18/09/2012 World Business Report


18/09/2012

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topless. Those are the headlines. It is time

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for World Business Report. Welcome. The headlines: The

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eurozone debt crisis takes its toll on the world's biggest air cargo

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operator. Expectations are low that -- were for FedEx earnings.

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Manchester United reports earnings weeks after its stock market debut.

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Japanese firms hit by Chinese protest fall in trade today.

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Fed Ex will tell us later how much money it has been making in the

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three months to the end of August. It is often seen as a gauge of

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global economic health and has already had to sharply lower

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expectations. Was demand has led to large cargo traffic.

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The rise of mega chains may have killed many bookstores but not this

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one in Brooklyn. Business is thriving so much so that there are

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not enough hours in the Day Four staff to unpacked all the new

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titles that get delivered. We get shipments Monday to Friday. On a

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slow day, maybe 20 boxes come in. On a heavy day, as many as 50. We

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usually send out about 10 boxes of five small packages on web orders.

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This success is not enough to help FedEx. Fed Ex sheet everywhere. The

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weak US recovery, China's slowing economy and the European us --

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recession have all affected its performance. It has prepared

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investors for disappointment, warning that business was down

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along with profits. People who have expressed parcel businesses and do

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a lot of air freight tend to do very well when the economy is

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picking up, because people find Inventory is running low and they

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need to rush things to market. They will send it by express freight

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because it is worth it. We are seeing now the reverse of that.

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Their next is seen many people saying, we do not need to rush our

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products to market. There was no great rush in this kind of economic

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slowdown. For the first time since 2009, profits of many large US

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companies are expected to decline. Last week, the company -- country's

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Central Bank said it would pump millions of dollars into the US

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economy. Union leaders say they are making

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progress in talks to end the strikes in a mine in South Africa.

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The pay dispute has escalated into a violent stand-off, which has

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claimed 44 lives. The unrest has caused other platinum and gold

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mines in the area to shut down. Lonmin's operations remain closed.

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The group announced it would ditch expansion plans.

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The UK and Dutch governments were forced to intervene to help

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hundreds of thousands of people who lost their savings when an

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Icelandic bank collapsed four years ago. Some customers are still

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trying to recover their money. A court holds a hearing on the case

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today and it appears a solution may be at hand. Iceland's minister told

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the BBC he is confident that the Bank's remaining assets will be

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enough to repay money still owed to customers. I think we would agree

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on both sides that there has been a very positive tone that the assets

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from the old estates will probably cover entirely the principal

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amounts. So, hopefully, we can find a smooth solution for the residual

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shortfall. For the time being, the case is resting with the court. We

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have to wait for the outcome. Manchester United reports its

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earnings in a few hours. It will be the company's first chance to prove

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those who bought shares in its stock market debut last month. Many

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believe a series of healthy sponsorship deals will boost

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revenues. That could be offset by lower television fees and ticket

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receipts due to last season's lacklustre performance in the

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Champions League. We are not expecting the best of results this

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time? We will get the results on to the end of June. They did not

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progress that well in the Champions League, which is the big revenue

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generator. Miller TV revenue and sponsorship revenue and players'

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wages are continually going up. Wayne Rooney was very expensive and

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there to con Robin van Persie. That will be factored in next time

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though. Yes. These results are or until the end of June this year.

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How is Manchester United doing as a business? Many football clubs are

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on the verge of bankruptcy in this country. But Manchester United is

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in good shape? It is. Commercial revenues keep growing each year.

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There are doing well on that side of things. They still have a lot of

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debt to pay and there are players wages which do not help. The things

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they do I interesting to keep their balance sheet strong. They have got

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and sponsorship polymers in from places like Bangladesh and Bulgaria.

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It shows how this is a true global brand. Are they still the richest

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football club and the what? They are. Forbes magazine puts them --

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their work down as $2.2 billion. Thank you. Results will be out in a

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few hours. In Beijing, place and out in force

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to protect a step -- the Japanese embassy as another day of protests

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takes place. Tell us more about how Japan's

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trading day is going, given what is happening in China. The Nikkei was

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shut for a holiday Monday. It is giving many investors a chance to

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react to news of violent protests over the weekend in China. Several

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firms have announced a closure of factories. Retailers are shutting

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stores in China. There are expected to be more protests again today.

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The shares of this company among the top losers today. The protests

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follow Japan's purchase of islands in the East China Sea, over which

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China claims sovereignty. There are suggestions these protests may

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escalate further. Nissan suspended operations to two of its factories

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until 18th September and said it is monitoring the situation closely.

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Panasonic says its partner will remain shut until today. Analysts

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are voicing concern that the protests may derail plans by

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Japanese companies looking to expand in China. China is known for

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being a low-cost manufacturing base. Several Japanese companies have set

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