:00:18. > :00:28.Hello and welcome to World Business of hope in the US housing market,
:00:28. > :00:35.as a series of reports point towards rising sales and prices.
:00:35. > :00:40.Kweku Adoboli agrees to appeal out over -- pay out over $1 billion. --
:00:40. > :00:43.Toyota. And who should pay for airline
:00:43. > :00:52.pollution? Not us, say the rest of the world as the EU tries to
:00:52. > :00:56.It's been a tough few years for America's housing market. The
:00:56. > :01:00.subprime crisis, which sparked the recession, led to a slump in prices,
:01:00. > :01:05.record leve record leveossessions building sites grinding to a halt.
:01:05. > :01:08.signs show signs of life? New home sales
:01:08. > :01:18.figures are due out this Thursday and are expected to show continued
:01:18. > :01:21.
:01:21. > :01:29.improvement as Ben Thompson reports America's builders are back at work.
:01:29. > :01:33.In New Jersey, they are building 400 new apartments. Much like the
:01:33. > :01:38.rest of the country, they have been waiting for signs that the market
:01:39. > :01:45.is picking up. A developer says now Things
:01:45. > :01:53.Things are getting better. Tenants are finding their jobs, in comes a
:01:53. > :02:00.rising. We are continuing to grow. Slight optimism in a tenor and bass.
:02:00. > :02:07.It has been a slow and steady betterg
:02:07. > :02:12.better but slowly. Statistics tell a similar story. The number of new
:02:12. > :02:18.houses sold across America is up 17% over the past year. The price
:02:18. > :02:22.of them is rising as well, up 4% over the same period. One of the
:02:22. > :02:32.most encouraging signs comes in the number of new housing permits
:02:32. > :02:38.approved. Already up by 33%. That is partly thanks to record low
:02:38. > :02:42.borrowing costs, in an attempt to boost the economy. America's
:02:42. > :02:47.central bank has kept the interest rates low, making mortgages more
:02:47. > :02:51.affordable for many Americans. The unemployment rate is falling as
:02:51. > :02:58.well. People are feeling more confident about the economy and
:02:58. > :03:05.have more money to spend. econof the
:03:05. > :03:10.economy is economy is 0 basis points of the year. More
:03:10. > :03:20.importantly, the most important access -- accept that most
:03:20. > :03:21.
:03:21. > :03:26.Americans own are their homes. is why the housing market is so
:03:26. > :03:35.vital for America's economic recovery. Every new house built
:03:36. > :03:45.creates three new jobs. Each new revenues, free additional taxes and
:03:45. > :03:49.fees. America's economy will be rebuilt in places like this. But
:03:49. > :03:54.Washington were determined the strength of the foundations. Many
:03:54. > :04:02.fear unless politicians can agree on a deal in tax rises and spending
:04:03. > :04:06.cuts, before the looming deadline, The Japanese car maker, Toyota,
:04:06. > :04:11.says it's reached a deal to compensate millions of US customers
:04:11. > :04:19.affected by mass recalls. Mariko Oi is in the BBC's Singapore office
:04:19. > :04:24.with more on the story. What we are seeing is Toyota trying
:04:24. > :04:32.to draw a line under its biggest safety crisis in its history. What
:04:32. > :04:37.happened? It was to do with it accelerators
:04:37. > :04:43.and how floor mats got trapped underneath them. It is dangerous.
:04:43. > :04:47.Toyota had to record more than 14 million cars since 2009. The
:04:47. > :04:50.company has been facing three different kinds of lawsuits in the
:04:50. > :04:59.US. The first one was with his investors who suffered a huge loss
:04:59. > :05:04.It has been settled. Today's you have to do with customers who had
:05:04. > :05:08.been complaining about economic losses. People who sold their cars
:05:09. > :05:13.in 2009 and 2010 when their values were lower because of the scandal.
:05:13. > :05:19.And for those who did not sell their cars, they will install a
:05:19. > :05:22.free break override system. Another lawsuit taking place is to do with
:05:22. > :05:27.wrongful deaths. Some customers said the technology caused
:05:27. > :05:31.accidents which resulted in injuries and deaths. The company is
:05:31. > :05:35.continuing to fight that loss to, especially after a US are
:05:35. > :05:40.authorities confirmed that the technology was safe. It is
:05:40. > :05:47.time when Toyota is trying to reclaim the number one spot in the
:05:47. > :05:53.world. That is right. It is quite an impressive figure that we had
:05:53. > :05:59.from the company on Wednesday. They are expecting to have sold more
:05:59. > :06:04.then 9.5 million cars around the world. Up almost 22% from last year.
:06:04. > :06:09.Even though his reputation was tarnished in 2009, it seems to be
:06:09. > :06:12.doing quite well in terms of sales. Thank you. European Airlines will
:06:12. > :06:17.spend the whole of next year on what they consider an uneven
:06:17. > :06:20.playing field. While they have to pay the EU's levy against air
:06:20. > :06:24.pollution, airlines from the rest of the world will get away scot-
:06:24. > :06:29.free. The European Union wanted to make every airline in the world
:06:29. > :06:32.using its airspace pay a charge for the carbon they emit. But the EU
:06:32. > :06:37.has been forced to back down in the face of global opposition. It says
:06:37. > :06:40.it will give the rest of the world until 2014 to come up with a world-
:06:40. > :06:50.wide emissions scheme before trying to re-impose its own. Jeremy Howell
:06:50. > :06:50.
:06:50. > :06:55.reports. Airlines in Mitzi % of all the
:06:55. > :07:04.carbon in the skies but the East says is an industry it can bring to
:07:04. > :07:07.heel. -- Airlines in its 2%. It wants to charge carriers for the
:07:07. > :07:12.carbon date Emmett throughout the whole course of those flights,
:07:12. > :07:17.including and that put out over the airspace of other nations. Members
:07:17. > :07:22.of the US Congress were incensed at the idea of the EU imposing a tax
:07:22. > :07:31.on its airlines over its territory. They passed a law forbidding them
:07:31. > :07:36.from complying with the scheme. The EU has relented. For the time being,
:07:36. > :07:40.only flights starting and ending with the in the EU have to pay them.
:07:40. > :07:48.Almost all of these are operated by a glance based in Europe and they
:07:48. > :07:58.feel put upon. If I'd their cost that another career as, I am at a
:07:58. > :08:01.
:08:01. > :08:06.disadvantage. -- another career has not. It is not good. The EU heads
:08:06. > :08:14.by autumn next year, the United Nations air Llanboidy will produce
:08:14. > :08:21.a carbon credits scheme covering the whole world. -- airline body.
:08:21. > :08:25.It is not a climate change issue. It is the fact the US aviation
:08:25. > :08:33.industry is not as competitive as it should be. They have less fuel-
:08:33. > :08:39.efficient aircraft. There aviation lobby group has been very effective
:08:39. > :08:48.in Congress. It is an aid odd question of protecting it. Barack
:08:48. > :08:52.Obama needs to move beyond that. Airlines must buy carbon credits
:08:52. > :08:56.only for European flights which make up one-third of the total
:08:56. > :09:00.distance they fly. If the scheme were to be extended worldwide,
:09:00. > :09:05.there would have to buy credits for all of their flats, meaning a bill
:09:05. > :09:08.three times as high. The US Treasury is to begin taking
:09:08. > :09:12.extraordinary measures to delay reaching a 31st December borrowing
:09:12. > :09:20.limit. Treasury Secretary Timothy Geithner said it would take
:09:20. > :09:25.accounting measures to save about the $16.4 trillion borrowing limit.
:09:25. > :09:28.The move comes as the so-called fiscal cliff looms. This is a round
:09:29. > :09:31.of tax increases and huge spending cuts due to cuts due to
:09:31. > :09:36.January but over which the Democrats and Republicans are
:09:36. > :09:40.stalled. Samsung Electronics has sought a
:09:40. > :09:45.ban on the import and sales of some Ericsson products in the US which
:09:45. > :09:47.it claims infringe its patents. In a complaint filed with the US
:09:47. > :09:52.International Trade Commission, Samsung has accused Ericsson of
:09:53. > :09:56.breaching seven of its patents. The move counters Ericsson's complaint
:09:56. > :10:06.to the ITC, made in November, seeking a sales ban on some Samsung
:10:06. > :10:16.
:10:16. > :10:24.Here are the Asian markets. The main market in Tokyo raising to its
:10:24. > :10:34.highest point this year. It has increased by 22% in the year as a
:10:34. > :10:37.
:10:37. > :10:42.This is where the European markets will be starting their trading day.
:10:42. > :10:47.We have had a couple of days off for Christmas. Trading volumes have