:00:04. > :00:14.In Japan, shares of Sony are falling after the disappointing
:00:14. > :00:16.
:00:16. > :00:20.earnings report. After the turmoil on the markets
:00:20. > :00:24.stemming from the eurozone yesterday, today's trade could be
:00:24. > :00:29.dictated by the US with its latest jobs report. It is thought that
:00:29. > :00:33.100,000 new jobs was created in July, leaving the unemployment rate
:00:33. > :00:40.unchanged. Another poor set of numbers could propel the US Federal
:00:40. > :00:44.Reserve into action. With employers hiring only
:00:45. > :00:50.tentatively, the crowds at America's Jobcentres are nothing in,
:00:50. > :00:55.and even those in work are struggling. He works as a bike
:00:55. > :00:59.messenger five days a week. He gets a percentage of each drop off, but
:00:59. > :01:06.with deliveries down, he has had to take a second job, working in
:01:06. > :01:13.retail at the weekends. I did not have health insurance. Paying the
:01:13. > :01:20.rent, I have to slim down my costs. I look at things on a week-to-week
:01:20. > :01:26.basis. I have a second job. That is where the difference is made.
:01:26. > :01:30.among a growing number of unemployed Americans. -- under
:01:30. > :01:38.employed. Those who are forced to work at part-time and two would
:01:39. > :01:42.like more hours. The presidential candidates are both promising that
:01:42. > :01:46.their policies will restore prosperity. More immediate action
:01:46. > :01:50.may come from the Federal Reserve. The officials hinted they are
:01:50. > :01:57.prepared to do more to stimulate the economy if the US jobs market
:01:57. > :02:07.does not improve. We get two more jobs reports between now and the
:02:07. > :02:07.
:02:07. > :02:14.next meeting. If those average below 150,000 per month, that would
:02:14. > :02:18.probably be unacceptable from the Fed's perspective. Without jobs,
:02:18. > :02:28.where will growth come from? Living pay cheque to pay cheque, he has
:02:28. > :02:28.
:02:28. > :02:34.got no money for other purchases. see it on the street. I see
:02:34. > :02:44.delivery guys, tap drivers, and I feel there is this connection that
:02:44. > :02:44.
:02:44. > :02:48.we have. People are just trying to survive.
:02:48. > :02:52.Spain's Prime Minister gives a rare government progress report today,
:02:52. > :02:57.billed as a chance to take stock of its work since December. He will
:02:57. > :03:02.now face more questions about the country's financial future. Its
:03:02. > :03:08.ten-year borrowing cost to jumped back above 7%, and the stock market
:03:08. > :03:15.slumped 5%. That was a result of market disappointment because --
:03:15. > :03:18.due to a lack of immediate action from the ECB.
:03:18. > :03:23.Their names are similar, and they night -- they now find themselves
:03:23. > :03:30.in a similar boat. But Spain and Italy are paying ever higher rates
:03:30. > :03:34.of interest on their debt. Spain's leader said once again that his
:03:34. > :03:38.country will not need a full bail out. But across Europe, another
:03:38. > :03:44.Italian leader, who runs the eurozone's central bank. Mario
:03:44. > :03:49.Draghi did not deliver the measures to help Spain and Italy, that many
:03:49. > :03:53.thought that he would. The expectations were so high, because
:03:53. > :03:59.Mario Draghi said he would do what ever it takes, and that would be
:03:59. > :04:02.enough. Enough was interpreted by many, including the markets, that
:04:02. > :04:08.the European central bank was ready to announce that it would buy up
:04:08. > :04:12.Spanish or even Italian debt, indirectly, or directly, using the
:04:12. > :04:18.eurozone's rescue fund. That has not happened, and the reaction from
:04:18. > :04:22.investors has been a big thumbs- down. As a result, Spain's the
:04:22. > :04:29.Stock Exchange suffered its second biggest fall in a single day, and
:04:29. > :04:34.the borrowing rights -- borrowing rates rose above 7%. The number of
:04:34. > :04:41.people who need help to find a job remains a worryingly high. Spain's
:04:41. > :04:46.economy clearly needs more help from abroad. But more help may be
:04:46. > :04:52.dependent on Spain and carry out even more reforms.
:04:52. > :05:02.-- on Spain carrying out. Shares in the Japanese electronics
:05:02. > :05:04.
:05:04. > :05:13.retailers are sharp and Joni have boats slumped. -- sharp and Sony.
:05:13. > :05:19.What is behind the slump? As for Sharp, it announced yesterday,
:05:19. > :05:25.after the market closed, that it is cutting 5,000 jobs. It is the first
:05:25. > :05:31.job cuts since the 50s, investors are not liking that news. Shares
:05:31. > :05:40.are down 30%, the biggest fall in many decades. Shares of Sony are
:05:40. > :05:44.down 8%. That is after it revised down its profit forecast. Investors
:05:44. > :05:49.that I have spoken whip say that things are not looking too good for
:05:49. > :05:53.a Japanese electronics makers. They had been struggling to compete
:05:53. > :05:59.against big rivals such as Apple, Samsung and other Asian rivals, and
:05:59. > :06:04.the strong Japanese yen has continued to hurt the performance.
:06:04. > :06:11.But good news for Japan's national airline, with news of an imminent
:06:11. > :06:15.listing on the Tokyo Stock Exchange. The strong yen, we keep talking
:06:15. > :06:20.about it as bad news for Japanese companies, but with Japan Airlines,
:06:20. > :06:26.it is really good news, because it gives more spending power to
:06:26. > :06:30.Japanese tourists. They had been travelling a lot more. Its profit
:06:30. > :06:35.has more than doubled, to more than $300 million in the first quarter.
:06:35. > :06:40.It has just got its approval to released its shares on the Tokyo
:06:40. > :06:44.Stock Exchange in September. Back in February 2010, they were
:06:44. > :06:49.delisted after it filed for one of the biggest bankruptcies in Japan's
:06:50. > :06:57.corporate history. But it has been quite an impressive recovery from
:06:57. > :07:01.that moment. Even though its biggest rival has been vocally
:07:01. > :07:05.criticising it. They say it is unfair that it has got such a huge
:07:05. > :07:08.amount of taxpayers' money in order to turn around the business. But
:07:08. > :07:15.taxpayers will get their money back now the company is doing much
:07:15. > :07:20.better. Another recovery story to watch
:07:20. > :07:26.from Japan is Toyota. It is expected to run -- report a return
:07:26. > :07:30.to profit when it releases earnings. It is expected to make its biggest
:07:30. > :07:35.quarterly operating profit in four years. This time last year, it was
:07:35. > :07:39.still suffering from the aftermath of the disastrous earthquake, but a
:07:39. > :07:44.successful turnaround in the first six months of the year, and the
:07:44. > :07:49.culprit outsold its rival GM. It is on track to regain its top spot as
:07:49. > :07:54.the world's best selling car maker. RBS reports interim results this
:07:54. > :07:57.morning. It is expected to announce pre-tax losses of more than $2
:07:57. > :08:02.billion for the first six months of the deer. The bank is likely to
:08:02. > :08:07.take a hit from the collapse in its IT systems as it compensate
:08:07. > :08:12.customers affected by the meltdown. The boss of the Australian mining
:08:12. > :08:17.giant, BHP, is giving up his bonus. She defective Marius Kloppers will
:08:17. > :08:23.forgo the cash after the company was forced to book a loss of $2.8
:08:23. > :08:33.billion. -- chief executive Marius Kloppers. It came as a result of
:08:33. > :08:37.
:08:37. > :08:43.its sale gas business. -- shale gas. Let's take a look at the markets.
:08:43. > :08:47.In Asia, they are down at the moment. That is amid disappointment