:00:05. > :00:15.on protesters. Those are the latest headlines from BBC News. Time for
:00:15. > :00:17.
:00:18. > :00:26.World Business Report. This is World Business Report. Signs of
:00:26. > :00:33.progress on Italy and Greece. Asia shares rebound after a turbulent
:00:34. > :00:39.week on brighter prospects in the US. India's former telecoms
:00:39. > :00:49.minister goes on trial in the country's largest ever corruption
:00:49. > :00:52.
:00:52. > :01:00.scandal. Markets have been staging a modest recovery after Wednesday's
:01:00. > :01:05.massive losses. The naming of the ECB official as Greece's interim
:01:05. > :01:15.leader, and Italy's success of selling 5 billion euros of bonds
:01:15. > :01:18.
:01:18. > :01:24.helped markets. Germany has denied wanting to redesign the eurozone.
:01:24. > :01:34.The finance minister has been in Lisbon discussing Portugal's bail-
:01:34. > :01:42.
:01:42. > :01:48.out. TRANSLATION: The euro is a solid group which is open to those
:01:48. > :01:52.who meet the criteria for joining. I do not want the euro to be
:01:52. > :01:57.subdivided into a virtuous northern region and a southern region. We
:01:57. > :02:02.will stick together. There is no Europe without Portugal, there is
:02:02. > :02:11.no euro without Portugal. You should not let yourself be taken in
:02:11. > :02:21.by stupid suggestions. Are they stupid suggestions that the
:02:21. > :02:25.
:02:25. > :02:30.eurozone could split in two? This would create significant a mile. --
:02:30. > :02:35.turmoil. It would be a very big gamble for uncertain gains. The
:02:35. > :02:45.other option, the pain said the bank can start printing money and
:02:45. > :02:48.
:02:48. > :02:56.use that money to buy up Italian bonds. -- European Central Bank.
:02:56. > :03:06.This would give some breathing space. Italy does not have the same
:03:06. > :03:06.
:03:06. > :03:13.problems as Greece. If the ECB intervenes and makes it clear to
:03:13. > :03:18.investors, that could bring some relief on bond yields. You hear the
:03:18. > :03:23.expression breathing space, it is only breathing space. Italy and
:03:23. > :03:28.other countries have to tackle their debts. That is right. They
:03:28. > :03:38.need to do their job. The problem is, the reforms we are talking
:03:38. > :03:48.about, making labour markets more flexible, the ECB cannot step in to
:03:48. > :03:50.
:03:50. > :03:56.other countries... Meanwhile, there is this controversy over France.
:03:56. > :04:03.Standard and Poor's is downgrading the debt on France. It is a
:04:03. > :04:08.sensitive issue. No country at the moment can be complacent. We have
:04:08. > :04:14.seen quite significant measures to address this. It is probably next
:04:14. > :04:20.on the list of countries to watch. Thank you. Let's see how all of
:04:20. > :04:30.this is affecting markets in Asia. There is a little bit of relief on
:04:30. > :04:36.the markets, isn't there? There is a tad. We have seen a massive sell-
:04:36. > :04:41.off this year. Wall Street has been rising. Asian markets have followed
:04:41. > :04:48.in line. A bit of relief from the sale of Italian bonds that went
:04:48. > :04:52.better than expected. Asian stocks are rebounding from their largest
:04:52. > :05:00.decline in seven weeks that we saw yesterday. The Nikkei is up
:05:00. > :05:06.marginally. There is a combination of factors, US jobless claims
:05:06. > :05:11.falling to their lowest level in seven months. Consumer confidence
:05:11. > :05:21.climbing for a third month. Italy will vote on a debt reduction
:05:21. > :05:28.
:05:28. > :05:37.measure today. You have got new leaders for Greece and Italy.
:05:37. > :05:41.Japan's yen rose to its strongest level against the dollar. Thank you.
:05:41. > :05:46.There could be evidence in the next few hours that Spain is drifting
:05:46. > :05:53.back towards recession. Official GDP numbers could confirm growth
:05:53. > :06:00.has ground to a halt after a rise of just 0.2% in the previous three
:06:00. > :06:07.months. Unemployment is at 21%. 5 million people are out of work.
:06:07. > :06:14.Spain's economy will return to recession with in two months. I
:06:14. > :06:24.answer is expected to report a plunge in profits later today. --
:06:24. > :06:26.
:06:26. > :06:29.alliance. Profits have fallen more than 50% in the third quarter.
:06:29. > :06:39.Europe's number three insurer will revealed the damage done by the
:06:39. > :06:48.
:06:48. > :06:55.crisis when it publishes its results. India's former telecoms
:06:55. > :07:01.minister goes on trial today in a corruption scandal. He is one of 17
:07:01. > :07:06.officials in the dock over alleged bribery in the sale of mobile-phone
:07:06. > :07:11.licences in 2008. The affair has rocked the Prime Minister's
:07:11. > :07:17.administration. It has dented confidence in one of the world's
:07:17. > :07:22.fastest-growing telecoms markets. Political royalty behind bars in
:07:22. > :07:25.connection with the country's largest corruption scandal. The
:07:25. > :07:31.daughter of a powerful politician has been charged with criminal
:07:31. > :07:37.breach of trust for allegedly selling mobile phone licences in a
:07:37. > :07:47.preferential manner. They deny wrong doing. They are not the only
:07:47. > :07:48.
:07:48. > :07:54.ones. There are 15 others who are recused. -- accused. This scam has
:07:54. > :07:58.cost the state $30 billion in lost revenue. The telecom sector in
:07:58. > :08:04.India is one of the fastest-growing in the world. Over the last year it
:08:04. > :08:14.has been rocked by the scandal. Despite that, the mobile phone
:08:14. > :08:15.
:08:15. > :08:25.market is robust with 865 million subscribers. Because of lack of
:08:25. > :08:26.
:08:26. > :08:35.clarity and a good policy on issues of pricing. I think there is a
:08:35. > :08:40.whole lot of uncertainty. This scam has added to the uncertainty.
:08:40. > :08:49.However this legal experts fierce, the case has highlighted corruption
:08:49. > :08:54.in the country. If you compare it with all the previous scandals, if
:08:54. > :09:00.you look at the magnitude of the personalities involved, it is a
:09:00. > :09:06.landmark judgement. I am sure the world's business community is
:09:06. > :09:14.watching what is going on. There is a lot at stake. All the accused
:09:14. > :09:20.pleaded not guilty. The court has said the charges levelled against
:09:20. > :09:28.them are of a very serious nature. The government hopes this sector
:09:28. > :09:32.will once again shine bright free of corruption.
:09:32. > :09:37.With the relief concerning some kind of decision on political