14/10/2011 World Business Report


14/10/2011

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shot and injured. Those are the latest headlines. Now

:00:05.:00:15.
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Standard and Poor's downgrade Spain's credit rating.

:00:28.:00:32.

The latest blow comes as finance ministers and central bankers

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gather in Paris for a meeting set to be dominated by the crisis. He

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inflation concerns in Asia as China and India unveil crucial numbers.

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It's fears that the eurozone crisis could soon spread further have been

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reawakened in the last few rows. Standard and Poor's has issued a

:01:02.:01:07.

downgrade of Spain's credit rating. It comes after a similar downgrade

:01:07.:01:15.

by featured last week. Standard and Poor's cut Spain's rating by one

:01:15.:01:23.

notch. It cited heightened risks to the country's growth prospects. It

:01:23.:01:31.

also highlighted unemployment, and high level of debt. This latest

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blow comes as finance ministers from the world's top economies

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prepared to meet in Paris tonight and Saturday. The crisis will

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:01:48.:01:49.

dominate the agenda. Three summits to save the euro, and this is the

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first of them, the financial world might not forgive them if they

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failed to three fence week members. Ministers from Brazil to China and

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Japan are expected to warn Europe that it is not doing enough to

:02:11.:02:16.

contain its sovereign debt crisis. As a result, it is exporting, not

:02:16.:02:20.

only currency instability, but also global recession. Europe will say

:02:20.:02:26.

it is working on a comprehensive rescue package to be launched on

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the 23rd of this month. Well in time to be judged by the full G20

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at its summit early next month. have to support the euro because it

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is in your own interests. A collapse of the euro would have

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dramatic consequences. When the crisis becomes systemic, you are a

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part of it. As long as it is considered as a Greek crisis, it

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can behave as if it is not your problem. One organisation very keen

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to get its ideas over to the G20 is the International Chamber of

:03:01.:03:10.

Commerce. What is your message for the G20 here? The message is that

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their existence is to foster international economic couple --

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Corporation. There is the risk of the relative drying up of trade

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finance provided by banks. That is essential to the proper functioning

:03:24.:03:30.

of international trade. That is why it is important for the G20 to

:03:30.:03:35.

tackle these stalemate and to put a stop to protectionist measures.

:03:35.:03:39.

final deal to help the eurozone back on its feet may be a mixture

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of a still larger bail out and the funds for individual banks in each

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country. Ministers have just ten days to deliver it.

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As well as Spain global markets will also be watching Italy closely

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this Friday, where it is a day of political brinkmanship for Silvio

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Berlusconi. He called a confidence vote to fend off claims his

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majority is crumbling after it lost a key budget vote on Tuesday. He

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says his government is aware of the risks the country faces and the

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time constraints dictated by the markets. We are joined by a

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professor from the European School of Economics. What are the chances

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of the vote being lost? Its if you ask the opposition, they are very

:04:30.:04:40.
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slim. The majority seems to be confident and stop --. Silvio

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Berlusconi it is the most confident under these conditions. We will see

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what happens but they seem to be able to think they will pull it off.

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Silvio Berlusconi has warned that there will be financial turmoil it

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he does not win. Italian politicians cannot pretend that the

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financial markets do not scrutinised their actions as they

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did in the past. There may be some consequences. If the vote fails,

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the chances for survival of the government are severely put in

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question. Silvio Berlusconi will try his best. The consequences are

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not good. Making the right decisions to make it is like making

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the wrong decisions. The country has got itself into a large

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economic hole, largely because of the amount of debt it has. Long-

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term, is Silvio Berlusconi a good thing? I think there is an

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awareness that there are an number of problems that need to be

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resolved. It's there is a debate that has been going on recently.

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It's now is the time that decisions need to be made and Silvio

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Berlusconi knows that. There is a lot of pressure on him. Hopefully

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he will be able to put us through some of the harsh political

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decisions. Inflation concerns are in focus

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this Friday for two of Asia's economic giants, China and India.

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We are joined by our correspondent from Singapore. This is not what we

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need to hear. No. Not at all. China revealed its numbers a little

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earlier. It slowed marginally in September to 6.1%. That is down 0.1

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of 8% from the previous month. It is a lot low of the three-year high

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of 6.5% in July. It is the six- month that it has been over 6%. It

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is raising concerns amongst the Chinese authorities. They are

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worried that persistent be high prices that things like food and

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property might cause social unrest. They have already tried to bring a

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host of measures to try to address it. They have increased bank

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reserve ratios. They have also hiked interest rates five times

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since October last year. India is the other country. It is also

:07:45.:07:50.

suffering from very high inflation as well. That is due out a bit

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later. Food and fuel prices are the peak cruncher there. Food prices

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are a very sensitive issue. They have also tried to act there. But

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they have not helped. It's the business community says that growth

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has been stifled by these tightened policy measures. Analysts say that

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a lot more needs to be done in terms of improving infrastructure.

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All of these high inflation comes against a backdrop of the slowing

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we are seeing in the US and Europe. It is time for a look at some of

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the other stories. A US judge has said that Samsung's Alexei tablet

:08:44.:08:54.
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in computers has a patent on the iPad. Apple is trying to have rival

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Samsung products bend in the US. It argues that its galaxy phones copy

:09:00.:09:04.

the iPhone. The two companies are engaged in a battle that includes

:09:04.:09:09.

more than 20 cases in 10 countries. Australian fans have been the first

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to buy the new generation of the iPhone as it goes on sale around

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the world this Friday. Critics have complained the new version of the

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phone is not revolutionary enough to warrant an upgrade. Apple claims

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to have taken more than one million warders in the first 24 hours. It's

:09:27.:09:37.
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-- orders. We have had not a bad week for the

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markets if you take into consideration what has been

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