:00:05. > :00:15.violent student protests. -- Chile. We now bring you the latest
:00:15. > :00:20.
:00:20. > :00:25.financial news with World Business report. Hello and welcome. The
:00:25. > :00:32.headlines: another day of strikes increase. Banks warned they want to
:00:32. > :00:38.see more sacrifice before writing off her that debt. A new union is
:00:38. > :00:46.forged. Russia and ex-Soviet nations signed an historic trade
:00:46. > :00:54.pact. Another day and another protest against government cuts in
:00:54. > :00:59.Greece. Public-sector workers are staging a general strike today.
:00:59. > :01:04.Athens is caught between opposition to austerity and impatience from
:01:04. > :01:10.overseas creditors. Greece's future as part of the eurozone looks
:01:10. > :01:20.uncertain. How would greet business protest -- coat with a return to
:01:20. > :01:21.
:01:21. > :01:30.the trapped Mark? It has been run by the same family for 70 years. --
:01:30. > :01:39.drachma. The country makes too little itself and often exports are
:01:39. > :01:44.only will materials. Because it gets all its material, honey, from
:01:44. > :01:49.beekeepers you would think this company would be self-contained and
:01:49. > :01:54.would benefit from dropping the euro and adopting a devalued
:01:54. > :01:59.drachma to boost its expert -- exports. But the family who run
:01:59. > :02:09.this company say they do not want to return to the drachma. We always
:02:09. > :02:10.
:02:10. > :02:16.had problems with drachma. The currency went down. For example you
:02:16. > :02:23.would build with a great product but import packaging and pay higher
:02:23. > :02:29.costs. We want to stay with the euro. We want to leave with a
:02:29. > :02:35.stable currency. The company's bosses are enraged by suggestions
:02:35. > :02:43.Greeks are lazy. They say private companies work hard and pay for the
:02:43. > :02:47.country's civil servants. They are fed up with bureaucracy's. To send
:02:47. > :02:53.out product from Athens to an island is more expensive than
:02:53. > :02:58.sending it to Italy. This did not help us to become competitive. We
:02:58. > :03:05.need the free market. If we are in the free market Greek companies can
:03:05. > :03:13.work miracles. The message is clear enough. They have become stronger
:03:13. > :03:17.since Greece adopted the euro. They sell on quality, not price. Greece
:03:17. > :03:22.hopes to get another 8 billion euros from lenders in the next few
:03:22. > :03:27.days but few now believe that will be enough to enable Greece to repay
:03:27. > :03:33.his debts. The head of German Banks says lenders would be reluctant to
:03:33. > :03:38.write off more than the agreed 21 % of Greek debt. The head of the
:03:38. > :03:44.Association of German Banks said he would not consider a bigger haircut
:03:44. > :03:49.without seeing fundamental reform. Always the private investors have
:03:49. > :03:55.said they are willing to accept a 21 % haircut. This is a significant
:03:55. > :04:01.step that will help Greece to come forward and solve their problems.
:04:01. > :04:08.This should be fixed now. This is not yet fixed. This will help
:04:08. > :04:13.Greece to develop in a better way. But it is very important that
:04:13. > :04:19.capital markets, investors, have a minimum of trust in the States and
:04:19. > :04:23.bags. This is not increased when you always increase the amount of
:04:23. > :04:30.haircut which you want to get from private investors. A short distance
:04:30. > :04:34.from here, the Reichstag, angry people a cant. They are very angry
:04:35. > :04:40.at banks. If they heard you say you are not the problem they would get
:04:40. > :04:44.angrier. We have to explain that to the people. We understand they are
:04:44. > :04:49.angry and concerned and do not understand what is going on because
:04:49. > :04:55.this is a very complicated issue. We must make clear that this is not
:04:55. > :05:00.a banking crisis. This is a crisis of trust in the state. We have to
:05:00. > :05:10.make clear to the public that the financing of the welfare state in
:05:10. > :05:17.the past by taking more public debt, this is over. Greece is not alone
:05:17. > :05:24.in its failure to find a credible solution to its huge debt. Moody's
:05:24. > :05:30.followed standard and Poor's and downgraded Spain's credit rating by
:05:30. > :05:34.two notches. They say the banks owed too much to foreign creditors.
:05:34. > :05:41.The downgrade will make it more expensive for Spain to repay its
:05:41. > :05:46.debt. Those problems in the European Union have not deterred
:05:46. > :05:54.their eastern neighbours. Vladimir Putin has outlined a vision to
:05:54. > :06:01.create an Eurasian Union. Earlier this month, a former Soviet nations
:06:01. > :06:08.Russia, Moldova, Ukraine and others signed an historic trade pact. But
:06:08. > :06:16.the free energy which states of Azerbaijan, Turkmenistan and was
:06:16. > :06:21.back a star and have yet to join the customs union. An expert joins
:06:21. > :06:26.us from Armenia one of the signature nations. This is the
:06:26. > :06:36.grand plan of Russian Prime Minister Vladimir Putin? How will
:06:36. > :06:39.
:06:39. > :06:47.it work? It EC's grand plan and as he revealed earlier heearlier he as
:06:47. > :06:54.an economic union first of all. He allayed concerns that this has
:06:54. > :06:58.anything to do with recreating the Soviet Union. He sees this as first
:06:58. > :07:06.of all an economic, NO-SPACE where there will be free movement of
:07:06. > :07:12.goods and capital as well as Labour. But there is also a political
:07:12. > :07:21.agenda. Let's talk about what he wants to achieve. It is a huge idea.
:07:21. > :07:31.It has massive potential. What is behind it from his board a few?
:07:31. > :07:40.turn -- Vladimir Pruden and the Kazakhstan President CVs as an
:07:40. > :07:45.opportunity to recreate a European Union in the space of former Soviet
:07:45. > :07:51.countries. Essentially it will be a replica of the European Union in an
:07:51. > :07:56.ideal case where you will have economic and political union with
:07:56. > :08:00.international projects co- ordinating economic and political
:08:00. > :08:04.policies of the member states. have to leave it here. We have no
:08:04. > :08:12.more time to talk about the issues and problems. I am sure there are
:08:12. > :08:18.many. The profits of Yahoo have felt more than 25% in the three
:08:18. > :08:24.months to September. His chief executive was sacked a few weeks
:08:24. > :08:29.ago. The search engine is st sto compete with Dougal.
:08:29. > :08:36.Shares in Apple fell sharply in trading on Wall Street after it
:08:36. > :08:41.unveiled worse than expected earnings for the third quarter.
:08:41. > :08:48.Profit rose but Apple sold shares 17 million iPhones in the three
:08:48. > :08:52.0 million forecast. Customers are
:08:52. > :09:01.holding off fought the launch of the next phoe next pho is not all
:09:01. > :09:07.bad news. Computer giant Intel recorded a 17 % profit increase.
:09:07. > :09:15.The group saw a sharp rise in sales of servers. Its corporate customers
:09:15. > :09:22.ar ar arentres to phones and notebook PCs using Intel
:09:22. > :09:30.chips stop Bella it was an all-time revenue and profit record. When we