25/08/2011 World Business Report

the US. Now it is time for World Business Report. Apple's visionary

founder steps down but the shares fall as investors contemplate life

after Steve Jobs. Libya asks for $5 billion in emergency aid for

reconstruction. France's President goes to China

with the EU resent debt crisis likely to top the agenda. euros and

-- euros and debt crisis. Steve Jobs has resigned as head of

Apple and will be replaced by a CEO Tim Cook. Steve Jobs wrote: I have

always said that if there came a day when I could no longer meet my

duties as Apple's chief executive I would be the first to lay tuna.

Apple shares fell by 5% in after row was training. -- after-hours

trading. Some people were taken aback, but it is not that much of a

surprise given that he has been battling serious bouts of cancer

for seven years. He has been on medically since January. He founded

the company at the age of 21 and it was hoped he would continue a

visionary career creating new devices that have revolutionised

people's lives. He will become the chairman of Apple now, but we did

not know exactly what that will look like. Will there be major

changes now? Shareholders to see it that it will mean long-term changes

and mean that Apple will no longer be dominant. It is the second most

valuable company in the world after Exxon Mobil. That it's mainly

because of all the creative people who work at Apple. The new chief

executive will be Tim Cook, the man who has been in charge at Steve

Jobs has stepped back from the front line. The problem with that

is that of a many people consider him extremely competent, people

worry that he will not be as visionary as Steve Jobs. Even the

Steve Jobs was quite emphatic in his letter of resignation that Tim

Cook was the best person to follow him. Yes, and he has the backing of

the board and executives who have clearly been thinking about the

succession. Some people think the board did not give shareholders

enough information. Apple has not had a chairman for many years.

People are looking at the last sight of Steve Jobs' legacy and the

revolution he has brought to people's lives. And the new

products in development. Libyan rebels urgent the need the release

of 5 billion US dollars in frozen assets to pay state salaries and

maintain vital services and medical care. We look at what assets Libya

has and what it will need as we construction gets underway. This is

the office of the Libyan Investment Authority in London which was

closed down when the government froze the assets of the Gaddafi

regime. It has now been taken over by opposition forces. It has $65

billion of assets worldwide waiting to be released but the legality of

Aung freezing those assets is complicated. There needs to be a

legitimate leadership that is recognised by everyone. I think the

Coalition will be slow in aren't freezing these. Libya is thought to

have $150 billion of sovereign assets abroad but while they remain

frozen it needs learns. E! Needs $10 million to repair the damage

done in the civil war. There are shortages of fuel. For basic goods

and services we really need fuel to be entering the country to

distribute them. To repair its infrastructure Libya will need the

help of foreign engineering Byrnes. But they will not of their services

until there are sure there is a stable government with which they

can do business. Nicolas Sarkozy is due to meet the

Chinese leader in Beijing today. He is expected to reassure him on the

state of Europe's debt crisis, recently described as like the

Black Death by the Chinese media. We speak to our Singapore offers. -

- office. These will then - and the sovereign debt crisis is indeed a

problem. President Sarkozy was gained only five hours in Beijing.

World financial markets have been impacted by signs of faltering

growth in the US and Europe. Analysts estimate that 25% of

China's reserves are killed in euro assets. Relations between the two

Man Group parties are also intertwined. -- two parties.

Chinese exports to EU reached $400 billion. Apart from the business

issues they will also discuss France's G20 agenda before the IMF

and World Bank gatherings in Washington in September. They will

also be a summit of G7 leaders in France. Soon we will give an update

on how Glencore is doing with its quarterly results. When he floated

on the stock market in May it was London's biggest ever listing.

Since then the share price has fallen by a 30%. The price of gold

dropped by 5% on Wednesday. It is the biggest percentage drop in over

two McRae used. Analysts put the fall down to profit taking. Gold is

perceived as a safe investment in times of uncertainty. Its price

rose Bismarck during eight for Mark was. -- during a tumultuous period.

Sales were boosted by a jump in spending in Christchurch. A poet

look at the markets in the Far East. Looking pretty positive. There has

been an increase in the number of mothers and children going to

swimming classes but still one in five adults cannot swing. What is

the best age to learn to swing blitz -- to learn to swim a? Our

correspondent reports. Ring recent figures showed that nearly 20% of

adults cannot swim. Many of us learn to swim later in life.

Experts say that the best London is when we are babies and children. In

the last year 300,000 children took classes. The numbers signing up to

parent and baby classes has increased as more people want their

children to learn and 10mph. mother was nervous about being in

the water. I want him to be able to swim. My children learn to swing

when they were three months old and they have never been afraid of the

water. It was not like that in my day. If you do not learn to swing

when you are young it then built into a big Fiat. -- a geek mac our

something you are frightened of. BBC News. Rebels in Libya have

opposite Colonel Gaddafi safe passage out of the country if he

renounces his leadership, but they have also offered a reward of $2

million for his capture or killing. Rebels are moving on his main town

of Sirte. South Africa is stalling the extent to have $1.5 billion of

US assets released to the rebel leadership. Now it is any the South

Africans blocking the cking the se some of the money would be given to

the rebel leaders. The South African ambassador said his country

is concerned that Egypt gives Barnes To the National Transitional

Council that might imply recognising it as a legitimate

Libyan government and South Africa has not done that yet. Nicolas

Sarkozy will hold talk hold talk Chinese counterpart today.

Hurricane Irene has acted the Bahamas, causing property damage