30/05/2012 World Business Report


30/05/2012

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in ten days -- many. Those are the latest headlines. Now for the

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A warm welcome. The headlines: Searching for growth without

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increasing spending, the European Commission sets out its economic

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strategy for the EU. I am Rico Hizon. The chairman of Samsung

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faces three it losses. And the maker of the Blackberry warns again

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of heavy losses and says job cuts will be coming.

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The European Commission is due to set out its economic strategy for

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the EU in a few our's time. It is expected to balance croak with

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unpopular cuts -- hour's. Investors will be looking for reassurances

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ahead of the elections in Greece. So how will they achieve the

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balancing act of encouraging growth without increasing public dead? It

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is expected to further budgetary set, structural reforms and growth

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enhancing measures which member states should adopt over the next

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12 months. These recommendations are aimed at tightening governments,

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and will be endorsed by the European Council at the end of next

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month and formally adopted in July. I am joined by a senior global

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adviser. Nice to see you. Tell us more about this exercise and what

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it achieves. I think in the current environment, when we really are in

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crisis, it will not achieve a lot. Excuse me. It is looking at the

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whole European area. It is the EU, not the eurozone. It is 27

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countries. It is, where are we now? How good are they at running their

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economies? So put in more economic governance around it. So it is not

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just asking, are they doing better or worse. Sir a report card for the

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various members of the European Union. -- so. I imagine there is a

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lot to digest. It comes at a critical time. Tomorrow we have the

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Irish going to the polls and the elections in Greece and all the

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news from Spain about the banks. think this report card will not be

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ignored. But it may be last? You us. It is important. -- lost. -- yes.

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It will probably say that countries need to make more structural reform.

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It is difficult to do that when you are growing for some we --. So

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making more structural changes is even adding to the austerity.

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is this about Brussels trying to reaffirm its position, saying they

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are the centre of the European Union and we need you more than

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ever to toe the line and we need to be moving together in achieving the

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goal of getting out of this crisis? We do want countries to be run well.

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Fiscally? Not just fiscal discipline. It is the way you run

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it. They will probably say things about Italy and tax evasion, have

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they done and that? Probably not. It will be interesting to see

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whether they say anything about France making more structural

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reform. It is about standing back and say, this is where we are. We

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are looking at what they are doing and saying is it good enough. Many

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coaches in the eurozone are in crisis but the ones outside of the

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eurozone on not necessarily in crisis. Thank you. We will see you

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in a ten minutes's -- ten minutes' time. Now we are talking about a

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feud within Samsung. Yes, one man is fighting back 3

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losses from his siblings of $1 billion worth of assets. His older

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brother, and younger sister, are demanding shares held in the

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company's life insurance, which holds the key states in the largest

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consumer electronics maker. He has not hinted of letting the family

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destroy the business, telling local media he will not be getting

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involved in these seats but will be just fine to grow the company. --

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in these suits. So tell us more about what the chairman has been

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saying for some it is also about key competitors? That is right.

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There had been Santas from its largest rival, Apple. -- there have

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been challenges. They have traded leadership positions. Despite these

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disputes, the South Korean China keeps going from strength to

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strength. Last quarter it ended its reign as a global leader -- giant

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thank you. Lead us stay within that industry.

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The company behind the Blackberry says it will have profit warnings

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and has announced job cuts. Research In Motion also says it is

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hiring JPMorgan and RBC Capital Markets to help review the business.

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Its shares fell 10% in the hours along this news.

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These grim times. The Canadian manufacturer of the Blackberry

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mobile phone's shares have already fallen 80% in value. Their

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customers have switched to the Android or the Apple's phones. It

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has appointed outside advisers, including JP Morgan, to advise on

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the strategic options. Blackberry warns that the next few quarters

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will be financed the challenging as it limbers up for Blackberry 10,

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the new operating system that is make or break for this company. All

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of this has made investors take fright and shares crashed 11% in

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value. International energy companies are

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lining up to search for oil in Iraq in one of the largest exploration

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exercises in the world. 47 companies will be bidding for the

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work in auctions today. They could find 10 billion barrels of crude or

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ill. For three years foreign companies have been rebuilding the

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will sector in Iraq and it has been producing over 3 million barrels a

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day. -- oil sector. This is a national occasion. But a

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new twist to the plot. Rather than hiring foreign companies, the

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government will ask winning bidders to look for new reserves. The

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search will take place across some of the largest tracts of our --

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unexplored terrain in the world. There are reports the government is

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offering the chance to explore in the country. This is not bad. There

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are prospects of finding a large amount of oil. That potential is

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not available with the contracts that they used to how. Iraqis on

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its way back to being a great or willpower, -- Iraq is. -- a great

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oil power. In five years' time, the production capacity could reach 12

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million barrels today, on a par with Saudi Arabia. With its new

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will fill us it will feel it -- oilfields it may not have to work

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on them for years. There have been persistant power cuts.

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