:00:02. > :00:12.latest headlines. It is time for the financial news. We have World
:00:12. > :00:16.
:00:17. > :00:20.Business Report. This is World Business Report. The headlines: Is
:00:20. > :00:30.Europe heading into recession? Fresh data today should give us
:00:30. > :00:34.
:00:34. > :00:39.more clues. Can Blackberry survive in the world of mobile computing?
:00:39. > :00:44.We visit one of China's best known telecom companies. It is good to
:00:44. > :00:53.have you with us. Is Europe on the brink of another economic downturn?
:00:53. > :00:58.We should get more clues this morning. A recent poll of a calamus
:00:58. > :01:08.suggested that the eurozone has a 30% chance of sliding back into
:01:08. > :01:14.
:01:14. > :01:18.recession. -- economists. With around one in five of jobless
:01:19. > :01:24.in southern Europe, the continent badly needs a boost in demand for
:01:24. > :01:28.goods and services. The sovereign debt crisis is only adding to the
:01:28. > :01:34.benefit used with the OECD growing concerned about the lost generation
:01:34. > :01:38.of young people who have never worked. Construction sites are idle.
:01:38. > :01:43.Only a select few employers can commit to take on staff that they
:01:43. > :01:48.will be stuck with if things worsened towards the winter. Work
:01:48. > :01:53.seems to be slowing across Europe. The OECD has halved its growth
:01:53. > :01:58.forecasts for Germany, France and Italy to less than 1% for the
:01:58. > :02:03.entire year. We know that car makers and banks are among those
:02:03. > :02:08.industries hoping to shed more jobs. Land power says it has seen most
:02:08. > :02:16.tiring in Norway, Turkey and Bulgaria. The worst job prospects
:02:16. > :02:26.are in Greece and Italy. The Swedish defence and security group,
:02:26. > :02:26.
:02:26. > :02:34.Saab, is bucking the trend. We have had a lot of tough times since 2008.
:02:34. > :02:43.All of us in the Western world. But all of the time we have grown. We
:02:43. > :02:52.moral of the story is that we need to work harder. I do not see any
:02:52. > :02:56.quick solutions. We need to work harder, all of us. The Europeans
:02:56. > :03:06.enjoying the last rays of summer, the prospects of autumn are not so
:03:06. > :03:07.
:03:07. > :03:12.summer. The debt crisis resolved? Little signs of that so far. The
:03:12. > :03:18.markets are being driven by what is going on in Europe. While Europe is
:03:18. > :03:24.struggling to create jobs China's biggest companies are hiring.
:03:24. > :03:28.China's largest maker of equipment for the telecom industry are
:03:28. > :03:34.looking to hire tens of thousands of staff over the next few years.
:03:34. > :03:41.Business leaders are in China for the World Economic Forum. Tell us
:03:41. > :03:51.about the plans of this company. This company is based in the south
:03:51. > :03:52.
:03:52. > :03:58.of China. It is a very ambitious plan to grow internationally. One
:03:58. > :04:04.of its division chiefs told Reuters that it plans to increase its staff
:04:04. > :04:10.to 30,000 people in three years' time up from the 10,000 it has now.
:04:10. > :04:17.The goal is to compete more effectively and go up against Cisco
:04:17. > :04:23.and Hewlett-Packard. Business is booming. They are expected to make
:04:23. > :04:28.$4 billion this year. That will double in 2012. This business is
:04:28. > :04:34.running internet equipment. It is quite well known around the world.
:04:34. > :04:42.It is known everywhere apart from the US market, it has struggled to
:04:42. > :04:52.break into. There are a lot of protectionist tendencies against it.
:04:52. > :04:57.Is this true of other companies? would say that in general the
:04:57. > :05:05.employment situation in China is much stronger. It is stronger than
:05:05. > :05:15.in the West and in Europe. It varies according to age group.
:05:15. > :05:16.
:05:16. > :05:22.There is a huge shortage of factory workers. Unemployment is quite high
:05:22. > :05:30.because learning is targeted towards rote-learning, a lot of
:05:31. > :05:33.graduates struggle to find jobs. Thank you. Research in motion
:05:33. > :05:42.releases its quarterly results after the US stock market closes
:05:42. > :05:47.today. It has been a tough few months for Blackberry. It has cut
:05:47. > :05:54.thousands of jobs. Investors hope its new smart phone will help it
:05:54. > :06:03.rebound. The people in this New York City recruiting Office are
:06:03. > :06:13.loyal Blackberry uses. They could hold the key to Blackberry's
:06:13. > :06:20.successful start it -- black beret's success. It integrates
:06:20. > :06:27.everything. -- Blackberry. The smart phone market is crowded and
:06:27. > :06:31.ruthless. At the Nasdaq in New York Times Square, shares have lost 50%
:06:31. > :06:39.of their value since the start of the year. Investors have pummelled
:06:39. > :06:43.the shares because they are worried about weak sales. They are also
:06:43. > :06:49.worried about increased competition. In order to survive it is going to
:06:49. > :06:54.have to release telephones with a new software fast. Research in
:06:54. > :07:00.motion needs to prove that it can still innovate. It has not kept up.
:07:00. > :07:05.It needs to. They need to step up their game if they want to survive.
:07:05. > :07:15.This market place is brutal. Delays in opening up new devices have
:07:15. > :07:18.
:07:18. > :07:23.opened the doors to Apple and Google to grab the market share.
:07:23. > :07:27.The company is growing in developing markets. Research in
:07:27. > :07:32.motion lodged in Malaysia and Indonesia even as it loses market
:07:32. > :07:38.share to rivals in the US. Investors want to know when the
:07:38. > :07:43.turn around will happen on the company's home turf. Spain is
:07:43. > :07:48.holding a debt auction later today. The government is looking to sell 4
:07:48. > :07:51.billion euros worth of bonds. Spain has been facing rising borrowing
:07:51. > :07:56.costs on the international money markets. The European Central Bank
:07:56. > :08:05.has been buying Spanish debt. The Italian government has given final
:08:05. > :08:14.approval for an austerity plan. Severe Berlusconi says it will cut
:08:14. > :08:20.deficit by $70 billion. -- Silvio Berlusconi. The jobs plan announced
:08:20. > :08:28.by Berwick Obama is creating trade friction with Canada. -- Barack
:08:28. > :08:34.Obama. Let's bring you up to date with what the markets have been
:08:34. > :08:40.doing over the last 24 hours. Asia's is trading at the moment. It
:08:40. > :08:49.is a much better picture today than yesterday. We have come off a one
:08:49. > :08:55.year low for these markets in Asia. A lot of the gains are down to the
:08:55. > :09:00.strong sentiment coming from Angela Merkel, George Papandreou and
:09:00. > :09:04.Nicolas Sarkozy, delayed of France. They had their conference call and
:09:04. > :09:08.came out with a strong statement that Greece will remain in the
:09:08. > :09:13.eurozone. It will not be a question of a managed default. The markets
:09:13. > :09:17.are higher on that story. There are a lot of bargains out there to be
:09:17. > :09:22.had. A lot of stocks have been hammered over the story of the
:09:22. > :09:28.European debt crisis. Investors looking for bargains in the market.
:09:28. > :09:36.The euro is also higher today. That is snapping a four-day trend. The
:09:36. > :09:41.euro is gaining a bit of ground. We see how Europe's trades, markets
:09:41. > :09:47.start in a couple of hours' time. This is how things went in the US
:09:47. > :09:52.as well. It is because of the positive news coming out of Europe.
:09:52. > :10:02.That's all from me. I will see you for a look at the International
:10:02. > :10:02.
:10:02. > :10:07.newspapers. Let's have a look at some news from
:10:07. > :10:12.around the UK. �12 billion worth of food ends up in the bin every year
:10:12. > :10:16.in the UK. Much of that is down to people thinking it has gone off
:10:16. > :10:24.when it actually has said. The government will release labelling
:10:24. > :10:29.guidelines which will clear up the confusion. Forget feeding the 5,000,
:10:29. > :10:34.this team of volunteers will provide food for 35,000. Hard to
:10:34. > :10:40.believe all of this was destined for the dustbin. Most of the
:10:40. > :10:43.produce is reaching its best before or used by date. The charity takes
:10:43. > :10:50.what the shops say they cannot sell and pass it on to people who need
:10:50. > :10:55.it. The food industry could do a lot more to identify its surpluses.
:10:55. > :10:59.Let's be grown up about this. It is a huge production line and there
:10:59. > :11:04.are going to be surpluses. This is the kind of label the government
:11:04. > :11:09.would like to do away with. That date is purely for the shops, to
:11:09. > :11:18.help it with stock control. It often concede -- confuses the
:11:18. > :11:27.consumers. With the best before date you can use your judgement.
:11:27. > :11:35.You can look at it and smell it. It is up to you. Use your judgement.
:11:35. > :11:44.Eat it if you feel comfortable. For the use-by date go by what the
:11:44. > :11:48.manufacturer says. They have a strictly observed labels and cannot
:11:48. > :11:54.pass on anything that is past its best before date. Demand for their
:11:54. > :11:58.food is growing. The produce they supply is a tiny proportion of the
:11:58. > :12:08.edible food thrown out by manufacturers. They could feed so
:12:08. > :12:13.
:12:13. > :12:17.many more. The headlines: Fears that Greece is about to default on
:12:17. > :12:21.its debt appears to be comes for now. Financial markets across Asia
:12:21. > :12:27.have rallied after the leaders of France and Germany insisted Greece
:12:27. > :12:32.remains a vital member of the eurozone. We go to Athens. There
:12:32. > :12:37.are protests by hospital workers, rubbish collectors, tax and customs
:12:37. > :12:42.officials. They are angry at a recent property tax introduced by
:12:42. > :12:45.the Greek government in order to raise capital. The message from
:12:45. > :12:51.Angela Merkel and Nicolas Sarkozy of reassuring Greece is unlikely to
:12:51. > :12:57.wash with ordinary Greeks. Senior political figures from within NATO
:12:57. > :13:04.are heading to Libya to meet his new leadership. President Sarkozy
:13:04. > :13:08.will go to Tripoli today to meet the interim leaders. The head of
:13:08. > :13:12.the National Transitional Council, Mustafa Jalil, says Colonel Gaddafi
:13:12. > :13:17.is likely to carry out counter- attacks on cities and
:13:17. > :13:21.infrastructure across the country. Voters in Denmark had to the balls
:13:21. > :13:31.later for a general election. Opinion polls suggest a tight
:13:31. > :13:36.
:13:36. > :13:41.contest between the incumbent and a The as Europe scrambles to keep the