04/04/2014 World Business Report

tobacco available in Gibraltar than in mainland Spain. Those of the

latest headlines. Now it is time for all the latest financial news in

World Business Report. It is being predicted that Nigeria

could overtake South Africa to become the continents richest

country. It adopts a new way of measuring its GDP. The latest US

jobs figures are out on Friday with analysts expecting job growth to

have accelerated in March. We talk to the experts.

A warm welcome to macro to. `` to World Business Report. We will have

a report about the Mozilla CEO who resigned that a furore over gay

rights. Nigeria has often been touted as an emerging market to

watch. If only you could conquer some of its many challenges. The

former British colony is one of the world 's largest oil producers but

few Nigerians, including those in oil`producing areas, have benefited

from the world. The government is striving to boost the economy but

progress has been undermined by corruption allegations and

mismanagement. Baiteri is keen to attract foreign investment. All of

that may change in the coming days as it is expected to announce a huge

jump in the size of its economy when the Nigeria dumps the new way of

measuring GDP. Some experts say it might even have it take South Africa

to become the continents richest country. Nigeria's population is

somewhere around 180 million people and rising fast. It provides a huge

consumer base of businesses and now the continents second`biggest

economy could be set to overtake South Africa and claim the number

one spot. It's true economic clout has long been undervalued as the

GDP, and measure of the size of the economy, has been based on out of

date statistics. We will use 2010 prices and because it is such a long

time, the DGP is calculated based on sectors. One of those sectors is the

film industry. It barely existed 20 years ago. The new debtor will

include this new thriving industry. Yet another mobile phone advert. In

1990 there were just a few hundred thousand landlines in Nigeria. Today

there are about 100 million phones, mostly mobiles. All that talking

boosts the country 's real GDP. The first time, the enormous informal

sector will be included in statistics. Knowing the true size of

the economy will have some implications. The jury will

certainly have a lower debt to GDP ratio and will have greater to

borrow. More investors may be attracted but overnight the rate of

economic growth will drop from 7% to 4%. It may be the country 's new

statistic but few people are getting a share of this world. That could

affect stability. Here are some of the toys of the extremely rich.

Every year, hundreds of new millionaires are made in Nigeria. A

few kilometres away in another part of Lagos, life in the water is about

survival of showing off. These are the extremes but even with steady

jobs, people say they are not feeling the economic growth. Will it

affect the normal woman on the street? They barely have food to

eat. It isn't feeling of pride but it would be better if it goes down

to the roots. Visio of Mozilla, which makes the Firefox browser, has

been forced out of his job over his opposition to same`sex marriage. He

gave money to oppose the legislation in California was one of the company

's founders. He was made CEO a week ago. The best`known product by

Mozilla is the Firefox browser. Its mission is to wake the web a better

place. But the organisation has been publicly criticised for its choice

of CEO. He donated $1000 in 2008 to support a ban on gay marriage in

California. It has caused outrage. Less than two weeks into the job, he

has stepped down. Clearly there were issues. Other newspapers have

reported that when he was named CEO three people left the board so he is

clearly controversial and maybe they just felt they could not proceed

with business as usual. The executive chairwoman apologised in a

blog post, saying... Mozilla employees had raised

objections to his appointment with half of the board resigning. The

most damaging protest was from Internet dating service OK Cupid.

The company pointed out that it% of its customers are gay. Visio is

viewed as something of a champion of the Web. He sought to defuse the

situation in recent weeks, saying he is capable of separating his

personal beliefs from the business. But as he has discovered, if others

refuse to see the difference than the leader must go.

The latest payroll numbers are out on Friday and it is hoped that US

job growth accelerated in March as the gloom of the winter lifted. That

is expected to feature into jobs. A Reuters poll forecast that non`farm

payrolls went up 200,000 in March. That is up from 175,000 jobs created

in February. The unemployment rate is expected to have dropped to 6.6%

and if forecasts are correct then last month 's gains would leave

unemployment at 465,000 jobs below the prerecession peak. Is the Fed

about to take its foot off the accelerator? The ranks of the

long`term unemployed remains stubbornly high and many Americans

can find only part`time work, factors that the Fed chair said that

argue for continuing support for the economy. With me is a currency

analyst. Employment in the US we think will near its prerecession

peak. What other factors? It is weather`related and part but clearly

we have had a very bad winter in the US. We are now starting to see that

moderate and as a result of that you are seeing employment returning to

normal levels. There has been a recovery in the US economy but it is

a slow recovery and to a large degree fuelled by monetary policy.

That is why the Federal Reserve is cautious about taking its foot off

the accelerator to quickly. Let's talk about that. We have high

numbers of long`term unemployed, so following on from these comments by

Janet Yellen, the question is what will the Fed do next? Very slowly

indeed. They are doing quantitative easing on a monthly basis but

reducing the amount by about $10 billion. To finish that by the end

of this year. There will not start hiking interest rates. We are still

a long way off that. They might move of the next year but Janet Yellen's

comments suggest that we may not see anything until next summer. We have

a long period of low interest rates and supports to get the employment

rate back towards the low sixes. They need to continue getting this

improvement. We still need to wait for the exact numbers but thank you

for now. Let's bring some of the news. The Turkish government has

started lifting the ban on the social network Twitter after the

constitutional court ruled that it was a violation of free expression.

The ban was imposed by the government after Turkish users

posted corruption allegations about the Prime Minister. You tube is

still banned. The White House has confirmed the existence of a social

network similar to Twitter that were set up in Cuba by a US government

aid agency but it has denied that it was a covert operation. The

allegations are made by the associated press which said that the

operation was set up by US AAD to undermine the Communist authorities

by allowing them to bypass the country 's Internet restrictions. ``

USAID. That is all from us for now. New laws to stamp out bad practice

and aggressive behaviour by bailiffs come into force in England and Wales

over the weekend. Debt collectors were to be trained and certified

before being allowed to carry out their