05/11/2013 World Business Report

Aires. The files contained transcripts of all meetings held by

the military to enter. `` military junta. Those are the latest

headlines from BBC World News. Now for the latest financial news

with World Business Report. We deserve to live not just exist `

we look ahead to a landmark vote in the US to raise the minimum wage.

Next stop Mars ` with India set to blast off, we will look at the cost

of entering the international space race.

Welcome to World Business Report. I'm Sally Bundock. Also in the

programme ` Nissan shares plunge in Tokyo as Japan's second biggest car

maker warns about profits. Around the world, household incomes

are being squeezed as prices rise faster than wages. In much of Europe

and in the United States we're now worse off than we've been for a

generation. That's sparked an international movement for a

so`called living wage. In the US, millions of fast`food workers have

set that at about $15 an hour, that's more than double the current

national minimum wage of $7.25. And today, one city in the US could be

the first to enshrine this ideal into law. Samira Hussain reports

from Seattle. In the small town on America's West

Coast, this woman as part of a group who spend their evenings going

door`to`door, canvassing the change. The town that spans roughly 26

kilometres, home to 27,000 people. Members of this committee are

pushing for a big change. They want an increase to the minimum wage.

Workers to $15 an hour while. Advocates say people in low skilled

jobs should be able to make enough to live. In this small apartment,

this meant support his wife, his son, and his mother. Despite working

full`time, he finds making ends meet tough. If we get a better wage, it

will be quite easy. We need to pay things. I have no money in my hand.

It is hardly enough to pay for everything. While the minimum wage

in the US has steadily increased over the years, the actual value has

declined. Comparatively, people are now earning less. This is the main

economic engine, the international airport. If the minimum wage

increases to $15 per hour, most of the 6300 people who will benefit

work here. It is also at the airport that she will find detractors, those

who say that that simply is unaffordable. This man owns this

fast food restaurant in the terminal. If proposition one passes,

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

make any sense to us. There is no way we can compete and survive. This

is the country that gave birth to the American dream, but people are

now angry at rising inequality. This suburb is the latest battleground in

that fight. If successful, what happens here could spread to other

American cities. Shares in this and have fallen 11%

in Tokyo today. It came after the firm cut its profit forecast at the

end of last week. The Japanese carmaker expects to make a profit of

three and 35 billion yen. `` 350 5 billion yen.

The Japanese markets were closed yesterday, it is why we are seeing

the reaction today. Tell us more. It is a disappointment for many

investors, those we can expect of numbers. Shares are currently being

offloaded and are now at seven`month lows. A major reduction in the

annual profit estimate. It is being blamed on a host of factors.

Particularly on emerging markets and quality issues. The president of in

this and contributed it to poor conditions in Europe. The volatile

market have been lent. Shares in Russia, Indonesia and Brazil are

currently shrinking. The numbers are surprisingly adding up in China,

amid slowing growth in that market. Despite slowing sales, they have set

aggressive expansion targets over the next few years for Japan's

second`biggest carmaker by boosting global market share and its

operating margin. They are optimistic about going forward.

Thank you. Some good news for thousands of homeowners across

hungry. Its Parliament is expected to pass a law today to reduce the

size of their mortgage debt. More than a million Hungarians took out

loans in foreign currencies to take advantage of low interest rates.

But, the size of their debts skyrocketed when the value of the

Hungarian currency, the Forint, plunged in the aftermath of an

economic crisis. Our correspondent in Budapest is Nick Thorpe.

This is a fairly proactive move, isn't it? Tell us more about how

they hope to rescue households who are saddled with debt. As you say,

more than 1 million Hungarians, 10% of the population, took up these

loans. They have been an enormous burden. It is slowing down the whole

economy. The latest move is an expansion of one of the tools they

have already introduced. It is called an extreme 's rate mechanism.

`` and exchange rate mechanism. People will pay the mortgage at to

exchange rate. It has been reduced. Most of the loan are in Swiss

francs. The current rate is 240. It has been reduced to 180. They paid

at one rate. The rest of the money they have to pay into a separate

account. It is a complicated matter. They're going to vote that through

this morning. Thank you. As you have been hearing, in a few hours time,

the Indian space agency will launch a spacecraft to go where no Asian

nation has gone before. We are talking about Mars. If they are

successful it will be a technological leap that will propel

India ahead of rivals China and Japan in the field of inter`

planetary exploration. The country has been criticised for spending on

a space programme and has millions of poor living on less than $1 per

day. This mission has cost $73 million. In contexts that is a small

amount. In the US, it would cost ten times as much grace similar mission.

India has spent around $1 billion a year on space programme. It has 20

satellites in orbit. To talk through Siam joined by the president of the

inter` planetary Society. Thank you for being with us. There is a huge

debate about a country like India investing so much in space. I am

assuming that you would be for this kind of investment. Give us your

argument, given the thousands, if not millions of people struggling to

get by in India. As recognised by India, the space technology is a

very powerful one, and a very important one of the country is

going to progress. They have recognised this and made the

investment. They have been very clever about their investment

because they ate used to buying their spacecraft and equipment. They

have started manufacturing this themselves. You always be the next

target. They have been trying to get ahead again, now they are doing.

They are doing their own thing. They went to the moon in 2008, were next?

Mars has to be it. What evidence is there to show that countries that

have pushed forward in terms of their space programmes have seen an

economic benefit for the whole economy, as opposed to a small

industry or aspect of an economy. It goes fairly deeply into the whole of

the lifeblood of the nation. Education takes a great leap

forward. People come on board, they see the technologies that they want

to use in everyday life. They start to actually take an interest and

become highly educated. We are now using a lot of our best engineers

from India and China. We'll have to leave this conversation at this

point. We appreciate your time. We have run out of time here on

World Business Report. We appreciate your company. The paper review in a

few minutes. According to a major new study,

migrants who've come to the UK since the year 2000 have made a

substantial contribution to public finances. The report from the Centre

for Research and Analysis of Migration at University College,

London found that recent immigrants were less likely to live in social

housing or claim benefits, than people who were born in Britain.

The debate about immigration has been fuelled by claims of benefit

tourism. There is an argument that migrants come to the UK to live off

the state. This details report suggests those claims are not true.

Rather than being