Browse content similar to 28/11/2012. Check below for episodes and series from the same categories and more!
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powers. Now for the latest financial news with World Business | :00:03. | :00:13. | |
:00:13. | :00:19. | ||
Report. Job cuts and branch closures: the likely terms and | :00:19. | :00:25. | |
conditions of Europe's financial aid to the Spanish banking industry. | :00:25. | :00:28. | |
After coming close to collapse the new boss of the 170-year-old travel | :00:28. | :00:38. | |
:00:38. | :00:43. | ||
firm Thomas Cook is expected to The Filipino economy has registered | :00:43. | :00:53. | |
:00:53. | :00:53. | ||
strong growth despite the weaker global economy. They say nothing in | :00:53. | :00:56. | |
life is free and nowhere is that more applicable than international | :00:56. | :01:01. | |
bailouts. The Spanish banking industry finds out later today the | :01:01. | :01:04. | |
price of its financial support, with an announcement from the | :01:04. | :01:10. | |
European Commission at around 1030 GMT. In effect it's likely to | :01:10. | :01:12. | |
include a demand for around 8,000 jobs cuts and branch closures, | :01:12. | :01:22. | |
:01:22. | :01:23. | ||
reports suggest around 1,000. The European commission had pledged up | :01:23. | :01:26. | |
to 100 billion euros back in June. Yesterday it emerged that about 37 | :01:27. | :01:30. | |
billion euros has been requested and would be released next month. | :01:30. | :01:39. | |
Tom Burridge has more from Madrid. What we expect is lots of job | :01:39. | :01:45. | |
losses, thousands of jobs going. Report in the media say 6,000 jobs | :01:46. | :01:52. | |
at the banks. The fourth-largest bake in Spain was nationalised over | :01:52. | :01:57. | |
the summer. It has huge problems because of this construction boom | :01:57. | :02:03. | |
here. It will form an amalgamation with seven regional savings banks. | :02:03. | :02:11. | |
Other reports say about 2000 jobs will go from the other bank up in | :02:11. | :02:15. | |
the north of Spain and also at thousands at the Catalonia's Bank | :02:16. | :02:23. | |
and lots of job losses with plenty of bridge closures. Many people in | :02:23. | :02:27. | |
Spain have preferential shares and many elderly people have them which | :02:28. | :02:33. | |
almost seemed too good to be true back in the good times before this | :02:33. | :02:38. | |
crisis began and people have now protested about the amount of money | :02:38. | :02:42. | |
that people have lost all their savings. They had invested in those | :02:42. | :02:49. | |
schemes are essentially and what we may get us part of the conditions | :02:49. | :02:54. | |
is how much of the assets the banks need to recognise and that will | :02:54. | :02:58. | |
affect the people and affect people working at the banks with those job | :02:58. | :03:04. | |
losses. The banks are doing their part of the bargain and they will | :03:05. | :03:10. | |
receive tens of billions of euros of eurozone money and that will not | :03:10. | :03:13. | |
come for free. It's an important moment for Harriet Green, the new | :03:13. | :03:16. | |
boss of the world's oldest package holiday company Thomas Cook. She | :03:16. | :03:19. | |
was installed after the company came close to collapse, only | :03:19. | :03:21. | |
surviving because of hundreds of millions of dollars in financial | :03:22. | :03:26. | |
aid. Ms Green gives her first update to investors today with the | :03:26. | :03:30. | |
firm's annual results. She's expected to announce swingeing job | :03:30. | :03:33. | |
cuts as well as an increase in underlying profit as Brits got fed | :03:33. | :03:43. | |
:03:43. | :03:46. | ||
up with the wet summer and snapped up deals to Turkey and Greece. As | :03:46. | :03:51. | |
up risings lead in Egypt, Thomas Cook cancel the package holidays. | :03:51. | :03:59. | |
The losses totalled $600 million. Even in March of this year, when | :03:59. | :04:04. | |
tourists returned to Africa, but losses continued. In March they | :04:04. | :04:08. | |
topped $1 billion and Thomas Cook needed refinancing from its | :04:08. | :04:16. | |
creditors. It was not the Arab spring but a deeper problem. When | :04:16. | :04:21. | |
you Google Thomas Cook you see cheap holidays and that is not the | :04:21. | :04:27. | |
message the market wanted to hear from this strong brand and they | :04:27. | :04:31. | |
expected to be taken to some amazing places that they could not | :04:31. | :04:36. | |
organise themselves at those prices. The new Chief Executive Harriet | :04:36. | :04:40. | |
Green is trying to solve the problems by slashing costs. Many | :04:40. | :04:46. | |
highly paid executives have left since she took over. She says more | :04:46. | :04:53. | |
managers will go. She also cuts the size of the air fleet which has 200 | :04:53. | :04:57. | |
travel shops closed and some holidays may be probably | :04:57. | :05:02. | |
traditional glossy brochure but her company will now use the internet. | :05:02. | :05:07. | |
This makes the compa effective but is it a better travel | :05:07. | :05:13. | |
agency? My personal view is that it does not. There's a number of | :05:13. | :05:17. | |
analysts that say they're going back to the high street agencies. | :05:17. | :05:21. | |
They are spending bigger money and they want to put a holiday in the | :05:21. | :05:26. | |
hands of a professional and not from an application on the mobile | :05:26. | :05:33. | |
phone or going by train. Thomas Cook is 170 years old. It's the | :05:33. | :05:37. | |
most experienced package holidaymaker but in the days of | :05:37. | :05:42. | |
budget holidays, the challenge is that more trouble agents need to go | :05:42. | :05:48. | |
upmarket. The Philippines has seen much stronger than expected growth | :05:48. | :05:52. | |
in the third quarter. To explain why lets go to our Asia business | :05:52. | :05:58. | |
hub in Singapore and join Sharanjit Leyl. What other secrets to the | :05:58. | :06:08. | |
:06:08. | :06:08. | ||
success? Those secrets apparently are about consumer and government | :06:08. | :06:13. | |
spending which is seen as a recovery. There has been a recovery | :06:13. | :06:23. | |
:06:23. | :06:24. | ||
in exports. The growth was about 7.1%. That indicates how much the | :06:24. | :06:31. | |
economy grew. That was unexpected. It was expected to be about by 0.4%. | :06:31. | :06:38. | |
It's a fast pace. These numbers come in spite of the global economy. | :06:38. | :06:44. | |
That may ease the pressure on the Central Bank to cut interest rates. | :06:44. | :06:49. | |
The Filipinos and Rebecca has cut rates ball times this year. They | :06:49. | :06:56. | |
are trying to sustain growth. There were some cuts earlier Loring back | :06:56. | :07:04. | |
to 3.5%. Bat says decent debate may not cut them any time soon. The | :07:04. | :07:09. | |
other economy is Thailand. It will unveil its interest rate decision | :07:09. | :07:15. | |
in a few hours and they may well leave them unchanged after cutting | :07:15. | :07:22. | |
the interest rate last month. It may stay at 2.75%. The policy | :07:22. | :07:32. | |
:07:32. | :07:36. | ||
makers will meet shortly. Shares in Russia's second-biggest mobile firm | :07:36. | :07:39. | |
Megafon begin trading in London today. The company is owned by | :07:39. | :07:42. | |
Alisher Usmanov, one of the country's richest men and backer of | :07:42. | :07:45. | |
Arsenal football club. The public offering is expected to raise some | :07:45. | :07:47. | |
$2 billion for the company. It was originally supposed to start | :07:48. | :07:50. | |
trading in October but was delayed after Goldmans Sachs, who were | :07:50. | :07:53. | |
working on the deal, resigned because of concerns about the way | :07:53. | :08:02. | |
the company was run. Analysts say the company is set to grow. Be it | :08:02. | :08:09. | |
in good shape. The Russian telecom market and mobile telephones is one | :08:09. | :08:15. | |
of the most stable markets in Russia. That in comparison to be | :08:15. | :08:19. | |
oil stocks and other sectors like utilities and metal and next year | :08:19. | :08:24. | |
we think the growth in that segment will continue and most of that | :08:24. | :08:30. | |
growth will come from internet services and they have a strong | :08:30. | :08:33. | |
position in that market. There's reports that the manager behind the | :08:33. | :08:36. | |
Apple map has been fired. The application was introduced on the | :08:36. | :08:40. | |
new iPhone 5, replacing Google maps. But technical difficulties caused | :08:40. | :08:43. | |
so many complaints that Apple's chief executive Tim Cook was forced | :08:43. | :08:45. | |
to apologise and recommended consumers use rival location | :08:45. | :08:50. | |
websites. Now it appears that the man who oversaw the mapping team, | :08:50. | :08:54. | |
Richard Williamson, has apparently been pushed out. America has | :08:54. | :08:56. | |
stopped short of declaring that China manipulates its currency to | :08:56. | :09:01. | |
gain unfair trade advantage. But the US Treasury did say that the | :09:01. | :09:06. | |
yuan is significantly undervalued. In its semi-annual report, it said | :09:06. | :09:09. | |
Beijing did not meet the criteria to be called a currency manipulator | :09:09. | :09:14. | |
in a move which could have sparked US trade sanctions. The head of | :09:14. | :09:17. | |
Goldman Sachs, Lloyd Blankfein, is reported to be among the business | :09:17. | :09:21. | |
leaders meeting President Obama today to discuss the US economy. | :09:21. | :09:24. | |
President Obama is looking for their support as he races to reach | :09:24. | :09:27. | |
a deal with Republicans by January to prevent automatic tax increases | :09:27. | :09:37. | |
:09:37. | :09:38. | ||
and spending cuts, the so-called fiscal cliff. Apparently concerns | :09:38. | :09:43. | |
about at this core cliff if conditions and politicians cannot | :09:43. | :09:48. | |
sort that out there are concerns the US economy may revert to | :09:48. | :09:54. |