10/02/2012 World Business Report

Ireland are set to see three inches of snow. Time now for the money

news. You're watching the World Business Report on BBC. No deal for

eurozone finance ministers say that Greece has not done enough to get

another 100 their 2 billion euros bail-out fund. -- 130 billion euros.

They have to Wednesday to agree to new conditions. The Spanish

government is set to revise its labour laws. They want people to

work longer for the same amount of pay. China's exports fall in

January, the third decline in two years. Eurozone finance ministers

had a meeting in Brussels on Thursday and said that more work

needed to be done before they can agree to give Greece more bail-out

funds. They said a series of conditions for Greece to meet by

Wednesday -- a set. They do not know whether the overall deal will

make Greece's budget sustainable in the long-term. We are joined by an

answer and young economists. -- and Sting young. They remain to be

convinced that parties are signed up in Greece to this agreement.

They want to see all three parties signed up in writing. They also

want to see some legislation for the Greek parliament to start

implementing measures. They also worried that there remains a

financing gap. Obviously about 320 billion euros more spending cuts

before they will sign off on the deal. Greece's economy is

constantly contracting. The whole that needs to be filled to me is

getting bigger? The Greek economy will contract for another couple of

years. It'll make it even more difficult for it to implement the

measures. They need is credible guarantee now that it will be

implemented. Financial markets are depending on where that Greece will

default on Oct. Is it in anybody's interests for that to happen?

can see the impact of the concerns about Greece's debts and the impact

that has sat on markets, financing for Italy, and Spain and other

countries -- has had on markets. Italy, in particular, has to make -

- raised a lot of money in the following months. That will place a

strain on markets also. Spain and Italy have very similar problems?

The problems in Italy and Spain are less extreme than in Greece. The

debt lines are Lolworth, particularly in the case of Spain.

-- the debt repayments are low wire. New measures need to be implemented

to cut spending. Because have declined substantially. -- the cuts.

The amount of debt they have to raise in the next few months will

increase. Spain's government will unveil reforms to its rigid labour

laws. It is in the hope that they will be radical enough to get to

grips with the sky-high unemployment rate. It has angered

trade unions ahead of key elections. People working in Spain's public

sector in the future have to work longer hours for the same pay. The

unions are not happy. It is the private sector that will be really

suffering. The latest figures show that one in four are out of work.

The government is ready to release its latest reforms. Unfortunately,

these figures are not getting better in the short-term. Into

thousands of they will be worse. It forces us to pay special attention

to easing economic growth and pay attention to jobs. It will have

Sajal -- several measures with the aim of cutting unemployment. It

will stop severance payment to stop employers hiring people on long-

term contracts. Companies will be given more power to set the waiters

are paid workers. According to the newspaper in Barcelona, the elderly

will be able to work part-time, at the same time as collecting their

pensions. The Spanish economic minister said the reforms will be

aggressive. One of the key targets will be to reduce youth

unemployment. It now stands at one in two being out of work. Getting

people back to work is key to creating spending any growth in a

country which is heading into recession. -- and growth. China has

released some surprising trade figures. They are not just for one

months. They are significant number less. They are, indeed. We saw

exports falling for the first time in two years. Imports falling as

well. This has raised a lot of concerns about the impact of the

global snot -- slowdown on the Chinese economy. Its load 0.5% due

to sluggish global demand. The European prices are not

withstanding. They were also due to the lunar New Year. The

celebrations in January to February, compared to last year, China was

shut down to run at half speed at factories. This has delayed

shipments around the world. Imports figures were particularly worrying,

they dipped 15%. That has raised a loss of the about the slowing

domestic demand. It is particularly worrying as it gave any indication

of slower growth. China is trying to boost domestic consumption to

try to offset slowing exports. They want to rebalance their economy. As

a result of that, China has a lot of other big worries such as

inflation. That has been rising as well, particularly in January.

Tackling that is their chief pack - - priority. We saw prices rising

for the first time since July. We saw prices climbed just before the

holiday that started on 22nd January. The IMF report earlier

this month says that the Chinese banking system should be cut its

8.2 estimate this year. Bankers bonuses will come into the

spotlight in Britain on Friday with the release of the annual results.

The bonus level for top managers angered a lot of people last year.

Bob Diamond was re warded $9 million. He is in line for $5

million this year. Will he handed back? Britain's media is on an NT

bonus ball park. Its new target is the chairman of the Barclay's Bank.

They have already stopped the chairman of the RBS from getting

his bonus. Due to public pressure he refused his entitlements. Will

they have any rights to complain when the Barclays Manager, who has

never taken a penny of bail-out money, is due to receive his bonus.

The whole bonus system is faulty. Management clients are claiming

rewards that only genuine risk takers deserve. The eye of money is

at Greece, and John capital is up. Your own money is at risk. You're

taking a salary, a wage. The Labour Party ordered banks to stop by Mrs.

George Osborne said that they are speaking up and iMac business

sentiment. -- anti-business. news and the media and so one are

looking at these people and decrying these companies. They are

saying why should we pay the issue bonuses to them -- these cute. That

will go into stop people from being happy question. There is a broader