:00:00. > :00:00.was devastating news. Those are the latest headlines. It
:00:00. > :00:21.is time for the latest money news. This is World Business Report.
:00:22. > :00:25.Mizuho Bank admits that it lacked awareness by lending to members of
:00:26. > :00:31.Japan's criminal underworld. But it may is get a fine. Local workers
:00:32. > :00:34.fight back. Singaporeans gathered to protest against government plans to
:00:35. > :00:45.boost the economy by bringing in foreign Labour.
:00:46. > :00:50.A warm welcome to you. In just a minute, we will be looking at yet
:00:51. > :00:56.another bank in trouble over LIBOR fixing. But Japanese bank Mizuho has
:00:57. > :01:00.reported its findings into how it failed to put a stop to loans to
:01:01. > :01:06.yakuza gangsters. According to a panel of Lloydy is a port in ``
:01:07. > :01:10.appointed by Mizuho, the bank lacked the awareness to refuse loans to
:01:11. > :01:20.underworld figures. The scandal is highly regrettable. What exactly is
:01:21. > :01:25.that yakuza `` Mizuho is accused of doing.
:01:26. > :01:30.This dates back to 2010, when it came to light that one of Mizuho's
:01:31. > :01:45.subsidiaries had learned about 2 million US dollars to what are
:01:46. > :01:47.called, antisocial forces. That is a euphemism. It means gangsters. They
:01:48. > :01:50.were given to 130 individuals, mainly for car loans. It is illegal
:01:51. > :01:55.for ranks to loan money to people who have links to organised crime.
:01:56. > :02:01.After that discovery, the senior management at Mizuho did nothing
:02:02. > :02:05.about it. It was not until the financial services authority started
:02:06. > :02:10.an investigation into the loans that it came to light. It came out in
:02:11. > :02:13.public. The FSA has heavily criticised the bank for not doing
:02:14. > :02:18.anything about it for that long period of time.
:02:19. > :02:26.Just explain exactly through these yakuza are.
:02:27. > :02:30.It is a general name given to anybody who is involved in organised
:02:31. > :02:37.crime in Japan. There are some very large and powerful gang
:02:38. > :02:40.organisations, such as the biggest organised crime gang in Japan, but
:02:41. > :02:46.their run many smaller gangs and individuals who have affiliations to
:02:47. > :02:51.organised crime groups. But in order to try to squeeze these groups, the
:02:52. > :02:54.Japanese government has been tightening up the laws in recent
:02:55. > :02:58.years to squeeze their access to financial resources. One of them is
:02:59. > :03:03.an old trick they have been carrying on for years, which is to go and
:03:04. > :03:07.take loans from banks, make the first two or three instalments on
:03:08. > :03:15.repair men is, and then simply not repay the loans and walk away with
:03:16. > :03:22.the money. `` repayments. The timing is particularly
:03:23. > :03:27.unfortunate. A policy paper to boost Singapore's
:03:28. > :03:32.population to nearly 7 million x 2030 has caused a fair and art of
:03:33. > :03:37.controversy across the city. That is because the plan involves bringing
:03:38. > :03:41.in foreign workers to offset the nation's declining birth rate. In a
:03:42. > :03:48.rare show of public angst, thousands of locals have been gathering to
:03:49. > :03:52.protest against the plan. This balancing act between a foreign
:03:53. > :03:58.influx versus domestic workers, it is an issue that has been around for
:03:59. > :04:04.a while. In Singapore and in many other
:04:05. > :04:09.countries as well. They are in a same `` a similar boat. The policy
:04:10. > :04:13.paper was released much earlier this year. The government predict that
:04:14. > :04:21.the population would grow to 6.9 x 2030. Immigrants making up nearly
:04:22. > :04:25.half that figure. That has caused quite a lot of consternation in
:04:26. > :04:32.Singapore, and a series of protests as well. I took a closer look at the
:04:33. > :04:37.issue. This park, slightly smaller than a
:04:38. > :04:42.football field, is the only place that Singaporeans are allowed to
:04:43. > :04:47.gather to protest. It is total nonsense to think that we have no
:04:48. > :04:50.talent amongst us. Early this month, a few hundred gathered to
:04:51. > :04:54.demonstrate against a government proposal to boost the nation's
:04:55. > :05:00.population to 7 million, from the current 5.5 million. On a small
:05:01. > :05:08.island, it is more than an issue of overcrowding, it may mean foreigners
:05:09. > :05:12.taking away the jobs. I guess the government has listened to us. They
:05:13. > :05:19.have introduced a few measure to cut the influx of foreigners. I think
:05:20. > :05:24.this will be our last protest. Some of the recent measures including
:05:25. > :05:35.require companies to consider hiring locals before foreigners. Boot ``
:05:36. > :05:41.boosting the unemployment rate, it is more about pay rises that have
:05:42. > :05:45.stayed stagnant. Salaries in blue`collar jobs have stayed low. It
:05:46. > :05:50.means Singapore has among the widest gaps between rich and poor in the
:05:51. > :05:56.world. It may be part of the reason why Singapore's government, led by
:05:57. > :06:01.the ruling party, has been losing popularity among voters. Speaking to
:06:02. > :06:04.the BBC as the rules were announced, Singapore's Minister of trade says
:06:05. > :06:12.the measures were not an attempt to win back voters. It is a light touch
:06:13. > :06:17.policy. It is a policy that is quite comp report to what happens in many
:06:18. > :06:22.other economies around the world, which are equally open. `` parable.
:06:23. > :06:25.It is not trying to say that Singaporeans must be high at first,
:06:26. > :06:30.it says there should be a level playing field. The level playing
:06:31. > :06:35.field is what these protesters are seeking. In the last decade, 1
:06:36. > :06:40.million foreigners had joined the Singapore's ranks. Roughly one in
:06:41. > :06:43.four people are now from elsewhere. The policies may go some way to
:06:44. > :06:46.alleviate the concerns of Singaporeans, who feel they have
:06:47. > :06:53.been left out of the country's success.
:06:54. > :06:57.The government are keen to stress that Singapore, which has a big
:06:58. > :07:01.financial centre, continues to be open for business, in spite of the
:07:02. > :07:04.new measures. The influx of foreigners is an issue that
:07:05. > :07:08.continues to divide the population. It shows how tough it is to strike
:07:09. > :07:18.the right balance when it comes to boosting the workforce against a
:07:19. > :07:23.backdrop of a declining population. The Dutch bank Rabobank is bracing
:07:24. > :07:27.itself for a fine, in relation to its role in the recent LIBOR fixing
:07:28. > :07:33.scandal. According to a report in the Financial Times, Rabobank could
:07:34. > :07:36.strike a deal to pay US and British regulators about $1 billion to
:07:37. > :07:41.settle allegations that it helped manipulate the benchmark lending
:07:42. > :07:44.rate. It would be the fifth penalty in relation to the global
:07:45. > :07:50.investigation, and the second biggest after UBS was forced to pay
:07:51. > :07:59.and record fine of $1.5 billion. A settlement could be announced early
:08:00. > :08:08.this week. Good to see you this morning. $1 billion. That is what is
:08:09. > :08:14.expect it. The June expect it? Not initially. This is bigger than we
:08:15. > :08:20.previously thought. We knew that UBS had repaid $1.5 billion, but we have
:08:21. > :08:25.also seen fines from some of the UEFA `` UK companies, about the $400
:08:26. > :08:31.million mark. So this is much bigger than we thought. We thought the
:08:32. > :08:36.average was down. There will be more focus, not just on LIBOR, but also
:08:37. > :08:46.the Japanese yen indices. There is a bit more complexity. The size of the
:08:47. > :08:50.fine, it indicates how deeply Rabobank was involved in all of
:08:51. > :08:54.this, how deep in trouble it was. It is very surprising. They announced
:08:55. > :08:59.they had taken some provisions for this. We were aware that they were
:09:00. > :09:04.in communication with some of the regulators, but we did not believe
:09:05. > :09:10.it was this big. There are a few questions as to why it is so large.
:09:11. > :09:14.Surprising because of the reputation that Rabobank has. It is a
:09:15. > :09:19.cooperative, it appears to be a friendly bank. It does not go with
:09:20. > :09:25.the reputation. That is right. It is a mutual. It is used to farming
:09:26. > :09:30.markets and commodity markets. It is not seen as a risky investment
:09:31. > :09:39.bank. So it is a surprise. It will tarnish their reputation.
:09:40. > :10:05.Let's have a quick look to see how Asian markets are getting on.
:10:06. > :10:23.`` goodbye. One of the main stories from across
:10:24. > :10:30.the UK involves Universal Credit. It is the Government's flagship welfare
:10:31. > :10:31.reform, and it is beginning `` beginning the next phase of