:00:05. > :00:15.to an attack earlier this month. Those are the latest headlines. We
:00:15. > :00:16.
:00:16. > :00:23.now have the latest financial news. This is World Business Report. The
:00:23. > :00:28.headlines: The urgent task of saving the euro, France and Germany
:00:28. > :00:32.need to prepare their strategy for a make or break summit. A Travel
:00:32. > :00:42.update from TUI Travel as customers tighten their belts on holiday
:00:42. > :00:44.
:00:44. > :00:54.spending. One of China's largest chains is preparing for Hong Kong's
:00:54. > :00:54.
:00:54. > :01:01.largest share sale this year. It is another week and another attempt to
:01:01. > :01:05.save the euro. Nicolas Sarkozy and Angela Merkel meet to prepare to
:01:05. > :01:10.prepare their positions ahead of a critical EU summit at the end of
:01:10. > :01:14.the week. They will jointly propose changes that they hope will
:01:14. > :01:21.stabilise the euro. The main point will be stricter control over
:01:21. > :01:28.national budgets. Another idea being discussed is the sea be
:01:28. > :01:38.lining 200 billion euros to the IMF, getting around the problem it
:01:38. > :01:38.
:01:38. > :01:48.cannot intervene directly. -- European Central Bank loaning 200
:01:48. > :01:50.
:01:50. > :01:56.billion euros. Italy is implementing new austerity measures.
:01:56. > :02:06.Prime Minister Mario Monti says it is part of a scheme to save Italy
:02:06. > :02:11.
:02:11. > :02:13.and he is forgoing his eye in salary. -- his own salary. Are you
:02:13. > :02:23.optimistic Angela Merkel and Nicolas Sarkozy will come up with
:02:23. > :02:30.
:02:30. > :02:35.plans bacon both agree on? -- they can. We hope they are going to come
:02:35. > :02:41.up with some guidelines that they can follow. We are going to learn
:02:41. > :02:46.the details. They are going to be negotiated during the summit.
:02:46. > :02:53.devil is in the detail. I know it is a tricky thing to ask you, but
:02:53. > :03:00.what do you think the key issues they have to agree on are? They
:03:00. > :03:06.need to tell us more about this fiscal compact. What is it going to
:03:06. > :03:14.be about? Is it going to be a fiscal union? That is rather
:03:14. > :03:22.unlikely. Will it be streamlining the decision process on the budget
:03:22. > :03:28.with different countries? Is it going to be agreeing on what the
:03:28. > :03:38.general rules on the deficit are going to be? They need to tell us.
:03:38. > :03:38.
:03:38. > :03:43.How far are the treaty is going to be modified? -- treaties. Is it
:03:43. > :03:49.going to be between 17 or 27 European Union members in total?
:03:49. > :03:56.What is going to be the role of the European Central Bank? Is it going
:03:56. > :04:06.to be independent? We need to know. If there is a fiscal agreement, we
:04:06. > :04:08.
:04:08. > :04:18.are going to need credible sanctions for any tight and if any
:04:18. > :04:21.
:04:21. > :04:26.country tries to breach them. -- any type. What do you make of this
:04:26. > :04:31.news that the European Central Bank might give money to the IMF and
:04:31. > :04:36.help the economy is that way? are trying to resolve the issue
:04:36. > :04:43.through the back door. That is one way to do it. Another way would be
:04:43. > :04:51.to pump up the European stability fund. That has fallen short. What
:04:51. > :04:59.the European Central Bank is going to do is try to have lower interest
:04:59. > :05:06.rates. They will keep on providing liquidity to banks against new
:05:06. > :05:15.assets that are going to be admitted as collateral. That is one
:05:15. > :05:24.way of addressing the problem. This is going to be one idea to stave
:05:24. > :05:30.off the current crisis. It is not a long-term solution. We have to
:05:30. > :05:37.leave it there. We have run out of time. Thank you for explained the
:05:37. > :05:44.key issues that will be discussed today. We are looking at TUI Travel,
:05:44. > :05:47.they are expected to report a small increase in profits. Its fortunes
:05:47. > :05:55.are in stark contrast to Thomas Cook that had to go cap-in-hand to
:05:55. > :06:02.the bank. Business in Germany and Scandinavia is going well, UK and
:06:02. > :06:07.France is looking weak. At this time of the air travel agents are
:06:07. > :06:14.usually busy taking bookings for winter holidays. Not so now. This
:06:14. > :06:24.one has seen such a lack of clients that business is down by 40%.
:06:24. > :06:26.
:06:26. > :06:30.can feel that people are nervous. They do not want to spend money.
:06:30. > :06:37.For many tour operators, the year started badly as well. Following
:06:37. > :06:46.the Arab Spring, hotels and beaches were left empty in Tunisia and
:06:46. > :06:56.Marco. TUI Travel worth -- were quick to use what destinations to
:06:56. > :06:57.
:06:57. > :07:03.Spain. -- Tunisia and Morocco. TUI Travel is much more financially
:07:03. > :07:09.nimble as well. The company has far fewer high street stores than
:07:09. > :07:14.Thomas Cook. That is good news for TUI Travel because more of their
:07:14. > :07:18.customers book online. TUI Travel is writing a train for all-
:07:18. > :07:24.inclusive resorts that tend to be more upmarket than Thomas Cook with
:07:24. > :07:29.higher profit margins. Thomas Cook will report its delayed financial
:07:29. > :07:34.results next week. With weakening demand across Europe, all tour
:07:34. > :07:44.operators are likely to find the holiday business a rather UN exotic
:07:44. > :07:45.
:07:45. > :07:55.business to be in. Let's go to Singapore. Who is this company?
:07:55. > :07:58.
:07:58. > :08:08.Tell us about it. They hope its massive offering on the Hong Kong
:08:08. > :08:13.
:08:13. > :08:23.Stock Exchange will produce a greater revenue. It aims to raise
:08:23. > :08:28.
:08:28. > :08:38.$2.8 billion. It could surpass cry out's $2.5 billion offering. --
:08:38. > :08:41.
:08:41. > :08:51.Prada's. It will be listed on 15th December. Age has done more than --
:08:51. > :08:52.
:08:52. > :08:58.has got more than 1,400 outlets in China. Records show sales of luxury
:08:58. > :09:08.items will double to $28 billion in 2016 compared to last year.
:09:08. > :09:12.
:09:12. > :09:17.Analysts say the offering could be tricky. Thank you. The Irish Prime
:09:17. > :09:21.Minister Enda Kenny has warned that the public remains in an economic
:09:21. > :09:27.crisis. He delivered a televised address one day before his
:09:27. > :09:37.government will deliver austerity measures. The government was slash
:09:37. > :09:46.