:00:04. > :00:14.occasion. Those are the latest headlines from BBC News. We now
:00:14. > :00:22.
:00:22. > :00:26.have the latest financial news. headlines: Looking for the eurozone
:00:26. > :00:36.bazooka, reports that Europe is discussing a way to govern is bail-
:00:36. > :00:41.out fund. The electrical company that had to pay investors to take a
:00:41. > :00:51.company off its hands. A comeback for Australia's economy, will it
:00:51. > :00:52.
:00:52. > :01:00.continue? Much has been made of the importance of this week's eurozone
:01:00. > :01:05.summit. The Financial Times is reporting negotiators are
:01:05. > :01:10.discussing the doubling the firepower of the eurozone bail-out
:01:10. > :01:16.fund by creating two separate systems. It would come in
:01:16. > :01:21.conjunction with the of -- rewriting the EU treaties. Timothy
:01:21. > :01:26.Geithner continues his tour of Europe, he will have meetings with
:01:26. > :01:33.French and Spanish leaders. He has emphasised how important it is for
:01:33. > :01:36.a fast solution to the debt crisis. I am here to emphasise how
:01:36. > :01:46.important it is that Germany and France succeed alongside the other
:01:46. > :01:49.
:01:49. > :01:54.nations in Europe in building a stronger eurozone. Greece have
:01:54. > :01:59.passed next year's austerity budget. It was part of a condition of
:01:59. > :02:04.receiving a second bail-out. The Budget is designed to slash the
:02:04. > :02:14.deficit and restore creditor confidence. After the vote one
:02:14. > :02:23.politician said it was difficult but necessary. We proved tonight
:02:23. > :02:32.that we are responsible enough to face our problems, but we are also
:02:32. > :02:42.proving that the solution is not only a mathematical one. We must
:02:42. > :02:46.
:02:46. > :02:56.preserve our society. We must avoid a solution to become unbearable to
:02:56. > :03:00.
:03:00. > :03:03.society. Nice to have you with us. Everyone is talking about this debt
:03:03. > :03:12.crisis, explained the idea of a three-pronged attack involving the
:03:12. > :03:17.bail-out fund, the IMF possibly involved? This is a discussion on
:03:17. > :03:27.the monetary plan as well as the fiscal plan. The Madrid plan, at
:03:27. > :03:32.the moment we have the European with 540 bilth 540 bil will be
:03:32. > :03:37.replaced in 2013 with the European stability mechanism. That would be
:03:37. > :03:47.500 billion. What they are now ta tat, it may come in next
:03:47. > :03:47.
:03:48. > :03:53.year rather than 2013. At the same time you can look at what other
:03:53. > :04:02.funding there might be the start the IMF and European Central Bank
:04:02. > :04:10.could be involved. -- might be. you feel that could be a credible
:04:10. > :04:14.answer that would lead to an end to the crisis? I think this Friday we
:04:14. > :04:19.have the leaders looking at both
:04:19. > :04:29.proper solution on both elements. Fiscal integration has always been
:04:29. > :04:33.
:04:33. > :04:43.necessary. You have integration of all of disintegration. --
:04:43. > :04:43.
:04:43. > :04:47.integration or disintegration. is being turned the big bazooka. We
:04:47. > :04:52.will see what comes out of this meeting tomorrow. What about the
:04:52. > :05:01.political side? We have heard from the UK Prime Minister highlighting
:05:01. > :05:11.his concerns, that is the issue, isn't it? Her -- politically they
:05:11. > :05:11.
:05:11. > :05:19.have to get this through? Yes, David Cameron has said this should
:05:19. > :05:24.solve the problem and not damage Britain's interest at the same time.
:05:24. > :05:33.If there is some solution that allows Britain an exemption, if it
:05:33. > :05:40.allows London not to be hit by the rules, the question has to be, well
:05:40. > :05:45.that get through the parliament? Although we see something plant
:05:45. > :05:55.that looks like it will work, we have a few months to see if it can
:05:55. > :05:58.
:05:58. > :06:07.get three in each country? -- through in each country. Thank you
:06:07. > :06:16.very much. You can read more on Australia. The economy is proving
:06:16. > :06:26.to be very resilient. We go to Singapore for the details. What is
:06:26. > :06:34.
:06:34. > :06:37.the news to come out of Australia Growth was aowth was ang 2.5%. They
:06:37. > :06:47.are the one that Down Under. It has rebounded confidently from the
:06:47. > :06:50.
:06:50. > :06:54.contraction Wysall between January and March. -- contraction we saw.
:06:54. > :07:02.Invests -- job creation has been strong. Businesses have been
:07:02. > :07:10.investing again. Australia is one of the strongest economies in the
:07:10. > :07:14.developed world. Australia owes much of that growth to Asian
:07:14. > :07:24.countries, particularly China. Australia's Central Bank has
:07:24. > :07:25.
:07:25. > :07:31.borrowing. Very quickly, before you go, tell us about India, they have
:07:31. > :07:35.made a decision about the retail sector? That is right. A widely
:07:35. > :07:45.anticipated decision after two weeks of protests from opposition
:07:45. > :07:55.parties. Companies like Wal-Mart may be able to own 60 -- 51% of
:07:55. > :07:56.
:07:56. > :08:01.stakes in local supermarkets. you. Europe's third largest
:08:01. > :08:10.electrical retailer or will expect to unveil losses of $14 million in
:08:10. > :08:13.around one hour. It will confirm the sale of its UK chain. It is
:08:13. > :08:23.paying a private equity group millions of dollars to take it off
:08:23. > :08:26.
:08:26. > :08:31.its hands. The coffers are as empty as the Isles, this retail chain has
:08:31. > :08:35.lost $34 million. Shoppers that can afford a televisions and other
:08:35. > :08:42.electrical items are migrating to the internet. They are getting rid
:08:42. > :08:47.of a brand that has become nothing but a burden. With times tough on
:08:47. > :08:53.the high street, why on earth would anyone want to buy a business like
:08:53. > :09:01.this? The only answer is that they are paying off another company to
:09:01. > :09:06.take it off their hands. They get a cheque for $78 million, it does not
:09:07. > :09:13.have to take on the pension fund either. For 1.5 years it could
:09:13. > :09:20.close 250 stores. They have only got a guarantee from the buyer that
:09:20. > :09:29.they will keep the stores open for 18 months. That is a very short
:09:29. > :09:34.period. That shows you some of the troubles that they have. They will
:09:34. > :09:37.try and expand in Spain, Italy and Turkey. Unlike the British arm of
:09:37. > :09:43.the business, it is still profitable. But it faces more
:09:43. > :09:49.challenging times. Challenging times, that is the theme at the
:09:49. > :09:52.moment. Let's have a look at the markets in Asia. This is in