Browse content similar to 07/11/2011. Check below for episodes and series from the same categories and more!
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win his third term in power. Now it is time for World Business Report. | :00:17. | :00:21. | |
A nervous reaction from the markets as Greece readies a new Coalition | :00:21. | :00:27. | |
government. Shopping to the rescue. Can Europe expect a boost from | :00:27. | :00:37. | |
:00:37. | :00:38. | ||
consumers? A potential merger of Japan's | :00:38. | :00:42. | |
largest stock exchange has could materialise by the second quarter | :00:42. | :00:52. | |
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of 2012. -- stock exchanges. There has been a cautious reaction | :00:53. | :00:58. | |
on financial markets to the news of a new Greek Coalition government. | :00:58. | :01:02. | |
The Prime Minister agreed to step down to allow the creation of a | :01:02. | :01:06. | |
national unity government. Their priority will be to push through | :01:06. | :01:10. | |
the bail out deal agreed with European leaders. France and | :01:10. | :01:14. | |
Germany had threatened to cut off funding to Greece if it backed away | :01:14. | :01:21. | |
from that deal. Greek politicians were racing to reach a deal before | :01:21. | :01:25. | |
a meeting of European finance ministers on Monday. Italy is the | :01:25. | :01:29. | |
other potential problem. On Tuesday Prime Minister Berlusconi faces a | :01:29. | :01:37. | |
crucial test when the Parliament votes on public finances. Our | :01:37. | :01:42. | |
correspondent is in Athens. I mentioned that the markets have | :01:42. | :01:46. | |
given a cautious reaction to the latest developments from Greece. | :01:46. | :01:52. | |
What is your take on it? They have stepped back from the brink in | :01:52. | :01:57. | |
Athens. They have agreed to agree, but they have not yet agreed, if | :01:57. | :02:02. | |
you see what training. We know there will be a new Coalition | :02:02. | :02:06. | |
government which will last until the middle of February, but we do | :02:06. | :02:12. | |
not know who will be the new Prime Minister. There is a name out there. | :02:12. | :02:20. | |
The man he is to run the Central Bank. That is not confirmed. -- the | :02:20. | :02:30. | |
:02:30. | :02:31. | ||
man who used to run. Both of the main parties have backed the key | :02:31. | :02:36. | |
European euros and bail-out deal that George Papandreou originally | :02:37. | :02:41. | |
wanted to put to a referendum. With both of the major parties backing | :02:41. | :02:47. | |
it that should be enough to unlock the latest tranche of aid from the | :02:47. | :02:51. | |
eurozone and the IMF. It is desperately needed to stop Greece | :02:51. | :02:59. | |
going bankrupt. Sorry to interrupt. It does not really change anything | :02:59. | :03:03. | |
for the people of Greece because they have to face more painful | :03:03. | :03:11. | |
austerity. There also has to be a lot of reform, which is slightly | :03:11. | :03:16. | |
different from austerity. Part of the problem in Greece over the last | :03:16. | :03:23. | |
year is that they have had the austerity but not enough reform. | :03:23. | :03:29. | |
Although it is painful, reform leads to benefits in the long-term. | :03:29. | :03:33. | |
They have to step on the reform pedal as well as maintaining the | :03:33. | :03:40. | |
austerity. What about this week for Italy? Ab two week for Silvio | :03:40. | :03:49. | |
Berlusconi. At the G20 summit at last week in Cannes he had a | :03:50. | :03:58. | |
humiliating time. He had to agree to monitoring by the IMF. The | :03:58. | :04:02. | |
Finance Minister was asked whether he backed Silvio Berlusconi and he | :04:02. | :04:09. | |
pointedly refused to say that he did. And there are rumours in Rome | :04:09. | :04:17. | |
that there are up to 50 MPs willing to desert the government. I am not | :04:17. | :04:21. | |
sure what will happen on Tuesday. That is not take a clear a no | :04:21. | :04:27. | |
confidence vote. That will happen later in the week. They think they | :04:27. | :04:31. | |
have the numbers to bring him down but they are double-counting | :04:31. | :04:35. | |
because Berlusconi does have an ability to pull rabbits out of the | :04:35. | :04:40. | |
hat at the last minute. We must leave it, but many thanks indeed | :04:40. | :04:47. | |
for your thoughts on Italy and Greece. Europe's debt crisis is a | :04:47. | :04:53. | |
fast-moving story. If you want to keep up, please go to our website. | :04:53. | :05:03. | |
:05:03. | :05:03. | ||
There is a section devoted to the world economy. Europe would be | :05:03. | :05:07. | |
helped out of this debt crisis by a stronger economic growth, but one | :05:07. | :05:13. | |
part of that growth, retail sales, has been sluggish. We will get the | :05:13. | :05:16. | |
latest figures for the 20 said any you countries including Britain | :05:16. | :05:21. | |
later. Retailers across Europe are hoping sales will pick up over | :05:21. | :05:26. | |
Christmas. Our correspondent reports. Happy Christmas, please | :05:26. | :05:32. | |
give us your money. Most retailers are relying on the next six weeks | :05:32. | :05:37. | |
trading to bring in one third of their annual profits. This was | :05:37. | :05:45. | |
founded in Denmark and is in 12 countries. It is an upmarket | :05:45. | :05:52. | |
bargain store. Its secret is a mix of the everyday and the unusual and | :05:52. | :06:01. | |
clear pricing in round numbers. can find similar elsewhere but at a | :06:01. | :06:07. | |
much higher price.. People like the experience. It is fun. Customers | :06:07. | :06:13. | |
need to know where they are when a walking tour shop. Some stores | :06:13. | :06:20. | |
which are struggling are those where it is not clear what they are | :06:20. | :06:26. | |
about. Retail sales that taking up in France and Germany. That is not | :06:26. | :06:31. | |
enough to compensate for the fall off elsewhere in Europe. Nowhere | :06:31. | :06:36. | |
more so than in Spain and Italy, where they are worried about | :06:36. | :06:42. | |
austerity. They are and the buying essentials. Other surveys contain | :06:42. | :06:48. | |
some seasonal cheer, suggesting that squeezed Europeans may spend | :06:48. | :06:53. | |
more if they see exactly what they want. Says stores are working | :06:53. | :06:56. | |
overtime to tempt customers before they spend their cash online. BBC | :06:56. | :07:03. | |
News. The Tokyo Stock Exchange is the world's third biggest share | :07:03. | :07:09. | |
market. And it may be getting bigger. It may buy the Osaka Stock | :07:09. | :07:19. | |
Exchange. How serious is this and when might it happen? According to | :07:19. | :07:25. | |
the Nikkei newspaper, which is Japan's largest publication, the | :07:25. | :07:34. | |
potential merger could take place by the second quarter of 2012. Both | :07:34. | :07:41. | |
forces are in the final stages of combining. That could reduce | :07:41. | :07:47. | |
technology costs. The Tokyo Stock Exchange would neither confirm nor | :07:47. | :07:54. | |
deny these media reports. One scenario is that the Unlisted Tokyo | :07:54. | :07:59. | |
courts would have a stage in the smaller but listed was up a | :07:59. | :08:05. | |
Exchange. -- have a stake in the smaller but listed at Osaka | :08:05. | :08:15. | |
:08:15. | :08:18. | ||
exchange. Due to mergers, they remain competitive. The two | :08:18. | :08:24. | |
exchanges have complementary strengths. The Tokyo exchange | :08:24. | :08:30. | |
controls 90% of cash. The Osaka exchange controls futures. The | :08:30. | :08:40. | |
:08:40. | :08:40. | ||
share price is up by 7%. Thank you. BP's plan to sell its business in | :08:40. | :08:48. | |
Argentina has fallen apart. The buyer has withdrawn its offer to | :08:48. | :08:53. | |
buy a BP's staking Pan-American energy. BP has been selling off | :08:53. | :08:58. | |
assets to pay for the damage caused by the oil spill in the Gulf of | :08:58. | :09:06. | |
Mexico. So far it has raised only half its target of $45 billion. | :09:06. | :09:10. | |
Spending cuts and tax increases worth $11 billion will be announced | :09:10. | :09:18. | |
on Saturday. The moves are aimed at preserving France's credit rating. | :09:18. | :09:22. | |
Germans will receive tax breaks worth more than $8 billion over the | :09:22. | :09:27. | |
next two years. Chancellor Angela Merkel said the measure was a | :09:27. | :09:31. | |
reward for the burden of helping out Europe during the debt crisis. | :09:31. | :09:38. | |
The tax cuts are designed to help lower and middle income citizens. | :09:38. | :09:42. |