Browse content similar to 07/02/2012. Check below for episodes and series from the same categories and more!
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Those I've latest headlines. The wedding between the digger and the | :00:04. | :00:14. | |
:00:14. | :00:17. | ||
dealer. Now it is time for World This is World Business Report. Here | :00:17. | :00:22. | |
are the headlines: Markets prepare for a mega-merger that could change | :00:22. | :00:27. | |
the face of the mining industry. With a digger and a dealer said to | :00:27. | :00:30. | |
marry. To have raised's largest labour | :00:30. | :00:36. | |
unions find to go on strike as politicians of for a deal on the | :00:36. | :00:40. | |
next bailout. Australia's central bank keeps | :00:40. | :00:50. | |
:00:50. | :00:54. | ||
interest rates unchanged, a surprise for many. | :00:54. | :00:58. | |
Traders are expecting details of a planned mega-merger in the mining | :00:58. | :01:04. | |
industry. Strata is set to announce details of and $80 billion of steel | :01:04. | :01:11. | |
with a metals trading group. It could be one of the biggest mining | :01:11. | :01:19. | |
industries in the world. To get there, they produce 1.2 5 | :01:19. | :01:26. | |
million tonnes of copper and 1.5 million tonnes of zinc every year. | :01:26. | :01:30. | |
They are forecast to stay high well into the future. They are ensuring | :01:30. | :01:37. | |
for themselves a powerful social supply. They have a very large | :01:37. | :01:44. | |
group of clients. This puts them na Uni kitchen - and position in | :01:44. | :01:49. | |
controlling the supply chain. they were to merge, the combined | :01:49. | :01:52. | |
company would have a market capitalisation of around $100 | :01:52. | :01:59. | |
billion. It could be one of the world's largest mining concerns. | :01:59. | :02:06. | |
More importantly it combines a company that surprises in minerals | :02:06. | :02:10. | |
extraction with one and that specialises in the buying and | :02:10. | :02:19. | |
trading of battles. -- metals. The people will be looking at this and | :02:19. | :02:29. | |
:02:29. | :02:30. | ||
wondering if we should focus all of our markets. It also parse | :02:30. | :02:34. | |
companies in terms of market capitalisation. It'll be | :02:34. | :02:40. | |
interesting to see how companies respond. This is a merger of two | :02:40. | :02:44. | |
very different companies. One or Marks up production by forcing down | :02:45. | :02:51. | |
costs. The others get some market to market across the world. How | :02:51. | :02:59. | |
will these to combine their operations? | :02:59. | :03:03. | |
Patience is wearing thin among Europe's leaders with Greece's | :03:03. | :03:08. | |
tends to secure a bailout. The deadline has been extended to today. | :03:08. | :03:13. | |
There is widespread a strike action as two of Greece's largest labour | :03:13. | :03:18. | |
unions have called on workers to protest. The Prime Minister needs | :03:18. | :03:22. | |
the backing of his coalition government for painful austerity | :03:22. | :03:28. | |
plans. 15,000 public-sector jobs have already been agreed. Minimum | :03:28. | :03:33. | |
wage is still proving difficult. Cost cuts demanded by international | :03:34. | :03:43. | |
:03:44. | :03:48. | ||
creditors in exchange for 130 billion euros. The devil is in the | :03:48. | :03:55. | |
detail. We already mentioned the tip of the iceberg. No conclusion. | :03:55. | :04:02. | |
Time is of the essence. Indeed. We have this massive bond, 14.5 | :04:02. | :04:12. | |
billion euros. That is not focusing minds enough. We all thought we | :04:12. | :04:16. | |
have this deadline from yesterday. It has disappeared. We have | :04:16. | :04:21. | |
possibly a deadline for today. A good friend of mine said that the | :04:21. | :04:26. | |
joy of a grid deadline is that if you can muster up the energy naked, | :04:26. | :04:34. | |
otherwise do not worry about it. While the coalition government by | :04:34. | :04:40. | |
talking in Athens, we have Angela Merkel and Nicola Sarkozy talking | :04:41. | :04:46. | |
in Paris. This fund has emerged since then. It is in the Financial | :04:46. | :04:51. | |
Times of some sort of a middle way of dealing with Athens that | :04:51. | :04:56. | |
protects bondholders that keeps the pressure on the Greek government. | :04:56. | :05:04. | |
It looks like the lenders to the government will be protected. It is | :05:04. | :05:07. | |
almost an acknowledgement that the Greek government cannot be trusted | :05:07. | :05:13. | |
if you hand over money. Money gets put in an account with the Greek | :05:13. | :05:22. | |
government that they can't access. The lenders will get paid back. | :05:22. | :05:26. | |
That is an acknowledgement that degree government cannot be trusted | :05:26. | :05:33. | |
if and they have to protect the lenders -- the Greek government. It | :05:33. | :05:41. | |
is an acknowledgement that this deal will not be enough for Greece. | :05:41. | :05:47. | |
We will see if it comes out. also have a discussion between | :05:47. | :05:53. | |
private bondholders and degrade government. -- of the Greek | :05:53. | :05:58. | |
government. This is the important question. Greece's debt needs to be | :05:58. | :06:04. | |
cut to a sustainable level. The only plan they have on the table is | :06:04. | :06:11. | |
for bondholders to voluntary except a write down. We have no deal on | :06:12. | :06:17. | |
that. We do not know how many bondholders will voluntarily except. | :06:17. | :06:25. | |
It is only half of what we thought. There are so many things up in the | :06:25. | :06:30. | |
air. We are still waiting for all these decisions. Financial markets | :06:30. | :06:35. | |
have rallied since the beginning of the year. They are just starting to | :06:35. | :06:44. | |
worry that Greece may end up in it a fault. We will watch this space. | :06:44. | :06:51. | |
Talking through some of the other stories. Results from BP. That is | :06:51. | :06:59. | |
expected in a few hours. They're hoping for a profit increase. But | :06:59. | :07:07. | |
profits have been hit by low production models. | :07:07. | :07:14. | |
UBS report earnings today. Less revenue was made for more | :07:14. | :07:19. | |
profitable but risky operations after a rogue trader cost the bank | :07:19. | :07:23. | |
$2 billion. Toyota will show it we shall its | :07:23. | :07:26. | |
results. Third-quarter earnings are likely to have been hit by a | :07:26. | :07:33. | |
stronger yen and reason floods in Thailand. -- recent. It was | :07:33. | :07:38. | |
increasing production to make a production for the Japanese quake. | :07:38. | :07:41. | |
The Australia's central bank has surprised. | :07:41. | :07:48. | |
It has kept interest rates on hold. I understand most were expecting a | :07:48. | :07:55. | |
rate cut. Absolutely. It caught the financial | :07:55. | :08:00. | |
markets off-guard. Stocks wiped off their gains. The Australian dollar | :08:00. | :08:07. | |
jumped to a six-month high. The Reserve Bank said that global | :08:07. | :08:16. | |
conditions have unbalanced. Reds have been kept on hold for now. -- | :08:16. | :08:23. | |
rates. The bank was expecting that rates would be cut. This was due to | :08:23. | :08:28. | |
data that showed a surprise drop in retail sales in December and the | :08:28. | :08:38. | |
:08:38. | :08:38. | ||
final quarter. The Reserve Bank cut it by a point twice -- to 0.25 %. | :08:38. | :08:42. | |
If Greece fails to close the new bailout deal and is will pressure | :08:42. | :08:48. | |
the Reserve Bank to cut the cost of borrowing at the next meeting. | :08:48. | :08:53. | |
I have a story about something you and I can afford to buy. A | :08:53. | :09:03. | |
:09:03. | :09:04. | ||
Mitsubishi plant up for sale for 1 euros. 1 euros, absolutely. It is a | :09:05. | :09:09. | |
catch and a condition. President of the severe she said it | :09:09. | :09:15. | |
would only unloaded its Netherlands factory for 1 euros if the buyer is | :09:15. | :09:22. | |
prepared now to keep employ in its 1,500 workers. You and I cannot | :09:22. | :09:29. | |
afford that. Japan's fourth-largest manufacturer would stop making cars | :09:29. | :09:35. | |
at its plant by the end of the year. Effectively that ends its sole | :09:36. | :09:41. | |
European manufacturing operation. Mitsubishi blamed a difficult | :09:41. | :09:48. |