:00:04. > :00:14.country. -- Syrian. Those are the latest headlines. We have the
:00:14. > :00:14.
:00:14. > :00:22.latest financial news now. This is World Business Report. The
:00:22. > :00:27.headlines: Financial markets reacted positively to last week's
:00:27. > :00:32.European summit. There are more outstanding questions than ever. On
:00:32. > :00:41.the face of it the problems have not gone away. What is it like for
:00:41. > :00:45.the young and jobless in Libya? The economic issues remain the same.
:00:45. > :00:55.China starts a three-day policy meeting to set up objectives for
:00:55. > :00:55.
:00:55. > :01:03.the new year. The controversy over last Friday's EU summit continues
:01:03. > :01:13.in Britain. It used its veto to block changes to the Lisbon Treaty.
:01:13. > :01:15.
:01:15. > :01:22.David Cameron says the changes were not in the UK's interest. Analysts
:01:22. > :01:32.will be looking to see how the financial markets react when they
:01:32. > :01:35.
:01:35. > :01:40.kick off business in a few hours' time. Good morning. Give Friday's
:01:40. > :01:50.rally was a relief, what does that say for the rest of the week?
:01:50. > :01:57.
:01:57. > :02:03.are a couple of big points to sort out. We need to see that the crisis
:02:03. > :02:12.is being tackled in a way that can give confidence. Friday's rally was
:02:12. > :02:18.a positive step, better a rally than further falls, but we have to
:02:18. > :02:26.see whether banks will lend money. We have not arrest contagion from
:02:26. > :02:30.our vocabulary, Italian borrowing costs are still high, it does
:02:30. > :02:34.appear that the summit has dealt with the future but not the present.
:02:34. > :02:41.Italian bond yields have come down substantially over the past few
:02:41. > :02:49.weeks. That is due to expectation. An increased sense that Europe is
:02:49. > :02:54.starting to get to grips with this. You are right, some of the
:02:54. > :02:57.fundamental issues have not been addressed yet. We have no
:02:57. > :03:07.indication the European Central Bank will be willing to step up,
:03:07. > :03:13.
:03:13. > :03:20.there has been no progress on the euro bonds. A pessimist will say
:03:20. > :03:27.that potentially we could go back to square one, all of these ideas
:03:27. > :03:31.have been bashed around, but they have to go to Parliament. Britain
:03:31. > :03:36.may not be standing on the sidelines? That is right. The
:03:36. > :03:42.agreement has to be ratified by national parliaments. We need to
:03:42. > :03:52.see the detail on how the dissident mechanisms will be implemented. --
:03:52. > :03:58.
:03:58. > :04:05.is discipline. The devil is in the detail. We have to leave it there.
:04:05. > :04:14.We go to China, Hu Jintao has opened a three-day meeting to set
:04:14. > :04:24.up -- set out the economic objectives for 2012. What can we
:04:24. > :04:24.
:04:24. > :04:28.expect? We can expect quite a lot. The meeting itself is called the
:04:28. > :04:32.economic work meeting. It is an annual closed-door meeting in
:04:32. > :04:38.Beijing. We will not know until after they had decided on their
:04:38. > :04:43.policies. It will decide the policies for the year ahead.
:04:43. > :04:49.China's leaders will be making a decision against the backdrop of
:04:49. > :04:54.turmoil in Europe and the US. These are key export markets. The meeting
:04:54. > :05:04.will end on Wednesday. That is according to the government's
:05:04. > :05:06.
:05:06. > :05:15.website. One way they we'll try and stimulate growth will be to try and
:05:15. > :05:19.increase imports. -- will try. They will mark China's tenth anniversary
:05:19. > :05:24.into the World Trade Organisation. He says imports will exceed eight
:05:24. > :05:33.trillion dollars in the next five years. Last year China bought 1.4
:05:33. > :05:43.trillion dollars from overseas. Exports grew by 14% while imports
:05:43. > :05:53.grew by 22% last November. There is an imbalance. Europe, China's
:05:53. > :05:54.
:05:54. > :05:58.largest trading partner has slowed. Thank you. The Middle East and
:05:58. > :06:03.North Africa have the highest rates of youth unemployment in the world.
:06:03. > :06:09.The combination of poverty and jobless youth is a breeding ground
:06:09. > :06:13.for political violence. We are going to focus on the young and
:06:13. > :06:20.jobless. We are taking a snapshot of how it is affecting people
:06:20. > :06:29.around the world. We report from Tripoli. This 23-year-old used to
:06:29. > :06:36.be a student, now he has got a new job, protecting the square with a
:06:36. > :06:41.rifle beside him. I did not know anything about weapons before the
:06:41. > :06:48.revolution. I was just studying and going to university. During the
:06:48. > :06:57.revolution things changed. We started standing at checkpoints. We
:06:57. > :07:01.became organised. We were able to free the country. These young
:07:01. > :07:07.people wanted to see change and better opportunities. Gaddafi made
:07:07. > :07:15.no longer be in power, but the economic issues are the same.
:07:15. > :07:23.Before the Arab Spring, 25% of people were unemployed in Libya. In
:07:23. > :07:28.Tunisia one in three young people were out of a job. The populations
:07:28. > :07:34.here are young. Around two in three people are under the age of 30,
:07:34. > :07:41.they need jobs. The economies cannot give a job to everyone who
:07:41. > :07:48.needs one. In the absence of an elected government, it was the
:07:48. > :07:57.young people who tried to address that. Many of these young people
:07:57. > :08:01.are ex fighters, they need to reintegrate into society. We have a
:08:01. > :08:07.fairly educated population. There is a significant number of people
:08:07. > :08:13.who have degrees but are unemployed. These skills can be utilised in the
:08:13. > :08:16.rebuilding of Libya. The challenge for the new leaders will be to meet
:08:16. > :08:26.the expectations of their young populations and convince them to
:08:26. > :08:26.
:08:26. > :08:32.lay down their weapons. We will have more from how young and
:08:32. > :08:42.jobless series. That is happening all week. We have plenty more
:08:42. > :08:50.
:08:50. > :08:54.material online. Let's take a look at some of the other stories. The
:08:54. > :08:58.FSA will be critical of its own role in the events surrounding the
:08:58. > :09:05.collapse of the Royal Bank of Scotland three years ago. The
:09:05. > :09:10.report is due out in 30 minutes time. The supervision was deficient.
:09:10. > :09:14.The regulator will say that the failure of RBS in 2008 was a result
:09:14. > :09:24.of decisions made by the bank management. RBS had to be bailed
:09:24. > :09:27.
:09:28. > :09:37.out by taxpayers. Julia Gillard has reshuffled her Cabinet, focusing on
:09:38. > :09:39.