ARCHIVE 1998 - 1999

THE MONEY PROGRAMME
20th September 1998-4th July 1999

20/9/98

THE GLOBAL ECONOMIC CRISIS- A ONE HOUR SPECIAL

The new season of The Money Programme begins with a one hour special on the global economic crisis and examines how the financial upheavals abroad might effect the British economy.

Correspondents from Hong Kong/St Petersburg in Russia/Wall Street in Wigan and Wall Street in New York report on the background to the crisis and consider the measures being taken to avert a global depression.

The significance of the crisis and its' likely impact on the UK and world economy is considered by: Dr Steven Radelet-Harvard Institute of International Development-Norika Hama-Chief Economist at Mitsubishi Research-Stephen Potter-Director of Country Studies at the OECD-Sir Clive Thompson-President of The CBI-and Andrew Sentance-Chief Economist at British Airways-all are interviewed in the studio. 27/9/98 WORKING TIME DIRECTIVE Next week sees the introduction into UK legislation of the Working Time Directive which will seek to limit the working week to a maximum of 48 hours for some two-and- a- half million workers. The Directive is a significant piece of workplace legislation and it has huge implications for business-more paperwork and a likely increase in administration costs. More seriously though doubts exist as to how this new law can convert a culture where work is king. DIGITAL TELEVISION This week saw the launch of BBC Television's first digital service BBC Choice. Next week Sky will launch its own digital service offering 140 new channels and ON Digital, a consortium of Granada and Carlton Television, will launch in November. The battle then to win an audience for this new technology is beginning in earnest with those offering subscription packages banking on a big profit by promising better pictures better sound and a mass of new channels. But what about the viewers? Do they want more television channels and are they prepared to pay for it? LONG-TERM CAPITAL MANAGEMENT NEAR- COLLAPSE The world's already weakened financial system was dealt another blow this week when a little-known American investment fund called Long-Term Capital Management was on the verge of collapse before the American authorities stepped and persuaded fifteen banks-including Barclays- to prop it up with a multi-million pound rescue package. This latest shock to big Western banks is prompting fears that more new disturbing developments are beginning to appear throughout the global financial system. 4/10/98 GLOBAL ECONOMIC CRISIS: Behined the Bamboo Curtain:The impact of the global economic crisis on Japan and China. JAPAN The Japanese economy is in its deepest recession since the war. A lack of political leadership, a failing banking system and depressed consumer demand look set to keep it that way. The problem for the rest of Asia-and indeed the rest of the world-is that if this state of affairs continues it will almost be impossible to arrest the economic crisis which has swept round the globe in recent weeks. This week, as world leaders gather for the IMF/World Bank meetings in Washington, the Japanese government announced moves aimed at restoring confidence in their banks with US Federal Reserve Chairman Alan Greenspan announcing a cut in US interest rates to stimulate a global recovery. Will any of these moves do anything to revive the Japanes economy? Gerard Lyons-Chief Economist at DKB International-is interviewed in the studio on the impact of the global crisis on Japan. CHINA-A SPECIAL REPORT On the eve of Tony Blair's first official visit to China as Prime Minister The Money Programme has a special report on China's economy. China has so far avoided the catastrophic economic collapse which has hit many of her neighbours but as her economy changes from state planning to market driven her leaders are haunted by fears of mass unemployment and social unrest. And for the rest of the world, it's vital the China keeps its' economy growing. Nils Blythe reports. 11/10/98 GLOBAL ECONOMIC CRISIS-A SURVIVOR'S GUIDE As the global economic crisis continues The Money Programme offers a guide on what it all means for our jobs, pensions and the value of our houses and investments. Ruth Lea from The Institute of Directors and John Llewellyn-Global Chief Economist at Lehman Brothers-consider the wider context of the crisis in the light of this week's quarter per cent cut in interest rates and the increasing volatility of the dollar. THE POST OFFICE As the Labour government completes its' eighteen month review on the Post Office's future John Penycate considers the options facing the new Industry Secretary Peter Mandelson. He's already promised not to take it fully out of public ownership but can he deliver on the demands for greater commercial freedom? 18/10/98 HIGH-TECH JOB LOSSES The outlook for jobs in the silicon chip sector of the electronics industry has appeared gloomy in recent months with the announcement of plant closures at Siemens and Fujitsu in the North-East. Once hailed as an answer to unemployment problems in Britain's industrial heartland, the massive inward investment of the late eighties and early nineties into the semi-conductor industry seems to be failing with the suggestion that the closures have exposed a flaw in the UK's industrial strategy. John Redwood MP-Shadow Trade and Industry Secretary-is interviewed at the House of Commons. COPPER FRAUD-New Revelations Could the Sumitomo Copper Scandal of 1996 been averted? Michael Robinson's investigation into the scandal exclusively reveals the details of a secret report compiled by Dan Simon that suggests the UK regulatory authorities knew of problems in the copper market some eighteen months before the scandal but did nothing to prevent it. 25/10/98 ROVER CARS The German car manufacturer BMW announced plans this week to cut 2,800 jobs at their Rover Longbridge plant. According to BMW the British plant is plagued by poor productivity but they've promised more investment and secure employment for the plant in return for the adoption of BMW work practices. The BBC's Europe Business Correspondent Jonathan Charles reports from Germany on the claims that German workers are more productive than their British Counterparts. Professor Karel Williams of Manchester University and Larry Brooke of The Manufacturing, Science and Finance Union discuss the implications of BMW's announcement in the studio. PRUDENTIAL PENSION SURPLUS Michael Robinson investigates the Prudential Corporation's attempt to pass on the cost of its' contribution to the pensions mis-selling scandal from its' shareholders to its' policy holders by exploiting the company's vast cash bonanza. Sheila McKechnie-Director of the Consumers' Association-is interviewed in the studio on Michael Robinson's findings. 1/11/98 PRODUCTIVITY Why is Britain less productive than its main competitors? This week saw the launch of a report from the Mckinsey Global Institute which claims that the UK suffers from under investment, over regulation, indifferent management and a low skillls base. Using the example of two crystal glass manufacturers-Royal Brierley in the UK and Nachtmann in Germany we examine why some British companies fall behined their foreign competitors when it comes to productivity. Peter Mandelson-Secretary of State for Trade and Industry-is interviewed on the likely reasons behined our relatively poor performance and on the extent to which government can aid and support companies in improving their productivity especially during an economic downturn. 8/11/98 CIGARETTE SMUGGLING A Special Investigation: Smuggled cigarettes are flooding into Britain and according to the tobacco industry it's all the Government's fault. They claim that by pushing up cigarette taxes too far and too fast criminals are enjoying a bonanza. But are the tobacco companies telling the whole story? A special Money Programme investigation reveals that leading British Tobacco firms have sold millions of cigarettes to customers overseas knowing that they would be smuggled illegally back into the UK. John Penycate follows the trail from Andorra back to the UK. HONG KONG-THE HUMAN COST OF THE ASIAN CRISIS An insight into how the Asian crisis has affected the employees at The Mandarin Oriental Hotel in Hong Kong. 15/11/98 LONDON UNDERGROUND London Underground is overcrowded, under-funded and keeps breaking down. The cost of this chaos for the capital's economy is obvious as is the need for billions of pounds of new investment for upgrading and repairs. The government has promised radical solutions to Britain's public transport troubles and it believes its' policy of private public partnership offers a solution to the tube's funding crisis. PSION vs MICROSOFT The battle for the handheld computer telephone has begun. Although still in the design stage this new gadget is being heralded as the next big development for the computer industry with a vast potential market. At the forefront in developng the technology is the British company Psion but only this week Microsoft, the American computer giant announced that it has linked up with a leading mobile telephone company to take on Psion. Microsoft though is embroiled in a long running court case in America where it faces damaging allegations about its aggressive treatment of competitors. Can Psion defeat the giant from Seattle? 22/11/98 EMU AND EUROPE'S NEW LEFT Who controls Europe's Economy? Thirty-nine days before the launch of the European Single Currency a major row has broken out within the Union. On the one side are Europe's Central Bankers who are determined to maintain low inflation targets and their freedom from political interference that were enshrined in the Maastricht treaty. On the other side are Europe's left-of-centre politicians led by the new Social Democrat government in Germany. They want the European Central Bank to slash interest rates to boost growth and job creation. Could this dispute threaten the launch and stability of the Euro? Jonathan Charles reports from the Saarland in Germany. Peter Jay-the BBC's Economics Editor-is interviewed in the studio on the implications of the row. SUPERMARKETS AND FOOD PRICES Are consumers paying over the odds for their supermarket food? Many of Britain's farmers think so and sheepfarmers in particular have seen their livestock prices plummet in the last two years because of the strong pound. But if shoppers expected this drop to be reflected in the cost of their lambchops at the supermarket till they would have been disappointed. Prices have in fact gone up and The office of Fair Trading is currently scrutinising supermarkets' widening profit margins and will soon decide whether to launch a full scale invstigation into their pricing policy. So do the farmers have a case? Roz Bew reports from Chippenham. 29/11/98 MARKS & SPENCER Sir Richard Greenbury finally relinquished his post of chief executive at the troubled retail giant Marks & Spencer this week. Sir Richard stays on as Chairman but his stewardship of the company had come under intense scrutiny in the light of increased competition from high street rivals. Roz Bew reports on the unfolding drama that led to Greenbury's resignation and the likelihood of the new board reviving the company's fortunes. ROVER CARS This week saw the announcement of a rescue plan for Rover's troubled Longbridge car plant. The potential loss of 2500 jobs and the imposition of new work practices has been welcomed by union leaders as a fresh start and essential for the survival of the plant but will it revive the company's fortunes? John Penycate reports on the settlement. Roger Lyons-General Secretary of The Manufacturing and Science Union and John Wormold-an analyst from Autopolis-assess the deal and its implications in the studio. GLOBAL ECONOMIC CRISIS-IS IT ALL OVER? Whatever happened to the global economic crisis? Only a few weeks ago, markets and currencies were crashing around the world, followed by grim warnings of deflation, depression and financial disaster for western economies. Now, though, all that's becoming a fading memory. Wall Street and The City of London have been revelling in a bout of multi-billion pound mergers and takeovers, along with soaring stockmarkets. Is this optimism justified and has the danger of economic downturn really passed? Greg Wood reports from Denver, Colorado. 6/12/98 PARALLEL IMPORTS/GREY PRICES This week Britain's top-selling motorcycle maker, Honda, took legal action to stop unauthorised dealers importing Hondas into Britain and selling them at well below their recommended retail prices. Honda says they're worried about safety-the unofficial importers say their real worry is unwelcome competition. Michael Robinson reports on how a recent European Court ruling means the consumer is losing out on cheaper prices for branded goods. THE DISABLED AND WORK The government this week set out to toughen-up The Disability Discrimination Act for disabled people at and into work. But the measures announced were met with a storm of protest from both employers and disabled persons. The new scheme extends the present laws on disabled rights to thousands of small firms, obliging them to make provisions for disabled workers. Karen Hoggan reports on the new measures and what more could be done to help those with disabilities into work without over-burdening business. Margaret Hodge-the Minister for the Disabled-is interviewed in the studio. 13/12/98 THE EUROPEAN CENTRAL BANK The key to the successful launch of the European Single Currency on January 1st 1999 is the European Central Bank. Based in Frankfurt its members will set a single interest rate for the eleven countries signed-up to the project. Although the bank is free from political interference the board members are unelected, unaccountable and shrouded in secrecy which could damage the bank. Steve Levinson went to Frankfurt and Ireland to discover more about the bank. Jean-Claude Trichet-The Governor of The Bank of France-is interviewed from Paris. THE EUROPEAN SINGLE CURRENCY The Money Programme's Euro-Van with Nils Blythe in the driving seat travels from London to Brussels via Kent to find out what we really know about the European Single Currency. A Money Programme Poll suggests half the UK population is blissfully ignorant of the Euro. ******* 1999 ******* 17/1/99 NORTH SEA OIL INDUSTRY For the last twenty-five years North Sea oil has been one of the mainstays of the British economy. But no longer. The Asian economic crisis coupled with mild winters have suppressed demand and sent the price of a barrel of oil plummeting down to between ten and twelve dollars-around a tenth of what it was in the 1970's. And only this week Shell announced 400 redundancies- the latest in a string of job losses blamed on the continuing fall. So is this the end of the pipeline for North Sea crude or can an industry which keeps 300,000 people in work find a way to survive? Michael Robinson reports. BRAZILIAN FINANCIAL CRISIS John Llewellyn-Global Chief Economist at Lehman Brothers-assesses the significance of Brazil devalueing its currency setting off new fears of a global economic melt down. SPYING BOSSES Increasingly sophisticated surveillance technology is finding its way into the workplace. Bosses claim its a way of protecting themselves from time wasting, theft or even lawsuits. Others say its just plain spying. John Penycate reports on the difficult ethical questions over a worker's right to privacy. 24/1/99 THE ECONOMY AND THE CHUDLEY FAMILY This week's rash of economic statistics painted a confusing picture of the health of the British economy. Output figures show that the economy is still growing but high street sales are down, manufacturing is still in the doldrums and service industries are beginning to feel the pinch. In short it's still unclear whether Britain will tip into recession sometime during the year so in order to assess the progress of the economy in the coming months The Money Programme will visit Northampton, the home of The Chudley's- a family with a unique entrepreneurial spirit. Bronwyn Curtis-Chief Economist at Nomura International-is interviewed in the studio on the current state of the British economy. BANKS:TREASURY INQUIRY Britain's High Street Banks are about to face one of the toughest investigations into their business for over 30 years. Tomorrow, The Treasury will outline the terms of the inquiry, to be lead by Don Cruikshank, the former telecoms regulator. It's likely though that it will examine the banks dealings with small businesses, their attitude to competition and the quality of their customer services. The banks are no strangers to criticism, but the wide scope of this investigation could have far reaching ramifications. Tim Sweeney Director General of The British Bankers Association and Stewart Cliffe of the National of The National Association of Bank Customers assess the implications of the inquiry for the banking sector. EUROPE'S DEFENCE INDUSTRY This week saw the disposal of GEC's Marconi defence arm to British Aerospace for 7.8 billion pounds. The merger creates the world's second largest defence company and British Aerospace says it's just the first step towards creating an even bigger European arms firm. But will this ever happen and moreover can Europe's fragmented defence industry ever mount a united competitive challange to the giant American arms companies? 31/1/99 WIM DUISENBERG Europe's new single currency is just a month old this weekend but pressure is already building for Britain to join the Euro club. Even the man responsible for running the Euro has now joined the chorus of encouragement. In an exclusive interview for The Money Programme the President of the European Central Bank Wim Duisenberg tells us he has no intention of bowing to political pressure for an interest rate cut; that European taxes are bound to harmonise whether we like it or not; and sooner rather than later Britain will join the new single currency. Jonothan Charles interviews Wim Duisenberg in Frankfurt. NAZI SLAVE LABOUR During the last war some of Germany's biggest and best known companies used armies of slave labourers in their factories. Half a century later the survivors are demanding compensation and an avalanche of legal actions is descending on American courts. The German firms-which include Siemens, Deutsche Bank and Volkswagen- face a dilemma:the compensation bill is potentially crippling but can they afford to risk world-wide political and commercial penalties by rejecting the claims outright? Nils Blythe reports from Wolfsburg, home town to Volkswagen cars. 7/2/99 ROVER CARS FUTURE The fate of thousands of Rover car workers this weekend rested on the outcome of a boardroom coup at their German owners BMW. After a lengthy meeting in Munich on Friday BMW's Chief Executive Bernd Pischetsrider was forced out. He'd championed Rover's cause against hardliners who objected to its losses, poor productivity and falling sales Gone too was his arch rival the tough-minded Wolfgang Reitzle. His succession would have almost certainly have spelled the end of Rover's troubled Longbridge plant in Birmingham, if not the whole company. Instead the board chose a consensus figure Joachim Milberg to lead BMW. To assess the implication of the changes for Rover: Roger Lyons- General Secretary of The Manufacturing and Science Union-and the BBC's Europe Business Correspondent Jonathan Charles are interviewed in the studio. BANANA WARS A bitter war of words over the humble banana could escalate into a full-blown trade war between The European Union and The United States next month. If sanctions are implemented they'll endanger thousands of European businesses from cashmere companies in Scotland to cheese producers in Italy. America claims that Europe is discriminating in favour of Caribbean producers over those from Latin America. John Penycate assesses the background to the dispute. Sir Leon Brittan-the European Union's Trade Commissioner is interviewed. MUSIC AND THE INTERNET Britain's 2.5 billion pound music industry has the blues. Record sales are down, jobs are being shed and where once dozens of companies once flourished, consolidation has left five major companies in control. But now fresh clouds loom on the horizon-in particular the Internet and the issue of how far the industry can protect its products and its profits from the ever-expanding web. This week a vote in the European Parliament could be crucial to the industry's survival. Rajan Datar reports. 14/2/99 THE NEW DEAL AND THE UNEMPLOYED-AN-UPDATE The New Deal forms a significant element in the government's long-term strategy aimed at cracking Britain's welfare dependency culture and reducing unemployment. When the scheme was unveiled last year it was aimed at getting 18-24 year olds who've been out of work for six months or more off the dole. To coincide with the launch The Money Programme went to the Black Country to talk to some of the young unemployed who were about to go join the scheme. Since then the New Deal has been extended to the older long-term unemployed. So how effective has the scheme been? Karen Hoggan went back to the Midlands to find out. Employment Minister Andrew Smith MP is interviewed from Oxford. ENDOWMENT MORTGAGES This is the time of year when insurance companies announce the bonuses for those of us who hold with-profits endowment mortgages. The trend is downward-worrying news to anyone buying property with an endowment mortgage because home buyers have already been told they'll have to increase their payments to guarantee some sort of return. Despite this it seems that many insurance companies and financial advisers are still keen that we go on buying houses the endowment way. Michael Robinson investigates the soundness of this advice. 21/2/99 RAILWAYS. Britain's trains are often overcrowded, expensive and dirty. And despite huge cost to the taxpayer, the service seems to get steadily worse. Next week the Deputy Prime Minister John Prescott is holding a summit of rail chiefs to try and get the system back on track. Roz Bew assesses what's at the heart of the crisis John Prescott-Deputy Prime Minister and Secretary of State for Transport- is interviewed. BRITISH FASHION. This weekend sees the start of London Fashion Week but there's trouble on the catwalks. Britain may produce some of the world's best designers but not it seems the high fashion industry to match. Some of our brightest talents like Alexander McQueen are heading abroad to make clothes and money for Britain's competitors. Karen Hoggan meets Alexander McQueen and travels to Barnsley to meet Rita Britton- a fashion retailer- who offers her own solution to keeping our best designers in the UK. 28/2/99 BIRMINGHAM-OUTSIDE BROADCAST. An outside broadcast from Aston Hall in Birmingham where an invited audience of West Midlands business-people and a panel of experts discuss the importance of manufacturing for the local and national economy. The discussion is preceded by an interview with Eddie George the Governor of the Bank of England. The Aston Hall panel of experts included Digby Jones-Regional Director of the CBI/ Janette Rutterford-The Open University Business School/ Richard Jeffrey-Group Economist, Charterhouse and Roger Dickens- Birmingham Chamber of Commerce. 7/3/99 PRE-BUDGET:Employee Share Ownership According to pre-Budget leaks a key announcement from Gordon Brown's Budget next week will be measures to boost employee share ownership schemes in which workers take a greater stake in their companies. Steve Levinson reports from The John Lewis Partnership and Stagecoach to assesses if such schemes work and thereby act as a spur to lifting productivity. Andrew Sentence-Chief Economist at British Airways-assessesses this new form of stakeholding and previews the other measures which might be included in the Budget speech. INTERNET SHARE BUBBLE American internet companies like Amazon.com and Yahoo offer a range of goods and services over the web. Over recent months they've been at the centre of a stock market boom which has pushed the quoted value of such companies to astonishing levels even though few of them actually make a profit. Vast fortunes have been made of course but now some analysts are warning of a dangerous investment bubble that's about to burst. John Penycate reports from America and highlights the stock market success of internet company theglobe.com. 14/3/99 DUTY-FREE SHOPPING European Finance Ministes meet tomorrow to discuss among other things cheap drink and tobacco for tourists. The European Union plans to scrap duty-free shopping this June on the grounds that it distorts the single market and at the last minute the British Government is fighting for a reprieve. But as Roz Bew reports, what seems# like a row about travellers' perks is really a game with high political stakes. Mario Monti-The European Commissioner at the centre of this row- is interviewed from Brussels. POST-BUDGET:GORDON BROWN INTERVIEW At the heart of Gordon Brown's third Budget this week was a conundrum. With so much trouble and uncertainty in global financial markets, and at a time when the British economy seems to be falling into recession, why did the Chancellor seem so certain about the logic of his financial strategy? How could he be so confident that his sums would all add up? Gordon Brown is interviewed from Downing Street. 21/3/99 MONSANTO AND GENETICALLY MODIFIED CROPS The current row over genetically modified foods has thrown the spotlight on the giant corporations that produce GM seeds for, among other things, soya and rape seed-ingredients in many processed foods. One of the most high profile is Monsanto which over the past few years has followed an aggressively expansionist strategy to dominate the multi-billion global agri-chemical business. They have bought-up seed, chemical and high technology companies around the world and seem determined that most farms will grow GM crops within the near future. They say their goal is to help meet an ever-growing demand of a hungry world. Others fear their increasing influence over agriculture. Nils Blythe has been to Missouri in the United States and to Canada where he meets Percy Schneiser who's being prosecuted by Monsanto. Philip Angell-Director of Communications at Monsanto-is interviewed from Washington. THE EURO Europe's single currency, launched with much fanfare at the turn of the year amid hopes that it could rival the dollar, is struggling. Disgraced EU Commissioners, resigning finance ministers, growing German unemployment and rows over budget contributions from member states, all these have taken their toll on the credibility of the Euro and its performance on the world's currency markets. But what does it all mean for the aspirations of those in the UK who wish to persuade the sceptics that the single currency is worth signing-up for? Jonathan Charles reports with the help of Birmingham's Imperial Bathroom Company. 28/3/99 ROVER CARS-LONGBRIDGE'S FUTURE A decision is expected this week on whether or not the Longbridge car plant has a future within the Rover Group. Still at issue is the level of subsidy the Dti should stump up and though few doubt the gap between the government and BMW will be bridged, New Labour is keen to avoid charges of old-style profligacy with taxpayers money. Critics say the government is playing a dangerous game of brinkmanship. For the 12,000 Longbridge employees and their families the past few monthshave been a desperately uncertain time. But would a deal to save the plant really secure their future? Karen Hoggan reports from Longbridge. Tony Woodley-The Transport and General Workers Union National Secretary is interviewed. TELEVISING FOOTBALL: MURDOCH'S BID FOR MANCHESTER UNITED Rupert Murdoch hopes to buy Manchester United Football Club. A report from The Monopolies and Mergers Commission has been passed to the Trade and Industry Secretary Stephen Byers and he's yet to announce a decision on whether the deal can go through. If it does Murdoch will join an elite group of European media moguls who are beginning to exercise a vice-like grip on football and its revenues. But why is he so keen to join their ranks and what will be his strategy if he does? Steve Levinson reports from Milan. 18/4/99 MOBILE PHONE HEALTH FEARS Competition in the mobile telephone business hotted up this week with another round of price cuts for callers. It's a rapidly growing and lucrative market, with a million new mobiles sold at Christmas alone. But the latest chapter in this success story is troubling. Worries are growing about health effects from using mobile phones, prompting new research programmes by the government and the European Union. So is there cause for concern and what's the industry's response? Michael Robinson investigates. CONCORDE'S LEGACY This month marks the 30th anniversary of Concorde's maiden British flight. In it's time this supersonic airliner has been both a symbol of technological advance and wasteful public spending on grandiose projects. So will it ever be replaced and at what cost and what is it's abiding legacy for the future of air travel? John Penycate reports. THE MONEY PROGRAMME INTERNET WEB SITE LAUNCH 25/4/99 KOSOVO:THE COST OF WAR As the war continues to rage in Yogoslavia and as NATO consider extending the air campaign to include groun forces, serious questions are now being asked about the cost of the crisis. The human cost of Kosovo is beyond calculation. The military costs alone are high- a cruise missile costs $1 million. But what about the costs of caring for hundreds of thousands of refugees and for the rebuilding of a shattered region once the conflict has ended and can Britain really afford the long- term financial commitment thet might be necessary? Nils Blythe reports. Emma Bonino-The European Union's Acting Commissioner for Humanitarian Aid-is interviewed from Brussels. AGENCY WORKERS Not so long ago "temping" was seen as the preserve of secretarial staff and other other office workers. But as Britain's labour market has become ever more flexible that has all changed. Around a million people have currently got jobs through employment agencies and work on a temporary basis in industry, the public sector and the professions, Although this flexibility is said to be good for the economy, it does leave many of these workers inadequately covered by employment legislation designed for more permanent staff. The Trades Union Congress is about to launch a campaign to highlight the anomalies in the law and the government says it is looking at ways to improve agency workers' rights. So how serious are the problems? Roz Bew investigates. 2/5/99 NUCLEAR WASTE:A SPECIAL REPORT David Strahan's special report examines the dilemma of what to do with the radioactive waste mounting up around the world. Plans for a hole to store toxic rubbish invariably founder on where to site it. Should the waste be sent to a developed country like Australia or somewhere further away and potentially unstable like Russia? 9/5/99 KOSOVO:IMPACT ON BALKAN ECONOMIES The economic implications of the NATO bombing of Kosovo is spreading across and into the Balkans. Destroyed bridges across the River Danube have halted a vital trade route for countries still struggling to build their economies from the ruins of communism. Hungary, Romania and Bulgaria have been encouraged by the West to endure the pain of changing to market capitalism but now they see their hard-won gains threatened as their main trading artery is cut by Western Military action. Michael Robinson reports from the banks of the Danube in Russe, Bulgaria. INDIVIDUAL SAVINGS ACCOUNTS A month ago the government introduced Individual Savings Accounts to tempt traditional non-savers to get into the savings habit. Like the PEPs and TESSA accounts they replaced. ISAs are tax protected investment schemes but unlike them, the government says, they are cheaper and easier to use. But already ISAs have been criticised for being too complicated and less than attractive, either for the companies selling them or for lower income savers. Karen Hoggan reports. 16/5/99 INTERNET-FREE ACCESS In recent weeks a host of well-known companies like Dixons, Tesco, The Sun Newspaper and even Arsenal Football Club have been offering customers free access to the internet. Until recently, internet users were forced to pay hefty subscriptions. So why the grand give-away? Well there's a growing belief that large chunks of business and retailing will before long be conducted over the internet. And, as John Penycate reports, companies are betting that an early stake in electronic commerce could ultimately reap them huge rewards. RUSSIA This weekend President Yeltsin of Russia has survived an impeachment motion from the Russian Parliament. It's the latest episode in a love-hate relationship with the Duma since he first came to power-a relationship marked by Russia's struggles to develop economic stability Professor Richard Layard of The London School of Economics is interviewed in the studio. SALMON Scottish salmon, once a rare luxury, has become widely available thanks to a thriving fish farm industry which employs thousands of people. But for how much longer? The industry is facing disaster, devastated by the outbreak of a virus called Infectious Salmon Anaemia. Though harmless to humans, ISA is fatal to salmon and controversial attempts to stop its spread have led to farm closures and the slaughter of millions of fish. Ros Bew Reports. 23/5/99 STRENGTH OF STERLING-CHUDLEYS REVISITED. For many months now sections of British Industry have been complaining loudly about the damaging effects of a strong pound. It makes our exports uncompetitive and costs jobs, profits and investment. But with the Bank of England's eyes fixed firmly on meeting the government's inflation target, interest rates have been slow to come down. So sterling stays strong and British exporters continue to suffer. But does this view strictly accord with reality? In order to find out we've been back to see the Chudley Family in Northampton who own and run a range of businesses. Three months ago they were cautious about a recession and had some concerns about the strong pound. Steve Levinson reports. (Chudleys Part One was broadcast on 24-1-99) BARCLAYS BANK. Barclays Bank was once the leader of the pack in the high street,but recently it's been hit by a wave of troubles as it struggles to keep its place in a more crowded market with more sophisticated consumers. The bank has yet to find a permanent chief executive, having lost two since last November and to top it all it's just announced it's making 6,000 people redundant-one tenth of its staff. John Varley-Chief Executive of Retail Financial Services-is interviewed. RETAIL CRISIS. On Tuesday Marks and Spencer revealed a collapse in profits and two days later Mothercare announced the closure of dozens of shops. Meanwhile, Sainsbury's and Laura Ashley have also been wrestling with their own well-publicised problems. So why have these giants of the high street been toppled? Karen Hoggan charts the course of the retail revolution. Lord Ian MacLaurin, who used to head Tesco and is currently Chairman of Vodafone is interviewed in the studio. 30/5/99 THE EUROPEAN SINGLE CURRENCY:LORD OWEN and JOHN MONKS TAKE ISSUE. Next week voters go to the polls to elect a new European Parliament. For Britain the election brings into sharp focus the country's relationship with the rest of Europe-should we join the single currency or should we stay out for good? In tonight's show two of the nation's most passionate advocates on the issue make their cases: Lord David Owen presents a film essay on why we should not embrace the euro whilst John Monks the TUC's General Secretary puts the case in favour of joining. A studio discussion follows the two films. 6/6/99 HOUSING: GREEN BELT vs GROWTH Over the next two decades, Britain needs to build four million new homes to sustain economic growth-especially in the South-East of England. Should we build on our cherished green belt or should we expolit the so-called brown-field sites in our inner cities? The Money Programme visits Cambridge to highlight the difficult choices town planners and government have to make to meet the growing demands of business and those who regard preservation of the green belt as sacrosanct. Karen Hoggan reports. MUTUALITY-DO BUILDING SOCIETIES STIIL HAVE A FUTURE? In recent weeks the Bradford and Bingley Building Society's decision to join the stampede of mutuals to convert to bank status seems to suggest the age of the building society is dead and the principles of mutualisation-where the needs of the community come before shareholder profit-have no further relevance. But is that the case? The Money Programme reports from Yorkshire where remaining building societies are fighting back and new mutual friends are making an appearance. Ros Bew reports. BETTING OFFSHORE British punters can now place their telephone bets, with much reduced tax, at the offshore office of prominent bookmaker Victor Chandler. It's a move which has the Treasury and Britain's big three bookies-Ladbroke's William Hill and Coral in something of a spin. Until now they've all held to the position that the tax on betting provides the government and the racing industry with badly needed income. But with the bookmakers revenues under threat-and the Government's privatisation of the Tote at stake-this gentlemen's agreement could soon start to come apart. John Penycate reports from Victor Chandler's operation in Gibralter. 13/6/99 GENETICS SPECIAL:THE HUMAN RACE With scientists racing to identify the nature of human genes, Nils Blythe questions the morality of the venture. The work promises huge benefits for medicine, but should the companies funding it be allowed to reap the rewards of their investment by turning the revolutionary research into commercial property? 20/6/99 WAL-MART TAKES OVER ASDA In what's being described as a retail revolution the American retail giant Wal-Mart this week bid £7 billion for the supermarket group ASDA and for many analysts the arrival here of the world's largest retailer-which has built its extraordinary success on ruthless price cutting-could mark the beginning of the end for Britain's status as a haven for the big domestic retailers. Ros Bew Reports. Allan Leighton-Chief Executive of ASDA Group-is interviewed. JAPAN For much of the post-war era Japan has been the fastest growing and most vibrant economy in the world. But more recently the country's been mired in a slump defying numerous efforts to solve. In the past few weeks, new official statistics have suggested a revival but there's widespread scepticism about the extent of any recovery. The government has tried all manner of schemes to kick- start the economy but nothing has worked. In desperation, the Japanese may now resort to measures which overturn all the orthodoxies of modern economics. They may have to create the disease of inflation to save the country from the greater evil: deflation. Michael Robinson reports from Osaka. 27/6/99 MILLENNIUM BUG The Money Programme exclusively reveals the details of two surveys which make worrying reading for those who think the bug has been beaten. The findings point to a serious risk of disruption,business failure and even economic downturn as corporate computers fail at the turn of the new year. Robin Guenier-Executive Director of Taskforce 2000-and Gwynneth Flower- Managing Director of Action 2000 are interviewed in the studio. John Penycate reports. AMAZON.COM The American company Amazon.com took an early lead in internet commerce with its book business, But it has yet to make money, and now better resourced competitors are starting-up their own online books, music and videos retailing arms. A frenzy of price cutting has broken out, putting into question whether the pioneers of e-commerce will reap the rewards. The Money Programme talks to Jeff Bezos, the man behined Amazon, and Richard Handover of WH Smith, Amazon's main British rival. Karen Hoggan reports. MISSING MILLIONS Millions of people have mislaid all sorts of financial assets, from shares to pensions, from bank accounts to lottery tickets. Altogether it adds up to tens of billions of pounds. Steve Levinson reports. 4/7/99 THE MONEY PROGRAMME LECTURE:ROGER NIERENBERG. This year's guest lecturer is Roger Nierenberg-the conductor of the Stamford Symphony Orchestra in Connecticut and the Jacksonville Orchestra in Florida. With the aid of an orchestra he conducts a seminar called "The Music Paradigm" to demonstrate the similarities between the relationship of an orchestra and its conductor to the relationship of an organisation to its leader. Throughout the seminar an audience of businesspeople sit in amongst the orchestra and rehearse a piece under his tuition-the aim is to demonstrate the distorting effects of bad leadership and the positive effects of good teamwork.