:00:05. > :00:15.the latest headlines. It is now time for the latest financial news.
:00:15. > :00:17.
:00:17. > :00:21.Here is Sally with World Business Report. Hello and a warm welcome.
:00:21. > :00:25.The headlines: As thousands turnout in Athens for another night of
:00:25. > :00:29.protest, there is a fresh call on the Prime Minister to reshuffle his
:00:29. > :00:32.cabinet. The boss of General Electric
:00:33. > :00:42.presents President Obama with his initial report on what can be done
:00:42. > :00:47.to boost job creation in the US. Flights out of Melbourne that
:00:47. > :00:54.Parisian but the ash cloud perfects flights in Hobart and New Zealand.
:00:54. > :00:58.-- affects flights in Hobart and New Zealand. As anti- austerity
:00:58. > :01:02.protests in Athens and have therefore squeaker the country's
:01:02. > :01:06.Prime Minister is under increasing pressure to reshuffle his cabinet.
:01:06. > :01:08.One of his deputies has openly called for the Finance Minister and
:01:08. > :01:14.others to be replaced by a new economic team involving officials
:01:14. > :01:18.from other parties. Local reports suggest he is considering the move
:01:19. > :01:22.but only if the main opposition party backs his revised savings
:01:22. > :01:31.plan in a parliamentary vote later this month. To talk us through the
:01:31. > :01:35.issues I am joined by our electric -- owl expert in the Greek economy.
:01:35. > :01:44.What do you make of these calls that have been gathering pace over
:01:44. > :01:48.the weekend for a reshuffle of Cabinet? The Greek programme of
:01:48. > :01:56.economic reforms so far has not achieved the progress they had
:01:56. > :02:02.hoped. People are starting to look for solutions. One of these is the
:02:02. > :02:07.possibility of a reshuffle. For the time being, these calls came from
:02:07. > :02:11.quarters which opposed the reform. From that point of view I do not
:02:12. > :02:16.think that based on these calls there will be such a reshuffle and
:02:16. > :02:22.particularly a replacement of the Minister of National economy. But
:02:22. > :02:27.on the other hand there is some pressure from EU countries for the
:02:27. > :02:31.ma maion party to support these reforms, in which case, if
:02:31. > :02:36.there is a basis through which the government and the main opposition
:02:36. > :02:41.party do agree on some kind of co- operation, I would say it is
:02:41. > :02:45.possible to have such kind of replacement. The possibility of
:02:45. > :02:51.such an agreement at this stage is relatively small but not completely
:02:51. > :02:56.non-existent. If there were a new economic team, do you think it
:02:56. > :03:01.would make it easier for Greece to get more money, more borrowing next
:03:01. > :03:06.year? This is the issue. The Greek debt situation is not getting any
:03:07. > :03:11.easier for the government to sort out. If that were to be within the
:03:12. > :03:15.context of a government of wider acceptance, a kind of co-operation
:03:15. > :03:20.between the government and the main opposition party, then yes. Because
:03:20. > :03:25.that would send a strong signal that the two main parties agree on
:03:25. > :03:28.the basic principles of reform. Then the programme and its
:03:28. > :03:32.implementation will be easier to follow. But that will not
:03:32. > :03:38.necessarily bring the interest rate down for the Greek authorities. It
:03:38. > :03:43.is very expensive for them to borrow. Yes. For the interest rates
:03:43. > :03:47.to decline, you need to seek not only words but action. They need to
:03:47. > :03:56.have a realistic plan. They need to show the determination to implement
:03:56. > :04:00.the plan. We will watch this space and keep everybody in touch. Taiz
:04:00. > :04:04.volcanic ash continues to cause problems for the airline industry.
:04:04. > :04:08.Carriers in Australia and New Zealand are the latest affected
:04:08. > :04:11.with dozens of flights cancelled because of an eruption in Chile.
:04:11. > :04:17.Let's get the latest from Our Sydney Correspondent. What is the
:04:17. > :04:23.latest? Some flights have resumed out of Melbourne airport. That
:04:23. > :04:27.airport was shut down. That is why the biggest airports in Australia.
:04:27. > :04:32.So it there has been a huge knock- on effect around the country
:04:32. > :04:37.because of that. But the ash cloud is still causing huge problems in
:04:37. > :04:44.Tasmania, where the Hobart airport remains shut. And also, flights
:04:44. > :04:51.between Australia and New Zealand have been affected. Qantas are
:04:51. > :04:57.still grounding those fires. Some 30,000 passengers have been
:04:57. > :05:02.affected. It's it's is there a real worry about what will happen next?
:05:02. > :05:06.When you talk about volcanic ash in Europe, a shiver goes down
:05:06. > :05:11.everybody's spine. What is the feeling about where you are about
:05:11. > :05:21.how difficult this could become? is remarkable that it has affected
:05:21. > :05:23.
:05:23. > :05:25.his part of the world. This was from a volcano in Chile. You would
:05:25. > :05:31.expect it to cause problems in South America, but not in
:05:31. > :05:36.Australia! Virgin Airlines started operating flights. Qantas is far
:05:36. > :05:42.more cautious. It has a policy where if there is a significant ash
:05:42. > :05:46.cloud in the atmosphere, they do not fly at all. New Zealand have
:05:46. > :05:50.been flying. They have been trying to conduct the tours around the ash
:05:50. > :05:56.cloud and fly at low altitude. There is the concern that there
:05:56. > :06:00.will be a knock-on effect, not only from the ash cloud, but from the
:06:00. > :06:05.knock-on effect. Thank you very much.
:06:05. > :06:11.Pravda has revealed it hopes to raise as much as $2.6 billion to
:06:11. > :06:19.its flotation on the Hong Kong Stock Exchange. The Italian firm
:06:19. > :06:24.sale prospectus says some of that raised will be used to raise its
:06:24. > :06:27.network. The stock price is due to be confirmed on Friday. Trade
:06:27. > :06:35.starts one week it might have. The Israel's central bank chief has
:06:35. > :06:41.one of the backing of the Palestinian to stand for IMF
:06:41. > :06:44.President. He was described as a superb human being who would make a
:06:44. > :06:48.great managing director. However the Palestinian Authority is not
:06:48. > :06:52.involved in the selection process and experts say France's Christine
:06:52. > :06:57.Lagarde remains the favourite. China's efforts to restrict bank
:06:57. > :07:03.lending appear to be working. Data shows that new loans totalled $85
:07:03. > :07:07.billion in May, lower than previous month. The central bank has made a
:07:07. > :07:12.lender's' Reserve will require us to record levels and told them to
:07:13. > :07:20.scale back loads to the property sector. Experts warned not to read
:07:20. > :07:24.too much into single month numbers. Talking of reading into numbers,
:07:24. > :07:28.President Obama today receives his first progress report from the
:07:28. > :07:34.Council of business chiefs asked to suggest steps to boost employment.
:07:34. > :07:44.The panel, led by General Electric, delivered its suggestions just over
:07:44. > :07:48.
:07:48. > :07:51.one week after the joblessness rate rose. It's with roughly one in ten
:07:51. > :07:55.of Americans out of work, President Obama is selling his support behind
:07:55. > :08:03.the country's Community College system to change the way people
:08:03. > :08:08.find new jobs. Here they retrain the unemployed and according to
:08:08. > :08:12.this man, they are busier than ever. They come from all walks of life.
:08:12. > :08:18.That is the interesting thing from this recession. Nobody has been
:08:18. > :08:22.spared. People have to reinvent themselves. At this community
:08:22. > :08:26.college they do not only retrain those looking for a job. They also
:08:27. > :08:33.work with local businesses to help them find new opportunities which
:08:33. > :08:39.they hope will eventually lead to more job creation. One graduate is
:08:39. > :08:43.Michael, owner of a coffee lounge. He has a staff of 12 and also
:08:43. > :08:50.supplies the New York branches of a supermarket chain. He says the
:08:50. > :08:57.course was invaluable. encompassed what we needed. We had
:08:57. > :09:01.a great idea and I understood budgeting from other businesses I
:09:01. > :09:07.had been involved in, but it solidified what we were lacking the
:09:07. > :09:12.most. The biggest challenge that we are seeing now is the fact that
:09:12. > :09:16.unemployment is still way too high. Since the President's job Council
:09:16. > :09:20.met last February, the recovery has slowed. With opinion polls showing
:09:20. > :09:27.more of their -- more Americans disapproval of his handling of the
:09:27. > :09:32.economy, his own job may be at risk. It is all these issues we talked
:09:32. > :09:36.about in today's show, the situation with Greece, the slowing
:09:36. > :09:39.recovery in the US economy, that is the general feeling that is pulling
:09:40. > :09:45.down these market today. There is not specific corporate news