Browse content similar to 11/04/2014. Check below for episodes and series from the same categories and more!
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the latest headlines from BBC World News. Now for the latest financial | :00:00. | :00:00. | |
news and World Business Report. The German Finance minister tells | :00:00. | :00:20. | |
the BBC that not only does he want the UK to stay in the EU, but that | :00:21. | :00:28. | |
this will make Europe stronger. Reforming the IMF, The International | :00:29. | :00:30. | |
Monetary Fund face calls that it should break free from the US, its | :00:31. | :00:33. | |
largest shareholder Welcome to World Business Report I'm Alice Baxter. | :00:34. | :00:43. | |
In a minute we'll find out why the Stock exchanges in Hong Kong and | :00:44. | :00:55. | |
Shanghai want to exchange customers. In a rare interview the German | :00:56. | :00:58. | |
finance minister Wolfgang Schaeuble, seen here with Chancellor Angela | :00:59. | :01:01. | |
Merkel, told the BBC's Tanya Beckett that not only does he want the UK to | :01:02. | :01:05. | |
stay in the EU, but that this will make Europe stronger. He also said | :01:06. | :01:17. | |
that the problems of so called 'benefit tourism' can be resolved in | :01:18. | :01:19. | |
Europe, but insists that the principle of the free movement of | :01:20. | :01:27. | |
labour within the EU needs to stay. We need the UK in the EU, of | :01:28. | :01:33. | |
course. I cannot imagine the EU without the UK, and without the | :01:34. | :01:37. | |
leading role in the UK because the UK is indispensable for Europe, and | :01:38. | :01:44. | |
we had to respect the debate in the UK, and respect and accept any | :01:45. | :01:50. | |
British decision is, of course, but we hope, we strongly hope, that the | :01:51. | :01:55. | |
UK will decide to stay in the EU, and once again, we need the stronger | :01:56. | :02:04. | |
role of the UK in the EU. In the UK, migrants from within the EU are | :02:05. | :02:10. | |
no longer offered all of the welfare that people who are British and | :02:11. | :02:15. | |
women in Britain are being offered. Is there a parallel debate in | :02:16. | :02:20. | |
Germany? What do you think of these restrictions? We have to defend the | :02:21. | :02:28. | |
freedom of movement for people to work in the EU. We need | :02:29. | :02:40. | |
immigration. We can do it, if we make European law in the way that it | :02:41. | :02:44. | |
is clear that you have freedom to work. You can't ask the social | :02:45. | :02:50. | |
assistance in the member states that you choose. If you need social | :02:51. | :02:59. | |
assistance, the responsibility is of your Homestead. And we will give you | :03:00. | :03:05. | |
more from that interview with Wolfgang Schaeuble, including his | :03:06. | :03:08. | |
views on the Eurozones's road to recovery, throughout the day here on | :03:09. | :03:10. | |
World Business Report. Plans to reform the IMF have stalled because | :03:11. | :03:16. | |
of a divided US Congress. There are signs the group of 20 leading | :03:17. | :03:19. | |
economies are ready to leave US behind. They are set to discuss the | :03:20. | :03:24. | |
issue this Friday on the sidelines of the IMF and World Bank spring | :03:25. | :03:27. | |
meeting. Michelle Fleury reports from Washington. The head of the | :03:28. | :03:36. | |
International monetary fund, here with her new friend, Joe Hockey, | :03:37. | :03:42. | |
this years chairman of the due 20 leading economies, expressing the | :03:43. | :03:47. | |
group 's frustration at IMF reforms agreed in 2010 are being blocked by | :03:48. | :03:52. | |
the American Congress. Having to finalise this issue diminishes | :03:53. | :03:58. | |
America's global standing rather than enhance it. As a close friend | :03:59. | :04:03. | |
of the United States, we will always call it as we see it from Australia. | :04:04. | :04:07. | |
In relation to the reforms of the IMF, this from the United States is | :04:08. | :04:13. | |
letting everyone down. Some say the IMF should consider breaking free | :04:14. | :04:17. | |
from the US, the largest shareholder. A suggestion that the | :04:18. | :04:20. | |
head of the IMF greeted with caution at the start of the meeting. I do | :04:21. | :04:25. | |
not think our institution should move to plan B until we have full | :04:26. | :04:36. | |
certainty and massive disappointment that plan a is definitely dead. I am | :04:37. | :04:41. | |
not prepared to declare that at this point. Insight here, this support | :04:42. | :04:45. | |
reforms that would increase the voting power of emerging markets and | :04:46. | :04:52. | |
boost the resources of the IMF. But, the Obama administration is has | :04:53. | :04:58. | |
not done enough to persuade Republicans in the House of | :04:59. | :05:00. | |
Representatives. They have the idea that if they make large loans, there | :05:01. | :05:05. | |
is more of a risk to the United States taxpayer than before. Now, | :05:06. | :05:10. | |
the IMF is lending on a scale that has never left before. The sense of | :05:11. | :05:15. | |
shared responsibility that led America to create the IMF at the end | :05:16. | :05:21. | |
of World War II is wearing away. Few politicians in Washington seem | :05:22. | :05:23. | |
troubled by America's failure to live up to the promises. But it is | :05:24. | :05:30. | |
not only the IMF is stands to lose. America wants support for some of | :05:31. | :05:34. | |
its priorities, it may find it is not bad. `` the next time America | :05:35. | :05:44. | |
wants support. China unveiled a plan Thursday to give foreign investors | :05:45. | :05:46. | |
greater access to its stock market by allowing investors in Shanghai | :05:47. | :05:49. | |
and Hong Kong to trade shares on each other's exchanges. ``not there. | :05:50. | :05:59. | |
Sharanjit Leyl is in our Asia business hub in Singapore. It is | :06:00. | :06:05. | |
being called something of a breakthrough, this is according to | :06:06. | :06:08. | |
the chairman of the Hong Kong exchange, it is essentially a | :06:09. | :06:12. | |
crucial reform to open up China's capital markets. They want to boost | :06:13. | :06:17. | |
stock market ties with Hong Kong. This will essentially allow | :06:18. | :06:18. | |
cross`border stock investments between Hong Kong and Shanghai. It | :06:19. | :06:23. | |
would allow mainland investors to trade shares in designated Hong Kong | :06:24. | :06:29. | |
listed firms at the same time Hong Kong investors would be allowed to | :06:30. | :06:32. | |
buy shares in companies listed in Shanghai. It's a pilot project that | :06:33. | :06:37. | |
will launch after a preparation period of six months, and during a | :06:38. | :06:40. | |
trial period, Hong Kong investment in Chinese stocks will be limited to | :06:41. | :06:45. | |
a daily quarter of about $2 billion worth. The main and investment will | :06:46. | :06:51. | |
be limited to just less than that. The pilot scheme will also be | :06:52. | :06:56. | |
limited to companies and dual listed in Shanghai and Hong Kong, as well | :06:57. | :07:01. | |
as other selected blue`chip companies. There are some challenges | :07:02. | :07:05. | |
to this. We know that China's stocks have been undervalued for a number | :07:06. | :07:10. | |
of years. This may not appeal to outside investors. Although, I spoke | :07:11. | :07:15. | |
to an analyst who said that letting Hong Kong go in there and putting | :07:16. | :07:20. | |
money into Chinese stocks could help to boost those valuations. That is | :07:21. | :07:26. | |
one upside to this tie`up. It was announced hours after the Chinese | :07:27. | :07:36. | |
Premier allowed conditions to open up capital markets in mainland China | :07:37. | :07:42. | |
and Hong Kong. He made those comments at the bow of Forum for | :07:43. | :07:49. | |
Asia in China, that is currently going on. Some of the reforms that | :07:50. | :07:54. | |
China has made, they have loosened their grip on the Chinese currency | :07:55. | :08:00. | |
as well. They are trying to help the internationalisation of the Chinese | :08:01. | :08:07. | |
currency. Part of this is a whole slew of reforms in opening up | :08:08. | :08:11. | |
Chinese capital markets. A lot of news coming from China today. Thank | :08:12. | :08:23. | |
you. In other news, we stay with China for a moment and fresh data | :08:24. | :08:26. | |
that shows consumer prices on the Mainland rising 2.4% in March from a | :08:27. | :08:29. | |
year earlier, much in line with analysts expectations for a rise of | :08:30. | :08:32. | |
2.5% for the month. Producer prices also moved in line with | :08:33. | :08:35. | |
expectations, falling for the month of March from a year earlier by | :08:36. | :08:41. | |
2.3%. General Motors has put two engineers on paid leave over the | :08:42. | :08:44. | |
automaker's deadly ignition switch recall. The company also revealed | :08:45. | :08:49. | |
that costs from the scandal could soar to $1.3 billion. GM chief | :08:50. | :08:58. | |
executive Mary Barra announced the first disciplinary personnel action | :08:59. | :09:01. | |
stemming from the company's internal probe of the circumstances leading | :09:02. | :09:04. | |
to the delayed recall of 2.6 million older model cars. Activist investor | :09:05. | :09:10. | |
Carl Icahn has dropped his call for eBay to sell its payments business, | :09:11. | :09:13. | |
PayPal.The billionaire had been trying to gather support for the | :09:14. | :09:16. | |
proposed split before the e`commerce giant's annual shareholder meeting | :09:17. | :09:23. | |
in May. But Mr Icahn, who first made the call in January, said it had | :09:24. | :09:26. | |
become clear that several major shareholders would not back the | :09:27. | :09:36. | |
plan. Let's have a look at the markets. These are the Asian | :09:37. | :09:41. | |
markets. We can see mostly down across the board, especially in | :09:42. | :09:44. | |
Japanese shares. Syncing to a six`month low on Friday. A sell`off | :09:45. | :09:48. | |
on Wall Street spread to Asia, too resilient markets, up until now. | :09:49. | :09:52. | |
From me and the team, goodbye for now. Christmas Eve chaos after | :09:53. | :10:06. | |
flooding at Gatwick airport last year should be a wake`up call to | :10:07. | :10:09. | |
airports across the UK, according to a committee of MPs. More than 11,000 | :10:10. | :10:13. | |
passengers were hit by delays and cancellations. Ministers say more | :10:14. | :10:17. | |
should have been done to make sure customers have basics such as food | :10:18. | :10:20. | |
and water if there are problems in the future. Here's our transport | :10:21. | :10:21. | |
correspondent Richard | :10:22. | :10:23. |