:00:01. > :00:05.Those at the latest headlines from Those at the latest headlines from
:00:05. > :00:06.Those at the latest headlines from BBC World News. Time for the
:00:06. > :00:16.BBC World News. Time for the BBC World News. Time for the
:00:16. > :00:24.
:00:24. > :00:26.business news in World Business After reassuring words from the
:00:26. > :00:27.After reassuring words from the After reassuring words from the
:00:27. > :00:28.boss of America's central bank, boss of America's central bank,
:00:28. > :00:31.boss of America's central bank, boss of America's central bank,
:00:31. > :00:32.stimulus is set to continue in the stimulus is set to continue in the
:00:32. > :00:34.stimulus is set to continue in the US. A lawsuit claims the brewing
:00:34. > :00:35.US. A lawsuit claims the brewing giant Anheuser-Busch has been
:00:35. > :00:45.giant Anheuser-Busch has been giant Anheuser-Busch has been
:00:45. > :00:46.
:00:46. > :00:49.Welcome. Is his World Business Welcome. Is his World Business
:00:49. > :00:50.Welcome. Is his World Business Report. Also in the programme, we
:00:50. > :00:51.Report. Also in the programme, we Report. Also in the programme, we
:00:51. > :00:52.Report. Also in the programme, we Report. Also in the programme, we
:00:52. > :00:53.find out why it Hong Kong is seen a find out why it Hong Kong is seen a
:00:53. > :00:54.find out why it Hong Kong is seen a healthy economic growth at the
:00:54. > :00:56.healthy economic growth at the moment. Financial markets have
:00:56. > :00:57.moment. Financial markets have moment. Financial markets have
:00:57. > :00:59.recovered somewhat after the shock recovered somewhat after the shock
:00:59. > :01:02.recovered somewhat after the shock of Italy's election results. The
:01:02. > :01:03.of Italy's election results. The of Italy's election results. The
:01:03. > :01:04.Dow industrials closed almost 1% Dow industrials closed almost 1%
:01:04. > :01:07.higher. Investors switch their higher. Investors switch their
:01:07. > :01:09.higher. Investors switch their attention to comments from this man,
:01:09. > :01:10.attention to comments from this man, attention to comments from this man,
:01:10. > :01:12.Ben Bernanke. He defended the Ben Bernanke. He defended the
:01:12. > :01:15.Ben Bernanke. He defended the bank's efforts to boost the US
:01:15. > :01:16.bank's efforts to boost the US economy, which economist thinks
:01:16. > :01:26.economy, which economist thinks economy, which economist thinks
:01:26. > :01:27.those measures would not end any He is the face of American monetary
:01:27. > :01:28.He is the face of American monetary He is the face of American monetary
:01:28. > :01:30.He is the face of American monetary policy. When the chairman of the US
:01:30. > :01:31.policy. When the chairman of the US policy. When the chairman of the US
:01:31. > :01:32.central bank speaks, people listen. central bank speaks, people listen.
:01:32. > :01:34.central bank speaks, people listen. central bank speaks, people listen.
:01:34. > :01:35.By outlining how the US economy is By outlining how the US economy is
:01:35. > :01:37.benefiting from the stimulus benefiting from the stimulus
:01:37. > :01:38.benefiting from the stimulus programme, Ben Bernanke was making
:01:38. > :01:40.programme, Ben Bernanke was making programme, Ben Bernanke was making
:01:40. > :01:43.it clear, those policies were not it clear, those policies were not
:01:43. > :01:44.it clear, those policies were not it clear, those policies were not
:01:44. > :01:46.going so end any time soon. It has going so end any time soon. It has
:01:46. > :01:47.going so end any time soon. It has helped spark a recovery in the
:01:47. > :01:49.helped spark a recovery in the helped spark a recovery in the
:01:49. > :01:51.housing market. There has been an housing market. There has been an
:01:51. > :01:52.housing market. There has been an increased sale in automobiles.
:01:52. > :01:55.increased sale in automobiles. increased sale in automobiles.
:01:55. > :01:57.his strongest defence of the his strongest defence of the
:01:57. > :01:59.his strongest defence of the Federal Reserve came with a testy
:01:59. > :02:00.Federal Reserve came with a testy Federal Reserve came with a testy
:02:00. > :02:01.exchange with one senator. exchange with one senator.
:02:01. > :02:03.exchange with one senator. concern yourself at all with it
:02:03. > :02:04.concern yourself at all with it concern yourself at all with it
:02:04. > :02:05.being viewed as not as independent being viewed as not as independent
:02:05. > :02:06.being viewed as not as independent being viewed as not as independent
:02:06. > :02:09.as it used to be. And working so as it used to be. And working so
:02:09. > :02:11.as it used to be. And working so closely with many of these
:02:11. > :02:12.closely with many of these closely with many of these
:02:12. > :02:13.companies that you regulate. None companies that you regulate. None
:02:13. > :02:15.companies that you regulate. None companies that you regulate. None
:02:15. > :02:17.of the things you said it were of the things you said it were
:02:17. > :02:18.of the things you said it were accurate. Yes, they are.
:02:18. > :02:20.accurate. Yes, they are. accurate. Yes, they are.
:02:20. > :02:21.accurate. Yes, they are. testimony comes in the same week as
:02:21. > :02:23.testimony comes in the same week as testimony comes in the same week as
:02:23. > :02:25.all eyes attend the congress. $85 all eyes attend the congress. $85
:02:25. > :02:26.all eyes attend the congress. $85 billion in mandatory cuts will peak
:02:26. > :02:27.billion in mandatory cuts will peak billion in mandatory cuts will peak
:02:27. > :02:28.billion in mandatory cuts will peak billion in mandatory cuts will peak
:02:28. > :02:29.in at the end of the week and must in at the end of the week and must
:02:29. > :02:31.in at the end of the week and must leaders agree on a budget. Ben
:02:31. > :02:32.leaders agree on a budget. Ben leaders agree on a budget. Ben
:02:32. > :02:33.Bernanke took the opportunity to Bernanke took the opportunity to
:02:34. > :02:35.Bernanke took the opportunity to urge those lawmakers to a dub
:02:35. > :02:37.urge those lawmakers to a dub gradual reductions to government
:02:37. > :02:38.gradual reductions to government gradual reductions to government
:02:38. > :02:39.spending. The challenge for the spending. The challenge for the
:02:39. > :02:40.spending. The challenge for the Congress and the administration is
:02:40. > :02:41.Congress and the administration is Congress and the administration is
:02:41. > :02:42.Congress and the administration is to put the federal budget on a
:02:42. > :02:44.to put the federal budget on a sustainable path that promotes
:02:44. > :02:46.sustainable path that promotes economic growth and stability,
:02:46. > :02:49.economic growth and stability, without impeding the current
:02:49. > :02:51.without impeding the current without impeding the current
:02:51. > :02:52.recovery. Meaning, find some way to recovery. Meaning, find some way to
:02:53. > :02:55.recovery. Meaning, find some way to avoid the budget cuts of risk
:02:55. > :02:56.avoid the budget cuts of risk avoid the budget cuts of risk
:02:56. > :02:57.overall economic growth. There is overall economic growth. There is
:02:57. > :02:59.overall economic growth. There is overall economic growth. There is
:02:59. > :03:01.only so much defender can do to only so much defender can do to
:03:01. > :03:03.only so much defender can do to really address economic health. --
:03:04. > :03:06.really address economic health. -- really address economic health. --
:03:06. > :03:07.the Federal Reserve. Ben Bernanke the Federal Reserve. Ben Bernanke
:03:07. > :03:09.the Federal Reserve. Ben Bernanke recognises that. He mentioned that
:03:09. > :03:10.recognises that. He mentioned that recognises that. He mentioned that
:03:10. > :03:11.in his remarks. Our government in his remarks. Our government
:03:11. > :03:12.in his remarks. Our government in his remarks. Our government
:03:12. > :03:14.needs to do more in the fiscal needs to do more in the fiscal
:03:14. > :03:16.needs to do more in the fiscal policy a Rayner to pursue strong
:03:16. > :03:17.policy a Rayner to pursue strong economic health. Ben Bernanke
:03:17. > :03:18.economic health. Ben Bernanke economic health. Ben Bernanke
:03:18. > :03:20.vulnerable to repeat the same vulnerable to repeat the same
:03:20. > :03:21.vulnerable to repeat the same message when he appears before
:03:21. > :03:23.message when he appears before another congressional committee on
:03:23. > :03:24.another congressional committee on another congressional committee on
:03:24. > :03:26.Wednesday. Whether or not lawmakers Wednesday. Whether or not lawmakers
:03:26. > :03:29.Wednesday. Whether or not lawmakers hear his dire predictions and avoid
:03:29. > :03:30.hear his dire predictions and avoid hear his dire predictions and avoid
:03:30. > :03:32.a bridge Eurocrats, it will all a bridge Eurocrats, it will all
:03:32. > :03:38.a bridge Eurocrats, it will all come clear on Thursday night when
:03:38. > :03:40.come clear on Thursday night when the budgets kitchen.
:03:40. > :03:40.the budgets kitchen. the budgets kitchen.
:03:41. > :03:42.Anheuser-Busch are being accused of Anheuser-Busch are being accused of
:03:42. > :03:44.Anheuser-Busch are being accused of watering down beer to boost profits.
:03:45. > :03:46.watering down beer to boost profits. watering down beer to boost profits.
:03:46. > :03:47.A lawsuit filed in California say A lawsuit filed in California say
:03:47. > :03:48.A lawsuit filed in California say the company frosty represented the
:03:49. > :03:54.the company frosty represented the the company frosty represented the
:03:54. > :03:56.alcohol content of its beer. -- alcohol content of its beer. --
:03:56. > :03:57.falsely represented. The company falsely represented. The company
:03:57. > :03:59.falsely represented. The company says the claims are completely
:03:59. > :04:01.says the claims are completely says the claims are completely
:04:01. > :04:03.false. Nothing says Pierre in false. Nothing says Pierre in
:04:03. > :04:05.false. Nothing says Pierre in America quite like Budweiser. But
:04:05. > :04:06.America quite like Budweiser. But America quite like Budweiser. But
:04:06. > :04:07.the maker of the self proclaimed the maker of the self proclaimed
:04:07. > :04:09.the maker of the self proclaimed the maker of the self proclaimed
:04:09. > :04:10.King of beer is being sued by King of beer is being sued by
:04:10. > :04:11.King of beer is being sued by unhappy customers, who say their
:04:11. > :04:13.unhappy customers, who say their unhappy customers, who say their
:04:13. > :04:14.alcohol has been watered down. The alcohol has been watered down. The
:04:14. > :04:16.alcohol has been watered down. The claim has been filed in federal
:04:16. > :04:17.claim has been filed in federal claim has been filed in federal
:04:17. > :04:22.courts in several states, including courts in several states, including
:04:22. > :04:24.California and Pennsylvania. It California and Pennsylvania. It
:04:25. > :04:30.California and Pennsylvania. It alleges the company waters down its
:04:30. > :04:33.alleges the company waters down its alleges the company waters down its
:04:33. > :04:34.product to increase profits. It product to increase profits. It
:04:34. > :04:35.product to increase profits. It product to increase profits. It
:04:35. > :04:36.produces beer what to do that could produces beer what to do that could
:04:36. > :04:37.produces beer what to do that could lead no alcohol content and is
:04:37. > :04:38.lead no alcohol content and is lead no alcohol content and is
:04:38. > :04:40.represented on the label. represented on the label.
:04:40. > :04:43.represented on the label. evidence is coming from several
:04:43. > :04:44.evidence is coming from several former employees. They have
:04:44. > :04:46.former employees. They have former employees. They have
:04:46. > :04:48.informed us of the company's informed us of the company's
:04:48. > :04:50.internal corporate policies and internal corporate policies and
:04:50. > :04:52.procedures. And the sophisticated procedures. And the sophisticated
:04:52. > :04:54.procedures. And the sophisticated technology day used to water down
:04:54. > :04:57.technology day used to water down technology day used to water down
:04:57. > :04:59.the products. Fortunately for us, the products. Fortunately for us,
:04:59. > :05:01.Anheuser-Busch takes measurements Anheuser-Busch takes measurements
:05:01. > :05:02.Anheuser-Busch takes measurements several times a second. The best
:05:02. > :05:03.several times a second. The best several times a second. The best
:05:03. > :05:05.evidence is going to come from evidence is going to come from
:05:05. > :05:08.Anheuser-Busch, once we begin Anheuser-Busch, once we begin
:05:08. > :05:09.formal discovery shortly. formal discovery shortly.
:05:09. > :05:11.formal discovery shortly. lawsuit says the practice has been
:05:11. > :05:12.lawsuit says the practice has been lawsuit says the practice has been
:05:12. > :05:14.lawsuit says the practice has been going on for years. But became much
:05:14. > :05:16.going on for years. But became much going on for years. But became much
:05:16. > :05:17.more serious after the merger with more serious after the merger with
:05:17. > :05:18.more serious after the merger with another company in 2008. Become
:05:18. > :05:22.another company in 2008. Become another company in 2008. Become
:05:22. > :05:23.Tyne company is the world's biggest Tyne company is the world's biggest
:05:23. > :05:25.Tyne company is the world's biggest brewer, with 116,000 employees and
:05:26. > :05:27.brewer, with 116,000 employees and brewer, with 116,000 employees and
:05:27. > :05:27.annual sales of $39 billion. It annual sales of $39 billion. It
:05:28. > :05:31.annual sales of $39 billion. It released a statement saying the
:05:31. > :05:32.released a statement saying the claims against Anheuser-Busch are
:05:32. > :05:33.claims against Anheuser-Busch are claims against Anheuser-Busch are
:05:33. > :05:43.completely false and the lawsuits completely false and the lawsuits
:05:43. > :05:50.
:05:50. > :05:51.The class action only applies in The class action only applies in
:05:51. > :05:52.The class action only applies in the US, where the complainants are
:05:52. > :05:54.the US, where the complainants are the US, where the complainants are
:05:54. > :05:58.seeking tens of millions of dollars seeking tens of millions of dollars
:05:58. > :06:00.seeking tens of millions of dollars in compensation. If proven, a court
:06:00. > :06:01.in compensation. If proven, a court in compensation. If proven, a court
:06:01. > :06:05.order will stop Anheuser-Busch from order will stop Anheuser-Busch from
:06:05. > :06:06.watering down anymore beer. watering down anymore beer.
:06:06. > :06:07.watering down anymore beer. watering down anymore beer.
:06:07. > :06:09.It has been almost six weeks since It has been almost six weeks since
:06:09. > :06:13.It has been almost six weeks since horsemeat was first discovered in
:06:13. > :06:14.horsemeat was first discovered in horsemeat was first discovered in
:06:14. > :06:16.British food. Horsemeat has been British food. Horsemeat has been
:06:16. > :06:19.British food. Horsemeat has been found in three of Tesco's 300
:06:19. > :06:20.found in three of Tesco's 300 found in three of Tesco's 300
:06:20. > :06:21.products tested. They admit it is products tested. They admit it is
:06:21. > :06:22.products tested. They admit it is three too many. They kept fairly
:06:22. > :06:23.three too many. They kept fairly three too many. They kept fairly
:06:23. > :06:24.three too many. They kept fairly quiet in the past six weeks but
:06:24. > :06:25.quiet in the past six weeks but quiet in the past six weeks but
:06:25. > :06:26.quiet in the past six weeks but today, the boss of the company will
:06:27. > :06:27.today, the boss of the company will today, the boss of the company will
:06:27. > :06:29.today, the boss of the company will speak at a union conference to lay
:06:29. > :06:31.speak at a union conference to lay speak at a union conference to lay
:06:31. > :06:32.out Tesco's new plans to sourcing out Tesco's new plans to sourcing
:06:32. > :06:33.out Tesco's new plans to sourcing made because of his contamination.
:06:33. > :06:35.made because of his contamination. made because of his contamination.
:06:35. > :06:37.made because of his contamination. He explained his plans to the BBC.
:06:37. > :06:38.He explained his plans to the BBC. He explained his plans to the BBC.
:06:38. > :06:39.The testing regime is intended to The testing regime is intended to
:06:39. > :06:40.The testing regime is intended to The testing regime is intended to
:06:40. > :06:42.ensure back if it is not on the ensure back if it is not on the
:06:42. > :06:43.ensure back if it is not on the label, it is not in the paddock. If
:06:43. > :06:44.label, it is not in the paddock. If label, it is not in the paddock. If
:06:44. > :06:45.label, it is not in the paddock. If it is beef, it is beef and nothing
:06:45. > :06:46.it is beef, it is beef and nothing it is beef, it is beef and nothing
:06:46. > :06:48.else. It is the most comprehensive else. It is the most comprehensive
:06:48. > :06:50.else. It is the most comprehensive else. It is the most comprehensive
:06:50. > :06:51.testing regime I have ever same. It testing regime I have ever same. It
:06:51. > :06:52.testing regime I have ever same. It is happening right now. The second
:06:52. > :06:53.is happening right now. The second is happening right now. The second
:06:53. > :06:56.is happening right now. The second thing is, we will bring it meat
:06:56. > :06:57.thing is, we will bring it meat thing is, we will bring it meat
:06:57. > :06:59.thing is, we will bring it meat production closer to home. We do by
:06:59. > :07:00.production closer to home. We do by production closer to home. We do by
:07:00. > :07:03.some, especially are frozen product, some, especially are frozen product,
:07:03. > :07:06.some, especially are frozen product, outside of Europe. The third thing
:07:06. > :07:07.outside of Europe. The third thing outside of Europe. The third thing
:07:07. > :07:12.is, we will have more partnerships, is, we will have more partnerships,
:07:12. > :07:14.more collaborations with farmers. more collaborations with farmers.
:07:14. > :07:15.more collaborations with farmers. Other business areas - a credit
:07:15. > :07:17.Other business areas - a credit Other business areas - a credit
:07:17. > :07:18.ratings agency says the result of ratings agency says the result of
:07:18. > :07:20.ratings agency says the result of Italy's election is not affecting
:07:21. > :07:22.Italy's election is not affecting Italy's election is not affecting
:07:22. > :07:24.Italy's election is not affecting its rating of the nation's debt. It
:07:24. > :07:25.its rating of the nation's debt. It its rating of the nation's debt. It
:07:25. > :07:28.its rating of the nation's debt. It relates -- in rates is eligible be
:07:28. > :07:29.relates -- in rates is eligible be relates -- in rates is eligible be
:07:29. > :07:30.passed. The choice of the next passed. The choice of the next
:07:30. > :07:31.passed. The choice of the next passed. The choice of the next
:07:31. > :07:40.government will be a key factor in government will be a key factor in
:07:40. > :07:41.Tax receipts have been falling Tax receipts have been falling
:07:41. > :07:43.Tax receipts have been falling while spending on social benefits
:07:43. > :07:44.while spending on social benefits while spending on social benefits
:07:44. > :07:46.have been going up. The country's have been going up. The country's
:07:46. > :07:53.have been going up. The country's have been going up. The country's
:07:53. > :07:55.vital mining sector has been hit by mining troubles.
:07:55. > :07:56.mining troubles. mining troubles.
:07:56. > :07:57.Ryanair currently owns one-third of Ryanair currently owns one-third of
:07:57. > :07:58.Ryanair currently owns one-third of another airline company and had
:07:58. > :07:59.another airline company and had another airline company and had
:07:59. > :08:00.another airline company and had been tried to take full control for
:08:00. > :08:01.been tried to take full control for been tried to take full control for
:08:01. > :08:03.seven years. But it may continue seven years. But it may continue
:08:03. > :08:03.seven years. But it may continue its takeover attempts by appealing
:08:04. > :08:05.its takeover attempts by appealing its takeover attempts by appealing
:08:05. > :08:08.its takeover attempts by appealing to you at -- Europe's decision to
:08:08. > :08:09.halt it. halt it.
:08:09. > :08:11.halt it. One economist in Europe are
:08:11. > :08:12.One economist in Europe are One economist in Europe are
:08:12. > :08:14.struggling to grow. Asia, the struggling to grow. Asia, the
:08:14. > :08:15.struggling to grow. Asia, the situation is much more buoyant.
:08:15. > :08:17.situation is much more buoyant. situation is much more buoyant.
:08:17. > :08:21.Hong Kong's finance chief has been Hong Kong's finance chief has been
:08:21. > :08:22.Hong Kong's finance chief has been making his annual budget speech.
:08:22. > :08:25.making his annual budget speech. making his annual budget speech.
:08:25. > :08:27.making his annual budget speech. Tell us much more about Hong Kong.
:08:28. > :08:29.Tell us much more about Hong Kong. Tell us much more about Hong Kong.
:08:29. > :08:30.Things maybe more buoyant in Hong Things maybe more buoyant in Hong
:08:31. > :08:32.Things maybe more buoyant in Hong Kong, compared to Europe. But that
:08:32. > :08:32.Kong, compared to Europe. But that Kong, compared to Europe. But that
:08:32. > :08:34.Kong, compared to Europe. But that does not mean the government is not
:08:34. > :08:36.does not mean the government is not under enormous pressure. The
:08:36. > :08:37.under enormous pressure. The under enormous pressure. The
:08:37. > :08:38.economy is growing but there are economy is growing but there are
:08:38. > :08:40.economy is growing but there are increasing strains on the 7 million
:08:40. > :08:41.increasing strains on the 7 million increasing strains on the 7 million
:08:41. > :08:42.increasing strains on the 7 million people are called Hong Kong her not.
:08:42. > :08:44.people are called Hong Kong her not. The Financial Secretary has
:08:44. > :08:46.The Financial Secretary has The Financial Secretary has
:08:46. > :08:48.announced the economy expanded 1.4% announced the economy expanded 1.4%
:08:48. > :08:49.announced the economy expanded 1.4% announced the economy expanded 1.4%
:08:49. > :08:50.in 2012. That is the weakest since in 2012. That is the weakest since
:08:50. > :08:51.in 2012. That is the weakest since in 2012. That is the weakest since
:08:51. > :08:52.2009. It really picked up pace in 2009. It really picked up pace in
:08:52. > :08:53.2009. It really picked up pace in the last quarter. The government is
:08:53. > :08:55.the last quarter. The government is the last quarter. The government is
:08:55. > :08:56.forecasting before you growth to be forecasting before you growth to be
:08:57. > :08:58.forecasting before you growth to be forecasting before you growth to be
:08:58. > :09:00.1.5 -3 % for the current year. What 1.5 -3 % for the current year. What
:09:00. > :09:01.1.5 -3 % for the current year. What locals are really looking for is
:09:01. > :09:03.locals are really looking for is indications from the government
:09:03. > :09:03.indications from the government indications from the government
:09:03. > :09:04.that the government would deal that the government would deal
:09:04. > :09:05.that the government would deal that the government would deal
:09:05. > :09:07.between the rising ground up of the between the rising ground up of the
:09:07. > :09:10.between the rising ground up of the between the rising ground up of the
:09:10. > :09:11.rich and the poor. And no way is rich and the poor. And no way is
:09:11. > :09:13.rich and the poor. And no way is rich and the poor. And no way is
:09:13. > :09:14.that more obvious than de that -- that more obvious than de that --
:09:14. > :09:17.property prices. Locals were property prices. Locals were
:09:17. > :09:18.property prices. Locals were looking for relief. Today, but it
:09:18. > :09:21.looking for relief. Today, but it looking for relief. Today, but it
:09:21. > :09:24.measures the world boost growth. -- measures the world boost growth. --
:09:24. > :09:25.measures the world boost growth. -- measures the world boost growth. --
:09:25. > :09:26.they got measures. But there is a they got measures. But there is a
:09:26. > :09:28.they got measures. But there is a big question mark over whether it
:09:29. > :09:30.big question mark over whether it will close the gap.
:09:30. > :09:34.will close the gap. will close the gap.
:09:34. > :09:37.will close the gap. Now for a look at the markets. And
:09:37. > :09:39.Now for a look at the markets. And Now for a look at the markets. And
:09:39. > :09:42.the situation, as far as Ben the situation, as far as Ben
:09:42. > :09:47.the situation, as far as Ben Bernanke is concerned, is boosting
:09:47. > :09:48.Bernanke is concerned, is boosting belief around the globe.
:09:48. > :09:51.belief around the globe. belief around the globe.
:09:51. > :09:52.It has boosted trade, apart from It has boosted trade, apart from
:09:53. > :09:54.It has boosted trade, apart from Japan. Their currency continues to