Browse content similar to 31/07/2012. Check below for episodes and series from the same categories and more!
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Hello. Welcome to World Business Report. The headlines: American | :00:24. | :00:32. | |
Airlines may become illegal if they comply with EU laws. The fee will | :00:32. | :00:37. | |
reveal its second quarter results and investors look for signs of a | :00:37. | :00:45. | |
settlement with the US Department of Justice over the oil spill. In | :00:45. | :00:55. | |
:00:55. | :01:01. | ||
Asia, Taiwan downgrades its growth Washington is preparing to ratchet | :01:01. | :01:06. | |
up the pressure on the EU over rules that require airlines using a | :01:06. | :01:12. | |
European airports to pay for their carbon emissions. The US Senate | :01:12. | :01:17. | |
will hold a vote on Tuesday over the bipartisan bill that will make | :01:17. | :01:22. | |
it illegal to comply with the EU law. The US State Department and | :01:22. | :01:25. | |
the department of transportation are hosting a two-day meeting of at | :01:25. | :01:34. | |
least a dozen countries opposed to European measures to curb emissions. | :01:34. | :01:38. | |
From next April, airlines flying into European airports will be | :01:38. | :01:45. | |
required by EU law to pay for cop and allowances to cut their | :01:45. | :01:50. | |
emissions. This prospect has caused outrage amongst carriers and | :01:50. | :01:55. | |
governments from outside the region for there has to be a strong for us | :01:55. | :01:59. | |
back to lead the European governments know if they may be | :01:59. | :02:04. | |
going a bridge too far. Everybody is trying to control the machines | :02:04. | :02:10. | |
but it has to be done in a logical way, and you cannot just impose all | :02:10. | :02:15. | |
kinds of high taxes in an industry that is still struggling. Airlines | :02:15. | :02:21. | |
do not like the costs of complying with the's regulations, especially | :02:21. | :02:28. | |
at a time of such extraordinary uncertainty -- with the EU's. There | :02:28. | :02:36. | |
is also the issue of sovereignty. Why should an American airline | :02:36. | :02:43. | |
taking off from an American airport have to pay for admission charges | :02:43. | :02:48. | |
just because the flight ends in Europe? China and India have told | :02:48. | :02:55. | |
their allies not to call parades with the new rules and in America | :02:55. | :03:00. | |
Congress is considering introducing legislation that would ban airlines | :03:00. | :03:07. | |
from complying. This to be some compromise at the international | :03:07. | :03:13. | |
level. We all want the same goal, cleaner and greener skies. It may | :03:14. | :03:18. | |
seem a little tedious but the place to resolve this is that the | :03:18. | :03:23. | |
international level at the UN. the moment there is no sign of the | :03:23. | :03:27. | |
EU backing down. Aviation is seen as one of the fastest-growing | :03:27. | :03:33. | |
sources of the gases that cause climate change. You refuse the | :03:33. | :03:38. | |
tougher rules and more expensive airfares as the price we have to | :03:38. | :03:44. | |
accept for a greener and cooler planet. | :03:44. | :03:49. | |
B P releases its earnings later today and they are likely to | :03:49. | :03:55. | |
reflect the higher oil prices and lower output. There is a forecast | :03:55. | :04:01. | |
of a 18% drop in profits for the first half of the year. There will | :04:01. | :04:06. | |
come in $9.2 billion. This comes after a plunge after the second | :04:06. | :04:13. | |
quarter. It is still suffering after a trilling ban after the oil | :04:13. | :04:19. | |
spill. There is also a battle for a Russian state company entered the | :04:19. | :04:26. | |
fray one week after the partner of BP said it wanted to extend its | :04:26. | :04:30. | |
stakes. Plenty of information is buried in those numbers. I am | :04:30. | :04:36. | |
joined by David Hunter from an energy company. Good morning. Let's | :04:36. | :04:40. | |
start with the numbers. What are we expecting on the property loss | :04:40. | :04:43. | |
front? There is going to be a reduction in compared to the second | :04:43. | :04:52. | |
quarter last year. It will be close to 20%. They are likely to record a | :04:52. | :05:02. | |
reduction in will production figures, mainly because they have | :05:02. | :05:06. | |
seen eruption in oil price over the quarter, which has impacted on | :05:06. | :05:14. | |
their figures. Let's stay with the idea of numbers. There is an issue | :05:14. | :05:18. | |
over the Gulf of Mexico will spill and there is some talk that perhaps | :05:18. | :05:25. | |
a settlement is close. -- oil spill. Are we talking about in excess of | :05:25. | :05:35. | |
:05:35. | :05:41. | ||
$15 billion? b p would rather pay $15 billion as opposed to a | :05:41. | :05:45. | |
settlement. I guess if they can settle around the middle it would | :05:45. | :05:50. | |
at least draw a line under this for the company, allowing them to | :05:50. | :05:56. | |
quantify the total cost and allow them to move on strategically. | :05:56. | :06:01. | |
terms of moving on strategically, Les KK looker this other company. | :06:01. | :06:10. | |
This has been a mixed venture for BP -- let's take a look. For BP, | :06:10. | :06:19. | |
this company has a loss. Because it has been hugely honours and a | :06:19. | :06:23. | |
positive for BP over-the- nine years with increasing litigation | :06:23. | :06:28. | |
and falling out with their joint venture partners has meant that it | :06:28. | :06:35. | |
has become difficult. If the heat can exit that business or can | :06:35. | :06:39. | |
persuade the company to exit the business then they can move forward | :06:39. | :06:49. | |
:06:49. | :06:55. | ||
-- BP. Also in terms of further exploration work. We may actually | :06:55. | :07:01. | |
see the company coming in and taking shares, possibly with the | :07:02. | :07:08. | |
stake in BP. It is quite confusing with all of those letters. Thank | :07:08. | :07:15. | |
you for clarifying that. In Asia, more numbers, this time coming out | :07:15. | :07:22. | |
of Taiwan. GDP figures, what were they like? Not good, as you can | :07:22. | :07:28. | |
imagine. Taiwan is a major export reliant economy so no surprise it | :07:28. | :07:33. | |
is reporting its economy retracted in the three months until June. | :07:33. | :07:38. | |
There was a slowdown in the US and China and that has been weighing on | :07:38. | :07:48. | |
export dependent countries like Taiwan. They had been expecting a | :07:48. | :07:57. | |
slight grow from last year. It has cut its forecasts by a percentage | :07:57. | :08:07. | |
:08:07. | :08:07. | ||
point, of Italy around 3%. It has cut its output for electronics and | :08:07. | :08:14. | |
other aspects. China is a major trade partner for Taiwan and the | :08:14. | :08:18. | |
growth there it is beginning to slow. It does not help it is | :08:18. | :08:22. | |
beginning to report slower exports and coupled with the slowdown in | :08:22. | :08:27. | |
domestic demand is creating a bleak picture. Some analysts are saying | :08:27. | :08:32. | |
the words could be over. The European crisis is beginning to | :08:32. | :08:39. | |
resolve -- the worst. China has taken several economy boosting | :08:39. | :08:43. | |
measures. Thank you. Let's take a look at | :08:43. | :08:47. | |
some of the other business news of the day for some nurses to united | :08:47. | :08:52. | |
has said it plans to raise as much as $330 million in a share listing | :08:52. | :09:01. | |
in New York. It said it will sell 16.7 million shares between $16.20 | :09:01. | :09:07. | |
dollars each. It can also reveal that the club was knocked out of | :09:07. | :09:14. | |
the Champions League and the price of shares has gone down. It has a | :09:14. | :09:22. | |
value of $2.23 billion. A meeting between the US Secretary | :09:22. | :09:28. | |
General and the German Chancellor has boosted hopes of a resolve to | :09:28. | :09:35. | |
the European crisis. They met ahead of a meeting with the European | :09:35. | :09:39. | |
Central Bank. It is Europe which is the theme are dominating some of | :09:39. | :09:45. |