Browse content similar to 09/10/2013. Check below for episodes and series from the same categories and more!
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headlines from BBC World News. Now for the latest financial news and | :00:00. | :00:20. | |
President Obama will nominate Janet Yellen to be the new chairman of the | :00:20. | :00:27. | |
Federal Reserve. Taking off or permanently grounded? Struggling | :00:27. | :00:31. | |
airline Alitalia in a last—gasp permanently grounded? Struggling | :00:31. | :00:40. | |
for survival. Welcome to world Business Report. Also did we will | :00:40. | :00:52. | |
take a look at a boat in Europe Business Report. Also did we will | :00:52. | :00:59. | |
pilot's owls. The White house has announced President Obama intends to | :00:59. | :01:02. | |
nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke | :01:02. | :01:06. | |
central bank — the most powerful job in world banking. Ms Yellen would be | :01:06. | :01:08. | |
the first woman to lead the Fed in world banking. Ms Yellen would be | :01:08. | :01:12. | |
she'd take over at a pivotal time when there's more grim news for | :01:12. | :01:16. | |
she'd take over at a pivotal time economy. There are growing signs of | :01:16. | :01:17. | |
financial markets being affected by Washington. The main US stock market | :01:17. | :01:25. | |
there's evidence of concern in the market for US government debt. And | :01:25. | :01:32. | |
the grim news doesn't stop there. On International Monetary Fund cut | :01:32. | :01:36. | |
the grim news doesn't stop there. On global growth forecast and warned a | :01:36. | :01:40. | |
seriously damage the world economy. That was on Tuesday. Later today, | :01:40. | :01:47. | |
the Federal Reserve's Open Market Committee releases the minutes of | :01:47. | :01:49. | |
its September meeting — this will reveal more about their concerns | :01:49. | :01:52. | |
start winding down its stimulus that the US economy is too weak | :01:52. | :01:56. | |
start winding down its stimulus programme. And also today, the IMF | :01:56. | :01:58. | |
financial stability, giving its publishes its report on global | :01:58. | :02:00. | |
closer look at the woman who is latest assessment of threats to | :02:00. | :02:18. | |
closer look at the woman who is poised to replace Ben Bernanke | :02:18. | :02:20. | |
to President Obama urging him to the Federal Reserve Last month, | :02:20. | :02:24. | |
that she is seen as someone at the nominate Janet Yellen citing her | :02:24. | :02:32. | |
that she is seen as someone at the peaceful end of the spectrum. She is | :02:32. | :02:35. | |
more committed to bearing down on unemployment, sometimes willing | :02:35. | :02:39. | |
more committed to bearing down on let inflation rise in the bitterly | :02:39. | :02:44. | |
necessary to promote job creation. In the current context of the debate | :02:44. | :02:49. | |
about Federal reserve policy, it suggests that under her leadership, | :02:50. | :02:53. | |
the Fed would move slowly to reduce the stimulus that is putting into | :02:53. | :02:57. | |
the US financial markets. That concern about how the Fed might | :02:57. | :03:01. | |
the US financial markets. That and how quickly it might move has | :03:01. | :03:04. | |
been one of the main things driving leadership suggesting that may be a | :03:04. | :03:11. | |
relatively slow with rural of that effort to stimulate the American | :03:11. | :03:12. | |
recovery. In terms of her being effort to stimulate the American | :03:12. | :03:20. | |
first woman to have this job, if she is confirmed, it is a very striking | :03:20. | :03:25. | |
nomination, arguably this is the most important and influential | :03:25. | :03:30. | |
economic job in the world. No woman has had a central banking job of | :03:30. | :03:36. | |
anything like this kind of stature. There are some women central bank | :03:36. | :03:41. | |
governors, the other major woman Christina guard at the International | :03:41. | :03:49. | |
monetary fund. It really is an unusual and striking development. | :03:49. | :04:09. | |
Last month over 300 Economist 's. Signed an open letter to President | :04:09. | :04:10. | |
Obama urging him to nominate Janet Signed an open letter to President | :04:10. | :04:12. | |
Obama urging him to nominate Janet Yellen citing her consistent good | :04:12. | :04:14. | |
judgement and commitment to reducing unemployment. Laura Tyson was one of | :04:14. | :04:17. | |
those — she's a former colleague of Yellen and also a business and | :04:17. | :04:20. | |
economics Professor at Berkeley University in California. She gave | :04:20. | :04:23. | |
her reaction to the news to our reporter there, Richard Taylor. I | :04:23. | :04:24. | |
think it is to reflect news. We reporter there, Richard Taylor. I | :04:24. | :04:27. | |
a situation where we had a wonderful match of skills and experience and | :04:27. | :04:28. | |
skill and experience is important. match of skills and experience and | :04:28. | :04:44. | |
skill and experience is important. And she is an ideal candidate. She | :04:44. | :04:46. | |
has all the ingredients to be an outstanding Fed chairman. What are | :04:46. | :04:53. | |
displayed since you have known her and around the University and the | :04:53. | :04:54. | |
minded. She is policy oriented. and around the University and the | :04:54. | :05:04. | |
is tough—minded and has a high standard of excellence she brings to | :05:04. | :05:06. | |
everything she does, whether it standard of excellence she brings to | :05:06. | :05:10. | |
written research or standing in front of a classroom. When she gives | :05:10. | :05:17. | |
a speech, people are struck by the amount of content and the rigour and | :05:17. | :05:22. | |
also the clarity. She puts it all Washington, she did not have a lot | :05:22. | :05:26. | |
of public policy experience but Washington, she did not have a lot | :05:26. | :05:32. | |
very high level of research School, rigour and policy in Trieste and | :05:32. | :05:34. | |
communication skills came to be rigour and policy in Trieste and | :05:34. | :05:38. | |
very effective way in a variety rigour and policy in Trieste and | :05:38. | :05:42. | |
roles. She has been portrayed as being one of the duds, would you | :05:42. | :05:54. | |
similar to Ben Bernanke. —— dubs. She has been she has been saying for | :05:54. | :06:00. | |
deep recession with a slow recovery. a long time that we have had a very | :06:00. | :06:06. | |
deep recession with a slow recovery. That monetary policy, aggressive | :06:06. | :06:07. | |
monetary policy has been needed That monetary policy, aggressive | :06:07. | :06:10. | |
help the economy tickets wait out of the great recession. I would not | :06:10. | :06:14. | |
get more now from Dr Chris Oates — the great recession. I would not | :06:14. | :06:26. | |
get more now from Dr Chris Oates — North America Analyst, with Oxford | :06:26. | :06:28. | |
His first choice was Larry Summers. North America Analyst, with Oxford | :06:28. | :06:52. | |
disfavoured Larry Summers. They thought he would have been easy | :06:52. | :06:54. | |
disfavoured Larry Summers. They banks, in terms of regulation and he | :06:54. | :06:55. | |
would not necessarily have been banks, in terms of regulation and he | :06:55. | :06:59. | |
dovish monitor airily. I think Janet Washington will be like a dull. | :06:59. | :07:09. | |
dovish monitor airily. I think Janet announced overnight, you think this | :07:09. | :07:13. | |
is trying to being some calm amidst this US shutdown and debt ceiling | :07:13. | :07:15. | |
drama. It is difficult to bring this US shutdown and debt ceiling | :07:15. | :07:22. | |
to this debt ceiling shutdown. It is quite dramatic and back and forth. | :07:22. | :07:28. | |
But I think that maybe the intent. What you make of her. She had a | :07:28. | :07:34. | |
But I think that maybe the intent. backing from many economists, and | :07:34. | :07:37. | |
influential people in Washington. relationship with Wall Street? It is | :07:37. | :07:44. | |
possible but she will develop one very quickly. But she has been able | :07:44. | :07:49. | |
to macro at the Fed so she knows the job and knows what has been going on | :07:49. | :07:52. | |
between the Fed and Wall Street job and knows what has been going on | :07:52. | :07:58. | |
the quantitative easing programme. Should she be dovish given how the | :07:58. | :08:07. | |
American economy is doing? Because the economy looked to be recovering, | :08:07. | :08:10. | |
she is pulling back on quantitative easing. Data shows that unemployment | :08:10. | :08:14. | |
has not private, job growth has recovered. The most likely outcome | :08:14. | :08:24. | |
of the situation in Washington is that the drag on the economy will be | :08:24. | :08:38. | |
even greater. The storm—clouds are gathering round Alitalia — Italy's | :08:38. | :08:39. | |
loss—making national airline. After gathering round Alitalia — Italy's | :08:39. | :08:42. | |
loss—making national airline. After emergency talks with government | :08:42. | :08:44. | |
officials in Rome, it is now thought to have little more than a week | :08:44. | :08:48. | |
officials in Rome, it is now thought drum up millions of euros in state | :08:48. | :08:49. | |
or private—investor support. Without it, Alitalia risks falling into | :08:49. | :08:50. | |
bankruptcy for the second time. it, Alitalia risks falling into | :08:50. | :09:17. | |
Cassidy: This is not the first time Alitalia has flown into financial | :09:17. | :09:20. | |
headwind, it has been fighting for its financial life were years. It | :09:20. | :09:22. | |
now seems the price for keeping its financial life were years. It | :09:22. | :09:29. | |
flights over Italian skies has finally become too high. Especially | :09:29. | :09:35. | |
remaining 19,000 staff. The wage bill is way ahead of receipts. | :09:35. | :09:44. | |
investors first it in when the airline was rescued from favour | :09:44. | :09:49. | |
investors first it in when the 2009. It cut costs, but since then | :09:49. | :09:52. | |
has accumulated debts of a hundred but in Euros which can not just | :09:53. | :09:56. | |
has accumulated debts of a hundred up. There are worries about fuel | :09:56. | :10:01. | |
supplies because of unpaid bills. The Italian State rail operator | :10:01. | :10:03. | |
supplies because of unpaid bills. been mooted as a possible saviour. A | :10:03. | :10:07. | |
takeover by the part owner in France seems most likely. The plan being | :10:07. | :10:10. | |
bitterly opposed in the country seems most likely. The plan being | :10:10. | :10:14. | |
fears of hundreds more redundancies for ground staff. Commentators | :10:14. | :10:17. | |
acknowledged Italy has much at stake. There is a political economic | :10:18. | :10:28. | |
have seen Alitalia as the flag cover —— carrier for a sleek, if it gets | :10:28. | :10:31. | |
taken over by air France that may still exist but because air France | :10:31. | :10:36. | |
are running the business, the focus shift away from the Italian airports | :10:36. | :10:40. |