18/09/2013

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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.