Browse content similar to 30/09/2013. Check below for episodes and series from the same categories and more!
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for the latest financial news with No deal. In less than 24 hours time, | :00:05. | :00:22. | |
the US government could shutdown as lawmakers fail to pass a new budget. | :00:22. | :00:29. | |
Closing down a life line. Terrorist risks cause Barclays to stop dealing | :00:29. | :00:32. | |
with remittance companies in Africa. A move that could leave millions | :00:32. | :00:33. | |
without the money they survive on. Welcome to World Business Report. | :00:33. | :00:48. | |
I'm Sally Bundock. Also in the programme, we will be speaking to an | :00:48. | :00:53. | |
expert about how Barclays move to companies could have a far reaching | :00:53. | :01:06. | |
First of all, we start in the US, where a government shutdown looms. | :01:06. | :01:07. | |
As the week kicks off, hundreds where a government shutdown looms. | :01:07. | :01:10. | |
thousands of federal employees could find themselves not going to work on | :01:10. | :01:15. | |
Tuesday morning. This due to a political stalemate in Washington | :01:15. | :01:21. | |
over federal spending. Over the weekend, congressional leaders tried | :01:21. | :01:25. | |
to negotiate a new budget but, at Republicans are not willing to | :01:25. | :01:29. | |
loosen their stance on further healthcare spending. And with that, | :01:29. | :01:32. | |
the stakes are high but they are no deal can be reached. Politically, | :01:32. | :01:35. | |
the stakes are high but they are even higher for ordinary Americans. | :01:35. | :01:45. | |
most popular tourist destinations in Many make the trip to one of the | :01:45. | :01:50. | |
most popular tourist destinations in America, to catch a glimpse and | :01:50. | :01:55. | |
most popular tourist destinations in snap a photo. The Statue of Liberty | :01:55. | :01:56. | |
is a defining feature of the New York City skyline. But if Washington | :01:56. | :02:00. | |
can't get a budget together by museums and monuments will be closed | :02:00. | :02:08. | |
believe what's happening. It's an to visitors. The government shut | :02:08. | :02:35. | |
believe what's happening. It's an enemies, and what we are finding is | :02:35. | :02:39. | |
that, through a budget fight, with radical views against the use and | :02:39. | :02:51. | |
basically being held hostage. The last time the US government closed | :02:51. | :02:54. | |
its doors was in the mid— 90s, costing American taxpayers $1.4 | :02:54. | :03:00. | |
billion. Today, shut down seems almost unavoidable. It sounds like | :03:00. | :03:06. | |
the Democrats are obsessed with shutting down the government. That's | :03:06. | :03:09. | |
all they talk about. The only thing we want to shut down is ObamaCare. | :03:09. | :03:15. | |
The reason we want to shut it down is because of the harm it is doing | :03:15. | :03:24. | |
government closer but a bigger problem is that the government needs | :03:24. | :03:30. | |
October, or the US risks defaulting Failure to meet this responsibility | :03:30. | :03:37. | |
would be far more dangerous than a government shutdown. There would be | :03:37. | :03:42. | |
an economic shutdown, which impacts not just here but around the world. | :03:42. | :03:47. | |
For now, the world waits for the largest economy to pass the budget | :03:47. | :03:50. | |
and keep the Statue of Liberty from and keep the Statue of Liberty from | :03:50. | :03:54. | |
As we countdown to this deadline, turning her back on the thousands of | :03:54. | :03:59. | |
As we countdown to this deadline, edge. Sharanjit Leyl is at our Asia | :03:59. | :04:00. | |
see you. What's going on in Asia? edge. Sharanjit Leyl is at our Asia | :04:00. | :04:10. | |
see you. What's going on in Asia? As you can imagine, Asian markets | :04:10. | :04:14. | |
but not hugely. The DK fell over 2% US and may be heading for a shot | :04:14. | :04:28. | |
but not hugely. The DK fell over 2% but it's now just over 1%. As are | :04:28. | :04:28. | |
fear of the unknown and the fact but it's now just over 1%. As are | :04:28. | :04:37. | |
fear of the unknown and the fact that markets don't like uncertainty. | :04:37. | :04:42. | |
In Japan, we see exporter related stocks like Toyota falling, that's | :04:42. | :04:45. | |
because the dollar has been falling sharply against the Japanese yen. | :04:45. | :04:52. | |
Toyota gets about 31% of its revenue from North America and it is of | :04:52. | :04:56. | |
course lower today as a result. from North America and it is of | :04:56. | :05:03. | |
cautious ahead of their own domestic announcement about the government's | :05:03. | :05:07. | |
economic growth and tax strategy. Elsewhere, looking at some of the | :05:07. | :05:14. | |
other markets, BHP Billiton in Australia, the biggest oil producer, | :05:14. | :05:18. | |
has dropped over 1%, as crude oil prices fell. Many analysts Inc this | :05:18. | :05:23. | |
is a knee—jerk response that we prices fell. Many analysts Inc this | :05:23. | :05:28. | |
see today. —— say this is. There have always been resolutions in | :05:28. | :05:33. | |
see today. —— say this is. There past to avert crisis. Thanks for the | :05:33. | :05:33. | |
Millions of Somalis who rely on past to avert crisis. Thanks for the | :05:33. | :05:38. | |
sent from abroad will find access to this money cut off today. British | :05:38. | :05:40. | |
Bank Barclays is pulling out of this money cut off today. British | :05:40. | :05:43. | |
relationships with remittance firms, families and businesses in a country | :05:43. | :05:47. | |
where banking infrastructure doesn't exist. Barclays' fears the risk | :05:47. | :05:52. | |
where banking infrastructure doesn't untraceable cash being used to | :05:52. | :05:52. | |
finance terrorist organisations untraceable cash being used to | :05:52. | :05:59. | |
too great. But the firms that will be affected are starting to fight | :05:59. | :06:03. | |
back. Late Sunday, three remittances am now joined by a spokesman from | :06:03. | :06:20. | |
the BBC Somali service. What's going on? Barclays is probably the last to | :06:20. | :06:29. | |
that offers services. By closing make this move? Yes, it is the last | :06:29. | :06:36. | |
that offers services. By closing remittance companies will lose their | :06:36. | :06:36. | |
effect on the millions of Somalis remittance companies will lose their | :06:36. | :06:50. | |
effect on the millions of Somalis who depend on remittances. A recent | :06:50. | :06:53. | |
study by the UN found 40% of Somalis depend on remittances for their | :06:53. | :06:57. | |
study by the UN found 40% of Somalis basic of needs, food, health and | :06:57. | :07:01. | |
education. It will be cutting off a lifeline. From Barclays' point of | :07:01. | :07:07. | |
view, they argue the risk is too ramifications. What do you think the | :07:07. | :07:20. | |
answer is? A number of banks have been fined huge amounts of money. | :07:20. | :07:25. | |
Whenever I speak to Barclays, a been fined huge amounts of money. | :07:25. | :07:29. | |
they can't take that risk of being fined. Ironically, none of the | :07:29. | :07:34. | |
existing Somali companies have ever been found guilty of any sort of | :07:34. | :07:37. | |
money laundering or funding of terrorism. The bigger companies | :07:37. | :07:42. | |
money laundering or funding of got everything computerised, they | :07:42. | :07:45. | |
check the identity of senders and receivers very rigourously. They | :07:45. | :07:49. | |
have said to Barclays, if you tell us what it is that you want us to | :07:49. | :07:54. | |
do, because Barclays has just told eligibility criteria, if you tell us | :07:54. | :08:04. | |
what we need to do, we will up al gain. Because they are not being | :08:04. | :08:12. | |
told, they are stuck. What about big companies that provide this kind of | :08:12. | :08:16. | |
has said it is available to provide service, like Western Union. Are | :08:16. | :08:28. | |
breakaway part of Somalia that services. But it has one office | :08:28. | :08:32. | |
breakaway part of Somalia that declared itself independent more | :08:32. | :08:36. | |
way that a company like Western than 20 years ago. So, there's no | :08:36. | :08:40. | |
way that a company like Western Union could provide the services | :08:40. | :08:42. | |
have agents in the most promote that the Somali companies do. They | :08:42. | :08:48. | |
have agents in the most promote other way of getting money in. The | :08:48. | :08:51. | |
there are terrorist organisations fear is that if these remittance | :08:51. | :08:59. | |
there are terrorist organisations there, armed traffickers, people | :08:59. | :09:03. | |
traffickers. If that money starts going down those kinds of routes, | :09:03. | :09:04. | |
the situation will be far worse going down those kinds of routes, | :09:05. | :09:11. | |
Thank you for explaining that. We will keep an icon that. Let's fill | :09:11. | :09:17. | |
you in on some other stories now. —— keep an eye on that. Siemens is | :09:17. | :09:24. | |
you in on some other stories now. —— cut up to 50,000 jobs or 4% of its | :09:24. | :09:26. | |
workforce as part of a cost—cutting programme. It will shed 5000 jobs in | :09:26. | :09:34. | |
Germany and another 10,000 abroad. It axed its former chief executive | :09:34. | :09:36. | |
Now the markets in Asia. They are very much focused on this budget row | :09:36. | :09:53. | |
moment. The impasse over spending and healthcare. That will darken the | :09:53. | :10:00. | |
markets over the next 24 hours or so and will have an impact on European | :10:00. | :10:02. | |
trade. We will see you soon for and will have an impact on European | :10:02. | :10:06. |