Typhoon Nesat heads for Vietnam

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29 September 2011 Last updated at 15:19 GMT Typhoon Nesat is heading for Vietnam after making landfall on the southern Chinese island of Hainan A typhoon that caused death and destruction in the Philippines and shut down Hong Kong is now heading towards the coast of Vietnam.

About 100,000 homes were evacuated on the southern Chinese island of Hainan as Typhoon Nesat threatened to cause landslides.

Fishing boats in northern Vietnam have been ordered to return to port as the storm approaches.

The typhoon killed at least 39 people in the Philippines.

The Chinese authorities on Hainan island called boats back to port, suspended flights and ferry services, and closed schools.

Typhoon Nesat made landfall in Hainan's Wenchang city, packing winds of up to 150 km/h (93 mph).

The typhoon forced the Hong Kong Stock Exchange and most businesses and schools there to close on Thursday as it swept past the territory, bringing howling winds, torrential rain and rough seas.

All ferry and some bus services were cancelled, and trains operated at a reduced frequency.

There were few people on the streets, with 100km/h winds shredding umbrellas and making it hard to walk.

Local radio reported that two people, including a taxi driver, were injured when scaffolding collapsed onto a taxi.

And a large cargo barge crashed into the seafront after slipping its moorings, television footage showed. About 50 people had to be evacuated from a nearby block of flats.

Neighbouring Macau was also affected, with schools and businesses closed. But the city's glittering casinos remained open for the tourists who managed to get there.

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Greece to miss targets on deficit

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2 October 2011 Last updated at 20:27 GMT The Greek austerity measures are hugely unpopular and have led to a wave of strikes and protests Greece has said its budget deficit will be cut in 2011 and 2012 but will still miss targets set by the EU and IMF.

The 2011 deficit is projected to be 8.5% of GDP, down from 10.5% in 2010 but short of the 7.6% target.

The government, which on Sunday adopted its 2012 draft budget, blamed the shortfall on deepening recession.

The figures come as inspectors from the IMF, EU and European Central Bank are in Athens to decide whether Greece should get a key bail-out instalment.

Greece needs the 8bn euros (￡6.9bn; $10.9bn) instalment to avoid going bankrupt next month.

Bankruptcy would put severe pressure on the eurozone, damage European bank finances and possibly have a serious knock-on effect on the world economy.

'Unanimously approved'

The Greek finance ministry said on Sunday that its unpopular austerity measures would have to be adhered to even if the latest targets were to be met.

It said: "Three critical months remain to finish 2011, and the final estimate of 8.5% of GDP deficit can be achieved if the state mechanism and citizens respond accordingly."

It released figures for 2012's projected deficit, putting it at 6.8% of GDP, also short of the 6.5% target.

The figures came as the government met to approve Greece's draft budget for next year.

It blamed an economic contraction this year of 5.5% - rather than May's 3.8% estimate - for the failure to meet deficit targets.

The cabinet meeting also approved a measure to put 30,000 civil service staff on "labour reserve" by the end of the year.

This places them on partial pay with possible dismissal after a year.

"The labour reserve measure was approved unanimously," one deputy minister told Reuters.

This measure, along with other wage cuts and tax rises, have been part of a package intended to persuade the so called "troika" of the EU, IMF and ECB to continue with its bail-out.

The inspectors will report back to EU finance ministers soon but analysts believe they have little choice but to approve the latest tranche.

The Greek austerity measures are hugely unpopular at home and have led to a wave of strikes and protests.

Many Greeks believe the austerity measures are strangling any chance of growth.

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Trend in EU economic bucking of Estonia

October 6, 2011, last updated: 57 GMT by Charlotte Ashton, World Tallin Tallinn, Estonia-Skype, as well as other companies in emerging technologies now has the fastest economic growth in the European Union, so what does Estonia just when other countries are so many economic problems?

Ave Maria Ounapuu enjoys boom of Estonia.

Organic cosmetics company established JOIK four years ago to take its business to making candles.

She has received grants from the European Union for machinery and marketing help, but says the business agenda of the Government of Estonia helped too: "it was pretty easy.

"There was no problem with the regulations, even finding products to sell went smoothly enough.

"You can report your taxes online so you don't need to spend valuable time to forms and things. We don't have our growth to the Government, but they will not put any obstacles in our way. "

Currently, JOIK employs four people, was moved to a larger space. It has an annual turnover of 250,000 euros, on export to countries bordering the Baltic.

Ave Maria Ounapuu says the Government of Estonia has set up an independent business with ease

This is a similar story of Estonia as a whole, as the country has a long way since she joined the EU in 2004.

The initial flow of credit to the construction boom that led to high House, but the bubble burst in 2008, when the country found itself the economic doldrums, it had to smarten up their act.

Labour laws were liberalised, increased retirement age and public spending cut. But the tax remained low to encourage business; Entrepreneurs were fashionable.

Estonia GDP grew at 8.5% in the first quarter of this year, the fastest growth of all the EU economy. One of the biggest growth areas in it technology.

Estonia exports mainly to the EU, but exports of its main markets, Finland, Sweden are distorted

Skype Online software used by people 200 m each month to make free or cheap video phone calls over the Internet, has its development, on the outskirts of Tallinn.

The software was invented in Tallinn of Dane, Swede and Estonians.

Stan Tankivi, head of Skype Estonia, says: "you can show the country of Estonia itself as a witness. It regained independence 20 years ago, the company generally or culture here has very little hierarchy.

"It is very small and nimble, that sort of environment is very positive for entrepreneurship".

In January, Estonia joined the euro. Stability of the currency result, along with those low corporate taxes (zero profits reinvested), this tiny nation of 1.3 m investment very attractive. Exports are soaring, up 53% last year. This summer came the euro 1bn for the first time.

But 70 percent of exports go to EU countries, growth is deteriorating steadily and its two main export markets, Finland and Sweden.

How is the economy of Estonia so fragile?

It is still a net recipient of EU money but its contribution to financial stability facility means that European companies is decreasingly profitable. Contribution of Euro 2bn represents one third of the annual budget.

"We were invited to a wedding but turned out to be a funeral," says Anders Arrak, Estonian who has entrepreneurial University apply.

Read on the Central story

of course we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us "

end quote Andrus Ansip Estonian Prime ??????"??? us a lot of money from the EU.

"We have already renovated churches and roads. But now we are being asked to pay money to improve the errors made in the past, Greece and the countries of the eurozone.

"It makes sense. We have to invest in the future of Estonia. "

But the Prime Minister of Estonia Andrus Ansip stay safer will continue its growth: "of course we all need to be concerned but our banking sector is doing well, our commercial banks are well capitalised and correspond to the reserves.

"The State the money are the best of all the European Union because we have still 12% GDP reserves.

"Yes, of course, we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us."

Mr Ansip thank him an erection activities explaining why Estonia, a poor cousin Mizrahi, fresh out of troubled times himself, bail out its richer southern cousins.

Drinkers in the lounge of their obligation to contribute to the Museum say bailouts EU

But support for the European Union young Estonians soothes the unwavering with a glass of wine in one of the new trendy bars, lounge Tallinn Museum.

Memories of Soviet occupation, which ended just 20 years ago, are still fresh among the younger generation.

Ali is a teacher at the school who says it fully supports Estonia's contribution to the bailout.

"I don't even understand what the discussion. We already received money from the EU now is a good thing because ultimately we are in a position to help someone else. I think it's only fair. "

The Museum lounge Manager, ARGO, agrees. "An overview of Estonia in the West now, only the West," he says.

And Estonia are ready to pay the price.

The world tonight is broadcast weekdays on BBC Radio 4: 00 p.m. BST.

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Trading in Dexia shares suspended

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6 October 2011 Last updated at 17:01 GMT Dexia is reported to be selling its Luxembourg business to Qatar for 900m euros Trading of shares in Dexia has been halted by the Euronext stock exchange.

The stop was requested by the Belgian regulator until the troubled Franco-Belgian bank could provide details of a planned sale of its Luxembourg unit.

Its shares had fallen 17.3% during the day up until trading was suspended.

Meanwhile, the French and Belgian governments are negotiating a break-up of the bank - and how to share the cost of rescuing it between them - with a decision expected before the weekend.

Qataris

Dexia has confirmed it is in "exclusive negotiations" with a group of international investors to dispose of Dexia Banque Internationale a Luxembourg (BIL).

The subsidiary employs about 5,500 staff worldwide, 3,700 of whom are based in Luxembourg.

It runs a 40-branch retail network in the country, as well as offering private banking and asset management services.

Continue reading the main story The key buyer is reported to be the Qatari Investment Authority, the country's sovereign wealth fund.

Reports say it may pay 900m euros ($1.2bn, ￡785m) for control of the Dexia unit.

It follows an announcement in August that the Qataris were to become a major shareholder in the merger of two Greek lenders, Alpha Bank and EFG Eurobank.

The government of Luxembourg is also in talks to buy a minority stake. The country's finance minister, Luc Frieden, said he expects discussions to be completed by the end of the month.

Break-up

Dexia is facing its second rescue in three years because of the eurozone debt crisis.

The firm has 3.4bn euros ($4.5bn, ￡2.9bn) of exposure to Greek government bonds, and about four times that amount to Italian sovereign debt.

Ratings agency Moody's put the lender on review for a credit score downgrade on Monday. It said the bank was finding it harder to borrow from the markets.

The news led to a sell-off of Dexia's shares, prompting France and Belgium to announce they would prevent its collapse.

The governments are expected to pool its most risky assets into a "bad bank" and force it to sell off units that provide vital services, including a French division that specialises in lending to local authorities.

Belgium's Prime Minister said the burden must be divided fairly.

Yves Leterme told RTL radio: "This is a very sensitive and crucial part of the negotiations, an equitable split of the costs."

The two countries are expected to finalise the plan before the weekend.

Dexia's board says it intends to meet in Paris on Saturday to vote on the break-up.

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US nears South Korea free trade

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6 October 2011 Last updated at 03:19 GMT The trade deal is expected to dominate President Lee Myung-bak's visit to the US later this month The free trade agreement between the US and South Korea has cleared the first hurdle four years after the deal was first agreed.

The House Ways and Means Committee has voted to advance US free-trade agreements with South Korea, Colombia and Panama to the full House.

The push for a swift approval of the deals comes amid a slowdown in the US economy and high rates of unemployment.

Backers of the deals said they will boost US exports and create jobs.

"With zero jobs created last month and the unemployment rate hovering around nine percent, we must look at all opportunities to create American jobs," said David Camp, chairman of the House Ways and Means Committee.

Tariff concerns

The deal with South Korea is the largest US trade pact since it signed the North American Free Trade Agreement in 1994.

According to some estimates, it is expected to increase US exports to the Asian economy by as much as $10bn (￡6.5bn).

Though the deal was agreed in 2007, there had been concerns in the US over tariffs imposed by South Korea on the US carmakers.

The two sides finally managed to reach an agreement on the issue last year. South Korea said it would halve its tariff on US cars to 4% and lift it completely in four years.

At the same time, US said it would also lift its 2.5% tariff on Korean cars during that period.

South Korea had also agreed to allow the US to export up to 25,000 cars a year that do not meet its more stringent safety requirements.

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Olympic deals the company ' unsold '

October 6, 2011, last updated at 08: 37 GMT by Michael Hirst BBC 2012 almost two-thirds of the packages website for London 2012 can still sell companiesWith 300 days to go before London 2012, only a third of the tickets were sold on the site hosting the games.

But despite the financial downturn, the company with exclusive rights within Olympic venues hosting company remains bullish about the sales.

Ticketing prestige won a public tender by computerized Olympic Locog some 90,000 tickets-about one percent of the total allocation.

The British public must buy most tickets 6.6 m available by ballot.

However, more than 60% of the company's operations are still on offer.

The company did not disclose how much it paid for the tickets, nor the expected profit, citing commercially sensitive information.

And, like the London 2012 Olympics will be the first site hosting company, you can't compare the figures with previous games.

Redgrave Steve Sir said hosting VIP Olympics figaro behind other sporting events

But involved in the industry told the BBC that they would expect much more dimensional ratio of the packages were sold after almost 7 months of sales.

In a public ballot tickets acted outside his powers or more earlier this year, top-tier in any Olympic ceremonies tickets cost ￡ 2,012, with the best seats going for ￡ 750 Athletics events.

The cheapest cards cost ￡ 495 's luxury deals, while the most expensive suites ￡ 4,500 seats sold in batches of 10 or more secure ceremonies and athletics and cycling finals.

Events sell out

Corporate guests are the guests on the site can view:

"The best seats in the House of champagne lunch" Olympic events receptionFour-course canapé with as many "best of British" food and wines, Travelcards London transport, although hundreds of parking spaces will also be available

Olympic Park, the ticket is ￡ 7 luxury building. Pavilion three-story 5 m catering 3,000 guests at a time, only 70 metres (77 metres) from the main stadium.

Read on the Central story of 70 m (75 feet) from the Olympic Stadium cost ￡ 7. 5 m three-storey Pavilion with a massive glass atrium six restaurants catering for dinersIn 3,000 only 29 days before being placed in any well demolishedHospitality halls and Greenwich Park, North Greenwich arena, horses, dornei Eaton Wimbledon.

The economic depression to traditional customers in economics, he joined advertising by companies in areas like construction, energy resources, the company said.

While the company packages baoki women's final was the first to sell out, was also a demand for land in Wimbledon, rowing at Eton dornei coltori events in Greenwich, the company said.

Marketing Manager Tony Bernard Ticketing said he was sure that luxury to sell other packages like companies settled their budgets next year.

"We see significant growth in sales," he told the BBC. "Ballots tickets end so that people can know that if they want to go, there is only one way left to go."

Olympic opportunity

Prof Simon Chadwick, Director of Business Center for international sport at the University of Coventry, said that while the economic crisis hit the company's hosting industry in recent years, the exceptional nature of the London 2012 will allow him "above the prevailing economic conditions."

In a study commissioned by the luxury card, Prof Chadwick predicted companies buying hosting packages-with an estimated ￡ 45bn. 1-will return more than 12% on their investment.

But he warned this figure was based on factors such as language produced by the goodwill visit to strengthen business relationships.

Winner of gold medal Olympic champion Steve Redgrave, five-time Lord said London 2012 Olympic Games hosting a unique opportunity to put on a par with that of other international events.

"I've been invited to guest with other sponsors of the Olympic Games [the previous] after I retired, you looked after very well, but not quite as well as some other large sporting events," he said.

Prestige is one of three official providers for hosting packages, but has exclusive rights to the Olympics place for guests.

Thomas Cook paid by Locog over ￡ 20 m 200,000 tickets sold as part of the exclusive travel and accommodation packages, while sport Jet was bought 100,000 tickets offered as part of a five star deals for clients abroad.

Locog says revenue tickets will be hosting to give free tickets through a set of cards for the troops, the initiative to get set for school.

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Nokia to cut another 3,500 jobs

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AppId is over the quota
29 September 2011 Last updated at 12:21 GMT Nokia has been slower than rivals to take advantage of the lucrative market for smartphones Mobile phone giant Nokia is to cut 3,500 jobs and close a plant in Romania as part of its restructuring plan.

The cuts are in addition to thousands of job losses already announced by Nokia, which in April unveiled a 1bn-euro cost-cutting programme.

Nokia said it would shut its plant in Cluj, Romania, and cut jobs in its location division, whose products include maps for mobile phones.

It is also reviewing the future of plants in Finland, Hungary and Mexico.

"We must take painful, yet necessary, steps to align our workforce and operations with our path forward," said chief executive Stephen Elop.

Nokia shares have almost halved this year and opened down 1.7% on Thursday, but staged a recovery and were 1% up by midday.

"Nokia plans to close its manufacturing facilities in Cluj, Romania, by the end of 2011... and plans to close its (locations and commerce development) operations in Bonn, Germany and Malvern, US," by the end of next year, the company statement said.

Geoff Blaber, analyst at CCS Insight, said: "The scaling back of its manufacturing presence was sadly inevitable but it's clear that Elop is not afraid of taking the tough decisions to ensure Nokia's long-term survival."

Nokia's statement said the company would look to "focus its feature phone manufacturing on those locations with optimal proximity to suppliers and key markets".

Some analysts interpreted this as a signal that Nokia could shift manufacturing to Asia.

"If you think about where the markets are, the growth markets are in Asia, and it makes sense to manufacture a product close to the customer," said Pohjola Bank analyst Hannu Rauhala.

In July, the company plunged into the red as sales fell and margins were squeezed in the second quarter.

The firm made a net loss of 368m euros ($521m; ￡323m) in the three months to the end of June, compared with a profit of 227m euros a year earlier. Net sales fell by 7% to 9.3bn euros.

Nokia has lost ground to competitors such as Apple's iPhone and phones using Google's Android operating system.

Earlier this year, Nokia announced 7,000 job cuts worldwide - with 3,000 of the posts being transferred to consultancy group Accenture - as part of strategy to focus on smartphones.

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