Browse content similar to 31/10/2012. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
film in 2015. Now for the latest financial using | :00:05. | :00:15. | |
:00:15. | :00:25. | ||
World Business Report. -- News in. A very warm welcome it to you. | :00:25. | :00:29. | |
Paying today or paying tomorrow - the dilemma facing Portugal's | :00:29. | :00:34. | |
Parliament as it floats on controversial tax rises. | :00:34. | :00:37. | |
Open for business - US financial markets resume trading as people | :00:37. | :00:47. | |
:00:47. | :00:54. | ||
Portugal's Parliament is set to vote on the 2013 budget. The | :00:54. | :00:58. | |
Finance Bill it includes unprecedented tax rises. The | :00:58. | :01:01. | |
measures are part of a drive to meet targets to reduce Portugal's | :01:01. | :01:06. | |
large debt. On Tuesday the Prime Minister told deputies more was | :01:06. | :01:10. | |
needed. A full review of government services. Those comments could | :01:10. | :01:14. | |
further anger critics who are already planning protests outside | :01:14. | :01:17. | |
the Parliament. Our correspondent has more. | :01:17. | :01:22. | |
The Prime Minister opened the Budget debate with a reiteration of | :01:22. | :01:25. | |
the right-of-centre government's determination to keep Portugal | :01:25. | :01:32. | |
performance on track. There is, he told deputies, no alternative. | :01:32. | :01:36. | |
TRANSLATION: An extension of the programme implies more money, more | :01:36. | :01:42. | |
time to have larger deficits. Had you finance this series of larger | :01:42. | :01:48. | |
deficits over time? -- How do you. A second bail-out would obviously | :01:48. | :01:51. | |
be needed. The Government acknowledges the | :01:51. | :01:55. | |
Budget will bring enormous tax increases. Equivalent to a month's | :01:55. | :02:00. | |
salary in many cases. Many observers feel a recessionary | :02:00. | :02:03. | |
spiral, with austerity sapping economic growth and tax receipts | :02:03. | :02:08. | |
and inflating the budget deficit that it is supposed to be cutting. | :02:08. | :02:12. | |
The Prime Minister on Tuesday held out the hope of the tax burden | :02:12. | :02:18. | |
being gradually reduced. TRANSLATION: From 2013 we have to | :02:18. | :02:20. | |
introduce spending cuts which in the long-term should allow us to | :02:20. | :02:27. | |
reverse some of the tax rises in this budget bill. The opposition | :02:27. | :02:31. | |
Socialists and two smaller leftist parties agreed on one thing at | :02:31. | :02:37. | |
least -- hope his fame. The radical Left bloc reiterated its view that | :02:37. | :02:41. | |
Portugal will have to renegotiate its debts and suspects the | :02:41. | :02:46. | |
Government might already be thinking about seeking more aid. | :02:46. | :02:51. | |
TRANSLATION: They have completely lost any chance of returning to the | :02:51. | :02:55. | |
markets in September, 2013. Are they already renegotiating a second | :02:55. | :03:01. | |
bail-out? After a string of NT austerity protests in recent weeks, | :03:01. | :03:05. | |
more a scheduled to coincide with the budget vote right in front of | :03:05. | :03:08. | |
the Parliament building. The Prime Minister's latest call for a | :03:08. | :03:12. | |
complete review of all the state's functions, including welfare, | :03:12. | :03:16. | |
health and education, he shall have to fire up the government's | :03:16. | :03:23. | |
opponents even further. -- is sure Now to Greece with the government | :03:23. | :03:27. | |
is also expected to present its budget to Parliament on Wednesday. | :03:27. | :03:33. | |
The Finance Bill will include spending cuts and higher taxes | :03:33. | :03:37. | |
worth some 13.5 billion euros. On Tuesday the Prime Minister said he | :03:37. | :03:40. | |
now had a sufficient backing from coalition parties to push through | :03:40. | :03:45. | |
tough bridges. But the more controversial plans to make it | :03:45. | :03:49. | |
easier to hire and fire workers will be presented to Parliament in | :03:49. | :03:54. | |
a separate Bill next week. Portugal and Greece and not and the | :03:54. | :04:02. | |
government slashing spending. Austerity as it places right across | :04:02. | :04:06. | |
the eurozone. Win family stop spending, wealth shrinks, plunging | :04:06. | :04:13. | |
the economy into recession. More than 18 million people are out of | :04:13. | :04:17. | |
work in the eurozone. Fresh figures due later on when state are | :04:17. | :04:21. | |
expected to show yet another rise. -- Wednesday. | :04:21. | :04:28. | |
When they had careers, now they wait in mind for state benefits. | :04:28. | :04:31. | |
The euro debt crisis and the recession has killed employment for | :04:31. | :04:36. | |
millions. First in southern Europe and now it is spreading into the | :04:36. | :04:41. | |
relatively prosperous north. Up to one in four Europeans are now | :04:41. | :04:44. | |
looking for work. The rise in joblessness across the eurozone has | :04:44. | :04:50. | |
been relentless. Companies have needed to cut costs. The only way | :04:51. | :04:54. | |
they can do it is to get rid of staff. Public sector job losses | :04:54. | :05:00. | |
have a long way to go. EU institutions and national | :05:00. | :05:03. | |
governments are trying but they are finding it near-impossible to | :05:03. | :05:07. | |
counter austerity measures with a renewed emphasis on programmes to | :05:07. | :05:12. | |
stimulate employment and economic growth. The focus is on youth and | :05:12. | :05:17. | |
apprenticeship style training. you were to make the EU more | :05:17. | :05:25. | |
competitive in the international economy we need to rebuild their | :05:25. | :05:34. | |
institutions, vocational training. But skills are of limited use if | :05:34. | :05:38. | |
they cannot be taken up by employers. Joblessness is both a | :05:38. | :05:44. | |
symptom of the fall in global demand and a direct cause of | :05:44. | :05:50. | |
European -- European's' waning spending power. I think employers | :05:50. | :05:53. | |
were hoping that they could hold on to some of their workers. There | :05:53. | :05:57. | |
were hopes that the recession would not be long lived. There are also | :05:57. | :06:01. | |
some government incentives for firms to have it -- called on to | :06:01. | :06:04. | |
workers. More recently I think it has become clear that it will be a | :06:04. | :06:07. | |
long-lived recession in the eurozone. It is spreading to the | :06:07. | :06:12. | |
larger economies and there is no clear way out of it for the time | :06:12. | :06:15. | |
being. That means that employers are just realising that they need | :06:15. | :06:19. | |
to cut back. They need to save money. This will last for a long | :06:19. | :06:25. | |
time and the workforce is to beat. Empty production plants and idle | :06:25. | :06:28. | |
production sites are a stark reminder of the latest drop in | :06:28. | :06:34. | |
confidence. When it finally comes, economic recovery may be bumpy and | :06:34. | :06:41. | |
slow to reabsorb laid off workers. The European Bank for | :06:41. | :06:44. | |
Reconstruction and Development specialises in providing help and | :06:44. | :06:49. | |
support to devastated European economies. Jonathan Charles is | :06:49. | :06:56. | |
director of communications there. Jobless figures are expected to be | :06:56. | :07:01. | |
gloomy yet again. How bad do we expect these to be? I think within | :07:01. | :07:05. | |
the EU there is no doubt that unemployment is getting worse. It | :07:05. | :07:09. | |
is hardly surprising that when you see in Spain and Greece you have on | :07:09. | :07:16. | |
employment rights -- unemployment rates rising to 25%. These will | :07:16. | :07:20. | |
increase. All these things are feeding into the European figures. | :07:20. | :07:24. | |
The question now is, what are people scene when they look ahead | :07:24. | :07:27. | |
to 2013? I think a lot of companies are taking decisions which will | :07:28. | :07:32. | |
involve more job losses because they are seen 2013 has not been a | :07:32. | :07:36. | |
year of strong recovery. In the -- economic indicators not looking | :07:36. | :07:40. | |
great. What are you expecting to do about it? What is your position in | :07:40. | :07:46. | |
terms of this path that we seem to be going down? Are you focusing on | :07:46. | :07:51. | |
reform...? If you look at the countries that we operate in, which | :07:51. | :08:01. | |
:08:01. | :08:01. | ||
include some eurozone countries, they are imposing austerity, but | :08:01. | :08:06. | |
what we are saying to them is do not waste 2013. Make sure that as | :08:06. | :08:10. | |
you prepare for possible recovery in 2014 day you are really | :08:10. | :08:15. | |
reforming new economies. Then it just concentrate on austerity alone. | :08:15. | :08:18. | |
Get economic reforms into place which will make you more dynamic | :08:18. | :08:23. | |
when the recovery comes. We invest about 9 billion euros a year on | :08:23. | :08:28. | |
behalf of the international community. We probably need to use | :08:28. | :08:31. | |
some of that money towards orientating growth. It cannot just | :08:31. | :08:35. | |
be austerity on its own. There has to be a growth element in economic | :08:35. | :08:43. | |
policy because austerity on its own is not the only solution. And your | :08:43. | :08:46. | |
President spoke in the past about encouraging private investment in | :08:46. | :08:50. | |
south-eastern Europe as well. inevitable. The international | :08:50. | :08:54. | |
community cannot do it on just public sector money. The private | :08:54. | :09:00. | |
sector is going to have to invest if the economy is to recover. What | :09:00. | :09:05. | |
we know is that the uncertainty feeds on itself. You have a lot of | :09:05. | :09:08. | |
private company sitting on their hands and they are saying, what are | :09:08. | :09:11. | |
we going to do? Should be taking investment decision or should we | :09:11. | :09:16. | |
wait for things to improve? It is a vicious circle. If they do not make | :09:16. | :09:24. | |
the investment decision, things will not improve. | :09:24. | :09:29. | |
Yorke is again open for business on Wednesday after its longest forced | :09:29. | :09:34. | |
to shut down since 9/11. -- New York. The Stock Exchange will | :09:34. | :09:38. | |
resume trade. It is the last day of the month, a crucial time for | :09:38. | :09:42. | |
investors to balance their books and carry out transactions before | :09:42. | :09:47. | |
the resumption of normal trade. It is seen as vital for the health of | :09:47. | :09:52. | |
global markets. Our correspondent has more. | :09:52. | :09:55. | |
The city that never sleeps is strangely quiet. Many are still | :09:55. | :09:59. | |
without power. At this tunnel which links Manhattan to Brooklyn, it is | :09:59. | :10:04. | |
still under water. Recovery efforts are under way and businesses are | :10:04. | :10:09. | |
trying to figure. One icon of American capitalism, the New York | :10:09. | :10:15. | |
Stock Exchange, has said it hopes to open its building and is trading | :10:15. | :10:19. | |
for this Wednesday. It was closed for two whole days because of | :10:19. | :10:24. | |
weather and it is the first time bet that has happened since 1888. | :10:24. | :10:29. | |
When it does reopen its doors it is likely to be emptier than usual. | :10:29. | :10:33. | |
Electronic trading means that volumes may still be high, but many | :10:33. | :10:37. | |
people who work there may have difficulty getting to their place | :10:37. | :10:42. | |
of work. That is because although some buses will be running, the | :10:42. | :10:46. | |
subways in this part of town are still very damaged. We saw one | :10:46. | :10:49. | |
where the winds had ripped the tiles off the walls and there was | :10:49. | :10:53. | |
still lots of water. Many other traders to work they also come from | :10:53. | :10:58. | |
New Jersey. They were right on the path of the hurricane. | :10:58. | :11:04. | |
Having a look at how the equity markets are doing this hour. | :11:04. | :11:10. | |
Crossing first to Asia. As we can see it is a mixed group. The Nikkei | :11:10. | :11:19. |