09/04/2014

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:00:00. > :00:00.and care excellence says advice should be targeted at gyms. Those

:00:00. > :00:07.are the latest headlines from BBC World News. Now for the latest

:00:08. > :00:19.financial news with World Business Report.

:00:20. > :00:54.Europetoday the European commission will release a set of proposals that

:00:55. > :00:57.will give shareholders the right to vote down the ratio between board

:00:58. > :01:01.pay and the average full`time worker. In recent years companies

:01:02. > :01:06.have come under fire for the inequalities. For example, the

:01:07. > :01:11.commission says in France, director pay rose by 94% between 2006 and

:01:12. > :01:17.2012 even though the average share price for companies fell by a third.

:01:18. > :01:23.In the UK the FTSE 100 chief executives' total pay in 2013 was

:01:24. > :01:29.120 times the average earnings of their employees, up from 47 times in

:01:30. > :01:36.1998. With me is Justin, good to talk to you. Why the need now to

:01:37. > :01:39.curb investor pay... Executive pay in Europe? They are trying to

:01:40. > :01:44.improve the overall governance and one of the issues is shareholders,

:01:45. > :01:49.you can have the right to vote on this. Why? We have seen such

:01:50. > :01:54.astonishing extremes as you were highlighting. At the moment these

:01:55. > :01:59.are what we think is going to happen, we need more details, but

:02:00. > :02:02.nonetheless you will see the ability for more shareholders to take not

:02:03. > :02:06.control but at least to be able to vote but also to have broader

:02:07. > :02:10.governance of reporting to understand what's going on and to be

:02:11. > :02:15.able to make sure there is seen to be greater governance throughout the

:02:16. > :02:18.year. Why? If you're seen as an area that runs good governance you will

:02:19. > :02:27.attract more investment and that is what the EU needs. Try to get the

:02:28. > :02:30.other way you have a market where it is not known for treating investors

:02:31. > :02:32.properly, and they don't get the right information, you will push

:02:33. > :02:36.money elsewhere and there have been examples of outrageous executive pay

:02:37. > :02:40.and poor governance. There are people that believe this isn't the

:02:41. > :02:45.wake. We have seen business groups and investors called the proposals

:02:46. > :02:48.we seen weird and counter`productive. They would. They

:02:49. > :02:55.are not saying shareholders can go in and stop. It means they are made

:02:56. > :02:59.aware and they can vote. If that means they have got more

:03:00. > :03:03.shareholders, if you are a longer term shareholder, you are an owner

:03:04. > :03:06.of that company. That's another issue, you have greater control or

:03:07. > :03:11.influence as a longer term shareholder, rather than short`term

:03:12. > :03:16.shareholding, they want to encourage longer`term equity shareholders.

:03:17. > :03:19.Another area that is interesting is encouraging smaller companies. These

:03:20. > :03:22.are the drivers of most list of nations. If you have smaller

:03:23. > :03:28.companies, that is where the big companies of the future come from ``

:03:29. > :03:32.most capitalist nations. These proposals hopefully will go some way

:03:33. > :03:34.to making life easier and more to the point make it standard

:03:35. > :03:39.throughout the EU. Just in, thanks very much.

:03:40. > :03:42.As we mentioned in yesterday's programme, the world's top financial

:03:43. > :03:52.policymakers are meeting in Washington for a summit of the IMF

:03:53. > :03:55.and the European Central bank. There's a warning to the European

:03:56. > :04:00.Central Bank to act as soon as possible to send off the threat of

:04:01. > :04:05.the flexion amid worries about week Eurozone growth. We sat down with

:04:06. > :04:10.the IMF's chief economist Olivier Blanchard and sent this report. Low

:04:11. > :04:16.inflation is often seen as a good thing, unless you have too much of

:04:17. > :04:22.it. Here at the IMF they have identified it as the biggest threat

:04:23. > :04:28.to growth in the euro area. Why are you so concerned about low inflation

:04:29. > :04:33.in Europe? We worry about low inflation, which is our baseline,

:04:34. > :04:37.and about deviation, which is not our baseline, but is a risk. We

:04:38. > :04:43.think the flexion is not a place you want to go, it makes interest rates

:04:44. > :04:47.adjusted for inflation, making the cost of borrowing very high, makes

:04:48. > :04:52.public and private debt dynamics very tough. We hope they don't get

:04:53. > :04:59.there. How do they avoid getting there? The solution is to have

:05:00. > :05:03.strong private demand largely. The ECB is part of the solution, it's

:05:04. > :05:09.not the entire solution, though. What about Christine Lagarde's

:05:10. > :05:14.statements that the ECB needs to do more? They are conscious of the

:05:15. > :05:19.issue and they realise inflation is less than the implicit target, they

:05:20. > :05:23.have expressed their worries. We also know they are looking at

:05:24. > :05:28.various ways of doing more, and therefore we are just waiting for

:05:29. > :05:33.them to do it. The head of the ECB Lario Draghi said the bank would act

:05:34. > :05:38.as it saw fit. His comments in response to IMF pressure `` Mario

:05:39. > :05:44.Draghi. That didn't stop the global economic watchdog from reiterating

:05:45. > :05:48.its calls for the ECB to step up to its responsibilities.

:05:49. > :05:54.Let's look at some other business news. You're US authorities have

:05:55. > :06:01.fined General Motors for failing to respond to requests about 13 deaths

:06:02. > :06:07.linked to faulty ignition is. They had given GM until the 3rd of April

:06:08. > :06:09.to reply but it said a third of its 107 questions haven't been

:06:10. > :06:16.answered. The carmaker is being fined $7,000 a day until it

:06:17. > :06:19.complies. One of the world's biggest producers of aluminium ALCOA has

:06:20. > :06:24.reported a first`quarter loss due to falling prices. It reported a loss

:06:25. > :06:30.of $178 million to the three months until March. It has been hit by an

:06:31. > :06:38.8% decline compared to the same period in 2013. Six banks have filed

:06:39. > :06:42.a lawsuit against Olympus. They want $273 million in compensation for the

:06:43. > :06:46.involvement in one of Japan's biggest accounting scandals in

:06:47. > :06:50.2011. The scandal came to light after the company's British chief

:06:51. > :06:56.executives turned whistleblower and revealed details of investment

:06:57. > :07:01.losses the company hit for decades. If your idea of a cool job involves

:07:02. > :07:04.flamboyant parties and networking with millionaires and this might

:07:05. > :07:08.interest you. With more and more wealthy individuals in Singapore,

:07:09. > :07:17.one woman has set up a business as a party planner to the stars. Lavish

:07:18. > :07:21.themes and extravagant dinners are all her equivalent of a day in the

:07:22. > :07:25.office. We have been to speak to Olga about what makes her profession

:07:26. > :07:29.one of the coolest jobs. If you like Nottingham with celebrities and have

:07:30. > :07:37.a flair for creativity then this may be the job for you. `` hobnobbing.

:07:38. > :07:40.Olga is putting the finishing touches to a charity ball with

:07:41. > :07:47.tickets costing thousands. Kevin Spacey, Ronan Keating, Diane Von

:07:48. > :07:50.Furstenberg, these are just some of the famous names she has entertained

:07:51. > :07:56.as part of her job as a party planner to the stars. Her clients

:07:57. > :08:02.include Rolls`Royce, Cartier and American Express. Just some of the

:08:03. > :08:05.big brands who call her when they want to throw extravagant events to

:08:06. > :08:09.splash out on their high spending customers. When she's not on

:08:10. > :08:19.location setting up she often works from home. So what makes your job

:08:20. > :08:24.such a cool job? Well, I meet so many amazing people. So many famous

:08:25. > :08:32.people, creative people, inspiring people. And I get to know them.

:08:33. > :08:36.It's not all about fun and parties. While the sky's the limit for some

:08:37. > :08:41.corporate events, not all of them will make a lot of money. For the

:08:42. > :08:46.charity events it is a pro bono and I've been doing it for so many

:08:47. > :08:50.years. For the client events, it depends on their overall budget and

:08:51. > :08:55.I see how I can fit my feed into it. Do you think people come to you

:08:56. > :08:59.because you offer something different, you have this European

:09:00. > :09:05.sensibility, what makes you suited to this particular line of work? My

:09:06. > :09:08.overall cultural background, I had my childhood in St Petersburg, I

:09:09. > :09:13.learned how to play the violin, piano, I went to the School of arts,

:09:14. > :09:20.this background and this education that I was given early in my life

:09:21. > :09:24.gives me an opportunity to show this creativity through the events that I

:09:25. > :09:27.stage. But don't let that stop you. If you

:09:28. > :09:32.don't mind the adrenaline rush of working to tight deadlines, under

:09:33. > :09:37.the pressure of demanding clients, and you can always think a step

:09:38. > :09:44.ahead to the next party, then what Olga does may well appeal to you.

:09:45. > :09:49.Let's look at the markets now before I go. Asian markets look like this.

:09:50. > :09:53.The mic a currently down over to present. The rest of the Asian

:09:54. > :09:58.markets looking pretty positive. The Hang Seng and Hong Kong just over

:09:59. > :10:09.1%. That's it from me. Goodbye. `` the Nikkei.

:10:10. > :10:14.The wife of a Royal Marines jailed for life for murdering an Afghan man

:10:15. > :10:20.has spoken of her hope he will have his conviction overturned. Last year

:10:21. > :10:23.Al Blackman, previously known as marine Eh, became the first

:10:24. > :10:31.serviceman to be convicted of murder since the Second World War `` Marine

:10:32. > :10:32.A. Once a warrior, now a criminal. The man