Browse content similar to 23/12/2011. Check below for episodes and series from the same categories and more!
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are the latest headlines from BBC News. We now have the latest | :00:05. | :00:14. | |
financial news with World Business Report. This is World Business | :00:14. | :00:21. | |
Report. Republicans in the US Congress reverse course, agreeing | :00:21. | :00:26. | |
to a short-term deal to extend the payroll tax break for 160 million | :00:26. | :00:32. | |
Americans. What is in store for the market as we come to the end of the | :00:32. | :00:42. | |
:00:42. | :00:48. | ||
year? Republicans in Congress have finally agreed to pass a bill to | :00:48. | :00:53. | |
extend a tax break for working Americans. The deal will extend | :00:53. | :00:58. | |
payroll tax cuts for another two months. There was intense pressure | :00:58. | :01:02. | |
from Democrats and within the republican Party to do the deal and | :01:02. | :01:10. | |
prevent taxes going up for millions of employees. It went down to the | :01:10. | :01:16. | |
wire, but the prospect of raising taxes on 160 million Americans was | :01:16. | :01:21. | |
just too much. Republicans in Congress finally agreed to a deal, | :01:21. | :01:28. | |
already approved by the Senate to approve a tax break for another two | :01:29. | :01:34. | |
months. John Boehner explained the change of heart. Sometimes it is | :01:34. | :01:38. | |
difficult to do the right thing. Sometimes it is politically | :01:38. | :01:43. | |
difficult to do the right thing. John Boehner says that if the | :01:43. | :01:49. | |
Republicans agree to the deal there will not be the need for a vote. In | :01:49. | :01:53. | |
exchange for these short-term deal, Republicans will get the chance to | :01:53. | :01:59. | |
negotiate on a longer one year extension and perhaps include some | :01:59. | :02:05. | |
of their own demands. Barack Obama welcomed the agreement, saying it | :02:06. | :02:10. | |
was the right thing to do. The saga showed the crippling conflict | :02:10. | :02:16. | |
between the two political sides in America, even when it comes to | :02:16. | :02:23. | |
something with big economic consequences. 2011 has been a wild | :02:24. | :02:33. | |
:02:34. | :02:35. | ||
ride for the markets. Many have yet to recover. Europe's problems have | :02:35. | :02:44. | |
dragged down the Asia market. Let's look at the prospect for next year. | :02:44. | :02:50. | |
America may end up leading the recovery. It has been an | :02:50. | :02:58. | |
interesting year? It has. People will be glad to see the back of it. | :02:58. | :03:08. | |
:03:08. | :03:12. | ||
We have seen enormous false -- falls. One thing that has defined a | :03:12. | :03:16. | |
2011 is volatility. Is that something we will have to get used | :03:16. | :03:24. | |
to? The race is for the next three -6 months, we should brace | :03:24. | :03:34. | |
:03:34. | :03:36. | ||
ourselves for a volatile day or couple of weeks. -- risk. Many | :03:36. | :03:40. | |
people have money invested in the market, they have their pensions | :03:40. | :03:48. | |
tied to the market, what will 2012 hold in terms of those investments? | :03:48. | :03:58. | |
:03:58. | :04:00. | ||
The riskiest, because of the European debt crisis, no growth is | :04:00. | :04:05. | |
expected, at US growth has been revised downwards. The best we can | :04:05. | :04:10. | |
hope for is for markets marking time until the European crisis gets | :04:10. | :04:18. | |
put behind us. 2011 has been the year of the credit rating agency. | :04:18. | :04:22. | |
Their impact has been so severe on the way that people see sovereign | :04:22. | :04:27. | |
debt, the way people see companies. What impact will they have next | :04:27. | :04:37. | |
year? They have lost some credibility. They were a little bit | :04:37. | :04:46. | |
behind calling the sub Prime crisis and the banking crisis. They do | :04:46. | :04:51. | |
have an impact. They are seen as an independent view of financial | :04:51. | :04:55. | |
stability of certain countries, but they do not have the same strength | :04:55. | :05:01. | |
as a couple of years ago. Let's take a look at what is happening in | :05:01. | :05:11. | |
:05:11. | :05:12. | ||
Asia. What is this I hear about Yahoo's Asian operations? We saw | :05:12. | :05:18. | |
Yahoo share is rising earlier this week on reports that it planned to | :05:18. | :05:24. | |
unload most of its Asia assets in a deal which sources were valuing at | :05:24. | :05:28. | |
$17 billion. This transaction was meant to happen on Thursday in the | :05:28. | :05:35. | |
US. So far, nothing has been disclosed. Plenty of speculation | :05:35. | :05:43. | |
that it was offloading 40% of its stake in Ali Baba. This was a | :05:43. | :05:53. | |
:05:53. | :06:09. | ||
fairly complicated deal. Yahoo is planning to trade in Japan. Ali | :06:09. | :06:13. | |
Baba founder has been trying to buy-back the company's Stakes from | :06:13. | :06:22. | |
Yahoo for some time. This deal will please shareholders. They have been | :06:22. | :06:29. | |
upset with the share performance over the years. Yahoo are competing | :06:29. | :06:34. | |
with Google and Facebook, that has forced it to try and change its | :06:34. | :06:44. | |
:06:44. | :06:45. | ||
business. Despite his languishing performance, it does still have a | :06:45. | :06:53. | |
market share of $18.5 billion. other stories making headlines, the | :06:53. | :07:01. | |
Italian Senate has voted in favour of the austerity programme. Mario | :07:01. | :07:06. | |
Monti said the approval of the package would restore market | :07:06. | :07:11. | |
confidence in the country and allow Italy to hold its head high. The UK | :07:11. | :07:16. | |
government has said it is going to ban said charges by credit cards if | :07:16. | :07:20. | |
the charges are more than the cost of payment. Consumer groups had | :07:20. | :07:25. | |
been complaining that airlines, booking agencies and chances were | :07:25. | :07:33. | |
imposing excessive charges for using eight credit card. -- | :07:33. | :07:40. | |
councils. Traditional stores study online sales to decide which store | :07:40. | :07:50. | |
:07:50. | :08:02. | ||
to -- Tories to stop. -- goods to stock. We have got children telling | :08:02. | :08:09. | |
us what they want through these online website. It is moving faster. | :08:09. | :08:12. | |
Eight-year-olds change their mind overnight as to what they want. | :08:12. | :08:18. | |
There are advantages, but with it comes risk. What happens online | :08:18. | :08:22. | |
happens at speed. It was on the verge of going broke when this | :08:22. | :08:28. | |
internet firm created this website, an interactive game that is fast | :08:28. | :08:35. | |
becoming the must-have toy of the year. It now receives a new | :08:35. | :08:39. | |
subscription every second. After the phenomenal success of the | :08:39. | :08:43. | |
online world, it has pursued aggressive licensing deals to | :08:43. | :08:53. | |
:08:53. | :09:06. | ||
launch real-world francs. -- pre- - - products. Licensing has become a | :09:06. | :09:15. | |
secondary revenue model. There is no upfront cost. We receive royalty | :09:15. | :09:19. | |
cheques, when you expand that across the world, it does become | :09:19. | :09:29. | |
quite a significant business. may look like child's play, but | :09:29. | :09:35. |