:00:12. > :00:17.Tonight at Ten: David Cameron warns of huge risks for Britain from the
:00:17. > :00:21.eurozone crisis. Fears grow that Europe's debt
:00:21. > :00:26.problems could stifle any recovery in the UK. As safers lose
:00:26. > :00:31.confidence, some of Europe's banks have called for urgent action.
:00:31. > :00:35.Either Europe has a committed, stable, successful eurozone, or we
:00:35. > :00:42.are in unchartered territory that carries huge risks for all.
:00:43. > :00:47.We are asking if Europe's leaders are considering new options.
:00:47. > :00:50.The new Vauxhall Astra, to be built at Ellesmere Port, securing
:00:50. > :00:56.thousands of jobs. For me, I have two children and a
:00:56. > :00:59.mortgage. This is great news. Facebook is set to be one of the
:00:59. > :01:05.biggest stock market flotations in history.
:01:05. > :01:09.The Olympic Flame is on its way to Britain, the handover took place in
:01:09. > :01:14.Athens. And worldwide tributes to the Queen
:01:14. > :01:19.of disco, Donna Summer, who has died at the age of 63.
:01:20. > :01:29.Coming up on Sportsday: Liverpool are starting to look for candidates
:01:30. > :01:30.
:01:30. > :01:40.for the vacant job. Wigan giving them permission to speak to Roberto
:01:40. > :01:42.
:01:42. > :01:46.Good evening. David Cameron has told the leaders
:01:46. > :01:50.of Germany and France that they must do more to build stability in
:01:50. > :01:55.the eurozone. The Prime Minister said it was remorseless logic that
:01:55. > :01:59.the richer economies had to support those struggling. Talks were held
:01:59. > :02:05.on tackling the debt crisis as fears grow that safers are losing
:02:05. > :02:09.confidence in some European banks. We have the latest.
:02:09. > :02:14.Britain's economy already back in recession, is now threatened by a
:02:14. > :02:18.squeeze from a eurozone whose crisis is steadily deepening. Today,
:02:18. > :02:24.the Prime Minister adopted the tone of an economic wartime leader.
:02:24. > :02:29.We are living in perilous economic times. Turn on the TV news, you see
:02:29. > :02:35.the return of a crisis that never went away. Greece on the brink, the
:02:35. > :02:41.survival of the Euro in question, and faced with this, I have a clear
:02:41. > :02:45.task, to keep Britain safe. In Athens, the latest in a series
:02:45. > :02:49.of temporary Greek governments was sworn in. Ordinary Greeks have been
:02:49. > :02:53.reacting by withdrawing their cash from the banks. There are not
:02:53. > :02:57.queues at the door yet, but that is the fear. Today the Prime Minister
:02:57. > :03:05.held a call with the leaders of Germany, France, Italy and the two
:03:05. > :03:10.Presidents of Europe. That is in advance of a full EU summit next
:03:10. > :03:17.week and at the club of the G8. This was his public advice to them,
:03:17. > :03:21.from a leader not in the Euro, but who fears that this is casting a
:03:21. > :03:26.shadow over the British economy. The eurozone has to make up or it
:03:27. > :03:31.is looking at a potential break-up. Either Europe has a committed,
:03:31. > :03:37.successful eurozone, or we are in unchartered territory that carries
:03:37. > :03:43.huge risks for everyone. Today, the new French President
:03:43. > :03:48.pose with his new Cabinet. Francois Hollande, elected on a promise to
:03:48. > :03:52.re-cast the economic pact. This crisis does not just pose an
:03:52. > :03:55.economic problem for Britain, but a political one too. That is because
:03:55. > :04:00.the French government says that Europe should put policies to
:04:00. > :04:04.promote gloth, ahead of those to promote austerity, echoing Labour's
:04:04. > :04:09.calls at home. No wonder that David Cameron wanted to claim that choice
:04:09. > :04:14.does not really exist at all. Deficit reduction and growth, they
:04:14. > :04:18.are not alternatives. Delivering the first is absolutely vital in
:04:18. > :04:21.securing the second. We cannot blow the budget on more spending and
:04:21. > :04:25.more debt. In the Commons, the Shadow
:04:25. > :04:29.Chancellor attacked the Government for believing that cutting could
:04:29. > :04:34.have created economic growth. Trying to cut the deficit faster
:04:34. > :04:38.has not boosted growth in recession. It has choked off confidence,
:04:38. > :04:43.unemployment is up and we are brogue pore than he planned, not
:04:43. > :04:48.less. This Prime Minister, if he is really claiming he is on the right
:04:48. > :04:51.course, he is even more complacent than even I thought.
:04:51. > :04:56.Labour blame the Government for our economic plight, the ministers
:04:56. > :05:00.blame the eurozone. Whoever is right, things do not look set to
:05:00. > :05:05.get better any time soon. Well, as Nick mentioned, bank
:05:05. > :05:09.shares fell sharply with reports that significant sums were being
:05:09. > :05:12.withdrawn by safers in Spain and Greece. In Madrid the ministers
:05:12. > :05:18.were forced to deny that the country's fourth biggest bank was
:05:18. > :05:24.in difficulty, but in the past hour 16 Spanish banks have been
:05:24. > :05:28.downgraded by Moody's. Robert Peston is with me with his thoughts
:05:28. > :05:32.on where the crisis is heading. There are uncomfortable signs of a
:05:32. > :05:37.return to a banking crisis in the eurozone. Yesterday, there were
:05:37. > :05:43.fears about the Greek banks because the safers were withdrawing cash.
:05:43. > :05:49.Today, it was the fragility of the Spanish banks, especially the
:05:49. > :05:55.savings banks that worried the investors, why? Spain has a serious
:05:55. > :06:01.problem because it has, had a big housing boom and now housing prices
:06:01. > :06:07.are still falling. The banks are loaded with bad debt. Shares in
:06:07. > :06:10.Spain's fourth biggest bank, Bankia, tumbled almost 30% on reports later
:06:10. > :06:15.denied, that people were pulling their money out. The European
:06:15. > :06:19.Commission tried to calm fears. In spite of all of the difficulties,
:06:19. > :06:23.we are not complacent in the analysis of the challenge, we are
:06:23. > :06:28.on the right track. I bring a message of confidence.
:06:28. > :06:33.But both Spanish banks and the Spanish Government are finding it
:06:33. > :06:38.more expensive to borrow because of fears over the debts in the Spanish
:06:38. > :06:42.economy. Tonight a leading ratings agency downgraded the Spanish banks,
:06:42. > :06:47.likely to further push up their interest costs and it is just a few
:06:47. > :06:51.months since the whole eurozone banking system was on the brink of
:06:51. > :06:54.choreography. In 2011 the conditions were
:06:54. > :06:59.dangerous. European bonds facing severe difficulties to fund
:06:59. > :07:05.themselves, to access finances and we were close from having a
:07:05. > :07:09.collapse in the banking system in the Euro area. That initself would
:07:09. > :07:13.have led to a collapse in the economy and to inflation. This is
:07:13. > :07:17.something that the ECB could not accept.
:07:17. > :07:21.In the yods lapse noose crisis, British banks would be the risk
:07:21. > :07:26.because of their eurozone loans. The Bank of England and the
:07:26. > :07:28.Treasury have developed contingency plans to protect the British banks
:07:28. > :07:34.that would involve guaranteeing their debts.
:07:34. > :07:37.The British banking system is a large portion of our economy, much
:07:37. > :07:41.larger than other economies, if the guarantees that the Government has
:07:41. > :07:46.given for the British banks were culled, -- called, which they could
:07:46. > :07:52.be, we are without dut the most indebted country in the world in
:07:52. > :07:56.those circumstances. So, however much we in the UK can
:07:56. > :08:00.congratulate ourselves for staying out of the eurozone, we cannot
:08:00. > :08:06.protect oufs completely, if the worst were to happen over there.
:08:06. > :08:11.Thank you very much. The new Vauxhall Astra is to be
:08:11. > :08:15.built at Ellesmere Port securing thousands of jobs in Cheshire.
:08:15. > :08:20.General Motors is investing �125 million in the plant. The
:08:20. > :08:27.announcement was made after the workers accepted a deal on new pay
:08:27. > :08:32.and conditions. It was business as usual today, but
:08:32. > :08:37.for the staff there was a big difference, after months of concern
:08:37. > :08:43.they were finally told that the jobs were safe. Now the next
:08:43. > :08:47.generation of this car, the Astra would see the plant through into
:08:47. > :08:51.the next decade. Everyone is happy. It will be a
:08:51. > :08:55.good weekend. I have two young children, obviously a mortgage, so
:08:55. > :09:01.it is fantastic news. General Motors says that the plans
:09:01. > :09:06.with the new car will involve a �125 million investment. That will
:09:06. > :09:12.safeguard employment for 2,100 existing staff, adding a third
:09:12. > :09:17.shift will result in 700 new jobs and 3,000 jobs to be created across
:09:17. > :09:20.the supply chain. We worked hard to make the best
:09:20. > :09:25.case for Ellesmere Port, the Vauxhall motors in the UK. We have
:09:25. > :09:29.a labour agreement that does that. It is great news for Vauxhall, for
:09:29. > :09:34.General Motors, for the workers and indeed the UK economy.
:09:34. > :09:38.The Business Secretary, Vince Cable, stepped in to support the factory,
:09:38. > :09:43.even flying to the US to meet with motormotormerit's top brass to make
:09:43. > :09:47.the case for Britain, but it came down to the staff accepting new
:09:47. > :09:51.terms and conditions. That labour agreement, signed off this morning
:09:51. > :09:56.was crucial to securing the future of the plant. It involve as four-
:09:56. > :10:01.year pay deal. There is a two-year pay freeze and more flexible
:10:01. > :10:04.working by the staff. Union members voted to accept the
:10:04. > :10:13.deal to lift the uncertainty surrounding the plant.
:10:13. > :10:18.I believe there was a real ines. -- I believe that General Motors acted
:10:18. > :10:24.appallingly to leave the threat to dangle.
:10:24. > :10:29.Britain's car workers helped the firms including Jaguar Land Rover,
:10:30. > :10:36.Nissan and Mini through the downturn by accepting tough pay
:10:36. > :10:39.deals, now the industry is reaping the rewards.
:10:39. > :10:44.This sector now exports more than it imports.
:10:44. > :10:48.We have bounced back, it has exported its way out of trouble.
:10:48. > :10:51.That shows the strength that the industry has benefited by having a
:10:51. > :10:54.weak sterling, so the exports are competitive.
:10:54. > :10:59.Ellesmere Port has been a cornerstone of the UK's auto
:10:59. > :11:03.industry for a half a century. It has kept generations of local
:11:03. > :11:10.epeople in work. Tonight the staff went home, knowing that the
:11:10. > :11:13.manufacturing tradition will continue for years to come.
:11:14. > :11:18.The bodies of two British servicemen killed in Afghanistan
:11:18. > :11:23.have been brought home. Lance Corporal Lee Thomas Davies of 1st
:11:23. > :11:26.Battalion Welsh Guards had been in Afghanistan since March and Airman
:11:26. > :11:33.Corporal Brent John McCarthy of the Royal Air Force from killed on
:11:33. > :11:37.Saturday. They were providing security for local officials in
:11:37. > :11:42.Helmand province. The war crimes tribunal of General
:11:42. > :11:47.Ratko Mladic has been suspended as prosecutors failed to disclose some
:11:47. > :11:57.of the evidence. This morning the The Hague heard that General Ratko
:11:57. > :11:57.
:11:57. > :12:02.Mladic was possible for the massacre of 7,000 men, women and
:12:02. > :12:09.children, he denies the charges. Facebook is to go public in New
:12:09. > :12:13.York with the sale of shares. The demand is set to be high. Questions
:12:14. > :12:19.remain about Facebook's ability to generate profit and to take
:12:19. > :12:22.advantage of mobile phone platforms. It started as the Facebook in 2004.
:12:22. > :12:27.The brainchild of a Harvard student called Mark Zuckerberg, it has
:12:28. > :12:34.grown and changed year by year into one of the most powerful businesses
:12:34. > :12:39.of the internet age. It now has 900 million active users who upload 300
:12:39. > :12:45.million photos a day, but here is an extraordinary figure, $104
:12:45. > :12:49.billion, the value put on Facebook. This video featuring Mark
:12:49. > :12:53.Zuckerberg and his top team have been shown to investors over the
:12:53. > :12:56.last fortnight. It appears to have done its job. So big the demand for
:12:56. > :13:01.shares, that the price has been raised.
:13:01. > :13:05.You take Ford with the focus launch it was driven entirely, almost, by
:13:05. > :13:09.Facebook. This man runs the worl's biggest
:13:09. > :13:13.advertising business, but Facebook will be valued at six times the
:13:13. > :13:18.price of Sir Martin Sorrell's WPP. There are a lot of question marks,
:13:18. > :13:22.but people are looking at the internet. Looking at the growth of
:13:22. > :13:29.ecommerce, the growth of internet and tj advertising and coming to
:13:29. > :13:34.the conclusion that the future valuation of, or the future
:13:34. > :13:39.revnuegss and profitability of Facebook will be such to justify
:13:39. > :13:45.the $100 billion valuation. But if Facebook justifies the price
:13:45. > :13:52.tag, the people that use it, the business will be vial. The business
:13:52. > :13:55.demends on they -- depends on them seeing more advertising and using
:13:55. > :14:01.the internet. This could be a challenge. As more people use
:14:01. > :14:05.phones to access days book, persuading them that adverts are a
:14:06. > :14:10.small -- on a small screen will be a good idea, may be hard.
:14:10. > :14:18.I think it being on the phone is annoying. It is targeting you. I
:14:18. > :14:21.would not like it. If it is disruptive, that depends.
:14:21. > :14:26.This week General Motors was to pull its advertising from Facebook
:14:26. > :14:32.as it was not selling cars from this. Some are advising caution.
:14:32. > :14:35.We are telling invest rs to hold off. We don't know what the guts of
:14:35. > :14:39.the balance shoot look like. We want to understand the business
:14:39. > :14:45.before telling people to invest. But with small investors keen to
:14:45. > :14:51.get in on the act, the shares could soar. Then comes the hard bit.
:14:51. > :14:53.Proving that online friendship Relatives of the blind Chinese
:14:53. > :14:55.activist, Chen Guangcheng, have given detailed accounts of the
:14:55. > :14:58.torture and retribution they've allegedly suffered at the hands of
:14:58. > :15:01.Chinese authorities. The BBC has obtained the first interviews with
:15:01. > :15:05.family members of Mr Chen since he escaped from house arrest last
:15:05. > :15:08.month and fled to the US Embassy in Beijing. The events caused a
:15:08. > :15:16.diplomatic rift between the US and China as our correspondent, Damian
:15:17. > :15:21.He is the blind Human Rights activist whose escape into the arms
:15:21. > :15:26.of American diplomats put China and the US at loggerheads. He has been
:15:26. > :15:30.under guard in a Beijing hospital. Just how Chen Guangcheng managed to
:15:30. > :15:36.flee his illegal house arrest, eluding dozens of guards watching
:15:36. > :15:41.him is becoming clearer. First, he had to scale the walls of
:15:41. > :15:45.his house. As he did, he fell and broke his foot. He hid in a
:15:45. > :15:50.neighbour's pigsty. Then felt his way late that night to the river.
:15:50. > :15:54.He couldn't swim across, but the guards on the bridge were asleep.
:15:54. > :15:58.Villagers found him covered in mud at 5pm and hid him. Then he was
:15:58. > :16:03.driven with his brother's help to a town where he met activists who
:16:03. > :16:09.spirited him to Beijing. This is the first interview with
:16:09. > :16:13.his brother. When the guards discovered Chen had escaped, he was
:16:13. > :16:18.seized, hooded and interrogated for two days and three nights.
:16:18. > :16:22.TRANSLATION: They sat me in a chair. Bound my feet with iron chains. Put
:16:22. > :16:29.my arms behind my back and handcuffed me. They yanked my hands
:16:29. > :16:37.upwards and slapped my face and stamped on my feet with their shoes.
:16:37. > :16:42.By that time, Chen was safely here in the American Embassy. The local
:16:42. > :16:45.Communist party bosses were furious. TRANSLATION: I resisted for a long
:16:45. > :16:48.time. In the end, I couldn't hold out anymore. I didn't want to name
:16:48. > :16:52.those who helped my brother, but I had to.
:16:52. > :16:57.His wife says enraged officials attacked their 32-year-old son who
:16:57. > :17:01.tried to defend himself. TRANSLATION: So many people were
:17:01. > :17:07.beating him. His face was beading and his legs too. His trousers were
:17:07. > :17:11.torn. He said, "Mum, I need to escape now.". His son has been
:17:11. > :17:15.arrested and charged with attempted murder. In Beijing, Chen Guangcheng,
:17:15. > :17:20.his wife and two children remain confined in the hospital. He told
:17:20. > :17:23.us by telephone today, that he can't walk. His wife can only go
:17:23. > :17:27.outside with approval. They have been allowed to apply for passports
:17:27. > :17:31.to go to America. If the passports are approved, Chen
:17:31. > :17:36.Guangcheng could be on his way to New York within a fortnight and the
:17:36. > :17:40.issue that caused a crisis between America and China will be defused,
:17:40. > :17:49.but he will have to leave behind relatives at risk of further
:17:50. > :17:58.Coming up on tonight's programme: A different world - we look at the
:17:59. > :18:01.changing face of Britain during the The Olympic flame has been formally
:18:01. > :18:04.handed over to Britain at a ceremony in Athens. David Beckham
:18:04. > :18:07.and the mayor of London, Boris Johnson, were part of an official
:18:07. > :18:12.delegation led by Princess Anne that travelled to Greece to collect
:18:12. > :18:15.the torch. The flame will be taken around the UK on a 70 day relay
:18:15. > :18:23.before the Games begin. Our sports editor, David Bond, watched the
:18:23. > :18:28.The Olympic flame better get used to this. After a week sunning it's
:18:28. > :18:36.deaf in Greece, the torch was given a typically British send-off in
:18:36. > :18:40.Athens today. At least some VIP members of the
:18:40. > :18:45.London 2012 delegation saw the funny side. After a seven year wait,
:18:45. > :18:50.others might have been wondering whether it was all a bad omen.
:18:50. > :18:54.is our attention to detail that we have organised a bit of rain to
:18:54. > :18:59.acclimatize the torch to what it will experience in Britain!
:18:59. > :19:03.Handing over the Olympic flame... The dark clouds cleared in time for
:19:03. > :19:07.the handover to the British Olympic Association president, the Princess
:19:07. > :19:12.Royal. At last, the torch is in British hands and tomorrow, arrives
:19:12. > :19:17.in the UK. The torch relay didn't exist when
:19:17. > :19:21.the first modern Olympics were held in this stadium in 1896, but it is
:19:21. > :19:25.a crucial part of the build-up to any Games and for London, marks the
:19:25. > :19:31.start of an extraordinary British summer.
:19:31. > :19:36.Well, the horse is in theory... Princess Anne told me, she was
:19:36. > :19:40.relishing a summer which features not only the Olympics, but the the
:19:40. > :19:48.Queen's Diamond Jubilee. It is busy. There is a lot of competition for
:19:48. > :19:56.space and time. But, you know, 2012 is an extraordinary year and I
:19:56. > :20:00.think it will be remembered as such. Watchteded by The Queen and members
:20:00. > :20:06.of the Royal Family. Princess Anne became the first
:20:06. > :20:10.member of the Royal Family to compete in the Olympics as part of
:20:10. > :20:14.the three day Olympic eventing team. She is proud of her sporting
:20:14. > :20:17.heritage. I presume you would have loved to
:20:17. > :20:21.have competed in a home Olympics? would have found it really
:20:21. > :20:26.difficult to do it on my home patch. It would have been easier to have
:20:26. > :20:31.done it elsewhere. I would hate to be doing it now. It has got worse.
:20:31. > :20:35.REPORTER: Because of the pressures? Yes, to everybody. I mean once upon
:20:35. > :20:40.a time it would have been to one or two of the athletes who had higher
:20:40. > :20:44.profiles. Her daughter, Zara Phillips may
:20:44. > :20:49.face those pressures, but her chances of competing in London look
:20:49. > :20:53.slim. After the pomp and ceremony, this is how the flame will be flown
:20:53. > :21:03.to Cornwall. It might have had a damp start, but organisers hope the
:21:03. > :21:07.
:21:07. > :21:12.relay will fire enthusiasm for the The Thames river pageant will be
:21:12. > :21:19.the biggest flotilla. The flotilla is part of the Queen's Diamond
:21:19. > :21:24.Jubilee and will include 1,000 vessels of all sizes. The latest
:21:24. > :21:29.jubilee event was the Queen's visit to the north-east of England.
:21:29. > :21:33.It it has been two days in which the people of the of the north-east
:21:33. > :21:37.of England have come out in their tens of thousands to show their
:21:37. > :21:42.loyalty to the Crown. On the Queen's watch, support for the
:21:42. > :21:46.British monarchy has rarely fallen below 70% across six decades.
:21:46. > :21:49.Pollsters describe it as one of the most stable indicators they have
:21:49. > :21:52.encountered. One might have expected in
:21:52. > :21:57.austerity Britain where institutional, resentment and
:21:57. > :22:00.mistrust are almost the norm, but inherited power and privilege would
:22:00. > :22:06.have become unacceptable, but in Lancashire this week, the flags and
:22:06. > :22:11.the crowds are out in force. Just as they were when The Queen
:22:11. > :22:15.last came here. It was 1955 and people were also wondering why
:22:15. > :22:20.austerity Britain continued to embrace the Royal Family.
:22:20. > :22:26.But the monarchy represented continuity at a time of huge social
:22:26. > :22:34.change. Among the crowds that day, was Ray
:22:34. > :22:38.Clarke, back on almost the same spot 57 years later.
:22:38. > :22:47.1,000 years of the monarchy, there is nothing to equal it anywhere in
:22:47. > :22:55.the world and we've got it. This is a no nonsense sort of place
:22:55. > :22:58.and yet the excitement of a wealthy, her red hereditary monarch is
:22:58. > :23:08.palpable. She is amazing.
:23:08. > :23:15.With belts being tightened, the British increasingly define
:23:15. > :23:19.Britishness by more than wealth and possession.
:23:19. > :23:27.For her to come to our town, and to show love to her is a big thing for
:23:27. > :23:33.The monarchy may not make sense to many, but from generation to
:23:33. > :23:37.generation, it is invested with a mystical significance.
:23:37. > :23:44.The British love to celebrate their eccentricity, not everything has to
:23:44. > :23:50.be logical or rational. You wouldn't invent the monarchy now,
:23:50. > :23:55.but there is something in it that plays to our national DNA. The
:23:55. > :23:57.British rarely pass up an opportunity for wearing daft hats
:23:58. > :24:03.and not taking ourselves too seriously. There is a slice of
:24:03. > :24:07.Britain that sees monarchy as a survive of a bygone age at odds
:24:07. > :24:17.with a modern demock crass European Commission but the same arguments
:24:17. > :24:18.
:24:19. > :24:22.perhaps explain its popularity. It The American singer, Donna Summer,
:24:22. > :24:28.has died. She was 63 and she had been receiving treatment for cancer.
:24:28. > :24:34.She was famous for a series of disco classics. Her family said
:24:34. > :24:44.that they were at peace celebrating her extraordinary life and her
:24:44. > :24:50.
:24:50. > :24:54.continued legacy as David Sillito That sound, the pulsing electrobeat,
:24:54. > :25:02.Donna Summer's soaring voice. This was in 1977, the sound of the
:25:02. > :25:08.future. She started off defining an era.
:25:08. > :25:13.Then with the track I Feel Love, she elevated disco into high energy
:25:13. > :25:19.and then onwards which now, you know, is the daddy of today's
:25:19. > :25:28.modern dance music. So she was so influential. Donna Summer had
:25:28. > :25:38.learned to sing in a gospel choir, but they didn't teach her this.
:25:38. > :25:39.
:25:39. > :25:45.She met the music producer while living in Germany. It was a sound
:25:45. > :25:50.she later regretted. I was tired of the whole sex image
:25:50. > :25:54.because it wasn't me and it was something I was playing as a role,
:25:54. > :26:00.but it wasn't who I was as a person, and I always resented it.
:26:00. > :26:07.In the 80s, she found god and lost many of her fans, especially many
:26:07. > :26:12.of her gay fans. Alleged comments about HIV, comments which she later
:26:12. > :26:15.denied, were career poison. Another music producer wanted to
:26:15. > :26:19.work with her. She was disco. We all owe that
:26:19. > :26:24.woman a debt because certainly I wouldn't be standing here talking
:26:24. > :26:29.about music in these lovely surroundings if it wasn't for a
:26:29. > :26:34.girl who sang I Feel Love because it made me want to make pop records.
:26:34. > :26:44.29 top 40 hits, the song that changed the world's dance floors,
:26:44. > :26:47.