16/01/2012 World Business Report

Descendants. Now the latest financial news with

World Business Report. Headlines: Testing times for Greece

or top international inspectors examined progress on austerity as

negotiators prepare for more talks with private debt holders.

9 and euros Nations start the Week in the share or a Standard and

Poor's down river. Britain's buyers Minister is in

Hong Kong for a ground-breaking agreement with China that will make

London and offshore trading centre for the Chinese currency.

It is the start of a pivotal week for Greece. International

inspectors current happens to investigate whether the country is

sticking to its austerity programme. The country needs to agree on the

size of losses that banks and other shareholders are willing to accept.

Greece is nipping at the core -- ever closer to defaulting. Our

correspondent has more. Greece has towered to reach a bob or teal.

Club will find its cheats and been locked in talks at the Prime

Minister's Office. They say a voluntary deal is not attractive to

have enough lenders. He Athens parliament has been warned that if

Greece cannot persuade private bondholders to agree to write downs,

it can and the ask European partners or more Alb.

We will miss it art with our lenders to get the best outcome. We

will take into consideration the limitations weak base. There has

limitations seem to include passing a law forcing bondholders to take

involuntary cut. A move that could put the ECB in the crossfire.

can pass a law that forces bondholders to take a cut. The ECB

is not a proposed route go. Go get good old club it is not as the

situation in Greece that is putting pressure on the risen. Nine are of

its members start the week with downgraded credits that -- status.

President Sarkozy has called for the French people to show courage

and: Following the downgrade. So where does this leave the risen?

Will reaction to wallabies downgrades but apparently it's

Friday, were you surprised? market had been clearly signalled

for a number of weeks. He knew that they were going to make the

downgrade. There were a lot of questions about details. How white

the downgrade would be and what would happen to Germany. In many

ways, it was just a question of timing. France was downgraded and

other economists, but Germany is no longer on what. It is not an

upgrade, but it is off the watch. When I looked at the reasoning for

what they did, there was a lot to read. One of the reasons was fiscal

austerity. It is a concern that there's very little growth and that

several economies are headed into recession. He cannot deny that the

environment is more challenging. A lot of people questioned the

methodology at this stage. Would that they're sticking to their

accounts in terms of trying to forecast the health of the economic

systems. A lot of people feel that they are trying to be a self-

serving organisation to restore the credibility as they lost following

the crisis in 2008. If you look at the changes taking place across the

euros and as well as policies. The tough reforms that have been pushed

through and changes of government. I think that you could argue that

the economies around better shape going forward. They had to go to

bed tough period, but the reforms a more constructive. In terms of

France, where Rhydspence in terms of an election, but it and Sarkozy

is very strong. He needs to keep the credit rating going in to an

election. Where does it stand now? It will be tough for him stand with.

A think about by pushing forward. The downgrade will serve as a

catalyst. They will move in an aggressive action. He will be able

to weather the storm. Thank you. Kit is predicted that European

markets were open La what to do. Not a dramatic opening. George

Osborne is in Asia trying to bolster the position of the City of

London. A lost more? It is a landmark ground-breaking agreement.

It is why the British nets Mr is in Hong Kong. This is an agreement

with China that will make the City of London and offshore trading up

for the Chinese currency. London is already a major foreign-exchange

trading centre, but it would become the first offshore facility outside

of Asia for the Chinese currency. The UK and the territory will work

and it here. They will work on the Pine ensure infrastructure of Hong

Kong and London. They must look to Asia for world growth. Able

contrast the struggling economies of Europe with the growth of China

and the rest of Asia. Government into an has been relaxing strict

controls on the value of its currency. One banker said that we

are on the way to have a club or traded currency. Massive amounts of

new business would now be heading towards London. We will keep an eye

on it. Nigeria's trade unions are going on strike after talks bailed

to end a dispute over oil prices. A national strike and widespread

protest were triggered after the ending of a subsidy.

The Venezuelan government plans to leave the World Bank a patrician

operative. This would affect more than 10 foreign companies that have

disputes with the country. The move means that Bennett's women judges

will rule on disputes, not international other traders.

Markets are having 80 recession in Asia. Losses across the board. Or

some of these companies, 20 or 30% of their sales. The Ritz in that of