:00:00. > :00:00.not happen. He also ruled out any discussion or debate about staging
:00:00. > :00:22.the vote. Time for World Business Report.
:00:23. > :00:28.A new dawn for Ireland as it exerts its bail out programme. But skies
:00:29. > :00:35.are far from clear for this once crisis hit economy. An end in sight
:00:36. > :00:42.for Washington's budget deadlock as Congress clears a two-year spending
:00:43. > :00:47.deal. Welcome to the programme. In just a
:00:48. > :00:55.moment, more questions about working conditions at Apple suppliers in
:00:56. > :00:58.Taiwan. But first, it has taken three years, 85 billion euros and
:00:59. > :01:02.one of the deepest recessions suffered by any country in Europe,
:01:03. > :01:07.but on Sunday, Ireland becomes the first crisis hit EU member to exit
:01:08. > :01:13.its bail out programme. In return for its bail out, Dublin has had to
:01:14. > :01:20.impose repeated spending cuts and tax rises in an attempt to get its
:01:21. > :01:24.financial crisis under control. Now, it has returned to growth,
:01:25. > :01:27.unemployment is falling and the IMF has praised the rescue programme as
:01:28. > :01:31.one that future bail out countries can learn from. But seven
:01:32. > :01:41.consecutive austerity budgets have not resolved all of the country's
:01:42. > :01:46.problems. Many in Ireland saw it as a national humiliation, a bail out
:01:47. > :01:50.by other European governments and the IMF as the costs brought on by
:01:51. > :01:55.recession and bank rescues proved too much for the Irish government.
:01:56. > :02:00.Now, three years on, the bail out programme is about to finish. That's
:02:01. > :02:05.partly down to an Irish economic recovery, with companies like this
:02:06. > :02:12.crane hire this must, seeing turnover picking up. -- this crane
:02:13. > :02:17.hire business recovering. It has survived and is growing once again.
:02:18. > :02:25.We are optimistic. We have invested in new equipment and we believe
:02:26. > :02:36.there is a need for it. There is a lot of development in that area.
:02:37. > :02:40.Island is returning... The market rate on ten year bonds had soared
:02:41. > :02:44.during the crisis, just like in Greece and Portugal. Since then,
:02:45. > :02:48.Irish borrowing costs have been falling. It has come at a price.
:02:49. > :02:53.There were protests and demonstrations as austerity was
:02:54. > :02:58.implemented. Deficit reduction has gone according to plan. The Deputy
:02:59. > :03:04.Prime Minister gave me his perspective on Ireland's economic
:03:05. > :03:09.story. Three years ago, this country was losing 7000 jobs every month.
:03:10. > :03:15.Now, we are creating 5000 new jobs every month. However, we have more
:03:16. > :03:20.to do because we do have high unemployment, particularly among
:03:21. > :03:25.young people, so we have more to do to create more jobs and get our
:03:26. > :03:31.economy going. Coming out of the bail out does not mean that the
:03:32. > :03:34.problems are over. Far from it. Ireland must demonstrate to
:03:35. > :03:41.international investors that it can demonstrate gross and deal with the
:03:42. > :03:44.historic legacy of debt. And at Ireland's leading university in
:03:45. > :03:51.Dublin, students acknowledge there are many challenges ahead for their
:03:52. > :03:56.generation. In another ten years, we will think we are OK and we will
:03:57. > :04:04.return to the downturn. There is a lot of debt to pay back. There will
:04:05. > :04:10.be quite a bit of time before Ireland is able to function as
:04:11. > :04:16.normal again. Ireland has come a long way but few will argue that a
:04:17. > :04:22.full recovery is just around the corner. It's a political battle that
:04:23. > :04:29.forced the US government to all but shut down for two weeks and brought
:04:30. > :04:39.it to the brink of a catastrophic debt default but there could now be
:04:40. > :04:42.an end in sight, at least for now. It's the Washington deadlock between
:04:43. > :04:48.Democrats and Republicans over government spending. Late on
:04:49. > :04:51.Thursday, the House of Representatives passed a two-year
:04:52. > :04:58.spending plan designed to prevent future government shutdown. The
:04:59. > :05:03.legislation cleared on a vote of 332 to 94. Final passengers expect next
:05:04. > :05:10.week in the Senate but it does not address that other issue of
:05:11. > :05:17.America's debt ceiling. Thank you for joining us. What do you make of
:05:18. > :05:20.this budget deal? Will it prevent further government shutdowns in the
:05:21. > :05:26.future? I believe it will for the next few years. Essentially, the
:05:27. > :05:32.Democrat and Republican leaders have decided... As I said earlier, it
:05:33. > :05:39.does not deal with this very difficult issue of America's debt
:05:40. > :05:46.ceiling. That's still some ink that much -- that needs to be dealt with.
:05:47. > :05:49.It's not like we have the money to pay the debt ceiling. We have the
:05:50. > :05:56.money. If Congress wants to avoid the issue, they can. The other
:05:57. > :06:01.issues surrounding this is that it raises concerns that as soon as next
:06:02. > :06:06.week, we might see the Federal Reserve start to scale back
:06:07. > :06:12.quantitative easing. That's not good news for investors, is it? Sooner or
:06:13. > :06:16.later, it must reduce quantitative easing. It cannot continue printing
:06:17. > :06:21.billions of dollars every month to prop up the US economy and some
:06:22. > :06:25.economies in Europe that depend on these low interest rates because
:06:26. > :06:31.it's all this money sitting on the books... That will turn into
:06:32. > :06:36.inflation sooner or later. It has to ease back at some point. What do you
:06:37. > :06:42.make of what happened? Was it a success? Are you pleased with this
:06:43. > :06:46.deal? I don't think anybody in America is pleased. I'm a
:06:47. > :06:50.conservative. I would have liked more spending cuts. My friends
:06:51. > :06:55.living next door would have liked more taxes and more spending. But
:06:56. > :06:59.America was built on demises and we have to get used to doing it again.
:07:00. > :07:04.Just like your government needs to compromise from time to time, so
:07:05. > :07:09.does ours. Republicans and Democrats may have different constituencies,
:07:10. > :07:13.but they will agree that they were not sent to Washington to quarrel
:07:14. > :07:23.like small children. Thank you for joining us. More questions about
:07:24. > :07:28.working conditions in the factories that make Apple products. Apple has
:07:29. > :07:33.sent medical experts to a plant in Shanghai, which makes iPhones,
:07:34. > :07:43.following the death of a 15 -year-old worker. This is a very sad
:07:44. > :07:47.story. Absolutely. Working conditions at Apple's factories have
:07:48. > :07:55.been raised again. However, according to the medical experts
:07:56. > :08:01.sent to the factory which makes iPhones and iPads, the death of this
:08:02. > :08:06.young worker was not caused by the conditions but because of
:08:07. > :08:12.pneumonia. On the issue of the age of the worker, Apple said that the
:08:13. > :08:16.employee used his 21 -year-old cousin's identification to apply for
:08:17. > :08:22.the job at the Shanghai factory, so it did not know that he was
:08:23. > :08:25.underage. Apple says it has taken various measures in response to
:08:26. > :08:31.questions on whether its products are made in what amounts to
:08:32. > :08:37.sweatshops. It says it has a team working with the factory to ensure
:08:38. > :08:40.that conditions meet high standards. The technology giant has been
:08:41. > :08:44.scrutinised over its working conditions in 2010, after
:08:45. > :08:47.approximately one dozen suicides at its other assembly factory. It
:08:48. > :08:55.commissioned an investigation of its Chinese apply factories last year.
:08:56. > :08:59.And in a report on Thursday, it was revealed that working conditions now
:09:00. > :09:08.complied with standards. Three Chinese factories operated by
:09:09. > :09:14.Apple's largest manufacturing subsidiaries have limited working
:09:15. > :09:19.hours. JP Morgan could be heading for another massive legal pay-out.
:09:20. > :09:24.According to reports, the investment bank is working with US authorities
:09:25. > :09:32.on a $2 billion settlement over its relationship with the fraudster
:09:33. > :09:39.Bernie made. -- with a fraudster convicted of selling bad mortgage
:09:40. > :09:44.securities. Looking at the Asian markets, now. They have posted
:09:45. > :09:48.tentative gains on Friday as investors prepare for that US
:09:49. > :09:53.Federal Reserve decision next week on whether to reduce monetary
:09:54. > :10:11.stimulus. Thank you for joining us. Goodbye.
:10:12. > :10:12.The government says its strategy to tackle