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Those are the latest headlines from BBC World News. Now for the latest | :00:03. | :00:13. | |
:00:13. | :00:16. | ||
financial news with World Business Welcome to World Business Report. | :00:16. | :00:19. | |
More heavy losses are expected from Research In Motion as the company | :00:20. | :00:23. | |
enters the most important months of its history with the global launch | :00:23. | :00:33. | |
:00:33. | :00:35. | ||
of the Blackberry 10 just weeks away. | :00:35. | :00:42. | |
The Bank of Japan expanded asset purchase programme again. There | :00:42. | :00:46. | |
will be further stimulus to jump- start the ailing economy. | :00:46. | :00:51. | |
His Nike running out of puff? The sportswear giant faces an uphill | :00:51. | :01:01. | |
:01:01. | :01:02. | ||
struggle in Europe and up will Will the Blackberry 10 rescue | :01:02. | :01:06. | |
Research in Motion? That's the question that will be answered | :01:06. | :01:09. | |
early in the new year when it launches its latest generation of | :01:09. | :01:13. | |
phones. For the Blackberry maker, it's critical that users are | :01:13. | :01:17. | |
excited and snap up its new line of smartphones as Research in Motion | :01:17. | :01:23. | |
is expected to report more heavy losses later today. The company has | :01:23. | :01:27. | |
seen its market share in the US dwindle to just 4% this year as the | :01:27. | :01:30. | |
Blackberry struggles to compete with Apple's iPhone and Samsung's | :01:30. | :01:37. | |
Galaxy smartphone. For Blackberry and its parent | :01:37. | :01:42. | |
company, the next few months could be make or break. Investors care | :01:42. | :01:46. | |
little about its earnings reports and instead are focused on what | :01:46. | :01:53. | |
happens next. Early next year, they will unveil their long-awaited | :01:53. | :01:58. | |
Blackberry 10. It has new software and a new operating system. It | :01:58. | :02:03. | |
could be the firm's last chance to buy up -- win back a market it once | :02:03. | :02:07. | |
dominated. The Blackberry was once the handset of choice for | :02:07. | :02:11. | |
businesses and consumers around the world. As the pace of innovation | :02:11. | :02:16. | |
picked up, they were left behind. In the increasingly competitive | :02:16. | :02:21. | |
market, it is struggling to stand out. It must now come up with | :02:21. | :02:24. | |
something rather special. If it is to reclaim a slice of the fast- | :02:24. | :02:29. | |
moving market. This is a big difference from anything they have | :02:29. | :02:34. | |
done in the past. It is a brand new operating system, rebuilt from the | :02:34. | :02:37. | |
ground up. There is no other trick they can pall. Nor that all they | :02:37. | :02:45. | |
can lever. This has to work. They are trying to save to the market, | :02:45. | :02:49. | |
what you're doing now is not the correct way to do it. We are going | :02:49. | :02:53. | |
to show you how to do it better and faster. The new Blackberry may | :02:54. | :02:58. | |
attract customers and win that -- windows to have gone elsewhere, | :02:58. | :03:02. | |
they must concentrate on their existing customers. The customer | :03:02. | :03:06. | |
base is still growing, especially in emerging markets. The amount it | :03:06. | :03:11. | |
makes from each is falling. Alongside cheaper handsets, that is | :03:11. | :03:15. | |
cutting into profits. So can they win back those more lucrative | :03:16. | :03:21. | |
customers? That is what the new device is intended to do. The | :03:21. | :03:24. | |
launch in January could determine not only the short-term success of | :03:25. | :03:30. | |
the company but also its long-term survival. | :03:30. | :03:34. | |
Action from the Bank of Japan to stimulate the economy was widely | :03:34. | :03:40. | |
anticipated after last weekend's election. In the last hour we have | :03:40. | :03:48. | |
had it. We go to Singapore. Tell us more about the latest stimulus | :03:49. | :03:53. | |
measure. There was some external pressure. | :03:53. | :03:57. | |
An action they did. The Bank of Japan seems to have responded by | :03:57. | :04:02. | |
further loosening its already sued a easy monetary policy by expanding | :04:02. | :04:07. | |
its asset purchase programme by about 10 trillion yen. That is | :04:07. | :04:12. | |
around $190 billion. The bank has been facing intense pressure from | :04:12. | :04:17. | |
the incoming Prime Minister Shinzo Abe to jump-start the ailing | :04:17. | :04:22. | |
Japanese economy. It has been sunk in stagnation for two decades. The | :04:22. | :04:28. | |
central bank's move comes two days after the country voted into party | :04:28. | :04:32. | |
the Conservative Party led by Shinzo Abe. They promised to | :04:32. | :04:36. | |
improve public spending and pressured the central bank for more | :04:36. | :04:40. | |
aggressive policy action. The bank kept interest rates unchanged but | :04:40. | :04:46. | |
said it would look at reviewing its target inflation rate. Shinzo Abe | :04:46. | :04:54. | |
wants it to be at 2%. Analysts are positive about the move. They said | :04:54. | :04:57. | |
that at least to today's initiative gives a message to the market that | :04:57. | :05:04. | |
the bank is willing to do something more. | :05:04. | :05:07. | |
Sportswear giant Nike also reports quarterly results later today. | :05:07. | :05:10. | |
There's huge interest on Wall Street in what the company has to | :05:10. | :05:17. | |
say about global consumer spending. Back in September, it admitted | :05:17. | :05:20. | |
orders for its goods in China had fallen, causing its shares to | :05:20. | :05:30. | |
:05:30. | :05:33. | ||
tumble. What are they getting run in China? | :05:33. | :05:36. | |
We have to remember that the economy has slowed a little. That | :05:36. | :05:44. | |
is hurting a few companies. You add local competitors that are in | :05:44. | :05:48. | |
trouble, small and local brand in China have got too much stock of | :05:48. | :05:53. | |
the market and you are seen extreme discounting. As a result, no brand | :05:53. | :05:58. | |
can escape that. Especially nothing -- a brand that is the centre of | :05:58. | :06:03. | |
industry. For Nike, when it comes to issues that is not the real | :06:03. | :06:07. | |
problem. It is to do with the other clothing that it makes. It was | :06:07. | :06:12. | |
necessarily the right size for the Chinese or Asian buyer. Again, with | :06:12. | :06:17. | |
issues, tonight he is able to sell issues on performance. It has a | :06:17. | :06:22. | |
technical edge. It is a strong brand. It is much harder to prove | :06:22. | :06:29. | |
that age when you're talking about a T-shirt. When something else is | :06:29. | :06:35. | |
50% off, it is harder to compete with them not on price. That is | :06:35. | :06:39. | |
when the night he has more acute issues, in terms of clothing issues | :06:39. | :06:42. | |
rather than shooting them Tories. The other problem is that many of | :06:42. | :06:47. | |
these multinational companies, when they tried to push for aggressive | :06:47. | :06:50. | |
growth, they pushed for just two bidders to buy stock aggressively | :06:50. | :06:54. | |
so that they can report strong numbers back to US investors. That | :06:54. | :07:00. | |
has happened here but as a result, it Nike may be suffering as a | :07:00. | :07:07. | |
result of local competitors, but they have flooded the market. | :07:07. | :07:11. | |
Nike, China is an important market. As well as the other Asian | :07:11. | :07:18. | |
economies. How will it recover from this? China is hitting its numbers | :07:18. | :07:22. | |
significantly. I think it will recover. In terms of shoes, the | :07:22. | :07:26. | |
brand is doing well in China. It is considered aspirational and is | :07:26. | :07:33. | |
doing well. The process that it is going through, it needs to get us | :07:33. | :07:37. | |
to bid is to buy less. It needs to take a hit in terms of growth rate | :07:37. | :07:42. | |
and we need to see this excess stock be cleared out. I do think | :07:42. | :07:46. | |
that this is a one to two-year process. They won't see anything | :07:46. | :07:51. | |
for a few years in China. We will get the numbers later. We have some | :07:51. | :07:57. | |
other business stories: US budget talks remain deadlocked | :07:57. | :08:00. | |
with the House of Representatives expected to pass a plan by | :08:00. | :08:03. | |
Republican speaker John Boehner to raise taxes only on earnings over | :08:03. | :08:07. | |
$1 million and the White House warning it will veto it. President | :08:07. | :08:09. | |
Obama wants higher taxes for anyone earning over $400,000. Economists | :08:10. | :08:13. | |
have warned that a failure to agree on tax and spending for next year | :08:13. | :08:21. | |
could push the US into recession, the so-called fiscal cliff. | :08:21. | :08:26. | |
More pressure on UBS. It's being investigated in Hong Kong over | :08:26. | :08:29. | |
claims it tried to rig the local interbank interest rate, HIBOR. | :08:29. | :08:32. | |
Earlier on Wednesday, the Swiss bank agreed to pay $1.5 billion in | :08:32. | :08:36. | |
fines to regulators in the United States, UK and Switzerland for | :08:36. | :08:38. | |
manipulating London's interbank offered rate, Libor, which is used | :08:38. | :08:41. | |
to set interest rates for trillions of dollars of transactions around | :08:41. | :08:50. | |
the world. The cruise liner Carnival is | :08:50. | :08:55. | |
expected to report earnings do. They are expected to show a sharp | :08:55. | :08:58. | |
fall. Because of the accident at the beginning of 2012. A fall in | :08:58. | :09:05. | |
bookings as well as customer confidence has suffered. | :09:05. | :09:07. | |
The big story for the markets in Asia is the Bank of Japan's | :09:07. | :09:12. | |
stimulus. You can see in Japan there we are seeing a bit of a | :09:12. | :09:17. | |
sell-off. Not surprising at all. You buy on the rumour and sell on | :09:17. | :09:21. | |
the news. We have seen, since Monday, the Japanese market rising | :09:21. | :09:26. | |
and rising. It is still above 10,000. Let us look at how the yen | :09:26. | :09:31. | |
is trading. Following that announcement from the Bank of Japan. | :09:31. | :09:35. | |
It is still relatively weak versus the dollar. Of course, it has been | :09:35. | :09:41. | |
weaker than that in recent days. It is still helping boost exporters in | :09:41. | :09:51. |