22/10/2013 World Business Report


22/10/2013

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There is a report creating a backlash against the US. Those the

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latest headlines from BBC World News. Now the latest financial

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news. The sale of a national icon. The

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board of Peugeot Citroen meet to decide the future of the company

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part of that future could lie in China. Better late than never, we

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get US jobs figures for September. 18 days later than expected due to

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the US shutdown. Hello and a warm welcome. I'm Sally Bundock. Also in

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the programme, property prices climb in China stoking fears that the

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government is poised to create measures to contain the market.

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Letters talk about Peugeot Citroen. It lurches from crisis to crisis. ``

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let pass. Like its rivals it hopes to develop

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and sell cars in growing markets such as China. But that takes money

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and they are losing more than 3 million euros every day. Later today

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the company 's board is meeting and on the table is a deal to send

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stakes to China's Dong Feng and the French government. Any deal will

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come too late for workers at the plant outside Paris. We caught up

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with some of the 11,000 workers who will lose their jobs when it closes.

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This was a factory. The only plant in northern Paris.

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Once they made 700 cars per day. It is grinding to a halt. Only a few

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hundred remain, angry and bitter. In a few months they will have left,

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victim survey collapsing market and decisions. Hope has gone. But at the

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top they are making plans. It is against this background of job cuts,

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closures, haemorrhaging cash that the board meets at the Paris

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headquarters. The company is not saying anything other than they are

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looking at a number of potential unnamed strategic and commercial

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partnerships. The buzz says it is a 1.5 billion euro injection of cash

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from Dong Feng and possibly a similar injection by the French

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state. The company needs cash and urgently in order to develop its

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manufacturing in the markets it is neglecting, that is Asia and South

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America. Today the only people with the money to invest are the Chinese.

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It would be a huge strategic step affecting control of what free

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century has been a flagship of French industry. For the workforce

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it does not make a huge difference who is at the helm. TRANSLATION: The

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fact that it is the Chinese is irrelevant. Workers are workers. Do

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not try to scare as with the Chinese. The real problem is that

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one side you have stockholders who want more and more and a greater

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dividends and at the other you have workers sent to the scrapheap. That

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is the problem. This week, symbolically, sees the rollout of

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the last ever car. The rescue package, if it comes, will have no

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impact here. New house prices in China's four major cities saw record

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rises in the month of September. In the manufacturing hubs they

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climbed as much as 20%. We go to Rico Hizon for the details. Phil

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Arsene. Prices going up and up? `` feel asks Ian. The rapidly rising

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house prices show that the property sector plays an important role in

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supporting the mainland 's fragile economic growth despite government

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measures to calm the markets over the past three years, many mainland

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investors still have a strong view that property remains one of their

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best investment options. Home prices are the most since

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January 2011. Beijing rose 16%. 17% in Shanghai. A sharp increase in

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lending in the first half of the year combined with a relaxation of

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strict controls on home purchases in some cities has played a part in

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boosting sales and pushing prices higher. In the meantime, shares are

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falling in China and this is in direct reaction to this news, isn't

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it? It boils down to fear. Because of these price surges that could

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lead to a sharp correction in prices sooner rather than later. They

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believe the government would have to impose tighter controls to bring

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prices in line with incomes. Analysts believe there would be no

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major policy moves before October. With rapidly rising house prices

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tighter controls before the end of the year. Thank you very much. Let

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us now take a look at what is going on in the United States. 18 days

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later than planned we will get a snapshot of the US labour market.

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Firms are thought to have hired an extra 180,000 people in September. A

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sign of moderate growth. Less than the 200,000 needed to replace jobs

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lost in the recession. The release was delayed due to the US government

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shutdown as number crunchers were sent home.

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Every month America's central bank decides how to steer the world's

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biggest economy by looking at layers of economic data. Because of the

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recent government shutdown the picture is now blurred. The most

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important of all is the data on the labour market. During the recession

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the economy lost nearly 9 million jobs and only three quarters of them

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have been recovered. The Federal reserve wants to make sure that the

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labour market across the country has improved enough before starting to

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withdraw stimulus measures. The release of the crucial Jobstart was

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delayed by nearly three weeks by the government shutdown. We are just

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going to start getting the data for September and it will roll in over

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the next several weeks. Then the collection of October data has also

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been delayed. Agencies are scrambling to collect the data for

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October. That will also be released with a delay. It will not be until

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we get the November date in December that everything will be normalised.

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That, Casey task of the Federal reserve. It starts the next policy

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meeting in one week. Many economists are expected to remain cautious in

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Chart site `` pumping cheap money into the economy.

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Facebook is allowing videos and pictures which are people being

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decapitated and other graphic violence to be posted on its site

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again. The site introduced a temporary ban earlier this year

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after complaints that the pictures caused psychological damage. The

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company has confirmed it believes its users should be free to watch

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and condemn the videos. They join the Brazilian company to

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get rights to the lever oil fields. They won 35 year concessions. The

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option has been hugely controversial and there have been the market for

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tablet computers has become increasingly competitive.

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A demand for small and lower`priced tablets as set a demand for PCs. The

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iPad five will be released in San Francisco later today. They are

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trying to fend off a growing list of competitors. One of those is no key.

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Note here is holding a world press event in Abou Diaby. `` Nokia. As

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ever, an awful lot going on. A mixed picture in the financial markets.

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picture in the China is having a tough time.

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One of the reasons we are seeing some negativity is not flat trade is

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because of what is coming out later in the United States. The jobless

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news reminds us all that we are wondering when the Federal reserve

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will begin to exit its stimulus strategy. That is the close in the

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United States. A big movie today is China Mobile. Its shares have

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dropped 3.6%. I will see you soon. The government will introduce

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measures to claw back half ?1 billion per year for the NHS eye at

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preventing health tourists were using services for free. Some

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overseas visitors will be charged with treatment. Doctors say it will

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be difficult to implement. Working out just how much is spent

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by the NHS on treating overseas visitors has proved to be

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complicated.

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