10/01/2013

Download Subtitles

Transcript

:00:16. > :00:20.Welcome back. The main stories: Venezuela's opposition has reacted

:00:20. > :00:25.angrily to a Supreme Court ruling that Hugo Chavez can postpone his

:00:26. > :00:29.inauguration. He is due to be sworn in for a new term of office on

:00:29. > :00:32.Thursday but is still recovering from cancer surgery in Cuba. Fire

:00:32. > :00:35.crews in Australia are trying to bring hundreds of bushfires under

:00:35. > :00:38.control before more hot weather sets in. Dozens of blazes are still

:00:38. > :00:43.burning in the south-east of the country, destroying buildings and

:00:43. > :00:47.killing livestock. The next hearing in the trial of

:00:47. > :00:50.five men charged with the murder and gang rape of a student in Delhi

:00:50. > :00:56.is set to be held behind closed doors later. A magistrate is

:00:56. > :00:59.expected to transfer the case for trial to a special fast-track court.

:00:59. > :01:03.S retired British businessman who admitted arms dealing has been

:01:03. > :01:07.jailed for two years and nine months by a court in the United

:01:07. > :01:11.States. -- a retired. Christopher Tappin had previously denied trying

:01:11. > :01:13.to sell missile batteries to Iran. Those are the latest headlines from

:01:13. > :01:23.BBC News. Now for the latest financial news

:01:23. > :01:27.in World Business Report. Hello and welcome to World Business

:01:27. > :01:36.Report. China roars back to life as exports surge a shock 14% in

:01:36. > :01:42.December. The growth was three times what anyone was expecting.

:01:42. > :01:46.In Asia, mark-ups are higher following economic data from China.

:01:46. > :01:56.Plus, no slowdown for the high rollers. 2012 was the best year

:01:56. > :01:57.

:01:57. > :02:00.ever for ultra-luxury car maker Rolls Royce.

:02:00. > :02:05.The slowdown in China may have come to an end. Against all expectations,

:02:05. > :02:12.China's exports surged 14.1% in December from a year ago. Most

:02:12. > :02:15.economists had been banking on a modest 5% increase. Even if this

:02:15. > :02:21.jump in activity is down to seasonal factors, it does suggest

:02:21. > :02:25.more to the rest of the world but the rest of the world is able and

:02:25. > :02:31.willing to buy from China. Mariko Oi is in the BBC's Singapore

:02:31. > :02:37.office. Give us the details on these

:02:37. > :02:42.figures. Very good news. Exports rising more than 14%. But also,

:02:42. > :02:46.imports are rising sick this -- 6%, indicating consumers in China have

:02:46. > :02:50.been spending a lot of money, which is what the Chinese government have

:02:50. > :02:56.been trying to do by relying less on exports for growth by boosting

:02:56. > :03:04.domestic demand. Definitely good news. This is just a further sign

:03:04. > :03:08.of the China's economy picking up. They were growing at double digits

:03:08. > :03:13.for many years and slowed to about a%. They have been many strong

:03:13. > :03:18.economic figures which has been very welcomed by Asian economies. -

:03:18. > :03:21.- 8%. Asian markets are reacting positively. We are expecting the

:03:21. > :03:25.latest inflation figures tomorrow, which should show that prices

:03:25. > :03:30.remain under control. We will get the growth figures next week.

:03:30. > :03:33.Thank you. So if China is exporting, there

:03:33. > :03:36.seems little sign that Europe is its customer. Indeed, as the

:03:36. > :03:40.European Central Bank holds its monthly policy meeting today, there

:03:40. > :03:43.are growing calls for a cut in borrowing costs to try to eke out

:03:43. > :03:47.some sort of growth from the economy. The eurozone's interest

:03:47. > :03:50.rates are already at a record low of 0.75%. But the jobless rate hit

:03:50. > :03:52.a new record high in November and on Wednesday three European

:03:52. > :03:55.different think-tanks put out preliminary reports say the

:03:55. > :04:01.currency zone contracted still further towards the end of last

:04:01. > :04:11.year. Carsten Brzeski is Senior Economist at ING and is in our

:04:11. > :04:17.Brussels bureau. Is there any sign that what is coming out of China

:04:17. > :04:21.may be bought by the European's? am not sure but even if China is

:04:21. > :04:25.growing, the Europeans will exports to China and this will be a great

:04:25. > :04:30.sign for the ECB and the eurozone, that the recession could hopefully

:04:30. > :04:35.come to an end. What about the European Central Bank? Is it able

:04:36. > :04:41.to do anything to promote growth? Interest rates are already very low

:04:41. > :04:51.and they would still have some emulation leapt to cut interest

:04:51. > :04:53.

:04:53. > :04:57.rates from 0.7 Panthers -- 50 a nothing. In the coming months, do

:04:57. > :05:02.you believe that in the second half of this year, as many economists

:05:02. > :05:08.and people from the ECB have said, we may get some kind of recovery in

:05:08. > :05:13.the eurozone? We do see some kind of recovery. We have to watch out

:05:13. > :05:18.that a recovery could be week. We are now in a phase of stabilisation

:05:18. > :05:23.and will move towards a very tender and fragile economy in the second

:05:23. > :05:27.half of this year. This will be enough to keep the ECB on hold but

:05:27. > :05:31.it will not be enough to substantially reduce unemployment

:05:31. > :05:36.in southern countries of the eurozone. Do you think the policy

:05:36. > :05:40.of austerity could becoming the -- coming to an end? Some politicians

:05:40. > :05:45.have said austerity has done all it will do and we have to have more

:05:45. > :05:50.policies for growth. Growth or the non-existence of gross will be the

:05:50. > :05:54.big theme of 2013. -- growth. I don't think austerity measures will

:05:54. > :06:00.come to an end but in the coming months we will see more initiatives

:06:00. > :06:04.to try to reduced growth in the eurozone. Thank you.

:06:04. > :06:07.We may be battling through a global economic slowdown but that has not

:06:07. > :06:11.dampened demand for one of the world's most expensive cars. Rolls

:06:11. > :06:16.Royce Motor Cars says it's had the best year in its 108 year history,

:06:16. > :06:20.selling more than 3,500 vehicles in 2012. It is now owned by BMW and

:06:20. > :06:27.saw sales jump 26% in the Middle East, with record sales in Saudi

:06:27. > :06:31.Arabia. Perhaps more surprising was a 21% rise in sales in crisis-hit

:06:31. > :06:36.mainland Europe. The entry level Ghost model sells from around

:06:36. > :06:40.$250,000, with the larger Phantom starting at around $450,000.

:06:40. > :06:47.Torsten Muller-Otvos is Chief Executive of Rolls Royce Motor Cars.

:06:47. > :06:51.How do people afford this? everything is doom and gloom in

:06:51. > :06:55.today's times. Many customers are very successful entrepreneurs.

:06:55. > :06:59.After running through a successful business here, you are also

:07:00. > :07:04.prepared to reward yourself and that is basically a big part of our

:07:04. > :07:10.success. I am interested in this because you are not really in the

:07:10. > :07:14.car business. He used to be. You launched the Mini. But he became a

:07:15. > :07:19.luxury goods man. Tell me about that. What is the change in

:07:19. > :07:23.attitude? It's a luxury goods business. Rolls-Royce is the best

:07:24. > :07:28.known luxury brand in the world, probably. The biggest difference in

:07:28. > :07:31.that business is you are dealing on a daily basis with highly

:07:31. > :07:36.interesting individuals. Very interesting people. It is

:07:36. > :07:40.completely different to what you normally see in the mass market.

:07:40. > :07:45.You are dealing with and convincing individuals on a daily basis,

:07:45. > :07:50.attracting them to our products and brand of what we always see it is

:07:50. > :07:59.high demand in terms of requirement. How the market things like that? Do

:07:59. > :08:09.you have to do anything, apart from shake a few -- shake a few hands?

:08:09. > :08:10.

:08:10. > :08:15.We are benefiting from selling to other companies and countries but

:08:15. > :08:19.we have special events and money can't buy events. One of our

:08:19. > :08:26.customers had an event. We have also invited a couple of our

:08:27. > :08:32.customers to them. Most of your cars are not customise? Every car

:08:32. > :08:42.is customised. Recall that bespoke and you can bespoke your car, up

:08:42. > :08:42.

:08:43. > :08:48.until your own fingerprints. You tell us what you want ed we feel

:08:48. > :08:57.that. -- and we build it. We can give an impression in one car where

:08:57. > :09:03.you are sitting under heaven. Like spilled into the headliner.

:09:03. > :09:08.delights built. Is keeping bill costs under control difficult with

:09:08. > :09:13.such bespoke cars? When you can do anything, you tend to do this for

:09:13. > :09:20.this, it is easy to not get your costs and prices in mind. How have

:09:20. > :09:25.you managed to keep your margins... Obviously you have. We are a very

:09:26. > :09:31.lean company. We employ around 1,200 people worldwide. We do that

:09:31. > :09:37.because you need to be prepared, as you say, for cost increases. Rest

:09:37. > :09:42.assured, we are delivering a nice chunk of money back to BMW. But it

:09:42. > :09:48.has not always been like that. Back in the 80s and 90s. What went wrong

:09:48. > :09:57.and how did it managed to change? Rolls-Royce stands for the people

:09:57. > :10:03.in vehicles. You need to invest in quality. That is the main important

:10:03. > :10:08.thing. If you go for a car that costs beyond �250,000, you can

:10:08. > :10:12.expect the best and this is something you need to deliver.

:10:12. > :10:18.Probably Rolls-Royce failed at that time. What will the Rolls-Royce of

:10:18. > :10:23.tomorrow look like? It is a very individual car. A car that you will

:10:23. > :10:29.not find it on every single street corner. What about the one of

:10:29. > :10:33.tomorrow? Very comparable to today's car. Very much about the

:10:33. > :10:37.most rewarding automotive experience on her. We will have to

:10:37. > :10:41.leave it there. Thank you. In other business news this

:10:41. > :10:45.Thursday. President Obama is expected to nominate his White

:10:45. > :10:48.House Chief of Staff, Jack Lew, to be the next US Treasury Secretary,

:10:48. > :10:51.replacing Timothy Geithner. Mr Lew has served as budget director for

:10:51. > :10:54.both Obama and former President Bill Clinton. If approved by the

:10:54. > :10:57.Senate, he will face tough fiscal battles with Republican-controlled

:10:57. > :10:59.Congress. Topping the agenda, negotiating an increase in

:10:59. > :11:09.America's 15 trillion dollar borrowing limit which it will reach

:11:09. > :11:19.

:11:19. > :11:22.in a matter of weeks. That's all Taking a look at news from the UK.

:11:22. > :11:26.An independent review of Academy Schools in England suggest some

:11:27. > :11:31.have unfair admission policies. The commission set up by the Royal

:11:31. > :11:35.Society of Arts said that schools which favour a more privileged

:11:35. > :11:38.pupils could be fuelling social segregation. It recommended

:11:38. > :11:45.Academy's focus on improving teaching, rather than restricting

:11:45. > :11:50.disadvantaged pupils that they -- pupils.

:11:50. > :11:56.They have extra powers over curriculum. Finances and they today

:11:56. > :12:00.mac management. At the school, the formula seems to have worked. --

:12:00. > :12:05.date to day management. Today's reports have proved successful. But

:12:05. > :12:08.the picture is mixed. Some have failed to improve standards and

:12:08. > :12:12.parents complain that some academies are not been fair on

:12:12. > :12:16.admissions. When they were set up by the last Labour government, they

:12:16. > :12:20.were mostly in deprived neighbourhoods. Now, the Coalition

:12:20. > :12:25.has widened the approach to different schools in all of England.

:12:25. > :12:28.As the number of academies keeps on rising, the commission says extra

:12:28. > :12:32.safeguards for parents are essential. Among the

:12:32. > :12:37.recommendations, more training for Academy governors. High-achieving

:12:37. > :12:41.academies to co-operate more with other local schools. And a stronger

:12:41. > :12:45.bride of a -- right of appeal if students are refused admission.

:12:45. > :12:50.Parents were concerned about admission arrangements. We felt

:12:50. > :12:55.more could be done to give more independent recourse to parents in

:12:55. > :12:58.terms of applying for places. We felt they needed to be more of a

:12:58. > :13:02.level playing field between different sorts of schools, so that

:13:03. > :13:07.one school was not advantage over another. A government ministers say

:13:07. > :13:10.they are bound by a code on their admissions. They insist most

:13:10. > :13:20.provide a first-class education but say underperform the academies will

:13:20. > :13:30.

:13:30. > :13:33.be tackled. This is BBC News. The headlines:

:13:33. > :13:37.Venezuela's opposition has reacted angrily to a Supreme Court ruling

:13:37. > :13:42.that Hugo Chavez can postpone his inauguration. He was due to be

:13:42. > :13:44.sworn in on Thursday but is still recovering from cancer surgery in

:13:44. > :13:48.Cuba. Fire crews in Australia are trying

:13:48. > :13:51.to bring hundreds of bush fires under control before more hot

:13:51. > :13:55.weather sets in. Dozens of fires are still burning in the south-east

:13:55. > :13:59.of the country, destroying buildings and killing livestock.

:13:59. > :14:03.The next hearing in the trial of five men charged with the murder

:14:03. > :14:08.and gang rape of a student in Delhi is said to be taking place behind

:14:08. > :14:13.closed doors. The magistrates is said to transfer the trial to a

:14:13. > :14:17.fast track court. The East proceedings will be

:14:17. > :14:22.conducted behind closed doors. Early in the week, the media was

:14:22. > :14:26.allowed in. -- these proceedings. But after chaotic scenes, a

:14:26. > :14:31.decision was taken by the magistrate that these hearings and

:14:31. > :14:35.the trial itself when it happens will be held behind closed doors.

:14:35. > :14:40.A retired British businessman who admitted to arms dealing has been

:14:40. > :14:42.jailed for two years and nine months by a court in the West.

:14:42. > :14:51.Christopher Tappin had previously denied trying to sell missile

:14:51. > :14:55.Now it is time for our newspaper review where Jamie and I look at