VIDEO: Steve Jobs: Apple's driving force

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6 October 2011 Last updated at 03:56 GMT Help

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Wasps owner decides to sell club

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Hayes joined the Wasps board in 2007, before taking ownership on December 2008 Wasps owner Steve Hayes has announced he is looking to sell the club.

Hayes, who also owns Wycombe Wanderers FC - Wasps' fellow tenants at Adams Park - bought the Premiership outfit in 2008.

Hayes said a failure to receive backing for a new stadium at Wycombe Air Park had contributed towards the decision.

"The vision of planning and developing this facility was one of the key reasons I got involved in the club," he told the Wasps website.

"And being unable to bring this to fruition remains bitterly disappointing.

Continue reading the main story June 2004: Buys a 25% stake in Wycombe WanderersOctober 2007: Joins the Wasps board after buying 11.6% stake in the clubJanuary 2009: Takes full ownership of WaspsJuly 2009: Becomes owner of Wycombe, where he was previously managing directorJuly 2011: Fails in bid to create a new stadium for both clubsOctober 2011: Announces he is looking to sell Wasps

"I fully believe that a new stadium for Wasps is essential in the coming years as we have always said that Adams Park was unsustainable as a long-term option.

"I will work with any potential owners to develop the sporting village model we had already come up with at an alternative location."

In his three years at the club Hayes has started an annual St George's Day game at Twickenham and oversaw an English club's first competitive game overseas.

"Any new owner will have to show me that their aspirations are to provide London Wasps with the right level of investment and structure to ensure that they are once again a team in the hunt for titles at the end of every season," the businessman added.

Former Wasps forward Lawrence Dallaglio, who is a member of the club's board, said: "Steve's passion and vision over the past number of years has helped bring the club to new audiences around the world and any new owners will take on a club in a healthy position in terms of the direction it is heading on and off the pitch."

Hayes insisted he will remain at the helm of Wycombe, but has not ruled out a future sale of the League One side.

"I want to assure [Wycombe supporters] that I remain fully committed to Wycombe Wanderers," he explained.

"Of course, as ever, if approaches are made to me for the club then these would be considered carefully based on what is best for the club but for now my intention is to remain the owner for the foreseeable future."

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Minimum wage up by 15p to £6.08

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30 September 2011 Last updated at 23:01 GMT The increase takes account of the current economic uncertainty The minimum wage has gone up, with the main rate for adults aged 21 or over rising by 15p to ￡6.08 an hour.

The development rate - for those aged 18 to 20 - goes up by 6p to ￡4.98 an hour, for 16 and 17-year-olds it rises by 4p to ￡3.68 an hour and the hourly apprentice rate rises by 10p to ￡2.60.

The TUC welcomed the rise but Unison said the rates were still too low.

The minimum wage was introduced in 1999 at ￡3.60 an hour for adults, and is set each year by the Low Pay Commission.

The commission recommended this year's increase in a report to the government in April.

It said the increases would balance the needs of low-paid workers and their employers facing difficulties during a period of economic uncertainty.

As levels of youth unemployment are relatively high, it recommended a lower increase for young workers than for their older counterparts, to try to encourage employers to keep them on.

The TUC it estimated the increases would benefit nearly 900,000, mainly female, workers.

The general secretary of the public sector union, Unison, said ￡8 an hour was needed to provide a living wage.

"The rise to ￡6.08 is a welcome cushion, but with the price of everyday essentials such as food, gas and electricity going up massively, it won't lift enough working people out of the poverty trap," Dave Prentis said.

As a result, he called on employers to pay more than the absolute minimum.

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American workers protest lay-offs

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6 October 2011 Last updated at 23:01 GMT By Caroline Hepker BBC News, New York The protesters gather outside City Hall to shout their complaints at the Mayor's office Is America taking a leaf from Europe's protest manual?

It is rare to see demons

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Ericsson up on handset exit news

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6 October 2011 Last updated at 18:13 GMT Sony may merge its phone joint venture with its other mobile gaming business Shares in the Swedish telecoms firm Ericsson have risen on a report that Sony may soon buy it out of their mobile phone handsets joint venture.

The Wall Street Journal says Sony wants to integrate the division with its tablet computer and hand-held games machine businesses.

The report said the Japanese firm may pay its partner up to 1.25bn euros ($1.7bn, ￡1.1bn) for its 50% stake.

Ericsson's shares climbed close to 8% in US trading after the news broke.

'Struggling'

Despite Sony's reputation as a technology innovator, the joint venture has struggled to maintain market share.

Sony Ericsson accounted for 1.7% of all global mobile phone sales between April and June, according to a recent report by technology research firm Gartner.

That compared to a 3% share the previous year.

"The business has been struggling," said Mark McKechnie, a technology analyst at ThinkEquity.

"Sony's decision to use its brand with Ericsson's technology was a good idea, but it didn't work out. Now it wants more control to better compete against Apple and other [Google] Android devices."

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Southern Cross homes transferred

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30 September 2011 Last updated at 07:57 GMT Southern Cross is to be wound up by the end of the year A third of Southern Cross care homes have been transferred to new operators, the company has announced.

Southern Cross said the transfer of 250 homes would be followed by further transfers in October and November.

Southern Cross was the UK's biggest care home operator, with 752 homes, but ran into difficulties when it was unable to pay its rent to landlords.

In July, the firm said it was to cease trading after all of its landlords said they wanted to leave the group.

The first "wave" of homes have been transferred to about 18 different operators.

Its largest landlord, NHP, which owns 249 of the homes, will be included in the second wave.

NHP is forming a new company with turnaround specialists Court Cavendish to run the homes itself.

Winding up

Southern Cross said it had entered unconditional business purchase agreements covering 70% of its homes, with the remaining 30% still in progress.

It said all the homes would be transferred by the end of the year and the company would be wound up.

The company also announced the resignation of it chairman, Christopher Fisher, who stepped into the role in April to oversee the restructuring process.

"Now that the transfer of homes has commenced, I consider my role complete," Mr Fisher said.

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Can the iPhone still scare rivals?

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4 October 2011 Last updated at 23:33 GMT By Tim Weber Business editor, BBC News website Sony Ericsson hopes that Android will help it regain market share The days when Apple had a free run for our smartphone hearts and minds are over.

It's the first time that Apple's latest offering, the iPhone 4S, encounters a truly competitive field of rivals.

The competition is powered by Apple's former partner Google, whose Android operating system for smartphones is rapidly gaining marketshare.

Mobile phonemakers, long suffering under Apple's smartphone dominance, have embraced Android with gusto and are jostling to add software and hardware touches that trump Apple's offering.

The iPhone rivals

Samsung's Galaxy S II, for example, is already slimmer and lighter than both the old iPhone 4 and the new 4S and arguably has a better screen.

Taiwanese competitor HTC, meanwhile, hopes that a clever user interface dubbed HTC Sense will help it to best Apple.

Instead of the iPhone's static icons, HTC has improved Android to offer a raft of rich, dynamic widgets that bring information and functionality directly to the smartphone screen. HTC's Sensation, for example, is currently hard to best in terms of ease of use, not just when compared to the new iPhone but Android rivals as well.

For its top-end phones HTC also throws in a free service that allows owners to track and remotely manage their phones, probably one of the reasons why Apple recently stopped charging for a similar service.

Android has even allowed Sony Ericsson to get back into the game. For several years the company and its lacklustre range of phones have been losing market share; now the company is back with the Android-based Xperia Arc S - a well-built and user-friendly phone that can compete with most rivals.

Apple also lags in terms of hardware innovation, with several competitors pushing phones that sport 3D cameras and glasses-free 3D screens - like the Sharp 3D Aquos, the HTC Evo 3D and the LG Optimus 3D.

Google is also constantly updating Android, and provides the software free to manufacturers. This is not charitable behaviour, of course. Google search is deeply integrated into Android phones, providing healthy profits from clicks on sponsored search results (although a few network operators have begun to point customers to different search engines).

The rise of Android

The rise and rise of Android is reflected in the market share.

According to research firm Gartner, during the second quarter of 2011 Android captured a massive 43.4% of the global smartphone market - up from 17.2% just a year ago.

In contrast, Apple's iPhone software iOS gained just four percentage points to 18.2% - mainly by entering 15 new countries and signing up 42 new network operators to sell the iPhone.

The big losers are Nokia's Symbian smartphones, Blackberry maker RIM - and Microsoft who is struggling to gain traction for its new mobile operating system Windows Phone 7.

Operating System 2nd quarter 2011 2nd quarter 2010

Research in Motion (Blackberry)

Advantage Apple

Despite Android's advances, Apple still dominates the "mindshare" of the smartphone market.

This is less a function of the many Apple fans amongst tech journalists. It's more a question of first-mover advantage and, most importantly, branding.

Dozens of manufacturers are now selling numerous Android phones, ranging from the cheap and cheerful to the high end of the market. Apple and its network partners can focus all marketing around a single brand and - now - two devices.

No wonder that the iPhone is still seen by many as the benchmark against which other smartphones have to be measured - even though the new iPhone 4S has arguably failed to raise this benchmark in a significant manner. Some of the new features on the 4S have been standard on Android phones for many months.

The lack of a big "and one more thing" unveiling by Apple's new chief executive will have been greeted with loud sighs of relief by rivals.

Still, any move by Apple creates headaches for competitors. Internal documents of a mobile phone maker seen by the BBC last week showed how worried this company was that an iPhone 5 could steal all attention from the forthcoming launch of its top-end Android smartphone.

Microsoft, meanwhile...

Amidst all the Android and iPhone frenzy, spare a thought for Microsoft. A year ago and to considerable acclaim the software giant launched an all-new mobile phone software, Windows Phone 7.

Microsoft is betting on a distinct user interface

The operating system broke new ground in terms of usability, with a fresh look and many clever little features that neither Google's nor Apple's developers had thought of. Considering this was version one of the software, it was surprisingly polished.

So far, Microsoft has had little commercial success in return for its efforts. But Microsoft hopes that it can still challenge both Android and iPhone. After ironing out a few software wrinkles it has just launched Windows Phone 7.5, also known as Mango.

It's a compelling offering. The software delivers a deep integration with social networks like no other phone. Short messages exchanged with a friend - whether on SMS, Facebook or Twitter - will show up in one thread chronicling the conversation, regardless of which service was used.

A contact stored on the phone shows not just address and phone number but the most recent Facebook, Twitter and LinkedIn status updates too. And the diary is easier to use than any other.

However, Microsoft's fresh assault on the smartphone market is slow out of the starting blocks.

Mango was presented to the public many months ago. A few handset makers have announced a handful of new Windows phones. The first HTC phones running Mango are only now - slowly - arriving in the shops. Microsoft's new best friend, struggling Finnish phone company Nokia, won't launch its first Windows phone before 26 October, at Nokia World in London.

Apple, in contrast, is set to bring the iPhone 4S to market in less than two weeks.

The ecosystem

As operating systems and mobile phone makers jostle for position (don't forget RIM's Blackberry, about to roll out a range of handsets with a new operating system) it may be neither clever software nor stunning hardware that decides who will win the smartphone war.

The clincher will be the services connected to smartphones. Just as Google uses Android to lure people into their ecosystem, from email to media storage to YouTube videos to documents, Apple tries to lock in its customers into the world of iTunes and iCloud services.

Surprisingly, it is Microsoft that is offering the most open mobile phone ecosystem right now.

Consumers should be able to cherish this fierce competition. They may not get the chance. As iPhones, Androids and other devices rush to market, the patent lawyers of all sides are gearing up for epic court battles over patents and protected designs.

Not all that we'll see presented on stage will reach consumers' hands.

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No temporary tax cuts - Osborne

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3 October 2011 Last updated at 13:33 GMT By Brian Wheeler Political reporter, BBC News, in Manchester Chancellor George Osborne's full speech to the Conservative Party conference in Manchester.

Chancellor George Osborne has said taxes will only be cut when the government can afford to do so, in a speech to the Conservative conference.

Mr Osborne has found ￡805m to freeze council tax in England in 2012-13 - saving people ￡72 a year.

But he stressed that money is still tight and there will be no deviation from his deficit reduction plan.

He said solving the eurozone crisis remains the most important factor in kick starting growth in the UK.

The chancellor has been under pressure from Labour to cut VAT to inject money into the economy - and from senior figures in his own party to scrap the 50p top rate of income tax.

'Debt crisis'

But in a sober speech to party activists, the chancellor said it would be wrong to borrow money to fund temporary tax cuts or increase public spending.

He did, however, announce that the Treasury would engage in "credit easing" - a move aimed at cutting the cost of borrowing for hard-pressed businesses, as well as improving access to loans.

The BBC's business editor Robert Peston said the move, which would involve the public sector buying bonds issues by companies, was "potentially very significant" but full details would not be revealed until the chancellor's autumn statement in November.

In his speech, Mr Osborne said he had "thought hard" about what more can be done to boost growth and explored "every single option" - but "borrowing too much is the cause of Britain's problems, not the solution".

Continue reading the main story Nick Robinson BBC Political Editor

The most significant announcement in the chancellor's speech is also the one fewest will understand.

It is his pledge that the Treasury will engage in "credit easing" - ie some as yet unspecified way to underwrite loans to small businesses who are struggling to get credit now.

The speech that they are quoting at the top of government is by Adam Posen (a member of the Bank of England's interest rate-setting committee).

Although I'm told that his proposal for a new bank may take too long to implement.

"We would be risking our nation's credit rating for a few billion pounds more, when that amount is dwarfed by the scale and power of the daily flows of money in the international bond markets, swirling around ready to pick off the next country.

"We will not take that risk. We are in a debt crisis, it is not like a normal recovery. You can't borrow your way out of debt."

And he added: "I'm a believer in tax cuts - permanent tax cuts paid for by sound public finances.

"Right now, temporary tax cuts or more spending are two sides of exactly the same coin, a coin that has to be borrowed - more debt that has to be paid off."

Mr Osborne said Britain's economic troubles were caused by the "catastrophic mistakes" of the previous Labour administration, as well as banks which "let down their customers, let down their shareholders and let down this country".

'Underspend'

He said the government is helping businesses by keeping interest rates low - "the most powerful stimulus that exists" - but borrowing billions of pounds more would put that at risk.

Mr Osborne's speech comes as the Institute of Directors called for a fresh effort to boost economic growth in the UK.

The chancellor announced increased investment in scientific research and the extension of mobile phone coverage to six million people - as well as extra cash from a Whitehall "underspend" to fund a council tax freeze.

The government cannot force councils to freeze bills but it is offering to give those that limit spending rises to 2.5% the money they need.

Money would also be offered to the Scottish and Welsh administrations, which will choose how it is spent.

Speaking earlier to BBC News, Mr Osborne said a solution to the eurozone debt crisis must be found by the time the Group of 20 nations meet next month and failure to do so would be "terrible not just for Britain, not just for Europe, but for the entire world economy".

The chancellor, who is travelling to Luxembourg for a meeting with European finance ministers, told BBC News that the 17 eurozone nations meeting in Luxembourg on Monday must decisively figure out how to handle Greece's debts, and urged them to extend the size of their bailout fund.

Credit rating

The chancellor's speech comes as Standard and Poor's said it would hold the UK's credit rating at the highest possible level in light of its "wealthy and diversified economy" and said the outlook remained "stable".

But the agency, which released the announcement just as Mr Osborne took to the stage in Manchester, said the government's efforts to correct the UK's public finances would "weigh on the economy".

For Labour, shadow Treasury minister Chris Leslie said it was "staggering" the speech did not give more attention to the "growth problem".

He said: "His speech really seemed incredibly complacent and quite frankly out of touch, out of touch with the realities of some of the costs that ordinary people face, the difficulties that businesses are facing and no plan for growth."

But Andrew Tyrie, the senior Conservative backbencher who said at the weekend that the government was not doing enough to promote economic growth, told the BBC: "I think it's a huge step forward, and will be widely welcomed not only in the party, but by all those people in the country who also need a growth strategy to help them move forward."

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Zambia president nulls bank sale

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3 October 2011 Last updated at 17:10 GMT President Sata has begun a mass shake-out of political appointees inherited from his predecessor Newly-elected Zambian President Michael Sata has cancelled the controversial sale of one of the country's banks.

The $5.4bn sale of Finance Bank to FirstRand of South Africa was agreed under his predecessor, Rupiah Banda.

The bank had been seized from its shareholders in 2010 by Zambia's central bank, who alleged illegal and unsound practices.

Mr Sata, whose election ended the 20-year rule of the previous regime, has vowed to shake-up the political system.

After only a week in power, the president has already sacked the head of the central bank, as well as a string of other appointees of the previous government, including the head of the anti-corruption authority.

The original decision of the central bank to strip the bank's shareholders has also been overturned.

"There's no document of sale for Finance Bank and I am directing the ministry of finance to take the bank back to its owners immediately," said Mr Sata.

The bank's chairman, Rajan Mahtani, said he was grateful: "I am happy that Zambian investment has been restored to Zambian investors. It was all politically motivated."

FirstRand, a major South African bank, said it had received no formal notification of the decision and would continue to liaise with the Zambian central bank.

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Morning business round-up

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6 October 2011 Last updated at 11:04 GMT What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Continue reading the main story Last Updated at 11:57 GMT

Market indexCurrent valueTrendVariation% variationStock markets across Europe have been boosted by expectations that EU leaders are about to act to ease the debt crisis.

The main markets in London, Frankfurt and Paris were about 2% up, after Hong Kong closed 5.6% higher.

European Commission President Jose Manuel Barroso said in a television interview that there were plans for co-ordinated action to recapitalise banks.

In the UK, the Bank of England has said it will inject a further ￡75bn into the UK economy through quantitative easing (QE).

The Bank has already pumped ￡200bn into the economy by buying assets such as government bonds, in an attempt to boost lending by commercial banks.

But this is the first time it has added to its QE programme since 2009. There have been recent calls for it to step in again to aid the fragile recovery.

The Bank also held interest rates at the record low of 0.5%.

European aircraft maker Airbus has struck a deal worth $9.5bn (￡6.2bn) with Australia's Qantas for 110 jets.

The order, said by Qantas to be the country's single largest aircraft purchase by units, will underpin the airline's expansion into Asia.

Qantas, which is launching a low-cost and a premium airline in Asia, is buying 78 Airbus 320neos and 32 A320s.

Eleswhere in Asia, there are reports that many Chinese private sector enterprises are facing bankruptcy because of credit tightening and an explosion in informal lending.

In the eastern city of Wenzhou, one-fifth of the city's 360,000 small and mid-sized businesses have stopped operating due to cash shortages, China's official news agency Xinhua reported on Thursday.

Business headlines

And shares of Citic Securities have fallen on their debut at the Hong Kong stock exchange as market volatility continues to dent investor sentiment.

Its shares fell by as much as 10% in early trade to HK$11.90 from an offer price of HK$13.30.

Citic securities, China's largest listed brokerage had sold 995.3m shares raising HK$13.2bn ($1.7bn, ￡1.1bn).

Many Chinese firms have recently cancelled or postponed their proposed listing on the exchange.

Meanwhile, the state of the UK housing market has been under scrutiny. House prices are "lacking genuine direction", according to the Halifax, as it reported a 0.5% fall in values in September compared with August.

Prices were down 2.3% from a year ago, leaving the average home in the UK worth ￡161,132 ($249,560), the lender said.

The latest edition of Business Daily from the BBC World Service looks at the legacy of Steve Jobs, founder of Apple Computers, who died on Wednesday aged 56.

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IEA urges fossil fuel aid cuts

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4 October 2011 Last updated at 14:33 GMT Data suggests roughly half all fossil fuel subsidies are spent on oil products The International Energy Agency (IEA) estimates governments spent $409bn (￡266bn) on fossil fuel subsidies in 2010.

This figure is a 36% rise on the previous year. Support for oil products represented almost half of the total.

The IEA warns the aid is likely to increase to $660bn (￡430bn) by 2020 unless action is taken.

The agency claims subsidies are inefficient and encourage wasteful energy use.

It says efforts to artificially cut costs encourage volatile price swings because they blur market signals. As a result it says they often fail to help the poorest households they are targeted at.

The IEA says phasing out the payments should make renewable energy sources, such as wind power, become more competitive. It says that would stimulate investment in the sector and create new jobs.

It says subsidy cuts would also encourage consumers and businesses to become more energy efficient.

Tracking the subsidies

To make the right choices the IEA says governments need access to data to help them work out the implications of changes in policy.

The Organisation for Economic Co-operation and Development think tank is helping make such information available. It has begun compiling an inventory of more than 250 different mechanisms used by its members to support fossil fuel production and use.

It says the research will help states assess each others' efforts to make reforms.

For example, it gives Germany's pledge to cut support to its hard-coal mining industry by 2018, and Mexico's attempt to limit subsidies by targeting them directly to its poorest households.

The IEA and OECD suggest that by following their lead other countries can also cut costs at the same time as stimulating growth and employment.

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'Bad bank' plan for Dexia assets

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4 October 2011 Last updated at 22:46 GMT Dexia shares have fallen sharply in the past two days The Belgian government has approved the creation of a "bad bank" for risky assets held by the troubled Franco-Belgian bank Dexia.

Shares have fallen sharply in the past two days amid fears about its large exposure to Greek government debt.

Belgian Prime Minister Yves Leterme said his cabinet had agreed to isolate at-risk assets and to guarantee debts.

There are fears that Greece may end up defaulting on more than 50% of its debt, mostly held by European banks.

Shares fell by as much as 37% at the start of European trading on Tuesday - adding to a 10% Monday drop prompted by an alert by ratings agency Moody's - but rallied back to a mere 22% down at the end of the day.

Reorganisation

The commitment to guarantee debts raised questions over the heavily indebted Belgian government's own solvency.

Belgium's 10-year cost of borrowing jumped from 3.7% to 3.8% in bond markets on Tuesday.

Separately, the French and Belgian central banks also stated that they "fully support" Dexia, indicating that they will provide whatever borrowing is needed by the bank to ensure it does not run out of cash.

Continue reading the main story

The European Banking Authority... portrayed Dexia as one of the strongest banks in Europe”

End Quote Robert Peston Business editor, BBC News The bank is to be restructured. As well as the creation of a "bad bank" supervised by the French and Belgian governments, a unit of the bank responsible for lending to French local authorities, Credit Local, will be sold off.

A joint statement from the countries' finance ministers said: "In the framework of Dexia's restructuring, the governments of France and Belgium, in co-ordination with our central banks, will take all necessary steps to ensure the protection of depositors and creditors."

The two ministers, who were meeting at a wider EU finance ministers' meeting in Luxembourg, have been discussing ways to support the bank.

Many investors anticipate that the bank will ultimately have to be recapitalised by the two governments - in other words, nationalised.

The crisis at Dexia comes just weeks after the bank passed stress tests by regulators of all the major European banks, further undermining the credibility of the entire exercise.

Exposure

Market concerns over Greece's ability to repay its debts were further heightened on Monday, as eurozone finance ministers again delayed a decision on giving Greece its next instalment of bailout cash.

It came after Greece said it would not meet this year's deficit cutting target.

Eurozone banks have been hit by cash outflows since the summer amid fears that Greece, and possibly other governments, may ultimately default on their debts, and even exit the eurozone, leaving their lenders sitting on big losses.

Dexia's exposure to Greek government debt totals 3.4bn euros ($4.5bn; ￡2.9bn). Its total exposure to Greece - including to private-sector Greek borrowers - is 4.8bn euros.

It has already written off 21% of its Greek debts, but market prices now suggest the eventual loss to lenders could be in excess of 50% of the amount owed by Greece.

The bank is partly-owned by the French and Belgian governments, after it received a 6bn-euro joint bailout at the height of the financial crisis in 2008.

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Abramovich 'good at psychology'

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6 October 2011 Last updated at 16:59 GMT Mr Berezovsky began giving evidence as the case moved into a fourth day Chelsea Football Club owner Roman Abramovich is good at psychology, appearing humble and getting people to like him, a High Court judge has heard.

Boris Berezovsky, 65, said his former business partner "intimidated" him into selling shares in Russian oil firm Sibneft for a fraction of their value.

The Russian oligarch is seeking ￡3bn in damages from Mr Abramovich for an alleged breach of trust and contract.

Mr Abramovich, 44, disputes the claims and denies making "oral agreements".

In a written witness statement given to the judge at the Commercial Court, Mr Berezovsky said: "He [Mr Abramovich] is good at getting people to like him and good at psychology in that way.

'Pressure'

"He is good at appearing to be humble. He is happy to spend days just socialising with important or powerful people if that is what is needed so he can get closer to them."

When questioned by Mr Abramovich's lawyer Jonathan Sumption QC about his own past, Mr Berezovsky admitted he was one of the most politically-influential oligarchs in Russia in the mid 1990s.

But he denied any underhand dealings, telling the court: "I am not corrupt. I didn't corrupt anybody."

He also denied "fixing" an auction of Sibneft following its privatisation, and putting "pressure" on the then Russian president Boris Yeltsin.

"My way is not to make pressure," he said. "My way is to persuade and to explain why it is important to do."

Mr Abramovich watched proceedings from the public gallery as Mr Berezovsky began giving evidence to the judge, Mrs Justice Gloster, on the fourth day of proceedings.

The trial is expected to last more than two months.

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Crisis at S Korean savings banks

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3 October 2011 Last updated at 16:02 GMT By Lucy Williamson BBC News, Seoul Who's to blame for bad financial shape of South Korea's savings banks? About lunchtime during the last bright days of the Korean summer, Jeong Gu-haeng, the president of one of South Korea's biggest savings banks, jumped from his sixth floor office window, killing himself.

As he jumped, prosecutors were inside the building, seizing documents from the bank's headquarters.

They were investigating whether his Jeil 2 Savings Bank had mishandled loans given out to creditors.

The death of the bank's president - splashed over the front pages of newspapers here - refocused attention on a widening crisis among the country's savings banks.

Jeil 2 was one of seven banks to be suspended last month after financial regulators found that they all had too little capital stored against risky loans.

They have been given 45 days to correct the situation or face being sold.

It was the second round of suspensions to hit Korea's savings banks.

Nine others were suspended earlier this year, and several others have narrowly avoided it.

The current investigation - into seven of the suspended banks - is looking at whether major stakeholders and chief executives misused the company's capital to finance personal projects or those of their close contacts.

But the question of why so many of Korea's savings banks were in such bad financial shape to begin with, goes much deeper.

Risky loans

A large part of the answer lies in the forest of concrete on the outskirts of Seoul's city centre.

Kilometre after kilometre of grey-beige tower blocks, rising high into the sky, have been built to house the capital's burgeoning workforce.

Continue reading the main story Jeil Savings BankJeil 2 Savings BankTomato Savings BankPrime Mutual Savings BankAce Mutual Savings BankDae Yeong Mutual Savings Bank Parangsae Mutual Savings Bank Until recently, real estate was a good investment here.

Prices were rising, people kept buying, and construction firms were keen to keep building.

But after the global financial crisis three years ago, demand began to fall - and with it, prices. And that left builders, and their backers, exposed.

Dr Jeong Dae hee, an associate fellow at the Korean Development Institute, says that savings banks were on the front line of the downturn in the construction industry, because they provide many of the bridging loans which get projects started, often before there are any real assets.

When builders start a construction project, he says: "They often don't have the money to do it, so they go to savings banks and ask for loans.

"But they actually don't have the land or even permission to build the apartments..

"So they make some plans, and the savings banks look at the plans, and if the plans aren't too weird, they give them the money."

As the loans became riskier, he says, the banks' interest rates got higher - meaning that when demand began to fall it was harder than ever for builders to honour their debts.

Blame game

Financial officials agree that the banks' credit practices have been too loose. And that discovery has led the finger of blame to swing in the direction of the country's financial regulators.

Dr Jeong believes that Korea's main financial enforcement agency, the Financial Supervisory Service, or FSS (which takes its cue from the Financial Services Commission, or FSC), was unable to act strictly enough in its regular audits because it was under political pressure not to scare the market.

Savings banks were on the front line of the downturn in the construction industry

And also, he says, because many of the banks' senior employees were former FSS officials.

Allegations that the relationship between financial regulators and the savings banks was too cosy are widely accepted - even by regulators themselves.

One financial official, speaking on condition of anonymity, says: "The FSS has been parachuting in their retirees as auditors of the savings banks, so their juniors [who were still working in the FSS] couldn't go through a very rigorous audit."

In Korea, the sense of professional hierarchy and respect for those in senior positions is acute.

Confronting your boss is almost unheard of.

To inspect a bank which now employs a former senior colleague as auditor would put many Koreans in a difficult position.

"To some extent, we accept it," the official says.

But he also believes that the banks' "lack of risk management skills and business scope" was more to blame.

Wider impact?

But if the proper regulation and good business practices were lacking in Korea's savings banks, what about the rest of its financial industry? And what about the impact of the suspensions on the wider economy?

Dr Jeong says commercial banks are unlikely to face the same problems, because they have different financing to savings banks, and have many more assets.

Savings banks act as a kind of safety net for commercial banks, he says.

They are the first stage in the financing process, and so weed out the worst performers.

Continue reading the main story

If the problem of the savings banks is just non-performing loans, then it's going to be much easier to fix this.”

End Quote Dr Jeong Dae hee Korean Development Institute And Choo Kyungho, the vice-chairman of Korea's policy regulator, the Financial Services Commission, says there's little to worry about financially.

"There are two sides to this," he says.

"From the political-social standpoint, it's a big issue with many concerns. From a purely financial point of view, this issue is very small.

"The total assets of savings banks are less than 3% of the total financial market, so there's no chance this can escalate."

Dr Jeong agrees there's little chance of the savings banks affecting the wider economy. And the risk is made even smaller by an insurance fund that he believes will more than cover any losses.

But politically it has been tricky, even so.

The public have been shocked to learn of the 16 suspensions.

And with national elections due here next year, politicians have been queuing up to demand reform.

Mr Choo says it's not expecting any more suspensions this year, and the FSC has already put forward its proposals to improve the system - though some accuse it, and its enforcer the FSS, of refusing reform themselves.

As Dr Jeong points out, the real problems in this case aren't bad loans at all - but the trickier issues of possible illegality and lack of regulation.

"If the problem of the savings banks is just non-performing loans," he says, "then it's going to be much easier to fix this."

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Flat summer sales at Thomas Cook

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29 September 2011 Last updated at 07:34 GMT Thomas Cook has issued three profit warnings over the past year in the face of tough trading conditions Thomas Cook has said bookings by its UK customers were "flat" during the summer holiday season, but that its full-year profits should be "broadly in line with market expectations".

In a trading statement, the travel company also said it was continuing to be affected by the political turmoil in the Middle East and North Africa.

It said this had particularly affected its French business.

However, its sales in northern Europe, including Germany, were up strongly.

Its summer bookings for this region - which also includes the Scandinavian countries - were 13% higher than a year earlier.

Bookings in France, Belgium, the Netherlands and Eastern Europe were down 1% from a year ago; and there was no change in the UK.

Boss departure

Thomas Cook's forward bookings for the 2011-12 winter season are currently mixed when compared with the same time last year.

They are down 7% in the UK, and 16% lower in France, Belgium, the Netherlands and Eastern Europe, but up 6% in Germany and Scandinavia.

Thomas Cook said it was continuing efforts to boost its profitability.

The company also said it would not be making any dividend payments. It is instead focusing on paying down its debts of around ￡900m.

Former chief executive Manny Fontenla-Novoa left in August, followed just over a week later by the head of its UK retail division, Ian Derbyshire.

They departed the company after it had issued its third profit warning in a year.

Thomas Cook is now continuing with a strategic review of the business.

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Will NFC make the mobile wallet work?

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VIDEO: Germany passes eurozone vote test

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29 September 2011 Last updated at 13:55 GMT Help

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VIDEO: Youth unemployment rise in Eurozone

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4 October 2011 Last updated at 21:07 GMT Help

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Thai rice policy draws criticism

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6 October 2011 Last updated at 16:25 GMT By Rachel Harvey BBC South East Asia Correspondent Thailand is the world's largest rice exporter Thailand, the world's biggest rice exporter, introduces a new pricing scheme on Friday.

The government says it will boost the incomes of farmers and help alleviate rural poverty.

But critics fear the new policy will skew the market at home and, potentially, globally as well.

The government is offering to buy paddy, or unmilled, rice at 15,000 Thai baht ($482.6; ￡312) per metric tonne, which is a 50% premium on the current market rate.

However, private exporters say the high price will place them at a disadvantage, putting Thailand's dominant global position in jeopardy.

"Private millers, private traders, private exporters will go out of business if the government keeps one price way above the market price for too long," complains Vichai Sripraset, President of Riceland International.

Fixed prices, Mr Vichai says, are too inflexible.

"When the [fixed] price is too low, the producer, the farmer, cannot survive. When it's too high, the consumer cannot stand it. Market forces are better at adjusting to changing circumstances."

Radical change

The previous government, which lost power in July's election, introduced its own policy for the rice industry - a subsidy programme that compensated farmers if market prices fell below a fixed benchmark.

Under the new system, however, farmers will be encouraged to use rice as collateral against loans from the state-owned bank for agriculture.

Under the new scheme, farmers are not guaranteed a minimum income if their crop underperforms

If prices on the open market are higher than the government offer, farmers are free to sell privately.

But if the market price falls, they will have the option of selling at the government fixed price.

One of the fundamental differences between the two schemes is that under the old system, farmers were guaranteed a minimum income based on the amount of rice they normally produced, even if their crop underperformed.

With the introduction of the new government programme, farmers will need harvested paddy rice to sell before they get any money.

Global impact

Ammar Siamwalla, senior?economist?at the Thailand Development Research Institute, says the short term impact on the global market will depend on how much of the government-bought rice it decides to store and how much it exports.

"If they put it in storage, it means that much rice is taken away from the world market which we used to export [to], and I expect a substantial amount will be put in storage.

"That will effect international prices because there will be less rice in world markets."

Continue reading the main story

We have a dominant share in high quality rice and we're going to lose it”

End Quote Ammar Siamwalla Thailand Development Research Institute If the government does decide to store large quantities of rice, it could be good news for owners of private warehouses.

But it would also be an additional cost to the Thai taxpayer.

It also raises fears that the government might be tempted to dump large quantities of rice on the market as the price moves up, and before the rice spoils, forcing a sudden correction.

An alternative scenario would see the Thai authorities trying to control supply by discouraging increases in production.

But that could hurt the very farmers the new policy is designed to help.

The government argues that any shortfall in production will be offset by the higher price.

Thailand currently supplies about a third of global rice exports, which means decisions made in Bangkok can have far reaching implications.

The US Famine Early Warning Systems Network says a recent spike in global prices can, in part, be explained by the market anticipating the Thai government's new scheme.

Other exporters, the FEWSN says, are poised to take advantage.

India has just lifted an export ban on rice other than basmati and is thought to have a surplus of 15 million metric tonnes ready for market (another 10 million is being held back for food security).

Critics say the new policy will skew the market at home and globally

Mr Ammar, a prominent critic of the new scheme, is less worried about the quantity of rice Thailand exports than he is about reputation.

"Thai rice in the marketplace is known for its high quality. Only the private sector can make distinctions and pay everybody along the supply chain according to quality. We have a dominant share in that [high quality rice market] and we're going to lose it."

The government is determined to press ahead, describing the new rice pricing scheme as one of its most important policies.

The ultimate test will be whether rice farmers like the new arrangement.

An unscientific survey of a handful of farmers contacted by the BBC suggested a good deal of confusion, along with a feeling that the new price plan is coming into effect too late to be of benefit.

"We have lots of debts so we have to sell the rice as soon as it's harvested, even though we know that if we wait we can make more money under the new scheme," said one.

Another added forlornly: "With so many rice fields flooded right now, farmers are not going to have rice to sell."

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Qatar gears up for 2022 World Cup

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6 October 2011 Last updated at 23:01 GMT By Bill Wilson Business reporter, BBC News Qatar now has 11 years to prepare for the 2022 World Cup To say the football world was shocked when Qatar was given the right to host the 2022 football World Cup would be an understatement.

Critics, and many still remain, wondered how such a massive event could be held in a country with a total population less than Greater Manchester's, and where the summer temperature can reach 50C.

However, the man at the helm of organising the tournament insists criticism is misplaced and that the Middle Eastern Emirate will be able to stage a memorable tournament 11 years from now.

Hassan al-Thawadi, the secretary-general of the Qatar 2022 Supreme Committee, is looking to provide a World Cup memorable for all the right reasons.

Mr al-Thawadi said that two billion people were within a four-hour flight of Qatar, and that the World Cup would "build bridges of understanding between the Middle East and rest of the world".

And some bridges need to be built.

He said that since Fifa had awarded it the tournament, the emirate had faced an "avalanche of accusations and allegations" relating to claims it had bribed its way to securing the World Cup.

Mr al-Thawadi said Qatar had in fact conducted its bid campaign "to the highest ethical and moral standards".

'Promises'

Now he wants to focus on leaving a "bold legacy" from hosting a World Cup which some analysts estimate could cost as much as ￡138bn to bring about.

Qatar hopes to leave a legacy in the areas of football development, air-cooling technology, building modular stadiums (which can be downsized after the event), and fan experience.

New stadiums will be built and existing ones will have their capacity extended

"We can deliver... and fulfil the promises we made to the world," Mr al-Thawadi told delegates at the Leaders in Football conference in London.

He said Qatar has been drawing inspiration about how to host a successful event from a number of sources, including London 2012.

The small nation, population 1.7 million, is now looking to appoint a project management company by the end of the year - "a crucial appointment which we must get right".

It is also looking to draw up a "master schedule" for stadiums and infrastructure, in order to resolve any potential pitfalls on the road to 2022 as soon as possible.

There will be 12 stadiums in use at the World Cup, and it is hoped the first new one with air-cooling technology with will be in place by 2015.

Cooling

In addition, Mr al-Thawadi said the 2022 World Cup would benefit from a "state-of-the-art transport infrastructure" which needed to be largely constructed from scratch.

The official said that the small size of the emirate meant fans would be able to stay in the same hotel for the duration of the tournament, and also to travel easily and take in two games in one day at different venues.

One on the thorny question of temperature, the country says it is also developing air-cooling techniques.

"Technology is already being trialled in open spaces in Qatar," says Mr Al al-Thawadi.

There has been talk of moving the World Cup to the winter, but this notion has been scotched my many, including the German football federation.

"We submitted a bid that looks towards hosting a summer World Cup - we are moving towards that," says the 2022 supremo.

He said it was up to the global football community to come to any unanimous decision if that situation was ever to be changed.

Meanwhile, nine of the stadiums being used will be modular, and Qatar will donate 170,000 seats to developing countries after the World Cup, when stadiums are slimmed down.

That he said, meant the country would not be lumbered with any large "white elephant" rarely full stadiums after 2022.

Alcohol

For potential visiting fans, Mr al-Thawadi wanted to quell fears that there would be nothing for them to do after matches.

Continue reading the main story

We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football”

End Quote Hassan al-Thawadi Qatar 2022 "There is significant investment in tourism in Qatar, museums and entertainment sites, and a service industry dedicated towards fans," he says.

"We have always said alcohol would be available. It might not be as available as it is in London, but any fan that wants to enjoy a drink can do so."

He said the Qatar public would also be prepared for the influx of fans and, for example, their different dress sense.

In addition, he said Qatar was host to many different communities, including English people, and was "used to being hospitable".

He added: "We have hosted major events over the years" - including the 2006 Asian Games.

Catalyst

The country has also applied to host the 2017 World Athletics Championship - in competition with London - and also the 2020 Olympics.

"The Olympic Games bid is not a distraction to 2022, and may be an opportunity for some synergies with the World Cup."

It is hoped the 2022 World Cup will help improve football quality in Qatar

Hosting these large sporting events could, he said, be used as "an economic tool".

"The World Cup can be a catalyst of economic change," he believes, not only for Qatar but for the whole Middle East region.

He said a number of yet-to-be-revealed initiatives were in the pipeline to involve other Middle East countries' participation in the World Cup.

Finally, on the playing field, it is hoped that 2022 will provide the same boost to football in West Asia that the 2002 World Cup in Korea and Japan did for East Asia, particularly the two host countries.

"We want people to come and explore, and learn about us," he says.

"We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football."

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Firms fear energy price hikes

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4 October 2011 Last updated at 04:09 GMT By Gerry Northam Reporter, File on 4 Energy-intensive industries have seen gas and electricity bills soar Despite government hopes that manufacturing will lead the UK recovery, there are fears some energy-intensive industries may be forced to leave the UK as prices rocket.

Davin Bates is standing at the cool end of a tunnel kiln watching racks of cups and sugar bowls trundle out ready for glazing.

As we peer fifty feet in to the bright orange centre, he tells me that the internal temperature is well over 1000 degrees centigrade.

Then he breaks the bad news about his gas bill.

Davin is a management accountant at one of Stoke-on-Trent's remaining successful potteries, Steelite. It is a sprawling village of redbrick buildings employing 650 people which produces half a million pieces of crockery a week.

There are seven kilns in all. Keeping them fired up was costly enough last year.

But this year Davin has faced a 55% rise in the cost of gas. The firm's electricity bill has also gone up by 17%.

Tough decisions

"We find it difficult to pass on these costs to our customers," says Davin.

He says profits are therefore getting squeezed and the company's future plans are in jeopardy: "Investment will have to be looked at, because this is coming off the bottom line," he adds.

Across the whole sector, energy bills are driving managers to make tough decisions.

At the British Ceramic Confederation, Dr Laura Cohen has watched factory after factory close - and she identifies high energy costs as a major problem.

She knows that other companies have moved production overseas.

"We heard only a few weeks ago that one firm has transferred all of their manufacturing to China," she says. "Energy costs are a significant part of that."

It is a trend which is not confined to the long-troubled Potteries. Other parts of the country are hit too.

The huge chemical industry, which contributes ￡30m a day to the British economy, is also suffering.

At the family firm of Thomas Swan in County Durham, enormous sealed vats of chemicals are heated and stirred to make specialist powders and liquids for niche hair dyes, printing and cleaning products.

Managing director Harry Swan, a great-grandson of the founder, has steered the company through the recession and now finds himself hit by electricity and gas bills of almost ￡1m.

His plant uses 28,000 megawatt hours of energy a year. Even before the latest round of price rises, his extra energy costs this year were equivalent to a month's profit. He is dreading the next bill.

For the Chemical Industries Association, chief executive Steve Elliott fears British job losses could be imminent: "There will come a moment when people say enough is enough," he says.

"There will only be one direction of travel - out of the UK."

There could be worse to come.

Industries have been totting up the cost of government and European initiatives to promote a low-carbon economy, the so-called "green taxes", and some say their additional bill will run into the millions.

'Tipping point'

Cemex UK runs the biggest cement plant in the country, based on the outskirts of Rugby. It is not averse to the idea of a green economy. In recent years it has moved away from dependence on coal alone.

It now also burns chippings from old tyres and a fuel made from minced-up household waste. But the company is worried about the impact of coming green taxes.

Director Andy Spencer estimates that they will increase his annual energy costs by ￡12m.

What most concerns Cemex is that other countries will not impose similar new taxes on their cement producers. His prices would then struggle to compete on world markets.

So Andy Spencer's thoughts are already turning to the possibility of switching production out of the UK to Cemex plants abroad, particularly in Egypt.

"I can foresee a time when economically it makes more sense to do that and I don't think that time is far away," he says.

"We are very committed to the UK, but there is a genuine concern that we could reach that tipping point where the economics don't stack up to produce domestically in the UK."

This seems at odds with the government's goal of rebalancing the economy in favour of manufacturing industries. The Chancellor George Osborne has called for "a march of the makers".

Andy Spencer sees that march hitting a roadblock. "We know we need to make the transition to a green economy," he says.

"But it must not come at the price of exporting our domestic energy intensive industries."

No blank cheques

The Energy Secretary Chris Huhne says there is little the government can do about some energy price rises.

"How much of this is due to the fact that these businesses are very reliant on world market factors? We've had a 27% increase in the gas price on world markets over the year to August," he says.

"Now with the best will in the world, I can't do anything about that."

But he argues the government's reform of the electricity market will reduce prices for business and domestic consumers alike.

He is working on plans to announce special help for high-energy industries later this year, and says that in 2020 the net effect of the government's energy and climate change policies will be to reduce bills across the board.

But he is sceptical of some complaints on green taxes.

"I don't accept that some of the stories we are hearing about green taxes are correct. There are some ludicrously inflated and exaggerated claims," he says.

"I do not want to see even the most energy-intensive industries leave the UK, that would be madness.

"But am I writing blank cheques to anybody who says they've got a problem? No."

File on 4 is on BBC Radio 4 on Tuesday 4 October at 20:00 BST and Sunday 9 October at 17:00 BST. Listen again via the Radio 4 website or download the podcast.

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AUDIO: Greek government 'must stop fooling around'

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A senior German politician in Angela Merkel's coalition has said that Greece should leave the euro.

Former Greek finance minister, Stefanos Manos tells us why the Greek government should get tougher ahead of today's meeting of Europe's finance ministers.

Get in touch with Today via email , Twitter or Facebook or text us on 84844.

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Japan looking to stabilise yen

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30 September 2011 Last updated at 07:19 GMT Japanese exports have been hit by the strength of the yen Japan's government has authorised the use of additional funds to help prevent the yen strengthening further, as figures show a slowdown in the growth of industrial output.

The Finance Ministry said it could spend another 15tn yen ($196bn; ￡125bn) to stabilise the currency, which has risen in value as investors look for safety amid economic uncertainty.

Meanwhile, data showed factory output rose by 0.8% in August.

This was less than analysts expected.

"The recent 75-80 yen range [against the dollar] could pour cold water on the Japanese economic recovery," said Finance Minister Jun Azumi.

"We will take bold actions when needed and we don't rule out taking any necessary measures."

A strong yen makes Japanese exports more expensive to overseas buyers.

As well as boosting the fund designed to stabilise the yen, the government said it would continue to monitor foreign exchange traders' positions in order to deter currency speculation.

This is the latest in a series of moves by recent governments to halt the strength of the yen. Prime Minister Yoshihiko Noda's recently-elected government has already announced subsidies for companies struggling to remain competitive.

Retail slump

Although industrial output grew by 0.8% in August, the government said it expected output to fall by 2.5% in September, before rebounding strongly in October.

On Thursday, figures showed a sharp fall in retail sales in August as a post-earthquake rebound petered out.

Sales fell 2.7% versus a year ago, a much sharper decline than the 0.6% rate expected by markets.

This week's data has led some analysts to question the strength of Japan's post-earthquake recovery.

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How the crisis is affecting you

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29 September 2011 Last updated at 23:00 GMT Debt in the eurozone, concerns over growth in Europe and the US, and turmoil on the financial markets have led to fears of a renewed financial crisis and recession.

The BBC has been asking how the crisis has been affecting you personally.

Here are some of your stories.

It sucks. I am 20 years old. I graduated from high school in 2009 and just wanted to start working.

Two years later I still don't have a job. I've mostly been looking for simple retail work. The number of jobs I've applied for must be in the hundreds, and I have had only one interview.

I haven't applied for any benefits because I've been told I'm not eligible as I haven't had a job before.

I live with my parents and my brother. I have taken a couple of college classes but I find it rather soul-crushing, and there doesn't seem to be any light, or indeed, an end, to the tunnel.

Philip Petersen, chief executive of AdInfa, says "The situation is tough but it presents opportunities"

I run a small software company. Our software helps people who run computer data centres save money by monitoring and managing their data usage.

I see the current economic situation as an opportunity. I believe the market demand for our kind of product is growing because organisations are much concerned about their operating costs, and energy is a growing item of expenditure.

The current economic situation, or that which has prevailed for the last couple of years, has definitely increased awareness of this issue.

However, one difficulty we are contending with is investment. Raising money for an early stage technology business, particularly if you are not in consumer, e-commerce, mobile or social networking, is plain hard and that is something we are contending with.

I run a home-made ice cream business on the seafront in Paros, but business has been horrible lately and I am closing my shop.

We rely on tourism - Greek tourists in particular - and there just aren't any.

I will close my books at the end of October. I've got about 90,000 euros' (￡78,000) worth of equipment but I probably won't be able to sell everything as everyone here is trying to sell.

When I told the local children that I was closing, they were so upset and burst into tears as they love the shop.

I am now going to do an online master's [degree]. I've made my budget for the next eight to 10 months, and will have to survive on 600-700 euros a month.

We are an Indian-based international distributor of books, DVDs, software and electronics.

Before the downturn, we were able to secure credit from our suppliers, but now we have to meet the condition of advance payment to fulfil our orders.

We are a registered company in India and the US. But Indian banks will not lend to us because of the uncertainty in US markets, and currently US banks are not lending at all.

To compound it all, even other lending companies and bill-discounting companies will not lend to us due to uncertainty in the mail order retail industry.

This has not only impacted on our performance - some of our orders are pending due to lack of funds and sometimes they are cancelled because of late delivery - but we have also had to put our expansion plans on hold.

I work as a hotel receptionist. I'm still being affected by the economy right now.

If you look at the cost of sugar now in Kenya and compare it with [what the] common mwananchi [man] earns, it is not fair at all.

Also house rents are very high, especially for people like me with no parents and no wife.

I lost my wife in July 2011. I have three children and I'm facing big problems. My wish is for the government to take action.

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Brazil growth 'to slow sharply'

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29 September 2011 Last updated at 14:25 GMT President Dilma Rousseff has vowed to get Brazil's spending boom under control Brazil's central bank has lowered its forecast for economic growth to less than half of last year's, partly blaming the slowing global economy.

The central bank lowered its prediction for growth in 2011 to 3.5%, from 4% that it expected in June.

Brazil has boomed as other countries have stalled, growing 7.5% last year.

The bank pointed to "the deterioration in the international outlook" for the downgrade, and also to spending cuts enacted by President Dilma Rousseff.

The central bank said there could be further "moderate" cuts to the basic interest rate, which was lowered in August to 12%, from 12.5%.

In February, the Brazilian government will implement 50bn reais ($30bn; ￡19bn) of spending cuts in order to curb inflation and help prevent the economy from overheating.

This was partly to remove all stimulus packages introduced since the onset of the global financial crisis in 2008.

Social spending and infrastructure projects will not be affected, the government has said.

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Sales for Baker Greggs

October 6, 2011, last updated 09: 41 GMT Greggs has challenged the United Kingdom market downturn Greggs Baker reported an increase in sales in the third quarter despite the economic depression.

13 weeks to October 1, total sales increased 5.4%, as for like growth of 0.8%.

The company said it continued to see good growth in sales breakfast, including the launch of the all-fair coffee shops.

During weeks 39 year financial, Greggs opened shops in 66 and 13, making the net increase of 53.

Slowdown defied

Analysts believe that Greggs has defied the downturn with relatively low transaction values its in its branches.

There are shops 1,376 across United Kingdom, selling six million customers a week.

She plans to open a total of 80 new stores by the end of its financial year.

Administrative Declaration, he said: "we remain confident the chances of the group, our expectations for the year remained unchanged.

"Looking further forward until 2012, there are signs of easing inflation rate price goods in some areas, with the notable exception of energy."

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Supermarket 'law shops' to open

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6 October 2011 Last updated at 00:43 GMT Under the plans consumers will be able to buy law services in supermarkets Banks and supermarkets are to be able to sell consumer legal services in England and Wales for the first time following a change in law.

The government says the new Legal Services Act will offer more choice and better value for the public.

It says it also means law firms will benefit from investment and allow them to explore new markets.

But critics have said it would undermine the quality of advice.

The government says the change would encourage economic growth in the industry and raise the profile of the UK as a first-class legal services market.

Justice Minister Jonathan Djanogly said it was a "landmark day" for the legal industry.

"Our legal services are already rated among the best in the world, used by millions of people around the globe as well as in the UK, and these changes will set them up to move to new heights. They will enable firms to set up multi-disciplinary practices and provide opportunities for growth," he said.

"Potential customers will find legal services become more accessible, more efficient and more competitive."

Legislation and regulation has restricted the management, ownership and financing of firms providing legal services for hundreds of years.

Currently, solicitors and barristers' chambers are owned by the lawyers themselves under partnerships.

Critics have dubbed the act "Tesco Law," and the move has come under attack from some lawyers, including a coalition of about 100 firms, when it was first announced in 2009.

They said it could wipe out good quality, local legal advice.

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Concern over football club owners

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28 September 2011 Last updated at 13:50 GMT Damian Collins is part of the Commons committee looking into how football is run A Conservative MP has written to Sports Minister Hugh Robertson expressing concern about the ownership of Coventry City Football Club.

Damian Collins, who is part of a Commons committee looking into how football in England is run, wants to know more about owners Sisu Capital.

"In the case of Coventry City it didn't seem to be clear who the ultimate owners of the club were," he said.

A spokesperson for Sisu said the club is managed by private equity ownership.

Coventry's current owners have been in place since 2007 but there has been unrest, and changes were made at boardroom level this year.

The most notable of these was the departure of chairman Ray Ranson who had been integral to the takeover.

Mr Collins, who sits on the Commons' Culture Media and Sport Committee, told BBC Coventry & Warwickshire he was worried that it was not clear who is in charge of the Championship outfit.

"I took this up with the Football League to ask them and they confirmed to me that because no individual investor owned more than 10% of the club they didn't know who any investors in the club were," the Folkestone and Hythe MP said.

"I thought that was very unsatisfactory.

"We're constantly reassured that there are proper rules in place that govern who can own and invest in football clubs, what their background is, whether they have a stake or interest in other football clubs.

"To be able to apply those rules we've got to know who those investors are.

"One of the reasons these rules are in place on club ownership is to make sure there aren't conflicts of interest with people who've got stakes in different football clubs.

'Not anonymous'

"It's important from an integrity of competition point of view. It's also important in terms of the fans.

"When a club gets into financial difficulties it's the fans that suffer and it's also local businesses that are owed money by that football club that suffer.

"If the Football League and the Premier League were to turn around to Coventry and say, 'it's not good enough, you've got to have a declared owner of the club otherwise we won't let you play', I think you'd see a change."

Coventry City have declined to respond to Mr Collins' comments but have stood by quotes attributed to director Onye Igwe that appeared on The Guardian's website on Tuesday.

Mr Igwe told the publication: "We are not being anonymous. I am the fund's manager and a partner in Sisu, that is public."

He added that the funds for the club came from professional investors of various nationalities who wanted confidentiality, which was "normal practice in private equity".

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VIDEO: 'Be curious and ask questions'

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29 September 2011 Last updated at 14:13 GMT Help

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Growing trade ties between Indian and Pakistan

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2 October 2011 Last updated at 16:04 GMT By Shahzeb Jillani BBC News Pakistan's commerce minister (right) took a large delegation with him Business leaders from India and Pakistan say there's new optimism about the efforts their governments are making to improve trade ties. But critics warn that overcoming decades of mistrust may not be that easy.

For the first time in 35 years, a Pakistani commerce minister led a business delegation to India last week. The entourage included nearly 80 leading industrialists, traders and high-ranking officials.

Peace talks between the two nuclear-armed neighbours broke down in 2008 after the attacks in the Indian city of Mumbai, which India blamed on Pakistan-based militants.

Nearly three years on, as if to emphasize a sense of normalcy, the Pakistani Commerce Minister, Makhdoom Amin Fahim, was hosted at the city's iconic Taj Mahal Hotel - which was one of the main targets of the 2008 attacks.

There, leading Pakistani traders got a chance to mingle with their equally eager-for-business Indian counterparts.

Between them, they spoke not just of the profits their individual businesses could make if their governments removed the long standing hurdles in their way. But also of how much the people of their two countries, and indeed the wider region, stand to benefit from freer movement of goods, money and commodities.

Win-win situation Continue reading the main story

The only way I see realization of trade potential between our two countries is for India to remove its non-tariff trade barriers and for Pakistan to reciprocate by granting the MFN status to India”

End Quote Hasan Khan Former advisor to Pakistan's Ministry of Finance Vijay Kalantri, president of All India Association of Industries, said traders on both sides feel business between India and Pakistan is a win-win situation for everyone.

"Why are Indians and Pakistanis forced to trade unofficially via third countries like Dubai or Sri Lanka?" he tells the BBC from Mumbai.

"All we are asking is, let there be direct business-to-business contact between us."

After the talks in Delhi, ministers from the two sides announced their agreement to boost their annual bilateral trade from current $2.7bn (￡1.7bn) to $6bn by 2015.

They also pledged to ease business travel and promote bilateral trade through the land route.

For Pakistan, a significant announcement was a pledge by India to drop its opposition to the European Union's plan to grant Pakistan tariff waiver on select commodities to help it recover from the devastation of 2010 floods.

There was hope that Pakistan might reciprocate and grant India the Most Favoured Nation status (India granted Pakistan MFN status way back in the 1990s).

Even though no such announcement came, Pakistan committed itself to a road map to implement preferential trade ties with India, as prescribed under the South Asia Free Trade Agreement (SAFTA).

Trade barriers

There are a number of explanations why Pakistan has so far withheld the MFN status from India.

At present there are a number of barriers to prevent trade between Indian and Pakistan

First is political. Pakistani leaders have often linked it to the resolution of the core issue of Kashmir.

It's a stance which has long been propagated for mainly domestic consumption.

But there is a sense in Pakistan that while the country should continue to push for a negotiated settlement of the Kashmir issue, trade and commerce should not be held hostage to resolution of political disputes.

The second is protectionism. For years, domestic industry in Pakistan has feared it would be swamped by imports from India. But even there, the mood appears to have shifted.

Senator Haji Ghulam Ali, president of Federation of Pakistan Chambers of Commerce and Industry, says there's a consensus that Pakistan should open up to Indian business.

"Everyone now recognizes it will be beneficial for both sides. It's just a matter of time before it's done," he tells the BBC from Delhi.

Business leaders say that less trade barriers would benefit firms in both countries

However, the last, and more plausible, obstacle is the issue of non-tariff barriers.

"In my experience, India has one of the most restrictive trade regimes in the region," asserts Dr Ashfaq Hasan Khan, a former advisor to Pakistan's Ministry of Finance. His view matters, given has decades of dealings with South Asian governments on trade liberalization.

He explains that despite granting Pakistan the MFN status, India has a variety of non-tariff barriers in place - such as, stringent certification codes, customs rules, security clearances and movement restrictions - which make it virtually impossible for Pakistani traders to do business in India.

"The only way I see realization of trade potential between our two countries is for India to remove its non-tariff trade barriers and for Pakistan to reciprocate by granting the MFN status to India," says Mr Khan.

He adds: "Unless there's political will to do that, everything else is just talk and photo-op."

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Apple co-founder Steve Jobs dies

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Dhallywood's fight for survival

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5 October 2011 Last updated at 17:37 GMT By Anbarasan Ethirajan BBC News, Dhaka Sixty local films were made last year in Bangladesh The Bangladeshi film industry, known as Dhallywood, is about to face serious competition.

Ever since its independence from Pakistan in 1971, local cinema halls have been banned from showing Indian films.

It was an attempt to protect the local film-making industry which is worth $20m (￡12.9m).

But in the coming days, cinema halls here will show three Indian Bengali movies and nine more Hindi movies from Bollywood will be screened later.

Even though the move is not permanent, it has angered film-makers, producers and actors and has caused a fight between them and the theatre owners.

"Bollywood is a big institution. Their production cost is 100 times more than our production cost. How can we compete with them?" asks Masud Parvez Sohel Rana, a well-known Bangladeshi actor and director.

"It seems to me like you are asking a flyweight boxer to fight with a heavyweight boxer," he adds.

He says even the one-off screening of Indian movies will put more pressure on the government to lift the ban permanently, and if it happens, the home-grown movie industry will vanish in no time.

Film industry leaders also warn that more than 100,000 people are dependent on the industry and their jobs could be in danger.

Huge losses

However, cinema hall owners argue that they are losing revenue because of the ban.

Bangladeshi cinema owners are keen to show Bollywood movies

It is also because of the falling number of films produced locally.

About a decade ago, Bangladesh produced about 100 movies a year.

But last year, the number dropped to about 60 and it is expected to go down further this year.

"We are not getting enough movies to screen in our cinema halls," says Iftekharuddin Naushad, who owns Madhumita cinema hall in the capital Dhaka.

"As a result, many halls have either been shut down or converted into malls."

In recent years, the number of cinema halls in Bangladesh has reduced from about 1,500 to just over 600.

Many say the business is not sustainable under present circumstances and satellite television channels have been drawing away viewers.

"Our cinema halls are running with one fourth of their capacity and we are incurring huge losses," says Ahasanullah Moni, who owns Razmoni cinema hall.

The Bangladesh Motion Pictures Exhibitors Association has been urging the government to allow Bollywood movies to be screened in local cinemas to inject new life into the business.

"We are not asking to open the floodgate by importing hundreds of films. We want to screen a certain number of good Indian movies, Bollywood films, so that we can have some healthy competition," says Mr Naushad.

Joint production

Some film critics argue that importing Bollywood movies will also have benefits by forcing Dhallywood to improve its standards.

They say the poor scripting, production and technique of Bangladeshi films are driving away viewers from cinema halls.

Bollywood movies are already shown on satellite television channels in Bangladesh.

Pirated DVDs of these films are freely available across the country with Bollywood stars like Shahrukh Khan, Salman Khan and Aishwarya Rai are more popular than local actors.

Film Meherjaan include cast and crew from Bangladesh, India and Pakistan

"Without bringing Indian films to the local market, there is no way to revitalise the industry. Actually there is no industry here," says young Bangladeshi director Rubaiyat Hossain.

To overcome the present crisis, Ms Hossain proposes more Indo-Bangla joint production.

Her critically acclaimed film Meherjaan, included cast and crew from Bangladesh, India and Pakistan.

"I don't think I could have brought my film to the present technical level, if I hadn't worked with Indian technicians," says Ms Hossain.

"I have learnt a lot by working with them and we do not have that kind of post-production facilities here in Bangladesh," she adds.

In an age of satellite channels, internet and cell phones, the demand for good and well-made movies is increasing.

So it seems Bangladeshi films cannot avoid competition for very much longer.

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Climate 'could hit Canadian GDP'

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29 September 2011 Last updated at 23:19 GMT Current federal estimates say climate change will cost Canada about $5bn a year by 2020 Negative effects of climate change could cost Canada the equivalent of 1% of its GDP by 2050 and 2.5% by 2075, a government-backed report has said.

Damage could reach C$41bn ($20bn; ￡27bn), estimates say, depending on global emissions, the economy and population growth.

Higher temperatures could kill forests, flood low-lying coastal areas and spread disease, the report said.

The panel denied that Canada would gain from global warming.

"Climate change presents a growing, long-term economic burden for Canada," said Canada's National Round Table on the Environment and the Economy (NRTEE).

'Strong, stable, responsible'

In a 162-page report, measures proposed included enhanced forest fire protection, pest control and an effort to foster the growth of climate-resilient trees.

The panel also recommended limiting construction in in low-lying coastal areas vulnerable to flooding, and developing technologies to limit pollution and slow ozone accumulation.

It said climate-related costs to Canada could increase from C$5bn in 2020 to between C$21bn and C$43bn by 2050.

These figures depended on co-ordinated global action to limit warming to 2C by 2050, the report said.

The findings of the panel were seized on by opposition politicians who believe the Conservative government should be doing more to confront the threat of global warming.

"Our coastal communities, our forestry industry, and the health of Canadians will all suffer unless we take action right now," said Laurin Liu, of the New Democrats, Canada's main opposition party.

"This out-of-touch government has produced no plan to deal with the impact of climate change," he added.

But Environment Minister Peter Kent said Canada needs "a strong, stable, environmentally responsible ... government to take care of the environment, and that is exactly what we are doing".

The report also said Canada had much to gain from an international, Kyoto-style treaty focussing on cutting carbon emissions beyond 2012.

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VIDEO: Market fears over Greek deficit

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3 October 2011 Last updated at 13:54 GMT Help

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King fears crisis is 'worst ever'

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7 October 2011 Last updated at 04:13 GMT Mervyn King: 'Quantitative easing will work'

Bank of England governor Mervyn King has said this financial crisis could be the worst the UK has ever seen.

His comments came after the Bank authorised the injection of a further ￡75bn into the economy through quantitative easing (QE).

Explaining the move Sir Mervyn told Sky News: "This is the most serious financial crisis we've seen at least since the 1930s, if not ever."

The Bank has already pumped ￡200bn into the economy.

It has done this by buying assets such as government bonds, in an attempt to boost lending by commercial banks.

Sir Mervyn said: "We're having to deal with very unusual circumstances and to act calmly and do the right thing. The right thing at present is to create some more money to inject into the economy."

The Bank's Monetary Policy Committee has been split for months over whether the UK needs a boost to the economy through QE, an increase in interest rates to stave off inflation - which at 4.5% is well over double its target - or to leave things as they are.

Only one member, Adam Posen, has consistently pushed for more QE.

Slow money

Sir Mervyn said the economic landscape was unfamiliar and the world had changed in the past three months and so had the policy response necessary.

He said the amount of money in the economy was not growing quickly enough.

Sir Mervyn also said he could not rule out a further bout of QE.

On Wednesday, data showed the UK economy grew by 0.1% between April and June, which was less than previously thought.

"The deterioration in the outlook has made it more likely that inflation will undershoot the 2% target in the medium term.

Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.The CBI and the British Chambers of Commerce (BCC) business groups welcomed the Bank's move to expand the QE programme to ￡275bn, but said that on its own, its impact would be limited.

"This measure will help support confidence, but we need to recognise that its impact on near term growth prospects is likely to be relatively modest," said Ian McCafferty, the CBI's chief economic adviser.

"Only once the turmoil in the eurozone is resolved will confidence be fully restored."

'Radical'

David Kern, chief economist at the BCC, said: "Higher QE on its own is not enough and we urge the MPC [Monetary Policy Committee] to look at other radical methods.

"There is a strong case for the MPC to help boost bank lending to businesses by immediately raising its purchases of private sector assets."

However, the National Association of Pension Funds (NAPF) is calling for an urgent meeting with the pensions regulator to discuss ways of protecting UK pension funds from the negative effects of QE.

QE tends to push down long-term bond yields, therefore reducing the return on the investments made by pension schemes.

"Quantitative easing makes it more expensive for employers to provide pensions and will weaken the funding of schemes as their deficits increase," said Joanne Segars, chief executive of the NAPF.

Complementary actions Continue reading the main story

If you're not sure of the quality of your ammunition, it's best to fire first. Some will see that as the explanation for the slightly early launch of QE2 from the Bank of England”

End Quote Stephanie Flanders Economics editor, BBC News Mervyn King wrote to the chancellor earlier on Thursday, setting out the MPC's case for expanding the asset purchasing programme.

In his letter of response, in which he authorised the move, Chancellor George Osborne said: "I agree that an increase in the ceiling would provide the MPC with scope to vary the stance of monetary policy to meet the inflation target."

In his speech to the Conservative Party conference earlier in the week, Mr Osborne said that the Treasury would look into "credit easing" - a way to underwrite loans to small businesses who are struggling to get credit now.

He confirmed this in his letter to Mr King: "Given evidence of continued impairment in the flow of credit to some parts of the real economy, notably small and medium-sized businesses, the Treasury is exploring further policy actions. Such interventions should complement the MPC's asset purchases."

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