:00:05. > :00:15.Young and out of work, the latest figures out of South Africa shows
:00:15. > :00:17.
:00:17. > :00:23.50% of young people remain unemployed.
:00:23. > :00:31.Global financial markets have been waiting for this evidence. New
:00:31. > :00:39.orders have climbed in China. It is a significant climb the economy is
:00:39. > :00:49.rebounding after seven quarters of slowing down. The timing, sides
:00:49. > :00:56.
:00:56. > :01:02.with the handing of power next week. Are you smiling? Is who is it? Have
:01:02. > :01:07.we turned a corner in China? I am smiling because I am listening to
:01:07. > :01:15.the lead in your story. It is what I am hearing from a lot of the
:01:15. > :01:25.analysts. China has turned the corner. But I don't see that much
:01:25. > :01:27.
:01:27. > :01:37.difference with these numbers. The HSBC index sees contraction. There
:01:37. > :01:37.
:01:37. > :01:41.has been a little up tech. Sorry to interrupt. In terms of the
:01:41. > :01:46.difference, for the first time in six months, there has been an
:01:46. > :01:54.expansion in new orders that came through in this report. Surely,
:01:54. > :02:00.that has to be a positive sign. That is good news. If that
:02:00. > :02:04.continues, these are month leer numbers, and we want to see a trend.
:02:04. > :02:12.I did see a change in the overwrought narrative of the
:02:12. > :02:17.Chinese economy. -- overall. People say that somehow the government
:02:17. > :02:24.will start pumping money into the economy. That may result in an
:02:24. > :02:29.optic. Most economists in China think it will actually be counter-
:02:29. > :02:39.productive. That it will delay or interfere with the real economic
:02:39. > :02:39.
:02:39. > :02:45.adjustment China needs to make that China needs. I don't see it as a
:02:45. > :02:55.narrative of the slowdown. What is the real economic adjustment that
:02:55. > :03:01.needs to take place? China needs to adjust from investment-led growth.
:03:01. > :03:09.To an economy driven by domestic consumption. One key indicator of
:03:09. > :03:16.the around is what happens with the property market. You property will
:03:16. > :03:26.start falling the 24%, compared to last year. It will indicate that at
:03:26. > :03:27.
:03:27. > :03:32.a key sector is still very sick. Thank you for your time.
:03:32. > :03:42.Panasonic shares have plunged by nearly one-fifth today in Tokyo, to
:03:42. > :03:42.
:03:42. > :03:50.their lowest level in more than three decades. What is going on
:03:50. > :03:55.with Panasonic? What is spooking investors right now is the firm's
:03:55. > :04:00.long-term future and its ability to turn around its operations.
:04:00. > :04:10.Restructuring costs are going to be 11 times greater than previously
:04:10. > :04:11.
:04:11. > :04:21.thought. It will try to clean house of poorly performing operations.
:04:21. > :04:22.
:04:22. > :04:28.When you speak of analysts, they have prays -- praised Panasonic's
:04:28. > :04:34.President and his resistance to change. Sony and Sharp are
:04:34. > :04:39.struggling with massive losses. They were once world leaders in
:04:39. > :04:43.technology innovation. They are facing problems with increased
:04:43. > :04:49.competition. There is slumping demand for their products. Of the
:04:49. > :04:54.Japanese are losing out against the Samsung and Apple manufacturers
:04:54. > :05:00.because if they are nimble, better- funded with the competitive age.
:05:00. > :05:05.Rivals say they have been quick to converge with platforms including
:05:05. > :05:13.smartphones and tablets. The Japanese technology markets --
:05:13. > :05:18.giants are slow to adapt. The latest unemployment numbers
:05:18. > :05:24.will be released in South Africa. They will confirm that despite
:05:24. > :05:32.being one of for the most developed countries, youth unemployment is
:05:32. > :05:42.running at 50%. Those -- some people believe it will take jobs
:05:42. > :05:44.
:05:44. > :05:51.Scenes like these are common across South Africa. One in four people
:05:51. > :05:57.unemployed. Many have no choice. Some are waiting for casual work.
:05:57. > :06:02.This person who lives with his grandmother has spent years relying
:06:02. > :06:07.on jobs he confined just to bring money home to buy food. Now he has
:06:07. > :06:17.secured a position in a textiles factory due to a local government
:06:17. > :06:22.scheme. For me, it is the beginning of great things. After five years,
:06:22. > :06:30.maybe I can work in the hedge or department. It is a good
:06:31. > :06:37.opportunity for me. -- human- resources. Since its launch, the
:06:37. > :06:42.skills program has placed many young people in different jobs.
:06:42. > :06:52.Participants receive a monthly salary from the government of
:06:52. > :06:55.
:06:55. > :07:00.roughly $150. Something it is not a way to exploit cheap labour. Some
:07:00. > :07:09.people do not have an income. For us, the Government is supporting us
:07:09. > :07:13.in training to us. It is ensuring employment. Service has estimated
:07:13. > :07:18.that 15% of South Africa's young people are out of work. In
:07:18. > :07:23.communities like this one, many people grow up expecting not to
:07:23. > :07:28.find for more employment. The government says the program should
:07:28. > :07:38.be expanded across the country. is something to this country cannot
:07:38. > :07:43.allow to carry on with. It puts our whole system at risk. The President
:07:43. > :07:52.has announced plans for national youth wage subsidies but labour
:07:52. > :08:02.unions are against it. Some believe the focus should be on job creation
:08:02. > :08:02.
:08:02. > :08:07.in said. It would promise of that jobs are being created. All we have
:08:07. > :08:13.seen is that the displacement of older workers for the younger
:08:13. > :08:18.workers. The bosses are able to pocket the subsidies. For all the
:08:18. > :08:28.ideological debates, for Ms South Africa and, it is about finding a
:08:28. > :08:37.
:08:37. > :08:41.An arm of China's sovereign welfare... As bench can dormant has
:08:41. > :08:50.sold a stake of millions of dollars but plans to remain a major
:08:50. > :09:00.investor in Heathrow. Sony has made profits after last
:09:00. > :09:02.