:00:03. > :00:06.recovery might be too slow to deal with the country's unemployment
:00:06. > :00:11.crisis. Those are the latest headlines from
:00:12. > :00:21.BBC World News. Now for the latest financial news
:00:22. > :00:24.
:00:24. > :00:29.Hello and welcome to World Business Report.
:00:29. > :00:39.Our had headlines: Venezuelan nationalises...
:00:39. > :00:47.
:00:47. > :00:57.SILENCE Here in Asia, the lingering effect
:00:57. > :00:59.
:00:59. > :01:02.of the March quake. Japan's exports fell again in July.
:01:03. > :01:06.Hello and welcome to World Business Report.
:01:07. > :01:09.President Hugo Chavez announced on Wednesday he's nationalising
:01:09. > :01:13.Venezuela's goldmining industry. The move comes after a quarrel with
:01:13. > :01:17.foreign companies, who complained that limits on how much gold they
:01:17. > :01:20.could export hurt their efforts to secure financing and develop
:01:20. > :01:24.projects. The President said the government aims to fight mafias
:01:24. > :01:28.that have been taking some of the country's gold. He also said he
:01:28. > :01:32.intends to bring home $11 billion in gold reserves currently held in
:01:32. > :01:36.the US and European markets. The recall of the gold reserve is
:01:36. > :01:40.intended to help protect the oil- producing country from the economic
:01:40. > :01:43.woes seen in the US and in Europe. Gold remains very much in the
:01:43. > :01:46.spotlight today. The world gold council is expected to announce
:01:46. > :01:49.this morning that the outlook for the price of gold remains strong,
:01:49. > :01:55.despite its record levels. The precious metal is still trading
:01:55. > :01:59.within a whisker of last week's record high of just under $1,800 an
:01:59. > :02:09.ounce. The price is being driven by continuing demand from central
:02:09. > :02:09.
:02:09. > :02:15.banks, a well as customers in Across the world the gold industry
:02:15. > :02:21.enjoys a boom with merchants refining it as fast as they can.
:02:21. > :02:25.Investors in China and India are convinced it is the best store of
:02:25. > :02:32.long-term value. People buy it as soon as it has had time to cool.
:02:32. > :02:39.Bars like these currently worth $60,000 each are a popular choice.
:02:39. > :02:44.Small gold bars through to large onces. Bullion in any form. They
:02:44. > :02:49.are filling their boots and the space under the bed. Every week
:02:50. > :02:55.seems to bring a new price record. Since July gold has risen by 20%
:02:55. > :03:00.having doubled in the last two years. Last week it briefly over
:03:00. > :03:03.took the price of platinum. But where is the price of gold headed
:03:03. > :03:09.next? Certainly some think a correction is due soon but remember
:03:09. > :03:13.back in May the price of silver suddenly collapsed. But gold is not
:03:14. > :03:19.silver and as the World Gold Council confirmed Central Banks
:03:19. > :03:25.from Thailand to Mexico are still buying up hundreds of tonnes of it.
:03:25. > :03:30.Not only is that trend likely to continue it says but while the US
:03:30. > :03:40.and European debt crisis grip the markets there is little danger of
:03:40. > :03:40.
:03:40. > :03:44.the gold price overheating in the future. Over in Asia we have had
:03:44. > :03:50.some trade news from Japan, mixed news from the Japanese economy?
:03:50. > :03:54.That is right. It is not good news in terms of exports, they sell
:03:54. > :04:01.again in July for the fifth straight month, they fell. Down
:04:01. > :04:05.about 3% from a year ago level. There is still the effect of the
:04:05. > :04:11.March earthquake which disrupted production of cars and electronics.
:04:11. > :04:15.The yen continues to head exporters because it makes products more
:04:15. > :04:20.expensive overseas and when they convert them back into the Japanese
:04:20. > :04:25.currency it is bad news for the economy because exports on the
:04:25. > :04:30.account for 30% of the country's GDP it is the key driver for growth.
:04:30. > :04:34.Last week we saw Japan's economy shrink for the third straight
:04:34. > :04:38.quarter between and and June even though the contraction was smaller
:04:38. > :04:44.than expected. They say the economy is recovering much quicker than
:04:44. > :04:51.expected but we are likely to continue to see some smaller
:04:51. > :04:55.figures going forward. Some good news out from Linovo, computer
:04:55. > :05:01.maker? That is right. Profits nearly doubled in the first quarter.
:05:01. > :05:10.The company made $100 million, much better-than-expected. Linovo one of
:05:10. > :05:14.the most largest companies from China is the third largest PC maker.
:05:14. > :05:18.China accounts for half of total sales and another 20% comes from
:05:18. > :05:23.other emerging markets so even though the slowdown in the US and
:05:23. > :05:29.Europe will affect the company's performance it is likely to be
:05:29. > :05:35.smaller compared to its bigger rifle Dell which has already
:05:35. > :05:39.slashed its revenue forecast for next year. Homes sales data comes
:05:39. > :05:43.out later and while the number is expected to increase it will not
:05:43. > :05:48.begin to erase the glut of repossessed homes dragging down
:05:48. > :05:55.house prices in the US. The Obama administration has asked for input
:05:55. > :05:58.on proposal the rent out the more than 20,000 properties it owns by
:05:58. > :06:04.mortgage finance giants Fannie Mae and Freddie Mac. We went to New
:06:04. > :06:09.Jersey to look at one community that could benefit. The great falls
:06:09. > :06:17.is one of New Jersey's natural wonders but across tonne the view
:06:17. > :06:22.is not as scenic. These are all empty lots t value has deteriorated.
:06:22. > :06:26.Foreclosures are destroying some of the neighbourhood. One local
:06:26. > :06:30.residents shows us one block where all but two houses are abandoned.
:06:30. > :06:34.People who live here took care of their property and looked after
:06:34. > :06:40.each other. The problem is that now you have so many empty properties
:06:40. > :06:46.you get squatters, a lot of crime going on. This is not just at local
:06:46. > :06:51.problem. The US government owns around 250,000 fore closed
:06:51. > :06:57.properties which it wants the get rid of. It is considering turning
:06:57. > :07:03.some into rentals. There are some markets in the US that - in which
:07:03. > :07:10.rental is in high demand and there may be more demand for rental units
:07:10. > :07:15.than there are units to rent. mayor says he embraces any proposal
:07:15. > :07:20.that saves neighbourhoods and stabilises house prices. I welcome
:07:20. > :07:25.anything that will take a look at keeping families intact in their
:07:25. > :07:30.homes, that keep neighbourhoods up and viable. For years the Gate
:07:30. > :07:39.False here have powered local industry. Now there are plans to
:07:39. > :07:45.turn this area into a national park. Dreams of another economic revival
:07:45. > :07:51.will only be fulfilled if the
:07:51. > :08:00.the day's other business news. Boeing has reaffirmed a September
:08:00. > :08:08.delivery of its 787 dream liner to Japanese Nippon Airways is on track.
:08:08. > :08:11.The testing approachs the final stage. The dream liner used Rolls
:08:11. > :08:17.Royce engines. Boeing is three years behind schedule in delivering
:08:17. > :08:22.the first thanks to snags in the complex global supply chain.
:08:22. > :08:27.Consumer price data is likely to confirm a relatively tame inflation
:08:27. > :08:33.outlook in the US. The data due out later will give policy makers a
:08:33. > :08:38.tense of how much room they have. US consumer prices have risen 0.2%
:08:38. > :08:43.in July. Prices outside food and energy the US Central Bank's preare
:08:43. > :08:48.preferred way of looking at inflation will rise 1.7% arguely,
:08:48. > :08:54.that is a comfort range but too high for many policy makers to
:08:54. > :08:57.allow for traditional easing. A and F is offering the pay the cast of
:08:57. > :09:04.US television show to stop wearing its problems. They say the brand
:09:04. > :09:12.could be damage food the cast of jersey Shore continue the wear its
:09:12. > :09:17.clothes. The station which broadcast the reality show is not
:09:17. > :09:22.commenting. A mixed picture in Europe after Nicolas Sarkozy and
:09:23. > :09:31.Angela Merkel came up with a few policies for investors. Markets
:09:31. > :09:36.ending on a mixed session,, as far as the Asian market is concerned -
:09:36. > :09:40.the Hang Seng not moving. Asian markets mixed looking out to the
:09:40. > :09:43.inflation figures out in the US. That is a round-up of all the
:09:43. > :09:53.latest business from me on world business report. Stay with us for
:09:53. > :10:01.
:10:01. > :10:05.the newspaper review in a few More news from the UK. August is
:10:05. > :10:10.the busiest time of the year for many rescue services. In Cornwall
:10:10. > :10:20.more than 900 lifeguards have been employed by the RNLI but the
:10:20. > :10:20.
:10:20. > :10:26.service can be costly and it is now facing budget cuts. Famous for one
:10:26. > :10:30.of kourpb wall's most lively resorts one of the county's busiest
:10:30. > :10:36.lifeboat stations. All the crew are volunteers from families who have
:10:36. > :10:40.worked here for generations. Day jobs range from paramedics to fish
:10:40. > :10:46.mongers. This year has been busy. We will a busy winter and spring
:10:46. > :10:51.period and that rolled on now. It has not gone into the summer.
:10:51. > :10:55.lifeboat deals with different incidents. The most common here is
:10:55. > :11:00.tourists trapped by rising tides. Another is looking for people in
:11:00. > :11:04.the water which requires regular training. Easy in the daylight but
:11:04. > :11:09.half the crews rescued happen at night. If you think you see someone
:11:09. > :11:14.in trouble in the water, dial 999 and ask for the Coast Guard and
:11:14. > :11:19.they will coordinate the rescue services. Here they not only
:11:19. > :11:24.monitor the Cornish coastline but respond to shipping emergencies
:11:24. > :11:31.1200 miles out in the Atlantic. the summer we go from 350,000 to a
:11:31. > :11:35.couple of million people visiting the southwest. It does not put a
:11:35. > :11:43.strain on us but there is a huge spike in the incidents we deal with.
:11:43. > :11:49.The coast guards are a government organisation and face budget cuts.
:11:49. > :11:51.Foulmouth will remain staffed 24 hours a day but some stations will
:11:52. > :12:01.close. Unions argue despite government reassurances lives could
:12:02. > :12:13.
:12:13. > :12:17.- severe Syria's President has told the UN Secretary-General Ban Ki-
:12:17. > :12:24.moon that military and police operations against protesters have
:12:24. > :12:29.stopped. The Indian anti-corruption campaigner Anna Hazare says police
:12:29. > :12:32.have agreed to let him go on a hunger strike. India's government
:12:32. > :12:36.has backed down. Earlier in the week the police had banned this
:12:36. > :12:41.protest from going ahead and they said it could only last for three
:12:41. > :12:44.days, there could only be 5,000 supporters. Then they arrested Anna
:12:44. > :12:47.Hazare when he said he would not accept the terms. Now they have
:12:47. > :12:52.backed down and accepted, they have dropped the conditions. He is going
:12:52. > :12:57.to be - he will leave prison soon in the next few hours stkpwhrfrplts
:12:57. > :13:02.The Pope arrives in Spain in a few hours for World Youth Day after
:13:02. > :13:06.thousands took the streets of Madrid to protest the visit's cost.
:13:06. > :13:09.President Obama says the US is not in danger ever falling into another
:13:09. > :13:15.recession but warn this the economic recovery might be too slow
:13:15. > :13:20.to deal with the country's unemployment crisis. Time for the
:13:20. > :13:24.newspaper review where we look at the stories making headlines around
:13:24. > :13:30.the world. The aftermath of the euro crisis summit in PAris, it is
:13:30. > :13:35.still on the agenda for many international newspapers. Gulf News
:13:35. > :13:38.analyses how European markets have reacted to the re-emergence of the
:13:38. > :13:44.financial transaction tags. The daily Telegraph has an interview