Browse content similar to 13/06/2012. Check below for episodes and series from the same categories and more!
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fighting fires. You're watching the World Business Report on BBC. | :00:15. | :00:22. | |
Ted mac time they have some explaining, the bass of J P McGann | :00:22. | :00:27. | |
chase would tell US lawmakers how this traders managed to lose $2 | :00:27. | :00:33. | |
billion earlier this year each -- J P McGee and chase. Does the best of | :00:33. | :00:43. | |
:00:43. | :00:45. | ||
WPP deserve a 60% pay rise -- J P Mogan Chase. Share prices of Esprit | :00:45. | :00:55. | |
:00:55. | :00:56. | ||
drop as the chief executive officer resigns. | :00:56. | :01:02. | |
It is not often you get to here one of the nicknames in banking | :01:02. | :01:07. | |
apologise and they did not come much begat then Jamie Diamond, PTT | :01:07. | :01:15. | |
executive of JP Morgan Chase. He appears before a p banking Senate | :01:15. | :01:25. | |
committee to explain how his company lost $2 billion in cash -- | :01:25. | :01:32. | |
the chief-executive. The tables have turned on the boss | :01:32. | :01:36. | |
of the biggest US bank, James diamond must explain to lawmakers | :01:36. | :01:44. | |
what happened to $2 billion that JP Morgan Chase last in a risk of bad | :01:44. | :01:52. | |
investment offers -- Jamie diamond. It is not just an expensive mistake, | :01:52. | :01:57. | |
fog is chief-executive, it is also embarrassing. -- Thurlby is. He | :01:57. | :02:03. | |
will stress that this was an isolated event. He will point out | :02:03. | :02:08. | |
that the bank did not lose any client, customer or taxpayer money. | :02:08. | :02:12. | |
Critics argued that as the man at the top, he should have known | :02:12. | :02:19. | |
better. He is the boss, he can say that we do not want to do this. I | :02:19. | :02:24. | |
think he probably approve the activity in general. I suspect that | :02:24. | :02:30. | |
it was packaged as a hedge, offsetting other risks in the bank. | :02:30. | :02:35. | |
It got out of control. Now, experts say that it looks like the industry | :02:35. | :02:40. | |
must remember the lessons learned from the mowed down four years ago. | :02:40. | :02:45. | |
The arguments that Mr Diamond has been making that access regulation | :02:45. | :02:50. | |
is a problem, rather than unregulated banks, that takes a | :02:50. | :02:56. | |
huge hit. If Jamie Diamond cannot 11 of this banks, can anybody bound | :02:56. | :03:06. | |
:03:06. | :03:16. | ||
this banks? -- cannot than one of this banks. -- cannot manage. | :03:16. | :03:21. | |
shaping up to beat the latest battle in the shareholder spring at | :03:21. | :03:25. | |
the Annual General Meeting of the advertising group WPP in Dublin. | :03:25. | :03:29. | |
Shareholders will be voting on where they its chief executive Sir | :03:29. | :03:35. | |
Marton sale should have had a pay rise of 60%. He already has a basic | :03:35. | :03:44. | |
salary of $10.5 million per year. WPP has much to bloody trumpet | :03:44. | :03:49. | |
about, from a smile firm making wire baskets, it has become the | :03:49. | :03:58. | |
biggest advertising group. -- a smile firm. WPP increased global | :03:58. | :04:05. | |
profits by one the last year. -- eight smile firm. Best-educated | :04:05. | :04:11. | |
executive should not have been given his 60% pay rise. -- critics | :04:11. | :04:20. | |
say it the chief executive. It is not Investment fattier, but it is | :04:20. | :04:28. | |
not Stella. The performance is average, it is being watched by a | :04:28. | :04:32. | |
stellar company. This is the latest skirmish in the shareholder spring. | :04:33. | :04:38. | |
Five times in recent months, investors have revolted against the | :04:38. | :04:43. | |
rewards can do to top executives in UK-listed companies by their boards. | :04:43. | :04:47. | |
The chief executive says he will fight the shareholder rebels. He | :04:47. | :04:52. | |
should not be confused with British banking bosses which first spark | :04:52. | :05:01. | |
shareholder anger. -- first sparked. He says that WPP is profitable and | :05:01. | :05:07. | |
last year became the biggest advertising firm in the world. | :05:07. | :05:12. | |
of his strategic decisions were made earlier on, such as the | :05:12. | :05:15. | |
integrated matter of communication across multiple platforms going | :05:15. | :05:22. | |
into emerging markets. And, of class, having a multi- global set- | :05:22. | :05:28. | |
up Office says in 100 countries. Recently, that has not justified | :05:28. | :05:38. | |
:05:38. | :05:39. | ||
the dividend that he is now reaping -- over 100 officers. The chief | :05:39. | :05:48. | |
executive gets $15 million per year and the de BP chairman says that | :05:48. | :05:50. | |
his pay should be in the same league. | :05:50. | :05:55. | |
Were attacking a lot about chief- executive of the service and the | :05:55. | :06:00. | |
press said they are under. The chief executive of Esprit is on the | :06:00. | :06:10. | |
:06:10. | :06:12. | ||
move. Tell us more about the story. On the move, as you say, indeed the | :06:12. | :06:17. | |
share price of Esprit it is on the move. It had its deepest Balham in | :06:17. | :06:27. | |
:06:27. | :06:33. | ||
15 years on the Hong Kong Stock Exchange. -- its steepest of fall. | :06:33. | :06:38. | |
It has been trying to restructure its operation for profitability. | :06:38. | :06:45. | |
Its shares have thirled by 22% today. His is the second senior | :06:45. | :06:53. | |
executive to lead -- to leave their company -- his is, p shares have | :06:53. | :07:03. | |
:07:03. | :07:10. | ||
thirled by 22%. -- have Cleland. -- fallen. | :07:10. | :07:15. | |
Tell us about the markets. Monday there was a strong rally, Tuesday | :07:15. | :07:22. | |
there were losses. How is it today? It seems like today we will see an | :07:22. | :07:26. | |
extent at last there the Asian markets. Then there's a brief rally | :07:26. | :07:30. | |
Ali today, now they are drifting Lionel Bowen, amid persistent | :07:30. | :07:40. | |
:07:40. | :07:42. | ||
worries a pub at Spain, Italy and Greece end euro policy makers can | :07:42. | :07:52. | |
:07:52. | :07:56. | ||
stem the crisis -- earlier today, they are now drifting lower. | :07:56. | :08:06. | |
:08:06. | :08:08. | ||
The euro is weakening in Asian trade. Investors are fully into | :08:08. | :08:18. | |
:08:18. | :08:22. | ||
fail-safe currencies such as the US greenback and the Japanese currency. | :08:22. | :08:28. | |
Let's now squeeze in some other business stories. Today, the body | :08:28. | :08:36. | |
which approves the domain names is taking action against a list of | :08:36. | :08:46. | |
:08:46. | :08:51. | ||
2000 staff X-ers -- suffixes. The internet operation has assigned | :08:51. | :08:58. | |
Names and Numbers is organising the expansion. It will be opened up | :08:58. | :09:07. | |
like never before. We have 22 domains today. Where now opening up | :09:07. | :09:15. | |
to it 1,900 new applications, many of those could be successful. It | :09:15. | :09:20. | |
will include international domain names, domain names in other | :09:20. | :09:26. | |
language scrips. Spanish debt will be under scrutiny on the markets | :09:26. | :09:30. | |
today, the yield on interest rate on ten-year Spanish government | :09:31. | :09:37. | |
bonds hit a record 6.8% on Tuesday. It shows investors are cautious | :09:37. | :09:42. | |
about the prospects for Spain despite the 100 billion euros bail- | :09:42. | :09:47. |