Browse content similar to 29/04/2013. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
acted out of anger at politicians. Those are the latest headlines. For | :00:04. | :00:14. | |
:00:14. | :00:23. | ||
this latest financial news, here is No longer a job for life - a | :00:23. | :00:27. | |
radical overhaul of the Civil Service in Greece is made law so | :00:27. | :00:31. | |
that 15,000 jobs can be cut. The baby to cost of austerity - at | :00:32. | :00:35. | |
the swearing-in of it easily's new Prime Minister is Mas de -- marred | :00:35. | :00:42. | |
by the shooting of two police officers by an unemployed man. | :00:42. | :00:46. | |
Welcome to World Business Report. Also in the programme - Carson | :00:46. | :00:49. | |
Yeung, the owner of Birmingham City Football Club - pleads not guilty | :00:49. | :00:55. | |
to money laundering charges. We'll have the latest. | :00:55. | :00:59. | |
The tough times continue in Europe. So late last night, Greek law | :01:00. | :01:04. | |
makers agreed to cut thousands of jobs in the civil service to Secure | :01:04. | :01:08. | |
another 8.8 billion euros in bailout funds. The vote clears the | :01:08. | :01:12. | |
way for 15,000 government workers to be fired by the end of 2014. | :01:12. | :01:16. | |
Approval means that Greece will receive a new range of rescue loans | :01:16. | :01:22. | |
from its creditors, the EU and the IMF. The lay-offs will come at a | :01:22. | :01:29. | |
time when unemployment has skyrocketed -- started -- reached | :01:29. | :01:35. | |
27% and the same legislation has also extended and are unpopular | :01:35. | :01:39. | |
property tax. This is an important moment for | :01:39. | :01:42. | |
Greece -- Greek democracy because it is the first time that that | :01:42. | :01:47. | |
sacred cow, the jobs for life for civil servants, has been challenged. | :01:47. | :01:50. | |
Never before have they been lay- offs from the public sector but now | :01:50. | :01:57. | |
there will be.. 15,000 to go from next year. Principally it will | :01:57. | :02:04. | |
breakers. -- it will be rule breakers. There will be replaced by | :02:04. | :02:08. | |
a younger workforce on a lower salary. This is not away to reduce | :02:08. | :02:13. | |
the bloated public sector but to upgrade it. There is also a | :02:13. | :02:18. | |
parallel process in which the public sector will be reduced by | :02:18. | :02:25. | |
150,000 jobs mostly by replacing one out of every five retirements. | :02:25. | :02:28. | |
This is something that has gone down relatively badly among many. | :02:28. | :02:32. | |
There was a process outside Parliament earlier in the evening | :02:32. | :02:36. | |
as parliament debated the ball. There was a small protest compared | :02:36. | :02:39. | |
to previous ones but people there who feared that they would be | :02:39. | :02:42. | |
earmarked for dismissal by the government was under a three-line | :02:42. | :02:47. | |
whip by international lenders who said that the Civil Service reform | :02:47. | :02:50. | |
would have to be passed in order for Greece to get almost 9 billion | :02:50. | :02:56. | |
euros. Critics say that this is long overdue. That the public | :02:56. | :03:00. | |
sector of the country has been notoriously bloated for a long time | :03:00. | :03:06. | |
under a client list state that emerged in the 1970s and 80s. That | :03:07. | :03:10. | |
is tackling the civil service jobs for life and reforming the public | :03:10. | :03:16. | |
sector is a long overdue. He will update us as to day | :03:16. | :03:21. | |
progresses with reaction. The fall- out, really, on that decision that | :03:21. | :03:27. | |
is -- was made law late yesterday. The move on to Italy. The bitter | :03:27. | :03:32. | |
costs of austerity were felt there. News bulletins who should have been | :03:32. | :03:35. | |
dominated by the swearing-in of a new government were dominated by | :03:35. | :03:39. | |
the fact that an unemployed man shot and wounded two police | :03:39. | :03:43. | |
officers. He was driven by frustration and anger towards | :03:43. | :03:47. | |
politicians. They had been warnings about increasing social tensions in | :03:47. | :03:51. | |
Italy which is in the middle of the worst recession in 20 years. The | :03:51. | :03:55. | |
new Prime Minister, Enrico Letta, is due to outline his strategy for | :03:55. | :04:02. | |
cutting unemployment later today. It currently stands at 11.6 %. | :04:02. | :04:07. | |
Nice to see you this morning. The new government is in place. | :04:07. | :04:12. | |
Whenever we talk about Italy and politics, we want to know about the | :04:12. | :04:18. | |
strength of the government. In this case? This government may be able | :04:18. | :04:24. | |
to pass reforms because the people who have been chosen include a | :04:25. | :04:29. | |
couple of technocrats. Other managers from the banks. Safe hands. | :04:29. | :04:35. | |
They had been chosen to get on and a greedy and work together none of | :04:35. | :04:42. | |
the political heavyweights can watch what is going on from the | :04:42. | :04:46. | |
sidelines. In the case of Silvio Berlusconi, he seems to Paul well | :04:46. | :04:51. | |
so he may decide to withdraw from the government which then triggers | :04:51. | :04:58. | |
an election and more uncertainty. In the meantime, Enrico letter will | :04:58. | :05:02. | |
outline his plans today to Parliament to try and fix the | :05:02. | :05:08. | |
Italian economy. What will he say? -- Enrico Letta. He will focus on | :05:08. | :05:16. | |
our unemployment. He needs to address the voters who voted for | :05:16. | :05:21. | |
the anti-establishment protest movement in order to try and calm | :05:21. | :05:25. | |
the country down. Otherwise we could have more incidents such as | :05:26. | :05:30. | |
the wind yesterday. I think that he has to focus on structural reforms. | :05:30. | :05:39. | |
To a degree, fiscal austerity. The debate is shifting in Europe at the | :05:39. | :05:47. | |
moment, however government debt is already close to 130 %. He spends | :05:47. | :05:53. | |
about 5% to 5.5% of the GDP on servicing the debt. It must | :05:53. | :05:57. | |
continue along that path to insure that bond yields come down and | :05:57. | :06:04. | |
spreads narrow in order to reduce the debt servicing costs. On the | :06:04. | :06:11. | |
employment front, on the unemployment front, they must be a | :06:11. | :06:19. | |
revision of the law passed last year. In order to reduce more | :06:19. | :06:22. | |
flexibility that make introduce more flexibility into the market. | :06:22. | :06:26. | |
Thank you very much indeed. We will keep an eye on that today as it | :06:26. | :06:30. | |
progresses in Italy. We move on. The owner of English | :06:30. | :06:33. | |
football club the Birmingham City has gone on trial in Hong Kong | :06:33. | :06:37. | |
today for alleged money laundering. Carson Yeung a property tycoon who | :06:37. | :06:42. | |
began his career as a hairdresser is accused of moving almost $100 | :06:42. | :06:44. | |
million illicitly through bank accounts controlled by himself and | :06:44. | :06:49. | |
his father. He denies the charges and has pleaded not guilty. | :06:49. | :06:57. | |
We followed the trial in Hong Kong. Tell us more. | :06:57. | :07:04. | |
I hope that you can hear me. It is noisy. About three hours ago. The | :07:04. | :07:13. | |
prosecutor said that Carson Yeung moved and $93 million through | :07:13. | :07:18. | |
accounts which were connected to allegations that these were | :07:18. | :07:24. | |
criminal proceeds. The trial got under way today. The defence team | :07:24. | :07:31. | |
have put in a fresh bid to halt the trial. The judges hearing arguments | :07:31. | :07:36. | |
from the defence and prosecution as to whether or not that will happen. | :07:36. | :07:41. | |
Give us a sense of what we can expect to happen. He has clearly | :07:41. | :07:48. | |
pleaded not guilty - tell us what we are expecting in the near future. | :07:48. | :07:52. | |
When you speak to the lawyer's, they say that this will be a long, | :07:52. | :08:01. | |
drawn-out court case. They suggest that he will file... 25 days. The | :08:01. | :08:05. | |
evidence is mostly documented. Just listening to the defence team, they | :08:05. | :08:10. | |
say that many of those documents simply are not available. They are | :08:10. | :08:15. | |
no longer accounted for after a seven-year period. The defence team | :08:15. | :08:21. | |
was also saying that we are not expecting any... That was said | :08:21. | :08:26. | |
during the trial which took place behind me. Nobody is expecting a | :08:26. | :08:30. | |
quick result. Once again, this will highlight the issue of money | :08:30. | :08:37. | |
laundering in Hong Kong. OK, thank you very much. He was outside the | :08:37. | :08:41. | |
courtroom in Hong Kong. Apologies if you were struggling to hear what | :08:41. | :08:45. | |
he had to say. Clearly a very important case. | :08:45. | :08:50. | |
In other news: Chat apps such as WhatsApp and Apple's iMessage have | :08:50. | :08:53. | |
overtaken the text message as the favourite way to tap out a note to | :08:54. | :08:56. | |
friends, undermining the traditional SMS cash cow for mobile | :08:56. | :08:59. | |
operators. According to the telecoms and media consultancy | :08:59. | :09:01. | |
Informa, there were more instant messages being sent daily by the | :09:01. | :09:07. | |
end of last year than there were text messages. The apps are seen by | :09:07. | :09:09. | |
some as a potential challenger to Facebook's dominance in social | :09:09. | :09:17. | |
networking. A two-year EU-wide ban on the use | :09:17. | :09:20. | |
of three pesticides widely blamed for killing bees goes to the vote | :09:20. | :09:24. | |
in Brussels today. Last month, Britain and Germany were among the | :09:24. | :09:27. | |
nine countries who failed to back the ban. They argued that | :09:27. | :09:30. | |
scientific trials on the impact of the pesticides on these are needed | :09:31. | :09:35. | |
to be completed first. If the committee failed to agree free | :09:35. | :09:40. | |
second time, the EU Commission has warned that it will go ahead anyway. | :09:40. | :09:45. | |
-- for a second time. Let us look at the markets in Asia. | :09:45. | :09:49. | |
The main market in Japan closed today for public holidays. That is | :09:50. | :09:56. | |
the end of trade at the end of last week. Hong Kong is trading as is a | :09:56. | :10:00. | |
South Korea. You can see some of the markets there. We have all | :10:01. | :10:05. | |
sorts of stories. You have the gold price going up slightly, poet -- | :10:05. | :10:09. | |
royal going down. Everyone will look ahead to the US Federal | :10:09. | :10:13. |