :03:18. | |
review. That is because the Conservative administration does not | :03:19. | :03:25. | |
have a majority. It is having to negotiate with the likes of the | :03:26. | :03:28. | |
Palmer United Party to get these reforms through. Phil Mercer in | :03:29. | :03:35. | |
Sydney. And the Australian economy has | :03:36. | :03:37. | |
slowed compared to the previous year. Australian conglomerate | :03:38. | :03:55. | |
Westfarmers is cutting a number of jobs, which it says is necessary for | :03:56. | :04:03. | |
the building of more stores. It has announced a $1 billion investment to | :04:04. | :04:06. | |
build 70 new supermarkets across the country by 2017. A group of workers | :04:07. | :04:14. | |
tasked with decommissioning the crippled Fukushima nuclear power | :04:15. | :04:21. | |
plant have fired `` filed a lawsuit against Tokyo Electric Power, | :04:22. | :04:26. | |
claiming that TEPCO has failed to ensure workers are paid hazard | :04:27. | :04:36. | |
allowances. In India, Narendra Modi swept into power earlier this year, | :04:37. | :04:42. | |
promising better days ahead for the world's largest democracy. He | :04:43. | :04:48. | |
campaigned to be a business friendly Prime Minister and an economic | :04:49. | :04:54. | |
performer. `` reformer. How is he doing after his first 100 days in | :04:55. | :05:02. | |
office? After official meetings with | :05:03. | :05:04. | |
Narendra Modi this week, Japan's Prime Minister Shinzo Abe announced | :05:05. | :05:07. | |
a plan for more Japanese investment in India as well as major | :05:08. | :05:10. | |
infrastructure loans. After 100 days in office, Narendra Modi wants the | :05:11. | :05:14. | |
world to know he is all business. He led his party to a decisive | :05:15. | :05:17. | |
political victory earlier this year in part by promising to inject life | :05:18. | :05:20. | |
into India's flagging economy. It is still early days of course, but has | :05:21. | :05:24. | |
it made a difference so far? There was a turnaround that I think | :05:25. | :05:29. | |
started at the time of the election. Part of that was that India was in a | :05:30. | :05:33. | |
business cycle and that cycle was turning. Things were getting better. | :05:34. | :05:40. | |
There is, in addition, a sort of upsurge of hope under the new | :05:41. | :05:52. | |
government. Narendra Modi has launched a financial inclusion | :05:53. | :05:55. | |
scheme to open bank accounts for millions of the poor. He has | :05:56. | :06:00. | |
loosened caps on foreign investment in railway infrastructure and | :06:01. | :06:03. | |
defence manufacturing. He is doing something about red tape. Still, not | :06:04. | :06:06. | |
everyone got what they wanted. Some businesses were expecting a more | :06:07. | :06:12. | |
aggressive privatisation agenda. He is pro`business but believes in a | :06:13. | :06:16. | |
strong state as well. He is an Eastern reformer, not a Western | :06:17. | :06:21. | |
reformer. He believes in a strong public sector. He would never | :06:22. | :06:32. | |
privatise that way. However, some of the disappointments have been in his | :06:33. | :06:37. | |
attitude towards trade. He single`handedly, this government, | :06:38. | :06:39. | |
has torpedoed world trade negotiations, which took a lot of | :06:40. | :06:43. | |
people by surprise. For the moment, India's economy seems to be | :06:44. | :06:46. | |
improving. GDP growth has increased and the markets have improved | :06:47. | :06:48. | |
significantly in three months. Economists and politicians will | :06:49. | :06:51. | |
differ on whether or not his agenda may be different. Drowning under its | :06:52. | :07:07. | |
crushing debt last year, the city of Detroit in the US declared itself | :07:08. | :07:10. | |
insolvent, becoming the largest economic collapse in American | :07:11. | :07:14. | |
history. This week, lawyers will argue about to reassemble its | :07:15. | :07:19. | |
finances. The city will have to reduce its debt load of $12 billion | :07:20. | :07:24. | |
to a more manageable $5 billion. And creditors will plead that they must | :07:25. | :07:28. | |
be paid their dues but it will not be an easy task, with nearly half of | :07:29. | :07:37. | |
Detroit residents living in poverty. This is a scene that is beginning to | :07:38. | :07:43. | |
play out on many streets in Detroit. Workers are turning people 's water | :07:44. | :07:48. | |
back on. This woman is 38 weeks pregnant. She and her five`year`old | :07:49. | :07:55. | |
daughter spent days without water. I was devastated to not have the same | :07:56. | :08:02. | |
access to water. It meant we had to limit Beijing, cooking and | :08:03. | :08:07. | |
cleaning. It was nerve wracking. `` had to limit washing, cooking and | :08:08. | :08:14. | |
cleaning. Her days without water are now over. But that is still not the | :08:15. | :08:19. | |
case for many residents, who have to wait hours in line to pay bills so | :08:20. | :08:23. | |
that their taps can be turned back on. Activists and community leaders | :08:24. | :08:31. | |
are outraged but the water department is owed more than $80 | :08:32. | :08:36. | |
million. For a city that is trying to dig itself out from under | :08:37. | :08:40. | |
crushing debt, it cannot afford that many unpaid bills. No one expects to | :08:41. | :08:48. | |
be talking about the lack of water in a major American city, especially | :08:49. | :08:53. | |
one that sits next to such a large source of fresh water. But such are | :08:54. | :08:58. | |
the harsh times that have befallen Detroit, the once prosperous home to | :08:59. | :09:04. | |
America's auto industry is now known to be the largest city to ever fire | :09:05. | :09:09. | |
for `` file for bankruptcy. Abandoned homes litter many | :09:10. | :09:13. | |
neighbourhoods. At its peak in the 1950s, 1.8 million people lived in | :09:14. | :09:20. | |
Detroit. Roughly 700,000 remain. Of those, nearly half live in poverty | :09:21. | :09:28. | |
and many struggle for water. Jobs are gone. We are making do their | :09:29. | :09:35. | |
early. The government has cut pensions, paycheques and everything | :09:36. | :09:40. | |
else. And now they cut the one thing that we really need to sustain life. | :09:41. | :09:44. | |
This woman is giving away water from her home, so those without can get | :09:45. | :09:49. | |
some for free. There is still a sense of community. Now, the city is | :09:50. | :09:54. | |
waiting for the courts to do their part and approve a new financial | :09:55. | :10:00. | |
plan so that Detroit can begin to rebuild. Australia's market figures | :10:01. | :10:14. | |
are higher after a better than forecast GDP will stop Japan is at a | :10:15. | :10:21. | |
higher than usual level. The Hang Seng index is | :10:22. | :10:29. | |
territory by 276 points. Thank you for investing your time with us. | :10:30. | :10:38. | |
The top stories this hour: Islamic | :10:39. | :10:39. |