Browse content similar to 21/10/2013. Check below for episodes and series from the same categories and more!
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called Maria, was found in a Roman camp in Greece last week, had DNA | :00:00. | :00:00. | |
testing shows that she was not the child of the couple. Now it is time | :00:00. | :00:00. | |
for World Business Report. More than 1000 soldiers are deployed | :00:00. | :00:23. | |
onto the streets of rear vision mirror, he encountered | :00:24. | :00:28. | |
demonstrations against Brazil auctioning off a giant offshore oil | :00:29. | :00:33. | |
field. The biggest fine in US history, JP Morgan Chase reaches a | :00:34. | :00:39. | |
tentative deal with the US Justice Department. A very warm welcome to | :00:40. | :00:50. | |
you. In just a minute we will be going live in New York for the | :00:51. | :00:55. | |
latest on that JP Morgan Chase story. At first, the Brazilian | :00:56. | :01:00. | |
government has deployed more than 1000 soldiers around the Hotel at | :01:01. | :01:08. | |
Rio de Janeiro, where one of the world's biggest auctions takes place | :01:09. | :01:10. | |
later today. The auction for the rights to develop a huge offshore | :01:11. | :01:18. | |
oil field has been criticised, and anti`government protesters have | :01:19. | :01:23. | |
threatened to disrupt the event. Whoever wins the rights will have to | :01:24. | :01:26. | |
share most of its profits with Brazil, and operate under tight | :01:27. | :01:32. | |
regulations. With me now is an oil expert from the centre of the global | :01:33. | :01:39. | |
energy studies. He explained to me how important and how big these | :01:40. | :01:46. | |
offshore field is. There is up to 12 billion barrels of oil and gas | :01:47. | :01:52. | |
equivalent, which is a major field. But it also requires huge | :01:53. | :01:58. | |
investment. And I think it is that issue of investment requirements, | :01:59. | :02:01. | |
the petrol price, a national company, and they have realised they | :02:02. | :02:06. | |
needed foreign investment to take on these projects. That has been a | :02:07. | :02:11. | |
policy approved by the Brazilian Congress, and debated for several | :02:12. | :02:17. | |
years. Of course, now there are tensions within the domestic | :02:18. | :02:20. | |
economy, and there are many sectors of the population who are | :02:21. | :02:26. | |
protesting, wanting higher salaries for teachers, lower prices for | :02:27. | :02:32. | |
tickets for public transport and so on. An economic boom which lasted. | :02:33. | :02:38. | |
Many years, of these growing economies like Brazil, Russia, | :02:39. | :02:44. | |
China, the recession is now hurting the people. Within society, those | :02:45. | :02:51. | |
who have aspirations do not receive that. I think this is part of that | :02:52. | :02:56. | |
as well. Emotions clearly running very high in Brazil. And yet, | :02:57. | :03:02. | |
whoever wins the auction isn't actually going to own any of the | :03:03. | :03:09. | |
deposits, are they? Told me through the model, and how attractive you | :03:10. | :03:15. | |
think it is for investors? I don't think it is that attractive. That is | :03:16. | :03:19. | |
why many major companies did not take part. But the oil is a huge | :03:20. | :03:27. | |
prize, and around the world there are not many areas open to these | :03:28. | :03:31. | |
companies which billions of barrels of oil potential to be there. That | :03:32. | :03:36. | |
is why these terms are not as sweet as the international companies want, | :03:37. | :03:44. | |
it is still attractive. And no big US companies have come to the | :03:45. | :03:48. | |
option, have they? So took me through the companies who are there. | :03:49. | :03:55. | |
Well, there is Shell. And I think many months ago, when this issue was | :03:56. | :04:03. | |
being discussed, Shell said that they were interested despite the | :04:04. | :04:08. | |
conditions. Think it is about the corporate policy of each country. | :04:09. | :04:16. | |
Shell said that even though the government would be the operator, | :04:17. | :04:22. | |
the cut for the company would be small, but Shell decided they wanted | :04:23. | :04:30. | |
to be in Brazil. They have decided the technical and economic | :04:31. | :04:42. | |
challenges ahead are large. Now, a warning for all chocolate | :04:43. | :04:46. | |
lovers out there, you are soon going to have to pay more from your | :04:47. | :04:51. | |
favourite snack. It has got chocolate in it, and that is because | :04:52. | :04:59. | |
of the soaring cost of cocoa beans, which are shot up by more than 20% | :05:00. | :05:07. | |
since the start of the year. Chocolate lovers seem to be | :05:08. | :05:11. | |
celebrating a slight easing in the economic crisis by eating more | :05:12. | :05:20. | |
chocolate. The colder it gets, the more we shop | :05:21. | :05:25. | |
for chocolate. Christmas is coming, and here in the northern hemisphere | :05:26. | :05:28. | |
we can't seem to get our hands on enough of this. Lindt says its sales | :05:29. | :05:46. | |
are up 14% in Europe. Higher prices may be good news for countries like | :05:47. | :05:55. | |
Ghana, but they seem to be too low to continue generation of farmers to | :05:56. | :06:00. | |
take over the old plantations. Producing rubber and palm oil is | :06:01. | :06:05. | |
more profitable. It may be a fight for the beans. Now, this event, | :06:06. | :06:14. | |
which happens in several countries, has shown how the demand for luxury | :06:15. | :06:21. | |
and fine chocolate sellers has upset the balance between supply and | :06:22. | :06:26. | |
demand for cocoa beans. This chocolate bar, being readied by one | :06:27. | :06:34. | |
exhibitor, would have cost thousands. We buy directly through | :06:35. | :06:41. | |
intermediaries or directly from the planters. But that is not the case | :06:42. | :06:44. | |
for the mass produced stuff. They have to go through brokerage | :06:45. | :06:50. | |
agencies. The doubling or tripling of the price will have a huge impact | :06:51. | :06:54. | |
on them. It will be much more expensive. So, a sustained flow of | :06:55. | :07:01. | |
investment into cocoa farming and communities may serve grow with and | :07:02. | :07:06. | |
proper lovers test. `` chocolate lovers. | :07:07. | :07:12. | |
Now, JP Morgan Chase has tentatively agreed to a $13 billion deal with | :07:13. | :07:19. | |
the US Justice Department to settle investigations into its | :07:20. | :07:22. | |
mortgage`backed securities. It relates to the sale of securities | :07:23. | :07:26. | |
based on home loans, which led to the near collapse of the banking | :07:27. | :07:32. | |
back in 2007. It is the largest deal ever between a single company and | :07:33. | :07:35. | |
the US government, but it doesn't release the bank from criminal | :07:36. | :07:38. | |
liability for some of the mortgages it packaged into bonds and sold to | :07:39. | :07:43. | |
investors. Even with the deal finalised, JP Morgan chief executive | :07:44. | :07:48. | |
will have 20 of regulatory issues to deal with. Many thanks for joining | :07:49. | :08:01. | |
me. Was JP Morgan Chase expecting a fine of this size? It is difficult | :08:02. | :08:06. | |
to tell. Before the shutdown happen of the US government, there was talk | :08:07. | :08:14. | |
about 7`11 billion. So we are around about that area. It sounds like that | :08:15. | :08:25. | |
has been folded in, but we're not what else is involved. 13 billion is | :08:26. | :08:30. | |
a bit more than we thought a few weeks ago, but it may be slightly | :08:31. | :08:36. | |
less. It is a big number, but isn't big enough to do any real damage to | :08:37. | :08:40. | |
a bank the size of JP Morgan? It depends what you mean by real | :08:41. | :08:44. | |
damage. If you look back over the previous three years, 2010 `2012, JP | :08:45. | :08:50. | |
Morgan had to set aside 18 or $19 billion for other legal costs. If | :08:51. | :08:56. | |
they hadn't done that, they may have had 20% more earnings. That is a | :08:57. | :09:01. | |
cost in itself. Nonetheless, JP Morgan is one of the best performing | :09:02. | :09:04. | |
banks in the US. If you strip out the great costs they have set aside | :09:05. | :09:09. | |
for this settlement, they still had a 5% growth in their core earnings, | :09:10. | :09:12. | |
which is way better than any of their peers. It is important to | :09:13. | :09:18. | |
remember that throughout this entire mortgage`backed security scandal, no | :09:19. | :09:23. | |
one has faced any criminal charges, have they? Absolutely not. They | :09:24. | :09:28. | |
tried a few times, but got nowhere. They tried to indict some managers a | :09:29. | :09:37. | |
few years ago, but they got. When it comes to actually isolating very | :09:38. | :09:40. | |
senior individuals, there has been nothing. Fascinating, thank you for | :09:41. | :09:48. | |
that. Japan's trade deficit allude to a | :09:49. | :09:58. | |
fresh record for September as cost for food outstripped other issues. | :09:59. | :10:05. | |
`` ballooned. What does this mean for Japan? The weaker yen has had a | :10:06. | :10:12. | |
dour impact on the economy. Imports have become more expensive, and the | :10:13. | :10:16. | |
growth in exports has not been sufficient enough to offset the | :10:17. | :10:23. | |
higher import bill. Rising imports have been partly due to higher fuel | :10:24. | :10:28. | |
demand, triggered by the shutdown of all of the country's nuclear | :10:29. | :10:31. | |
reactors following the Fukushima disaster. Also, the recovery is also | :10:32. | :10:39. | |
spurring domestic demand, and imports outperforming exports mean a | :10:40. | :10:43. | |
gap of $9.5 million, which translates into 15 months of trade | :10:44. | :10:50. | |
deficits. They are likely to see a trade deficit. Time to come, and | :10:51. | :10:56. | |
this is not necessarily a negative sign for the overall economy. So the | :10:57. | :11:01. | |
weakness of the Japanese yen has been a double`edged sword for the | :11:02. | :11:02. | |
Japanese economy. A key witness in the case of a | :11:03. | :11:25. | |
British family murdered in the French Alps last year has spoken | :11:26. | :11:30. | |
publicly for the first time. He told Panorama that he saw a BMW with a | :11:31. | :11:33. | |
British numberplate heading towards the crime scene shortly before the | :11:34. | :11:41. | |
attack. Three members of a family from | :11:42. | :11:43. | |
Surrey are murdered in a car while on holiday. And a French cyclist is | :11:44. | :11:48. | |
killed, by what is thought to be an experienced hitman. Bovary a `` a | :11:49. | :11:58. | |
year later, a man has been | :11:59. | :12:04. |