:00:02. > :00:05.take up to six months. All eyes on whether the world's largest merger
:00:05. > :00:15.between commodities giant Glencore and mining company Xstrata is still
:00:15. > :00:29.
:00:29. > :00:33.on the table when Glencore updates Back to business for Maruti, the
:00:33. > :00:43.car maker resumes operations at its plant in india a month after a riot
:00:43. > :00:49.
:00:49. > :00:58.that left one worker dead and The ages him -- Asian stock markets
:00:59. > :01:01.are rising and is hoped for action in Europe to solve the debt crisis.
:01:01. > :01:08.It seems even the world's largest and most diversified commodity and
:01:08. > :01:11.mining giant can't insulate itself from a slowing world economy. Today,
:01:11. > :01:14.the Swiss multinational Glencore is forecast to announce a drop of
:01:14. > :01:19.around a third in its first half profits to around one point six
:01:19. > :01:25.billion dollars. Lower prices and falling demand for minerals remain
:01:25. > :01:29.the main reasons for the expected fall. The company owns 34% of rival
:01:30. > :01:34.mining group Xstrata, and is currently trying to buy the rest.
:01:34. > :01:44.But its current offer has met with resistance. Here's our Europe
:01:44. > :01:44.
:01:44. > :01:50.business correspondent Nigel , was a hot commodity Beckington
:01:50. > :01:57.$1,000 per tonne and no it's only $7,500. There have been strikes and
:01:57. > :02:04.our problems. It's the output of commodities which as it is hard. As
:02:04. > :02:10.a major mining company, the results are used all economic indicator. In
:02:10. > :02:14.the last six months it's seen at 10% fall for prices in Copa, zinc
:02:14. > :02:21.and Kohl which is a reflection of the fall in world growth. There is
:02:21. > :02:26.no producer that able to buck the slack market. The commodity prices
:02:26. > :02:34.have suffered this year as a result of the island and in China and
:02:34. > :02:40.concerns in Europe slow growth in the US. We are less marl rubble to
:02:40. > :02:46.those weaker prices. We have strict as the market leader and a trader.
:02:46. > :02:54.One strategy much right at these price bumps and it is to borrow the
:02:54. > :02:58.rest of Xstrata. It owns did it all%. It Xstrata shareholders are
:02:58. > :03:04.asking for Walsh used to do this deal. But there is a breeze: But it
:03:04. > :03:08.may stick to its bid be in dollars offer. Times are hard for commodity
:03:08. > :03:13.producers. Maruti Suzuki will resume partial operations at its
:03:13. > :03:16.Manesar plant in the Indian state of Haryana on Tuesday. It's over a
:03:16. > :03:19.month since a riot by the workers claimed the life of a company
:03:19. > :03:29.official, injured 100 others, and left a trail of destruction through
:03:29. > :03:31.
:03:31. > :03:38.the factory. Only 300 permanent workers will resume duty on Tuesday.
:03:38. > :03:42.His is a significant dairy as the workers into the practical at first
:03:42. > :03:47.I am our demands of close down following violent clashes between
:03:47. > :03:52.management and staff. One manager was killed and 100 workers were
:03:52. > :03:57.injured in a clash which left parts of these factory damaged. The
:03:57. > :04:04.company will not take any more chances and has deployed security
:04:04. > :04:10.officers or the managers and estate has deployed 500 armed police
:04:10. > :04:16.border security. Production will only be partial with 300 employees
:04:16. > :04:22.inside and they aim to produce 150 cars, which is just a fraction of
:04:22. > :04:30.its capability. When it was fully functional they produced 1,500 cars
:04:30. > :04:39.of the top selling has. It accounts for one-third of the capacity.
:04:39. > :04:46.That's a very significant thing that they will presume to resume
:04:46. > :04:51.production. You spoke about dropping the production levels and
:04:51. > :04:57.the fact that only a skeleton sheet will work there at the factory.
:04:57. > :05:04.Please remind us about the background of this, why did the
:05:04. > :05:10.workers' strike in the first place? All but violence? The police are
:05:10. > :05:19.still investigating. There has been simmering tension in the industrial
:05:19. > :05:24.belt here. Many industries here employ contractors who are lowly
:05:24. > :05:31.paid hand who are not given the same benefits as the pulled unstuck.
:05:31. > :05:36.The root of this problem is the archaic labour laws which people
:05:36. > :05:43.need to change. It makes it difficult or the manufacturers to
:05:43. > :05:49.hire and fire employees or close down a factory. Many companies
:05:49. > :05:56.import contractors who were easier to hand paid less with no benefits.
:05:56. > :06:01.There has been simmering tension and unrest. Talk us through how
:06:01. > :06:09.badly his hiatus in the operation at his factory will affect the
:06:09. > :06:16.Suzuki Company as a whole? But for what I% of the overall production.
:06:16. > :06:25.45%. He is is as significant plant with one-third of total production.
:06:25. > :06:31.When it was fully operational they produced 1,500 cars every day. Why
:06:31. > :06:36.were the top selling Suzuki cars. Now only 300 employees are
:06:36. > :06:40.producing cars and it's only partial production aiming at only
:06:40. > :06:46.150 cars every day. At a fraction of their total. When a shutdown
:06:46. > :06:52.that were losing their $18 million every day. That is a lot because
:06:52. > :06:56.this is a crucial factory in India. Des upcoming festivals so the
:06:57. > :07:04.carmakers arranging for the consumers are around festival
:07:04. > :07:14.season to have production up and running before then. Lets cross
:07:14. > :07:17.
:07:17. > :07:24.over to Singapore where Asian It's good to see you. Why have the
:07:24. > :07:28.stocks reason? Is it more than expected? Basically, three actors.
:07:28. > :07:33.Investors at an undervalue in good defensive stock with confidence in
:07:33. > :07:39.the US recovery and hopes for action in Europe. Big gains have
:07:39. > :07:49.been capped as investors wait for more details will stop the Japanese
:07:49. > :07:58.
:07:58. > :08:04.amid reports that the company will cut 8,000 jobs or eat it % of its
:08:04. > :08:13.workforce. The stock has risen today. Stuff Korea is also a
:08:13. > :08:21.positive. Fund managers are going defensive. Memory chip manufacture
:08:21. > :08:31.ring is up today. Prices seem to have stabilised. Taiwan is also
:08:31. > :08:34.
:08:34. > :08:38.going positive today with HDC climbing 1%. They have hinted.
:08:38. > :08:47.Asian stocks are also rising on domestic situations. It's not just
:08:47. > :08:50.based on the US and the European Virgin Atlantic is to begin a
:08:50. > :08:55.short-haul service between London Heathrow and Manchester from next
:08:55. > :09:00.March. The airline says its first foray into the UK domestic market
:09:00. > :09:03.will provide competition for British Airways. The move comes
:09:03. > :09:08.just days after Virgin Trains lost the right to operate the West Coast
:09:08. > :09:11.main line, which also links London and Manchester. Virgin says that
:09:11. > :09:18.65% of people who fly from Manchester to London then connect
:09:18. > :09:21.on to another long-haul flight, and they want a share of that market.
:09:21. > :09:24.George Soros, the billionaire hedge fund manager, has bought a near 8
:09:24. > :09:30.per cent stake in the listed shares of Premier League football club
:09:30. > :09:33.Manchester United. The move makes Mr Soros one of the club's biggest
:09:33. > :09:38.backers behind the Glazer family, who decided to float a portion of
:09:38. > :09:42.the club in New York this month. Manchester United shares have had a
:09:43. > :09:49.rough start since their debut at an initial price of $14 a share. The
:09:49. > :09:52.company's stock closed at $13.06 on Monday. Shareholders of China's two
:09:52. > :09:55.largest online video firms, Youku and Tudou, have approved their plan
:09:55. > :09:58.to merge and create the biggest online video firm in China.The plan,
:09:58. > :10:08.announced in March, will see Youku acquire rival Tudou via a stock