:00:05. > :00:15.been killed since the beginning of its campaign in 1988. Now it is
:00:15. > :00:21.
:00:21. > :00:26.time for World Business Report. The summit this weekend to save the
:00:26. > :00:36.euro. France and Germany admit they will have to have more talks next
:00:36. > :00:38.
:00:39. > :00:44.week. Caution in Asia as investors remain sidelined ahead of the
:00:44. > :00:54.crucial European summit. Rupert Murdoch's faces his shareholders,
:00:54. > :00:57.
:00:57. > :01:01.bracing for a rough ride over the phone hacking scandal. After many
:01:01. > :01:06.months going round in circles European leaders cannot put things
:01:06. > :01:16.off for much longer. At a summit in Brussels this weekend they will try
:01:16. > :01:18.
:01:18. > :01:21.to finalise their grand plan to solve the European debt crisis. The
:01:21. > :01:29.rest of the financial world can only watch and wait. Our
:01:29. > :01:39.correspondent reports. A few days to save the Cern and its economy
:01:39. > :01:47.
:01:47. > :01:56.from a conflagration that would scorch the global economy. -- to
:01:56. > :02:00.euros and saved the eurozone. Popular press Test against the
:02:00. > :02:09.flaws in the financial system are mushrooming all over America and
:02:09. > :02:14.Europe. This protest is outside St Paul's Cathedral. Been protest
:02:14. > :02:24.could become larger and louder. How long are you prepared to stick it
:02:24. > :02:27.
:02:27. > :02:32.out? The people are to be to fail. -- too large to fail. You cannot
:02:32. > :02:38.make too many parallels between Greece and he. The common factor is
:02:38. > :02:45.that people are being made to pay for crisis they did not cause.
:02:45. > :02:52.Contagion from Greece, strikes, strife and economic meltdown that
:02:52. > :02:57.European leaders want to avoid at all costs. They are looking to
:02:57. > :03:02.strengthen banks and increase the bail-out fund. Escalation of the
:03:02. > :03:12.crisis, real problems with Greece. Countries like Italy and Spain
:03:12. > :03:14.
:03:14. > :03:19.stand to suffer. There is still a divide between France and Germany
:03:19. > :03:23.on how to increase the size of their rescue fund. There is no
:03:23. > :03:30.consensus on whether Greece should be allowed to write off more of its
:03:30. > :03:36.debt. They can stop the crisis getting worse but the really be a
:03:36. > :03:41.challenge is to get sustainable growth back to the countries of the
:03:41. > :03:47.periphery. We are not seen that happening. What should be
:03:47. > :03:50.preventable in the coming hours and days his financial catastrophe, but
:03:50. > :04:00.stabilising these Anne and rebuilding his economy is a Labour
:04:00. > :04:02.
:04:02. > :04:12.for the months and years ahead. -- stabilising the rose. BBC News.
:04:12. > :04:12.
:04:12. > :04:19.What is the feeling about the weekend? On the market's investors
:04:19. > :04:29.are not taking any big positions. Volumes are thin. Markets have not
:04:29. > :04:31.
:04:31. > :04:38.done anything exciting this Friday morning. The AA XX 200 has gone
:04:38. > :04:42.into negative territory. They had open slightly higher at now the
:04:42. > :04:47.markets are not reacting well. There is a lot of concern about
:04:47. > :04:57.what will happen at the summer and in Europe. Of course they are
:04:57. > :04:59.
:04:59. > :05:09.hoping to see some kind of resolution. The eurozone is the
:05:09. > :05:09.
:05:09. > :05:17.biggest trading partner for Singapore, for instance. The
:05:17. > :05:24.ratings of Spain, Italy, Ireland and Portugal could have their
:05:24. > :05:29.ratings downgraded. That will not help sentiment in Asia. People are
:05:29. > :05:36.watching developments in Libya with interest as to whether the death of
:05:36. > :05:46.Colonel Gaddafi will hasten the return to oil production. If you
:05:46. > :05:46.
:05:46. > :05:54.take the markets as a gauge their has not been too much reaction.
:05:54. > :06:01.Very mixed reaction in spite of optimism that perhaps the death of
:06:01. > :06:08.Colonel Gaddafi may be to a resumption of the oil industry in
:06:08. > :06:14.Libya. We heard from the chairman of the National Oil Company to say
:06:14. > :06:24.that output has already been ramped up but There RAL tough challenges
:06:24. > :06:25.
:06:25. > :06:28.ahead for Libya. We construction will take some time. News
:06:28. > :06:34.Corporation chief Rupert Murdoch is braced for a rough ride from
:06:34. > :06:40.shareholders this Friday. A growing number of shareholder advisory
:06:40. > :06:45.groups are recommending that shareholders use the AGM to vote
:06:45. > :06:49.against News Corp directives. Someone to see Rupert Murdoch and
:06:49. > :06:57.his sons ousted from the board following the phone hacking scandal.
:06:57. > :07:01.Our correspondent reports. At eight he won Rupert Murdoch is under
:07:01. > :07:11.pressure as never before. A vocal band of News Corp shareholders
:07:11. > :07:12.
:07:12. > :07:19.wanted get rid of him id of him n and chief executive. This woman
:07:19. > :07:22.represents a foundation of shareholders. She says there are so
:07:22. > :07:29.many issues with a musical is run it is difficult to know where to
:07:29. > :07:34.begin. It is frustrating that there seems to be a lack of
:07:34. > :07:43.accountability and transparency. Shareholders have been continually
:07:43. > :07:48.frustrated on many fronts by a lack of transparency. The phone hacking
:07:48. > :07:52.scandal emerged in the UK lusty. End led to the closure of News of
:07:52. > :08:02.the World at all certain multiple arrests and lawsuits and critic the
:08:02. > :08:12.loss of a major deal. News col's attempts to buy BSkyB. -- News
:08:12. > :08:18.
:08:18. > :08:22.Corp's attempts. Broadcaster and satellite licences can tarnish the
:08:22. > :08:28.reputation so they cannot get them any more. It puts the whole
:08:28. > :08:34.enterprise in jeopardy Foster shareholders may be angry, but they
:08:34. > :08:40.are unlikely to get their way with Rupert Murdoch end his family.
:08:40. > :08:44.shareholder meeting may get heated, but it is unlikely to mean big
:08:44. > :08:48.changes for the company. The Murdoch company controls almost
:08:48. > :08:58.half of the voting shares and the UK News of the World hacking
:08:58. > :08:59.
:08:59. > :09:05.scandal has still had only a limited impact in the US. BBC News.
:09:05. > :09:14.Investors will be watching results from General Electric for more
:09:14. > :09:22.signs of the global economy. They make everything from lightbulbs to
:09:22. > :09:29.jet tensions and their growth has been down 10% this year. As