0:00:00 > 0:00:23police. Thousands of migrants —— migrants make it.
0:00:23 > 0:00:24police. Thousands of migrants —— migrants make it. If
0:00:24 > 0:00:24police. Thousands of migrants —— migrants make it. If global
0:00:24 > 0:00:26migrants make it. If global
0:00:26 > 0:00:26migrants make it. If global investors fear that the
0:00:26 > 0:00:26migrants make it. If global investors fear that the flow of
0:00:26 > 0:00:27investors fear that the flow of cheap
0:00:27 > 0:00:27investors fear that the flow of cheap money
0:00:27 > 0:00:29investors fear that the flow of cheap money could
0:00:29 > 0:00:29cheap money could come to an end as America's central bank holds
0:00:29 > 0:00:29cheap money could come to an end as America's central bank holds its
0:00:29 > 0:00:33America's central bank holds its crucial
0:00:33 > 0:00:35America's central bank holds its crucial meeting. And we take
0:00:35 > 0:00:37America's central bank holds its crucial meeting. And we take a look
0:00:37 > 0:00:37crucial meeting. And we take a look
0:00:37 > 0:00:43crucial meeting. And we take a look at how they are driving
0:00:43 > 0:00:47at how they are driving young engineering jobs in Germany. Welcome
0:00:47 > 0:00:49to world is this report. In a engineering jobs in Germany. Welcome
0:00:49 > 0:00:49to world is this report. In a moment, heading to Berlin
0:00:49 > 0:00:49to world is this report. In a moment, heading to Berlin to
0:00:49 > 0:00:50to world is this report. In a moment, heading to Berlin to see
0:00:50 > 0:00:51to world is this report. In a one factory is giving
0:00:51 > 0:00:51moment, heading to Berlin to see how one factory is giving
0:00:51 > 0:00:51moment, heading to Berlin to see how one factory is giving its then
0:00:51 > 0:00:55moment, heading to Berlin to see how one factory is giving its then turns
0:00:55 > 0:00:55one factory is giving its then turns
0:00:55 > 0:00:59one factory is giving its then turns a leg up. But today's the day the
0:00:59 > 0:01:05central bank is expected to the a leg up. But today's the day the
0:01:05 > 0:01:06Federal reserve has indicated it a leg up. But today's the day the
0:01:06 > 0:01:06Federal reserve has indicated it will bring is $85 billion a month
0:01:06 > 0:01:06will bring is $85 billion a month
0:01:06 > 0:01:07will bring is $85 billion a month stimulus programme to
0:01:07 > 0:01:07will bring is $85 billion a month stimulus programme to an end. It
0:01:07 > 0:01:10stimulus programme to an end. It
0:01:10 > 0:01:10stimulus programme to an end. It says that the financial
0:01:10 > 0:01:10stimulus programme to an end. It says that the financial system
0:01:10 > 0:01:10stimulus programme to an end. It says that the financial system has
0:01:10 > 0:01:11says that the financial system has
0:01:11 > 0:01:11says that the financial system has recovered enough
0:01:11 > 0:01:11says that the financial system has recovered enough to
0:01:11 > 0:01:11says that the financial system has recovered enough to do
0:01:11 > 0:01:11says that the financial system has recovered enough to do without
0:01:11 > 0:01:12says that the financial system has recovered enough to do without these
0:01:12 > 0:01:14recovered enough to do without these
0:01:14 > 0:01:14recovered enough to do without these emergency measures. One of the
0:01:14 > 0:01:15recovered enough to do without these emergency measures. One of the main
0:01:15 > 0:01:15emergency measures. One of the main reasons
0:01:15 > 0:01:15emergency measures. One of the main reasons it
0:01:15 > 0:01:16emergency measures. One of the main reasons it claims
0:01:16 > 0:01:17emergency measures. One of the main reasons it claims this is
0:01:17 > 0:01:17emergency measures. One of the main reasons it claims this is is because
0:01:17 > 0:01:17reasons it claims this is is because
0:01:17 > 0:01:18reasons it claims this is is because the unemployment rate
0:01:18 > 0:01:19reasons it claims this is is because the unemployment rate in the US
0:01:19 > 0:01:19the unemployment rate in the US has the unemployment rate in the US
0:01:19 > 0:01:20the unemployment rate in the US has fallen to its
0:01:20 > 0:01:20the unemployment rate in the US has fallen to its lowest level
0:01:20 > 0:01:20the unemployment rate in the US has fallen to its lowest level in
0:01:20 > 0:01:20the unemployment rate in the US has fallen to its lowest level in five
0:01:20 > 0:01:22fallen to its lowest level in five
0:01:22 > 0:01:22fallen to its lowest level in five years. But for
0:01:22 > 0:01:24fallen to its lowest level in five years. But for the
0:01:24 > 0:01:25fallen to its lowest level in five years. But for the people who have
0:01:25 > 0:01:25years. But for the people who have dropped
0:01:25 > 0:01:25years. But for the people who have dropped out
0:01:25 > 0:01:26years. But for the people who have dropped out of the
0:01:26 > 0:01:26years. But for the people who have dropped out of the labour market
0:01:26 > 0:01:26years. But for the people who have dropped out of the labour market in
0:01:26 > 0:01:26dropped out of the labour market in that
0:01:26 > 0:01:26dropped out of the labour market in that time
0:01:26 > 0:01:27dropped out of the labour market in that time were
0:01:27 > 0:01:27dropped out of the labour market in that time were still
0:01:27 > 0:01:27dropped out of the labour market in that time were still looking for
0:01:27 > 0:01:29that time were still looking for
0:01:29 > 0:01:29that time were still looking for jobs, then
0:01:29 > 0:01:29that time were still looking for jobs, then the
0:01:29 > 0:01:29that time were still looking for jobs, then the rate would
0:01:29 > 0:01:30that time were still looking for jobs, then the rate would actually
0:01:30 > 0:01:33jobs, then the rate would actually
0:01:33 > 0:01:34jobs, then the rate would actually be 10%. The
0:01:34 > 0:01:35jobs, then the rate would actually be 10%. The roughly
0:01:35 > 0:01:35jobs, then the rate would actually be 10%. The roughly 1.8 million
0:01:35 > 0:01:35be 10%. The roughly 1.8 million
0:01:35 > 0:01:36be 10%. The roughly 1.8 million fewer people
0:01:36 > 0:01:37be 10%. The roughly 1.8 million fewer people now looking for jobs
0:01:37 > 0:01:37be 10%. The roughly 1.8 million fewer people now looking for jobs in
0:01:37 > 0:01:37fewer people now looking for jobs in the
0:01:37 > 0:01:38fewer people now looking for jobs in the States than
0:01:38 > 0:01:38fewer people now looking for jobs in the States than they're
0:01:38 > 0:01:38fewer people now looking for jobs in the States than they're worth,
0:01:38 > 0:01:38the States than they're worth,
0:01:38 > 0:01:39the States than they're worth, before the
0:01:39 > 0:01:41the States than they're worth, before the financial crisis.
0:01:41 > 0:01:41the States than they're worth, before the financial crisis. And
0:01:41 > 0:01:42before the financial crisis. And these
0:01:42 > 0:01:42before the financial crisis. And these numbers
0:01:42 > 0:01:42before the financial crisis. And these numbers explain
0:01:42 > 0:01:43before the financial crisis. And these numbers explain why
0:01:43 > 0:01:43before the financial crisis. And decision
0:01:43 > 0:01:43these numbers explain why the decision
0:01:43 > 0:01:45these numbers explain why the decision for the Federal
0:01:45 > 0:01:46these numbers explain why the decision for the Federal reserve
0:01:46 > 0:01:46decision for the Federal reserve today
0:01:46 > 0:01:46decision for the Federal reserve today is
0:01:46 > 0:01:46decision for the Federal reserve today is actually
0:01:46 > 0:01:46decision for the Federal reserve today is actually quite tricky
0:01:46 > 0:01:48decision for the Federal reserve today is actually quite tricky one.
0:01:48 > 0:01:49today is actually quite tricky one. Let's
0:01:49 > 0:01:49today is actually quite tricky one. Let's get more on what
0:01:49 > 0:01:50today is actually quite tricky one. Let's get more on what we
0:01:50 > 0:01:52Let's get more on what we are Let's get more on what we
0:01:52 > 0:01:55Let's get more on what we are expecting. Joined
0:01:55 > 0:01:58expecting. Joined by a senior expecting. Joined
0:01:58 > 0:01:59expecting. Joined by a senior economist at Rabobank. We
0:01:59 > 0:01:59expecting. Joined by a senior economist at Rabobank. We have
0:01:59 > 0:01:59expecting. Joined by a senior economist at Rabobank. We have been
0:01:59 > 0:02:00economist at Rabobank. We have been
0:02:00 > 0:02:00economist at Rabobank. We have been waiting for
0:02:00 > 0:02:00economist at Rabobank. We have been waiting for this
0:02:00 > 0:02:00economist at Rabobank. We have been waiting for this day
0:02:00 > 0:02:01economist at Rabobank. We have been waiting for this day since the
0:02:01 > 0:02:01economist at Rabobank. We have been waiting for this day since the end
0:02:01 > 0:02:01waiting for this day since the end of
0:02:01 > 0:02:02waiting for this day since the end of May.
0:02:02 > 0:02:02waiting for this day since the end of May. Since
0:02:02 > 0:02:05waiting for this day since the end of May. Since May
0:02:05 > 0:02:05waiting for this day since the end of May. Since May the 27th.
0:02:05 > 0:02:05waiting for this day since the end of May. Since May the 27th. It
0:02:05 > 0:02:06waiting for this day since the end of May. Since May the 27th. It is
0:02:06 > 0:02:08of May. Since May the 27th. It is day?
0:02:08 > 0:02:08of May. Since May the 27th. It is day? We
0:02:08 > 0:02:08of May. Since May the 27th. It is day? We have
0:02:08 > 0:02:09of May. Since May the 27th. It is day? We have been
0:02:09 > 0:02:09of May. Since May the 27th. It is day? We have been going through
0:02:09 > 0:02:09of May. Since May the 27th. It is labour
0:02:09 > 0:02:10day? We have been going through the labour
0:02:10 > 0:02:10day? We have been going through the labour market statistics
0:02:10 > 0:02:11day? We have been going through the labour market statistics and
0:02:11 > 0:02:11day? We have been going through the labour market statistics and there
0:02:11 > 0:02:11labour market statistics and there is
0:02:11 > 0:02:13labour market statistics and there is underemployment,
0:02:13 > 0:02:15labour market statistics and there is underemployment, people with
0:02:15 > 0:02:16labour market statistics and there is underemployment, people with jobs
0:02:16 > 0:02:16labour market statistics and there underemployed,
0:02:16 > 0:02:16labour market statistics and there underemployed, in
0:02:16 > 0:02:16is underemployment, people with jobs underemployed, in
0:02:16 > 0:02:17is underemployment, people with jobs underemployed, in part—time jobs
0:02:17 > 0:02:17underemployed, in part—time jobs
0:02:17 > 0:02:18underemployed, in part—time jobs when they
0:02:18 > 0:02:18underemployed, in part—time jobs when they would
0:02:18 > 0:02:18underemployed, in part—time jobs when they would want full—time
0:02:18 > 0:02:18underemployed, in part—time jobs when they would want full—time work
0:02:18 > 0:02:19when they would want full—time work so
0:02:19 > 0:02:21when they would want full—time work so there
0:02:21 > 0:02:21when they would want full—time work so there is still pressure and
0:02:21 > 0:02:21when they would want full—time work so there is still pressure and the
0:02:21 > 0:02:21so there is still pressure and the
0:02:21 > 0:02:22so there is still pressure and the labour market
0:02:22 > 0:02:22so there is still pressure and the labour market has
0:02:22 > 0:02:23so there is still pressure and the labour market has not
0:02:23 > 0:02:23so there is still pressure and the labour market has not recovered
0:02:23 > 0:02:24so there is still pressure and the labour market has not recovered to
0:02:24 > 0:02:24so there is still pressure and the the
0:02:24 > 0:02:24labour market has not recovered to the
0:02:24 > 0:02:30labour market has not recovered to the precrisis situation.
0:02:30 > 0:02:30the precrisis situation. Incomes have been squeezed.
0:02:30 > 0:02:30the precrisis situation. Incomes have been squeezed. And
0:02:30 > 0:02:30the precrisis situation. Incomes have been squeezed. And the
0:02:30 > 0:02:30the precrisis situation. Incomes have been squeezed. And the rate
0:02:30 > 0:02:30the precrisis situation. Incomes have been squeezed. And the rate of
0:02:30 > 0:02:31have been squeezed. And the rate of growth
0:02:31 > 0:02:31have been squeezed. And the rate of growth in
0:02:31 > 0:02:31have been squeezed. And the rate of growth in the US
0:02:31 > 0:02:33have been squeezed. And the rate of growth in the US right now,
0:02:33 > 0:02:33have been squeezed. And the rate of growth in the US right now, there
0:02:33 > 0:02:34growth in the US right now, there
0:02:34 > 0:02:35growth in the US right now, there was growth but it
0:02:35 > 0:02:35growth in the US right now, there was growth but it is
0:02:35 > 0:02:36growth in the US right now, there disappointing
0:02:36 > 0:02:36growth in the US right now, there disappointing than
0:02:36 > 0:02:37growth in the US right now, there disappointing than we
0:02:37 > 0:02:37was growth but it is more disappointing than we
0:02:37 > 0:02:38was growth but it is more anticipated
0:02:38 > 0:02:40anticipated from this point on the economic cycle.
0:02:40 > 0:02:41anticipated from this point on the economic cycle. Can they
0:02:41 > 0:02:41anticipated from this point on the economic cycle. Can they act?
0:02:41 > 0:02:45anticipated from this point on the economic cycle. Can they act? The
0:02:45 > 0:02:46economic cycle. Can they act? The problem is, if they don't, it
0:02:46 > 0:02:46problem is, if they don't, it puts problem is, if they don't, it
0:02:46 > 0:02:49problem is, if they don't, it puts his credibility on the line. The
0:02:49 > 0:02:50his credibility on the line. The chairman of the Federal reserve,
0:02:50 > 0:02:50his credibility on the line. The May
0:02:50 > 0:02:52chairman of the Federal reserve, in May
0:02:52 > 0:02:52chairman of the Federal reserve, in May said
0:02:52 > 0:02:52chairman of the Federal reserve, in May said that
0:02:52 > 0:02:53chairman of the Federal reserve, in May said that that
0:02:53 > 0:02:53chairman of the Federal reserve, in May said that that tapering would
0:02:53 > 0:02:54May said that that tapering would
0:02:54 > 0:02:54May said that that tapering would happen in the next
0:02:54 > 0:02:54May said that that tapering would happen in the next few
0:02:54 > 0:02:56May said that that tapering would happen in the next few meetings.
0:02:56 > 0:02:56May said that that tapering would happen in the next few meetings. In
0:02:56 > 0:02:59happen in the next few meetings. In
0:02:59 > 0:03:00happen in the next few meetings. In the next few meetings, are they
0:03:00 > 0:03:00the next few meetings, are they going
0:03:00 > 0:03:00the next few meetings, are they going to taper,
0:03:00 > 0:03:01the next few meetings, are they going to taper, people are
0:03:01 > 0:03:01the next few meetings, are they going to taper, people are going
0:03:01 > 0:03:01the next few meetings, are they going to taper, people are going to
0:03:01 > 0:03:01going to taper, people are going to
0:03:01 > 0:03:02going to taper, people are going to say, well,
0:03:02 > 0:03:03going to taper, people are going to say, well, they said they would,
0:03:03 > 0:03:05going to taper, people are going to they
0:03:05 > 0:03:05say, well, they said they would, if they
0:03:05 > 0:03:05say, well, they said they would, if they don't do it, that
0:03:05 > 0:03:06say, well, they said they would, if they don't do it, that goes
0:03:06 > 0:03:09say, well, they said they would, if they don't do it, that goes against
0:03:09 > 0:03:10they don't do it, that goes against their credibility. They
0:03:10 > 0:03:11they don't do it, that goes against their credibility. They are only
0:03:11 > 0:03:13their credibility. They are only
0:03:13 > 0:03:15their credibility. They are only going to dip
0:03:15 > 0:03:15going to dip their toe in and reduce the amount
0:03:15 > 0:03:16going to dip their toe in and reduce the amount of
0:03:16 > 0:03:16going to dip their toe in and reduce the amount of asset
0:03:16 > 0:03:19going to dip their toe in and reduce the amount of asset purchases
0:03:19 > 0:03:19the amount of asset purchases by a small amount. What impact will that
0:03:19 > 0:03:22small amount. What impact will that have?
0:03:22 > 0:03:22small amount. What impact will that have? Just the idea
0:03:22 > 0:03:22small amount. What impact will that have? Just the idea of
0:03:22 > 0:03:23small amount. What impact will that have? Just the idea of tapering
0:03:23 > 0:03:23small amount. What impact will that caused
0:03:23 > 0:03:24have? Just the idea of tapering has caused
0:03:24 > 0:03:25have? Just the idea of tapering has caused a huge ruckus in emerging
0:03:25 > 0:03:28caused a huge ruckus in emerging markets.
0:03:28 > 0:03:29markets. Emerging markets are markets.
0:03:29 > 0:03:32markets. Emerging markets are considered a
0:03:32 > 0:03:33markets. Emerging markets are considered a risky asset, but
0:03:33 > 0:03:34considered a risky asset, but
0:03:34 > 0:03:35considered a risky asset, but emerging market
0:03:35 > 0:03:36considered a risky asset, but emerging market equities much more
0:03:36 > 0:03:36emerging market equities much more so,
0:03:36 > 0:03:36emerging market equities much more so, and over
0:03:36 > 0:03:36emerging market equities much more so, and over the
0:03:36 > 0:03:37emerging market equities much more so, and over the summer
0:03:37 > 0:03:38emerging market equities much more so, and over the summer these have
0:03:38 > 0:03:38so, and over the summer these have seen
0:03:38 > 0:03:38so, and over the summer these have seen huge
0:03:38 > 0:03:38so, and over the summer these have seen huge amount
0:03:38 > 0:03:40so, and over the summer these have seen huge amount of
0:03:40 > 0:03:41so, and over the summer these have seen huge amount of summer ——
0:03:41 > 0:03:41seen huge amount of summer ——
0:03:41 > 0:03:41seen huge amount of summer —— capital coming back out
0:03:41 > 0:03:42seen huge amount of summer —— capital coming back out of
0:03:42 > 0:03:42seen huge amount of summer —— capital coming back out of these
0:03:42 > 0:03:43capital coming back out of these economies.
0:03:43 > 0:03:46capital coming back out of these economies. Again,
0:03:46 > 0:03:47capital coming back out of these economies. Again, if the Federal
0:03:47 > 0:03:47economies. Again, if the Federal
0:03:47 > 0:03:48economies. Again, if the Federal reserve gives
0:03:48 > 0:03:49economies. Again, if the Federal reserve gives a big shock to the
0:03:49 > 0:03:50reserve gives a big shock to the markets
0:03:50 > 0:03:51reserve gives a big shock to the markets today those emerging markets
0:03:51 > 0:03:51markets today those emerging markets are
0:03:51 > 0:03:52markets today those emerging markets are vulnerable,
0:03:52 > 0:03:54markets today those emerging markets are vulnerable, but
0:03:54 > 0:03:54markets today those emerging markets are vulnerable, but what might
0:03:54 > 0:03:56are vulnerable, but what might
0:03:56 > 0:03:56are vulnerable, but what might happen is that they will
0:03:56 > 0:03:56are vulnerable, but what might happen is that they will dip
0:03:56 > 0:03:56are vulnerable, but what might happen is that they will dip their
0:03:56 > 0:03:57happen is that they will dip their
0:03:57 > 0:03:57happen is that they will dip their toe in and
0:03:57 > 0:03:57happen is that they will dip their toe in and pulled
0:03:57 > 0:03:58happen is that they will dip their toe in and pulled back
0:03:58 > 0:03:58happen is that they will dip their toe in and pulled back a little
0:03:58 > 0:03:58happen is that they will dip their with
0:03:58 > 0:03:59happen is that they will dip their with the
0:03:59 > 0:04:00toe in and pulled back a little bit with the
0:04:00 > 0:04:00toe in and pulled back a little bit with the asset purchases
0:04:00 > 0:04:00toe in and pulled back a little bit with the asset purchases and
0:04:00 > 0:04:01toe in and pulled back a little bit with the asset purchases and Mike
0:04:01 > 0:04:02with the asset purchases and Mike start
0:04:02 > 0:04:02with the asset purchases and Mike start with
0:04:02 > 0:04:03with the asset purchases and Mike start with lots
0:04:03 > 0:04:03with the asset purchases and Mike start with lots of
0:04:03 > 0:04:03with the asset purchases and Mike start with lots of language
0:04:03 > 0:04:03with the asset purchases and Mike start with lots of language that
0:04:03 > 0:04:06start with lots of language that will
0:04:06 > 0:04:06start with lots of language that will reassure us and it
0:04:06 > 0:04:07start with lots of language that will reassure us and it is
0:04:07 > 0:04:07start with lots of language that will reassure us and it is quite
0:04:07 > 0:04:09will reassure us and it is quite exciting.
0:04:09 > 0:04:10will reassure us and it is quite exciting. What
0:04:10 > 0:04:10will reassure us and it is quite exciting. What impact will
0:04:10 > 0:04:11will reassure us and it is quite exciting. What impact will it
0:04:11 > 0:04:12will reassure us and it is quite exciting. What impact will it have
0:04:12 > 0:04:12exciting. What impact will it have on
0:04:12 > 0:04:14exciting. What impact will it have on the
0:04:14 > 0:04:14exciting. What impact will it have on the US economy? That is
0:04:14 > 0:04:14exciting. What impact will it have on the US economy? That is quite
0:04:14 > 0:04:15exciting. What impact will it have on the US economy? That is quite to
0:04:15 > 0:04:19on the US economy? That is quite to
0:04:19 > 0:04:19on the US economy? That is quite to discuss in Europe. So many
0:04:19 > 0:04:20on the US economy? That is quite to discuss in Europe. So many states
0:04:20 > 0:04:20discuss in Europe. So many states
0:04:20 > 0:04:21discuss in Europe. So many states within, in
0:04:21 > 0:04:21discuss in Europe. So many states within, in very different economic
0:04:21 > 0:04:21within, in very different economic situations,
0:04:21 > 0:04:22within, in very different economic situations, it
0:04:22 > 0:04:24within, in very different economic situations, it is hard
0:04:24 > 0:04:24within, in very different economic situations, it is hard to gauge
0:04:24 > 0:04:24within, in very different economic situations, it is hard to gauge who
0:04:24 > 0:04:24within, in very different economic will
0:04:24 > 0:04:25situations, it is hard to gauge who will
0:04:25 > 0:04:25situations, it is hard to gauge who will win and who
0:04:25 > 0:04:25situations, it is hard to gauge who will win and who will
0:04:25 > 0:04:28situations, it is hard to gauge who will win and who will lose.
0:04:28 > 0:04:28situations, it is hard to gauge who will win and who will lose. The
0:04:28 > 0:04:29will win and who will lose. The one will win and who will lose. The
0:04:29 > 0:04:29will win and who will lose. The one effect we have had
0:04:29 > 0:04:29will win and who will lose. The one effect we have had already
0:04:29 > 0:04:31will win and who will lose. The one effect we have had already just
0:04:31 > 0:04:31effect we have had already just on effect we have had already just
0:04:31 > 0:04:31effect we have had already just on the anticipation
0:04:31 > 0:04:32effect we have had already just on the anticipation of this
0:04:32 > 0:04:32effect we have had already just on the anticipation of this is that
0:04:32 > 0:04:33the anticipation of this is that bond
0:04:33 > 0:04:33the anticipation of this is that bond yields have
0:04:33 > 0:04:33the anticipation of this is that bond yields have gone
0:04:33 > 0:04:35the anticipation of this is that bond yields have gone high.
0:04:35 > 0:04:35the anticipation of this is that bond yields have gone high. Often
0:04:35 > 0:04:36the anticipation of this is that bond yields have gone high. Often in
0:04:36 > 0:04:38bond yields have gone high. Often in
0:04:38 > 0:04:38bond yields have gone high. Often in the US, mortgages are attached
0:04:38 > 0:04:38bond yields have gone high. Often in the US, mortgages are attached to
0:04:38 > 0:04:39the US, mortgages are attached to
0:04:39 > 0:04:42the US, mortgages are attached to this. The anticipation
0:04:42 > 0:04:43this. The anticipation that this has happened has caused
0:04:43 > 0:04:43this. The anticipation that this has happened has caused mortgage rates
0:04:43 > 0:04:43happened has caused mortgage rates
0:04:43 > 0:04:43happened has caused mortgage rates to go
0:04:43 > 0:04:46happened has caused mortgage rates to go higher.
0:04:46 > 0:04:46happened has caused mortgage rates to go higher. Just by
0:04:46 > 0:04:46happened has caused mortgage rates to go higher. Just by talking about
0:04:46 > 0:04:47to go higher. Just by talking about it
0:04:47 > 0:04:47to go higher. Just by talking about it you
0:04:47 > 0:04:47to go higher. Just by talking about it you could say
0:04:47 > 0:04:48to go higher. Just by talking about it you could say there has
0:04:48 > 0:04:48to go higher. Just by talking about it you could say there has been
0:04:48 > 0:04:48to go higher. Just by talking about it you could say there has been some
0:04:48 > 0:04:48to go higher. Just by talking about impact
0:04:48 > 0:04:48to go higher. Just by talking about impact on
0:04:48 > 0:04:49to go higher. Just by talking about impact on the
0:04:49 > 0:04:49it you could say there has been some impact on the
0:04:49 > 0:04:53it you could say there has been some impact on the economy already.
0:04:53 > 0:04:53it you could say there has been some impact on the economy already. The
0:04:53 > 0:04:53impact on the economy already. The
0:04:53 > 0:05:03impact on the economy already. The other chapters
0:05:03 > 0:05:05other chapters about who's going to place —— replace Ben Bernanke. If
0:05:05 > 0:05:07place —— replace Ben Bernanke. If this
0:05:07 > 0:05:07this bit of tapering that we see this
0:05:07 > 0:05:09this bit of tapering that we see today causes a
0:05:09 > 0:05:09this bit of tapering that we see today causes a big shock or repose,
0:05:09 > 0:05:11today causes a big shock or repose, she
0:05:11 > 0:05:11today causes a big shock or repose, gets
0:05:11 > 0:05:11today causes a big shock or repose, gets the
0:05:11 > 0:05:13today causes a big shock or repose, gets the job.
0:05:13 > 0:05:23she can maybe counter that when she gets the job.
0:05:23 > 0:05:27gets the job. —— shock or rebels. —— gets the job.
0:05:27 > 0:05:28ripples. It is assumed that his gets the job.
0:05:28 > 0:05:28ripples. It is assumed that his successor is in favour of a softer
0:05:28 > 0:05:33successor is in favour of a softer policy.
0:05:33 > 0:05:33successor is in favour of a softer policy. Here on
0:05:33 > 0:05:34successor is in favour of a softer policy. Here on the BBC will keep
0:05:34 > 0:05:34policy. Here on the BBC will keep you
0:05:34 > 0:05:34policy. Here on the BBC will keep you up—to—date as
0:05:34 > 0:05:35policy. Here on the BBC will keep you up—to—date as the
0:05:35 > 0:05:35policy. Here on the BBC will keep you up—to—date as the day
0:05:35 > 0:05:38policy. Here on the BBC will keep progresses.
0:05:38 > 0:05:39you up—to—date as the day progresses.
0:05:39 > 0:05:39you up—to—date as the day progresses. That press conference
0:05:39 > 0:05:40you up—to—date as the day progresses. That press conference is
0:05:40 > 0:05:40progresses. That press conference is later
0:05:40 > 0:05:41progresses. That press conference is later and we will
0:05:41 > 0:05:41progresses. That press conference is later and we will be right across
0:05:41 > 0:05:42later and we will be right across it.
0:05:42 > 0:05:43later and we will be right across it. The election
0:05:43 > 0:05:43later and we will be right across it. The election is
0:05:43 > 0:05:43later and we will be right across it. The election is looming
0:05:43 > 0:05:43later and we will be right across it. The election is looming in
0:05:43 > 0:05:46it. The election is looming in Germany.
0:05:46 > 0:05:47it. The election is looming in Germany. This
0:05:47 > 0:05:47it. The election is looming in Germany. This is the next
0:05:47 > 0:05:47it. The election is looming in Germany. This is the next of
0:05:47 > 0:05:48it. The election is looming in Germany. This is the next of our
0:05:48 > 0:05:48Germany. This is the next of our special
0:05:48 > 0:05:48Germany. This is the next of our special series on
0:05:48 > 0:05:49Germany. This is the next of our special series on the powerhouse
0:05:49 > 0:05:49Germany. This is the next of our special series on the powerhouse of
0:05:49 > 0:05:51special series on the powerhouse of
0:05:51 > 0:05:51special series on the powerhouse of Europe. We look
0:05:51 > 0:05:52special series on the powerhouse of Europe. We look at how
0:05:52 > 0:05:52special series on the powerhouse of Europe. We look at how they are
0:05:52 > 0:05:52Europe. We look at how they are managing
0:05:52 > 0:05:52Europe. We look at how they are managing to
0:05:52 > 0:05:53Europe. We look at how they are managing to close
0:05:53 > 0:05:53Europe. We look at how they are managing to close the skills gap.
0:05:53 > 0:05:54Europe. We look at how they are managing to close the skills gap. In
0:05:54 > 0:05:54managing to close the skills gap. In
0:05:54 > 0:05:54managing to close the skills gap. In Germany you
0:05:54 > 0:05:54managing to close the skills gap. In Germany you do
0:05:54 > 0:05:57managing to close the skills gap. In Germany you do not have
0:05:57 > 0:05:57managing to close the skills gap. In Germany you do not have to go
0:05:57 > 0:05:57managing to close the skills gap. In Germany you do not have to go to
0:05:57 > 0:05:57Germany you do not have to go to university
0:05:57 > 0:05:58Germany you do not have to go to university to
0:05:58 > 0:05:58Germany you do not have to go to university to work
0:05:58 > 0:05:58Germany you do not have to go to university to work at
0:05:58 > 0:05:59Germany you do not have to go to university to work at the country's
0:05:59 > 0:05:59university to work at the country's
0:05:59 > 0:06:02university to work at the country's biggest companies.
0:06:02 > 0:06:02university to work at the country's biggest companies. People get
0:06:02 > 0:06:02biggest companies. People get
0:06:02 > 0:06:03biggest companies. People get particle and
0:06:03 > 0:06:03biggest companies. People get particle and workplace skills before
0:06:03 > 0:06:05particle and workplace skills before
0:06:05 > 0:06:05particle and workplace skills before they start their
0:06:05 > 0:06:06particle and workplace skills before they start their first
0:06:06 > 0:06:06particle and workplace skills before they start their first job,
0:06:06 > 0:06:06particle and workplace skills before they start their first job, so
0:06:06 > 0:06:06particle and workplace skills before they start their first job, so at
0:06:06 > 0:06:06they start their first job, so at the
0:06:06 > 0:06:07they start their first job, so at the manufacturing
0:06:07 > 0:06:07they start their first job, so at the manufacturing giant,
0:06:07 > 0:06:09they start their first job, so at the manufacturing giant, Siemens,
0:06:09 > 0:06:12the manufacturing giant, Siemens,
0:06:12 > 0:06:12the manufacturing giant, Siemens, they come and let young
0:06:12 > 0:06:12the manufacturing giant, Siemens, they come and let young people
0:06:12 > 0:06:12the manufacturing giant, Siemens, they come and let young people earn
0:06:12 > 0:06:13they come and let young people earn
0:06:13 > 0:06:18they come and let young people earn as they learn.
0:06:18 > 0:06:18they come and let young people earn as they learn. Honing technical
0:06:18 > 0:06:21as they learn. Honing technical
0:06:21 > 0:06:21as they learn. Honing technical skills in the workshop
0:06:21 > 0:06:22as they learn. Honing technical skills in the workshop at the
0:06:22 > 0:06:22as they learn. Honing technical manufacturing
0:06:22 > 0:06:23skills in the workshop at the manufacturing
0:06:23 > 0:06:24skills in the workshop at the manufacturing giant, Siemens. These
0:06:24 > 0:06:24manufacturing giant, Siemens. These
0:06:24 > 0:06:25manufacturing giant, Siemens. These young apprentices
0:06:25 > 0:06:25manufacturing giant, Siemens. These young apprentices come from
0:06:25 > 0:06:25manufacturing giant, Siemens. These young apprentices come from all
0:06:25 > 0:06:25manufacturing giant, Siemens. These young apprentices come from all over
0:06:25 > 0:06:26young apprentices come from all over
0:06:26 > 0:06:26young apprentices come from all over Europe for a three—year
0:06:26 > 0:06:26young apprentices come from all over Europe for a three—year programme
0:06:26 > 0:06:27Europe for a three—year programme that
0:06:27 > 0:06:29Europe for a three—year programme that gives them a
0:06:29 > 0:06:29Europe for a three—year programme that gives them a wage
0:06:29 > 0:06:29Europe for a three—year programme that gives them a wage whilst
0:06:29 > 0:06:30Europe for a three—year programme that gives them a wage whilst they
0:06:30 > 0:06:30that gives them a wage whilst they learn
0:06:30 > 0:06:30that gives them a wage whilst they learn the
0:06:30 > 0:06:30that gives them a wage whilst they learn the art
0:06:30 > 0:06:31that gives them a wage whilst they learn the art of
0:06:31 > 0:06:35that gives them a wage whilst they learn the art of German engineering.
0:06:35 > 0:06:35learn the art of German engineering.
0:06:35 > 0:06:36learn the art of German engineering. Everybody knows what it
0:06:36 > 0:06:36learn the art of German engineering. Everybody knows what it means in
0:06:36 > 0:06:37Everybody knows what it means in Germany
0:06:37 > 0:06:37Everybody knows what it means in Germany and this
0:06:37 > 0:06:37Everybody knows what it means in Germany and this is
0:06:37 > 0:06:38Everybody knows what it means in Germany and this is a
0:06:38 > 0:06:38Everybody knows what it means in example
0:06:38 > 0:06:38Everybody knows what it means in example of
0:06:38 > 0:06:38Everybody knows what it means in example of how
0:06:38 > 0:06:38Everybody knows what it means in example of how they
0:06:38 > 0:06:39Everybody knows what it means in example of how they do
0:06:39 > 0:06:39Everybody knows what it means in example of how they do it
0:06:39 > 0:06:39Everybody knows what it means in example of how they do it and
0:06:39 > 0:06:39Germany and this is a perfect example of how they do it and I
0:06:39 > 0:06:39example of how they do it and I
0:06:39 > 0:06:40example of how they do it and I think it
0:06:40 > 0:06:40example of how they do it and I think it is
0:06:40 > 0:06:40example of how they do it and I think it is an
0:06:40 > 0:06:40example of how they do it and I think it is an excellent chance
0:06:40 > 0:06:41example of how they do it and I think it is an excellent chance for
0:06:41 > 0:06:41example of how they do it and I everybody
0:06:41 > 0:06:43think it is an excellent chance for everybody
0:06:43 > 0:06:43think it is an excellent chance for everybody here. Having come
0:06:43 > 0:06:44think it is an excellent chance for everybody here. Having come here
0:06:44 > 0:06:44think it is an excellent chance for everybody here. Having come here and
0:06:44 > 0:06:46everybody here. Having come here and
0:06:46 > 0:06:46everybody here. Having come here and experienced it the
0:06:46 > 0:06:47everybody here. Having come here and experienced it the are much more
0:06:47 > 0:06:47experienced it the are much more
0:06:47 > 0:06:48experienced it the are much more precise and
0:06:48 > 0:06:48experienced it the are much more precise and go into detail a lot
0:06:48 > 0:06:49precise and go into detail a lot more
0:06:49 > 0:06:49precise and go into detail a lot more and it helps
0:06:49 > 0:06:51precise and go into detail a lot more and it helps you understand
0:06:51 > 0:06:51precise and go into detail a lot more and it helps you understand why
0:06:51 > 0:06:51more and it helps you understand why all
0:06:51 > 0:06:52more and it helps you understand why all the
0:06:52 > 0:06:52more and it helps you understand why all the best things that
0:06:52 > 0:06:52more and it helps you understand why all the best things that are
0:06:52 > 0:06:52more and it helps you understand why all the best things that are created
0:06:52 > 0:06:53all the best things that are created
0:06:53 > 0:06:53all the best things that are created come from
0:06:53 > 0:06:55all the best things that are created come from you because they
0:06:55 > 0:06:55come from you because they go in depth so much, and
0:06:55 > 0:06:56come from you because they go in depth so much, and you do
0:06:56 > 0:06:56come from you because they go in depth so much, and you do not
0:06:56 > 0:06:56come from you because they go in depth so much, and you do not need
0:06:56 > 0:06:58depth so much, and you do not need anything
0:06:58 > 0:06:58depth so much, and you do not need anything else. I
0:06:58 > 0:06:59depth so much, and you do not need anything else. I come
0:06:59 > 0:07:00depth so much, and you do not need anything else. I come from Spain
0:07:00 > 0:07:00depth so much, and you do not need anything else. I come from Spain and
0:07:00 > 0:07:01anything else. I come from Spain and
0:07:01 > 0:07:04anything else. I come from Spain and in Spain
0:07:04 > 0:07:04in Spain we have the opportunity to study at
0:07:04 > 0:07:05in Spain we have the opportunity to study at the
0:07:05 > 0:07:05in Spain we have the opportunity to study at the same
0:07:05 > 0:07:07in Spain we have the opportunity to study at the same time.
0:07:07 > 0:07:08in Spain we have the opportunity to study at the same time. It
0:07:08 > 0:07:09study at the same time. It is an study at the same time. It
0:07:09 > 0:07:11study at the same time. It is an approach shared by many other German
0:07:11 > 0:07:11approach shared by many other German companies, and it has been described
0:07:11 > 0:07:12companies, and it has been described
0:07:12 > 0:07:13companies, and it has been described as a key
0:07:13 > 0:07:13companies, and it has been described as a key plank of the country's
0:07:13 > 0:07:15as a key plank of the country's
0:07:15 > 0:07:16as a key plank of the country's economic success. Learning to speak
0:07:16 > 0:07:17economic success. Learning to speak fluent
0:07:17 > 0:07:18economic success. Learning to speak fluent German
0:07:18 > 0:07:19economic success. Learning to speak fluent German is part of the deal.
0:07:19 > 0:07:19fluent German is part of the deal. The
0:07:19 > 0:07:20fluent German is part of the deal. The course
0:07:20 > 0:07:22fluent German is part of the deal. The course is tough and practical.
0:07:22 > 0:07:22The course is tough and practical. On
0:07:22 > 0:07:22The course is tough and practical. On the
0:07:22 > 0:07:22The course is tough and practical. On the one
0:07:22 > 0:07:22The course is tough and practical. On the one hand
0:07:22 > 0:07:23The course is tough and practical. On the one hand they
0:07:23 > 0:07:23The course is tough and practical. On the one hand they have their
0:07:23 > 0:07:23On the one hand they have their degree
0:07:23 > 0:07:23On the one hand they have their degree at
0:07:23 > 0:07:24On the one hand they have their degree at the
0:07:24 > 0:07:25On the one hand they have their degree at the end.
0:07:25 > 0:07:26On the one hand they have their degree at the end. And
0:07:26 > 0:07:26On the one hand they have their degree at the end. And they have
0:07:26 > 0:07:28degree at the end. And they have on—the—job
0:07:28 > 0:07:46degree at the end. And they have on—the—job experience.
0:07:46 > 0:07:46help older workers and knowledge is on—the—job experience.
0:07:46 > 0:07:47help older workers and knowledge is limited to
0:07:47 > 0:07:47help older workers and knowledge is limited to the
0:07:47 > 0:07:47help older workers and knowledge is limited to the activities of the
0:07:47 > 0:07:48limited to the activities of the company.
0:07:48 > 0:07:49limited to the activities of the company. The Brandenburg
0:07:49 > 0:07:49limited to the activities of the company. The Brandenburg gate
0:07:49 > 0:07:49limited to the activities of the company. The Brandenburg gate is
0:07:49 > 0:07:51limited to the activities of the company. The Brandenburg gate is a
0:07:51 > 0:07:51company. The Brandenburg gate is a relic
0:07:51 > 0:07:51company. The Brandenburg gate is a relic of
0:07:51 > 0:07:52company. The Brandenburg gate is a relic of the
0:07:52 > 0:07:52company. The Brandenburg gate is a relic of the partition
0:07:52 > 0:07:52company. The Brandenburg gate is a relic of the partition between
0:07:52 > 0:07:52company. The Brandenburg gate is a relic of the partition between East
0:07:52 > 0:07:55relic of the partition between East and
0:07:55 > 0:07:55relic of the partition between East and West. When that partition was
0:07:55 > 0:07:55and West. When that partition was
0:07:55 > 0:07:57and West. When that partition was taken down,
0:07:57 > 0:07:58and West. When that partition was taken down, there was a
0:07:58 > 0:07:58and West. When that partition was taken down, there was a desire
0:07:58 > 0:07:58taken down, there was a desire within
0:07:58 > 0:07:59taken down, there was a desire within German
0:07:59 > 0:08:00taken down, there was a desire within German Society of to
0:08:00 > 0:08:00taken down, there was a desire within German Society of to remove
0:08:00 > 0:08:01within German Society of to remove other
0:08:01 > 0:08:01within German Society of to remove other divisions, so
0:08:01 > 0:08:02within German Society of to remove other divisions, so now,
0:08:02 > 0:08:03within German Society of to remove other divisions, so now, the
0:08:03 > 0:08:04within German Society of to remove other divisions, so now, the belief
0:08:04 > 0:08:04other divisions, so now, the belief is
0:08:04 > 0:08:06other divisions, so now, the belief is not just
0:08:06 > 0:08:07other divisions, so now, the belief is not just some but
0:08:07 > 0:08:07other divisions, so now, the belief is not just some but all German
0:08:07 > 0:08:07is not just some but all German workers
0:08:07 > 0:08:08is not just some but all German workers should feel
0:08:08 > 0:08:08is not just some but all German workers should feel they
0:08:08 > 0:08:08is not just some but all German workers should feel they can develop
0:08:08 > 0:08:09workers should feel they can develop
0:08:09 > 0:08:11workers should feel they can develop skills which are valued.
0:08:11 > 0:08:11workers should feel they can develop skills which are valued. In
0:08:11 > 0:08:11workers should feel they can develop Germany's
0:08:11 > 0:08:11skills which are valued. In Germany's
0:08:11 > 0:08:11skills which are valued. In Germany's ageing population
0:08:11 > 0:08:12skills which are valued. In Germany's ageing population it
0:08:12 > 0:08:12skills which are valued. In Germany's ageing population it has
0:08:12 > 0:08:12Germany's ageing population it has helped
0:08:12 > 0:08:14Germany's ageing population it has helped plug the
0:08:14 > 0:08:15Germany's ageing population it has helped plug the skills
0:08:15 > 0:08:15Germany's ageing population it has helped plug the skills gap
0:08:15 > 0:08:15Germany's ageing population it has helped plug the skills gap and
0:08:15 > 0:08:15Germany's ageing population it has helped plug the skills gap and kept
0:08:15 > 0:08:15helped plug the skills gap and kept
0:08:15 > 0:08:17helped plug the skills gap and kept youth unemployment
0:08:17 > 0:08:18helped plug the skills gap and kept youth unemployment low, so
0:08:18 > 0:08:18helped plug the skills gap and kept youth unemployment low, so Germany
0:08:18 > 0:08:20youth unemployment low, so Germany and
0:08:20 > 0:08:20youth unemployment low, so Germany and apprenticeship training
0:08:20 > 0:08:20youth unemployment low, so Germany and apprenticeship training to
0:08:20 > 0:08:20youth unemployment low, so Germany and apprenticeship training to its
0:08:20 > 0:08:21and apprenticeship training to its list
0:08:21 > 0:08:23and apprenticeship training to its list of exports,
0:08:23 > 0:08:23and apprenticeship training to its list of exports, and this product,
0:08:23 > 0:08:24list of exports, and this product, just
0:08:24 > 0:08:24list of exports, and this product, just like many of its
0:08:24 > 0:08:25list of exports, and this product, just like many of its others,
0:08:25 > 0:08:26list of exports, and this product, just like many of its others, has
0:08:26 > 0:08:26just like many of its others, has
0:08:26 > 0:08:26just like many of its others, has proved very
0:08:26 > 0:08:26just like many of its others, has proved very difficult
0:08:26 > 0:08:31just like many of its others, has proved very difficult to copy.
0:08:31 > 0:08:31just like many of its others, has proved very difficult to copy. In
0:08:31 > 0:08:31proved very difficult to copy. In other
0:08:31 > 0:08:34proved very difficult to copy. In other business news,
0:08:34 > 0:08:35proved very difficult to copy. In other business news, the Boeing
0:08:35 > 0:08:35other business news, the Boeing
0:08:35 > 0:08:35other business news, the Boeing Dreamliner has
0:08:35 > 0:08:35other business news, the Boeing Dreamliner has completed its
0:08:35 > 0:08:36other business news, the Boeing Dreamliner has completed its first
0:08:36 > 0:08:39Dreamliner has completed its first
0:08:39 > 0:08:39Dreamliner has completed its first right. The
0:08:39 > 0:08:41Dreamliner has completed its first right. The 7879
0:08:41 > 0:08:41Dreamliner has completed its first right. The 7879 can carry
0:08:41 > 0:08:41Dreamliner has completed its first right. The 7879 can carry 48 more
0:08:41 > 0:08:42right. The 7879 can carry 48 more passengers
0:08:42 > 0:08:42right. The 7879 can carry 48 more passengers and flight
0:08:42 > 0:08:42right. The 7879 can carry 48 more passengers and flight longer
0:08:42 > 0:08:42right. The 7879 can carry 48 more distances
0:08:42 > 0:08:43passengers and flight longer distances
0:08:43 > 0:08:43passengers and flight longer distances than the
0:08:43 > 0:08:43passengers and flight longer distances than the current
0:08:43 > 0:08:44passengers and flight longer distances than the current model.
0:08:44 > 0:08:44distances than the current model.
0:08:44 > 0:08:45distances than the current model. Investors hope
0:08:45 > 0:08:45distances than the current model. Investors hope that this will
0:08:45 > 0:08:45distances than the current model. Investors hope that this will not
0:08:45 > 0:08:46distances than the current model. Investors hope that this will not be
0:08:46 > 0:08:47Investors hope that this will not be plagued
0:08:47 > 0:08:47Investors hope that this will not be plagued with
0:08:47 > 0:08:47Investors hope that this will not be plagued with three
0:08:47 > 0:08:48Investors hope that this will not be plagued with three problems like
0:08:48 > 0:08:48Investors hope that this will not be plagued with three problems like its
0:08:48 > 0:08:48plagued with three problems like its
0:08:48 > 0:08:50plagued with three problems like its predecessor. Boeing
0:08:50 > 0:08:50plagued with three problems like its predecessor. Boeing shares
0:08:50 > 0:08:50plagued with three problems like its predecessor. Boeing shares closed
0:08:50 > 0:08:50plagued with three problems like its predecessor. Boeing shares closed at
0:08:50 > 0:08:51predecessor. Boeing shares closed at a
0:08:51 > 0:08:51predecessor. Boeing shares closed at a record
0:08:51 > 0:08:55predecessor. Boeing shares closed at a record high.
0:08:55 > 0:08:55predecessor. Boeing shares closed at a record high. Hackers had exploited
0:08:55 > 0:08:55a record high. Hackers had exploited
0:08:55 > 0:08:56a record high. Hackers had exploited a security
0:08:56 > 0:08:57a record high. Hackers had exploited a security flaw
0:08:57 > 0:08:57a record high. Hackers had exploited a security flaw in the
0:08:57 > 0:08:57a record high. Hackers had exploited a security flaw in the popular
0:08:57 > 0:08:59a record high. Hackers had exploited a security flaw in the popular web
0:08:59 > 0:08:59a security flaw in the popular web browser,
0:08:59 > 0:09:00a security flaw in the popular web browser, Internet Explorer.
0:09:00 > 0:09:01a security flaw in the popular web browser, Internet Explorer. It
0:09:01 > 0:09:01a security flaw in the popular web browser, Internet Explorer. It left
0:09:01 > 0:09:02browser, Internet Explorer. It left users
0:09:02 > 0:09:02browser, Internet Explorer. It left users vulnerable to
0:09:02 > 0:09:03browser, Internet Explorer. It left users vulnerable to attack.
0:09:03 > 0:09:05users vulnerable to attack.
0:09:05 > 0:09:06users vulnerable to attack. Microsoft said that a
0:09:06 > 0:09:09users vulnerable to attack. Microsoft said that a fixed the
0:09:09 > 0:09:11software was an emergency measure to Microsoft said that a fixed the
0:09:11 > 0:09:12software was an emergency measure to protect customers. JP
0:09:12 > 0:09:13software was an emergency measure to protect customers. JP Morgan
0:09:13 > 0:09:13software was an emergency measure to protect customers. JP Morgan Chase
0:09:13 > 0:09:14protect customers. JP Morgan Chase has
0:09:14 > 0:09:14protect customers. JP Morgan Chase has spent $1 billion tackling its
0:09:14 > 0:09:15has spent $1 billion tackling its
0:09:15 > 0:09:15has spent $1 billion tackling its regulatory issues following
0:09:15 > 0:09:19has spent $1 billion tackling its regulatory issues following the
0:09:19 > 0:09:19has spent $1 billion tackling its last year. A
0:09:19 > 0:09:21has spent $1 billion tackling its last year. A rogue
0:09:21 > 0:09:23trading scandal that rocked the bank last year. A rogue trader known
0:09:23 > 0:09:25trading scandal that rocked the bank the London whale used complex
0:09:25 > 0:09:25trading scandal that rocked the bank derivatives to hide trading losses
0:09:25 > 0:09:29derivatives to hide trading losses that
0:09:29 > 0:09:33that eventually exceeded $6 billion. The
0:09:33 > 0:09:33that eventually exceeded $6 billion. imagine are engrossed in what
0:09:33 > 0:09:33that eventually exceeded $6 billion. imagine are engrossed in what will
0:09:33 > 0:09:35imagine are engrossed in what will happen
0:09:35 > 0:09:35imagine are engrossed in what will happen later in Washington at the US
0:09:35 > 0:09:35happen later in Washington at the US
0:09:35 > 0:09:39happen later in Washington at the US central bank.
0:09:39 > 0:09:39happen later in Washington at the US mixed picture. Japan
0:09:39 > 0:09:45central bank. We have got quite a mixed picture. Japan
0:09:45 > 0:09:45central bank. We have got quite a All the other major Asian markets or
0:09:45 > 0:09:49All the other major Asian markets or lower.
0:09:49 > 0:09:49All the other major Asian markets or lower. It will be
0:09:49 > 0:09:49All the other major Asian markets or lower. It will be interesting
0:09:49 > 0:09:49All the other major Asian markets or lower. It will be interesting to
0:09:49 > 0:09:53All the other major Asian markets or lower. It will be interesting to see
0:09:53 > 0:09:58All the other major Asian markets or so—called tapering. We
0:09:58 > 0:09:59so—called tapering. We will look through the papers next.