Browse content similar to 02/07/2012. Check below for episodes and series from the same categories and more!
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He has said, however, that they will be waiting for a definitive | :00:03. | :00:06. | |
results. The latest financial news committee | :00:06. | :00:16. | |
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it is away. -- Sally. Welcome to World Business | :00:22. | :00:29. | |
Report. London's interest-rate fixing scandal claims its first | :00:29. | :00:33. | |
scalp, but will it be the last? Greece faces a key audit by | :00:33. | :00:38. | |
international lenders. There are speculations it will ask for | :00:38. | :00:46. | |
another two years to fulfil the conditions of its bailout. | :00:46. | :00:50. | |
In just over one of our's time, the banking giant Barclays will | :00:50. | :00:55. | |
announce the resignation of its chairman. The BBC understands he | :00:55. | :01:00. | |
made the decision to go on Saturday night, citing the devastating blow | :01:00. | :01:03. | |
to the bank's reputation from the revelations it had tried to fix | :01:03. | :01:09. | |
interest rates. The rate fixing scandal has sent | :01:09. | :01:13. | |
shock waves through the industry. It has now claimed its first high- | :01:13. | :01:20. | |
profile victim. The chairman of Barclays is resigning. The fixing | :01:20. | :01:25. | |
of interbank lending rate has already cost the bank �290 million | :01:25. | :01:33. | |
in fines. Until now, those are -- those who are at the top of the | :01:33. | :01:38. | |
bank had refused to quit. This really goes to the heart of the | :01:38. | :01:43. | |
British economy and the heart of the city of London. I hope the | :01:43. | :01:46. | |
authorities, shareholders and regulators really react | :01:46. | :01:52. | |
aggressively and fast in the next few days. Barclays is one of more | :01:52. | :01:57. | |
than 20 banks currently under investigation. Rival RBS sacked | :01:57. | :02:00. | |
four of its traders at the start of the Year, a move designed to prove | :02:00. | :02:10. | |
that it was, and is, in control of the crisis. On Sunday, the head of | :02:10. | :02:18. | |
the city watchdog made a comment. Further steps were made to enable | :02:18. | :02:22. | |
us to bring criminal charges, but they did not cover the libel market. | :02:22. | :02:25. | |
I that we need to look further and see whether we should strengthen | :02:25. | :02:29. | |
these powers considerably on top of what we have at the moment. | :02:29. | :02:33. | |
(CHANTING). After a resurgence of shareholder activism - like these | :02:33. | :02:38. | |
protests against Barclays' pay deals, Vince Cable says it is | :02:39. | :02:42. | |
shareholders, not the government or regulators who should hold | :02:42. | :02:47. | |
management boards to account. Before answering to shareholders, | :02:47. | :02:51. | |
Barclays' boss Bob Diamond will have to answer to MPs at the | :02:51. | :02:53. | |
Treasury Select Committee on Wednesday. With growing public | :02:53. | :02:57. | |
anger, there will also be questions about whether he, too, should now | :02:57. | :03:02. | |
step down. For another view, let's speak to | :03:02. | :03:08. | |
the editor of the Banker magazine. Do you think this is enough? The | :03:08. | :03:12. | |
chairman going? I don't think it will be. This libel fixing scandal | :03:12. | :03:18. | |
is in a league of its own. It is different to those of insider | :03:18. | :03:22. | |
trading at banks. This affects the whole of the market. It will affect | :03:22. | :03:26. | |
London's reputation as a financial centre. All but Lee, who runs | :03:26. | :03:35. | |
Barclays is up to the shareholders. -- ultimately. He will have to go | :03:35. | :03:38. | |
before a Treasury Select Committee this week and ask some questions | :03:38. | :03:42. | |
about what has gone on at the bank. No doubt they will focus on the | :03:42. | :03:47. | |
fact that US authorities say that management and new, and in fact, | :03:47. | :03:51. | |
instructed, workers at Barclays to go ahead with these actions. Yes, | :03:51. | :03:55. | |
some very damaging things came out of the report from the US | :03:55. | :03:57. | |
regulators where they said the senior bank management instructed | :03:57. | :04:03. | |
the traders and these have knitters to carry out this practice. -- and | :04:03. | :04:13. | |
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these have -- the submitters. regulation to light in the UK? | :04:25. | :04:28. | |
don't think that London is worse than other places, but regulations | :04:28. | :04:34. | |
might need to change. There are regulations out there which might | :04:34. | :04:36. | |
restrict London more than other markets, but they have not kick in | :04:36. | :04:41. | |
yet. The UK Bank executor or is less competitive than it has been | :04:41. | :04:46. | |
in recent years? That's right, the bank has released in the top 1,000 | :04:46. | :04:49. | |
will banks today - if you look over the past five years, you see that | :04:49. | :04:55. | |
UK banks used to hold a 10% share of world banking profits, now it is | :04:55. | :04:58. | |
about 5%. In the meantime we are seeing a Chinese banks continuing | :04:58. | :05:03. | |
to grow - they have about 30% share of world profits, which is a | :05:03. | :05:08. | |
fantastic performance. Thank you for your thoughts. We | :05:08. | :05:13. | |
will have that announcement at seven o'clock London time. | :05:13. | :05:17. | |
Can Greece clear on to membership of the euro? The country's new | :05:17. | :05:23. | |
government may ask for two more years to meet their targets when | :05:23. | :05:29. | |
the troika returned to Athens today. On Sunday, senior ECB officials | :05:29. | :05:34. | |
told German television that Greece must stick to its austerity | :05:34. | :05:39. | |
programme 100% if it wants to stay in the euro. That is looking less | :05:39. | :05:43. | |
achievable by the day. But troika were not too impressed | :05:43. | :05:51. | |
last time they came to Greece. Since then, deepening depression | :05:51. | :05:54. | |
and the distractions of an electoral campaign have further | :05:54. | :05:57. | |
slowed process, making it even more unlikely that Athens can ever | :05:57. | :06:02. | |
fulfil its financial promises. The Conservatives, socialists and | :06:02. | :06:06. | |
moderate leftists would like to bargain for a two-year extension, | :06:06. | :06:13. | |
along with more rescue cash. Brussels insists that the elections | :06:13. | :06:17. | |
changed nothing, though the IMF admits it is open to discussions | :06:17. | :06:21. | |
about how Greece can best meet its objectives. The troika will assess | :06:21. | :06:25. | |
conflicting evidence of process with reforms. One report says that | :06:25. | :06:28. | |
civil servant numbers will have been cut by 100,000 by the end of | :06:28. | :06:34. | |
the Year. Another suggest 70,000 have been recruited in two-years. | :06:34. | :06:38. | |
When it comes to the promised privatisations of state utilities, | :06:38. | :06:42. | |
sell off programmes are ready, according to this economist, but | :06:42. | :06:45. | |
politicians would not push the start button before the elections. | :06:45. | :06:50. | |
They claim that they were ready to proceed with privatisation, however, | :06:50. | :06:54. | |
these elections have been a big obstacle. Namely, political parties | :06:54. | :06:58. | |
have refrained from taking the necessary decisions to proceed with | :06:58. | :07:01. | |
privatisation, thinking that if they win elections, if one party or | :07:01. | :07:06. | |
the other party wins, then this will mean that they will have a | :07:06. | :07:12. | |
free hand to decide how to progress. Meanwhile, the troika can only | :07:13. | :07:17. | |
focus on achievements to date. These reports will provide evidence | :07:17. | :07:21. | |
as Athens appeal to their EU partners to respond to sacrifice | :07:21. | :07:27. | |
his by recession-hit Greeks. There is more evidence that | :07:27. | :07:31. | |
Europe's debt crisis is Wayne on other parts of the world. June saw | :07:31. | :07:34. | |
the weakest growth in China's manufacturing for around seven | :07:34. | :07:44. | |
:07:44. | :07:45. | ||
months. In Japan, sentiment measures came out better than | :07:45. | :07:50. | |
expected. This survey showed that Japan is, | :07:50. | :07:59. | |
perhaps, or remaining resilient? That's right. Both manufacturers | :07:59. | :08:03. | |
and other businesses seem less pessimistic in the three months up | :08:03. | :08:08. | |
to June. The big manufacturers are coming in at minus one, which is an | :08:08. | :08:12. | |
improvement compared to the previous quarter. The country's | :08:12. | :08:15. | |
economy has been recovering quite strongly after the earthquake, but | :08:15. | :08:19. | |
we have to remember that there have been quite a number of special | :08:19. | :08:23. | |
measures that the Government has implemented as well as the Bank of | :08:23. | :08:30. | |
Japan, in order to boost the economy. This survey is a rather | :08:30. | :08:33. | |
backward-looking data collection. If you look at the recent | :08:33. | :08:37. | |
manufacturing data, from, as you say, both China and Japan and | :08:37. | :08:40. | |
across Asia, it seems like the global recession or slowdown has | :08:40. | :08:45. | |
been starting to affect the manufacturing activities hear it in | :08:45. | :08:51. | |
Asia as well. -- here in Asia. | :08:51. | :08:55. | |
Apple will pay a Chinese company $60 million to settle their long- | :08:55. | :09:01. | |
running legal dispute over the iPad name and its use in China. Apple | :09:01. | :09:05. | |
said it brought the global rights to the name in 2009, but Chinese | :09:05. | :09:11. | |
authorities say that the ownership was never transferred. The | :09:11. | :09:15. | |
settlement will lead to possible complications in selling the device | :09:15. | :09:21. | |
in China - one of Apple's most important markets. | :09:21. | :09:28. | |
Later today, plans for a plant in the southern US state of Alabama | :09:28. | :09:34. | |
are expected to be announced to assemble the new model of short- | :09:34. | :09:42. |