Browse content similar to 06/05/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
house was empty at the time. Those are the latest headlines from | :00:00. | :00:00. | |
BBC World News. Now for the latest financial news with Sally. | :00:00. | :00:19. | |
What really happened duringite rish banking crisis. Now Parliament is | :00:20. | :00:25. | |
discussing setting up an inquiry to find out. | :00:26. | :00:28. | |
From eBay seller to running a fashion empire. We talk to the ent r | :00:29. | :00:37. | |
epeneur behind the Nasty Girl brand. `` entrepeneur. | :00:38. | :00:40. | |
A very warm welcome. You're with World Business Report. Also in the | :00:41. | :00:44. | |
programme: Tough economic decisions ahead in | :00:45. | :00:47. | |
Australia. They could prove to be very unpopular. We'll have the | :00:48. | :00:50. | |
details for you. But first of all, let's focus on Ireland and the | :00:51. | :00:53. | |
Parliament there today is expected to discuss setting up an inquiry in | :00:54. | :00:58. | |
to the 2008 banking crash which virtually brought the country to its | :00:59. | :01:03. | |
knees and forced Ireland in to an international bailout and a very | :01:04. | :01:07. | |
painful process of austerity. Six years on, mystery persists over what | :01:08. | :01:11. | |
actually happened behind closed doors in the run`up to the financial | :01:12. | :01:18. | |
crisis. Ireland is still reeling from the | :01:19. | :01:22. | |
shock waves of the banking crash which cost the country 64 billion | :01:23. | :01:28. | |
euro. It brought economic collapse forcing an international bailout and | :01:29. | :01:32. | |
austerity which continues. A decade of gloom driven by wreckless `` of | :01:33. | :01:38. | |
boom driven by wreckless ending ended with the property crash. Banks | :01:39. | :01:41. | |
were starved and struggled to keep going and it is what happened next | :01:42. | :01:46. | |
which is under scrutiny. Late one evening, senior bankers arrived at | :01:47. | :01:50. | |
government buildings in Dublin to warn Ireland's banking system faced | :01:51. | :01:55. | |
collapse. The coalition government agreed in the early hours to | :01:56. | :01:59. | |
underwrite all Irish bank deposits with Cabinet ministers in their beds | :02:00. | :02:03. | |
agreeing by phone. But this short`term fix had major long`term | :02:04. | :02:07. | |
impacts. The Irish state was tied directly to the unknown liabilities | :02:08. | :02:12. | |
of private banks. These were to prove too large to sustain, leading | :02:13. | :02:16. | |
to disaster. But mystery and secrecy remains over what precisely happened | :02:17. | :02:19. | |
that night and what advice was given. We need to know the truth. | :02:20. | :02:25. | |
And we now have evidence on every street you walk down and every door | :02:26. | :02:29. | |
you knock on and every place, both town and village and parish around | :02:30. | :02:33. | |
the country, the catastrophic consequences of the light touch | :02:34. | :02:40. | |
regular gags introduced by Fianna a Fial. `` regulation. Last month, | :02:41. | :02:47. | |
former chairman of Anglo`Irish Bank, Sean Fitzpatrick, was cleared of all | :02:48. | :02:52. | |
charges of illegal lending at the bank with some losses of 30 billion | :02:53. | :02:56. | |
euro. The new parliamentary inquiry is limited and prevented by law from | :02:57. | :03:00. | |
apportioning blame, which will mean that the first public hearings with | :03:01. | :03:03. | |
key politicians compelled to attend. Many in Ireland will be hoping that | :03:04. | :03:08. | |
the inquiry will help to unravel some of the mystery ofs of Ireland's | :03:09. | :03:13. | |
banking crash, which have cost the country dear. | :03:14. | :03:18. | |
Let's now talk about what's going on at the tech crunch event because | :03:19. | :03:22. | |
what began as a woman's desire to work for herself has turned in to a | :03:23. | :03:27. | |
multi`million dollar business. Nasty Girl is an online retailer that got | :03:28. | :03:34. | |
its start by selling vintage clothing on eBay. Nasty Girl now has | :03:35. | :03:43. | |
its own clothing line and is called one of the fastest growing retailers | :03:44. | :03:48. | |
of the United States. Its founder will be talking at Tech Crunch, the | :03:49. | :03:53. | |
annual boot camp in New York for start`ups. Our correspondent went to | :03:54. | :03:56. | |
meet her. This is Tech Crunch in New York ` | :03:57. | :04:01. | |
the place to be if you're a start`up looking for some funding or even | :04:02. | :04:05. | |
wanting some advice from other success stories. It's events like | :04:06. | :04:09. | |
these that give many tech companies their first big break. But Sofia | :04:10. | :04:17. | |
Amaruso has a different story. The founder of the online retailer Nasty | :04:18. | :04:23. | |
Gal got her start not here, but using eBay, and is now one of tech's | :04:24. | :04:28. | |
biggest stars. You know, when I started the eBay store, I was trying | :04:29. | :04:32. | |
to work for myself. I had no idea that when I chose the idea Nasty | :04:33. | :04:37. | |
Gal, I would be saying it seven years later, but it worked. At one | :04:38. | :04:41. | |
point, your company was named the fastest growing retailer in the | :04:42. | :04:46. | |
United States. To what do you credit that success? The e commerce | :04:47. | :04:49. | |
landscape has changed since we began, but we've always carried | :04:50. | :04:53. | |
really unique pieces starting with vintage. The with the most editorial | :04:54. | :04:59. | |
vintage pieces, super crazy memorial vintage pieces and that was my | :05:00. | :05:03. | |
buying training. And we went out to trade shows and now we're designing | :05:04. | :05:08. | |
and designing for a girl with an appetite for something unique. Do | :05:09. | :05:12. | |
you consider yourself a tech company? E`commerce is what we do. | :05:13. | :05:16. | |
We use technology but I don't know what business doesn't use | :05:17. | :05:19. | |
technology. I wouldn't call us a tech company, but I wouldn't call us | :05:20. | :05:26. | |
a traditional retailer either. Many e`commerce sites are opening bricks | :05:27. | :05:29. | |
and mortar stores. Is that something that you're considering and is that | :05:30. | :05:32. | |
also something that's necessary for these kinds of companies? We will be | :05:33. | :05:36. | |
opening stores within the next year, which I'm really excited about. | :05:37. | :05:41. | |
We'll start in LA. I think that the brand is best experienced in all | :05:42. | :05:46. | |
channels, so while some people have to go offline to continue growing, | :05:47. | :05:49. | |
maybe their business is more niche, for us, it is really a choice. I | :05:50. | :05:54. | |
want to let our customers touch and feel our clothes. I want to see | :05:55. | :05:57. | |
someone run out of a store happy with a shopping bag. I've never had | :05:58. | :06:00. | |
that experience. It's a lot of people talking on social media, | :06:01. | :06:04. | |
which is awesome and I love that. But being able to hang out with the | :06:05. | :06:07. | |
customer in the real world is the most exciting thing. It's exactly | :06:08. | :06:12. | |
that experience ` of physically finding something perfect, that made | :06:13. | :06:22. | |
Nasty Gal. She created Nasty Gal there. | :06:23. | :06:27. | |
Now, let's talk about what's going on in Australia. The there is | :06:28. | :06:31. | |
grappling with some unpopular economic choices that could prove to | :06:32. | :06:34. | |
be politically toxic. Our correspondent is in our Asia | :06:35. | :06:36. | |
business hub in Singapore and I know that you're recently back from | :06:37. | :06:41. | |
Australia, so talk us through what's going on. Well, you know, Sally, | :06:42. | :06:45. | |
it's a bit of a moot point about how tough the government has to be in | :06:46. | :06:50. | |
Australia, and that's why all of this pre`Budget speculation is | :06:51. | :06:56. | |
causing so much angst. The Federal Budget is due next week. They're | :06:57. | :07:00. | |
expected not to touch interest rates because the economy is picking up | :07:01. | :07:03. | |
speed, but when it comes to the Budget, the Australian government is | :07:04. | :07:06. | |
saying repeatedly to anyone who will listen that everyone has to do the | :07:07. | :07:10. | |
heavy lifting and the government can't keep paying more and more out | :07:11. | :07:13. | |
and the spending has to be brought in. To tell you about the unpopular | :07:14. | :07:19. | |
things on the table or confirmed. A deficit reduction levy that would | :07:20. | :07:22. | |
temporarily increase the top tax rate. That's gone down with a lead | :07:23. | :07:26. | |
balloon, including with members of the government itself. And also cuts | :07:27. | :07:29. | |
to the pension, or at least delays to when you can get one. That's | :07:30. | :07:33. | |
already been announced. The retirement age will be pushed out to | :07:34. | :07:38. | |
70 in the decades to come. That's caused an uproar because even though | :07:39. | :07:42. | |
relative to the US, Australia has pretty low unemployment rates, there | :07:43. | :07:44. | |
are still a lot of people who can't get work and they reasonably ask | :07:45. | :07:48. | |
that if no`one is going to employ them in their prime working age, who | :07:49. | :07:53. | |
is going to hire them when they're 65 or 6 or 69. Alright, we have to | :07:54. | :07:57. | |
leave it there but we'll discuss the politics behind all of that when we | :07:58. | :08:00. | |
talk to you again. It sounds very familiar, doesn't it! Retirement age | :08:01. | :08:04. | |
going up. Let's look at other business | :08:05. | :08:09. | |
stories. Coca`Cola is planning to remove a controversial ingredient | :08:10. | :08:11. | |
from some of its brands by the end of the year following an online | :08:12. | :08:17. | |
petition. BVO is found in Coca`Cola's fruit and sports drinks | :08:18. | :08:24. | |
like Fanta and Powerade. There are concerns that an element is also | :08:25. | :08:28. | |
found in flame retardants. Pepsi removed it from the Gatorade sports | :08:29. | :08:34. | |
drink last year. The insurants group AIG has reported | :08:35. | :08:44. | |
a 27% drop in quarterly profits. The company's net income fell to $1. 6 | :08:45. | :08:47. | |
billion, down from $2 million at the same time last year. | :08:48. | :08:52. | |
And shares of Apple closed above $600 for the first time since 2012. | :08:53. | :08:57. | |
Analysts say that this is because investors are more optimistic about | :08:58. | :09:00. | |
the iPhone and new product launches later this year and the company's | :09:01. | :09:06. | |
share buy`back programme. And Apple has revealed the stock compensation | :09:07. | :09:11. | |
for the retail chief on last night's closing price is worth just over $68 | :09:12. | :09:16. | |
million. She was the former CEO of Burleyy. | :09:17. | :09:20. | |
Nice if you can get `` Burbury. Let's have a look at the markets | :09:21. | :09:26. | |
now: Japan is shut and Hong Kong is closed and South Korea is closed. | :09:27. | :09:29. | |
These markets are all trading, as you can imagine, a quiet session | :09:30. | :09:32. | |
because the key markets are closed tau. Among the stories being watched | :09:33. | :09:37. | |
is the Australian interest rates decision that's coming in a few | :09:38. | :09:41. | |
hours' time. Also, Janet Yellen will testify before the Senate tomorrow | :09:42. | :09:45. | |
talking about their move at the Federal Reserve to draw back on the | :09:46. | :09:48. | |
stimulus, so more questions on that. They're all looking ahead to that. | :09:49. | :09:53. | |
And that's World Business Report. See you soon. | :09:54. | :10:04. | |
Many thanks to Sally for that. We'll get to the papers in a moment. | :10:05. | :10:09. | |
First, though: A shortage of beds with forcing some | :10:10. | :10:12. | |
mental health patients in England to travel hundreds of miles for | :10:13. | :10:14. | |
treatment or even to sleep on mattress on the floor. Earlier this | :10:15. | :10:19. | |
year, one patient was admitted to a unit for the deaf because no beds | :10:20. | :10:24. | |
were available anywhere in England. Our social affairs | :10:25. | :10:25. |