Browse content similar to 14/06/2012. Check below for episodes and series from the same categories and more!
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France, Ireland and Britain. Time now for the money news. You're | :00:06. | :00:16. | |
:00:16. | :00:18. | ||
watching the World Business Report on BBC. A warm welcome to World | :00:18. | :00:24. | |
Business Report. The headlines: A test for Italy, the government will | :00:24. | :00:29. | |
be selling debt amid growing concern over the European debt | :00:29. | :00:34. | |
crisis. As government funds Sakai back, many Greek pharmacies are | :00:34. | :00:41. | |
struggling to supply customers with essential drugs. The chairman of | :00:41. | :00:46. | |
the clothing retailer Esprit resigns, the second and to step | :00:46. | :00:52. | |
down a 24 hours. The company's share price falls following | :00:52. | :01:02. | |
:01:02. | :01:03. | ||
takeover talk. We have several developments in the | :01:03. | :01:07. | |
European debt crisis to bring you up to date with this morning. Late | :01:07. | :01:12. | |
on Wednesday, Moody's had its assessment of Spain's credit | :01:12. | :01:17. | |
worthiness. That is despite the 100 billion euros bail-out to Spanish | :01:17. | :01:22. | |
banks announced on the weekend. They blame the recession on the | :01:22. | :01:26. | |
downgrade. Mario Monti will hold talks with Francois Hollande today. | :01:26. | :01:30. | |
Francois Hollande is pushing for a greater role for the ECB in | :01:30. | :01:34. | |
stemming the crisis. There will be a test of confidence in Mario | :01:35. | :01:39. | |
Monti's policies later when the government sells debt on the money | :01:39. | :01:45. | |
market. Italians are uneasy about the economy of the nation and the | :01:45. | :01:49. | |
finances. Continuing deep unease on the | :01:49. | :01:55. | |
markets, after the Spanish bail-out, Italy now feels the pressure. Its | :01:55. | :02:03. | |
interest rate 112 months Bonn has driven up again yesterday. -- on 12 | :02:03. | :02:08. | |
months bonce. There are conflicting, confusing signals. The crisis is | :02:08. | :02:13. | |
worsening, reads one headline. Italy will not need help, says | :02:13. | :02:19. | |
another. TRANSLATION: A month ago a | :02:19. | :02:24. | |
newspaper headline said, we are not Greece. This morning I sorry now | :02:24. | :02:34. | |
:02:34. | :02:34. | ||
that headline saying, we are not Spain. -- I saw another. Everyone | :02:34. | :02:39. | |
agrees that Europe needs to do more to help. Mario Monti says it must | :02:39. | :02:42. | |
take steps to stimulate growth across the eurozone. | :02:42. | :02:51. | |
TRANSLATION: If measures are allowed to allow for growth, the | :02:51. | :02:54. | |
finances of Italy will be sustainable. We will pay a lower | :02:54. | :02:58. | |
rate of interest, taxes will be la la and businesses will have an | :02:58. | :03:06. | |
easier time. -- will be lower. More and more Italians struggled to cope | :03:07. | :03:12. | |
with the harsh realities of the President. TRANSLATION: I'm afraid. | :03:12. | :03:17. | |
I do not sleep at night because we have a bakery. We have six people | :03:17. | :03:20. | |
serving and three in the back, I had to let them go because there is | :03:20. | :03:27. | |
not work -- not enough work. TRANSLATION: Is a market like this | :03:27. | :03:30. | |
is half-empty, it means that business in general is going to | :03:30. | :03:36. | |
pieces. Although the crisis is felt deeply in places like this, what | :03:36. | :03:41. | |
really counts now is the mood in markets of a very different kind, | :03:41. | :03:51. | |
:03:51. | :03:51. | ||
the money market, the bond markets. Italians can only watch and worry. | :03:51. | :03:55. | |
Pharmacies in Greece have warned that many stores will need to close | :03:55. | :04:00. | |
if patients are unable to pay the full cost of prescription medicines. | :04:00. | :04:05. | |
The pharmacy is used to be paid subsidies, but the farmers have | :04:05. | :04:10. | |
huge shortfalls. Imported drugs from pharmaceutical companies to | :04:10. | :04:20. | |
treat cancer -- cancer are no longer being shipped. | :04:20. | :04:23. | |
It is a 30 in the morning and Greeks are waiting in line to get | :04:23. | :04:27. | |
their hands on the prescription medicines they need. It is hard to | :04:28. | :04:36. | |
obtain products. One man tells me he is finding it expensive for his | :04:36. | :04:46. | |
cancer drug for the 7th your mother. I had to wait for hours -- his 70- | :04:46. | :04:54. | |
year-old mother. It is the latest and most alarming development, in a | :04:54. | :05:00. | |
hungry and cash-strapped Greece. International suppliers refused to | :05:00. | :05:04. | |
ship to graze without cash upfront. Businesses are heavily reliant on | :05:04. | :05:11. | |
state funds which subsidise medicines. The pharmacy is saved | :05:11. | :05:17. | |
from now want patients will have to pay the full pop -- full cost of | :05:17. | :05:27. | |
:05:27. | :05:28. | ||
medicines. Quarters own engines alone -- this medicines must be | :05:28. | :05:34. | |
paid for in full. This man heads the pharmacy association. | :05:34. | :05:38. | |
TRANSLATION: Those who supplied the drugs from the pharmaceutical | :05:38. | :05:42. | |
companies continue to press their cars end not give us a period of | :05:42. | :05:49. | |
leniency. -- continued to pressure. The helping to raise funds are now | :05:49. | :05:52. | |
all joined together and have stopped paying us and our last | :05:52. | :05:56. | |
money from 2011. As pharmacists, we can no longer make up the | :05:56. | :06:01. | |
difference. Not everyone thinks those trading medications are | :06:01. | :06:07. | |
playing fair. It is clear that public healthcare is inefficient. I | :06:07. | :06:13. | |
will blame the public sector as much as I do public companies and | :06:13. | :06:23. | |
:06:23. | :06:24. | ||
professionals. They are constantly negotiating about new orders. And | :06:24. | :06:34. | |
:06:34. | :06:48. | ||
money owed to them in an inhuman way. Yesterday we told you about | :06:48. | :06:53. | |
the slump in the shares of Esprit, which was sparked by the departure | :06:53. | :07:00. | |
of the chief executive. The shares are tumbling again today. | :07:00. | :07:03. | |
You wonder who is left to run the company, because the chairman has | :07:03. | :07:11. | |
also quit. What is going on? As a result of that resignation of | :07:11. | :07:16. | |
the chairman, the stock price of Esprit Holdings on the Hong Kong | :07:16. | :07:23. | |
stock exchanges down by another 14%, a total of 30% in two trading | :07:23. | :07:30. | |
sessions. You have the chairman resigning, three resignations in | :07:30. | :07:36. | |
six months. To within 24 hours. The chief executive stepping down and | :07:36. | :07:40. | |
the stock price plunging. There is speculation that Esprit could | :07:40. | :07:46. | |
become a takeover target. Dallas about Manchester United, the | :07:46. | :07:49. | |
football team has decided not to have a public offering in Hong | :07:49. | :07:53. | |
Kong? That is correct. It has become so | :07:53. | :07:58. | |
fickle. There are reports that instead of Singapore, the plan is | :07:58. | :08:03. | |
to move it to the US. Sources say that man you is looking at listing | :08:03. | :08:08. | |
in New York with hoping to get a higher valuation. -- Manchester | :08:08. | :08:16. | |
United. Manchester United could not be reached for comment. The | :08:16. | :08:20. | |
Singapore Stock Exchange declined to comment when contacted by the | :08:20. | :08:26. | |
BBC. United received the approval for the Singapore stock changed in | :08:26. | :08:33. | |
November. Let squeeze in some more news. The | :08:33. | :08:37. | |
fine company BT, has for the first time one a share for the | :08:37. | :08:42. | |
broadcasting rights for Premier League football. They will | :08:42. | :08:52. | |
:08:52. | :08:54. | ||
broadcast 38 shows per season. They will do this with BSkyB. BT will | :08:54. | :09:04. | |
:09:04. | :09:06. | ||
produce a new channel to showcase the Games. Saudi Arabia and oil | :09:06. | :09:14. | |
companies had been asking for a rise in production. -- asking for a | :09:14. | :09:20. | |
rise in salaries. A French rogue trader with a lead in the Court of | :09:20. | :09:24. | |
Appeals that his company passed off huge losses as a crime of his | :09:24. | :09:29. | |
former colleague. He told a French newspaper that he saw accounts | :09:29. | :09:34. | |
which proved that Soc Gen port's bad debts on to another company's | :09:34. | :09:41. | |
fraud. Another day of the declines because of fears of Europe. It will | :09:41. | :09:46. |