05/06/2012 World Business Report

painkillers before every game. Those are the latest headlines.

This is World Business Report. G7 finance ministers are to hold

emergency talks as the crisis in the eurozone deepens.

Try to level the score her - a Games Expo opens in Los Angeles as

game developers have to deal with the rise in tablets.

Finance ministers and central bank heads from the G7 group of

industrialised nations are holding emergency talks later this Tuesday

to try and work on concrete measures to deal with the eurozone

crisis. Greece may leave the single currency and Spain may be unable to

cope with a multi-million-dollar black hole in its banking system.

Later last week, those fears were compounded with the weak figures

from China and India. It is time to talk to one of the world's most

influential investors. He joins us now from Singapore. He has been

based there from 2007. This is really a merry-go-round, the debt

crisis. And what fate you have binned the idea that the crisis

could be saltier? I have no confidence it could be sold. You

know that they had emergency meetings every month for two. It

has been going on for several years now. They keep making everything

worse, not better. Every country involved has higher debt than it

did it years ago. It is getting worse, not better. You said that

Greece is better off leaving the eurozone and making a fresh start.

Do you stand by that? What I said was is that Greece is better off

going bankrupt and staying in the euro. If they do not want to stay,

they are better off leaving. But they are better off going bankrupt.

Why should innocent German taxpayers take the lost? Greece

should go bankrupt. They should stay in the euro. If they leave, it

will be worse. Look at their history since 1832. It has been a

nightmare most of the time. moved to Singapore a few years ago.

What is your view on emerging markets? How much of an impact will

the eurozone crisis have on them? Europe is the largest economy in

the world as a whole. When the largest economy in the world has

problems, everybody suffers. Now it is having an effect everywhere. I

would not consider Singapore and emerging market. It is more

prosperous than most countries in the world. What are your feelings

on emerging markets in the next few months? I have sold short emerging

markets. I do not expect to see great things coming out of emerging

markets. We have economic problems in Europe and the US. The US is

suffering from serious slowdown. Things will not be great. Be very

careful and worried. Where would you put your money right now?

have my money is in foreign currencies for commodities. If the

world economy gets better, I will make a lot of money. If the world

economy does not get better, I want to own real assets. Governments

will print money. It is the wrong thing to do, but it is all they

know. You have talked about the dollar recently and said some quite

interesting things about it and whether or not you believe it can

remain a haven. I own summer US dollars. People think it is a safe

haven, it is not. I owned them because many people going to the

dollar. It is not a very sound. How long will that happen? I do not

know, another quarter, another year, another decade for all I know. In

the history of the world, the US has got serious problems.

It is always good to talk to you and get your views.

The world's biggest computing gaming event takes place in Los

Angeles on Tuesday. Microsoft, Sony and Nintendo Showcase the latest

products. Nintendo will reveal more about its new console at its press

conference. Microsoft has unveiled a service to allow tablets

computers and smart phones to communicate with its video games

consoles. I'll talk to the editor in chief of ITN. -- IAG end. What

are we expecting? It has been quite quiet. We were initially hoping for

a new hardware announcements from Microsoft and Sony. They have not

happened. All eyes will be on Nintendo. They will give away a lot

more details on their new consort coming out later this year. Were

are we expecting? They had showed of the innovative controller. Last

year. This year they will be talking about the kind of games

they will be launching. At the moment the controller is very much

finger in the Air Staff. I am looking forward to seeing how the

game companies will demand it. interesting stuff with Sony talking

about collaboration with JK Rowling on the Harry Potter books. They

have announced an interactive storybook. You plug-in a web camera

to your PlayStation 3. The book springs to life. Using the

controller you wave it around like a wand. You are essentially a witch

in of wards. It will look a very innovative. That will help it bring

a new audience to the console. something for Sony to look forward

to. White has not been easy for these games companies. How

difficult has the rise of the Tablet and gaining on and off

phone's been for these people? launch of tablets and phones has

been a massive impact on gaming. You can pick up games for as little

as 69p. What is interesting is Microsoft's announcement uses the

tablet to enhance your gaming. You can get information about the movie

you are watching. I like the way Microsoft is using stuff you

already have in your house to enhance your experience. Good to

talk to you. Taking a look at some of the day's

other business headlines. Qantas shares have plunged to an all-time

low after the Australian airline warned profits could have go down

90% this year. It said it is struggling with increasing fuel

prices and industrial action. Its stock price went down as much as

18%. To Goldman Sachs' Co has been in court testifying on the trial of

their ex CEO. He is accused of passing

confidential business information to hedge fund readers. The cases

are all part of the biggest ever crack down on Wall Street. They

involve scores of top executives. A more evidence that the European

crisis is hitting retail spending, consumer spending will have fallen

more than 1% across Europe. Taking a look at all the markets

now. A better story in terms of what the Asian markets are doing.