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to be deployed from July. -- it calls for. Those are the latest | :00:01. | :00:11. | |
:00:11. | :00:21. | ||
headlines. Now for the latest financial news. | :00:21. | :00:27. | |
Can Britain a boy day triple dip? Figures out soon could show the UK | :00:27. | :00:32. | |
back into recession. -- avoided. France's growing unemployment | :00:32. | :00:36. | |
crisis. The jobless rate keeps climbing and the President's | :00:36. | :00:46. | |
:00:46. | :00:47. | ||
approval rating continues to sink. You are with World Business Report. | :00:47. | :00:51. | |
Also in the programme: The South Korean economy grows at its fastest | :00:51. | :00:57. | |
pace for two years. We find out why. But first, Britain could be about | :00:57. | :01:01. | |
to make economic history Di Resta the wrong reasons. Official figures | :01:02. | :01:06. | |
may show the economy slipped back into recession for the third -- | :01:06. | :01:11. | |
third time, a so called triple-dip recession. It is unprecedented in | :01:11. | :01:16. | |
living memory. Most people predict that the UK may record a tiny | :01:16. | :01:20. | |
amount of growth, which would spare the Government the disastrous | :01:20. | :01:24. | |
headlines. The Chancellor will still be accused of not playing the | :01:24. | :01:31. | |
right tools to foster economic growth. | :01:31. | :01:36. | |
Once busy workplaces, and the officers like this are now | :01:36. | :01:41. | |
monuments to activity that used to drive UK group. Firms have been | :01:41. | :01:44. | |
forced to shut up shop after five long years of trying to repair | :01:44. | :01:52. | |
financial balance sheets and sell to cash-strapped consumers. Beyond | :01:52. | :01:55. | |
the abandoned factories and bad banks, there is a better Britain | :01:55. | :02:02. | |
trying to rise above it all. can come in and pick the way you | :02:02. | :02:07. | |
want to work. They have tailored their business model, offering | :02:07. | :02:12. | |
tenants flexibility in its 14 Business -- buildings, free from | :02:12. | :02:19. | |
long leases. Even entrepreneurs are not likely to borrow for the long- | :02:19. | :02:25. | |
term. The majority of new businesses that are coming in, that | :02:25. | :02:30. | |
are in the technology sector, that are servicing the technology sector, | :02:30. | :02:36. | |
this is new media, online, websites, recruitment, we are seeing a lot | :02:36. | :02:41. | |
more recruitment businesses. The numbers that we are seeing, the | :02:41. | :02:46. | |
recovery is very much in London more so than it is in the regions. | :02:46. | :02:54. | |
With more than half of Britain's exports going to the EU, it is no | :02:54. | :02:59. | |
surprising that it is being held back by a lack of orders. While it | :02:59. | :03:04. | |
is doing better than the eurozone, it is stuck in the middle compared | :03:04. | :03:09. | |
to the US. They are not issuing public sector austerity measures as | :03:09. | :03:14. | |
aggressively. Large companies could boost UK growth by making quick | :03:14. | :03:20. | |
decisions and paying invoices more quickly. If the banks are not | :03:20. | :03:26. | |
lending as much as people like, the mac companies could... they are | :03:26. | :03:31. | |
sitting on piles of cash. Why not feed it back into the economy and | :03:31. | :03:34. | |
that would make a world of difference? The London Olympics | :03:34. | :03:39. | |
gave Britain a temporary economic boost, now it is have to work | :03:39. | :03:46. | |
harder to bring it back. As soon as we get those GDP numbers | :03:46. | :03:54. | |
about the UK economy, we will make sure that we updated. -- update in | :03:54. | :03:59. | |
you. The latest figures on unemployment in France are also due | :03:59. | :04:04. | |
in a few hours, and if they are as bad as feared, they could be a real | :04:04. | :04:09. | |
headache for the President. It surged to a 13-year high at the end | :04:09. | :04:14. | |
of last year and it is predicted to go up further, despite election | :04:14. | :04:18. | |
pledges to protect jobs and a recent promise to get unemployment | :04:18. | :04:22. | |
falling by the end of this year, by reforming the labour market, which | :04:22. | :04:27. | |
is seen as the most restrictive in Europe. All of this has been taking | :04:27. | :04:34. | |
its toll on his approval rating, just 25%, a record low in modern | :04:34. | :04:42. | |
France. Put it in perspective. We have just talked about the UK and | :04:42. | :04:48. | |
we will also be talking about Spain. How bad is it in France? | :04:48. | :04:52. | |
unemployment has been rising for the last 24 months. It is the | :04:53. | :04:58. | |
highest it has been in 14 years. Youth unemployment, below the age | :04:58. | :05:04. | |
of 25, is running at about 26%, which is extraordinary. It is | :05:04. | :05:09. | |
already a record high and is more than double the overall number up. | :05:09. | :05:14. | |
With the economy not showing any growth for last year, with business | :05:14. | :05:19. | |
sentiment deteriorating, according to the latest surveys, and with | :05:19. | :05:24. | |
companies reporting a 12% drop in sales, it is clear that we have not | :05:24. | :05:31. | |
seen the worst. What has Francois Hollande's government got up its | :05:31. | :05:39. | |
sleeve to try to tackle this? It is a very common problem. It is indeed. | :05:39. | :05:43. | |
The prescription for the eurozone through this crisis is to increase | :05:43. | :05:48. | |
its competitiveness. It cannot become more competitive until the | :05:48. | :05:53. | |
labour market becomes more flexible. In the short-term, more flexibility | :05:53. | :05:57. | |
will mean higher unemployment because they art able to hire and | :05:57. | :06:02. | |
fire. But it will also introduce some flexibility into wage setting, | :06:02. | :06:09. | |
and that would help to boost full- time employment. Do you think the | :06:09. | :06:14. | |
economic reforms will help, and to what degree? They will help in the | :06:14. | :06:17. | |
long-term but it is the short-term that the consumers are worried | :06:17. | :06:23. | |
about. France is heading into a recession. It has not grown much at | :06:23. | :06:28. | |
all for the last several quarters. With another drop in the Jeatt -- | :06:28. | :06:35. | |
GDP expected, the Social back bash against reform will grow. -- social | :06:35. | :06:40. | |
backlash. The longer they wait, the harder it will be to reform the | :06:40. | :06:44. | |
economy. It is a very busy day for economics. | :06:44. | :06:49. | |
We have had the news from South Korea, to say that it has grown at | :06:49. | :06:54. | |
his fastest pace for two years, despite increased tensions and | :06:54. | :06:58. | |
hotter competition from the likes of Japan, because the yen has | :06:58. | :07:07. | |
weekend and Japanese goods are perhaps a bit cheaper. | :07:07. | :07:15. | |
Good to get a bit of good news in the programme. That is right, | :07:15. | :07:25. | |
better than expected. The economy is being boosted by a rebound in | :07:25. | :07:29. | |
construction, investment, and exports. Exports, which is the | :07:29. | :07:34. | |
backbone of the South Korean economy, showed a 3.2% quarter | :07:34. | :07:39. | |
expansion, compared to the 1.2% dip in the previous quarter. For now | :07:39. | :07:43. | |
the data is likely to downplay the fears over the health of the | :07:43. | :07:47. | |
economy, but if you speak with some analysts, they remain quite | :07:47. | :07:53. | |
cautious. They say that exports will continue to be fragile. | :07:53. | :07:57. | |
Conditions in the eurozone and the US have not improved substantially. | :07:57. | :08:04. | |
There have also been fears over the impact of currency fluctuations. | :08:04. | :08:11. | |
The currency has risen. It has made the exports more expensive. The yen | :08:11. | :08:16. | |
has sharply declined, by almost 20% against the US dollar. With both | :08:16. | :08:21. | |
countries competing in similar markets, Korean goods may lose out | :08:21. | :08:26. | |
and in turn had the country's overall growth going forward. As a | :08:26. | :08:30. | |
result, policy makers had been taking measures to boost domestic | :08:30. | :08:35. | |
consumption in an attempt to offset the decline in foreign sales. They | :08:35. | :08:40. | |
have unveiled a $15 billion stimulus plan. We will find out if | :08:40. | :08:46. | |
it will have an impact on the economy in the future. | :08:46. | :08:51. | |
Let's get in some other stories. The bosses of Barclays are holding | :08:51. | :08:55. | |
their first annual meeting following last summer's LIBOR at | :08:55. | :09:00. | |
scandal which forced out the senior management. It would not be an her | :09:00. | :09:10. | |
:09:10. | :09:15. | ||
-- easy ride. One shareholder group says it is opposing the salaries. | :09:15. | :09:19. | |
A big day on Wall Street with quarter results from Exxon Mobile | :09:19. | :09:27. | |
later. It is the world's largest Lee publicly traded oil company. -- | :09:27. | :09:37. | |
:09:37. | :09:38. |