25/01/2013 World Business Report

to continue for several days. Those are the latest headlines from

BBC World News. Now for the latest financial news in the World

Welcome to the programme. Your chance to catch up on all the

latest in the world of business and money. Let's take a look at the

headlines: A rare interview - we speak to one of the world's most

powerful bankers, who tells us the global financial crisis is over.

Learn why the big boss of Goldman Sachs is so optimistic.

And it has done it again. The world's biggest smartphone maker

posts record profits. Samsung sold more than 60 million handsets in

the past three months, and all of this just a day after its rival

gets $50 billion wiped off its I will have that Samsung story

surely. -- shortly. The man in charge of probably the world's most

famous bank, Goldman Sachs, has given a rare interview to the BBC.

Lloyd Blankfein was speaking to our economics editor Stephanie Flanders

on a variety of topics from corporate tax avoidance to his own

pay. He began by explaining why he believes that the worst of the

I think the moment of crisis is over. I am in the risk management

business. We are helping companies finance themselves. We take on

other companies and other institutions' risks. If you ask me,

I find a lot of things to be optimistic. Including the fact that

the worst expected or worry some problems that everyone talked about

last year seems to be off the table. That is close to home if you think

about the potential European blow up everyone was worried about. I

can still think of a number of problems that could still worried

the market. If you put that aside, there are many good things. A lot

of the problems related to the financial crisis have been Tudor

through. A lot of the leveraging has occurred. Companies are making

money. That is good. They will reinvest. The situation around the

US and the world is improving. Housing in the US and other places

have turned. There are a lot of good things and a lot of worry some

things. I am optimistic. That is my predictive sell. On my wrist mired

in itself, I live at 98% up -- Nadia % of the time worrying about

the 2%. That is what I am employed to do.

If you need the tax rate was going down, how much people would share -

- sell a share? This is not about not paying taxes or shifting a tax

burden outside of the country. This was not tax evasion or avoidance.

Nobody accused us of illegal. I do not think it is immoral. You had a

big pay rise last year. What do you say to the people who are saying

they are still paying the price for this financial crisis and bankers

to cause they have gotten off Scot free? By Our Community, there were

a lot of accesses that existed before. We are still in the

business of attracting, recruiting, retaining. And rewarding talent for

their efforts. We are going to play our part in improving the financial

system. People are still upset. They want to sort it out, they want

to understand and make sure that the world, including the private

sector, the public sector, the government sector, does not over

leveraged themselves again. But at the same time, we're going to try

to expanse an increasing amount of our thoughts in trying to look for

it. Not to dismiss the past. We will deal with those legacy issues,

but to get the economy is going so companies can grow and people can

earn higher salaries and more people can be employed.

Let's turn our attention to the biggest maker of smartphones.

Samsung profits rose a whopping 76% in the last three months of 2012 as

the performance of its smartphone business continues to impress. The

Korean firm said its mobile profits more than doubled over the same

period. These impressive results come a day after its main rival

Apple saw its share price fall 12%, wiping $50 billion of its market

value. Lucy Williamson has the 2012 was a good year for Samsung.

Many believe its latest phone one last year's battle of the

smartphones against Apple's iPhone. It also overtook Nokia to become

the world's top manufacturer of mobile phones. As one journalist

put it, Samsung is having a moment. The figures from last year, just

released, tell that story. More than $8 billion US in profit in the

last quarter of 2012. A 10% increase in the previous three

Half that revenue came from mobile communications, with strong sales

of his Felicie smartphones and the new hybrid tableaux. -- the new

Galaxy. Revenue from semiconductors rose 10% from last quarter.

Insiders are also saying it is down to a change of marketing strategy,

especially in key markets like the US, where Samsung launched a new

range of cheekier adverts, poking fun at iPhone users. The question

for the future is not just a Samsung can hold its long-term

success in check or whether it can counter at competition from newer,

cheaper smartphone makers based in Later this morning, official

figures will be released that could show that the UK economy could

heading for a triple dip recession. And this may be just one factor

that may lead to a downgrade of the country's credit rating, and the

loss of its AAA status. Speculation in the markets this week helped

push the British pound to an 11- month low versus the euro. David

Owen is chief European economist at There are many expecting to see a

contraption, a fought in the UK economy. -- contraption. What

factors are leading to this? It is a more of a correction, since it

comes after the Olympics. It also brings headlines.Not expecting a

fall. No. -- you are not expecting. Had the have an economy flatlining

but still creating jobs? The last job numbers. They were an accident.

It grew. It was not just about part-time work. The GDP figures are

actually are likely to get revised. In the UK, we had to be flatlining

in the last two years. Reality lies somewhere in between where the GDP

is not strong, far from it. But it maybe revived in the coming years.

The chief economist of the IAM as, he said it, he has set for some

time, he reiterated. -- I N S. He said the British government does

not need to rethink the economy. He said not to be so harsh with all of

the cutbacks. Does he have a point? It may make a difference. We have a

very large deficit in the UK and the government has to address that.

It is not like Europe. It is a very different scenario. When you look

at the cash figures from the public spending, the covenant -- the

government is changing plans anyway. Thank you.

A quick look at other business stories. -- market. Some pretty