Browse content similar to 24/05/2012. Check below for episodes and series from the same categories and more!
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Those are the latest headlines from BBC World News. Now for the latest | :00:01. | :00:11. | |
:00:11. | :00:16. | ||
financial news with World Business Report. The euro trades at 2-year | :00:17. | :00:19. | |
lows after an informal summit of EU leaders emphasises serious policy | :00:19. | :00:22. | |
differences. Plastic fantastic - a key ruling on plans to make it | :00:22. | :00:25. | |
cheaper and easier to shop by credit and debit card across the | :00:25. | :00:35. | |
:00:35. | :00:46. | ||
European Union. It was a case of entente not-so-cordiale. The old | :00:46. | :00:49. | |
Franco-German marriage at the heart of the eurozone family is on the | :00:49. | :00:52. | |
rocks. At an informal meeting of European Union leaders, French | :00:52. | :00:54. | |
President Francois Hollande demanded eurobonds be put on the | :00:54. | :00:58. | |
agenda for a full summit at the end of next month. But Germany remains | :00:58. | :01:01. | |
opposed to plans to pool eurozone governments' debt in a move that | :01:01. | :01:03. | |
would effectively allow indebted nations such as Greece to piggy | :01:03. | :01:12. | |
back Germany's superior credit rating. Christian Schulz is a | :01:12. | :01:15. | |
former economist at the European Central Bank and is now senior | :01:15. | :01:25. | |
:01:25. | :01:25. | ||
economist at Berenberg bank. Let us talk about the Euro bombs Porsche, | :01:25. | :01:33. | |
what you feel is the Agenda for that? They want to discuss it at | :01:33. | :01:40. | |
the end of June. The thing that is something that to discuss? It is on | :01:40. | :01:46. | |
the very long-term agenda of the European Union. If the conditions | :01:46. | :01:53. | |
for it are in place, of the country's build credibility, it is | :01:53. | :01:59. | |
the German condition. We are not opposed to Euro bombs as a means to | :01:59. | :02:03. | |
end the crisis. It could be an end to the crisis of countries like | :02:03. | :02:07. | |
Italy if they could start issuing money with guaranteed bonds by | :02:07. | :02:12. | |
Germany. There is something Germany will not allow to happen since the | :02:12. | :02:16. | |
fiscal tree has not been signed in countries have not done enough yet | :02:16. | :02:22. | |
to do down deficits. Some argue the short-term benefits is that it | :02:22. | :02:25. | |
would stop speculative action and it is pushing up the borrowing | :02:26. | :02:31. | |
costs for Spain and other economies like Greece. What are the long-term | :02:31. | :02:36. | |
benefits? It could be good. You would have a bigger bond market for | :02:36. | :02:40. | |
Europe. It countries have reasonable debt levels, and a | :02:40. | :02:46. | |
history of discipline in budgetary terms, it could be good. Countries | :02:46. | :02:50. | |
like Germany could benefit a little bit because of the bigger the | :02:50. | :02:54. | |
quiddity of the European bond market. That would take a long time | :02:54. | :03:00. | |
to come into place. The European bonds are rather an unlikely | :03:00. | :03:06. | |
solution to the crisis. Let his -- let us look at what has been | :03:06. | :03:12. | |
achieved in the last 24 hours, your view? Europe is united on the | :03:12. | :03:17. | |
position for Greece. Nobody at the meeting said that Greece can be no | :03:17. | :03:23. | |
Gays yet the conditions of the bailout. It is your choice, stay in | :03:24. | :03:30. | |
or out. That shows a unity and leads us to believe we can prepare | :03:31. | :03:37. | |
for a creek exit or have the Greeks vote in favour of it staying in. | :03:37. | :03:45. | |
The growth initiative, we would have expected more detail. There is | :03:45. | :03:48. | |
an initiative against youth unemployment but it was all a bit | :03:48. | :03:58. | |
:03:58. | :03:59. | ||
modest. We will look at this in detail later. Much of the press is | :03:59. | :04:03. | |
dedicated to what was going on in Brussels, so the wheel - mark we | :04:03. | :04:07. | |
will discuss it further with the papers. The world's biggest | :04:07. | :04:09. | |
computer-maker Hewlett-Packard has confirmed it's laying off 27,000 | :04:09. | :04:12. | |
employees around the world. 1 in 12 of its workforce will go. A company | :04:12. | :04:15. | |
spokesman could not give details of where the cuts would come but said | :04:15. | :04:19. | |
most sites - including those in the UK - would be affected. Michelle | :04:19. | :04:27. | |
Fleury has more from New York. This is not the first time Hewlett | :04:27. | :04:33. | |
Packard has cut jobs. This is the largest in their history. The | :04:33. | :04:39. | |
reductions will affect 8% of their 350,000 global workforce by the | :04:39. | :04:45. | |
time the overhaul is completed, expected in October of 2014. In its | :04:45. | :04:49. | |
press release, the company said it hopes it will not have to do too | :04:49. | :04:53. | |
many lay-offs because it is offering it retirement packages. | :04:53. | :04:57. | |
The question is, why has the company doing this? A clue for | :04:57. | :05:03. | |
those of you who have not been following the falling share price | :05:03. | :05:08. | |
of Hewlett-Packard comes from what the C O has to say. He says the | :05:08. | :05:13. | |
cutbacks are necessary to improve execution and fund their long-term | :05:13. | :05:17. | |
health of the company. The problem has, over the years, Hewlett- | :05:17. | :05:21. | |
Packard, best known for things like printers, PCs and laptops has | :05:21. | :05:26. | |
fallen behind the times. Many analysts say it has too much | :05:26. | :05:31. | |
invested in declining businesses. As more of us moved to new services | :05:31. | :05:35. | |
like cloud computing and smart phones and Ablett computers. The | :05:35. | :05:41. | |
company hopes to save the money it -- invest the money it saves in | :05:41. | :05:46. | |
cloud computing and be data and security. It hopes all of this will | :05:46. | :05:51. | |
help invigorate one of the oldest names in silicon Valley. It could | :05:51. | :05:55. | |
soon become cheaper and easier to shop electronically around Europe. | :05:55. | :05:57. | |
A European court is due to rule whether Mastercard should slash its | :05:58. | :06:00. | |
fees on cross-border card transactions. At the moment, | :06:00. | :06:03. | |
retailers have to pay hefty charges to the world's second biggest card | :06:03. | :06:05. | |
operator and Visa Europe when customers from another EU state buy | :06:05. | :06:15. | |
:06:15. | :06:18. | ||
goods or services on their cards. The European Commission is keen to | :06:18. | :06:24. | |
break down barriers to e-commerce and cut costs for businesses in the | :06:24. | :06:29. | |
27 country European Union. The battle between the EU, Visa Europe | :06:29. | :06:34. | |
and Mastercard has been rattling on for a number of years. In 2007, | :06:34. | :06:42. | |
Commission said Mastercard's flat fee levied on retailers card | :06:42. | :06:46. | |
transactions breached EU anti-trust rules and had to be changed. | :06:46. | :06:50. | |
Mastercard agreed to reduce its fees but the EU competition | :06:50. | :06:55. | |
commissioner said there is no evidence that card transaction | :06:55. | :07:02. | |
costs for retailers that come down. When in the long-term, it achieves | :07:02. | :07:08. | |
the goal to make credit card payments more attractive and to | :07:08. | :07:14. | |
strengthen cross-border payment of consumers and provides them with | :07:14. | :07:21. | |
attractive means of payments, is still to be seen. Beazer Europe, | :07:21. | :07:27. | |
the largest card network in Europe has cut its debit card charges in | :07:27. | :07:30. | |
response to Commission investigation which followed a | :07:30. | :07:35. | |
complaint by trade lobby group bureau, owners. That is not only | :07:35. | :07:39. | |
the card companies were set to feel the impact of the decision. The | :07:39. | :07:43. | |
European retail banks make a quarter of their total income from | :07:43. | :07:47. | |
charges made on every card transaction. The commission is | :07:47. | :07:53. | |
moving the spotlight on to them. Swiss negotiators are heading to | :07:53. | :07:56. | |
Rome today to start talks on a tax deal between Switzerland and Italy. | :07:56. | :07:59. | |
It's the latest in a series of agreements the Swiss government has | :07:59. | :08:02. | |
reached with its European neighbours in a bid to lose its | :08:02. | :08:12. | |
:08:12. | :08:12. | ||
reputation as a tax haven for foreign wealth. At stake, billions | :08:12. | :08:18. | |
of dollars of find assets stored in Swiss banks. And revenue hungry | :08:18. | :08:23. | |
European governments who want every penny of tax owed to them paid as | :08:23. | :08:28. | |
soon as possible. For years, these was resisted calls to hand over | :08:28. | :08:33. | |
details of bank accounts, saying he was not their responsibility to act | :08:33. | :08:38. | |
as tax inspectors. As austerity -- austerity measures bite, Europe is | :08:38. | :08:43. | |
growing impatient and Switzerland has bowed to pressure, agreeing to | :08:43. | :08:49. | |
impose holding tax on company accounts. Its famed banking secrecy | :08:49. | :08:53. | |
is not ending with a bang but a series of quieted deals. First of | :08:53. | :08:57. | |
Germany, then with Britain, and now, the Swiss government hopes with | :08:58. | :09:03. | |
Italy. Individual account details still remain private but | :09:03. | :09:06. | |
Switzerland will tax each bank account automatically and return | :09:07. | :09:12. | |
the money to the country came from. That means that what many regard as | :09:12. | :09:17. | |
the chief advantage of banking secrecy, hiding taxable income, is | :09:17. | :09:21. | |
gone. But was banks are surprisingly eager to reach | :09:21. | :09:26. | |
agreement and not just with European governments. The big prize | :09:26. | :09:30. | |
remains the United States, where teams of lawyers continue to | :09:31. | :09:35. | |
investigates was banks, among them the biggest and most important to | :09:35. | :09:40. | |
Switzerland's economy, none of them want to face to eight -- charges of | :09:40. | :09:46. | |
aiding tax evasion. Paying tax upfront has become the only | :09:46. | :09:52. | |
realistic option. The markets are very focused on activity in | :09:52. | :09:58. | |
Brussels. In Asia we saw losses today after heavy losses in Europe. | :09:58. | :10:06. | |
Greece and the eurozone around the minds of investors globally. We had | :10:06. | :10:11. | |
a preliminary reading of a survey on manufacturing in China. Chinese | :10:11. | :10:18. | |
factories have shrunk for the 7th month in a worry. That is worrying | :10:18. | :10:24. |