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World News. Now for the latest financial news with World Business | :00:05. | :00:15. | |
:00:15. | :00:18. | ||
Welcome to the program, your chance to catch up with all the latest in | :00:18. | :00:22. | |
the world of business and money. Let's take a look at the headlines: | :00:22. | :00:26. | |
Women drivers across Europe face a jump in insurance premiums as EU | :00:26. | :00:35. | |
rules come into force outlawing gender discrimination. | :00:35. | :00:41. | |
Asian markets are down after the US Republican proposal to do with the | :00:41. | :00:46. | |
fiscal cliff failed to get support. Energy high on the agenda as | :00:46. | :00:49. | |
President Putin meets EU leaders amid concerns that Europe is far | :00:49. | :00:59. | |
:00:59. | :01:01. | ||
too dependent on Russian gas. From today, insurers are banned from | :01:01. | :01:04. | |
pricing their policies according to whether you are male or female as | :01:04. | :01:09. | |
new EU rules on gender discrimination come into force. | :01:10. | :01:14. | |
Young women drivers are among those particularly affected. They're | :01:14. | :01:24. | |
:01:24. | :01:26. | ||
the cost of car insurance. It is enough to put you off your | :01:26. | :01:31. | |
driving lesson. If the 17-ylesson. If the 17-y woman passes her Test next month, | :01:31. | :01:37. | |
she will be faced with a sudden extra cost. A big price rise for | :01:37. | :01:47. | |
:01:47. | :01:50. | ||
young women's driving insurance. pay because of males. At a traffic | :01:50. | :01:54. | |
light, and male is more likely to zoom off whereas a woman is more | :01:54. | :01:58. | |
like he did take her time. Because of the European Court ruling that | :01:58. | :02:03. | |
gender cannot be a factor in insurance, women's coverage is now | :02:03. | :02:07. | |
38% more ex 38% more ex will 38% more expensive. Some women will | :02:07. | :02:10. | |
pay 30% more for life insurance and men will suffer when they buy a | :02:10. | :02:12. | |
pension annuity. They could get as pension annuity. They could get as | :02:12. | :02:17. | |
much as 10% less in retirement income. Insurer says that the ban | :02:17. | :02:22. | |
on different prices for men and women is a backward step. By giving | :02:22. | :02:27. | |
women discounts, they could encourage them to drive well. The | :02:27. | :02:30. | |
more that insurance premiums can in centre five safe driving, the | :02:30. | :02:37. | |
women drivers have better accidents means that there is less of an | :02:37. | :02:42. | |
incentive to drive more safely. It is not much converted to jazzman | :02:42. | :02:47. | |
could -- that men could see a cut in the cost. For many young people, | :02:47. | :02:54. | |
car insurance is virtually impossible to fault afford. | :02:54. | :02:57. | |
Asian markets are under pressure after an apparent deepening of the | :02:57. | :03:01. | |
deadlock over America's budget next year, pushing the US ever closer to | :03:01. | :03:10. | |
the so-called fiscal cliff. Explain this to our viewers around | :03:10. | :03:15. | |
the world. This doesn't just a matter to the US. This could have | :03:15. | :03:24. | |
the global implications. America being the world's largest | :03:24. | :03:29. | |
impact impact here in Asia. Remembering | :03:29. | :03:35. | |
crisis, there were some experts that said that Asia is decoupled | :03:35. | :03:40. | |
and will be fine. We saw the economy slumped sharply as soon as | :03:40. | :03:45. | |
the US economy was affected. That is partly why the progress in the | :03:45. | :03:50. | |
US Congress is monitored closely here in Asia. This morning his | :03:50. | :03:53. | |
example. The markets initially opened high opened high as | :03:53. | :03:57. | |
soon as we heard the news that the Republican proposal to avoid the | :03:57. | :04:03. | |
crunch in the US fell -- failed to get support, we started to see the | :04:03. | :04:11. | |
monitoly monitored carefully. Many experts | :04:11. | :04:15. | |
say that hopefully the US lawmakers will eventually reach a deal. | :04:15. | :04:19. | |
That is when they get back from the Christmas holidays. Ten days and | :04:19. | :04:24. | |
counting. The clock is ticking. It was a broad sell-off. Everything | :04:24. | :04:30. | |
from oil to currencies. We did see oil prices as well as | :04:30. | :04:39. | |
heard that news from the Americans. In the currency market, we saw the | :04:39. | :04:44. | |
euro fall. One currency being quite firm is the Japanese yen which has | :04:44. | :04:52. | |
been weakening especially after the elected as the next leader of the | :04:52. | :05:01. | |
more moneta more moneta. Effectively, printing more money. We had been | :05:01. | :05:05. | |
seen in -- see the yen for that it is now rebounding as this morning. | :05:05. | :05:12. | |
We will talk you very soon. Now we should talk about an | :05:12. | :05:16. | |
important meeting. Russia's president Vladimir Putin meets with | :05:16. | :05:20. | |
the EU leadership on Friday in Brussels. The summit is expected to | :05:20. | :05:25. | |
on a number of business issues like trade barriers and visas. But the | :05:25. | :05:29. | |
big issue is energy. Europe is heavily dependent on Russian gas. | :05:29. | :05:32. | |
It wants to force Russia's energy pipelines | :05:32. | :05:36. | |
pipelines to other companies in a bid to reduce its dependence on the | :05:36. | :05:46. | |
:05:46. | :05:50. | ||
state controlled company. Russia is resisting. A Russian economist | :05:50. | :05:57. | |
joins us. Russia is resistant. No surprises. Can you explain how this | :05:57. | :06:05. | |
company, it produces and then ships fall of the gas and it has complete | :06:05. | :06:15. | |
:06:15. | :06:15. | ||
control over that. All the way to his partners, it has two pipelines. | :06:15. | :06:21. | |
It is in the process of building another. You may remember recently | :06:21. | :06:28. | |
that they have also started the construction of other things. | :06:28. | :06:33. | |
Vladimir Putin is in Brussels at trying to calm European leaders' | :06:33. | :06:43. | |
down -- beers down. It is natural. We have gas and you need gas. The | :06:43. | :06:50. | |
regulations that require that they should be a decoupling between the | :06:50. | :06:57. | |
transport and distribution and company that produces, the EU | :06:57. | :07:02. | |
things that they should not also produce -- transport. The same | :07:02. | :07:06. | |
company should not be involved in transportation, production and | :07:06. | :07:10. | |
distribution of gas. Is it fair to say that the relationship between | :07:10. | :07:19. | |
Russia and the EU has been soured pipelines but also trade disputes | :07:19. | :07:25. | |
on everything from cars to pigs. There have been a few problems but | :07:25. | :07:33. | |
the EU, despite these problems, backed the Russian admission to the | :07:33. | :07:39. | |
WTO. That gives a framework to resolve this problem. One of the | :07:39. | :07:47. | |
the EU pushing Russia to get on with it and try to comply with the | :07:47. | :07:53. | |
WTO membership rules. These are facilitation is another area or in | :07:53. | :07:59. | |
which Russia is frustrated. The EU only two days ago signed a deal | :07:59. | :08:06. | |
with Armenia and the Russians think, we should do the same thing. Do you | :08:06. | :08:10. | |
think we'll get any breakthrough. Some commentators are saying that | :08:10. | :08:13. | |
they are surprised about President Vladimir Putin is even bothering to | :08:13. | :08:21. | |
make the trip. This is a symbolic step up by Vladimir Vladimir | :08:21. | :08:24. | |
the third s the third slike to go there and come back with some | :08:25. | :08:30. | |
tangible results. A visa simplification regime would be one | :08:30. | :08:34. | |
thing. Also a breakthrough in gas issues. We will see that happens or | :08:34. | :08:43. | |
not. We will keep our eyes on that summer. They queue. | :08:43. | :08:46. | |
In other business news this Friday: Britain's biggest baiggest ba | :08:47. | :08:49. | |
the prospect of being broken up after a parliamentary commission | :08:49. | :08:52. | |
said UK government proposals for banking reform fall well short of | :08:52. | :08:55. | |
what is required. In its first report, the commission welcomes | :08:55. | :08:58. | |
plans to ring-fence savers' deposits from banks' risky trading | :08:58. | :09:03. | |
activities. But it argues that tougher sanctions need to be | :09:03. | :09:13. | |
available, saying the fence needs electrification. | :09:13. | :09:20. | |
She shares in the owner of Blackberry plunged in the US. The | :09:20. | :09:23. | |
company reported a smaller-than- expected loss of but admitted that | :09:23. | :09:27. | |
the subscriber base had shrunk for the first time in its history. | :09:27. | :09:32. | |
Blackberry had been struggling against the likes of the iPhone and | :09:32. | :09:39. | |
the End Road based phones. There is a lot of hopes pinned on the launch | :09:39. | :09:46. | |
-- Android-based phones. It is make-or-break for the company. | :09:46. | :09:50. |