05/11/2013

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:00:00. > :00:08.Aires. The files contained transcripts of all meetings held by

:00:09. > :00:11.the military to enter. `` military junta. Those are the latest

:00:12. > :00:14.headlines from BBC World News. Now for the latest financial news

:00:15. > :00:19.with World Business Report. We deserve to live not just exist `

:00:20. > :00:25.we look ahead to a landmark vote in the US to raise the minimum wage.

:00:26. > :00:28.Next stop Mars ` with India set to blast off, we will look at the cost

:00:29. > :00:37.of entering the international space race.

:00:38. > :00:40.Welcome to World Business Report. I'm Sally Bundock. Also in the

:00:41. > :00:46.programme ` Nissan shares plunge in Tokyo as Japan's second biggest car

:00:47. > :00:49.maker warns about profits. Around the world, household incomes

:00:50. > :00:55.are being squeezed as prices rise faster than wages. In much of Europe

:00:56. > :00:58.and in the United States we're now worse off than we've been for a

:00:59. > :01:02.generation. That's sparked an international movement for a

:01:03. > :01:05.so`called living wage. In the US, millions of fast`food workers have

:01:06. > :01:12.set that at about $15 an hour, that's more than double the current

:01:13. > :01:16.national minimum wage of $7.25. And today, one city in the US could be

:01:17. > :01:28.the first to enshrine this ideal into law. Samira Hussain reports

:01:29. > :01:31.from Seattle. In the small town on America's West

:01:32. > :01:41.Coast, this woman as part of a group who spend their evenings going

:01:42. > :01:46.door`to`door, canvassing the change. The town that spans roughly 26

:01:47. > :01:52.kilometres, home to 27,000 people. Members of this committee are

:01:53. > :01:57.pushing for a big change. They want an increase to the minimum wage.

:01:58. > :02:00.Workers to $15 an hour while. Advocates say people in low skilled

:02:01. > :02:08.jobs should be able to make enough to live. In this small apartment,

:02:09. > :02:13.this meant support his wife, his son, and his mother. Despite working

:02:14. > :02:19.full`time, he finds making ends meet tough. If we get a better wage, it

:02:20. > :02:25.will be quite easy. We need to pay things. I have no money in my hand.

:02:26. > :02:31.It is hardly enough to pay for everything. While the minimum wage

:02:32. > :02:37.in the US has steadily increased over the years, the actual value has

:02:38. > :02:43.declined. Comparatively, people are now earning less. This is the main

:02:44. > :02:50.economic engine, the international airport. If the minimum wage

:02:51. > :02:56.increases to $15 per hour, most of the 6300 people who will benefit

:02:57. > :02:59.work here. It is also at the airport that she will find detractors, those

:03:00. > :03:06.who say that that simply is unaffordable. This man owns this

:03:07. > :03:14.fast food restaurant in the terminal. If proposition one passes,

:03:15. > :03:21.he fears the worst. Going from $9 16 and now, to $15 an hour, it is a

:03:22. > :03:25.make any sense to us. There is no way we can compete and survive. This

:03:26. > :03:33.is the country that gave birth to the American dream, but people are

:03:34. > :03:39.now angry at rising inequality. This suburb is the latest battleground in

:03:40. > :03:47.that fight. If successful, what happens here could spread to other

:03:48. > :03:52.American cities. Shares in this and have fallen 11%

:03:53. > :03:57.in Tokyo today. It came after the firm cut its profit forecast at the

:03:58. > :04:05.end of last week. The Japanese carmaker expects to make a profit of

:04:06. > :04:14.three and 35 billion yen. `` 350 5 billion yen.

:04:15. > :04:22.The Japanese markets were closed yesterday, it is why we are seeing

:04:23. > :04:27.the reaction today. Tell us more. It is a disappointment for many

:04:28. > :04:32.investors, those we can expect of numbers. Shares are currently being

:04:33. > :04:41.offloaded and are now at seven`month lows. A major reduction in the

:04:42. > :04:47.annual profit estimate. It is being blamed on a host of factors.

:04:48. > :04:57.Particularly on emerging markets and quality issues. The president of in

:04:58. > :05:08.this and contributed it to poor conditions in Europe. The volatile

:05:09. > :05:12.market have been lent. Shares in Russia, Indonesia and Brazil are

:05:13. > :05:16.currently shrinking. The numbers are surprisingly adding up in China,

:05:17. > :05:21.amid slowing growth in that market. Despite slowing sales, they have set

:05:22. > :05:25.aggressive expansion targets over the next few years for Japan's

:05:26. > :05:36.second`biggest carmaker by boosting global market share and its

:05:37. > :05:43.operating margin. They are optimistic about going forward.

:05:44. > :05:48.Thank you. Some good news for thousands of homeowners across

:05:49. > :05:52.hungry. Its Parliament is expected to pass a law today to reduce the

:05:53. > :05:55.size of their mortgage debt. More than a million Hungarians took out

:05:56. > :05:58.loans in foreign currencies to take advantage of low interest rates.

:05:59. > :06:00.But, the size of their debts skyrocketed when the value of the

:06:01. > :06:07.Hungarian currency, the Forint, plunged in the aftermath of an

:06:08. > :06:14.economic crisis. Our correspondent in Budapest is Nick Thorpe.

:06:15. > :06:20.This is a fairly proactive move, isn't it? Tell us more about how

:06:21. > :06:28.they hope to rescue households who are saddled with debt. As you say,

:06:29. > :06:31.more than 1 million Hungarians, 10% of the population, took up these

:06:32. > :06:44.loans. They have been an enormous burden. It is slowing down the whole

:06:45. > :06:47.economy. The latest move is an expansion of one of the tools they

:06:48. > :06:58.have already introduced. It is called an extreme 's rate mechanism.

:06:59. > :07:03.`` and exchange rate mechanism. People will pay the mortgage at to

:07:04. > :07:10.exchange rate. It has been reduced. Most of the loan are in Swiss

:07:11. > :07:16.francs. The current rate is 240. It has been reduced to 180. They paid

:07:17. > :07:23.at one rate. The rest of the money they have to pay into a separate

:07:24. > :07:31.account. It is a complicated matter. They're going to vote that through

:07:32. > :07:36.this morning. Thank you. As you have been hearing, in a few hours time,

:07:37. > :07:42.the Indian space agency will launch a spacecraft to go where no Asian

:07:43. > :07:46.nation has gone before. We are talking about Mars. If they are

:07:47. > :07:50.successful it will be a technological leap that will propel

:07:51. > :07:53.India ahead of rivals China and Japan in the field of inter`

:07:54. > :07:58.planetary exploration. The country has been criticised for spending on

:07:59. > :08:03.a space programme and has millions of poor living on less than $1 per

:08:04. > :08:09.day. This mission has cost $73 million. In contexts that is a small

:08:10. > :08:15.amount. In the US, it would cost ten times as much grace similar mission.

:08:16. > :08:22.India has spent around $1 billion a year on space programme. It has 20

:08:23. > :08:28.satellites in orbit. To talk through Siam joined by the president of the

:08:29. > :08:33.inter` planetary Society. Thank you for being with us. There is a huge

:08:34. > :08:39.debate about a country like India investing so much in space. I am

:08:40. > :08:45.assuming that you would be for this kind of investment. Give us your

:08:46. > :08:50.argument, given the thousands, if not millions of people struggling to

:08:51. > :08:57.get by in India. As recognised by India, the space technology is a

:08:58. > :09:00.very powerful one, and a very important one of the country is

:09:01. > :09:04.going to progress. They have recognised this and made the

:09:05. > :09:11.investment. They have been very clever about their investment

:09:12. > :09:14.because they ate used to buying their spacecraft and equipment. They

:09:15. > :09:20.have started manufacturing this themselves. You always be the next

:09:21. > :09:25.target. They have been trying to get ahead again, now they are doing.

:09:26. > :09:32.They are doing their own thing. They went to the moon in 2008, were next?

:09:33. > :09:34.Mars has to be it. What evidence is there to show that countries that

:09:35. > :09:39.have pushed forward in terms of their space programmes have seen an

:09:40. > :09:46.economic benefit for the whole economy, as opposed to a small

:09:47. > :09:53.industry or aspect of an economy. It goes fairly deeply into the whole of

:09:54. > :09:58.the lifeblood of the nation. Education takes a great leap

:09:59. > :10:03.forward. People come on board, they see the technologies that they want

:10:04. > :10:09.to use in everyday life. They start to actually take an interest and

:10:10. > :10:17.become highly educated. We are now using a lot of our best engineers

:10:18. > :10:26.from India and China. We'll have to leave this conversation at this

:10:27. > :10:29.point. We appreciate your time. We have run out of time here on

:10:30. > :10:32.World Business Report. We appreciate your company. The paper review in a

:10:33. > :10:45.few minutes. According to a major new study,

:10:46. > :10:47.migrants who've come to the UK since the year 2000 have made a

:10:48. > :10:51.substantial contribution to public finances. The report from the Centre

:10:52. > :10:53.for Research and Analysis of Migration at University College,

:10:54. > :10:56.London found that recent immigrants were less likely to live in social

:10:57. > :11:08.housing or claim benefits, than people who were born in Britain.

:11:09. > :11:12.The debate about immigration has been fuelled by claims of benefit

:11:13. > :11:16.tourism. There is an argument that migrants come to the UK to live off

:11:17. > :11:19.the state. This details report suggests those claims are not true.

:11:20. > :11:20.Rather than being