17/10/2011 World Business Report

prelude to the dissolution of the militant separatist group Eta. Now

we bring you World Business Report. The headlines: The world's most

powerful fund its ministers call put its a thick action as Europe

you need is given one week to fix the crisis. Portugal prepares for

deeper cuts as the government presents more austerity measures to

Parliament. Or shares of Japanese camera maker

of Olympus plunge for a second trading day cutely E! D shock

dismissal of its president and CEO. -- due to the dismissal.

He pressure is on Europe's leaders to resolve any differences that

have about a comprehensive plan to solve the Cern debt crisis. G20

finance ministers called for leaders to act decisively and they

want to seek consensus on top of a Ritter's and hunt for the summer

and expected it. They have to agree on the losses the private sector

should take on Greek debt. Eight per and to recapitalise Europe's

banks and how to increase the size of the bait out one. We are joined

by the head of credit research at Legal and General Investment

Management. Quite a tall order to have consensus on those three

issues but Sunday. Indeed. I wonder where they take their optimism from.

It is something that has been excavating for two years and eight

the kit can be resolved in one week. The finance ministers now have to

get over national pride. They have to put it all together in a

presentable form in one week. devil is in the detail and vary so

much detail that is quite critical but in those three elements. If we

talk about biting down Greek debt. At the one issue of how much should

be taken into the hands of banks and into Greece. He think that will

be resolved within a week's this is one of the light that masks.

Because we have put numbers ranging from 40% to 60% in the past weeks,

even from senior politicians. It will be some way around 50%. E! But

you do not need Greece to a sent to this. To agree to this. Which banks

should be required to raise what amount of capital was there are

many thoughts in this respect. Shall we start with the banks which

have no capital ratios? Or the ones that have trouble finding

themselves pose no some banks have capital ratios which look low, but

they can operate without the help of ECB. Other banks have strong

capital ratios and have a problem. Have we come up a bail-out fund.

That is a problem to resolve than a week. In the Worcester they have

just agreed. If you Myer now has to be modified or leveraged, that may

create prettiest from people we believe there has been enough money

spent on rescuing other countries. At thought talking us through the

challenge as a hit. Let's look at Portugal and up. It may not be at

the epicentre of the rare crisis at the moment, but many would argue it

is not far away. Its government will present its latest package of

that increases and spending cuts to Parliament later did later today.

Our correspondent reports. And marches to... took place on

Saturday and in his and they ended in a really outsider the government

buildings. -- Lisbon. The Prime Minister are blind elements of the

plan and on this day. It included eight years' suspension of holiday

and Christmas play almost public sector workers. He said this and

other measures were needed in what he described as the national

emergency. TRANSLATION: We should never have reached this point. I

never thought I would have to announce to the country such to of

measures that are hard to expect. Portugal is struggling to regain

credibility after it admitted in April that it could not pay its

debts. The Finance Minister clearly votes to differentiate Portugal

from Greece but owing do that and required by the company's loan deal

from the EU and I him that. But there are doubts about whether that

can't be done at Boehner to his right and up to solve the problems

of there. On Saturday the key committee called for next week in's

used a to come up a comprehensive plan to decisively address the

crisis. In Portugal it was resignation but also anger at the

latest harsh measures. TRANSLATION: I think this is all well. The

situation has no solution. It is always the same people that have to

pay for the crisis. TRANSLATION: The Prime Minister his mark in us

all. That is stealing from us all. Portugal's fate is likely to be

decided elsewhere. BBC News. A limp as, or the Japanese camera maker,

has had its shares peaked very hard in 48 hours, a 14 meant drop in

trading. -- a 40% drop. It is because of the resignation or

the shocking dismissal of its non- Japanese president and CEO. It is

being hammered ago that two trading sessions. Close to 48% will be

Tokyo Stock Exchange. This has pushed the stock price than its

neighbour since May 2009 because of the shop this Bath shock dismissal

of Mr Woodward. There are or Sir Corporate governance concerns. The

board of an MP said that Marcoule would would's views had there are

pitched. -- the board of only here said that Michael Woodward's views

had diverged. Morgan is buying El Paso, one of

the biggest deals in the energy industry the sea. Pipeline

companies are investing heavily in natural gas because of rising

demands. The boss of Europe's biggest airline is expected to

stand down on Monday. He is reported to be a boardroom casualty.

The chairman is said to be named as the new Chief Executive at an

extraordinary shareholder meeting. The group made a loss in the three

months to June. One of the world's biggest investments groups said it

would vote for Rupert Murdoch this week. Revelations continue to

emerge about the phone hacking scandal at the former newspaper