:00:04. > :00:14.were killed. Time now for the latest money news
:00:14. > :00:15.
:00:15. > :00:21.with World Business Report. Welcome to build -- World Business
:00:22. > :00:25.Report. The headlines: France, Italy, Spain and Belgium or ask --
:00:25. > :00:30.banning the short-selling of some stocks in an effort to calm the
:00:30. > :00:36.markets. We will get a better idea of how
:00:36. > :00:39.the Greek economy is doing as the third set of growth figures are
:00:39. > :00:49.released. Japan cut its growth forecast for
:00:49. > :00:52.
:00:52. > :00:55.the year to reflect the natural disasters in March.
:00:55. > :01:01.Regulators have imposed a ban on the short-selling of selected
:01:01. > :01:06.financial stocks in France, Italy, Belgium and Spain. The move is
:01:06. > :01:15.designed to stop investors betting on share falls -- Falls and follows
:01:15. > :01:17.days of swings to stop crisis. Shares fell by over 20% and one
:01:17. > :01:25.point on Thursday. Greece and Turkey have already imposed
:01:25. > :01:31.restrictions. We are joined by a senior market analyst. Firstly,
:01:31. > :01:38.what is short-selling? The ability to profit from a stock not anyone
:01:38. > :01:44.it is going up but when it is going down. Two short sell comedy what
:01:44. > :01:48.the price to go down. Why is it so dangerous? Because we are getting
:01:48. > :01:52.so much panic in the markets, you tend to get a rational trading
:01:52. > :02:01.decisions. This can be quite dangerous because if you get these
:02:01. > :02:05.irrational moods, we have seen it things plummet so heavily because
:02:05. > :02:11.of short selling. The question is whether this 15 days will be long
:02:11. > :02:16.enough. But it is a free market, people have a right to hedge and
:02:16. > :02:22.speculate. But because of the damage it can cause and how
:02:22. > :02:27.rational the markets get when there is panic, we have seen it does not
:02:27. > :02:33.take hardly anything at all. They just need to be a little rumour and
:02:33. > :02:38.we get huge swings all over the place. There are real ramifications
:02:38. > :02:45.for Leigh's share prices. Why not just ban it permanently? Wire and
:02:45. > :02:50.the ban it for 15 days at a time? This is a bit of a PR exercise also.
:02:50. > :02:55.It puts beer into the market are saying, you can't do this. Whether
:02:55. > :02:59.it is 15 days or longer does not really matter. It is more the stage
:02:59. > :03:05.and steps of doing it than the fundamental issue of doing it
:03:05. > :03:10.totally. Thank you for joining us. The Greek economy is continuing to
:03:10. > :03:13.shrink. That is what the financial world is expecting will be
:03:13. > :03:18.confirmed later when Athens announces its first set of
:03:18. > :03:25.quarterly gross -- growth figures since the latest eurozone and IMF
:03:25. > :03:28.bail-out. The credit crunch, spending cuts and rights in the
:03:28. > :03:32.street have sent the economy into a nosedive.
:03:32. > :03:38.More visitors this summer. One of the few bits of good news for
:03:38. > :03:42.Greece. The tourist business is keeping one in five Greeks in work.
:03:42. > :03:49.In a country where many feel threatened by reforms that have hit
:03:49. > :03:57.their income. Many Greeks have to be convinced that the government
:03:57. > :04:04.programs will boost business later on. Are they trying to improve the
:04:04. > :04:09.tax efficiency, tax corruption, reduce the fiscal deficit, they are
:04:09. > :04:16.trying to increase privatisation and introduce more deficiency in
:04:16. > :04:20.the way the government is being run. A lot of these factors take a lot
:04:20. > :04:25.of time to come through. Clearly Mr Papandreou is having a difficult
:04:25. > :04:31.time in implementing this. This is the best opportunity we have had.
:04:31. > :04:36.The recession in Greece is fuelling joblessness. Unemployment is rising
:04:36. > :04:42.at the fastest rate ever recorded. That is as shops and businesses
:04:42. > :04:46.closed. Crease has started making it easier to employ young people.
:04:46. > :04:50.All of that is in spite of the improvement in tourism. It is
:04:50. > :04:54.nearly impossible for Greece to improve its economy while trying to
:04:54. > :05:01.keep on top of its debt mountain. The hope is that assistance
:05:01. > :05:05.programs may help it to find new ways to grow.
:05:05. > :05:15.Japan has just adjusted its growth forecast for the year. More on that
:05:15. > :05:21.now. What are the figures telling us? The figures are not telling us
:05:21. > :05:29.anything she usually knew. It is in line with what the Bank of Japan
:05:29. > :05:33.said last month. They have adjusted their growth forecast. They are
:05:33. > :05:39.forecasting a growth of 0.5% in this fiscal year. That is lower
:05:39. > :05:44.than the original forecast of 1.5% growth. That was all done to
:05:44. > :05:54.reflect the slump in factory output as a result of the natural
:05:54. > :05:58.disasters in March. Essentially, BSc in the recovery from that been
:05:58. > :06:05.complicated by uncertain global economic output. Rising strength of
:06:05. > :06:07.the yen. The finance minister came out to issue a warning about the
:06:07. > :06:15.strength of the yen at a week after Japan intervened in the market to
:06:15. > :06:22.try and bring down the value of the yen. Japan is basically saying they
:06:22. > :06:26.are expecting growth next year of between 2.7 to 2.9%. That is to
:06:26. > :06:34.reflect the kind of spending they are putting into the reconstruction
:06:34. > :06:40.following the earthquake in March. Thank you. Despite all the worries
:06:40. > :06:42.about the US economy, the latest retail sales report from the
:06:42. > :06:47.Commerce Department is expected to show that some shoppers are still
:06:47. > :06:55.busy spending. Economists are forecasting a 0.5% increase in July
:06:55. > :06:58.from June. Living the high-life. The
:06:58. > :07:04.wealthiest Americans hold all the profits and luxury retailers even
:07:04. > :07:11.as the wider economy struggles. This was before the week's wild
:07:11. > :07:16.stock market swings. The big concerned is how has the high end -
:07:16. > :07:23.- how are they feeling? It feels like things will slow down pivotal.
:07:23. > :07:27.Every New Yorker knows that when it comes to bargain-hunting, this is
:07:27. > :07:33.the place to go. Even as shoppers browse through the racks of
:07:33. > :07:38.designer clothing, worries about the economy are never far away.
:07:38. > :07:44.dampens the mood a little bit. While still in high spirits, this
:07:44. > :07:50.group of friends have changed their shopping habits. My tolerance for
:07:50. > :07:58.different articles of clothing, we will be in the dressing room and I
:07:58. > :08:07.think, I really like that but not for $50. We're trying to pinch
:08:07. > :08:11.those pennies. She says probably hundreds of dollars more a month.
:08:11. > :08:15.have probably saved a thousand or more last year. It is this cautious
:08:15. > :08:21.attitude among shoppers that is giving retailers pause. The last
:08:21. > :08:24.two months of the year is when they make them money. The last six
:08:24. > :08:28.months have been good but the really important a time is coming
:08:28. > :08:33.up between back to school and the holiday. Consumer spending helps
:08:33. > :08:38.drive growth. American shoppers -- if American shoppers are spending
:08:38. > :08:43.more, that is good news. The fear is that amid all this economic
:08:43. > :08:50.uncertainty, it may not last. Other business stories making
:08:50. > :08:55.headlines: France brings out its latest GDP data. In one hour's time,
:08:55. > :09:00.it is expected to show marked slowdown. It has not produced a
:09:00. > :09:07.balanced budget since 1974. Like others in the eurozone, it is
:09:07. > :09:12.struggling with low growth. A state owned Chinese train manufacturer
:09:12. > :09:17.says it is recalling 54 bullet trains being used on the a new
:09:17. > :09:21.high-speed rail link -- link between Beijing and Shanghai. The
:09:21. > :09:26.statement comes a day after Beijing said it was suspending approval of
:09:26. > :09:32.new railway projects. It underlines the concern over the safety of
:09:32. > :09:41.high-speed rail after that fatal crash last month.
:09:41. > :09:47.The Nikkei is down slightly after being up earlier on. As far as the
:09:47. > :09:57.rest of the market in terms of the Dow and Nasdaq, those are closing
:09:57. > :10:05.
:10:05. > :10:09.on a high. That's all from me. In the UK, the average student debt
:10:09. > :10:15.could rise to more than �50,000 when higher tuition fees are
:10:15. > :10:19.introduced in England. That is according to an annual survey.
:10:20. > :10:26.A university education can be a passport to a well-paid, satisfying
:10:26. > :10:29.job. But it comes at a price. Almost 3,000 students across the UK
:10:29. > :10:34.were questioned about their finances. Undergraduates who
:10:34. > :10:40.entered university in 2010 and expected to leave with an average
:10:40. > :10:49.debt of �24,100. Projected figures show this year's intake could face
:10:49. > :10:57.debts of �26,100. Those entering in 2012, when feasible triple, could
:10:57. > :11:00.leave students with an average debt of over �50,000. This university
:11:00. > :11:04.admissions team will practise what they will do when A-levels are
:11:04. > :11:08.published next week. They're expecting a big influx of calls.
:11:08. > :11:13.This university has around 100 places available. That is one-
:11:13. > :11:16.quarter of what they had last year. That is due to the sheer number of
:11:16. > :11:22.students desperate two to go to university this autumn so they can
:11:22. > :11:26.avoid higher tuition fees and greater debt from 2012. The
:11:26. > :11:30.government says no-one should be put on -- of university because of
:11:30. > :11:35.the cost. It points out the majority of students will not pay
:11:35. > :11:45.�9,000 paid year and will not pay up front. They will be Labour's and
:11:45. > :11:49.
:11:49. > :11:53.reimbursements available. Coming up, Breakfast. All the day's
:11:53. > :12:03.news and sport and they will look back to a year ago when 33 Chilean
:12:03. > :12:14.
:12:14. > :12:19.-- Chilean miners became trapped Our top stories: A man who was
:12:19. > :12:25.beaten after trying to snuff out a fire in riots on Monday night has
:12:25. > :12:30.died. He was 68. He was attacked in Ealing.
:12:30. > :12:34.Asian stocks have risen following gains of the US and Europe. France,
:12:34. > :12:37.Italy, Spain and Belgium have banned short-selling on the shares
:12:37. > :12:41.of banks and other financial companies after sharp gains and
:12:42. > :12:45.losses in bank stocks in recent days.
:12:45. > :12:51.Syrian troops reportedly kill another 12 civilians. Hillary
:12:51. > :12:55.Clinton urges others, China, India and Europe to get tough on Damascus
:12:55. > :13:00.and impose sanctions. A company in China has recalled a
:13:00. > :13:05.54 ball at trains for safety checks. The move comes after a collision
:13:05. > :13:15.last month between two high-speed trains in a least -- in which at
:13:15. > :13:22.
:13:22. > :13:29.We start with the riots with such a have a shock to the entire British
:13:29. > :13:32.establishment. We profile a university graduate to who stole a
:13:32. > :13:38.plasma television and then handed herself into police, feeling
:13:38. > :13:45.terrible. The upcoming French elections, nine