:00:18. > :00:25.for more than a decade. Your chance to catch up with all
:00:25. > :00:30.the latest in the world of business and money. Here are the headlines:
:00:30. > :00:35.the Federal Reserve says it will put a $43 billion per month in the
:00:35. > :00:40.US economy for as long as it takes. Asian markets rise after the
:00:40. > :00:48.stimulus plans by the Federal Reserve.
:00:48. > :00:56.Arguments brewing over Europe's banking reforms as London fears it
:00:57. > :01:01.could be frozen out by Brussels. We will catch up with Singapore
:01:01. > :01:06.very shortly, but first, and vicious, bold, aggressive and
:01:06. > :01:15.political. Just some of the words being used to describe Ben
:01:15. > :01:22.Bernanke's massive new stimulus plan. It is a good round of
:01:22. > :01:27.quantitative easing. It has seen the Fed pump $43 billion per month.
:01:27. > :01:33.They will purchase mortgage debt until the outlook for the labour
:01:33. > :01:39.market improve substantially. The main indices on Wall Street rose to
:01:39. > :01:43.their highest since 2007. But not everyone felt that love. One top
:01:43. > :01:51.Republican called it a moved to help President Obama in November's
:01:51. > :01:58.collection. We want to see more jobs, lower unemployment, a
:01:58. > :02:07.stronger economy that can cause the improvement to be sustained. We are
:02:07. > :02:15.not looking for her a temporary solution. As our New York Reporter
:02:15. > :02:22.explains, it is the commitment to sustain it that has surprised the
:02:22. > :02:27.market. It was widely anticipated. This latest commitment is open
:02:27. > :02:34.ended. The Fed says it will produce $43 billion worth of bonds every
:02:34. > :02:39.month until the economy is back on track. But how will that be
:02:39. > :02:44.determined? Growth is well indicated. The economy is growing
:02:44. > :02:51.at 1.7% per year. The housing market remains weak and
:02:51. > :02:56.unemployment remains stubborn. Last month the US economy created far
:02:56. > :03:06.fewer jobs than it needed just to keep up with population growth. The
:03:06. > :03:08.
:03:08. > :03:16.Fed also said it would keep until well into 2015. So those few
:03:16. > :03:21.moves will provide a boost to the Obama White House. Ben Bernanke
:03:21. > :03:27.also called on policy makers to play their part and said the Fed
:03:27. > :03:31.alone could not solve America's economic problems. He called on
:03:31. > :03:36.policymakers and politicians still debating the country's spending
:03:36. > :03:43.plans to act together. He said that decisive action could be the only
:03:43. > :03:48.way to get America's economy back on track.
:03:48. > :03:53.Time to see how the Asian markets are taking this news. I have been
:03:53. > :03:59.looking at the Asian market for it. All very positive. It seems the
:03:59. > :04:04.enthusiasm is spreading across the region.
:04:04. > :04:11.Indeed it is. Markets are all rising in this region. Investors
:04:11. > :04:19.are hoping the measures will revive growth in the US economy. It is a
:04:19. > :04:29.key market for Asian exports. There have been fears about the weak
:04:29. > :04:31.
:04:31. > :04:40.recovery. Naturally, Asian stocks are posting a good deal of gains.
:04:40. > :04:49.Gains of over 2% for the Nikkei in Japan. It is looking at stocks that
:04:49. > :04:54.are doing particularly well, it is the exporters mainly. Financial
:04:54. > :05:00.shares are also doing well. A more positive there. But it is a
:05:00. > :05:04.funny old story. There is a bit of a flipside to that. There are
:05:04. > :05:09.concerns across Asia about all of this.
:05:09. > :05:18.You can't ignore the slowdown in China's economy. That is the
:05:18. > :05:24.world's second largest. It seems to be top most in the minds of most of
:05:24. > :05:33.the people I have spoken to. It is putting something of a day and
:05:33. > :05:41.we're on long-term market sentiment. -- debonair. They want to try and
:05:41. > :05:44.stimulate a fresh wave of crows. -- Greece. China has cut its interest
:05:44. > :05:50.rates twice in June to try and bring down borrowing costs for
:05:50. > :06:00.businesses. They also are no ring the amount of money that businesses
:06:00. > :06:05.need to keep in disarray. -- Loring. That is the update from Singapore.
:06:05. > :06:11.Moving on. Finance ministers will gather in Cyprus to begin the task
:06:11. > :06:15.of overhauling the way things are regulated in Europe. The plan was
:06:15. > :06:24.put forward by the European Central Bank to be put at the helm of a
:06:24. > :06:30.super-regulator for all of the euro currency zone. The countdown has
:06:30. > :06:40.begun to try and get the details in place by the new year. But there is
:06:40. > :06:41.
:06:41. > :06:48.a lot to disagree about. Holders of the EU presidency hope
:06:48. > :06:54.to benefit from the European Central Bank reforms. It could open
:06:54. > :07:01.the door to cash going directed to troubled banks. But it would have
:07:01. > :07:11.to be voted vast powers to close in monitor up to 6,000 vendors. --
:07:11. > :07:11.
:07:11. > :07:16.closely. It it's alm support. -- gets almost universal
:07:16. > :07:20.support. Some countries like the UK have not adopted the European
:07:20. > :07:29.single currency. They could still see their banks police to,
:07:30. > :07:34.paralysed and even closed down by the new regulators. This is
:07:34. > :07:41.worrying many in the City of London. Their concerns are being raised by
:07:41. > :07:46.British politicians. repercussions of it, the way that
:07:46. > :07:51.the European Central Bank will make to late with the European lending
:07:51. > :07:58.authority and the way in which future guidelines are fixed creates
:07:58. > :08:04.a problem for those not in the eurozone. It is tantamount to a
:08:04. > :08:09.block vote that will rule the day. The mechanisms that have been put
:08:09. > :08:14.in place cone not sufficient safeguards in view of those that
:08:14. > :08:22.are not in the eurozone. They could to fire in the view that of those
:08:22. > :08:26.that are in the eurozone. -- Goto far. In Germany, the focus is
:08:26. > :08:36.saving balance with their strong links to government. Reforms of the
:08:36. > :08:37.
:08:37. > :08:40.difficult for part of the government to gain access. If the
:08:40. > :08:47.banking regulation will change it would be more difficult for them to
:08:47. > :08:56.get access to credit. It could be more costly. Monetary union in
:08:57. > :09:02.Europe needs its banking union. But the devil will be in the details.
:09:02. > :09:09.You can hear more about the banking union on BBC Dwarf News on Saturday
:09:09. > :09:17.and Sunday. The race is officially on to find a
:09:17. > :09:21.replacement for Mervyn King when he retires next year. They are calling
:09:21. > :09:25.for a person of a undisputed integrity and standing. That
:09:25. > :09:35.appears to rule out any senior bankers here, tainted by the
:09:35. > :09:39.