:00:02. > :00:06.from the tragedy. -- the authorities have out.
:00:06. > :00:16.Now we bring you the latest financial news with World Business
:00:16. > :00:20.
:00:20. > :00:25.Report. Tighten up on austerity, Greece is
:00:25. > :00:31.told to make yet more savings. In the spotlight. The new man in
:00:31. > :00:35.charge at Apple gets ready for his first corporate launch as boss.
:00:35. > :00:38.China is warning the US it is risking a trade war if the
:00:38. > :00:48.Americans impose duties on countries that undervalued their
:00:48. > :00:50.
:00:50. > :00:54.currencies. A lengthy meeting in Luxembourg of
:00:54. > :00:59.finance ministers ended with a call for Greece to take yet more
:00:59. > :01:03.austerity action on top of the 28 billion euros package agreed over
:01:03. > :01:08.the summer. It comes one day after the Greek government admitted it
:01:08. > :01:18.would not meet the deficit target set by the IMF and Europe. The head
:01:18. > :01:22.of the Eurogroup insisted that there would not be a default.
:01:22. > :01:28.had nobody advocating a default for Greece. Everything will be done to
:01:28. > :01:38.avoid that and it will be avoided and nobody was advocating an exit
:01:38. > :01:39.
:01:39. > :01:46.of Greece out of the Euro area. I firmly denied all of these rumours
:01:46. > :01:51.indicating that Greece could decide to leave the euro area. I have just
:01:51. > :01:55.firmly deny or rumours concerning any kind of a Greek default.
:01:55. > :02:03.Asian markets have had the first chance to react to those words
:02:03. > :02:08.coming from the head of the Eurogroup. The Nikkei is off by
:02:08. > :02:13.1.5%. Further down you can see the South Korean market down by almost
:02:13. > :02:20.5%. But remember the Kospi was closed on Monday because of a
:02:20. > :02:29.holiday. A quick glance at the currencies there. You can see the
:02:29. > :02:33.dollar against the euro. I am joined by the head of research
:02:33. > :02:39.at HSBC. Let's talk about the meeting yesterday. Has anything
:02:39. > :02:45.changed as a result of that? There were some soothing words about no
:02:45. > :02:55.default. It's it's soothing words of course, but the fact they have
:02:55. > :02:55.
:02:55. > :03:02.not pushed through the package they were expecting he is a bit of a
:03:02. > :03:08.concern. But I think the biggest problem is that growth is worse
:03:08. > :03:14.than expected. The budget deficit is going up. They're looking for
:03:14. > :03:21.Greece to do more. They're talking about more private sector
:03:21. > :03:31.involvement. Remember the original 159 billion package. 50 billion of
:03:31. > :03:31.
:03:31. > :03:41.that came from the private sector. Do you get the sense that in the
:03:41. > :03:45.
:03:45. > :03:50.last 24 hours or so... We have heard about the Franco-Belgian bank
:03:50. > :03:55.having meetings because they're worried. Do we get the sense there
:03:55. > :03:59.is a banking crisis? We had a banking crisis in 2008 and that
:03:59. > :04:03.back was one of the first to be rescued. There are definitely
:04:03. > :04:08.stresses on the banks. We seek access to US dollar funding has
:04:08. > :04:13.been difficult. Banks want to lend to each other so much if they are
:04:13. > :04:20.worried about whether the other bank will be able to pay back the
:04:20. > :04:28.money. We have had this crisis before. The governments and policy
:04:28. > :04:34.makers are wet and are stepping in quickly. -- they are aware.
:04:34. > :04:38.Generally speaking do you expect the markets to tread water until we
:04:38. > :04:43.get to the next to deadlines? talking about the middle of October
:04:43. > :04:49.when we should hear about the lion and the summit in the middle of
:04:49. > :04:55.November. It's there are a whole lot of dates that are important. We
:04:55. > :05:04.have got a few governments left to vote on the rescue fund to push
:05:04. > :05:09.that through, these 440 billion escrow fund. -- rescue fund. This
:05:09. > :05:14.will continue for some time to come. The markets will remain very
:05:14. > :05:19.nervous. We will talk more about these data.
:05:19. > :05:23.The new boss of Apple, Tim Cook, announces his first launch later
:05:23. > :05:29.today. He replaced Steve Jobs, who resigned in August because of his
:05:29. > :05:33.help. Investors will be looking for signs he can keep up the company's
:05:33. > :05:39.reputation and his position as the world's biggest company by market
:05:39. > :05:45.capitalisation. A lot has happened since this, the very first iPhone,
:05:45. > :05:50.which was launched four years ago. Now Apple is preparing to launch
:05:50. > :05:57.version five, but it will do so without its charismatic leader, who
:05:57. > :06:01.has been replaced by his right-hand man, Tim Cook. Tim Cook's greatest
:06:01. > :06:10.strength is that he is very focused and he understands what makes the
:06:10. > :06:16.company special. He understands the products must be at a higher
:06:16. > :06:20.quality. He is also extremely skilled in operations. Tim Cook has
:06:20. > :06:29.been running Apple on a day-to-day basis for years and took the reins
:06:29. > :06:34.when Steve Jobs was taken -- talk medical leave.
:06:34. > :06:37.So far Wall Street seems unfazed by the change at the top of Apple.
:06:38. > :06:42.Steve Jobs resigned in August and since then the share price has gone
:06:42. > :06:48.up a little but come back down and it looks pretty unchanged under Tim
:06:48. > :06:58.Cook. This Apple shareholder says the company's share price has been
:06:58. > :06:59.
:06:59. > :07:06.positive. It is terrific this year compared to anything else. Apple's
:07:06. > :07:12.prospects for the long-term are excellent. It is the world's best
:07:12. > :07:20.consumer franchise determined. is one of the most valuable
:07:20. > :07:27.companies on the planet but it faces it -- increasing competition.
:07:27. > :07:35.Tim Cook must maintain Apple's consumer appeal and premium prices
:07:35. > :07:40.in a world after Steve Jobs. China's central bank says the US is
:07:40. > :07:45.risking a trade war with a new deal being discussed in the Senate.
:07:45. > :07:53.Let's go to Rico Hizon in the Singapore office. This is heating
:07:53. > :07:57.up now, isn't it? Absolutely. Beijing is not taking the
:07:57. > :08:04.initiative by US senators lightly. They are currently going on the
:08:04. > :08:09.offensive. The Foreign Ministry in a statement adamantly opposed the
:08:09. > :08:13.bill and warned that Americans must not politicise the issue. The
:08:13. > :08:17.legislation, it signed into law by the President, will allow the US to
:08:17. > :08:22.impose duties on countries that are undervalued their currencies. China
:08:22. > :08:26.says the Americans are using this issue as an excuse to adopt
:08:26. > :08:30.perfectionist trade measures that violate global trading rules. They
:08:30. > :08:35.also repeated their position that they will gradually reform currency
:08:35. > :08:45.policy by strengthening the flexibility of their exchange rate.
:08:45. > :08:48.
:08:48. > :08:58.Over the years Beijing has always denied claims that undervaluing the
:08:58. > :09:05.yuan is a bad thing. It is tit-for- tat between the Americans and the
:09:05. > :09:09.Chinese. We will talk about that more later.
:09:09. > :09:15.Reports that American Airlines is close to bankruptcy sent its shares
:09:15. > :09:18.plunging on Wall Street. They were down by 41% at one point. They
:09:18. > :09:23.closed 33% lower. A spokesman for the career acknowledged the
:09:23. > :09:27.speculation that said restructuring was not its coal and preference and
:09:27. > :09:33.the company was aware it needed to improve its results.
:09:33. > :09:39.Some good news from a major US carmakers. Chrysler saw sales more
:09:39. > :09:44.-- saw sales acts rise by more than one quarter. That's the boss of
:09:44. > :09:47.General Motors says it shows the United States has avoided a double-