:00:03. > :00:13.Those are the latest headlines. We now bring you the latest
:00:13. > :00:18.
:00:18. > :00:24.financial news. This is World Business Report. The
:00:24. > :00:29.headlines. From a home-made computer to a 300 and D D dollars
:00:29. > :00:35.empire it does make $350 billion empire, we look back at the legacy
:00:35. > :00:43.of Steve Jobs. Moves to head of economic crisis from the European
:00:43. > :00:47.Central Bank and the Bank of England.
:00:47. > :00:51.Among the hundreds of tributes pouring in today from fenced --
:00:51. > :00:55.friends and rivals in the business world, this from News Corporation
:00:55. > :00:59.chief Rupert Murdoch, Steve Jobs was simply the greatest TV
:00:59. > :01:05.executive of our generation. This is to sum up a career that started
:01:05. > :01:10.in a suburban garage and ended up at the head of the $350 billion
:01:10. > :01:16.corporation, the world's top technology firm by market value.
:01:16. > :01:23.Steve Jobs died aged 56. He not only revolutionised at the
:01:23. > :01:31.Technology Industry, but made his unique mark on several others.
:01:31. > :01:40.He is a veteran technology journalist. She is from a
:01:40. > :01:45.technology website. Faint you both for being on the programme.
:01:45. > :01:50.This is quite an incredible night to remember. Steve Jobs in boy it -
:01:50. > :01:55.- embodied the Silicon Valley entrepreneur. He is an icon, not
:01:55. > :01:59.only from people in America, around the world, it shows that you do not
:01:59. > :02:05.need to go from -- go to a prestigious college, it shows that
:02:05. > :02:10.you can start in a garage, with $1,000 a regionally, and that you
:02:10. > :02:16.can change the world. I think a lot of people resonate with that story.
:02:16. > :02:21.In India, many people want to be Steve Jobs as well. It is quite
:02:21. > :02:26.incredible, because he had no formal technology training, and no
:02:26. > :02:31.business experience. To go from creating innovation, but to be
:02:31. > :02:35.running the most powerful, as some would argue, the most powerful, but
:02:35. > :02:41.certainly the biggest company by market value in technology in the
:02:41. > :02:48.world, that is something. You do not need a degree to be Steve Jobs.
:02:48. > :02:53.He took calligraphy and a number of other things. A lot had to do with
:02:53. > :02:58.his taste, and having good taste for products that people wanted. He
:02:58. > :03:01.did not go with friends, he was not pressed it -- pressured by trains,
:03:02. > :03:08.that was his greatest asset in building Apple to what it has
:03:08. > :03:16.become. In terms of the journey, it was not an easy one. He had half
:03:16. > :03:23.times, he was even ousted from the company. It does -- it goes back
:03:23. > :03:27.further than that. He was adopted, later he met his parents. He was
:03:27. > :03:32.ousted from his company. He was brought back in. When he came back
:03:32. > :03:38.to Apple, it was almost bankrupt. It could have certainly gone down.
:03:38. > :03:44.It was astonishing and that 15-year time frame, how he built it to this
:03:44. > :03:50.level of innovation and power. was really a make-or-break moment
:03:50. > :03:54.for Apple. A lot of people were saying that they were not history,
:03:54. > :03:58.but they were becoming a company that was only for experts in a
:03:58. > :04:02.certain area of expertise, in technology, not the broad range of
:04:02. > :04:10.products that nearly everybody is using around the world today.
:04:10. > :04:15.is exactly right. Him following his will or intuition. He did not rely
:04:15. > :04:20.on focus groups. When he went back to Apple, he decided what the road
:04:20. > :04:24.map for the product categories would be. He had a mind that the
:04:24. > :04:29.computers were not going to be not just for computing, but would-be
:04:29. > :04:34.digital devices for media such as television and radio, music, and
:04:34. > :04:40.film. He implemented that over the course of his lifetime. Again, by
:04:40. > :04:45.following his vision, not relying on focus groups, what is taught in
:04:45. > :04:50.business-school what to do. What is the feeling about the future for
:04:50. > :04:57.Apple? At this has been discussed a lot already. Tim Cook is at the
:04:57. > :05:02.helm. What are people saying? did a beautiful job of transition.
:05:02. > :05:06.He did it before it was the last moment of his life. So it was not a
:05:06. > :05:10.crazy transition. Tim Cook has been running the company behind the
:05:10. > :05:17.scenes and now he is on the front line. So I think everybody will
:05:17. > :05:26.watch what the products are going to be. He has left an astonishing
:05:26. > :05:34.DNA in the company. It is still so strong, led by the iPhone and the
:05:34. > :05:39.iPad. It is the passing of technology's greatest innovator. He
:05:39. > :05:49.impacted on so much technology, and so many people following him. Apple
:05:49. > :05:50.
:05:50. > :05:56.will remain a very important technology company.
:05:56. > :06:05.Thank you both for being on the programme.
:06:05. > :06:09.It is a very important day for the eurozone as the debt crisis spirals.
:06:09. > :06:12.Markets will be watching very closely for the next moves from the
:06:12. > :06:17.European Central Bank and the Bank of England, who are holding their
:06:17. > :06:23.monthly meetings today. At the European Central Bank, it is the
:06:23. > :06:28.chairman's last meeting before he is exceeded. The ECB is expected to
:06:28. > :06:33.act to head off a new credit crunch by reintroducing an emergency it
:06:33. > :06:38.will mark lending scheme to struggling banks today. But no kart
:06:38. > :06:42.is in -- in interest rates is expected. He may give strong
:06:42. > :06:46.signals that interest rates will be coming down in the coming months.
:06:46. > :06:51.At the Bank of England, signs that the UK could be slipping back
:06:51. > :06:58.towards recession, may be a return to quantitative easing as early as
:06:58. > :07:03.this month. They bought up government bonds between 2009 and
:07:03. > :07:11.2010. Interest rates are set to stay at record lows. Despite
:07:12. > :07:16.inflation been more than twice the Bank's target level.
:07:16. > :07:25.If we start with what the ECB is likely to say today, what do you
:07:25. > :07:31.think? They would take out the last emergency tool from their first aid
:07:31. > :07:41.kit. It is going to be more end -- more lending, more liquidity for
:07:41. > :07:44.
:07:44. > :07:49.the banks. It is to help the banks are survive in the next month.
:07:49. > :07:55.it be enough to stop the market's from becoming incredibly nervous
:07:55. > :08:01.and fractures between now and G20 at the beginning of next month?
:08:01. > :08:06.Probably not. The markets are also looking for a rate cut by the ECB
:08:06. > :08:11.but I do not think the ECB is going to deliver that. Inflation is far
:08:11. > :08:21.too high. The economy is not falling off a cliff. From the ECB
:08:21. > :08:23.
:08:23. > :08:25.point of view, there is no rate cut on the cards right now. It is very
:08:25. > :08:31.important in discussions about the European financial stability fund,
:08:31. > :08:39.what do we make about the new President and his position as he
:08:39. > :08:44.takes over? There is a lot of prejudice about him being Italian,
:08:44. > :08:54.watering down the stability of the ECB, but I think he will be heading
:08:54. > :08:59.
:08:59. > :09:04.an institution. I do not expect many changes. Quickly about the UK.
:09:05. > :09:09.A lot of pressure on the Bank of England to do something to energise
:09:10. > :09:13.the UK economy. We had the UK finance minister, George Osborne,
:09:13. > :09:19.talking about credit easing this week at their party conference.
:09:19. > :09:26.What is your take on what the Bank of England will be doing? Issued be
:09:26. > :09:30.similar to the ECB. Rate changes do not seem to be on the cards. But a