06/10/2011 World Business Report

Those are the latest headlines. We now bring you the latest

financial news. This is World Business Report. The

headlines. From a home-made computer to a 300 and D D dollars

empire it does make $350 billion empire, we look back at the legacy

of Steve Jobs. Moves to head of economic crisis from the European

Central Bank and the Bank of England.

Among the hundreds of tributes pouring in today from fenced --

friends and rivals in the business world, this from News Corporation

chief Rupert Murdoch, Steve Jobs was simply the greatest TV

executive of our generation. This is to sum up a career that started

in a suburban garage and ended up at the head of the $350 billion

corporation, the world's top technology firm by market value.

Steve Jobs died aged 56. He not only revolutionised at the

Technology Industry, but made his unique mark on several others.

He is a veteran technology journalist. She is from a

technology website. Faint you both for being on the programme.

This is quite an incredible night to remember. Steve Jobs in boy it -

- embodied the Silicon Valley entrepreneur. He is an icon, not

only from people in America, around the world, it shows that you do not

need to go from -- go to a prestigious college, it shows that

you can start in a garage, with $1,000 a regionally, and that you

can change the world. I think a lot of people resonate with that story.

In India, many people want to be Steve Jobs as well. It is quite

incredible, because he had no formal technology training, and no

business experience. To go from creating innovation, but to be

running the most powerful, as some would argue, the most powerful, but

certainly the biggest company by market value in technology in the

world, that is something. You do not need a degree to be Steve Jobs.

He took calligraphy and a number of other things. A lot had to do with

his taste, and having good taste for products that people wanted. He

did not go with friends, he was not pressed it -- pressured by trains,

that was his greatest asset in building Apple to what it has

become. In terms of the journey, it was not an easy one. He had half

times, he was even ousted from the company. It does -- it goes back

further than that. He was adopted, later he met his parents. He was

ousted from his company. He was brought back in. When he came back

to Apple, it was almost bankrupt. It could have certainly gone down.

It was astonishing and that 15-year time frame, how he built it to this

level of innovation and power. was really a make-or-break moment

for Apple. A lot of people were saying that they were not history,

but they were becoming a company that was only for experts in a

certain area of expertise, in technology, not the broad range of

products that nearly everybody is using around the world today.

is exactly right. Him following his will or intuition. He did not rely

on focus groups. When he went back to Apple, he decided what the road

map for the product categories would be. He had a mind that the

computers were not going to be not just for computing, but would-be

digital devices for media such as television and radio, music, and

film. He implemented that over the course of his lifetime. Again, by

following his vision, not relying on focus groups, what is taught in

business-school what to do. What is the feeling about the future for

Apple? At this has been discussed a lot already. Tim Cook is at the

helm. What are people saying? did a beautiful job of transition.

He did it before it was the last moment of his life. So it was not a

crazy transition. Tim Cook has been running the company behind the

scenes and now he is on the front line. So I think everybody will

watch what the products are going to be. He has left an astonishing

DNA in the company. It is still so strong, led by the iPhone and the

iPad. It is the passing of technology's greatest innovator. He

impacted on so much technology, and so many people following him. Apple

will remain a very important technology company.

Thank you both for being on the programme.

It is a very important day for the eurozone as the debt crisis spirals.

Markets will be watching very closely for the next moves from the

European Central Bank and the Bank of England, who are holding their

monthly meetings today. At the European Central Bank, it is the

chairman's last meeting before he is exceeded. The ECB is expected to

act to head off a new credit crunch by reintroducing an emergency it

will mark lending scheme to struggling banks today. But no kart

is in -- in interest rates is expected. He may give strong

signals that interest rates will be coming down in the coming months.

At the Bank of England, signs that the UK could be slipping back

towards recession, may be a return to quantitative easing as early as

this month. They bought up government bonds between 2009 and

2010. Interest rates are set to stay at record lows. Despite

inflation been more than twice the Bank's target level.

If we start with what the ECB is likely to say today, what do you

think? They would take out the last emergency tool from their first aid

kit. It is going to be more end -- more lending, more liquidity for

the banks. It is to help the banks are survive in the next month.

it be enough to stop the market's from becoming incredibly nervous

and fractures between now and G20 at the beginning of next month?

Probably not. The markets are also looking for a rate cut by the ECB

but I do not think the ECB is going to deliver that. Inflation is far

too high. The economy is not falling off a cliff. From the ECB

point of view, there is no rate cut on the cards right now. It is very

important in discussions about the European financial stability fund,

what do we make about the new President and his position as he

takes over? There is a lot of prejudice about him being Italian,

watering down the stability of the ECB, but I think he will be heading

an institution. I do not expect many changes. Quickly about the UK.

A lot of pressure on the Bank of England to do something to energise

the UK economy. We had the UK finance minister, George Osborne,

talking about credit easing this week at their party conference.

What is your take on what the Bank of England will be doing? Issued be

similar to the ECB. Rate changes do not seem to be on the cards. But a