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and retail sales helped to lift the figures. Those are the latest | :00:01. | :00:05. | |
headlines from BBC World News. Now for the latest financial news with | :00:05. | :00:15. | |
:00:15. | :00:19. | ||
World Business Report. Hello everybody. Welcome to the | :00:19. | :00:22. | |
program, your chance to catch up on all the latest in the world of | :00:22. | :00:28. | |
business and money. Let's take a look at the headlines: Good news as | :00:28. | :00:31. | |
China's economy picked up over the last three months, but 2012 still | :00:31. | :00:33. | |
saw the weakest growth in more than a decade. | :00:33. | :00:36. | |
Did Greece's former finance minister take family members off a | :00:36. | :00:40. | |
list of suspected tax evaders? Parliament calls for a criminal | :00:41. | :00:50. | |
:00:51. | :00:54. | ||
investigation. We will talk about that very | :00:54. | :00:59. | |
shortly. China's economic growth picked up in the last three months | :00:59. | :01:07. | |
of 2012. The economy grew by a better than expected 7.9% over the | :01:07. | :01:15. | |
last quarter of 2012. On the face of it this looks like good news for | :01:15. | :01:18. | |
the world's second largest economy, but it still means that growth for | :01:18. | :01:22. | |
the year was its weakest since 1999. Damian Grammaticas joins us now | :01:22. | :01:26. | |
from the industrial town, Wuhan, which is in central China. Great to | :01:26. | :01:36. | |
:01:36. | :01:37. | ||
have you with us. Some report finally rebounding from the 2008 | :01:37. | :01:47. | |
financial crisis. I have to ask you, are they feeling that rebound? | :01:47. | :01:51. | |
is a very good at point. This is a pretty good place to come to take | :01:51. | :02:00. | |
the temperature. China calls this a second here city, 6 million people. | :02:00. | :02:08. | |
-- tier. It is a trading centre built around that the steel | :02:08. | :02:15. | |
industry. This area is among the fastest-growing parts of China. | :02:15. | :02:23. | |
There are vast building projects going on all around me. A new | :02:23. | :02:32. | |
highway has been billed, a new metro line. -- built. But, and | :02:32. | :02:38. | |
there is a big but, these figures mask a slowdown that has been | :02:38. | :02:44. | |
happening in China's economy. We are growing at about 8%. Not the | :02:44. | :02:49. | |
10% we have seen for over a decade. That is a shift China will have to | :02:49. | :02:56. | |
get used to in the coming years. Absolutely. You talk about a shift. | :02:56. | :03:00. | |
What kind of scope will these numbers give the policy makers in | :03:00. | :03:10. | |
:03:10. | :03:11. | ||
Beijing? Will they continue on the same path? I think what you will | :03:11. | :03:15. | |
find, they will welcome these numbers. What the new leadership | :03:15. | :03:21. | |
have been talking about, Xi Jinping, who is coming in and taking over, | :03:21. | :03:28. | |
he has said he wants to focus less on high GDP numbers, but more on | :03:28. | :03:35. | |
the quality of growth. To focus on changing the way China's economy | :03:35. | :03:45. | |
:03:45. | :03:46. | ||
works. Less reliance on state industries, building more consumer | :03:46. | :03:54. | |
economies. Building up the middle class so they can spend more. That | :03:54. | :03:58. | |
is what the leadership says it wants to do. This gives it the | :03:58. | :04:03. | |
chance to take on that task. Whether they can push through their | :04:03. | :04:11. | |
reforms, that is another question. Thank you. | :04:11. | :04:18. | |
Time to get an update on Boeing's Dreamliner. US safety officials | :04:18. | :04:21. | |
have arrived in Japan to inspect the 787 jet that made an emergency | :04:21. | :04:28. | |
landing on Wednesday. The pilot of the All Nippon Airways plane made | :04:28. | :04:30. | |
the landing after he smelled something burning and received a | :04:30. | :04:33. | |
cockpit warning of battery problems. Let's go live to our bureau in | :04:33. | :04:37. | |
Tokyo and join Rupert Wingfield Hayes. Good to see you. What is | :04:37. | :04:43. | |
going on? What is the latest? Biasing the focus will be the | :04:43. | :04:53. | |
:04:53. | :04:55. | ||
lithium ion batteries? -- by ICM. That is right. They have arrived in | :04:55. | :05:01. | |
western Japan to look at the aircraft. Japanese investigations | :05:01. | :05:06. | |
had removed that battery pack from the aircraft. We have now seen | :05:06. | :05:12. | |
pictures of that battery unit after it has been brought out of the | :05:12. | :05:21. | |
aircraft. It has got a thick, black liquid out of the battery unit. It | :05:21. | :05:27. | |
has trickled outside the battery unit. There is clear signs of | :05:27. | :05:34. | |
burning. Very, very similar to what happened to the other 787 in Boston | :05:34. | :05:43. | |
in the US last week. This is absolutely, the focus will be on | :05:43. | :05:49. | |
the battery pack. What caused it to melt down? Is it a fundamental | :05:49. | :05:55. | |
problem? Can it be replaced? Well they have to redesign this battery | :05:55. | :06:05. | |
:06:05. | :06:07. | ||
system? -- will. A lot of questions, a lot at stake for the airline. | :06:07. | :06:15. | |
Thank you. Greece's parliament has voted to begin a criminal | :06:15. | :06:24. | |
investigation of the former Finance Minister George Papaconstantinou. | :06:24. | :06:27. | |
The inquiry will examine his handling of the so-called Lagarde | :06:27. | :06:30. | |
List of suspected tax evaders - a list from which three of his family | :06:30. | :06:33. | |
members were removed. If he stands trial, he could face up to ten | :06:33. | :06:41. | |
years in prison. An overwhelming majority of MPs | :06:41. | :06:43. | |
voted to investigate George Papaconstantinou. An opposition | :06:43. | :06:53. | |
:06:53. | :06:55. | ||
proposal to her throat another ex finance minister was rejected. -- | :06:55. | :07:05. | |
:07:05. | :07:06. | ||
probe. Many suspected of tax evasion, three relatives were | :07:06. | :07:11. | |
removed from Christine Lagarde's list. The scandal has incensed | :07:11. | :07:18. | |
ordinary Greeks as they battle three new taxes. There is a | :07:18. | :07:23. | |
widespread desire to punish the political class. George | :07:23. | :07:26. | |
Papaconstantinou was already a hated figure as the finance | :07:26. | :07:35. | |
minister who accepted painful austerity. He may become the first | :07:35. | :07:42. | |
political victim since the financial crisis started. Let's | :07:42. | :07:46. | |
move on. Photo sharing website Instagram brings in a new privacy | :07:46. | :07:53. | |
policy this Saturday. That is tomorrow. The site, which was | :07:53. | :07:56. | |
bought by Facebook last year in $1 billion deal, sparked a major row | :07:56. | :07:59. | |
when it appeared to claim ownership of users' photos and reserved the | :07:59. | :08:02. | |
right to sell them to advertisers. Instagram insists it was all a | :08:02. | :08:05. | |
misunderstanding and has changed some of the wording in its terms | :08:05. | :08:07. | |
and conditions. But one research company estimates the site has lost | :08:08. | :08:10. | |
almost half its daily users in the past month, a figure Instagram | :08:11. | :08:16. | |
disputes. I'm joined by Stuart Sumner, Editor of Computing | :08:16. | :08:25. | |
Magazine. They changed some of the wording. I have been told you used | :08:25. | :08:35. | |
:08:35. | :08:40. | ||
to be a lawyer. It is as clear as mud. They are trying to get away | :08:40. | :08:50. | |
:08:50. | :08:55. | ||
from this perspective of saying, we are in -- own your data. We don't, | :08:55. | :09:01. | |
but actually they do. Yes, they still are going to use it. Yes, | :09:01. | :09:06. | |
they are going to make money any way they can. This is one way to do | :09:06. | :09:16. | |
:09:16. | :09:17. | ||
it. They do risk upsetting their users. At the same time, there is | :09:17. | :09:22. | |
another side to the argument. Websites like Facebook have | :09:22. | :09:32. | |
commercial concerns, they are not a charity. We are used to these | :09:32. | :09:36. | |
websites, they are free, we can put photos on, we can speak to people | :09:36. | :09:42. | |
around the world. But as you say, they have got to make money. Yes, | :09:42. | :09:48. | |
they are not set up for our benefit. You have a choice, a lot of adverts | :09:48. | :09:57. | |
on these websites or they are going to sell the photos you put in their. | :09:57. | :10:05. | |
One way or the other they are going to make their money. Facebook's | :10:05. | :10:13. | |
share price has fallen quite badly since it floated. Very briefly, I | :10:13. | :10:18. | |
know they deny it, are we seeing a drop in the number of users? I have | :10:18. | :10:28. | |
seen figures that Instagram have lost a lot of users. Facebook users | :10:28. | :10:38. | |
have also dropped quite significantly in the UK. It could | :10:38. | :10:45. |