Browse content similar to 03/08/2012. Check below for episodes and series from the same categories and more!
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In Japan, shares of Sony are falling after the disappointing | :00:04. | :00:14. | |
:00:14. | :00:16. | ||
earnings report. After the turmoil on the markets | :00:16. | :00:20. | |
stemming from the eurozone yesterday, today's trade could be | :00:20. | :00:24. | |
dictated by the US with its latest jobs report. It is thought that | :00:24. | :00:29. | |
100,000 new jobs was created in July, leaving the unemployment rate | :00:29. | :00:33. | |
unchanged. Another poor set of numbers could propel the US Federal | :00:33. | :00:40. | |
Reserve into action. With employers hiring only | :00:40. | :00:44. | |
tentatively, the crowds at America's Jobcentres are nothing in, | :00:45. | :00:50. | |
and even those in work are struggling. He works as a bike | :00:50. | :00:55. | |
messenger five days a week. He gets a percentage of each drop off, but | :00:55. | :00:59. | |
with deliveries down, he has had to take a second job, working in | :00:59. | :01:06. | |
retail at the weekends. I did not have health insurance. Paying the | :01:06. | :01:13. | |
rent, I have to slim down my costs. I look at things on a week-to-week | :01:13. | :01:20. | |
basis. I have a second job. That is where the difference is made. | :01:20. | :01:26. | |
among a growing number of unemployed Americans. -- under | :01:26. | :01:30. | |
employed. Those who are forced to work at part-time and two would | :01:30. | :01:38. | |
like more hours. The presidential candidates are both promising that | :01:39. | :01:42. | |
their policies will restore prosperity. More immediate action | :01:42. | :01:46. | |
may come from the Federal Reserve. The officials hinted they are | :01:46. | :01:50. | |
prepared to do more to stimulate the economy if the US jobs market | :01:50. | :01:57. | |
does not improve. We get two more jobs reports between now and the | :01:57. | :02:07. | |
:02:07. | :02:07. | ||
next meeting. If those average below 150,000 per month, that would | :02:07. | :02:14. | |
probably be unacceptable from the Fed's perspective. Without jobs, | :02:14. | :02:18. | |
where will growth come from? Living pay cheque to pay cheque, he has | :02:18. | :02:28. | |
:02:28. | :02:28. | ||
got no money for other purchases. see it on the street. I see | :02:28. | :02:34. | |
delivery guys, tap drivers, and I feel there is this connection that | :02:34. | :02:44. | |
:02:44. | :02:44. | ||
we have. People are just trying to survive. | :02:44. | :02:48. | |
Spain's Prime Minister gives a rare government progress report today, | :02:48. | :02:52. | |
billed as a chance to take stock of its work since December. He will | :02:52. | :02:57. | |
now face more questions about the country's financial future. Its | :02:57. | :03:02. | |
ten-year borrowing cost to jumped back above 7%, and the stock market | :03:02. | :03:08. | |
slumped 5%. That was a result of market disappointment because -- | :03:08. | :03:15. | |
due to a lack of immediate action from the ECB. | :03:15. | :03:18. | |
Their names are similar, and they night -- they now find themselves | :03:18. | :03:23. | |
in a similar boat. But Spain and Italy are paying ever higher rates | :03:23. | :03:30. | |
of interest on their debt. Spain's leader said once again that his | :03:30. | :03:34. | |
country will not need a full bail out. But across Europe, another | :03:34. | :03:38. | |
Italian leader, who runs the eurozone's central bank. Mario | :03:38. | :03:44. | |
Draghi did not deliver the measures to help Spain and Italy, that many | :03:44. | :03:49. | |
thought that he would. The expectations were so high, because | :03:49. | :03:53. | |
Mario Draghi said he would do what ever it takes, and that would be | :03:53. | :03:59. | |
enough. Enough was interpreted by many, including the markets, that | :03:59. | :04:02. | |
the European central bank was ready to announce that it would buy up | :04:02. | :04:08. | |
Spanish or even Italian debt, indirectly, or directly, using the | :04:08. | :04:12. | |
eurozone's rescue fund. That has not happened, and the reaction from | :04:12. | :04:18. | |
investors has been a big thumbs- down. As a result, Spain's the | :04:18. | :04:22. | |
Stock Exchange suffered its second biggest fall in a single day, and | :04:22. | :04:29. | |
the borrowing rights -- borrowing rates rose above 7%. The number of | :04:29. | :04:34. | |
people who need help to find a job remains a worryingly high. Spain's | :04:34. | :04:41. | |
economy clearly needs more help from abroad. But more help may be | :04:41. | :04:46. | |
dependent on Spain and carry out even more reforms. | :04:46. | :04:52. | |
-- on Spain carrying out. Shares in the Japanese electronics | :04:52. | :05:02. | |
:05:02. | :05:04. | ||
retailers are sharp and Joni have boats slumped. -- sharp and Sony. | :05:04. | :05:13. | |
What is behind the slump? As for Sharp, it announced yesterday, | :05:13. | :05:19. | |
after the market closed, that it is cutting 5,000 jobs. It is the first | :05:19. | :05:25. | |
job cuts since the 50s, investors are not liking that news. Shares | :05:25. | :05:31. | |
are down 30%, the biggest fall in many decades. Shares of Sony are | :05:31. | :05:40. | |
down 8%. That is after it revised down its profit forecast. Investors | :05:40. | :05:44. | |
that I have spoken whip say that things are not looking too good for | :05:44. | :05:49. | |
a Japanese electronics makers. They had been struggling to compete | :05:49. | :05:53. | |
against big rivals such as Apple, Samsung and other Asian rivals, and | :05:53. | :05:59. | |
the strong Japanese yen has continued to hurt the performance. | :05:59. | :06:04. | |
But good news for Japan's national airline, with news of an imminent | :06:04. | :06:11. | |
listing on the Tokyo Stock Exchange. The strong yen, we keep talking | :06:11. | :06:15. | |
about it as bad news for Japanese companies, but with Japan Airlines, | :06:15. | :06:20. | |
it is really good news, because it gives more spending power to | :06:20. | :06:26. | |
Japanese tourists. They had been travelling a lot more. Its profit | :06:26. | :06:30. | |
has more than doubled, to more than $300 million in the first quarter. | :06:30. | :06:35. | |
It has just got its approval to released its shares on the Tokyo | :06:35. | :06:40. | |
Stock Exchange in September. Back in February 2010, they were | :06:40. | :06:44. | |
delisted after it filed for one of the biggest bankruptcies in Japan's | :06:44. | :06:49. | |
corporate history. But it has been quite an impressive recovery from | :06:50. | :06:57. | |
that moment. Even though its biggest rival has been vocally | :06:57. | :07:01. | |
criticising it. They say it is unfair that it has got such a huge | :07:01. | :07:05. | |
amount of taxpayers' money in order to turn around the business. But | :07:05. | :07:08. | |
taxpayers will get their money back now the company is doing much | :07:08. | :07:15. | |
better. Another recovery story to watch | :07:15. | :07:20. | |
from Japan is Toyota. It is expected to run -- report a return | :07:20. | :07:26. | |
to profit when it releases earnings. It is expected to make its biggest | :07:26. | :07:30. | |
quarterly operating profit in four years. This time last year, it was | :07:30. | :07:35. | |
still suffering from the aftermath of the disastrous earthquake, but a | :07:35. | :07:39. | |
successful turnaround in the first six months of the year, and the | :07:39. | :07:44. | |
culprit outsold its rival GM. It is on track to regain its top spot as | :07:44. | :07:49. | |
the world's best selling car maker. RBS reports interim results this | :07:49. | :07:54. | |
morning. It is expected to announce pre-tax losses of more than $2 | :07:54. | :07:57. | |
billion for the first six months of the deer. The bank is likely to | :07:57. | :08:02. | |
take a hit from the collapse in its IT systems as it compensate | :08:02. | :08:07. | |
customers affected by the meltdown. The boss of the Australian mining | :08:07. | :08:12. | |
giant, BHP, is giving up his bonus. She defective Marius Kloppers will | :08:12. | :08:17. | |
forgo the cash after the company was forced to book a loss of $2.8 | :08:17. | :08:23. | |
billion. -- chief executive Marius Kloppers. It came as a result of | :08:23. | :08:33. | |
:08:33. | :08:37. | ||
its sale gas business. -- shale gas. Let's take a look at the markets. | :08:37. | :08:43. | |
In Asia, they are down at the moment. That is amid disappointment | :08:43. | :08:47. |