Browse content similar to 04/09/2012. Check below for episodes and series from the same categories and more!
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headlines from BBC News. Now for the latest financial news with | :00:03. | :00:12. | |
Sally Bundock and World Business Report. | :00:12. | :00:21. | |
Welcome to World Business Report. The headlines: Another day of | :00:21. | :00:24. | |
disruption for Lufthansa flights as cabin crew step-up their strike | :00:24. | :00:27. | |
action over pay. A day of high level negotiations across Europe | :00:27. | :00:37. | |
today. Will European leaders deliver answers to the debt crisis? | :00:37. | :00:47. | |
:00:47. | :00:59. | ||
accused of employee in under-age workers. -- employing. A strike is | :00:59. | :01:05. | |
underway by Lufthansa cabin crew this morning. Their main union has | :01:05. | :01:08. | |
called on staff to strike at Frankfurt Airport until 2pm local | :01:08. | :01:12. | |
time and at Berlin's Tegel Airport until 1pm local time. On Friday a | :01:12. | :01:15. | |
strike at Frankfurt Airport caused almost 200 Lufthansa flights to be | :01:15. | :01:18. | |
cancelled. The union says its strikes will get longer and more | :01:18. | :01:21. | |
widespread from now on. So how far could this dispute escalate? | :01:21. | :01:29. | |
These Rhodesians at Frankfurt airport last Friday. -- were the | :01:29. | :01:35. | |
scenes. 150 flights had to be cancelled. More and more airports | :01:35. | :01:42. | |
will be affected from now on. They are demanding a 5% pay rise for | :01:42. | :01:48. | |
flight attendants. Lufthansa is offering 3.5%. They are striking | :01:48. | :01:54. | |
against company plans to of the pay and conditions. As part of a $2 | :01:54. | :01:58. | |
billion cost-cutting exercise. the union gives now, the impetus | :01:58. | :02:03. | |
will be with Lufthansa to push through changes to terms and | :02:03. | :02:09. | |
conditions which have already been negotiated through the union. The | :02:09. | :02:15. | |
union will have lost the dispute. This dispute will be running for | :02:15. | :02:20. | |
several months. Other airlines have faced similar opposition to changes | :02:20. | :02:26. | |
in employment terms. Iberia pilots caused chaos in Spanish airport | :02:26. | :02:36. | |
:02:36. | :02:38. | ||
last winter. Iberia eventually got its way in the dispute, something | :02:38. | :02:46. | |
Lufthansa or will there as well. Lufthansa has about 1 billion euros | :02:47. | :02:54. | |
in the bank. Unless the union can bring the company to its knees | :02:54. | :02:59. | |
pretty quickly, management will rely on that cash to tide it over | :02:59. | :03:09. | |
:03:09. | :03:10. | ||
and win the dispute. Air France are planning to introduce cost-cutting | :03:10. | :03:19. | |
measures similar to Lufthansa. They will face fierce union resistance. | :03:20. | :03:23. | |
September is likely to be an important month of European leaders | :03:23. | :03:26. | |
as they tackle the region's debt crisis. And today there will be a | :03:26. | :03:30. | |
flurry of activity. French President Francois Hollande travels | :03:30. | :03:34. | |
to Rome to meet the Italian Prime Minister Mario Monti. The two will | :03:34. | :03:44. | |
hold a press conference after the meeting. German Chancellor Angela | :03:44. | :03:47. | |
Merkel meets the European Council President, Herman van Rompuy, in | :03:47. | :03:52. | |
Berlin. The Greek finance minister, Yannnis Stournaras, is also in | :03:52. | :03:55. | |
Berlin today to meet with his German counterpart, Wolfgang | :03:55. | :03:58. | |
Schaeuble. Marie Diron is the senior economic adviser to the | :03:58. | :04:04. | |
Ernst & Young Eurozone Forecast. Thank you for coming in. It is no | :04:04. | :04:10. | |
coincidence they are having all these meetings before Thursday's | :04:10. | :04:20. | |
:04:20. | :04:23. | ||
announcement? Yes, we will begin with the ECB message on Thursday. | :04:23. | :04:28. | |
We will hear a lot of measures on Greece, on Spain, throughout the | :04:28. | :04:33. | |
month. What do you think the different leaders are trying to | :04:33. | :04:40. | |
push for today? Real differences about the bond buying programme. | :04:40. | :04:44. | |
There are still a lot of differences. We are not going to | :04:44. | :04:51. | |
hear anything today. It will be on Thursday. The differences are | :04:51. | :04:57. | |
between Germany, which wants to make these bond purchases highly | :04:57. | :05:03. | |
conditional on a set of measures taken on by the government. | :05:03. | :05:10. | |
Countries like Spain would like this purchase programme to be more | :05:10. | :05:16. | |
open and more flexible. The intentions are there, the decisions | :05:16. | :05:21. | |
are difficult to take. This week, they're meeting ahead of the ECB | :05:21. | :05:27. | |
announcement. Once we get beyond that, a very important vote going | :05:27. | :05:37. | |
:05:37. | :05:41. | ||
on in Germany on 12th September. Yes, Germany is the last country | :05:41. | :05:51. | |
:05:51. | :05:55. | ||
that needs to ratify this treaty for the ESM to come in. That is to | :05:55. | :06:00. | |
provide funding to Spain. It is unlikely they will vote against it. | :06:00. | :06:06. | |
It would provoke a chain reaction and start panic again. We will get | :06:06. | :06:12. | |
Spain's reaction to the European Central Bank announcement on | :06:12. | :06:19. | |
Thursday. Greece is continuing in the background. The Greece | :06:19. | :06:27. | |
government has asked for more time on the bail-out plan. The troika | :06:27. | :06:31. | |
will be negotiating as the meetings go on as to whether they will get | :06:32. | :06:36. | |
that. With think they will get a bit more time, not as much as they | :06:36. | :06:43. | |
would like. They have made progress and effort. There will be a | :06:43. | :06:53. | |
:06:53. | :06:53. | ||
compromise. Thank you for coming in. Samsung Electronics will inspect | :06:53. | :06:57. | |
its suppliers in China after one of them was accused of using child | :06:57. | :07:03. | |
labour. In total 250 firms will be inspected. Rico Hizon is in the | :07:03. | :07:08. | |
BBC's Singapore office. Tell us about Samsung and its | :07:08. | :07:18. | |
:07:18. | :07:18. | ||
investigations. A probe this stemmed from a US based NGO | :07:19. | :07:26. | |
expressing concern that a Samsung supplier had employed seven | :07:26. | :07:32. | |
children younger than 16 working in the factory. Samsung, which | :07:32. | :07:37. | |
conducted its own investigation of the company, said it found no | :07:37. | :07:42. | |
under-age workers. It identified several incidents of poor | :07:42. | :07:48. | |
management, unsafe practices and improper safety measures. They | :07:48. | :07:52. | |
warned the supply to immediately improve its conditions or else it's | :07:52. | :07:59. | |
contract will be terminated. The electronics giant is taking the US | :07:59. | :08:05. | |
based NGO probe very seriously. They say they will conduct | :08:05. | :08:13. | |
inspections for 195 of its supply companies. They will review another | :08:13. | :08:18. | |
144 suppliers that make products for them and other companies. After | :08:18. | :08:23. | |
the reviews, if there is some violation, contracts with those | :08:23. | :08:31. | |
supply companies will be terminated. Thank you. Spanish authorities have | :08:31. | :08:38. | |
approved a massive cash injection for struggling lender Bankia. | :08:38. | :08:41. | |
Bankia will receive 4.5 billion euros, that's $5.7 billion from | :08:41. | :08:44. | |
Spain's national bank rescue fund. The bailout still needs approval | :08:44. | :08:48. | |
from the Bank of Spain and the government. | :08:48. | :08:51. | |
Lonmin has warned that a strike at its South African mine is | :08:51. | :08:55. | |
threatening 40,000 jobs. Lonmin says there is a limit to how long | :08:55. | :08:59. | |
it can keep the Marikana mine open without staff to run out. The | :08:59. | :09:03. | |
strike has been going of for almost four weeks and 44 have died in | :09:03. | :09:13. | |
:09:13. | :09:18. | ||
violence around the facility. Seven suits belonging to former | :09:18. | :09:20. | |
British Prime Minister, Margaret Thatcher, fetched �73,000, or | :09:20. | :09:24. | |
$115,000, at auction on Monday. Six of the suits were bought by an | :09:24. | :09:27. | |
online bidder in South Korea. The highest price was paid for a jade | :09:27. | :09:31. | |
green suit worn on the day she was confirmed as leader of the | :09:31. | :09:41. | |
:09:41. | :09:42. |