18/09/2012

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:00:04. > :00:14.topless. Those are the headlines. It is time

:00:14. > :00:21.

:00:21. > :00:24.for World Business Report. Welcome. The headlines: The

:00:24. > :00:32.eurozone debt crisis takes its toll on the world's biggest air cargo

:00:32. > :00:40.operator. Expectations are low that -- were for FedEx earnings.

:00:40. > :00:50.Manchester United reports earnings weeks after its stock market debut.

:00:50. > :00:53.

:00:53. > :00:57.Japanese firms hit by Chinese protest fall in trade today.

:00:57. > :01:01.Fed Ex will tell us later how much money it has been making in the

:01:01. > :01:05.three months to the end of August. It is often seen as a gauge of

:01:05. > :01:14.global economic health and has already had to sharply lower

:01:14. > :01:19.expectations. Was demand has led to large cargo traffic.

:01:19. > :01:23.The rise of mega chains may have killed many bookstores but not this

:01:23. > :01:26.one in Brooklyn. Business is thriving so much so that there are

:01:26. > :01:31.not enough hours in the Day Four staff to unpacked all the new

:01:31. > :01:41.titles that get delivered. We get shipments Monday to Friday. On a

:01:41. > :01:42.

:01:42. > :01:52.slow day, maybe 20 boxes come in. On a heavy day, as many as 50. We

:01:52. > :02:01.usually send out about 10 boxes of five small packages on web orders.

:02:01. > :02:06.This success is not enough to help FedEx. Fed Ex sheet everywhere. The

:02:06. > :02:12.weak US recovery, China's slowing economy and the European us --

:02:12. > :02:16.recession have all affected its performance. It has prepared

:02:16. > :02:23.investors for disappointment, warning that business was down

:02:23. > :02:26.along with profits. People who have expressed parcel businesses and do

:02:26. > :02:32.a lot of air freight tend to do very well when the economy is

:02:32. > :02:35.picking up, because people find Inventory is running low and they

:02:35. > :02:42.need to rush things to market. They will send it by express freight

:02:42. > :02:47.because it is worth it. We are seeing now the reverse of that.

:02:47. > :02:54.Their next is seen many people saying, we do not need to rush our

:02:54. > :03:00.products to market. There was no great rush in this kind of economic

:03:00. > :03:05.slowdown. For the first time since 2009, profits of many large US

:03:05. > :03:08.companies are expected to decline. Last week, the company -- country's

:03:08. > :03:18.Central Bank said it would pump millions of dollars into the US

:03:18. > :03:20.

:03:20. > :03:25.economy. Union leaders say they are making

:03:25. > :03:30.progress in talks to end the strikes in a mine in South Africa.

:03:30. > :03:36.The pay dispute has escalated into a violent stand-off, which has

:03:36. > :03:42.claimed 44 lives. The unrest has caused other platinum and gold

:03:42. > :03:51.mines in the area to shut down. Lonmin's operations remain closed.

:03:51. > :03:54.The group announced it would ditch expansion plans.

:03:55. > :03:58.The UK and Dutch governments were forced to intervene to help

:03:58. > :04:03.hundreds of thousands of people who lost their savings when an

:04:03. > :04:08.Icelandic bank collapsed four years ago. Some customers are still

:04:08. > :04:14.trying to recover their money. A court holds a hearing on the case

:04:14. > :04:18.today and it appears a solution may be at hand. Iceland's minister told

:04:19. > :04:25.the BBC he is confident that the Bank's remaining assets will be

:04:25. > :04:31.enough to repay money still owed to customers. I think we would agree

:04:31. > :04:37.on both sides that there has been a very positive tone that the assets

:04:37. > :04:47.from the old estates will probably cover entirely the principal

:04:47. > :04:54.

:04:54. > :05:00.amounts. So, hopefully, we can find a smooth solution for the residual

:05:01. > :05:08.shortfall. For the time being, the case is resting with the court. We

:05:08. > :05:12.have to wait for the outcome. Manchester United reports its

:05:12. > :05:15.earnings in a few hours. It will be the company's first chance to prove

:05:15. > :05:18.those who bought shares in its stock market debut last month. Many

:05:18. > :05:24.believe a series of healthy sponsorship deals will boost

:05:24. > :05:28.revenues. That could be offset by lower television fees and ticket

:05:28. > :05:37.receipts due to last season's lacklustre performance in the

:05:37. > :05:45.Champions League. We are not expecting the best of results this

:05:45. > :05:49.time? We will get the results on to the end of June. They did not

:05:49. > :05:57.progress that well in the Champions League, which is the big revenue

:05:57. > :06:04.generator. Miller TV revenue and sponsorship revenue and players'

:06:04. > :06:08.wages are continually going up. Wayne Rooney was very expensive and

:06:08. > :06:16.there to con Robin van Persie. That will be factored in next time

:06:16. > :06:21.though. Yes. These results are or until the end of June this year.

:06:21. > :06:28.How is Manchester United doing as a business? Many football clubs are

:06:28. > :06:35.on the verge of bankruptcy in this country. But Manchester United is

:06:35. > :06:41.in good shape? It is. Commercial revenues keep growing each year.

:06:41. > :06:49.There are doing well on that side of things. They still have a lot of

:06:49. > :06:55.debt to pay and there are players wages which do not help. The things

:06:55. > :06:58.they do I interesting to keep their balance sheet strong. They have got

:06:58. > :07:04.and sponsorship polymers in from places like Bangladesh and Bulgaria.

:07:04. > :07:12.It shows how this is a true global brand. Are they still the richest

:07:12. > :07:22.football club and the what? They are. Forbes magazine puts them --

:07:22. > :07:26.their work down as $2.2 billion. Thank you. Results will be out in a

:07:26. > :07:35.few hours. In Beijing, place and out in force

:07:35. > :07:45.to protect a step -- the Japanese embassy as another day of protests

:07:45. > :07:47.

:07:47. > :07:54.takes place. Tell us more about how Japan's

:07:54. > :07:59.trading day is going, given what is happening in China. The Nikkei was

:07:59. > :08:05.shut for a holiday Monday. It is giving many investors a chance to

:08:05. > :08:14.react to news of violent protests over the weekend in China. Several

:08:14. > :08:20.firms have announced a closure of factories. Retailers are shutting

:08:20. > :08:30.stores in China. There are expected to be more protests again today.

:08:30. > :08:30.

:08:30. > :08:35.The shares of this company among the top losers today. The protests

:08:35. > :08:41.follow Japan's purchase of islands in the East China Sea, over which

:08:41. > :08:51.China claims sovereignty. There are suggestions these protests may

:08:51. > :08:55.

:08:55. > :09:01.escalate further. Nissan suspended operations to two of its factories

:09:01. > :09:09.until 18th September and said it is monitoring the situation closely.

:09:09. > :09:15.Panasonic says its partner will remain shut until today. Analysts

:09:15. > :09:22.are voicing concern that the protests may derail plans by

:09:22. > :09:26.Japanese companies looking to expand in China. China is known for

:09:26. > :09:32.being a low-cost manufacturing base. Several Japanese companies have set