27/12/2012 World Business Report

Hello and welcome to World Business of hope in the US housing market,

as a series of reports point towards rising sales and prices.

Kweku Adoboli agrees to appeal out over -- pay out over $1 billion. --

Toyota. And who should pay for airline

pollution? Not us, say the rest of the world as the EU tries to

It's been a tough few years for America's housing market. The

subprime crisis, which sparked the recession, led to a slump in prices,

record leve record leveossessions building sites grinding to a halt.

signs show signs of life? New home sales

figures are due out this Thursday and are expected to show continued

improvement as Ben Thompson reports America's builders are back at work.

In New Jersey, they are building 400 new apartments. Much like the

rest of the country, they have been waiting for signs that the market

is picking up. A developer says now Things

Things are getting better. Tenants are finding their jobs, in comes a

rising. We are continuing to grow. Slight optimism in a tenor and bass.

It has been a slow and steady betterg

better but slowly. Statistics tell a similar story. The number of new

houses sold across America is up 17% over the past year. The price

of them is rising as well, up 4% over the same period. One of the

most encouraging signs comes in the number of new housing permits

approved. Already up by 33%. That is partly thanks to record low

borrowing costs, in an attempt to boost the economy. America's

central bank has kept the interest rates low, making mortgages more

affordable for many Americans. The unemployment rate is falling as

well. People are feeling more confident about the economy and

have more money to spend. econof the

economy is economy is 0 basis points of the year. More

importantly, the most important access -- accept that most

Americans own are their homes. is why the housing market is so

vital for America's economic recovery. Every new house built

creates three new jobs. Each new revenues, free additional taxes and

fees. America's economy will be rebuilt in places like this. But

Washington were determined the strength of the foundations. Many

fear unless politicians can agree on a deal in tax rises and spending

cuts, before the looming deadline, The Japanese car maker, Toyota,

says it's reached a deal to compensate millions of US customers

affected by mass recalls. Mariko Oi is in the BBC's Singapore office

with more on the story. What we are seeing is Toyota trying

to draw a line under its biggest safety crisis in its history. What

happened? It was to do with it accelerators

and how floor mats got trapped underneath them. It is dangerous.

Toyota had to record more than 14 million cars since 2009. The

company has been facing three different kinds of lawsuits in the

US. The first one was with his investors who suffered a huge loss

It has been settled. Today's you have to do with customers who had

been complaining about economic losses. People who sold their cars

in 2009 and 2010 when their values were lower because of the scandal.

And for those who did not sell their cars, they will install a

free break override system. Another lawsuit taking place is to do with

wrongful deaths. Some customers said the technology caused

accidents which resulted in injuries and deaths. The company is

continuing to fight that loss to, especially after a US are

authorities confirmed that the technology was safe. It is

time when Toyota is trying to reclaim the number one spot in the

world. That is right. It is quite an impressive figure that we had

from the company on Wednesday. They are expecting to have sold more

then 9.5 million cars around the world. Up almost 22% from last year.

Even though his reputation was tarnished in 2009, it seems to be

doing quite well in terms of sales. Thank you. European Airlines will

spend the whole of next year on what they consider an uneven

playing field. While they have to pay the EU's levy against air

pollution, airlines from the rest of the world will get away scot-

free. The European Union wanted to make every airline in the world

using its airspace pay a charge for the carbon they emit. But the EU

has been forced to back down in the face of global opposition. It says

it will give the rest of the world until 2014 to come up with a world-

wide emissions scheme before trying to re-impose its own. Jeremy Howell

reports. Airlines in Mitzi % of all the

carbon in the skies but the East says is an industry it can bring to

heel. -- Airlines in its 2%. It wants to charge carriers for the

carbon date Emmett throughout the whole course of those flights,

including and that put out over the airspace of other nations. Members

of the US Congress were incensed at the idea of the EU imposing a tax

on its airlines over its territory. They passed a law forbidding them

from complying with the scheme. The EU has relented. For the time being,

only flights starting and ending with the in the EU have to pay them.

Almost all of these are operated by a glance based in Europe and they

feel put upon. If I'd their cost that another career as, I am at a

disadvantage. -- another career has not. It is not good. The EU heads

by autumn next year, the United Nations air Llanboidy will produce

a carbon credits scheme covering the whole world. -- airline body.

It is not a climate change issue. It is the fact the US aviation

industry is not as competitive as it should be. They have less fuel-

efficient aircraft. There aviation lobby group has been very effective

in Congress. It is an aid odd question of protecting it. Barack

Obama needs to move beyond that. Airlines must buy carbon credits

only for European flights which make up one-third of the total

distance they fly. If the scheme were to be extended worldwide,

there would have to buy credits for all of their flats, meaning a bill

three times as high. The US Treasury is to begin taking

extraordinary measures to delay reaching a 31st December borrowing

limit. Treasury Secretary Timothy Geithner said it would take

accounting measures to save about the $16.4 trillion borrowing limit.

The move comes as the so-called fiscal cliff looms. This is a round

of tax increases and huge spending cuts due to cuts due to

January but over which the Democrats and Republicans are

stalled. Samsung Electronics has sought a

ban on the import and sales of some Ericsson products in the US which

it claims infringe its patents. In a complaint filed with the US

International Trade Commission, Samsung has accused Ericsson of

breaching seven of its patents. The move counters Ericsson's complaint

to the ITC, made in November, seeking a sales ban on some Samsung

Here are the Asian markets. The main market in Tokyo raising to its

highest point this year. It has increased by 22% in the year as a

This is where the European markets will be starting their trading day.

We have had a couple of days off for Christmas. Trading volumes have