Browse content similar to 22/08/2016. Check below for episodes and series from the same categories and more!
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Keeping the European project together - | :00:00. | :00:15. | |
Merkel, Hollande and Renzi meet to discuss their gameplan | :00:16. | :00:18. | |
and the reverberations following the UK's decision | :00:19. | :00:20. | |
And with the Rio Olympics over, is it worth it for the host cities. | :00:21. | :00:29. | |
And with the Rio Olympics over, is it worth it for the host cities? | :00:30. | :00:32. | |
We take a look at the legacy of the games in a few | :00:33. | :00:36. | |
Welcome to World Business Report, I'm Sally Bundock. | :00:37. | :00:44. | |
In a minute we'll take a look at the policies | :00:45. | :00:46. | |
of India's newly appointed Central Bank governor. | :00:47. | :00:51. | |
But first, the German Chancellor - French President and Prime Minister | :00:52. | :00:54. | |
of Italy are meeting today to discuss the future of Europe, | :00:55. | :00:57. | |
following Britain's decision to leave the Europe Union. | :00:58. | :00:59. | |
This is the second set of talks between the premiers | :01:00. | :01:02. | |
of the eurozone's 3 largest economies since Britain's shock vote | :01:03. | :01:04. | |
So what's at stake for Europe following Brexit? | :01:05. | :01:11. | |
The UK is the world's 5th largest economy, and one of the EU's biggest | :01:12. | :01:14. | |
contributors and until it formally leaves will keep paying | :01:15. | :01:16. | |
Last year the UK's net contribution was around $11 billion. | :01:17. | :01:24. | |
Germany's finance ministry has already hinted its contribution may | :01:25. | :01:26. | |
have to rise by $2.5 billion when Britain leaves. | :01:27. | :01:29. | |
If the UK-EU divorce proceedings become protracted and acrimonious, | :01:30. | :01:33. | |
economic growth for both sides will be affected. | :01:34. | :01:36. | |
Uncertainty is likely to have a negative impact | :01:37. | :01:41. | |
on investment decisions - from financial services | :01:42. | :01:43. | |
Here in the UK infrastructure spending has already declined | :01:44. | :01:46. | |
With me is Holger Schmieding, Chief Economist at Berenberg Bank. | :01:47. | :01:54. | |
Good morning. Good to see you. This meeting today on a beautiful island | :01:55. | :02:07. | |
off the coast of Naples, Italy is hosting- for Matteo Renzi it is very | :02:08. | :02:12. | |
important. It is important for Matteo Renzi to be seen to be a | :02:13. | :02:18. | |
leader moving Europe forward. He has to fight a referendum later this | :02:19. | :02:23. | |
year where his political future is at stake, it is about constitutional | :02:24. | :02:29. | |
reform. Any impression that Italy is really among the big powers of | :02:30. | :02:34. | |
Europe, deciding the future of the club, is important and also it is | :02:35. | :02:40. | |
nice to have the three discussing what is next. Stability in Italy is | :02:41. | :02:45. | |
very important to the European Union. Merkel and alarmed keen not | :02:46. | :02:52. | |
to see a crisis in Italy. -- Francois Hollande. Talking about a | :02:53. | :03:01. | |
better Europe, what are some of the issues they will discuss? The first | :03:02. | :03:05. | |
issue is do we need fundamental change? The answer to that is a bit | :03:06. | :03:13. | |
yes are not too much. Much of the EU is actually working and to get 27 | :03:14. | :03:19. | |
countries to agree to fundamental change is very, very difficult so we | :03:20. | :03:24. | |
are likely to see, in the end, modest changes, basically | :03:25. | :03:27. | |
downgrading a few functions of the European Commission, strengthening | :03:28. | :03:35. | |
the European Union that we are not going to see dramatic changes which | :03:36. | :03:40. | |
would have to be ratified by all 27 countries which could be difficult. | :03:41. | :03:45. | |
In terms of the money matters, the economics, for Germany and France, | :03:46. | :03:54. | |
they have elections and also the Netherlands. Concern about how that | :03:55. | :03:59. | |
will go. What will they say in terms of spending and how the money is | :04:00. | :04:07. | |
spread around. Italy wants more spending as does France for Germany | :04:08. | :04:14. | |
does not. It is a more flexible interpretation of the existing rule | :04:15. | :04:19. | |
and we have seen that in action in the sense that Spain and Portugal | :04:20. | :04:24. | |
got away with missing the fiscal targets without having to pay a fine | :04:25. | :04:29. | |
and we would like to see more like that specially for countries like | :04:30. | :04:34. | |
Italy. It means implementing and it would likely allow him in practice | :04:35. | :04:40. | |
to run a bigger budget deficit, without them taking a decision | :04:41. | :04:44. | |
today, I think they will signal Europe is moving in the direction | :04:45. | :04:48. | |
that there is more flexibility within the existing route rather | :04:49. | :04:53. | |
than tearing up the rulebook and creating a new one. An impression | :04:54. | :04:59. | |
that Europe is steel on track. Brexit is much more a British issue. | :05:00. | :05:06. | |
After all, they are a large entity but the future needs to be discussed | :05:07. | :05:15. | |
after the Brexit. If we get any news out of that an official meeting with | :05:16. | :05:20. | |
those three key leaders will keep you informed. | :05:21. | :05:21. | |
A few hours ago, the lights went out on Brazil's iconic Maracana Stadium | :05:22. | :05:24. | |
as Rio de Janeiro passed on the Olympic flame to the next | :05:25. | :05:27. | |
Some experts estimate that the Olympics cost Brazilian | :05:28. | :05:31. | |
taxpayers over $15bn, but what's left for the city | :05:32. | :05:34. | |
now that the competition has come to an end? | :05:35. | :05:38. | |
BBC News has been all around the world to look at life | :05:39. | :05:43. | |
after the games - we start in Beijing. | :05:44. | :05:53. | |
The Beijing games may have been the most expensive ever hosted but there | :05:54. | :06:03. | |
is arguably little legacy to show for it. Some of the iconic | :06:04. | :06:07. | |
infrastructure remains that the birds best and the water cube- Ereck | :06:08. | :06:13. | |
question as to how well used they are. Nor has there been a boost to | :06:14. | :06:24. | |
sporting fields and open space. -- the question is. The real Agassi is | :06:25. | :06:31. | |
a symbolic one. The marking of the arrival on the global stage of a new | :06:32. | :06:38. | |
superpower. -- the real legacy. And some of that some of that lingers. | :06:39. | :06:46. | |
For use on it was London. Apart from the weather pretty much everything | :06:47. | :06:50. | |
else has become unrecognisable. Participation rates in athletics, | :06:51. | :06:54. | |
and especially for cycling, have soared since the games. The Olympic | :06:55. | :07:01. | |
Stadium has been transformed into the West Ham United football club in | :07:02. | :07:06. | |
Stratford has become a shopping mecca where tens of thousands of | :07:07. | :07:11. | |
homes are being built but some say it has come at a huge cost at a time | :07:12. | :07:15. | |
when public finances could least afford it. Residents being priced | :07:16. | :07:26. | |
out of the house markets. Many of the legacy projects that were | :07:27. | :07:29. | |
promised to Rio residents were not delivered. A cleaner environment and | :07:30. | :07:34. | |
better housing is for the poor but something has changed stop there are | :07:35. | :07:39. | |
better transport lanes and these new areas that is supposed to attract | :07:40. | :07:46. | |
future. Some complained that many opportunities went is. The | :07:47. | :07:53. | |
Paralympics kicks off on the seventh of September so of course there will | :07:54. | :07:56. | |
be much more from Rio. After months of speculation, | :07:57. | :07:57. | |
the Indian government has appointed this man - Urjit Patel - | :07:58. | :08:00. | |
to replace Raghuram Rajan as the next governor | :08:01. | :08:02. | |
of India's Central Bank. Well he is very well known | :08:03. | :08:04. | |
at the central bank. He is currently deputy | :08:05. | :08:11. | |
governor at the Reserve Bank He's an economist who | :08:12. | :08:16. | |
did his PhD at Yale UniversityAnd previously he has | :08:17. | :08:19. | |
worked with the International And like the man currently | :08:20. | :08:23. | |
in the job he has a reputation for being a warrior | :08:24. | :08:26. | |
on inflation - who believes in keeping rates high to keep | :08:27. | :08:29. | |
the cost of living under control. So what are some of the big issues | :08:30. | :08:32. | |
the new governor will face Lovely to see you. The guessing game | :08:33. | :08:51. | |
is over. Tell us more? The guessing game is over. I would not say it has | :08:52. | :08:57. | |
come as a surprise. He was in the race but when selection processes | :08:58. | :09:04. | |
were on the other big names, the chief Economist, the head of India's | :09:05. | :09:12. | |
largest banks. Many are seeing this as a signal that they want someone | :09:13. | :09:17. | |
who is known all his work within the central bank but also who will keep | :09:18. | :09:25. | |
his focus only on the central bank unlike his predecessor. He was known | :09:26. | :09:32. | |
to comment on issues outside the central bank. Urjit Patel has given | :09:33. | :09:40. | |
one speech and one interview. He shies away from speaking in public | :09:41. | :09:43. | |
and that might be something that went in his favour because the | :09:44. | :09:47. | |
government wants someone who will focus entirely on the job and | :09:48. | :09:54. | |
nothing else. That wraps up business report. See you then when we look at | :09:55. | :09:58. | |
the headlines. As ballot papers for the Labour | :09:59. | :10:07. | |
leadership contest are sent out from this morning - | :10:08. | :10:09. | |
the Mayor of London - Sadiq Khan - | :10:10. | :10:13. |