:00:02. > :00:12.Those are the latest headlines. Now the latest financial news with
:00:12. > :00:16.
:00:16. > :00:22.World Business Report. These are the headlines: Carol
:00:22. > :00:26.Bartz, the boss of Yahoo, is fired by the board. Shares jump in after-
:00:26. > :00:32.hours trade. After the bail-out, the legal
:00:32. > :00:38.challenge facing Germany regarded its contribution to the eurozone
:00:38. > :00:42.rescue. -- regarding.
:00:42. > :00:50.The boss of the internet firm dr who has been ousted. Carol Bartz
:00:50. > :00:57.has been replaced by the chief financial officer. -- internet firm
:00:57. > :01:02.Yahoo. She said she was fired over the phone. She joined the firm in
:01:02. > :01:06.January of 2009, replacing the founder. Under her tenure, the
:01:06. > :01:10.company has slashed costs and organised a partnership with
:01:10. > :01:20.Microsoft. But investors have not been happy with her performance.
:01:20. > :01:22.
:01:22. > :01:26.Shares dropped by 22% this year. Carol Bartz was fired by telephone?
:01:26. > :01:32.Yes. Even in the harsh world of corporate America, this was a
:01:32. > :01:37.pretty tough way to go. It is a symbol of how rocky her tenure at
:01:37. > :01:41.Yahoo has been ever since she joined the firm into baths to nine.
:01:41. > :01:48.Many investors have questioned whether she was the right person to
:01:49. > :01:54.lead the company. -- the firm in 2009. Even though she was known as
:01:54. > :01:57.a tough-talking executive, in the end it was not enough. The problem
:01:57. > :02:05.is that you are who cannot decide what kind of company it wants to
:02:05. > :02:10.be? -- Yahoo. It is a brand that still has a lot of traction, lot of
:02:10. > :02:18.people use the website. But there is concern it is falling behind
:02:18. > :02:22.rivals like Facebook. It has not got a strategy for the future. Many
:02:22. > :02:29.people say that if you look at Carol Bartz and her track record,
:02:29. > :02:34.she is a very good business leader. She has done cost-cutting very well.
:02:34. > :02:40.But she failed to develop a strategy to lead the company
:02:40. > :02:48.forward. That is why you are seeing events unfold as they are.
:02:48. > :02:53.Saturday, we saw the Microsoft partnership did not work. Other
:02:53. > :02:59.attended partnerships were marred by personal difficulties? Yes. Some
:02:59. > :03:03.of her success has brought down costs but some of her failings, one
:03:03. > :03:09.of them in particular, was the mismanagement of the relationship
:03:09. > :03:16.with China's equivalent of Amazon. Yahoo is the largest stake colder
:03:16. > :03:20.or investors in that company. It is known as the Crown Jewel in many
:03:20. > :03:25.respects for Yahoo. A very lucrative deal. And yet she did not
:03:25. > :03:28.get on with the management there. That has been very detrimental to
:03:28. > :03:33.the company. Another issue was the deal with Microsoft not turning out
:03:33. > :03:37.to be as lucrative as many hoped. So now the company is looking in
:03:37. > :03:46.another direction. But when they made this announcement, it is clear
:03:46. > :03:50.they have not yet found a replacement for Ms Carol Bartz.
:03:50. > :03:57.you think it may be sold completely to another company? There is plenty
:03:57. > :04:01.of speculation. Even where it was being led by the co-founder of
:04:01. > :04:07.Yahoo, he handed over the reins of power to Carol Bartz after a
:04:07. > :04:11.botched merger with Microsoft. So even before she joined the company,
:04:11. > :04:15.there was talk about whether it Yahoo should partner with another
:04:15. > :04:20.firm. Speculation has begun on whether or not in fact the fact
:04:20. > :04:26.they have not got somebody lined up, perhaps this could suggest there is
:04:26. > :04:32.a deal on the cards with another firm or another business altogether.
:04:32. > :04:37.I am sure we will hear more about this in the days ahead. But there
:04:37. > :04:43.is little reaction from investors. That is why we saw the share price
:04:43. > :04:46.rise in extended hours trading. Thank you.
:04:46. > :04:54.A top court in Germany will rule later today whether the government
:04:54. > :05:01.acted lawfully in bailing out crisis-hit eurozone nations. It has
:05:01. > :05:10.some 200 million euros in loans. It is feared the courts may rule and
:05:10. > :05:16.make it harder for future financial crises. Last July, this group of
:05:16. > :05:20.men argued to the constitutional court that Germany's government
:05:20. > :05:23.went beyond its powers when it made emergency loans to Greece, Ireland
:05:24. > :05:28.and Portugal. It is thought the judges may rule that when dealing
:05:28. > :05:32.with future crises, turn the's parliament should have a greater
:05:32. > :05:37.role. But this prospect worries the financial markets. Markets are
:05:37. > :05:44.already anxious about slow-moving processors. They say there is a
:05:44. > :05:53.lack of political leadership. It will probably cause more at market
:05:53. > :05:58.anxiety and volatility in markets. Germany's leaders have sunk many
:05:58. > :06:02.millions of euros to bail out, particularly Greece. They wonder
:06:02. > :06:07.whether the single currency will still be worth it in the future.
:06:07. > :06:12.Germany runs a trade surplus with its eurozone neighbours. Especially
:06:12. > :06:15.for high-value items like prestige cars. Before the introduction of
:06:15. > :06:20.the euro, neighbouring countries would have been able to depreciate
:06:20. > :06:25.their currencies to make their produce more competitive. Now they
:06:25. > :06:30.cannot. Many economists think Germany has earned an extra 100
:06:30. > :06:36.billion euros a year because of the fixed exchange rate regime. Even if
:06:36. > :06:40.the pure benefits to the single currency project of Germany having
:06:40. > :06:50.to dig into its pockets are less than before, there is still a net
:06:50. > :06:50.
:06:51. > :06:55.benefit to be had from a German funded rescue plan. So should the
:06:56. > :06:59.European currency union become what Germans call a trans the union?
:06:59. > :07:03.Where wealth is passed from rich countries to poor? It will be
:07:03. > :07:09.debated at the end of the year when Germans can vote on the creation of
:07:09. > :07:14.the parliament bail-out fund. Europe is planning tough new rules
:07:14. > :07:17.in the energy industry. An announcement is expected later say.
:07:17. > :07:21.It is thought it may include a plan for the European Commission to have
:07:21. > :07:24.a seat at the table when European Cup -- governments negotiate energy
:07:24. > :07:29.deals so they can stop countries like Russia paying off member
:07:29. > :07:33.states against each other. Draft proposals indicate they want to
:07:33. > :07:37.negotiate energy deals on behalf of the EU as a whole. It will also
:07:37. > :07:43.push for deeper relations between the EU and Russia and the Ukraine
:07:43. > :07:46.to avoid a repeat of the 2009 gas supply disruptions. Reports also
:07:46. > :07:53.suggest that already Italy and Greece have indicated they are
:07:53. > :07:57.happy with the suggestions. Joining us is the analyst for an energy
:07:57. > :08:02.group. Good to see you. Is this really about energy security or is
:08:02. > :08:07.it about the EU pushing for more control? Potentially about both.
:08:07. > :08:13.The EU obviously Harrow it -- has an energy security issue. But at
:08:13. > :08:17.the same time, many governments will see this as a move for
:08:17. > :08:21.political control that they may not be in favour of. Negotiations can
:08:21. > :08:28.be complex. Surely individual countries will not want to share
:08:28. > :08:32.sensitive information? Individual countries will not want to share
:08:32. > :08:36.that commercial in that -- information. We have seen the
:08:36. > :08:40.potential speculation surrounding Libya this morning. That may be a
:08:40. > :08:44.case. That some governments may be concerned of the EU control in that
:08:44. > :08:48.area. The fact is, there are occasions where national
:08:48. > :08:52.governments may have different agendas to the EU as a whole. That
:08:52. > :09:02.is part of the reason for this proposal. A will it improve energy
:09:02. > :09:06.security? Already we have seen the beginnings of a controversy between
:09:06. > :09:15.the Ukraine and Russia? There were major issues at the beginning of
:09:15. > :09:24.two that a denial. But the conflict at the centre of that relationship
:09:24. > :09:28.is that which the Ukraine has. It has to be realistic. There are
:09:29. > :09:33.alternative sources available but it will take time to develop those.
:09:33. > :09:39.Should be you not, instead of looking at energy security, should
:09:39. > :09:44.it look at how to generate energy from within the EU in terms of
:09:44. > :09:53.renewables, for example? You are right. Germany, for example,
:09:53. > :09:58.is pushing on for a fifth of its renewable energy. But there will
:09:58. > :10:04.also be a heavy reliance on natural gas and particular for the medium
:10:04. > :10:08.term. One of the hopes that the EU has is that countries such as
:10:08. > :10:11.Poland can develop a conventional reserves like Shield gas to start
:10:11. > :10:17.generating more of the fossil fuels from within there.
:10:17. > :10:27.Thank you. That is the business. Stay with us
:10:27. > :10:31.
:10:31. > :10:35.as the newspaper review is coming Mauny is now from the UK. Questions
:10:35. > :10:45.are raised about the cost of the government's national citizens'
:10:45. > :10:50.
:10:50. > :10:57.service. -- more news now from the The summer is coming to an end.
:10:57. > :11:00.These teenagers are heading off in different directions. As the first
:11:00. > :11:05.16-year-olds to be involved in the service, they have had to volunteer
:11:05. > :11:11.their time to help their community. We cemented the ball back together
:11:11. > :11:17.and swept all of the parks and we padded everything. -- the wall.
:11:17. > :11:19.Everybody has been focusing on the pictures of youths destroying their
:11:19. > :11:25.cities. David Cameron insists the service is one of the answers to
:11:25. > :11:29.prevent this kind of violence. Teamwork, discipline, duty and
:11:29. > :11:33.decency. They may sound old- fashioned but they are part of the
:11:33. > :11:38.solution for this modern -- modern problem of alienated an angry young
:11:38. > :11:42.people. The report was one of the places where rioting took place. It
:11:42. > :11:48.is starting to feel the effects of cuts. While the government put
:11:48. > :11:52.money into the scheme, they have lost their council funding.
:11:52. > :11:56.Children have been coming to this school for years. And the
:11:56. > :11:59.volunteers who run it are angry that they are having to fight for
:11:59. > :12:04.survival when �1,200 was spent on each of the teenagers who did
:12:04. > :12:08.citizens' service this summer. amount of money they will spend on
:12:08. > :12:12.20 young people doing the citizenship would keep our club
:12:12. > :12:19.running for 12 months. The Prime Minister insists this year marks
:12:19. > :12:29.the start of the national citizens' service. But two things will decide
:12:29. > :12:39.
:12:39. > :12:44.to whether the long-term sees the idea sink or swim.
:12:44. > :12:48.This is BBC News. The headlines: The whereabouts of Colonel Gaddafi
:12:48. > :12:51.remains a mystery. A convoy of heavily armed vehicles left to
:12:51. > :12:58.Libya, travelling south, but officials say there is no sign of
:12:58. > :13:07.him or his sons. The US State Department says it is
:13:07. > :13:13.key for Libya to take appropriate steps. We have strongly urged the
:13:13. > :13:18.officials to detain those members of the regime who may be subject to
:13:18. > :13:20.prosecution to ensure that they confiscate any weapons that are
:13:20. > :13:23.found. Fresh allegations about the
:13:23. > :13:27.circumstances surrounding the release of the Lockerbie Bomber.
:13:27. > :13:32.The former Libyan Foreign Minister says al-Megrahi's release was
:13:32. > :13:36.connected to a big contract for the oil company BP.
:13:36. > :13:41.The Arab League is -- has delayed a visit to Syria to express concern