Browse content similar to 19/04/2013. Check below for episodes and series from the same categories and more!
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It is time for World Business Currency wars on for the agenda as | :00:23. | :00:28. | |
a T20 finance ministers gather in Washington. Japan's Finance | :00:28. | :00:31. | |
Minister says they are not trying to weaken the yen. | :00:31. | :00:37. | |
Three years on from America's worst environmental disaster, we assess | :00:37. | :00:47. | |
:00:47. | :00:52. | ||
the long-term impact of the Welcome to World Business Report. | :00:52. | :00:56. | |
In a moment, we will have more in the aftermath of the BP spill three | :00:56. | :01:02. | |
years on. In Washington, the IMF and were old bank are holding their | :01:02. | :01:06. | |
annual spring meetings. Fineness ministers and central | :01:06. | :01:09. | |
bankers in the G20 group of nations have been meeting over dinner in | :01:09. | :01:14. | |
the last few hours. The issue of currency wars is high on their | :01:14. | :01:18. | |
agenda. The latest row has been over Japan and its 1.4 trillion | :01:18. | :01:22. | |
dollars stimulus programme. The vast quantities of money to kick- | :01:22. | :01:29. | |
start the economy. That is in the value of the yen, plunging. It is a | :01:29. | :01:34. | |
huge bonus to Japan's exporters who saw a job in sale in the as | :01:34. | :01:44. | |
particular. -- the US. The weakening yen was a bigger threat | :01:44. | :01:49. | |
to South Korea the North Korea. Earlier this week, some strong | :01:49. | :01:53. | |
words from the US Treasury Secretary. He said it was important | :01:53. | :02:03. | |
:02:03. | :02:05. | ||
the G20 nations avoid a downward Problems over exchange rates has | :02:05. | :02:13. | |
been a recurrent theme in the G20. At the bottom of it, it comes to my | :02:13. | :02:17. | |
interest rates and pumping money into the financial system. It | :02:17. | :02:22. | |
drives currency down. In the process, it gives others a | :02:22. | :02:31. | |
competitive disadvantage. The two - - G20 discussed this about | :02:31. | :02:36. | |
refraining devaluations. The policies are OK if they intended to | :02:36. | :02:40. | |
stimulate weak domestic economies. When they are not getting traction, | :02:40. | :02:46. | |
it raises concern about what is really going on. It is one attempt | :02:46. | :02:51. | |
to gain a competitive advantage through the currency. They have | :02:51. | :02:56. | |
been difficult episodes on this issue. It is no surprise it is | :02:56. | :03:06. | |
:03:06. | :03:07. | ||
being a difficult thing to bury We begin with Japan. It has been | :03:07. | :03:12. | |
singled out for special attention on this issue of currency wars. The | :03:12. | :03:15. | |
Finance Minister stated that its policies of printing faster amounts | :03:15. | :03:21. | |
of money is not weakening and but is combating deflation. But the | :03:21. | :03:26. | |
objective to that at the meeting. You need to disentangle the Rooster | :03:26. | :03:32. | |
concepts. They want to and deflation. How do they do that? | :03:32. | :03:38. | |
They need to import prices. But allows the currency to weaken. It | :03:38. | :03:43. | |
is implicit. That is the issue they are trying to grapple with. A | :03:43. | :03:50. | |
stronger Japan is good news for the global economy. But with me the | :03:50. | :03:55. | |
currency is not advantageous. -- weakening. It raises tensions with | :03:55. | :04:02. | |
the export rivals in the region. That wonderful or interesting quote | :04:02. | :04:05. | |
from the South Korean finance minister. The weakening yen is more | :04:05. | :04:11. | |
dangerous than North Korea. It is interesting. Japan has a number of | :04:11. | :04:15. | |
competitors in of these markets, were the automotive and electronics. | :04:15. | :04:23. | |
South Korea is the ritual one. -- regional. There are tensions been | :04:23. | :04:27. | |
raised because of this dramatic weakening of the yen since last | :04:27. | :04:31. | |
autumn. Those competitors are finding it difficult to be against | :04:31. | :04:39. | |
Japan. That is the balancing we are seeing. We would like to knock see | :04:39. | :04:44. | |
Japan singled out explicitly for that reason. The pressure is being | :04:44. | :04:48. | |
exerted on them to refrain from excessive weakening of the yen. | :04:48. | :04:55. | |
That is the issue. Eg 20 are prepared to go far. What do you | :04:55. | :05:01. | |
make of those comments about people warning about beggar thy neighbour | :05:01. | :05:05. | |
in terms of currency devaluation? He seems to be picking up China | :05:05. | :05:11. | |
with that. There has been tension between China and the US about the | :05:11. | :05:16. | |
devaluation of the Chinese currency. If you go back to the G20 meetings | :05:16. | :05:22. | |
in London in Ali 2009, one of the key ideas there was about global | :05:22. | :05:27. | |
trade and how that was diminishing. We need to see the global trade | :05:27. | :05:31. | |
expand. That is good news for everybody in terms of a global | :05:31. | :05:37. | |
economic recovery. Beggar my neighbour policies go against that. | :05:37. | :05:43. | |
It is more protectionist. It is turning out to be a lively meeting. | :05:43. | :05:51. | |
Yes, it is. Three years ago, this Saturday, | :05:51. | :05:55. | |
BP's Deepwater Horizon brick exploded in the Gulf of Mexico, | :05:55. | :05:59. | |
killing 11 workers and caused the worst environmental disaster in US | :05:59. | :06:06. | |
history. Millions of gallons of oil spilled into the sea, washing off | :06:06. | :06:11. | |
on to the coastlines of Alabama, Louisiana, Mississippi, Florida and | :06:11. | :06:17. | |
Texas. Three years on, the costs have been immense. Our | :06:17. | :06:26. | |
correspondent has more. Team grew up fishing the waters | :06:26. | :06:31. | |
around you weevil, Louisiana. After America's worst old disaster, there | :06:31. | :06:36. | |
Winifred to catch. BP hired him to help with the clean-up. He is | :06:36. | :06:40. | |
trying to get rid of the chemicals that he says poisoned his boat and | :06:40. | :06:49. | |
his body. These might be contaminated. I threw everything | :06:49. | :06:56. | |
away. Nothing left. I got rid of everything. In the last three years, | :06:56. | :06:59. | |
he's health deteriorated from briefing the fumes from the clean- | :06:59. | :07:09. | |
:07:09. | :07:13. | ||
up. It is all over. I have pictures. My shoulder. Even right here. Look. | :07:13. | :07:23. | |
:07:23. | :07:24. | ||
Then they told you that it is skin Where did it come from? On all the | :07:24. | :07:29. | |
coast, the impact of the Gulf oil spill continues to unfold. We | :07:29. | :07:34. | |
travel to a place on the Mississippi Delta. One of the | :07:34. | :07:39. | |
hardest-hit areas and where dolphins are still dying. They | :07:39. | :07:45. | |
ended up piling up on these marshy shorelines. It killed the marsh. | :07:45. | :07:50. | |
Although the environmental damage feared, research into the long-term | :07:50. | :07:55. | |
effects are being carried out. mortality of them, where things | :07:55. | :08:00. | |
like pelicans were just killed out, that is over. But there is still a | :08:00. | :08:06. | |
tremendous amount of oil and oil by proxy the system. We do not know | :08:06. | :08:11. | |
what those effects are. On the water, there are a few traces left | :08:11. | :08:16. | |
of where the oil covered the area. A lot of the damage three years on | :08:16. | :08:20. | |
from this bill is less visible, like the marshlands eroding more | :08:20. | :08:27. | |
rapidly because of the disaster. -- oil spill. BP has spent a fortune | :08:27. | :08:31. | |
on fuel could advertisements like this one, with some success. | :08:31. | :08:36. | |
Tourism in the region has bounced back, as have the seafood industry. | :08:36. | :08:41. | |
The hit to its own bottom line has been huge. It is an extraordinary | :08:41. | :08:48. | |
place. You spend more than could $5 billion on the response and clean | :08:48. | :08:53. | |
up assets as well as the claims paid this far. More than $14 | :08:53. | :08:59. | |
billion of that have been spent on the response and clean up. $9 | :08:59. | :09:05. | |
billion... Sorry, $11 billion of that have been spent on claims. | :09:05. | :09:10. | |
the oil industry, the cost may be high. So are the rewards. Drilling | :09:10. | :09:15. | |
is wrapping up in the Gulf of Mexico. For others who depend on | :09:15. | :09:19. |