Browse content similar to 28/08/2012. Check below for episodes and series from the same categories and more!
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been affected more. A man allegedly supported s supported silitants. For | :00:02. | :00:12. | |
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the latest financial news now with Hello and a very warm welcome. | :00:14. | :00:20. | |
You're with World Business Report. International inspectors arrive in | :00:20. | :00:25. | |
Portugal to see if the country's fitting to the term -- sticking to | :00:25. | :00:31. | |
figures out today show the US housing market has finally turned | :00:32. | :00:41. | |
the corner? I'm Rico Hizon in Singapore. | :00:41. | :00:50. | |
Slumping orders from clients of Nokia and Motorola. | :00:50. | :00:55. | |
Good to have you with us. The focus on Europe's most debts-laden | :00:55. | :01:01. | |
countries shifts from Greece to porch -- debt-laden countries | :01:01. | :01:08. | |
today. Inspectors arrived for their fifth visit to Lisbon. Their | :01:08. | :01:13. | |
mission is to see if the country is sticking to the terms of its | :01:13. | :01:17. | |
bailout. Portugal has cut state spending, it's raised taxes and | :01:17. | :01:20. | |
made progress with privatisation but the recession is deepening and | :01:20. | :01:24. | |
the country could requirefort bailout help before it can return | :01:24. | :01:29. | |
to the public bond market. Unlike Greece, Lisbon's wasted no | :01:29. | :01:35. | |
time in getting to grips with its wayward finances. Yet the | :01:35. | :01:39. | |
inspectors seen here on their last visit may find it's not the pace of | :01:39. | :01:45. | |
reforms but the seemingly ever- skhrining economy and rising | :01:45. | :01:49. | |
joblessness which may leave Lisbon well short of its targets. So what | :01:49. | :01:54. | |
progress can Portugal point to? So far, reforms have included selling | :01:54. | :01:58. | |
stakes in state utilities to bolster Lisbon's finances. The hope | :01:58. | :02:02. | |
now is that Portugal will be able to hang on to its euro currency, | :02:02. | :02:06. | |
even if Greece is forced out. Perhaps the biggest threat is a | :02:06. | :02:10. | |
full state financial collapse across the border at its eurozone | :02:10. | :02:18. | |
neighbour, Spain. The one big issue is bringing down the costs for | :02:18. | :02:22. | |
Portuguese government so they can fund themselves in the market. | :02:22. | :02:27. | |
We're going to have to see progress, progress towards a proper fiscal | :02:27. | :02:34. | |
and banking on top of the Monetary Union and the intermediate crisis | :02:34. | :02:38. | |
measures that are being put in place by European leaders. If these | :02:38. | :02:42. | |
are applied to Portugal as well, they'll be quite powerful in | :02:42. | :02:47. | |
helping them return to the markets. Today, the inspectors will start | :02:47. | :02:51. | |
going over the country which is enduring deep hardship. It may need | :02:51. | :02:59. | |
more time. At least another year to meet its present debt targets. | :02:59. | :03:06. | |
Shares in Foxconn International have been hit hard today falloge | :03:06. | :03:12. | |
their worst set of results. Nice to see you, Ricoism tell us why | :03:12. | :03:18. | |
Foxconn is having such a tough time? Well, you have slumping | :03:18. | :03:23. | |
orders, Sally, from clients such as Nokia and Motorola. That's why | :03:23. | :03:28. | |
we're seeing Foxconn International Holdings' stock price plunging by | :03:28. | :03:38. | |
:03:38. | :03:39. | ||
almost 8%. We want to make it clear that they do not manufacture Apple | :03:39. | :03:44. | |
products. The losses of FIH are during the January to June period | :03:44. | :03:48. | |
with more than 10 times the amount compared to the same period last | :03:48. | :03:55. | |
year. The first half net loss came in at $226 million US, compared to | :03:55. | :04:01. | |
an $18 million loss a year earlier. The company is blaming slowing | :04:01. | :04:06. | |
global demand for mobile phones, and falling prices of smartphones. | :04:06. | :04:09. | |
Looking ahead, officials expect challenging global economic | :04:09. | :04:12. | |
conditions and they said this will continue to cast uncertainty in the | :04:12. | :04:17. | |
business environment. Foxconn International Holdings, a parent | :04:17. | :04:24. | |
company, as I mentioned helps assemble Apple iPhones and iPads. | :04:24. | :04:29. | |
Things are not looking bright for one of Warren Buffett's | :04:29. | :04:35. | |
investments? That's right. His 10% investment in BYD which is a | :04:35. | :04:39. | |
Chinese car-maker which also has exposure in solar panels is | :04:39. | :04:45. | |
starting to turn sour. You have the 94% drop in first-half earnings, | :04:45. | :04:51. | |
pushing the stock price down today more than 3%. Some analysts are | :04:51. | :04:57. | |
saying that Buffett's halo is beginning to fade with the Chinese | :04:57. | :05:01. | |
firm blaming the profit slide on slowing car sales, a weak domestic | :05:01. | :05:06. | |
economy and the spreading of the eurozone debt criticise. If you | :05:07. | :05:16. | |
take a look at its rivals, they're faring better than BYD, showing a | :05:16. | :05:21. | |
profit gain in the first half of this year. And BYD's solar business | :05:21. | :05:26. | |
is also suffering, Sally. They're facing pressure in the US and | :05:26. | :05:30. | |
Europe where the Chinese are accused of undercutting the market | :05:30. | :05:35. | |
for cheaper products. Thank you very much. Good to see you. Let's | :05:35. | :05:40. | |
look at a team now for the health of the US economy coming out today. | :05:40. | :05:43. | |
It's about the housing market. It will show aapartmently for the | :05:43. | :05:47. | |
first time in a long time that there may be a turning point for | :05:47. | :05:54. | |
the housing market. Over the past few weeks, a string of data's | :05:54. | :05:58. | |
indicated that for years, falling property prices in America could be | :05:58. | :06:04. | |
over. That could mean a consumer recovery beckons. | :06:04. | :06:11. | |
Hi. How are you? Good. How are you? Kimberley is on the market. With | :06:11. | :06:15. | |
her current home already sold, she's actively looking for a new | :06:15. | :06:20. | |
place to live. I do feel as though houses are kind of starting to move | :06:20. | :06:25. | |
now. I don't know if that's because I sold my house and I'm getting | :06:25. | :06:29. | |
nervous but it does seem like you see more under contract signs as | :06:29. | :06:34. | |
you drive along the streets. It's not just existing homes that are | :06:34. | :06:40. | |
seeing movement, new homes are too. Behind this new housing development, | :06:40. | :06:46. | |
the sixth largest home builder in the US. We had some of the worst | :06:46. | :06:49. | |
housing markets we had seen in seven decades and the last four or | :06:49. | :06:53. | |
five years it's been pretty tough. But this year it for once feels | :06:53. | :06:57. | |
like it's not a head fake. We're actually seeing a recovery. | :06:57. | :07:03. | |
Thoroughly signs of the beginning of a recovery. While -- The early | :07:03. | :07:09. | |
signs of the beginning of a recovery. The shadow inventory is | :07:09. | :07:12. | |
looming. There's still a large pipeline of foreclosures that need | :07:12. | :07:17. | |
to be cleared. Delinquency rates have come down but they're still | :07:17. | :07:23. | |
elevated. We'll be seeing a steady flow of distressed properties in to | :07:23. | :07:28. | |
the market. That, coupled with the fragile US economy, means the | :07:28. | :07:33. | |
recovery could be bumpy. It's been almost seven years since the | :07:33. | :07:37. | |
housing bubble burst. People are looking for a reason to be | :07:37. | :07:41. | |
optimistic. And being here surrounded by new homes being built | :07:41. | :07:51. | |
and sold, there's a sense that some activity is reason enough to cheer. | :07:51. | :07:56. | |
Other business stories - in the wake of Apple's US court victory | :07:56. | :08:00. | |
over Samsung, Apple has asked a court to ban eight Samsung mobile | :08:00. | :08:06. | |
phones in the US. It's from the Galaxy Smartphone range but does | :08:06. | :08:10. | |
not include the S3 as this model is one of the most recent versions and | :08:10. | :08:14. | |
was not on the market when the legal battle began. Samsung has | :08:14. | :08:20. | |
asked the court to delete an injunction on its Galaxy Tab 10.1 | :08:20. | :08:26. | |
after the youry found it did not infringe Apple's design patent for | :08:26. | :08:30. | |
the iPad tablet. An intense fire has spread to a third fuel tank on | :08:30. | :08:34. | |
Monday nearly three days after an explosion killed at least 41 people | :08:34. | :08:42. | |
and injured more than 100 people. A third tank ignited at the refinery | :08:42. | :08:45. | |
which had been in flames since Saturday last. Officials have said | :08:45. | :08:50. | |
a gas leak led to the blast. Investigators have yet to determine | :08:50. | :08:57. | |
the precise causes. Philippine Airlines has ordered 54 Airbus | :08:57. | :09:06. | |
aircraft. The orders will plia key role in revitalising travel. Airbus | :09:06. | :09:12. | |
is expected to have offered hefty discounts as it's engulfed in an | :09:12. | :09:19. | |
ongoing price war with Boeing. Most of the main markets in Asia seeing | :09:19. | :09:23. | |
declines. Australia bucking the trend there at the bottom. One of | :09:23. | :09:27. | |
the stories dominating sentiment on the market in Asia is the Japanese | :09:27. | :09:34. | |
Government has downgraded its assessment of its gross outlook. So | :09:34. | :09:38. | |
the world's third biggest economy, the assessment for growth there is | :09:38. | :09:42. | |
downgraded. They're saying it could shrink this quarter because there's | :09:43. | :09:46. |