Browse content similar to 09/05/2016. Check below for episodes and series from the same categories and more!
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The Odyssey of the Greek debt crisis continues. | :00:00. | :00:19. | |
Politicians pass a controversial package of tax | :00:20. | :00:22. | |
and pension reforms despite fresh protests against austerity. | :00:23. | :00:33. | |
I'm Sally Bundock. Also in the programme, detail on Facebook's | :00:34. | :00:47. | |
battle with a Chinese food company for the right to use the same name. | :00:48. | :00:51. | |
Greek MPs have passed a controversial package of tax | :00:52. | :00:57. | |
and pension reforms, vital for the receipt of the next instalment | :00:58. | :01:00. | |
It follows a 2 day debate which was held amid violent protests | :01:01. | :01:06. | |
Lets take a quick look at the key reforms the parliament has approved. | :01:07. | :01:12. | |
Top of the list, the government has changed the income tax banding | :01:13. | :01:15. | |
system, meaning that Greeks will now see a larger portion of | :01:16. | :01:22. | |
Pensions are also being hit with a number of benefits being | :01:23. | :01:27. | |
The hope is that this will reduce pension spending from 17 to 15% | :01:28. | :01:33. | |
Dividends tax has also been increased to 15% from 10%. | :01:34. | :01:45. | |
And let's not forget that Greece is already looking to | :01:46. | :01:47. | |
implement spending cuts that will amount to 3% of the country's GDP | :01:48. | :01:52. | |
Later today, finance ministers meet in Brussels | :01:53. | :02:00. | |
Our economics correspondent Andrew Walker explains the background to | :02:01. | :02:06. | |
Strikes in Greece. Once again, they are about the bailout of the tax and | :02:07. | :02:21. | |
pension reforms that the government has promised as a condition for | :02:22. | :02:24. | |
financial assistance from the rest of the eurozone. Since the crisis | :02:25. | :02:29. | |
began, Greece has taken dramatic steps to reduce its borrowing needs. | :02:30. | :02:33. | |
Government spending has been cut by more than 30%, and the deficit has | :02:34. | :02:39. | |
plunged from 36% -- 30 6 billion euros to 7.4 billion euros last | :02:40. | :02:43. | |
year. The government has agreed on further measures, but lenders are | :02:44. | :02:49. | |
not ready to sign off on a bailout package that was approved last year. | :02:50. | :02:52. | |
Euro Finance ministers have warned Greece to commit to further this | :02:53. | :02:55. | |
terrorist -- further hysteric if they fail to reach cutting targets. | :02:56. | :03:02. | |
A do not believe Athens is on court to achieve them. Greece is being | :03:03. | :03:05. | |
asked to come up with additional measures, spending cuts and tax | :03:06. | :03:10. | |
rises of for the 2% of GDP that would be activated if they miss the | :03:11. | :03:13. | |
target. Greece needs the money ahead of debt payments of more than 2 | :03:14. | :03:17. | |
billion euros ute eurozone central banks in July. -- due to eurozone. | :03:18. | :03:23. | |
The anger of ordinary Greeks spilling out on the street is a | :03:24. | :03:27. | |
reminder of the political difficulties Athens will face if it | :03:28. | :03:31. | |
does not turn the austerity screws even further. | :03:32. | :03:34. | |
New fears about the health of China's economy have been sparked | :03:35. | :03:37. | |
by figures showing that both exports and imports fell more than | :03:38. | :03:39. | |
Exports fell 1.8% compared with April last year while Imports sank | :03:40. | :03:43. | |
That marked the 18th consecutive monthly decline, suggesting that | :03:44. | :03:49. | |
domestic demand remains weak despite a rise in infrastructure spending. | :03:50. | :03:55. | |
With me to dig into these numbers is Jinny Yan, | :03:56. | :03:57. | |
Chief China Economist at ICBC Standard Bank. | :03:58. | :04:02. | |
Good to see you. We rely on you to tell us whether this is good or bad | :04:03. | :04:11. | |
or ugly, how bad is it in terms of the export - import numbers? It is | :04:12. | :04:15. | |
worse than the market was expecting, but actually I think that the market | :04:16. | :04:19. | |
seems to get a bit more used to negative numbers out of China. We | :04:20. | :04:23. | |
cannot rely on the stronger figures that we saw in the first quarter, | :04:24. | :04:27. | |
that was through more and more credit through bank lending is, that | :04:28. | :04:31. | |
was the old economic growth style. Increasingly we keep continuing to | :04:32. | :04:36. | |
hear voices from Beijing saying that this is not sustainable. First of | :04:37. | :04:40. | |
all domestic demand is still, it doesn't have much momentum, and also | :04:41. | :04:47. | |
external demand is not picking up. We will get trade numbers that | :04:48. | :04:51. | |
continue to look bad. Also I understand the government had been | :04:52. | :04:54. | |
talking about the issue of jobs and the fact that some sectors, where | :04:55. | :04:59. | |
there is just too much capacity right now, like steel there are | :05:00. | :05:04. | |
laying off a lot of people. They are quite concerned about that? We had | :05:05. | :05:08. | |
the you're just before the weekend coming out to say that we need to | :05:09. | :05:13. | |
ensure stability in growth and to ensure that we create jobs, continue | :05:14. | :05:17. | |
to create jobs, and also make sure that there are no large-scale | :05:18. | :05:23. | |
layoffs. That is in fact a sort of an implicit guarantee for the | :05:24. | :05:28. | |
economy, suggesting that we won't get huge policies, for industries | :05:29. | :05:35. | |
for example, the coal industry and the steel industry, and also other | :05:36. | :05:41. | |
industries that are due for the phasing out of overcapacity, but so | :05:42. | :05:45. | |
far we are not going to see large-scale layoffs. And very | :05:46. | :05:50. | |
quickly, foreign reserve figures came through, just explain what is | :05:51. | :05:53. | |
happening with the foreign reserve in real terms? The foreign reserves | :05:54. | :05:57. | |
actually rose. A lot of that was because of the dollar valuation. | :05:58. | :06:01. | |
Without that come without looking at the dollar impact, actually reserve | :06:02. | :06:10. | |
still fell. That means there is still pressure on the outflow of | :06:11. | :06:14. | |
capital in China's economy. So overall, the outlook... ? The | :06:15. | :06:18. | |
outlook is that we are going to see more volatility of the economy, but | :06:19. | :06:24. | |
we are not going to see a new shape of recovery as the government has | :06:25. | :06:28. | |
said time and time again, we are looking for stability within the | :06:29. | :06:32. | |
economy, rather than any expectation of again pick up or a strong pickup | :06:33. | :06:37. | |
in the economy. You put it in perspective for us, thank you for | :06:38. | :06:41. | |
coming in. We will look at markets like to see what numbers -- impact | :06:42. | :06:46. | |
those numbers have on trading in Asia. | :06:47. | :06:48. | |
It's being reported that Facebook has won a trademark case in China | :06:49. | :06:51. | |
against a food company that has been using the same name. | :06:52. | :06:54. | |
The Financial Times says that Zhongshan Pearl River Drinks | :06:55. | :06:56. | |
Factory, which makes items like potato chips, had registered | :06:57. | :06:58. | |
The ruling comes as a coup for the social network, | :06:59. | :07:02. | |
which remains banned in China. Our very own Rico is in Singapore | :07:03. | :07:05. | |
Nice to see you. Fill us in, because this is interesting, given that | :07:06. | :07:15. | |
Apple last week was not so successful. It right. The court | :07:16. | :07:21. | |
victory could be a sign that Beijing's attitude, is indeed | :07:22. | :07:28. | |
softening towards Facebook, which is blocked to China's 700 million | :07:29. | :07:33. | |
users. Any decision to unblock these social networking sites would come | :07:34. | :07:37. | |
with strict conditions. If you look at that position, it is indeed | :07:38. | :07:41. | |
significant, because under Chinese law, a multinational with a globally | :07:42. | :07:45. | |
recognised brand must prove that its trademark is also well-known within | :07:46. | :07:50. | |
the mainland. You mentioned last week a Beijing court ruled that an | :07:51. | :07:54. | |
accessories manufacturer was entitled to use the trademark | :07:55. | :07:59. | |
iPhone, despite the widespread popularity of Apple's iPhone. This | :08:00. | :08:05. | |
is indeed a major decision, and this charm offensive on Facebook founder | :08:06. | :08:12. | |
Mark Zuckerberg may be working, as well is trying to master the Chinese | :08:13. | :08:16. | |
language, he has entertained China's chief centre at his home -- | :08:17. | :08:25. | |
sensor, and drove through Cantonment Square. All of this may be working, | :08:26. | :08:32. | |
-- can and square. All of this may be working. | :08:33. | :08:35. | |
In other news, Takata shares fell as much as 3.5% | :08:36. | :08:37. | |
on Monday as media reports suggest more recalls over faulty airbags | :08:38. | :08:40. | |
Sunday's Nikkei newspaper said that Japanese car maker Honda will | :08:41. | :08:44. | |
recall an additional 20 million airbags provided by Takata.Honda | :08:45. | :08:49. | |
shares have edged slightly higher despite the news. | :08:50. | :08:53. | |
Oil prices have jumped because of supply shocks caused by Canada's | :08:54. | :08:58. | |
The disaster has shut half the country's oil sands capacity, | :08:59. | :09:02. | |
More than 80,000 people have left Fort McMurray in the heart | :09:03. | :09:07. | |
of Canada's oilsands, where the fire has torched 1,600 | :09:08. | :09:11. | |
Currently both brent and WTI crude prices are up more | :09:12. | :09:18. | |
You can see the news about China not phasing sentiment at the moment | :09:19. | :09:48. | |
which is encouraging. Looking at the currencies: | :09:49. | :09:56. | |
that's all from me that now, stay with this, we will review the | :09:57. | :10:01. | |
newspapers in a minute. The BBC picked up more than half the | :10:02. | :10:13. | |
awards at last night's TV Baftas. Some winners used their acceptance | :10:14. | :10:18. | |
speeches to defend the corporation, ahead of this week's government | :10:19. | :10:21. | |
white paper on its future. | :10:22. | :10:24. |