14/02/2012 World Business Report


14/02/2012

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at the White House on Tuesday. Those are the latest headlines from

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now now with Jamie. Welcome to world

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business report. The credit ratings agency moody's warns of the growing

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risk of the eurozone debt crisis European couina's leader

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in waiting gets his introduction to thinks abouth his country.

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takes discussion prope's carbon

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has upgraded its view on the creditworthyness of nin

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countries and has warned the debt crisis has increased economic risks

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to the region. The agency's role is to advise investors on how likely a

:01:10.:01:13.

grade grke it more expensive

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for a country to borrow. It has cut countries

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countries including Italy, Spain and Portugal. It reviewed its view

:01:22.:01:27.

of the UK putting it on a negative outlook, there is a 30% chance of a

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full downgrade within 18 months. This is the first time a rating

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eurozone eurozone crisis erupted. Fans and

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Austria were put on negative a

:01:42.:01:52.
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a full downgrade under like S&P much of a surprise is. We had S&P

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and Fitch's ratings. We know a lot of these economies are downgrade

:01:58.:02:03.

for most investors? Moody's is playing catch-up with S&P and we

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might expect that Fitch will follow is

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is the message. I know there is an going

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going on here? Well, there may well be, but nevertheless it is a

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ignore. ignore. Interestingly, the UK

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Chancellor has urged - said in response to this that it us

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is another impact, another suggestion of why. The important

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answer the of getting the balances - the deficit down is so important

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which is a message we should take from this. But will it make any

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huge difference? No it will no as long as we see that the governments

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in Europe across Europe not just in the eurozone are taking... But when

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were talking about this problem a Greece. When you increase the

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austerity a country has to go through you can reduce the GDP and

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make it more to reduce your deficite you can

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Greece is an in that i has gone below the bottom line.

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Gres not have the economy that can grow. It does not have the

:03:22.:03:28.

international trade kit dofplts of than generation that Greece has

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been paying itself too much. In eurozone is is not quite that baThey

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They have not gone beyond the bottom line. They have got enough

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revival potential in the economy to bring the deficit down and

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encourage growth. We have to be patient. You cannot do the two

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together. Growth must follow about overreacting, being too

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aggressive, but they were not aggressive enough when it came to

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the the debt whithe Lehmann

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overreacte overreacted and are too aggressive?

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I think I would be foolish to think back in the early part of this

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decade they failed, they absolutely failed everybody themselves

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investors t banks and Governments and they have overreacted over

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Nevertheless, Nevertheless, they are important.

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You cannot i. They do no other body or institution thadoes

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does the same thing. So we do listen to them. It is a pity that

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what went before 10 years ago was listen to them because there is no

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alternative. Howard thank you. China's Vice President Xi Jingping

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week-long week-long visit. He is tipped to be

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country country and the man who will deal

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with among other things the fallout from President Obama's panel toinvestigate

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investigate unfair trade practices by countries which include China.

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We report from New York. Cars hired, just one of the Chinese imports

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America has slap would import tariffs. It is retaliation for what

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practices a

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a tyre dealer once supported the tariff said it just does not work.

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I, unlike the rest of I,changed e rest of them, thing

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changed increases that went on that I would

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never see in my history of the tyre simply

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simply put up prices for his many

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many domestic jobs but the fact that China sells almost $300

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billion more in goods to America last year than the other way around

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remains a sore point here. It is noes, America has imposed

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tariffs on dozens of Chinese imports. People here worry about an

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ever-widening trade gap between the US and China - in fact it hit

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another record high in 2011. Washington blame China's

:06:19.:06:25.

undervalued currency ant investigate

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investigate unfair trade practices. Barack Obama alsodouble

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one one of the few countries where that

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has been possible. China is the fastest-growing importing country

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for the US S they focus on Chinese exports to the US thinking that

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China cannot import anything from thedible it is not truUS

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US exports the China is extremely success

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success storver angry the trade debate can seerpblgs

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America's and China are together - China is a rapidly expanding and

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huge market for US goods. Leaders to invest billions into their

:07:18.:07:27.
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China summit takes place amid airline carbon emission. The start

:07:31.:07:41.
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fuelled fuelled the carbon tax row.. The

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European Union carbon tax scheme is indeed a controversial issue in the

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region's biggest area pressure is a global scheme because it onlyapplies

:07:58.:08:02.

applies to carriers in and out of Europe which pay 15%. Many airlines

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are concerned about the unilateral Tway plan was introducr I

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spoke with. The EU com transport

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transport who said governments are at political loggerheads on how to

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move forward on this issue. Today you have a political conflict

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to numbers of possible economic impact

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is limited but today there is amounting political conflict.

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despite. The Opposition to the EU's eventually have to comply in the

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absence of a global tax scheme which may still take up to a year

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to organise and implement. Thank up-to-date with what is go on.

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Google's Google's purchase of Motor Mobility

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increased increasing Google's patent and upping its competition

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with Apple. The deal would not fight for competition. The company

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that owns the Empire Sing behind famous Manhattan skyscraper

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want to raise $1 billi control

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control of the land bark in 2010. Markets now - -- landmark. A

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negative response to what was happening on those downgrades by

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