Browse content similar to 02/03/2012. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
will represent England at the euro's -- Eurovision Song Contest. | :00:04. | :00:13. | |
:00:14. | :00:18. | ||
You're watching the World Business Report on BBC. EU leaders ask for | :00:18. | :00:26. | |
more details before they hand over a bail-out package to Greece. Is | :00:26. | :00:36. | |
:00:36. | :00:40. | ||
the downturn in Europe affecting to Japan's economic recovery? Europe's | :00:40. | :00:45. | |
leaders are in summit session in Brussels once again. The 27 will | :00:45. | :00:50. | |
try to balance tougher austerity measures. They want to stop another | :00:50. | :01:00. | |
:01:00. | :01:00. | ||
recession. 25 of the 27 will agree to keep -- to bring big spending | :01:00. | :01:08. | |
countries into line. There rides to phase two with completing tasks. | :01:08. | :01:15. | |
They have been forced to make deficit cuts and austerity measures. | :01:15. | :01:20. | |
Luckily, a flood of European Central Bank cash has calmed the | :01:20. | :01:26. | |
debt market. 25 of the 27 was signed up to much tighter spending | :01:26. | :01:35. | |
rules. They will vote for the EU President to chair future euro area | :01:35. | :01:44. | |
summits. A promise deal to boost future bail-out by power has been | :01:44. | :01:49. | |
denied. They want Germany to pledge more for the permanent rescue | :01:49. | :01:59. | |
:01:59. | :02:00. | ||
flight -- fund. The commitment was to reassess the adequacy of the | :02:00. | :02:10. | |
:02:10. | :02:12. | ||
overall lending capacity in March. Now we can do it, but we are still | :02:12. | :02:19. | |
in February and we can have a good progress on these matter later. The | :02:19. | :02:25. | |
world is watching Europe's decision carefully. The leaders know they | :02:25. | :02:29. | |
must dig deeper into their own pockets before other countries will | :02:29. | :02:35. | |
step in to help contain the contagion. The EU leaders have also | :02:35. | :02:40. | |
asked for more detail on Greek reforms before the handover the | :02:40. | :02:44. | |
bulk of the 130 billion euros in additional aid. If satisfied, they | :02:44. | :02:48. | |
will sign off the payment later in the mouth. They have until next | :02:48. | :02:58. | |
Thursday to sign up to the deal. -- later in the months. The design in | :02:58. | :03:02. | |
Brussels appears to be from move to crisis mode to growth mode. Are we | :03:02. | :03:09. | |
ready to do that? I do not think so. There are still problems with | :03:09. | :03:12. | |
growth. If you look at the economic data that is coming from Greece. | :03:12. | :03:17. | |
The Greek economy is imploding. The situation on the ground is getting | :03:17. | :03:21. | |
worse day by day. They are being asked to sign up for another eight | :03:21. | :03:27. | |
years of austerity. They cannot contain that. Let's look at the 130 | :03:27. | :03:30. | |
billion euros. In the Financial Times there is a breakdown on what | :03:30. | :03:35. | |
that would do. None of that will go to the Greek people. 20% will go to | :03:35. | :03:40. | |
the Greek government. That is about it. The rest will go to rollover | :03:40. | :03:44. | |
the existing debts in the form of interest. Essentially, even though | :03:44. | :03:54. | |
they're talking about writing off 100 and 130 billion euros. It | :03:54. | :03:59. | |
basically delay is inevitable. Let's talk about the issue of | :03:59. | :04:07. | |
growth. This is a way out of the crisis? Had you get growth to | :04:07. | :04:13. | |
happen when the oil prices are at a record high? We saw the price of | :04:13. | :04:18. | |
crude go to 95 euros a barrel, it has never be that high before. | :04:18. | :04:25. | |
Spain is in recession battling 22% unemployment. Greek unemployment is | :04:25. | :04:31. | |
above 22% and youth unemployment is 50%. What is the way out of these? | :04:31. | :04:35. | |
They need to address the debt problem essentially. Europe is | :04:35. | :04:41. | |
drowning in debt. Until we do that, until the banking problems are | :04:41. | :04:49. | |
fixed.... They need to recapitalise banks? They have to do that anyway. | :04:49. | :04:54. | |
Do you do that now or five or six years down the line when | :04:54. | :04:58. | |
essentially the prices will be higher. It will continue to fall | :04:58. | :05:07. | |
back. The longer you at delay in addressing it did worse it will get. | :05:07. | :05:11. | |
Nearly a year after the earthquake and tsunami in Japan, the | :05:11. | :05:17. | |
reconstruction is now under way fit. Figures showed that people are | :05:17. | :05:19. | |
investing in plant and machinery again which will boost national | :05:19. | :05:24. | |
wealth. Data on Friday suggests that households continue to have a | :05:24. | :05:28. | |
tough time. Spending was down more than expected in January compared | :05:28. | :05:34. | |
to last year. The number of Japanese out-of-work is up. We are | :05:34. | :05:38. | |
joined from a Tokyo bureau from a correspondent. Japan has had a | :05:38. | :05:42. | |
long-standing problem with lack of gross and the eurozone problem is | :05:42. | :05:49. | |
not helping? -- growth. Europe is a big market for Japan. The latest | :05:49. | :05:55. | |
figures showed that the core Consumer Price Index fell by 0.1%. | :05:55. | :06:01. | |
That means that it was deflation in Japan, not inflation which is a | :06:01. | :06:04. | |
persistent problem for the country. Last month the Bank of the Japan | :06:04. | :06:11. | |
said for the first time that it is targeting a long-term 1% inflation. | :06:11. | :06:16. | |
Earlier this week, they were supporting better news. Capital | :06:16. | :06:22. | |
expenditure was up by 7.6%. The reason why is that spending on | :06:22. | :06:26. | |
reconstruction, replacing factories, and also reconnecting transport | :06:26. | :06:31. | |
links in the North have helped the economy there. On one side, the | :06:31. | :06:35. | |
economy is doing very well. They are still struggling in the House | :06:35. | :06:38. | |
of however. The central bank is doing the best they can to push | :06:38. | :06:44. | |
inflation higher and therefore demands? Yes, the central bank has | :06:44. | :06:49. | |
expanded in Sev -- recent weeks. Monetary policy has increased the | :06:49. | :06:55. | |
money supply and setting the target as well. If you look closely at | :06:55. | :06:59. | |
these inflation figures, it shows that the problem he's structural in | :06:59. | :07:05. | |
Japan. Potentially, something to do with globalisation. A big party is | :07:05. | :07:12. | |
the price of television's falling by one-third. -- a big problem. The | :07:12. | :07:17. | |
Japanese are increasingly buying televisions from cheaper economies | :07:17. | :07:23. | |
are bored -- abroad. It is contributing to companies facing | :07:23. | :07:28. | |
pricing pressures. They are looking for bargains. On the streets in | :07:28. | :07:32. | |
Tokyo, what is your feeling? Is there optimism that the state of | :07:32. | :07:39. | |
the Japanese economy, because Asia continues to grow? In recent weeks, | :07:39. | :07:44. | |
the Japanese currency has declined against the American dollar, for | :07:44. | :07:49. | |
Japanese companies that is good news. Their exports become more | :07:49. | :07:53. | |
competitive and it certainly helps the stock market. In that sense, | :07:53. | :07:58. | |
there is optimism about the future. When we talk about the Japanese | :07:58. | :08:02. | |
stagnation, Japan is stagnating at a very affluent place. Unemployment | :08:02. | :08:08. | |
is only 4.6%. Most people are pretty well off. Even though the | :08:08. | :08:12. | |
economic figures look bad, on the streets and in the restaurants, | :08:12. | :08:17. | |
people do seem to be getting on with their lives. Paint you very | :08:17. | :08:24. | |
much. Other stories making the news on Friday -- thank you. Kodak has | :08:24. | :08:28. | |
sold its online service to online publisher shatter fly for $24 | :08:28. | :08:35. | |
million. They have 75 million euros it -- users. They have very stop | :08:35. | :08:39. | |
selling film and plans to withdraw from photography entirely by the | :08:39. | :08:47. | |
end of the Year. They ran up large losses in January. So far, Barbie | :08:47. | :08:57. | |
:08:57. | :08:57. | ||
has been upstaged after an up your -- and 80 battle. Mattel were not | :08:57. | :09:04. | |
receive compensation after a court ruled today. A US federal court | :09:04. | :09:09. | |
disagreed and reversed a 310 million dollar damages. Mattel is | :09:09. | :09:15. | |
now appealing against a ruling. While the injection of cheap loans | :09:15. | :09:18. | |
into the market by the European Central Bank is inevitably having | :09:18. | :09:25. | |
an effect on markets, the Asian markets are not doing badly at all. | :09:25. | :09:30. | |
The euro has been flitting around recently. With prospects of the | :09:30. | :09:40. | |
:09:40. | :09:41. |