Fatcatvideo.net: Euro News Video Feed

Bankia needs further massive bailout

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Shares in Spain's Bankia were suspended on Friday as it was set to ask the government for a more than 15 billion euro bailout. That would take the total cost of rescuing the country's fourth-biggest bank to around 20 billion euros. The state bailout is needed because Bankia is stuck with billions in property loans that are never going to be repaid as well as repossessed homes. The markets are worried about how big Bankia's black hole really is and concerned about Spain's entire banking sector. Chris Scicluna, Head of Economic Research at Daiwa Capital Markets said: "The Spanish economy is under significant stress, and that stress is only going to get greater what ever happens in Greece." He added: "There is probably several years to come of adjustment in the Spanish property sector, in terms of the extent of which house prices have to fall, the extent of bad debts to be realised in the banks." Bankia is one of the worst examples, but investors remain unconvinced that a slew of clean-ups and rescues has fully addressed Spanish banks' problems. Under pressure from the European Union, the government has now hired independent auditors to try to work out how bad things are. More money for failed banks is bound to anger austerity-numbed Spaniards who protest on an almost daily basis outside financial institutions and government offices. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

EU-Argentina trade friction increases

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com The European Union has filed a complaint with the World Trade Organisation against import restrictions imposed by Argentina, adding to Buenos Aires tensions with its trading partners. The EU's executive Commission said the case followed measures by Argentina that include an import licensing regime and an obligation on companies to balance imports with exports. That follows the Argentine government's controversial seizure of control of the country's biggest oil firm, YPF, a subsidiary of Spain's Repsol. The EU Trade Commissioner Karel De Gucht told euronews there was no direct link to the nationalisation of Repsol's YPF subsidiary. He said: "We've been investigating this restrictive import regime issue for months. This complicated case is now ready which is why we've announced what we're doing. But of course the re-nationalisation of Repsol is further evidence of a restrictive trade policy and nationalism in Argentina; true, it's another example, but there's no direct link." After the YPF/Repsol nationalisation, 19 WTO members including the US, Japan, South Korea and Australia, expressed concern about Argentina's restrictive trade measures. Argentina said it is only moving to support its economy and reindustrialise the country. EU exports to Argentina include cars, motorcycles, textiles, toys and footwear, and last year were worth 8.3 billion euros. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Eurozone citizens back common currency

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com A new opinion polls show eurozone citizens from Germany to Greece would vote to keep the euro if their countries held a referendum tomorrow. Six out of 10 of those who expressed a preference from Greece, Germany, France, Italy and Spain said they support the common currency. Ironically, given the election situation there, backing was strongest in Greece with three-quarters of decided Greek voters backing the euro. The Ipsos poll also found 60 percent in favour of holding a referendum of the euro's future. Support for a euro referendum was strongest in Germany, with seven out of 10 in favour. In Germany and Italy a far slimmer majority of voters backed the euro, with 57 percent of those decided in favour in both cases. "Regardless of the turmoil and the debate that's going on in these crucial countries, it would seem that for the time being, people want to stick with the euro," said Ipsos spokesman John Wright. "Maybe it's an issue of 'if one goes down, we all go down together', but nevertheless, given the options, the public in these crucial countries seem to be on side. People aren't willing to abandon it - not yet," he added. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Aramco, Sumitomo plan petrochemical expansion

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Saudi Aramco and Japan's Sumitomo Chemical plan to go ahead with a 5.6 billion euro expansion of a petrochemical project in Saudi Arabia. The announcement ended previous doubts over the future of the delayed development. The project, is due to start operations in early 2016, when the partners expect the market to pull out of a recent slump with demand improving in China and Europe. The plastics industry has faced slowing demand as car sales ease in large emerging markets such as India. At the same time higher raw material costs on the back of rising oil prices have pulled down profits. In Saudi Arabia, the price of ethane, a raw material used for building plastics, is lower than international prices, providing cheap fuel for petrochemical plants. For state-run Saudi Aramco, it is a steady revenue source, and part of its plan to expand its petrochemicals industry and diversify its energy portfolio and boost earnings from downstream activities. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews reporter - The Dutch face austerity

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com The economic and financial crisis has overthrown governments all-over Europe. In the Netherlands, the political parties have clashed over austerity measures. And while the outgoing government increases the retirement age and VAT, the Dutch are becoming ever more disillusioned... Danny, a construction worker from Rotterdam is the latest victim of the economic crisis after he was recently laid off. With a family to support and austerity measures looming on the horizon, the future is looking distinctly gloomy. His friend, Folkert, was in the same situation four years ago, when the first ripples of the worldwide financial crisis were being felt. Rather than let his situation get the better of him, Folkert decided to work for himself. Now he revels in the freedom of being self-employed. He can take holidays when he wants, negotiate his own pay and answers only to himself -the only downside is actually finding the work. Folkert de Hoop explains: "It is very difficult to find work in Holland now. I come from the north and for me it's about 150 miles to get here." Danny Blankespoor adds: "My situation is that I was fired so I still have six weeks of work left but after that I'm unemployed." Folkert de Hoop: "I don't like it: the age that we have to stop working (for retirement) is 67 and in Greece it is 55." Danny Blankespoor: "Something has to be done about everything it can not go on like this. Going back to the guilder would sound great." Folkert de Hoop ...

euronews cinema - Cannes: Antiviral by Cronenberg son

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Horror flick Antiviral, competing at Cannes, was directed by Brandon Cronenberg, son of the more famous David. David Cronenberg, who was on the red carpet to promote his son's film, is best known for his dark films like "The Fly" and "Crash". He also has a film in competition at Cannes, "Cosmopolis". Happily for family harmony however, the two films are competing in different categories. Antiviral is certainly unremittingly dark, dealing with a world in which sick-minded celebrity-chasers pay to be infected by viruses illegally culled from their famous heros and heroines. Reviews have so far been thoroughly lukewarm, and even if that doesn't put you off, the close-ups of needles going into veins come thick and fast making this a film to avoid like the (er) plague if you're scared of needles, dislike doctors and normally avoid thinking about death. For more information see "www.imdb.com Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Athens stock market plunges

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Fears over Greece's economic future mean the massive sell off continues on the Athens Stock Exchange. On Friday it opened at a historical low with the general index dropping below the psychological important five hundred mark for the first time in over 20 years. The index is down close to 90 percent from its high in 2007. Uncertainty ahead of the June 17 election is spooking investors as the outcome will determine if Greece stays in the eurozone. Greece was forced to call a repeat election after a May 6 vote left parliament divided evenly between groups of parties that support and oppose the austerity conditions attached to a 130 billion euro rescue agreed with lenders in March. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews reporter - Cees Maas, former Dutch Treasurer-General

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com He is one of the 'architects' of the European Single Currency: Cees Maas, the former Treasurer-General of The Netherlands was one of the driving forces behind the Treaty of Maastricht, which led to the creation of the euro. "There is no euro crisis", he explains to euronews reporter Hans von der Brelie: "but there is a problem with our governments, having deficits which are too high." Maas insists: "The euro is a stable currency, there is no inflation in the eurozone, that is exactly what we wanted." Maas blames 'the lack of discipline by governments and politicians', putting forward the point that 'any family, any household knows, that you can not accumulate your debt all the time because nobody will finance you any more..." Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews cinema - Cannes: Holy Motors breakdown

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Kylie, the world's best-loved soap star turned songstress was in Cannes this week, alongside Eva Mendes, to promote Holy Motors by controversial French director Leos Carax. The film has been dubbed the weirdest of this year's crop. Talking about the plot and meaning of the film, Leos Carax said: "I don't know who is the public. All I know, it's a bunch of people who will be dead very soon. I don't make public films, I make private films, and I invite whoever wants to come and see it." The plot concerns Kylie's character, who spends the film contemplating suicide and another character called Mr Oscar who spends all day pretending to be different people according to anonymous orders left in his stretch limo. At the end of the day he goes home to his family, who are all monkeys. So far in Cannes, no-one has actually claimed to understand the film although everyone is talking about it. Half the crowd hate it, the other half love it. The only thing everyone is agreed on is that it's completely barmy. For more information see "www.imdb.com For the trailer see "www.youtube.com Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews right on - Can I vote if I move abroad?

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com While the right for foreigners to vote is being debated in several European countries, EU citizens already have certain rights within the continent. For most municipal and European elections they may vote and be elected in any member state without having the nationality of the country. However rights that have already been around for 20 years are still often poorly understood, as Ella Fallgred, a Swedish national who has now settled in Italy explained. She said: "I had always thought that when I retire I am going to live in Italy and that's what I did. I came and I didn't know the area at all, and I fell in love with it, so much so that I wanted to become a local councillor." After living for 20 years in England, Ella moved to Umbria, Italy five years ago. Upon arrival, she became involved in local life and wished to vote in local elections. But Ella told us the authorities claimed that she was ineligible to vote: "It surprised me a bit that I couldn't vote in the local elections because when I lived in England I always voted in the local elections. I knew I couldn't vote for the government, but I thought I could vote for the local councillors. Then I did some research on the internet and found out that, in fact, I could have voted." She has now put her name forward as a candidate for the Green party, but again found herself tied up by red tape. "The day before we were supposed to hand in our list of candidates they told us that I needed a certificate ...

euronews U talk - Airline companies and lost luggage

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com In this edition of Utalk, Luca from Milan asks: "For the Easter break, I went to London from Milan. When I arrived at the airport in London, the airline company informed me that my checked in suitcase had been left in Milan. When it finally arrived, the handle was broken. Can I ask the airline company to replace my luggage? How should I proceed?" Luisa Laranjo, a Senior Communication Officer at Europe Direct answers: "The airline company is liable for the delay and damage of your registered luggage, unless it can prove that all reasonable measures were taken to avoid damage. "Therefore, as your registered luggage was damaged and delayed, you may be entitled to financial compensation. Please note that the amount is determined in light of the damages caused and is normally limited to about 1220 euros. "However, you may be able to claim a higher amount if you make a special declaration to the airline, at the time of check-in at the latest; this will cost you extra. "To enforce your rights, first of all you need to contact your airline company and file a complaint. Make sure however, to do it within seven days of receiving your damaged luggage (or within 21 days if your luggage was delayed or lost). Otherwise, you could lose your rights. "If you have any problems with the airline company, the European Consumer Centres Network can advise you and intervene when problems arise." "If you want to ask a question, just click on the button below." "For further ...

euronews reporter - Jan Kees de Jager, Dutch Finance Minister

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com The Finance Minister of the Netherlands, Jan Kees de Jager, explains his austerity budget to euronews reporter Hans von der Brelie. His main message for the markets: "The interest rates are historically low, in the Netherlands and this is because we have presented an economic reform package, an austerity package that will bring us in the scope of the stability and growth pact." The Dutch Finance Minister stresses in this euronews interview that the Netherlands: "do all the necessary measures to show the whole world, that we are still an austere country!" Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews U talk - Tymoshenko case: should the EU boycott Euro2012?

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com In this edition of Utalk, Lesya from Paris asks: "Do you think the possibility of EU countries boycotting Euro 2012 in Ukraine will help Yulia Tymoshenko's case?" Pawel Kowal, Head of European Parliament's Delegation for relations with Ukraine answers: "I think that the political boycott of Euro2012 in Ukraine could be a very bad signal to the people of Ukraine. "I think today we have to use diplomatic possibilities to solve this political crisis over Yulia Tymoshenko's case and I think that the next step could be to discuss the boycott. Today we say that the political boyott of Euro2012 could have an influence on the situation surrounding the elections in Ukraine in October 2012 and around the possibilities of signing the Association Agreement between the EU and Ukraine this year. "I think now all Ukrainian officials understand that there is a very deep crisis between the EU and Ukraine and this crisis could influence the future of political contact between the EU and Ukraine. "I think the main problem when we say there is a "boycott", or when we say there is a " breakdown" of relations between Brussels and Kiev, is that it could influence the situation for the society in Ukraine, for the young people who dream about Ukraine, a European way." If you want to ask a question click on the button below. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews right on - Reaching out to Europe's Roma

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com European governments are under pressure to focus on Roma integration, and Kavarna in Bulgaria is given as one example of where things are working. Ten years ago Roma complained to parliament about discrimination in the town, and things dramatically changed when a new mayor came into office. But concerns remain about the overall situation in the country. Kavarna resident Sebastian Romanov told euronews: "The animals in Bulgaria are better integrated than the Roma and I will let you know why: because EU funds are not reaching the Roma children. "In order to achieve successful integration, we need funds. No one is employed. There are no jobs, but they want us to integrate. Please tell me how, explain it to me." In Kavarna, though, things look brighter. The Roma are now given help to build new homes and improve their neighbourhoods. The town has set an example in a country that has the second largest Roma population in Europe. The mayor set up a minorities integration service and new facilities are being provided. "The land we're on here used to be an eyesore, an illegal rubbish dump," said euronews' Seamus Kearney, reporting from Kavarna. "But now it's been totally transformed. 50 new homes have been built, and there are plans for many more. Roma leaders say none of this would've been possible without the financial help from the local authorities." Kavarna's mayor, Tsonko Tsonev, has also made his town famous with heavy metal music festivals. He is not a ...

euronews right on - Diversity and discrimination at work

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Diversity is important to companies. It's a source of creativity and innovation. It recognises that different points of view are important in a growing multi-cultural world. Studies show that this idea is gaining momentum around Europe, but studies also show that discrimination is still widespread in the work place. Euronews spoke to a man who, between 1993 and 2004, was a victim of discrimination in France. Because of what happened he wants to remain anonymous; we'll call him Marc. He said: "I was met with great hostility because of my homosexuality. You would come back from lunch and on your desktop would be a note reading 'Death to the faggot' or 'Dirty faggot'. You're working and you receive anonymous phone calls - death threats. And you're put down all the time, given the worst jobs and you can, as happened with me, end up for months and months in a room, completely isolated, without being given any work, without seeing anyone." In 2000, two EU directives were introduced, they provided a legal framework to fight against discrimination at work. These guidelines recognised Marc's sexuality and gave him the legal rights to protect himself. "Europe showed that homosexuals had the right to respect too. Europe allowed us to defend ourselves in the workplace. I learned very quickly and I used what I had learned," Marc added. After a long, hard fight, Marc won the battle against his tormentors. They were demoted and he received compensation. Anne Devineaux ...

Bonus ITV: Florian Geyer, Directorate General Justice, European Commission

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Florian Geyer from the Directorate General Justice at the European Commission discusses the Charter of Fundamental Rights of the European Union with euronews reporter Seamus Kearney. The web portal referred to in this interview can be found at: www.e-justice.eu Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Invisible barriers across Europe

Fri, 25 May 2012 00:00:00 GMT

www.euronews.com Being able to move and work freely across all the EU states is a fundamental right for EU citizens from all 27 countries. But although in theory the lights are green for go, the reality doesn't always match up. And EU citizens sometimes don't understand their rights in their host countries. The Netherlands opened its doors to workers from central and eastern European member states in 2007, three years after the enlargement of the EU. At one paprika farm, almost all the workers are Polish, like Martyna. She came here to earn enough to finance her studies in Poland. As citizens of the EU, Polish people don't need work permits, just a passport or a simple identity card. 350000 eastern Europeans currently live in the Netherlands. And during the economic crisis, the risk of discrimination has risen. The tone and content of Geert Wilders' website is a good example of this. His People's Party for Freedom and Democracy (VVD) is a xenophobic, anti-European far right organisation which accuses EU workers from central and eastern Europe of stealing jobs from the Dutch. Rob Rombout is the director of a company which recruits east European workers. According to him, this is nonsense. Migration within Europe can be multi-faceted. Most people manage very well, but others run into huge difficulties. In Heindoven, one information centre tries to help. The director, Sonja Driesson, has also founded an association, Migrada, to defend their rights. At the top of the list of ...

MEPs ramp up pressure on Ukraine over Tymoshenko

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com MEPs have issued a fourth resolution condemning the Ukrainian leadership over the jailing of the opposition leader. This time they have ramped up the wording, referring to "political detainnees". A Dutch MEP will visit her in jail this weekend. Johannes Cornelis Van Baalen said of the resolution: "It's more specific, I mean, there is now a deal between Schulz, the president of the European Parliament, and the prime minister of Ukraine. It's about the Tymochenko case... that it should be a free and fair this trial, that she should be well cared for in the hospital, that she has to receive foreign doctors." The Tymoshenko case is casting a shadow over Euro 2012, with some in the Parliament advocating a boycott of the football tournament. But one Polish member, whose country is co-hosting the event, believes diplomatic sanctions would be unfair to ordinary Ukrainians. Marek Siwiec said: "This championship is a big, big fiesta for Ukrainian people, they are really proud - Polish people too - but they are really proud that finally they have it, so if anybody doesn't want to go to attend a match it's fine, but it shouldn't be presented as a political gesture." Tymoshenko's daughter, Eugenia, who has been on a visit to the Parliament, has been leading the campaign for her release. Euronews asked her if she thought parliamentary elections in October would changes things in Ukraine. She replied: " We think that these elections, as my mother also thinks, are going ...

Euro tumbles on German weakness

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com The euro's value against the dollar fell on Thursday to its lowest in nearly two years pushed down by a slowdown in economic activity in Europe's powerhouse Germany. Activity for the whole euro area also declining faster than expected in May. That shows the downturn that started in smaller periphery members is taking root in core countries -Germany and France. As a result the euro fell sharply on Thursday. At one stage is was well below $1.26, its lowest level since July 2010. Analyst Jeremy Gaudichon with Richelieu Finance explained why: "We can see that the euro is weak against the dollar because there is a real difference in growth between Europe and the US. The major concern around sovereign debt is, of course, in Europe." The euro has lost 1.6 percent against the dollar so far this week with sentiment already fragile after a European Union leaders summit on Wednesday failed to shed new light on how they might tackle the eurozone debt crisis. Fears of a Greek exit from the euro have mounted after the inconclusive election this month left the country on the path to bankruptcy and raised the risk of its problems spreading to other eurozone countries. Investors are now profoundly worried about what impact Greece leaving the euro would have on the region's fragile banking system. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews interview - Beppe Grillo explains

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com Comedian Beppe Grillo has shaken up Italian politics, with his 5 Star Movement party (Movimento 5 Stelle) winning local and administrative polls in the Italian city of Parma and several smaller towns. Euronews met him in Tuscany. Beppe Grillo: "The media show pictures of me taken during my shows, when I of course I'm overacting. Because that's my job. I have to get the audience's attention. I can't whisper. Look at this frontpage. He looks serious and I look crazy. They put these examples of my facial expressions on a front page and then they write: "Would you let your country be controlled by someone like Grillo?" So everyone says: "Of course not!" So how have the mainstream media and other political parties reacted to his political success? Is he serious? Beppe Grillo: "They still don't know how to react to what is happening. It is not a political revolution, more like a cultural one. The real leader is the movement and the movement's programme rather than any physical person. People should start voting for a programme not a person." But having having attacked professional politicians is Grillo's movement ready to shoulder social responsibilities and manage real cities? Beppe Grillo: "Taking responsibility is a marvellous thing. We want to. But we are talking about citizens voting for other citizens who will enter local parliaments and the national government. Our country is almost economically ruined. We will take on responsibilities but we will also ...

Nissan's electric jobs promise for Spain

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com It may only be a drop in the vast and deep ocean of Spanish unemployment, but Japanese carmaker Nissan has said it is to create 700 new jobs by increasing production at its plant in Barcelona, Spain. The vehicle it will build there, from next year, is an electric version of its NV200 van which can also be configured as a people carrier or taxi. Nissan is confident enough of a market that it is investing one hundred million euros and Executive Vice President Andy Palmer said choosing Barcelona made sense: "The merits of this factory - obviously Nissan has been here an awful long time, the quality of the work done here, the quality of the workers and their expertise particularly in light commercial vehicles makes it a very easy decision for us to put this vehicle here." The new model is Nissan's second all-electric vehicle after the LEAF passenger car and those made in Barcelona will be exported worldwide. The petrol engined version of the NV200 has been chosen as the basis for the next generation of New York's iconic yellow cabs. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

euronews the network - Common culture and European cinema

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com A quote, commonly ascribed to one of the fathers of the European Union, Jean Monnet said: "If I had to do it again, I would start with culture". As Europeans struggle among themselves over a financial crisis and as the world's movie industry attend the Cannes Film Festival; how much could the lack of EU solidarity be due to the lack of a common culture? If Europeans could laugh sing and cry together to the same home grown films and music, would that help create a common European identity? Should the EU and member states intervene, or should they stay out of contemporary culture and leave it to the free-market and the consumers? Wired into this edition of The Network is Edouard Waintrop, Head of the Directors' Fortnight at the Cannes Film Festival; Juliette Duret, Coordinator and Film Curator at the Bozar Cinema in Brussels and Michael Bartholomew, former European Head of the Motion Picture Association of America or MPAA. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Fees setback for MasterCard

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com Europe's second-highest court has rejected MasterCard's challenge to a European Union ban on its cross-border credit and debit card fees. The court ruling could mean competition regulators pursuing other card companies, such as Visa, over its fees. The EU ban is intended aims to break down barriers to e-commerce and cut costs for Europe's businesses. Mastercard said it would appeal against the ruling. "It is our intention to appeal as soon as we've analysed the more than 60-page judgement," MasterCard President Javier Perez said in a statement. "We will likely continue to discuss with the Commission what would be the best way forward." For the time being, MasterCard will continue to apply reduced cross-border fees imposed since 2009 in a bid to avoid penalty payments for not complying with the 2007 decision, Perez said. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Air France-KLM talks job cuts with unions

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com Air France-KLM has started difficult negotiations with its unions over job cuts. The Franco-Dutch airline wants to become more competitive against low-cost rivals and in the face of fuel prices at record levels. It is particularly concerned about losses on its short haul routes. It has denied earlier reports that it wants to reduce the workforce by five thousand by 2015 through voluntary redundancies. Air France-KLM, which employs 103000 people, could slim down its payroll by speeding up natural attrition. Every year, about 800 people leave the company, but it could increase that number with a voluntary redundancy plan open to all staff members It is looking to shed two billion euros of both debt and operating costs over three years. Europe's largest airline says its labour contracts stand in the way of heading off growing competition from low-cost carriers led by Britain's easyJet and a historic fuel bill which is set to rise by one billion euros in 2012. Find us on: Youtube bit.ly Facebook www.facebook.com Twitter twitter.com

Thailand: sun, sea and a booming business economy

Thu, 24 May 2012 00:00:00 GMT

www.euronews.com Thailand evokes images of endless, sandy beaches but there is a lot more to this South East Asian country. In the first edition of our four part series 'Thai Life', we take a look at the kingdom's business spirit. To find out why Thailand is such a popular investment market, euronews headed to its capital, Bangkok. With a population of around 10 million, it can sometimes feel like all the city's inhabitants are on the streets at once. Bangkok is at the heart of the Thai economy with 90% of the country's export trade taking place in the capital. The Asian Kingdom is also becoming an evermore attractive production location for foreign businesses, which are attracted by its stable infrastructure and tax incentives. Stiebel Eltron, a housing technology manufacturer is one of the 500 German companies to start up operations in Thailand. It learned early on that doing business 'Thai style' requires a great deal of cultural awareness and tact; something the company's Export Manager, Holger Palla knows all too well: "In Germany you can raise your voice (literally bang your fist on the table) and speak more openly and direct. Maybe even a little too loud and direct. In Thailand you can't do that at all. You have to be careful not to embarrass other people -- they shouldn't lose face so you have to show respect and proceed more subtly." Yupa Tassri, General Manager at Siebel Eltron takes care of the staff's needs, bridging any cultural divides: "In Thai most people ...