15/09/2011 World News Today


15/09/2011

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Good evening. The Swiss banking giant UBS says it may have lost $2

:00:19.:00:23.

billion. An alleged rogue Trader is being questioned by police. How

:00:23.:00:28.

could this happen again at a big bank?

:00:28.:00:34.

And banks are to help the failing economies by opening up short-term

:00:34.:00:39.

bank loans. The head of the IMF has issued a stark warning.

:00:39.:00:45.

Without us -- without bold action, there is a danger that economies

:00:45.:00:50.

slip back instead of moving forward. David Cameron and Nicolas Sarkozy

:00:50.:00:55.

visit Libya. Colonel Gaddafi said he would help

:00:55.:01:00.

-- hunt you down like rats but you showed the courage of lions. We

:01:00.:01:06.

salute your courage. And monks on wheels. I knew

:01:06.:01:10.

documentary by three skateboarders that shows a different perspective

:01:10.:01:20.
:01:20.:01:25.

Questions are being asked as to how much the big banks have learnt from

:01:25.:01:31.

the financial crisis and whether the current regulatory systems are

:01:31.:01:37.

rigorous enough. Three years ago, the Lehman Brothers filed for

:01:37.:01:43.

bankruptcy. UBS says it may have lost around $2 billion.

:01:43.:01:49.

Unauthorised trading by one of its traders is suspected. It trader in

:01:49.:01:53.

London has been arrested on suspicion of fraud.

:01:53.:01:59.

I new entrant to the bankers' Hall of fame, or should that be hall of

:01:59.:02:07.

shame? He is alleged to have racked up unauthorised losses of �1.3

:02:07.:02:12.

billion. Hours after the UBS uncovered the eye-watering loss,

:02:12.:02:18.

the man was arrested. We have contact -- we were

:02:18.:02:23.

contacted by UBS about an allegation of fraud and at around

:02:23.:02:29.

2pm, we arrested a 31-year-old man on suspicion of fraud by abuse of

:02:29.:02:33.

position. Here in the heart of the City of

:02:33.:02:40.

London is where the alleged rogue trader worked. His colossal rock --

:02:40.:02:48.

colossal losses are liable to tap this bank back into the red. After

:02:48.:02:56.

the Great Crash of 2008, this bank claimed it was taken much less risk.

:02:56.:03:00.

UBS was one of the bank's worst hurt by Derek banking crisis

:03:00.:03:08.

incurring losses of more than �35 billion. Bailed out by the Swiss

:03:08.:03:13.

government, it has changed the way it does business.

:03:13.:03:18.

You can Putin limits on the way people trade, but if you are

:03:18.:03:21.

employed end intelligent people and they want to get around these

:03:21.:03:28.

systems, there is a chance they will find a way. A moral compass is

:03:28.:03:31.

needed from the top of the organisation so that people know

:03:31.:03:35.

what is right and wrong and do not think about doing these things.

:03:35.:03:41.

If it turns out that this is a big time rogue trader, I will this loss

:03:41.:03:47.

rank against other rogue traders? The biggest loss of �1.3 billion

:03:47.:03:54.

was racked up in 2008. That is rather more than the �827 million

:03:54.:04:00.

loss of Britain's most famous rogue trader.

:04:00.:04:07.

After this arrest, the British regulator the Financial Services

:04:07.:04:10.

Authority put pressure on the banks to tighten up their scrutiny of

:04:10.:04:16.

traders. Unless you set up -- separate that

:04:16.:04:21.

Wild West casino tight organisation from the ordinary men and woman on

:04:21.:04:26.

the high street, we are in real trouble. That is what the Banking

:04:26.:04:29.

Commission suggested earlier this week and we must implement that as

:04:29.:04:34.

fast as possible. This advertisement is how UBS likes

:04:34.:04:44.
:04:44.:04:45.

to see itself. It has been humiliated by one of its bankers.

:04:45.:04:49.

The developments at UBS show just how risky the banking business can

:04:49.:04:54.

be. Central banks are trying to ensure they have adequate

:04:54.:04:58.

supervision and regulatory structures, they are also deeply

:04:58.:05:08.
:05:08.:05:09.

enmeshed in trying to steer past -- steer a path to economic recovery.

:05:09.:05:15.

Co-ordinated action would enable banks to address short-term needs

:05:15.:05:23.

in the eurozone. Christine Lagarde warned about a vicious circle.

:05:23.:05:33.
:05:33.:05:34.

There is still too much debt in the system. Uncertainty about many

:05:34.:05:39.

advanced economies, household income in the United States, weak

:05:39.:05:43.

growth and the weak balance sheets of government and financial

:05:43.:05:48.

institutions, households are feeding negatively on each other,

:05:49.:05:53.

feeling a crisis of confidence and holding back investments and job-

:05:53.:06:00.

creation. This vicious cycle is gaining momentum and frankly it has

:06:00.:06:07.

been exacerbated by policy uncertainty and a lack of political

:06:07.:06:09.

resolve and collective determination.

:06:09.:06:19.
:06:19.:06:22.

That was Christine Lagarde has a bid, the head of the IMF. There is

:06:22.:06:25.

a police investigation going on, but in general terms, are you

:06:26.:06:29.

satisfied that current banking regulations are sufficiently

:06:29.:06:34.

rigorous? I am not. I think what we are

:06:34.:06:39.

seeing today with these two announcements, liquidity crisis and

:06:39.:06:47.

to the UBS announcement, there are three things going on. A European

:06:47.:06:51.

sovereign debt issue that is exacerbated in the banking sector

:06:51.:06:59.

by under capitalisation. Basically a lack of regulation of these banks.

:06:59.:07:04.

We can see these things coming together in a very negative way.

:07:04.:07:09.

will look at one particular thing. The co-ordinated action between

:07:09.:07:14.

central banks to ensure that banks in the eurozone can get loans in

:07:14.:07:20.

order to keep them going for a short time. Explain to us in simple

:07:20.:07:26.

terms the thinking behind that. Basically, what has happened is

:07:26.:07:30.

that the European sovereign debt crisis has caused a lot of angst

:07:30.:07:35.

amongst investors about the solvency and the help of various

:07:35.:07:40.

European institutions, so these institutions are having a difficult

:07:40.:07:48.

time getting access to money, to finance their day-to-day operations.

:07:48.:07:54.

As a result, central banks have stepped in as a last resort to help

:07:54.:08:00.

fund their operations. But it sounds like a short-term solution,

:08:00.:08:08.

and not a long-term one. That is right. The real problem is that the

:08:08.:08:14.

European sovereign debt crisis will continue. This is the same sort of

:08:14.:08:20.

panic, and angst, that you will seek in the marketplace until a

:08:20.:08:27.

long-term solution is put in place by the Europeans. Greece and other

:08:27.:08:31.

peripheral European nations like Ireland, Portugal, and potentially

:08:31.:08:39.

Spain and Italy, where we also see contagion from those three.

:08:39.:08:43.

Christine Lagarde and her warning there, about not wanting to

:08:43.:08:46.

jeopardise the wrote but you have to deal with debt, easier said than

:08:47.:08:56.

done. Very much. At the end of the day, this problem is about the fact

:08:57.:09:04.

that the euro currency acts like a gold standard and it requires eight

:09:04.:09:08.

deflationary solution for the countries with then. They cannot

:09:08.:09:12.

devalue and therefore worked their way out of trouble that way. They

:09:12.:09:17.

have to go through austerity and wage and price cuts and that is a

:09:17.:09:20.

very negative scenario for economic growth.

:09:20.:09:27.

Thank you very much. Britain and France have been at the forefront

:09:27.:09:30.

of the international military operation against Colonel Gaddafi

:09:30.:09:34.

and today, David Cameron and President Sarkozy were the first

:09:34.:09:38.

Western leaders to visit to Italy to give their backing to the new

:09:38.:09:48.
:09:48.:09:51.

Libyan leader. They were given enthusiastic backing.

:09:51.:09:55.

Not quite mission accomplished. The French and British leaders are

:09:55.:10:01.

right in Libya today inclined to celebrate. A very good day for us.

:10:01.:10:05.

We are very proud to be here. Britain played a role that I am

:10:05.:10:14.

very proud of. But in the end, this is what the Libyans did themselves.

:10:14.:10:22.

A helicopter ride into the heart of Tripoli. The country is still at

:10:22.:10:28.

war with Colonel Gaddafi's dwindling band of loyalists. But

:10:28.:10:36.

listen to the adulation that this hospital. -- at this hospital. It

:10:36.:10:42.

is genuine. Without NATO support, they know that their mission might

:10:42.:10:48.

have stumbled. Some of the injured will now come to British hospitals,

:10:48.:10:52.

part of a much bigger plan to gnat while Richard Libya back on its

:10:52.:11:02.
:11:02.:11:07.

feet. -- to nudge oil-rich Libya. They helped us from the beginning

:11:07.:11:12.

and I hope they continue helping us until we get back to normal.

:11:12.:11:17.

It is seven years since Tony Blair first came here to try to bring

:11:17.:11:24.

Colonel Gaddafi in from the cold. Today, David Cameron is visiting

:11:24.:11:28.

what feels like a completely different country. There is still

:11:28.:11:33.

serious fighting and plenty of political instability but, in many

:11:33.:11:40.

ways, this is a country that is stabilising every day. What I have

:11:40.:11:45.

seen is impressive. This is people who want to take the lead and sort

:11:45.:11:49.

out their country. It is important to help them rather than lecturer

:11:49.:11:55.

them. There was swapping of gifts. There

:11:55.:11:58.

were strong hints today that Britain and France might be

:11:58.:12:04.

rewarded with oil contracts. President Sarkozy insisted no deals

:12:04.:12:12.

were done. Mr Cameron said that to Libya's war was not over.

:12:12.:12:17.

This work is not done yet. The message to Colonel Gaddafi and all

:12:17.:12:23.

those still holding arms on his behalf, it is over. Give up. The

:12:23.:12:29.

mercenaries should go home. There is no sign of that. The

:12:29.:12:36.

frontline is outside Gaddafi's home town. The loyalists there could

:12:36.:12:42.

still destabilise things. But in Benghazi this afternoon, it felt

:12:42.:12:46.

like a victory parade. Colonel Gaddafi said he would hunt

:12:46.:12:50.

you down like rats but you showed the courage of lions and we salute

:12:50.:12:57.

your courage. And moment of elation and Libya's

:12:57.:13:03.

history. A spokesman for antique Gaddafi

:13:03.:13:08.

forces has said that one of their military units has entered the

:13:08.:13:13.

outskirts of Colonel Gaddafi's home town. He said they had reached the

:13:13.:13:21.

south-western edge of the town and encountered resistance.

:13:21.:13:26.

In Libya itself, David Cameron announced hundreds of thousands of

:13:26.:13:36.
:13:36.:13:37.

pounds of eight to get rid of mines planted during the conflict. -- aid.

:13:37.:13:41.

We are joined by a spokesperson from the mines Advisory Group. How

:13:41.:13:48.

bad is the problem in Libya? It is a big problem. There are reports of

:13:48.:13:55.

minefields laid by Gaddafi forces, in defensive areas, around where

:13:55.:14:01.

the fighting was happening. But there are also minefields going

:14:01.:14:06.

back to the Second World War. The big issue is unexploded ordinance.

:14:06.:14:16.

A lot of stuff that is dropped does not go off. You say they are all

:14:16.:14:20.

over the place. Are they in heavily populated areas or more remote

:14:20.:14:27.

parts of the country? It is a mixture. Central Misrata at need to

:14:27.:14:37.
:14:37.:14:37.

be cleaned. Everywhere where there have been protracted conflict,

:14:37.:14:44.

along the front lines, there is a lot of contamination and also the

:14:44.:14:50.

stockpiles of weapons and ammunition that is being looted,

:14:50.:14:54.

and needs to be secured. We are in the process of helping the

:14:54.:15:01.

authorities on the ground to do that. There are funds from the

:15:01.:15:04.

Department for International Development to help us enable

:15:04.:15:09.

people to rebuild in safety. Public education and awareness is very

:15:09.:15:14.

important. How well aware are the ordinary Libyans about these

:15:14.:15:23.

dangers? They are not very aware. When I was there recently, I sold

:15:23.:15:26.

locals handling cluster bomb submissions questioning whether

:15:26.:15:32.

they were dangerous. It is important that we spend time with

:15:32.:15:36.

the community and develop materials and work with them to ensure they

:15:36.:15:42.

reduce the risks they are faced with. Also, children are naturally

:15:42.:15:46.

inquisitive all over the world and Libya is no different. When they

:15:46.:15:52.

find a shiny metal object, they do not know what it is, they pick them

:15:52.:15:58.

up and the results are unfortunately often very tragic.

:15:58.:16:08.
:16:08.:16:09.

Staying with conflicts in the Middle East, a Syrian activists

:16:09.:16:16.

have come up with a list of members of their National Council giving a

:16:16.:16:24.

public face to President al-Bashir. Their names have not been revealed

:16:24.:16:31.

to protect their security. It is six months since the protests began.

:16:31.:16:35.

The UN Secretary-General has emerged World readers - might lead

:16:35.:16:39.

us to make faster progress on a two-stage solution in the Middle

:16:39.:16:49.
:16:49.:16:52.

East. -- to make faster progress. At least 20 people have been killed

:16:52.:16:57.

in a bomb attack in Pakistan. A bomb went off during the funeral of

:16:57.:17:03.

a tribal elder. The villagers were pro Government and had formed an

:17:03.:17:09.

anti- Taliban militia. Rescue teams in South Wales are trying to reach

:17:09.:17:13.

four miners trapped underground for nine hours at a flooded colliery

:17:13.:17:18.

near Swansea. Three other men trapped managed to escape. It is

:17:18.:17:24.

not known how the accident has happened.

:17:24.:17:28.

The world's leading central banks have agreed to improve the

:17:28.:17:31.

availability of dollars to make it easier for banks to obtain short-

:17:31.:17:38.

term loans. In the run-up to the financial crisis in 2008, a small

:17:38.:17:41.

community in the United States became the unlikely frontline in

:17:41.:17:47.

the battle against the global economy. Berkshire County in

:17:47.:17:51.

Massachusetts come -- created an alternative to the dollar known as

:17:51.:18:01.
:18:01.:18:02.

Berkshares. We have been investigating how it is doing.

:18:02.:18:07.

It is hard to escape the global economy. But the Red Lion Inn in

:18:07.:18:14.

Stockbridge is a bit of a haven. Many people here feel her cushioned

:18:14.:18:22.

by Berkshares, the region's local economy. At one time it was a joke

:18:22.:18:29.

when it first came out. You had this worldwide crisis going on. It

:18:29.:18:34.

almost saved us because we were in a bobble at the time. We want to

:18:34.:18:39.

survive and do what we have to do to keep money in the area. To keep

:18:39.:18:47.

farmers, artists etc afloat. Red Lion's owner says Berkshares

:18:47.:18:55.

helped to strengthen the home front. They are to me an indication that I

:18:55.:18:59.

support Anne macro small local businesses, that might dollars will

:18:59.:19:09.

be so -- spent within Bird Show. Berkshire. More than 400 businesses

:19:09.:19:16.

here accept Berkshares. 120,000 remain in circulation. Some traders

:19:16.:19:21.

say they are is a real alternative. Endless Parade is unsustainable. It

:19:21.:19:28.

is unsustainable economic and environmentally. The idea is to

:19:28.:19:33.

highlight that we can block the system by having our on local

:19:33.:19:40.

currency. We can create everything we need locally. Home-grown food

:19:40.:19:47.

and products emphasise the drive to keep things local. Berkshares are

:19:47.:19:52.

often used here instead of dollars. The ultimate goal is to decouple

:19:53.:19:57.

Berkshares from the dollar. The cost of producing half a gallon of

:19:57.:20:01.

maple syrup, for instance, would determine the value of the

:20:01.:20:06.

Berkshire. That is a long way away. Also a long way off his finding a

:20:06.:20:10.

way to make Berkshares viable for a bigger businesses, like this

:20:11.:20:16.

excavation company. Few customers are able or willing to exchange

:20:16.:20:20.

huge amounts of cash for Berkshares. The employers do not take them

:20:20.:20:25.

either. I found myself looking for places to spend them. It is not

:20:25.:20:31.

easy. With our bills being so high, people do not have that amount of

:20:31.:20:38.

cash. We did not end up getting a lot of payment. The point of

:20:38.:20:41.

Berkshares is to keep money circulating within the community.

:20:41.:20:47.

That is its weakness, too. Anything bought from outside must be

:20:47.:20:51.

purchased in dollars. Most of these bikes are made in China and the

:20:51.:20:58.

Chinese do not take Berkshares. At least not yet.

:20:58.:21:02.

Clearly Berkshares still in existence. A quarter of the people

:21:02.:21:05.

charged in connection with the recent riots in England had

:21:05.:21:10.

committed more than 10 previous offences. New figures also revealed

:21:10.:21:16.

more than half of those accused were aged 20 or under.

:21:17.:21:21.

How was this dealt with? Could it have been prevented? After the

:21:21.:21:26.

turmoil on the streets, deep thinking is taking place in an

:21:26.:21:30.

attempt to tackle those questions. Today, more evidence was questioned

:21:31.:21:40.
:21:41.:21:52.

in answer to another question. What Existing criminals on of the

:21:52.:21:57.

rampaged, was how the Justice Secretary summed it up. But not

:21:57.:22:03.

necessarily members of gangs. not sure that the rioting was as

:22:03.:22:06.

organised as this gives the impression it was. The gang culture

:22:06.:22:12.

has to be challenged. I am not sure what the police do to disband the

:22:12.:22:17.

gangs. It starts in the education service, the home, the local

:22:17.:22:22.

community. For the Government, the fact most rioters were known to

:22:23.:22:27.

police, poses an enormous challenge. For the police, the challenge was

:22:27.:22:31.

explaining this. You basically lost control of the streets of

:22:31.:22:36.

Manchester. Is there no responsibility for what happened?

:22:36.:22:41.

Absolutely. We treat this very seriously. We were horrified on the

:22:41.:22:47.

night. More snatch squads might have made a difference, says the

:22:47.:22:52.

Manchester Chief, but not water- cannon or rubber bullets. The Chief

:22:52.:22:55.

Constable's generally agreed what works best where the basics, moving

:22:55.:23:00.

in, making an arrest, creating a deterrent.

:23:00.:23:04.

Skateboarding monks are not the usual images you would associate

:23:04.:23:09.

with are. Although there are severe media restrictions, three

:23:09.:23:14.

skateboarding France from Britain managed to gain entry to film a

:23:14.:23:19.

documentary. The film maker spoke to the BBC to give this first-

:23:19.:23:23.

person account of his time in a country tightly controlled by the

:23:23.:23:29.

ruling military. As three film-makers interested in

:23:29.:23:33.

the political situation in Burma, we wanted to see what Burma was

:23:33.:23:39.

like on a day-to-day basis. As skateboarders, we explored the city

:23:39.:23:48.

from different perspectives. One of the advantages we had was that we

:23:48.:23:54.

all look quite young. We are in skateboard clothing. A journalist

:23:54.:24:01.

does not walk into a country with a skateboard. I think that was one of

:24:01.:24:06.

our biggest advantages. Especially going through passport security. We

:24:06.:24:12.

went through with a camera bag. That was the hairiest moment. This

:24:12.:24:16.

was the point were we thought we would get turned away. But nobody

:24:16.:24:23.

that's it an eyelid. All too often, what is great about Burma, the

:24:23.:24:28.

scenery, the rich culture, the kindness of the people, is

:24:28.:24:33.

overshadowed. Potential is left unexplored, life one documented,

:24:33.:24:38.

and future uncertain. One of the good things about the film is it is

:24:38.:24:42.

a different angle from the normal angle on a per match. It is quite

:24:42.:24:48.

positive. It is looking at how people get on with their lives and

:24:48.:24:51.

our not Tokely or pressed. That is one of the reasons we went out

:24:51.:25:01.
:25:01.:25:01.

there. We did not go out there as a journalist. One surprisingly, they

:25:01.:25:07.

were intrigued by our skateboards. We tried to explain how to stay on

:25:07.:25:14.

the board. Such simple experiences which are normally be on them, make

:25:14.:25:22.

you realise how fortunate we are in the West. -- beyond them. One thing

:25:22.:25:26.

we found really interesting was that a lot of the skateboarders had

:25:26.:25:31.

watched the same of videos that we have watched, knew the same

:25:31.:25:34.

companies and professional skateboarders. Under this regime

:25:34.:25:38.

that is Super or oppressive and does not let Western media in, it

:25:38.:25:48.
:25:48.:25:52.

is interesting to know they know One of the great things the film

:25:52.:25:58.

highlights is that we take a lot of things for granted. Are a lot of

:25:58.:26:03.

youth who are not politicised and just want to grow up as kids. --

:26:03.:26:09.

there are. It was a fantastic experience meeting those people.

:26:09.:26:17.

James Holman. The main news today. The Swiss banking giant, UBS, says

:26:17.:26:24.

it may have lost $2 billion because of aura of the waste trading. -- on

:26:24.:26:29.

a Authorised trading. A trader has been arrested on suspicion of fraud.

:26:29.:26:34.

Jubilant scenes in parts of Libya today as David Cameron and Nicolas

:26:34.:26:40.

Sarkozy flew in for talks with the National Transitional Council. Mr

:26:40.:26:44.

Cameron told the cheering crowds they had showed the courage of

:26:44.:26:54.
:26:54.:27:00.

Lyons in standing up to Colonel Good evening. Many of us have had

:27:00.:27:07.

in lovely date today. Winds have been lighter. Overnight, things

:27:07.:27:14.

will change. Tomorrow there will be a fair bit of rain. It is courtesy

:27:14.:27:21.

of this weather system. It brings a wet start to Northern Ireland. Then

:27:21.:27:25.

the rain will spread to Wales, northern England and Scotland.

:27:26.:27:31.

First thing, the rain across England will be like. It turns

:27:31.:27:36.

heavy through the day. Outbreaks of rain through the Midlands and

:27:36.:27:44.

Lincolnshire. In the south-east it should be mild. Some sunshine. A

:27:44.:27:50.

bright and breezy day in the south- west. A few showers. After a pretty

:27:50.:27:53.

cloudy start across Wales, with some rain in the morning through

:27:53.:28:01.

the afternoon, showers. It will be a pretty wet start first thing in

:28:01.:28:05.

Northern Ireland. Showers will pushing from the West. A brisk wind

:28:05.:28:10.

should move through quickly. Some parts of Scotland will cloud over

:28:10.:28:14.

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