:00:05. > :00:15.Luther King as a terrible man and is getting about her husband's
:00:15. > :00:15.
:00:15. > :00:25.price -- vice-president, Lyndon Johnson. -- scathing. We now have
:00:25. > :00:26.
:00:26. > :00:30.the latest financial news. This is World Business Report. The
:00:30. > :00:35.headlines: Germany's chancellor calls for calm ahead of crucial
:00:35. > :00:39.talks with the leaders of France and Greece today. Italy's
:00:39. > :00:49.parliament seeks to end weeks of dithering and indecision bypassing
:00:49. > :00:50.
:00:50. > :00:56.austerity measures. I am sure you are aware it has been a very
:00:56. > :01:03.volatile week for the eurozone. Turbulent by its standards and it
:01:03. > :01:11.is only when state. On Monday shares in French banks all fell by
:01:11. > :01:18.over 10%. -- only Wednesday. The shares have bounced back on Tuesday
:01:18. > :01:23.and Wednesday. Germany's finance minister added to jitters saying
:01:23. > :01:27.Greece leaving the eurozone could not be ruled out. Angela Merkel
:01:27. > :01:31.says Europe faces and his direct challenge and everything must be
:01:31. > :01:35.done to keep the eurozone together. Later today she would discuss the
:01:35. > :01:45.crisis with the French President and the great Prime Minister. I am
:01:45. > :01:50.
:01:50. > :01:56.head -- joined by head of capital investments. I do not know what
:01:56. > :02:00.they can say. The Greece economy was expected to grow weekly this
:02:00. > :02:04.year because of the austerity measures. It has disappointed the
:02:05. > :02:09.mediocre expectations we had. The Prime Minister will announce new
:02:09. > :02:15.measures on the telephone, one is to lay off 40,000 public sector
:02:15. > :02:22.workers next year? I do not know what the limits are. We know that
:02:22. > :02:27.the tolerance of the great body politic has been one very thin. The
:02:27. > :02:31.Prime Minister has taken some very decisive steps, but to stabilise a
:02:31. > :02:41.debt crisis like this, you have to grow the economy to some degree.
:02:41. > :02:42.
:02:42. > :02:47.You cannot lose 7% a year. Greece has been in a depression since 2008.
:02:47. > :02:53.More cuts will cause it to grow more slowly. The euro keeps sinking
:02:53. > :02:58.in the meantime. We will see you when we go through the newspapers.
:02:58. > :03:02.Let's stay with the eurozone. Italy's austerity bill is expected
:03:02. > :03:06.to get approval in the lower house of parliament today. It will not be
:03:06. > :03:10.agreed a moment too soon for the financial markets. The cost of
:03:10. > :03:20.borrowing has shut up to a three- year high. The package has been put
:03:20. > :03:24.together after weeks of dithering and squabbling. It has been
:03:24. > :03:30.described as the package to save Italy. No doubt it will be properly
:03:30. > :03:34.implemented. One reason why Silvio Berlusconi has been in Strasbourg
:03:34. > :03:41.to try and reassure the EU President that the 54 billion euros
:03:41. > :03:48.deficit cut will be rigorously enforced. Getting this far has been
:03:48. > :03:52.tricky. Many in the financial world feared Italy had lost the will to
:03:52. > :04:00.push the unpopular plans through. Representatives squabbled over the
:04:00. > :04:06.main measures. Higher taxes for high income earners and changes in
:04:06. > :04:10.pensions. Some provisions were dropped and then reinstated.
:04:10. > :04:14.TRANSLATION: I think the austerity measures were put together very
:04:14. > :04:22.quickly, but they are essential. There should be benefits rather
:04:22. > :04:28.than problems. Agreeing the package is one thing, making its stake is
:04:28. > :04:35.another. There is no sign the opposition has gone away.
:04:35. > :04:43.TRANSLATION: No austerity measure will help. We are burning billions
:04:43. > :04:47.because of Berlusconi's unreliability. The turmoil in Italy
:04:47. > :04:50.centres not only on the solvency but the fortunes of a Prime
:04:50. > :04:55.Minister who seemed reluctant to push some of the tougher measures
:04:55. > :05:00.through. Italy is financing itself with some of the highest interest
:05:00. > :05:04.rates it has paid since joining the eurozone, the cost of borrowing may
:05:04. > :05:13.only come down when Italy can show its austerity plan is eating into
:05:13. > :05:23.its 1.9 trillion euros debt pile. Premier Wen Jiabao Open de World
:05:23. > :05:27.Economic Forum a few hours ago. -- opened the World Economic Forum.
:05:27. > :05:32.Premier Wen Jiabao used his speech to champion China's economic
:05:32. > :05:38.progress over the last decade. He said China needed to focus more on
:05:38. > :05:47.stimulating its domestic economy to drive growth. TRANSLATION: China
:05:47. > :05:57.will continue to expand its domestic demand to increase more
:05:57. > :05:58.
:05:58. > :06:04.domestic consumption, to increase living standards. That is a taste
:06:04. > :06:12.of what he had to say. We go to the World Economic Forum. What was his
:06:12. > :06:16.key message? Premier Wen Jiabao is due to retire over the next year.
:06:16. > :06:22.He will have had ten years at the helm of the Chinese juggernaut
:06:22. > :06:32.economy. He is taking this opportunity to pass himself and his
:06:32. > :06:33.
:06:33. > :06:37.team on the back. He also talked about the new decade of people
:06:37. > :06:41.growth. He also took the opportunity to talk about some of
:06:42. > :06:46.the challenge is that remain ahead. The average Chinese family makes
:06:46. > :06:51.and the 4,000 US dollars every year. That is much less than a comparable
:06:51. > :06:58.family in America. There is a lot of catching up to do. He talked
:06:58. > :07:04.about ways to do that. Urbanisation, talking about people leaving from
:07:04. > :07:12.villages to the city's. Cities seem to be mushrooming out of nowhere.
:07:12. > :07:17.This is happening. I am sure he had something to say about the European
:07:18. > :07:24.debt crisis? That is right. Even before the conference started,
:07:24. > :07:27.delegates were talking about the news that Italy and China were
:07:27. > :07:37.together. Premier Wen Jiabao said China were happy to help, but he
:07:37. > :07:39.
:07:39. > :07:47.wanted the rest of the world to recognise China's economic status.
:07:47. > :07:51.Thank you. Let's have a look at some other business stories.
:07:51. > :07:57.Microsoft has unveiled the next generation of the Windows operating
:07:57. > :08:07.system. Windows aid will run on tablet computers as well as desktop
:08:07. > :08:08.
:08:08. > :08:12.and laptop PCs. -- Windows 8. The Scandinavian airline will present
:08:12. > :08:18.his new strategy later, it has been struggling to compete with low-cost
:08:18. > :08:22.rivals such as Ryanair and Norwegian air. It will focus on
:08:22. > :08:27.cost cutting and target a return to profit this year. It has only made
:08:28. > :08:32.a profit in the last eight years twice. India's releases its
:08:32. > :08:40.inflation figures later today. Analysts are predicting a rise of
:08:40. > :08:46.9%. India's Central Bank have had to increase borrowing costs 11
:08:46. > :08:50.times in the last 15 months. Intel has set up a development
:08:50. > :08:59.partnership with internet giant Google to improve its mobile phone
:08:59. > :09:08.and Tatler processes that run on the Android system. -- tablet
:09:08. > :09:11.processors. Let me tell you about what is happening on the markets. I
:09:11. > :09:20.cannot tell you figures at the moment because of technical
:09:20. > :09:24.problems. In Asia Japan is down by about 2%. Other markets in Asia are
:09:24. > :09:30.lower. It is because of the same story we have been talking about
:09:30. > :09:34.for many days and weeks. The concern about Europe. It is sliding
:09:34. > :09:41.on the foreign exchange market for the fifth day in a row. Oil is also
:09:41. > :09:44.down. It is because of concerns about the European debt crisis. We
:09:44. > :09:54.were told more about that when we look at the International
:09:54. > :10:04.
:10:04. > :10:09.newspapers in a few moments time. We have some more news from the UK.
:10:09. > :10:16.The first female Asia peer has criticised Bangladeshi families
:10:16. > :10:20.living in Britain for having too many children. She said minority
:10:20. > :10:24.communities have a large number of children to claim more benefits.
:10:24. > :10:30.Amy Winehouse's family are launching a charitable foundation
:10:30. > :10:40.in her name. Her father says he wants the money to go to causes
:10:40. > :10:43.
:10:43. > :10:48.that were close to her heart. It would have been Amy Winehouse's
:10:48. > :10:55.28th birthday. Her family has released this song, recorder with
:10:55. > :11:01.Tony Bennett just months before her death. -- recorded. The proceeds
:11:01. > :11:07.will help youth charities. I was in New York the day she died. I was
:11:07. > :11:17.with my cousin. As I was told she died, I had this thought, I was
:11:17. > :11:26.
:11:26. > :11:33.like, I -- icy calm. Amy Winehouse Foundation, children and horses. My
:11:33. > :11:43.beliefs are well known, I believe in life after death. Amy Winehouse
:11:43. > :11:44.
:11:45. > :11:54.was happy and off drugs in these months he says. The song, a
:11:55. > :12:11.
:12:11. > :12:14.reminder of the talents rather than the troubles.
:12:14. > :12:20.This is BBC News. The headlines: Leaders from Greece, Germany and
:12:20. > :12:23.France will hold emergency talks on the debt crisis. A telling
:12:23. > :12:29.conference involving the Greek Prime Minister, Angela Merkel and
:12:29. > :12:34.Nicolas Sarkozy comes amid growing fears that Greece is on the verge
:12:34. > :12:40.of defaulting on its debt. -- telephone conference. The talks may
:12:40. > :12:44.not be enough to come the markets. The words will be strong but you
:12:44. > :12:51.get no indication from the German government that there are soup the
:12:51. > :12:58.new measures that will suddenly pull a rabbit out of the hat. --
:12:58. > :13:01.Super. If the government does not deliver something larger than the
:13:01. > :13:05.rhetoric that Angela Merkel and Nicolas Sarkozy have provided, then
:13:05. > :13:10.there will be difficulties. You get no indication that they were
:13:10. > :13:15.satisfied these markets that have increasingly high expectations.
:13:15. > :13:21.Gunfights continue in Kabul, 12 people are killed including six
:13:21. > :13:25.Taliban fighters. Premier Wen Jiabao has opened the World
:13:25. > :13:35.Economic Forum in Dali. He said he was confident of growth and that
:13:35. > :13:37.
:13:37. > :13:42.China will continue to invest in Europe. -- audio tapes of Jackie