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The British government has called on entrepreneurs to lead the country out of recession;
In an interview with Jack dozzard on October 25, 2010
ETTHIS is a rush transcript at 14:00:00.
This copy may not be in final form and may be updated.
Max foster on CNN International
Anchor, the pursuit means business: small, it seems to be a new big.
The British government has called on entrepreneurs to lead Britain out of the recession.
One person showed us how it was done.
Twitter chairman Jack Dorsey is on his groundbreaking journey to profitability.
A real International Monetary Fund
An agreement to bring new voices to emerging economies.
I\'m Max Foster from Richard Quest.
This is the task that means business. Hello.
So, from a $130 billion budget cut to an era where the new economy is vibrant, how did you do it?
Well, tonight the UK has set this challenge for itself and there is no doubt that the world will be watching its progress.
We have reported the story from all angles.
Vince Cable, UK business secretary, told us that growth is more than just numbers.
Paul Martin, former Prime Minister of Canada, used his experience to help Britain.
We will hear from the chairman and colleagues.
Jack Dorsey, founder of Twitter
Business is the way forward, he said.
Official figures are expected to show the United States in just over 14 hours. K.
China\'s economic growth is slowing and is slowing fast.
On Monday, British Prime Minister David Cameron outlined how his administration would get the plan back on track. Mr.
Cameron revealed three of his.
At the annual meeting of the British Federation of Industry in London, point plan.
First, create the right framework for UK investment;
This includes cutting corporate taxes and increasing the UK\'s skill base through education reform and apprenticeship.
Secondly, investment in industries with competitive advantages in the UK, such as wind agriculture, biotechnology and carbon capture, was mentioned there.
Finally, the prime minister said he would make it easier for entrepreneurs to start new businesses, which in turn would create jobs. (
Start Video Editing)
British Prime Minister David Cameron: we are in a world of unprecedented economic change.
We have millions of new consumers, countless innovations, where companies invest less than ever, but still manage to become global giants in a few years.
I think it\'s an incredible opportunity for the UK, for new startups, for innovation that drives growth and creates jobs. (END VIDEO CLIP)
Foster: Well, America. K.
Our destiny is not just changing.
But the national Bureau of statistics is expected to announce that the UK economy is growing by only 0.
The third quarter was 4%, the third step in the second quarter. I asked U. K.
If that worries the government, Vince Cable, Secretary of Commerce. (Start Video)VINCE CABLE, U. K.
No, we don\'t worry.
We think the economy is recovering.
There is a lot of evidence in this regard.
Over 150,000 new jobs have been created in the past three months.
The Independent Budget Responsibility office, which the government relies on in its forecast, indicates that recovery will continue.
But it\'s not easy.
I mean, the fundamental problem we\'re dealing with is that our financial system collapsed two years ago.
You know, we were rescued from what could have been an absolute disaster.
And the economy as a whole, like developed countries, has had a huge blow to confidence.
So recovery is not easy.
But we need a positive attitude now.
In order to promote private investment and exports, the government is doing a lot of things that businesses need to do now.
We need to continue to do so.
After tough decisions on spending reviews and budgets, we now need to work on things that include education, training, science, promoting innovation, and helping grow to be sustainable.
Foster: I think these figures will illustrate the cost of the UK in terms of Europe if the recovery is fragile --
Cutting drive is much more difficult.
How do you answer these claims that you may be suffocated by this very fragile recovery?
Cable: Well, the government has to balance the certainty and clarity of the UK business and market with five measures identified
An annual plan to correct the deficit.
Put aside the inevitable facts in the short term
Some demand is disappearing from the economy.
I think our balance is right.
It is important to reassure that we are dealing with deficits that are different from most European countries.
We are talking about the basic budget deficit, which accounts for 9% of GDP. That comes-
We must prove that we are doing so.
Foster: What do you think when you see these demonstrations in France (UNINTELLIGIBLE)
In a way, they are here, you have virtual riots on the streets of Paris?
You haven\'t understood that yet, but you have to worry that, at least nationally, what the government is doing will cause a strike.
Cable: Well, we have very little hit on the United States. K.
I think this reflects the fundamental change in labor relations since 20 or 30 years ago, when I remember that there were more or less long-term difficulties in the British industry, the automotive industry, and the rest of it.
I think what is happening is that the unions, especially the private sector, are becoming more flexible and pragmatic.
They helped us through the worst recession in the past two years by accepting flexible work practices.
There is now a lot of pressure in the public sector.
I hope we can have a good relationship with the union and keep talking to them.
Have a good dialogue with them and they will be as pragmatic as they are in the private sector.
Foster: I want to ask you, what is the motivation to encourage more entrepreneurs in the United States? K. ?
Cable: The UK does have a startup culture.
We have a lot of new good companies that are starting businesses all the time.
I noticed that in the last three months, looking at the data from my department, you might think that what you see at first glance is unlikely, such as Sunderland and lutherland (ph)
It is actually a pioneer in the growth of many new companies.
But you\'re right-
You know, there are too many factors.
There are too many red tape around small companies.
They found it difficult to get credit.
It is quite difficult to start a new company in the United States. K.
Because the relationship needs to be established in this respect with other forms of taxation, company registration.
We are trying to create a system where you can start a new company with just a click on the internet and you can start.
When we get to that stage, we will really send a strong signal to people to build their own businesses and make money.
Is there any problem? (END VIDEOTAPE)
Foster: The British Secretary of Commerce is very concerned now.
Well, it\'s really very, very difficult to raise money to get the new business started as credit continues to tighten.
Jack Dorsey is
Founder of Twitter
He told me that convincing people to turn your ideas into business is the hardest part of starting a business. (Start Video)
Jack Dorsey.
Founder and chairman of TWITTER: The hardest thing to do as an entrepreneur is to start a business.
Get an idea that you \'ve been thinking about for a while, write it down on paper, share it with others and let people in so they can help you with this.
If you can start, then you can really act and decide if it\'s something you want your life to commit to, or what you should put on the shelf right now, when the time is right, review it again.
But you need support, don\'t you? It is so hard.
You do not have financial or administrative support.
You need confidence and support to start your work, so where does this come from?
Dorsey: once you show someone what you\'re doing, you get support and you show enthusiasm for what you\'re doing, hopefully this will inspire them to support what you are doing as well, and I am and want to see it in the world and bring it to more audiences.
But, you know, this is the biggest thing, is to bring an idea to the surface so that people can see it, people can touch it and people can interact with it.
They were inspired to use it. (END VIDEOTAPE)
Foster: Jack Dorsey did more for you later on the show, an interesting interview with head and co-
Founder of Twitter
This year\'s CBI meeting came shortly after Britain announced its biggest public spending cut since World War II.
Nearly half a million public
Department jobs are expected in the process.
At today\'s meeting, Ayesha Durgahee discovered how the private sector could fill the gaps left by the public sector. (Start Video)
Ayesha durgahee, CNN International channel. CORRESPONDENT (voice over)
: At the annual meeting of the British Federation of Industry, more than 1,000 business leaders are sitting in their seats ready to listen to the strict economic diet of the United StatesK.
The government has stipulated and called for help.
David Cameron, British Prime Minister: now I want to try to answer the question, where will growth come from?
Where will these jobs come from?
During this session of Parliament and the next session of Parliament, I am confident that we can change our destiny.
Duergahi: over the next four years, the government has announced half a million job cuts in the public sector. (On camera)
: It is now up to the private sector to try to restore the US economy. K.
The economy is back to health. (Voice over)
The Prime Minister said the government would conduct a judicial review of growth to help companies hire employees.
Albert Ellis, CEO of Harvey Nash: 23 million people are employed in the private sector, and about 6 million are in the public sector.
So, in two to three years, we believe in the public --
The private sector can absorb some of these losses, or most of them.
Employment in the private sector needs to increase by only 2% to solve all the unemployment problems they predict in the public sector.
Therefore, we are optimistic in the medium term.
The buzzword for lunch is \"grow up \".
Advertising in the United StatesK.
Open to business and investment.
Richard Lambert, director general of CBI: United StatesK.
China is Europe\'s most attractive country for foreign direct investment, but it has lost some competitive advantage over the past few years.
So we have been proving that we have to look at this and adjust these policies to make us more competitive in the future.
Janet Hull of INST
Advertising Practitioners: we want to promote advertising in the United StatesK.
As a creative center in other parts of the world.
But we do need the right economic environment to achieve that.
In particular, we need to be able to attract the best businesses overseas and make America the best business in the world. K.
With their international expansion, this is the center of excellence for their business.
Duergai: Innovation is also valued again.
Start-ups that compete globally.
Michael Howell, chairman of evo electric: We started our service business.
I think it\'s back in manufacturing.
How do we create the most successful
Technology manufacturing?
I feel very positive about our course.
DURGAHEE: the economy picked up in the first half of this year, but no one in the CBI was rushed.
Ian McCafferty, CBI\'s chief economic adviser: the second quarter was very unusual and could have been driven by some --off factors.
So we expect growth to be around 0 in the third quarter.
About 5%.
I think we will only see moderate growth over the next two or three quarters.
Recovery from here will be a bumpy and choppy process.
DURGAHEE: few people will expect double
The economy is in recession, but most expect growth to take a long time.
CNN, Ayesha Durgahee, London. (END VIDEOTAPE)
Foster: Well, we\'re keeping a close eye on another country that is mired in austerity measures in Greece, and Prime Minister George Papandreou has just finished a televised press conference on the state of the economy.
Before the regional elections in November 7, he was sure to send the debt-ridden country high.
Later on in the show, we will be returning to Athens on the spot, when CNN\'s Linda labraboru will react to the gentleman with us.
Comments by Papandreou
So, let\'s see how the European stock market started this week.
We see a slight increase in all major indexes.
Mining stocks are one of the best performing stocks.
Very positive as you can see.
Rio Tinto and BHP Billiton each rose about 2 points.
5% in London.
Volkswagen let the Xetra DAX in Frankfurt ups and downs, the stock price rose 6.
The 8% Deutsche Bank raised its earnings forecast after a good start for automakers.
After the break, I will talk to Twitter\'s father.
Jack Dorsey will introduce us to his latest venture, which he says will revolutionize financial transactions.
Just like Twitter did for communication. (
Business break)
Foster: Google may face fines and a very public backlash after suffering the worst privacy violations, some say.
This is after the company admitted that its car accident for Street View service had collected a complete email
The home Mail and password they passed.
Google CEO Eric Schmidt appeared on CNN\'s Parker & Spitzer on Friday and was asked how well the company knows its users? (Start Video)
Eric Schmidt, CEO of Google: We don\'t read your G-
We don\'t know what prescription you have.
All we know is that we keep the search you did for about a year and a half.
And then we forget them.
Catherine Parker, CNN anchor, Parker Spitzer: Well, you say that, but can someone come to you and say, do we need some information about Catherine Parker?
Schmidt: We may be forced to do that under the federal court order, but other than that, no.
Does this happen often?
Schmidt: very few.
It\'s not delivered before, we will fight it.
Parker: But you can see, like you can zoom in, you have Google, you can see the Street View.
You can see where I live.
You can come directly to my house if you like.
You can show me the street I live in.
You know a lot about me if you want.
Schmidt: We decided not to cross this line.
For example, street view, we only drive once.
You can move, right?
Can I move?
Schmidt: Yes, or all the options.
This is a big trouble. (LAUGHTER)
Yes, I know.
The important thing is that we only do it once, right?
This is not a monitoring situation.
With the satellite, we will-
For the same reason, we actually saw the delay from the satellite image.
So, we are very careful not to have real
Time information about where people are, and real information of any kind
About the time information about what you are doing, again, it has to be something that can be found in the search.
Parker: so no one can search me on Google and see my car parked in front?
Schmidt: they can\'t.
Indeed, this is not allowed by the resolution. (END VIDEOTAPE)
Foster: The head of Google, there, told CNN.
Although privacy is a growing problem affecting all social media sites.
Earlier, I worked with Twitter.
Jack Dorsey, founder of this question
But I started asking him about his latest adventure.
It is called the square.
This is a free plug-in that turns a digital device into a credit card reader. (Start Video)
DORSEY: Square is a small device that you plug into your smartphone.
It works with an Android or IOS device such as an iPhone or iPod.
People carry these devices everywhere.
In the United States, without mobile phones, without these plastic cards, they will not leave homeS.
Everyone paid with plastic and no one brought cash or check anymore.
So the ability to use these app stores and create apps to do something like that makes it very, very easy.
Foster: you are facing some very fierce competition, like PayPal, they have a lot of trust, for a long time. term customers.
How will you compete with them?
Are you going to different markets?
Are you really going to accept PayPal directly?
Dorsey: We\'re going to different markets. The-
Only 6% of business has gone offline. or online.
Most businesses are still online.
So we focus on face. to-
Face trade.
So these deals are deals with your hairdresser, nanny, golf coach, little cafe, dining car.
These are fake. line, face-to-
Face trade.
Foster: This is obviously a business model because you can do a cut on each transaction.
Of course, you are famous for building Twitter.
How are you doing with the commercialisation of Twitter?
Dorsey: Well, Twitter is monetizing right now and you can see a lot of this in the products that are promoted on the website.
You can see the trend of promotion and promotion.
We just released the promotion account.
So these are the ways companies are considering monetizing their services, which actually works very well.
Foster: Twitter is a very new idea for many people.
So this type of advertising is very new.
Just give us a sense of how effective it is in the early stages.
It turns out to be very effective.
The click-through rate is about 5%.
That\'s more than any other advertising platform we \'ve ever seen. So we-
You know, the company is still trying out the best way to solve these problems, but so far they have seen a lot of attraction.
Foster: So, is it profitable for you now?
Make money like you wish?
We have some marketing, you know (ph)to do.
Foster: OK, there\'s no profit yet?
Do you have this end point where you actually see the arrival of profits?
Dorsey: Well, now we\'re focused on generating revenue and making sure we feel good about the system that\'s being used and have an end point.
So there are many such definitions now.
But it has been out of the experimental phase and really rolled out to millions of people.
Foster: as far as Twitter is concerned, it doesn\'t have the same privacy issues as other social media organizations.
Because actually all of your user\'s information already exists, isn\'t it?
Dorsey: of course.
So, Twitter has a very different model because everything is public.
Everything is on the surface, people are choosing, they choose to share whatever they want.
So they can also choose not to share.
So we don\'t have much privacy issues because individuals are making choices for themselves.
Foster: as a person, how have you been in these years?
Someone came up with such a vague idea that attracted the world and I was very fascinated by it.
Dorsey: Great.
It\'s humbling to see how people use the system and how they define Twitter as their own product.
Use it to some extent, you know, they want to use it in the world.
So we started with this very small idea and people accepted it and they did it themselves.
Foster: What impact would you say it has?
How to encapsulate its impact?
What has it changed?
I think this has changed the way we communicate.
I think you know, we have these headlines and we can share our thoughts and what\'s going on around us right away.
People can reply immediately without too much information burden.
It\'s not something you have to keep up with, it\'s something you can come and see the updates when you want.
But you don\'t need to read every tweet.
So this is very, very accessible and very, very easy to use in terms of communication. (END VIDEOTAPE)
Jack Dorsey was there and he started Twitter.
Now, LED lights are the star of Hollywood\'s new sustainability.
Los Angeles is the next stop in the future city series.
Let\'s see how it lights up the night. (
Business break)
Foster: Now, in our \"Future Cities\" series, we \'ve been looking at how urban jungle is getting greener.
We are in Los Angeles this week and the future is brighter as cities adopt stronger street lights, which also reduces costs and carbon footprint.
More Richard. (Start Video)
Richard quest, CNN anchor, mission means business (voice over)
: In the evening, cities like Los Angeles have high electricity bills.
Ed Ibrahim, director of Street Lighting: Well, there are more than 10,000 street lights in Los Angeles.
This amounts to about $16 million a year.
This is the bill we pay to utilities every year to keep the street lights on.
Task: The ticket to reduce the cost is LED technology.
Old New lights. PROF.
UCSB solid state lighting and display center steven denbaars: LED bulbs are 10 times more efficient than conventional tungsten light bulbs.
Another way to see it is that it needs
The electricity bill running it is a tenth.
Therefore, this may have a huge saving impact on daily things such as traffic signals and even street lights.
Mission: If you know where to look, you can already find new lights on the streets of Los AngelesA. (On camera)
: So what is the difference between old and new?
Well, there is a new LED light with a clear white light from its white dots;
At the same time, on the other side of the street, traditional orange incandescent lamps seem to be more familiar and friendly.
However, when everything is said and done, the effect is very different from the feeling of the two lights.
Before, after.
In simple terms, the LED is a solid crystal that glows and you can power it on.
There are up to 120 separate LEDs in one street light.
DENBAARS: the LED is actually a solar cell running in reverse.
As a result, solar cells absorb light and generate electricity.
The LED accepts electricity and produces light.
Mission: Steven Denbaars and his colleague Shuji (ph)
Nak at the University of California, Santa Barbara, has been at the forefront, making led commercially viable.
DENBAARS: Professor nak, here, really came up with a very bright blue LED in 1993, which completely changed the LED world because we didn\'t have a blue one until that invention.
You need blue to complete the spectrum of colors such as red, green, blue to make white.
LED lights can last for decades regardless of color.
DENBAARS: Recently, we started to see LEDs appear in actual bulbs like LED bulbs, and then we can change the color of them, any light you want to warm, to cold white.
We can also change, adjust it, the brightness level.
So, this is what the public is now seeing on the store shelves. QUEST: Long-
Long lasting, durable, energy saving.
The problem with large-scale LEDs has always been their cost.
DENBAARS: So far, the LED bulb is expensive because it is made up of half
Learn a lot about how Intel makes its computer chips.
The promotion of this technology took many years.
Therefore, LED lighting is only truly commercially viable in the last five years or so.
Only in recent years, the cost of LED bulbs has reached the level of return --
The energy return is now a one-year order for traffic signals, but for street lights it can take up to six to seven years.
Explore: 2008 in L cityA.
It\'s been decided that it\'s time to invest heavily.
Led future era, is the pioneer of the world\'s largest street lamp project.
EBRAHIMIAN: The City of Los Angeles LED street light renovation project will transform the city\'s 140,000 street lights into LED technology in the next five years.
The cost of our LED project is about $57 million.
The investment is considerable.
Therefore, it will take seven years to repay the money by saving energy and maintenance.
Since then, the city should save $10 million a year and reduce carbon dioxide emissions by 40,000 tons.
We have converted more than 20,000 street lamps into LED lights.
As a goal, our initial energy efficiency is about 40%, and our conversion.
However, based on the results we have seen so far, we have achieved about 55% energy savings through conversion.
Task: The new lights are installed during the day.
The switch takes only about 5 minutes. (On camera)
There is still a way to go in Los Angeles.
The authorities first focused their attention on the smaller roads.
This means that it will take some time for major thoroughfares like Sunset Boulevard to be fully treated. (Voice over)
: Brighter and whiter, LEDs change how we perceive cities after dark.
They will also make a significant contribution to reducing the environmental impact of our city.
DENBAARS: I think it\'s possible for the LED to radically change the way we light up the world.
In fact, 22% of the world\'s electricity consumption is used for lighting.
Very low lighting efficiency.
We can reduce it from 22% to 5%.
Exploration: for so many years, the orange incandescent lamp that is so familiar is finally coming out.
The revolution of leadership has begun. A.
Is to illuminate the road. (END VIDEOTAPE)
Foster: The City of the future \".
Next, Greek Prime Minister George Papandreou is ready for important regional elections.
He is trying to improve the mood of the country.
What is he talking about?
More importantly, will it work?
We stayed in Athens after the break. (
Business break)
This is Max Foster.
You see, the mission means business.
Let\'s take a look at the headlines this hour.
Afghan President Hamid Karzai has confirmed a report that his government often receives cash payments from Iran. Mr.
Karzai told reporters that these payments are transparent,S.
Not only do they know, but they also provide cash to the office of the Afghan government.
Instead of describing in detail where the money was spent, he mentioned paying the employee\'s salary.
Health officials in Haiti say the cholera epidemic there is stabilizing and the death rate is declining.
But rescuers say the disease remains a serious risk in the dirty tent camp in the port. au-
Thousands of princes lived in the earthquake victims.
They try to educate people about the importance of washing hands and cleaning water.
The cholera epidemic has killed at least 259 people.
The youngest detainee at Guantanamo Bay jail pleaded guilty to the first military commission trial since Barack Obama became president of the United States. S. president.
Omar Kadir was accused of throwing grenades in 2002 crossfire, killing an American soldier. S. soldier.
He was 15 years old.
The Pentagon says he may be sentenced this week.
Former Hurricane Richard was downgraded to a tropical hurricane-
Tropical low pressure.
It weakened after the first category of storms hit the city of Belize.
But there are still heavy rains and strong snowstorms here.
Forecasters say Richard is now disappearing from the border between Guatemala and Mexico.
Now, back to our headline today, UA--the U. K.
The government has outlined its three-part strategy
Economic growth began.
The news was announced at the annual CBI conference in London.
Former Canadian Prime Minister Paul Martin was also present.
When Canada cut the public sector, he served in the government and has been advising the United StatesK.
Austerity measures by the government.
Especially before the economic crisis, Canada strengthened banking regulation.
Paul Martin told me why. (Start Video)
Former Canadian Prime Minister Paul Martin: We can\'t get any of our banks into trouble.
We can\'t do that in terms of deficits.
Therefore, we have strengthened the supervision of banks.
That helps us.
Obviously, these regulations have helped us over the next 15 years.
Foster: That\'s why the situation here is much worse than other European countries and the United States. S.
Martin: of course.
That is why I think the upcoming G20 meeting in about three weeks is so important. The --
Dealing with the need for banking regulation, the UK, all of these issues have to be dealt with because all of these finance ministers, including
Osborne is trying to solve their deficit problem, and they can\'t face another banking turmoil in two or three years, which will only make all this more difficult.
You can\'t let them go through it again.
Foster: you have a very interesting point because I think Canada is very close to many European countries and very close to the United States. K.
And very close to the United States.
Europe and the United States are dealing with the problem in a completely different way.
The United States is still investing in the economy.
Europe is cutting spending.
So, from the point of view of the impartial observer, who is right?
Well, I know. -
I don\'t think it\'s a problem--
I think this is an environmental problem.
I think if you look at it--
Americans must do so. they must keep the economy going.
I mean, the real problem is that you solve the deficit by cutting spending. But --
But the truth is that if you implement such a tight package, you can\'t get into a further deficit, and in fact, it will get you into a break-even. -
Even worse.
I think, in very different cases, the judgment being rendered in Europe is different from the one being rendered by the United States.
Foster: But there are different ways to deal with this problem even within Europe.
And Britain is much tougher than other European countries. . .
I think so. . .
Foster: Will this hold back the economic recovery?
Martin: No, I think--
What do I think--
What the British are doing is ---
Will be rewarded.
We won\'t know--
One year, one year. and-a-
Half, we don\'t know a year to a year in Canada --and-a-half. But I --
I believe what they are doing is-
Is correct.
Foster: Looking back, Canada has had a hard time.
Are you doing all right?
What will make you different?
Martin: Well, I think we did a lot of things. -
I think most of the things we do are right. I --I --
While tightening bank regulation, we--
We worked with the provinces to save our national pension plan, which is actually more unfunded than our national debt and we dealt--
Deficit problem.
Of course, there\'s something I--
There are places where I hope we don\'t have to cut, we cut.
But overall, I think we did the right thing. (END VIDEO TAPE)
Foster: The former Canadian Prime Minister spoke about the tough choices that are being made around the world.
Greece\'s economic woes are now much worse than those of Canada and the United States. K. is.
We are now looking at a live photo of Prime Minister George Papandreou.
He is currently holding a press conference on debt.
The country\'s current economic situation has been hit.
As a matter of fact, Elinda Labropoulou and we set out from Athens together-
First of all, Elinda, what did he say?
How could he raise his mood? -
At least the economy. -in Greece?
CNN correspondent elinda labropoulou: Well, what he wants to do now is he\'s asking for a vote of confidence.
The worst situation has passed and the measures have been implemented, he said.
He\'s trying to reassure people that they won\'t have any other austerity measures ---
Their Way, 2011 will be the year that the country will continue to fall into recession, but there will be no more cuts, the worst is over, and Greece will be back on track as of 2012, become a better country.
That\'s what he always said.
So he has been asking them to vote for trust, which he says is a vote of responsibility for the upcoming local elections.
He is holding this press conference today, partly because he is not doing well and his party is not doing well, which is the result of austerity measures.
So he is trying to reverse that trend before the upcoming elections.
Foster: it would be incredible if he could pass these elections, wouldn\'t he?
LABROPOULOU: Well, polls certainly show that his party is unlikely to do a good job in any big city, and these big cities are obviously--
Mainly interested in the city.
Obviously, the people here are very concerned about the economic situation. So what the --
But what the Prime Minister is trying to do is say that only unity can bring the country through.
He asked people not--to --
Effectively supporting him, in what he has done so far, rather than giving up the government now, he thinks the worst thing is over, by playing this solidarity card, it\'s actually a political party that requires voters to support him.
Foster: it doesn\'t look like a very unified country when you look at some of the photos that come in.
The strike is still going on, isn\'t it?
I think the traffic system got hit today.
Yes, that\'s right.
I mean, four days out of seven days during this week, part of the transport system will not work.
This is due to the ongoing privatization plan.
It is clear that the union of employees is against them.
We also have many coming strikes.
We will have a general strike on December 15.
This will be the seventh time this year.
So it must be a winter full of discontent.
Foster: Well, Elinda, thank you very much for monitoring the press conference currently held for us in Greece.
Now, when we get back, search for R-E-S-P-E-C-T at the IMF --
In fact, a new G20 deal is a huge victory for China and other emerging economies.
We will have details after the break. (
Business break)
Foster: Well, the developed countries are asking to do that, and now they have ---
The International Monetary Fund has a bigger seat.
Last weekend, G20 finance ministers agreed to major changes at the International Monetary Fund.
Felicia Taylor is in New York with this story. -hi, Felicia.
Felicia Taylor, CNN: Hey, Max, that\'s right.
This will be a very historic change for the IMF.
For some time, emerging market countries have actually asked the IMF to have a greater say in policy.
These countries naturally account for a growing share of the world economy.
They also spent the global economic crisis with others.
They say it\'s time for the world to show them a little love and, frankly, give them a little respect.
The details of this agreement have not actually been finalized, but what we know at the moment is.
6% of the IMF\'s voting rights will be handed over to developing countries such as China, India, Brazil and Russia by 2012.
China will gain a majority stake.
It will become the third largest voting member of the International Monetary Fund after the United States. S. and Japan.
This is important.
European governments have agreed-member table.
As a result, China will even have more voting rights than France, Britain and Germany under the agreement.
That\'s why it\'s so important.
Dominique Strauss, president of the International Monetary Fund
Mr Strauss-Kahn has been pushing for this transfer of power.
A few weeks ago, he told us in Washington that it is correct to reflect the changing face of the world economy, just like the G7 for more inclusive g20. Take a listen. (
Video clips starting from October 9)
Dominique Strauss
IMF president Kahn: of course, what happened in India, China, Brazil and other countries has a great impact on the United States. S.
The impact on the European economy.
So we have to listen and we have to work together.
The era of G7 countries, including the United States, has ended. S.
Europe and Japan may say, well, we do business on our own and everyone else just needs to follow.
It is no longer true, not only for political and democratic reasons, but also because the economy has changed. (END VIDEO CLIP)
That\'s why this is important.
The International Monetary Fund is clearly a world body that oversees the economies of its member states.
It warned countries about imbalances and pointed out other economic dangerous signals, if any ).
It also provides emergency assistance to countries in need of emergency assistance.
But the IMF has no real executive power.
In other words, it can\'t actually order the state to do anything specific.
Its legitimacy stems from whether Member States consider it fair and balanced.
So if China\'s position and prestige in the IMF has improved, it is likely to be more likely to haggle over these hot issues that we have been talking about, such as currency and, of course, trade.
Supporters say it will increase the legitimacy and effectiveness of the IMF itself, when, of course, the IMF tries to expand its powers.
So this is an obvious shift in balance, and it can obviously reach--
Profound influence--Max.
Foster: Felicia, when you talk about the shift in balance, are you talking about the balance of global power?
Taylor: of course, when the IMF members came to discuss the issue, China now has-be --
Third place-
Third, in terms of its strength, it is quite important that it has greater strength than that of the United Kingdom and Britain.
The question is, is this recognition, recognition enough to actually affect them when discussing currency and trade?
There is still debate about this issue.
Who knows if this will really have an impact on China, because China believes that it has strong power and prestige in cognition ---Max?
Foster: OK, Felicia, thank you very much for all the interesting things you did.
Now, we heard earlier about how Wall Street stocks actually kept rising throughout the trading session.
Alison Keswick is standing on the New York Stock Exchange to explain the reasons behind these gains. -Alison.
Alison Keswick, cnn reporter: Hi Max.
We saw some solid progress and only about 90 minutes left for the meeting.
In fact, if these gains remain the same, the Dow will reach its highest level in nearly six months.
Now, the stock has been rising since the opening, but after the sale of the existing home, the stock has risen a bit.
These data show that the market is improving.
Now, after getting the resale figures for these houses, the market is doing very well today.
They grew 10% in September, better than expected.
In fact, this is the second consecutive month of these gains.
This makes it more hopeful that the housing market will recover.
Investors are also satisfied with the company\'s earnings.
Not much on the calendar today, but so far things are really optimistic.
In fact, more than 80% of the top 500 S & P companies have exceeded expectations so far.
For most of them, this is not only because of lower costs, but also because of increased sales.
This is exactly what investors really want to see ---Max.
Foster: Alison, is there a lot of talk about the G20 weekend there today?
KOSIK: You know, a lot of people are talking about this topic.
You know, investors are happy that G20 ministers have vowed to try to balance world trade.
You know, there\'s no clear agreement yet, we know.
But this progress does reduce the New York Stock Exchange\'s concerns about the global currency war.
The trader told me that at this point, the earnings you see today are more related to the currency than the housing numbers or anything else.
Dollar weakness is boosting the stock market.
Of course, in addition to the dollar, traders also have Company income, in the middle of next week
Their term election on the radar.
So these are the things traders are focusing on right now. -Max.
Foster: Thank you very much, Alison.
Of course, I have to come back with you all week.
A massive merger is now underway.
In the future, what else needs to be done before the Australian and Singapore stock exchanges merge. (
Business break)
Foster: Right now, most of the markets in Asia are up, and a big merger deal that\'s actually going on has lifted that momentum.
More than one in Australia
ASX\'s bid on the Australian exchange is a billion dollars.
This makes the market a little bullish, clothing-
It\'s closed just after 1.
Last 3%.
A statement at a meeting of G20 finance ministers in South Korea eased concerns about the currency war and helped the Hang Seng and Shanghai Composite index rise.
Only Japan was behind and fell slightly towards the end.
Now, let\'s get more details about the bidding background from our Asian business Editor Eunice Yoon, who is in Hong Kong.
CNN correspondent Younis Yin: the merger between the Singapore Exchange and the Australian exchange has not yet been approved by regulators, but traders are already discussing how the deal will reshape the competitive landscape of financial capital.
This is what is happening.
The Singapore Exchange\'s bid for ASX has reached $8 billion.
This is the operator of Australia\'s main stock market.
The offer is cash and stock and Pan
By market value, Pacific will be the number one exchange in Asia and the fifth largest in the world.
A lot of liquidity has caused a heated debate in the market here.
Investors like liquidity.
The two exchanges collectively traded nearly $7 billion, close to $9 billion in the Hong Kong market.
Other talk points in the market are that the new exchange can allow its traders to buy and sell stocks for 11 hours in a row from 9: 00 to 5: 00 in the morning in Sydney. m. In Singapore.
The Exchange says its trading system will be the fastest in the world.
Traders are also talking about the potential to bring mining and commodity companies together.
Many people think the deal is a win-win situation.
Both Singapore and Australia won, but Hong Kong could lose.
In recent years, Hong Kong has attracted many large listed companies due to its proximity to China.
Chinese companies are listed here to get money from international investors.
In order to understand China\'s economic growth, international companies have listed some of their businesses.
The exchange is scheduled to go online in the second quarter of next year.
Analysts say it is likely to take business away from Hong Kong when it does.
Younis, CNN, Hong Kong. (END VIDEO TAPE)
Foster: it is now reported that the wind is very strong in southern France. -
According to some reports, 150 kilometers per hour.
Guillermo has been monitoring for us.
The following sounds terrible.
CNN meteorologist gileymore ARDUINO: Yes, imagine the delay at the airport over there.
In fact, the wind is blowing all over the world now.
I think it\'s transitional weather.
You can see the low point here, the low point, how it went down from piyamont to the Mediterranean.
This brought the strong wind there.
And will continue to decline.
Wind will--
Maybe not that high anymore.
And, these are gusts.
So it lasts a little less than that.
But, you see, we have reported that there will be bad weather here in Cantabria, south of Calabria;
It is located in southern Italy and enters Greece.
We will get it.
This is the same low point that caused the problem as it dropped here.
The high pressure center has brought some good conditions to the UK.
Now we see the snow. Watch out.
I have some graphics here.
I\'m going to show you some airports where it\'s going to snow.
You can see, good weather, how the stability of the UK is affected by the coming new system.
Especially in the north.
So the temperature will be affected. -
7 in Vienna, 12 in Paris.
But it\'s not that bad.
But you see, there is a wind in Dublin, there is a cloud in London;
There are some showers in Amsterdam, which is the problem.
There may be showers in Vienna.
In addition, there are some fog in Frankfurt, Munich and Zurich ---
Milan, Berlin.
We\'re starting to see these, snow showers--
It may snow.
Great changes.
So Paris will be fine.
The problem lies in the east.
In addition, if you watch in Asia, the time in Beijing is almost 3: 00.
Do you know?
If you happen to be awake, I will tell you the temperature now.
There are three degrees in Beijing.
It will go up to seven, and it will probably go up to seven.
You know, imagine.
But the situation in Shanghai is better.
You see, there\'s a low cloud?
So it doesn\'t look good.
Taiwan is windy because of Gili. the tropical cyclone is nearby.
I still remember that we have a cyclone in Taiwan, which has caused many problems, right, Megi?
Well, the wind will prevail.
We may see the delay at the airport over there.
In addition, the conditions of Seoul on Wednesday;
There are also strong winds in Hong Kong.
Singapore with thunderstorms
Look again.
Here, the typhoon will be near Okinawa.
It\'s far away from us now, so we have no big problem.
It rains everywhere.
I\'m checking Buffalo.
It looks nasty.
In addition, please keep an eye on it, Fionnuala is now ready to start \"world one \".
Let\'s talk about the tornado in Texas.
Bad video we want to share with you.
Max, Chicago is very windy, so we may see some delays as well.
Big Airport, Minneapolis/St.
So will tomorrow, Paul. -back to you.
Foster: The flight will be affected.
Gillemo, thank you very much.
ARDUINO: Thank you.
Foster: we heard earlier that emerging markets will have more influence in the International Monetary Fund.
But advanced economies still need to persuade investors to hand over cash.
One of the investors is Jeffrey White.
He is the CEO of the company.
This is an enterprise group with branches in hotel management, transportation and agriculture.
His company only invests in Africa.
Maggie Lake talked to him. (Start Video)
Maggie Lake, CNN: What is the challenge? -
Of course, many companies are trying to develop their business in the region and have encountered difficulties.
What are the challenges you see?
Jeffrey White, CEO of Ronaldinho: Well, Africa is an emerging market.
Emerging markets are always challenging.
As lon ρ, our whole approach to emerging markets is to diversify and--
And spread risk as much as possible.
So we format it very specifically. -
The company will operate in 17 countries, which means that you still have 17 countries that are booming if there is a problem in one country.
Situation better and better.
This is a challenge.
Emerging markets are a challenge.
But, I mean, I think Africa-a poor self-
Poor public image.
The reality is, on the ground, there is a very good economic process and--
Move on.
The economies of countries like Angola and Mozambique are also very prosperous.
From our point of view, if you focus on three core areas, it is the mining and agriculture and the oil industry that we focus on.
If you focus on these three areas, you really--
In a very strong growth market.
Let\'s talk about agriculture.
Yes, of course--
There are many concerns about food shortages and food security.
Due to some problems we have encountered, we have seen a lot of commodity prices rise.
Do you believe it--
What is the growth potential of this industry?
I mean, some people say that Africa is a continent to feed the world.
Did you see it?
White: I think-
Everyone says Africa will be the breadbasket of the world, and I think that\'s true.
If you look at any macroeconomic research that McKinsey and Boston Consulting do now, Africa has a lot of vacant land with huge rocky forests (ph)
More importantly, it has the right unit of heat, the right temperature and the right water to truly become a large-scale producer.
Africa now has billions to feed itself.
But it clearly has commercial potential ---
A large net exporter of agricultural products to the world. (END VIDEO TAPE)
Foster: Well, we\'ll be back in a while before we go to get an update on the market. (
Business break)
Foster: Let\'s take a quick look at what Wall Street is like early this week.
Stocks have started very strongly this week.
Investors are looking at the busy earnings of the week.
Existing housing sales data show that the future economic data is very strong.
Here it\'s going through, up.
Currently 5%.
Investors also bet on the middle of next weekterm elections.
Will you believe that they are next week?
They believe Republicans will win control of the house, which will help stocks-
At least that\'s what many people say.
In Europe, the start of the week was rather mild.
We see a slight increase in all major indexes.
Mining stocks are one of the best performing stocks-
Rio Tinto and BHP Billiton rose about 2 respectively.
5% in London.
Volkswagen has made the DAX in Frankfurt ups and downs.
Its share price rose 6.
8%, after Deutsche Bank raised its earnings expectations for the carmaker.
This is the main reason.
Most Asian stocks are now closing higher, with only Japan losing momentum at the end of trading.
$6 in Australia.
A 5 billion bid from the Singapore stock exchange helped the stock there.
Some progress has also been made in Hong Kong and Shanghai.
There is a good start today around the world.
This is the task that means business.
I\'m Max Foster in London.
\"World first\" starts now.
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