Browse content similar to 04/10/2011. Check below for episodes and series from the same categories and more!
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from the tragedy. -- the authorities have out. | :00:02. | :00:06. | |
Now we bring you the latest financial news with World Business | :00:06. | :00:16. | |
:00:16. | :00:20. | ||
Report. Tighten up on austerity, Greece is | :00:20. | :00:25. | |
told to make yet more savings. In the spotlight. The new man in | :00:25. | :00:31. | |
charge at Apple gets ready for his first corporate launch as boss. | :00:31. | :00:35. | |
China is warning the US it is risking a trade war if the | :00:35. | :00:38. | |
Americans impose duties on countries that undervalued their | :00:38. | :00:48. | |
:00:48. | :00:50. | ||
currencies. A lengthy meeting in Luxembourg of | :00:50. | :00:54. | |
finance ministers ended with a call for Greece to take yet more | :00:54. | :00:59. | |
austerity action on top of the 28 billion euros package agreed over | :00:59. | :01:03. | |
the summer. It comes one day after the Greek government admitted it | :01:03. | :01:08. | |
would not meet the deficit target set by the IMF and Europe. The head | :01:08. | :01:18. | |
of the Eurogroup insisted that there would not be a default. | :01:18. | :01:22. | |
had nobody advocating a default for Greece. Everything will be done to | :01:22. | :01:28. | |
avoid that and it will be avoided and nobody was advocating an exit | :01:28. | :01:38. | |
:01:38. | :01:39. | ||
of Greece out of the Euro area. I firmly denied all of these rumours | :01:39. | :01:46. | |
indicating that Greece could decide to leave the euro area. I have just | :01:46. | :01:51. | |
firmly deny or rumours concerning any kind of a Greek default. | :01:51. | :01:55. | |
Asian markets have had the first chance to react to those words | :01:55. | :02:03. | |
coming from the head of the Eurogroup. The Nikkei is off by | :02:03. | :02:08. | |
1.5%. Further down you can see the South Korean market down by almost | :02:08. | :02:13. | |
5%. But remember the Kospi was closed on Monday because of a | :02:13. | :02:20. | |
holiday. A quick glance at the currencies there. You can see the | :02:20. | :02:29. | |
dollar against the euro. I am joined by the head of research | :02:29. | :02:33. | |
at HSBC. Let's talk about the meeting yesterday. Has anything | :02:33. | :02:39. | |
changed as a result of that? There were some soothing words about no | :02:39. | :02:45. | |
default. It's it's soothing words of course, but the fact they have | :02:45. | :02:55. | |
:02:55. | :02:55. | ||
not pushed through the package they were expecting he is a bit of a | :02:55. | :03:02. | |
concern. But I think the biggest problem is that growth is worse | :03:02. | :03:08. | |
than expected. The budget deficit is going up. They're looking for | :03:08. | :03:14. | |
Greece to do more. They're talking about more private sector | :03:14. | :03:21. | |
involvement. Remember the original 159 billion package. 50 billion of | :03:21. | :03:31. | |
:03:31. | :03:31. | ||
that came from the private sector. Do you get the sense that in the | :03:31. | :03:41. | |
:03:41. | :03:45. | ||
last 24 hours or so... We have heard about the Franco-Belgian bank | :03:45. | :03:50. | |
having meetings because they're worried. Do we get the sense there | :03:50. | :03:55. | |
is a banking crisis? We had a banking crisis in 2008 and that | :03:55. | :03:59. | |
back was one of the first to be rescued. There are definitely | :03:59. | :04:03. | |
stresses on the banks. We seek access to US dollar funding has | :04:03. | :04:08. | |
been difficult. Banks want to lend to each other so much if they are | :04:08. | :04:13. | |
worried about whether the other bank will be able to pay back the | :04:13. | :04:20. | |
money. We have had this crisis before. The governments and policy | :04:20. | :04:28. | |
makers are wet and are stepping in quickly. -- they are aware. | :04:28. | :04:34. | |
Generally speaking do you expect the markets to tread water until we | :04:34. | :04:38. | |
get to the next to deadlines? talking about the middle of October | :04:38. | :04:43. | |
when we should hear about the lion and the summit in the middle of | :04:43. | :04:49. | |
November. It's there are a whole lot of dates that are important. We | :04:49. | :04:55. | |
have got a few governments left to vote on the rescue fund to push | :04:55. | :05:04. | |
that through, these 440 billion escrow fund. -- rescue fund. This | :05:04. | :05:09. | |
will continue for some time to come. The markets will remain very | :05:09. | :05:14. | |
nervous. We will talk more about these data. | :05:14. | :05:19. | |
The new boss of Apple, Tim Cook, announces his first launch later | :05:19. | :05:23. | |
today. He replaced Steve Jobs, who resigned in August because of his | :05:23. | :05:29. | |
help. Investors will be looking for signs he can keep up the company's | :05:29. | :05:33. | |
reputation and his position as the world's biggest company by market | :05:33. | :05:39. | |
capitalisation. A lot has happened since this, the very first iPhone, | :05:39. | :05:45. | |
which was launched four years ago. Now Apple is preparing to launch | :05:45. | :05:50. | |
version five, but it will do so without its charismatic leader, who | :05:50. | :05:57. | |
has been replaced by his right-hand man, Tim Cook. Tim Cook's greatest | :05:57. | :06:01. | |
strength is that he is very focused and he understands what makes the | :06:01. | :06:10. | |
company special. He understands the products must be at a higher | :06:10. | :06:16. | |
quality. He is also extremely skilled in operations. Tim Cook has | :06:16. | :06:20. | |
been running Apple on a day-to-day basis for years and took the reins | :06:20. | :06:29. | |
when Steve Jobs was taken -- talk medical leave. | :06:29. | :06:34. | |
So far Wall Street seems unfazed by the change at the top of Apple. | :06:34. | :06:37. | |
Steve Jobs resigned in August and since then the share price has gone | :06:38. | :06:42. | |
up a little but come back down and it looks pretty unchanged under Tim | :06:42. | :06:48. | |
Cook. This Apple shareholder says the company's share price has been | :06:48. | :06:58. | |
:06:58. | :06:59. | ||
positive. It is terrific this year compared to anything else. Apple's | :06:59. | :07:06. | |
prospects for the long-term are excellent. It is the world's best | :07:06. | :07:12. | |
consumer franchise determined. is one of the most valuable | :07:12. | :07:20. | |
companies on the planet but it faces it -- increasing competition. | :07:20. | :07:27. | |
Tim Cook must maintain Apple's consumer appeal and premium prices | :07:27. | :07:35. | |
in a world after Steve Jobs. China's central bank says the US is | :07:35. | :07:40. | |
risking a trade war with a new deal being discussed in the Senate. | :07:40. | :07:45. | |
Let's go to Rico Hizon in the Singapore office. This is heating | :07:45. | :07:53. | |
up now, isn't it? Absolutely. Beijing is not taking the | :07:53. | :07:57. | |
initiative by US senators lightly. They are currently going on the | :07:57. | :08:04. | |
offensive. The Foreign Ministry in a statement adamantly opposed the | :08:04. | :08:09. | |
bill and warned that Americans must not politicise the issue. The | :08:09. | :08:13. | |
legislation, it signed into law by the President, will allow the US to | :08:13. | :08:17. | |
impose duties on countries that are undervalued their currencies. China | :08:17. | :08:22. | |
says the Americans are using this issue as an excuse to adopt | :08:22. | :08:26. | |
perfectionist trade measures that violate global trading rules. They | :08:26. | :08:30. | |
also repeated their position that they will gradually reform currency | :08:30. | :08:35. | |
policy by strengthening the flexibility of their exchange rate. | :08:35. | :08:45. | |
:08:45. | :08:48. | ||
Over the years Beijing has always denied claims that undervaluing the | :08:48. | :08:58. | |
yuan is a bad thing. It is tit-for- tat between the Americans and the | :08:58. | :09:05. | |
Chinese. We will talk about that more later. | :09:05. | :09:09. | |
Reports that American Airlines is close to bankruptcy sent its shares | :09:09. | :09:15. | |
plunging on Wall Street. They were down by 41% at one point. They | :09:15. | :09:18. | |
closed 33% lower. A spokesman for the career acknowledged the | :09:18. | :09:23. | |
speculation that said restructuring was not its coal and preference and | :09:23. | :09:27. | |
the company was aware it needed to improve its results. | :09:27. | :09:33. | |
Some good news from a major US carmakers. Chrysler saw sales more | :09:33. | :09:39. | |
-- saw sales acts rise by more than one quarter. That's the boss of | :09:39. | :09:44. | |
General Motors says it shows the United States has avoided a double- | :09:44. | :09:47. |