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`` three years ago are. Those are the latest headlines. Time | :00:00. | :00:17. | |
for the money news. Good`bye, recession. Confirmation | :00:18. | :00:25. | |
that the Spanish economy is growing slightly. | :00:26. | :00:29. | |
Addicted to the multibillion dollars stimulus, sure markets rally as | :00:30. | :00:34. | |
traders expect no change in policy as the US central bank holds its | :00:35. | :00:40. | |
monthly meeting. `` share markets. | :00:41. | :00:47. | |
Welcome to World Business Report. Also in the programme, smoking is | :00:48. | :00:53. | |
going out of fashion in Japan. We will have the details. But first of | :00:54. | :00:57. | |
all, after two years of shrinking wealth, officials will confirm that | :00:58. | :01:02. | |
Spain is out of recession. Just buy a touch. Spain's National statistics | :01:03. | :01:09. | |
agency is due to confirm what estimates from the bank of Spain | :01:10. | :01:12. | |
suggested last week, that the economy grew by 0.1% in the three | :01:13. | :01:20. | |
months ending in September. Spanish friends are selling workers overseas | :01:21. | :01:24. | |
and money are starting to flow back into the country. But very few would | :01:25. | :01:27. | |
know people are feeling the benefits. `` ordinary. Many families | :01:28. | :01:40. | |
remain strapped for cash. Spain's economy is finally growing | :01:41. | :01:48. | |
again. Sales are even recovering at this company in Madrid, which | :01:49. | :01:52. | |
depends on construction. They make cupboard doors. The man who owns | :01:53. | :01:59. | |
this and my other businesses in the area believes that consumer | :02:00. | :02:04. | |
confidence is returning, but some problems remain. `` nine. In Spain | :02:05. | :02:11. | |
the most important problem we have is the credit. Banks are better than | :02:12. | :02:20. | |
before, but credit is stopping. They are still nervous? Yes. Everybody | :02:21. | :02:29. | |
needs to know that we have money to spend in projects and enterprise. At | :02:30. | :02:34. | |
the moment it is difficult to receive credit. At the problems | :02:35. | :02:40. | |
caused by excessive lending in the past are still being cleaned up. | :02:41. | :02:46. | |
This is a town that became a symbol of Spain's economic crisis. | :02:47. | :02:50. | |
Thousands of apartments were built which initially few people bought. | :02:51. | :02:55. | |
But after the boom in the past, property prices were slashed. In the | :02:56. | :02:58. | |
past few months, many people have moved in. Perhaps a tentative signs | :02:59. | :03:04. | |
that Spain's economy is on the road to recovery. But the road is very | :03:05. | :03:13. | |
long. These buildings have been passed from banks to a so`called bad | :03:14. | :03:19. | |
bank. There are still hundreds of thousands of properties as toxic | :03:20. | :03:28. | |
assets to be sold off. And for all the positive talk about Spain posit | :03:29. | :03:32. | |
economy, the reality for many Spaniards is very different. `` | :03:33. | :03:37. | |
spend's economy. This man still lives with his mother and has been | :03:38. | :03:44. | |
unemployed for five years. It is just macroeconomic data, he tells | :03:45. | :03:49. | |
us. Spanish exports may have improved, but wages are down, prices | :03:50. | :03:52. | |
are up and people are consuming less. The spend's economy might be | :03:53. | :04:03. | |
out of recession, there are several reasons to celebrate. But | :04:04. | :04:10. | |
unemployment is still skyhigh. It is not game over for spend's economic | :04:11. | :04:18. | |
crisis just yet. What a difference a few weeks can | :04:19. | :04:22. | |
make. Last month most people thought the US central bank was going to | :04:23. | :04:27. | |
reduce emergency funding. But after the damaging government shut and | :04:28. | :04:30. | |
disappointing having figures from US firms, the economy looks | :04:31. | :04:35. | |
substantially weaker than it did before. The Federal reserve will | :04:36. | :04:38. | |
announce its policy decision later today. It is expected to post a | :04:39. | :04:45. | |
possibly fatal move to stimulus measures. The world's three major | :04:46. | :04:51. | |
central banks flooding the market with cheap market leaseback `` | :04:52. | :05:02. | |
money. It was first introduced by the bank | :05:03. | :05:06. | |
of Japan. It continued for five years. Until its recent recovery, | :05:07. | :05:12. | |
Japan's economy had been stuck in what became known as a lost decade. | :05:13. | :05:19. | |
Did it actually work? I do not think it worked in Japan. It was supposed | :05:20. | :05:26. | |
to turn deflation into inflation. That did not happen. You cannot see | :05:27. | :05:31. | |
any difference in deflation rates. You do not seek differences in the | :05:32. | :05:39. | |
growth rate of the economy. It is as it if it never happened. But the | :05:40. | :05:46. | |
purpose of the policy in the US was different. It was used as a last | :05:47. | :05:50. | |
resort to get the credit market working again. Its aim was to | :05:51. | :05:55. | |
prevent the US economy from falling into a series of depression like the | :05:56. | :06:05. | |
1930s. In the heart of Manhattan, America's economy may seem vibrant. | :06:06. | :06:08. | |
That is partly thanks to all the stimulus measures. But there is fear | :06:09. | :06:12. | |
the United States is following the same path as Japan. And withdrawing | :06:13. | :06:20. | |
all that cheap money is not them carefully, it could destroy the | :06:21. | :06:27. | |
recent growth. If they can hit the side of a bind, then the bulls eye | :06:28. | :06:31. | |
just be close. It will not be the end of the world. On the other | :06:32. | :06:36. | |
hand, the expectation that they will completely mess it up, that they | :06:37. | :06:41. | |
could not fall out of a boat and Pittwater, think that is a gross | :06:42. | :06:47. | |
exaggeration. Then bring a key was the man who started the experiment | :06:48. | :06:51. | |
in the United States. He will be the one to end it. For his likely | :06:52. | :06:56. | |
successor, it may prove to be a more challenging task. | :06:57. | :07:05. | |
Now a look at the impact that is having on markets at the end of the | :07:06. | :07:09. | |
show. But tobacco shares in Japan are climbing to date after setting | :07:10. | :07:20. | |
to close several factories. What is happening? Are the Japanese giving | :07:21. | :07:28. | |
up on smoking? That is one reason. The maker of international brands | :07:29. | :07:31. | |
western and camel is also blaming the declining demand to the | :07:32. | :07:37. | |
country's shrinking population. According to the company, the ratio | :07:38. | :07:41. | |
of smokers in Japan fell by 4% over the past four years. The once huge | :07:42. | :07:46. | |
number of smokers continues to shrink. Another issue is the sales | :07:47. | :07:55. | |
stats. This is expected to hurt sales even further. `` sales tax. | :07:56. | :08:04. | |
1600 jobs have been cut and four out of nine factories were closed. It | :08:05. | :08:12. | |
will be focusing on overseas sales. 48% of its total sales in the last | :08:13. | :08:17. | |
fiscal year came from the overseas numbers. Other segments such as food | :08:18. | :08:24. | |
and medical products will also be capped. And before you go, tell us | :08:25. | :08:38. | |
about the recall? More than 100,000 are being recalled. This will | :08:39. | :08:45. | |
address potential brake problems. This is the fourth automaker recall | :08:46. | :08:51. | |
in Visio. It follows the Genesis model last week due to the same | :08:52. | :08:58. | |
issue. Last month you had here and they. They said that they were | :08:59. | :09:08. | |
recalling about 660,000 details. `` vehicles. Problems for the top | :09:09. | :09:17. | |
automakers. Thank you very much. Very interesting. Time to have a | :09:18. | :09:20. | |
look at the markets. A busy day for corporate stories. | :09:21. | :09:26. | |
Also, China's state owned oil company posted a 20% rise in | :09:27. | :09:34. | |
profits. Markets are much higher. There are positive ahead of the | :09:35. | :09:42. | |
Federal reserve meeting. Those are the markets. The dollar | :09:43. | :09:45. | |
will be very sensitive today. See you soon. | :09:46. | :10:01. | |
The number of long`term unemployed young people in the UK is the | :10:02. | :10:05. | |
highest it has been for nearly 20 years. It is more than quadrupled in | :10:06. | :10:12. | |
the last decade. There is warning that without urgent investment from | :10:13. | :10:16. | |
the government, tens of thousands are in danger of | :10:17. | :10:17. |