:00:05. > :00:15.higher than their valuation. Now the latest financial news with
:00:15. > :00:24.
:00:24. > :00:30.World Business Report. The headlines: In the nick of time, a
:00:30. > :00:34.Olympus files its revised ending its report and avoids being
:00:34. > :00:44.delisted from the Tokyo Stock Exchange. Thomas Cook reveals its
:00:44. > :00:47.
:00:47. > :00:53.restructuring plans. Hundreds of its shops face closure. Japanese
:00:53. > :00:57.regulators say that Olympus has submitted its revised and in its
:00:57. > :01:03.report, narrowly meeting a deadline to avoid being delisted from the
:01:03. > :01:13.Tokyo Stock Exchange. The company is at the centre of one of Japan's
:01:13. > :01:18.worst corporate scandals, spanning 13 years. The fraud came to light
:01:18. > :01:23.after it fired former chief executive at Michael Woodford. He
:01:23. > :01:31.claims he was let go for questioning suspicious payments.
:01:31. > :01:36.Our correspondent in Tokyo has the latest. They make the deadline with
:01:36. > :01:46.a few hours to spare. Revised earnings reports for the last five
:01:46. > :01:49.
:01:49. > :01:59.years. Critically,... INAUDIBLE:. Deceiving shareholders about its
:01:59. > :02:00.
:02:00. > :02:04.very solvency. INAUDIBLE: unfortunately, we will have to
:02:04. > :02:14.speak to Rowland later. technical reasons he cannot speak
:02:14. > :02:23.to us. Shall we try to end? Restart from the beginning again. We had
:02:23. > :02:31.trouble hearing year. We had five years revised earnings reports from
:02:31. > :02:35.Olympus, taking into account the holes in its figures. At no time
:02:35. > :02:40.did its liabilities exceed its assets. On at no time was it
:02:40. > :02:44.deceiving shareholders about its solvency. That is very important
:02:44. > :02:51.because it gives an Olympus a better chance of surviving this
:02:51. > :03:00.scandal. It has avoided automatic the sting by meeting this deadline
:03:00. > :03:05.for revised reports, but the scale of the deception is great. We will
:03:05. > :03:09.have to leave it there. We will talk more about this on another
:03:09. > :03:16.occasion. Apologies again for the technical fault at the beginning of
:03:17. > :03:23.that discussion. We have to discuss Thomas Cook, revealing how bad
:03:23. > :03:29.things are when it reports its full-year results in a few well was.
:03:29. > :03:33.Shares in the London based company have plunged 92% this year after a
:03:33. > :03:41.squeeze on consumer spending and political events in North Africa
:03:41. > :03:44.reduced holiday bookings. Last month, a bank agreed to lend the
:03:44. > :03:52.company emergency funds so it could stay afloat. Our correspondent
:03:52. > :04:01.reports. Thomas Cook started by selling British railway excursions.
:04:01. > :04:05.It is having the worst here in its history. It has been a tough year
:04:05. > :04:12.economic Glee and the pressure on consumers has hurt the holiday
:04:12. > :04:17.giant. The company has issued three profit warnings this year and has
:04:17. > :04:21.now had to restructure its business. It sells 22 million holidays per
:04:21. > :04:29.year in the UK. It has been criticised for not differentiating
:04:29. > :04:35.its business from its competitors. market in a bid to turn its
:04:35. > :04:41.fortunes around. Europe's second largest travel group is looking to
:04:41. > :04:48.offer a more exclusive range of holidays. Doing that means job cuts
:04:48. > :04:54.and shock closures. They have to get back to their core strategy of
:04:54. > :05:01.offering really high quality tours with added value. The brand is very
:05:01. > :05:07.strong. They have to get back to what they are really good at. Stop
:05:07. > :05:10.doing peripheral things they have not been doing terribly well.
:05:11. > :05:20.Assets to be sold include continental hotels and office
:05:20. > :05:26.buildings. Last month the group was forced to arrange a new revolving
:05:26. > :05:33.credit facility for $300 million, with 17 Yanders. Restricting costs
:05:33. > :05:37.and redundancy payments are expected to come in at $155 million.
:05:37. > :05:42.Thomas Cook may have the fun in needs to get through the winter,
:05:42. > :05:48.but lower bookings next year could cause a major freezing its recovery.
:05:48. > :05:57.BBC News. Former executives from a German company have been charged
:05:57. > :06:02.with bribery in the US. They are accused of plotting to pay bribes
:06:02. > :06:08.to keep a contract for identity cards for Argentine citizens. It
:06:08. > :06:15.was described as a shocking level of corruption. HTC will learn today
:06:15. > :06:20.if it can continue to sell some of its smartphone models in the US. On
:06:20. > :06:29.there will be a ruling in a patent infringement case where Apple
:06:29. > :06:35.claims HTC is unlawfully using ten of its patents. The Portuguese were
:06:35. > :06:40.the first Europeans to set foot in Brazil over 500 years ago. A second
:06:40. > :06:46.wave is coming, but for a different reason - the economic crisis in
:06:46. > :06:54.Europe. A one in ten Portuguese graduates now leaves the country.
:06:54. > :06:59.In the latest of our special series on the young and jobless we look at
:07:00. > :07:06.the brain drain. Our correspondent reports. In university, this young
:07:06. > :07:10.man never a major and he would end up in Brazil, let alone managing a
:07:10. > :07:16.golf course in a country better known for its football. We speak
:07:16. > :07:22.the same language. It is much easier for us being Portuguese and
:07:22. > :07:32.working in Brazil. Brazil can offer me something today which Portugal
:07:32. > :07:32.
:07:32. > :07:37.cannot: Stability. Brazil needs a qualified workforce to grow. For
:07:37. > :07:42.many years Brazil was a victim of the brain drain. Its brightest
:07:42. > :07:49.young professionals working to move abroad for a career and a future
:07:49. > :07:56.elsewhere. But now there is and economic boom, said the tide has
:07:56. > :08:01.turned and growing numbers of foreign workers are coming in
:08:01. > :08:08.hoping to make it beach in this expanding economy. Headhunters say
:08:08. > :08:18.there is plenty of work for Portuguese graduates. If you have
:08:18. > :08:20.
:08:20. > :08:27.talent and know-how, Brazil is keen to have your expertise. Brazil is
:08:27. > :08:33.still more carefree. Young Portuguese expatriates gather in
:08:33. > :08:41.this bar for a very happy hour every week. One of the things you
:08:41. > :08:49.learn in Brazil is having fun. Every day I get CVs from friends of
:08:49. > :08:54.mine trying to come to Brazil. Brazil has become a safe haven for
:08:54. > :09:04.young Portuguese. With the debt crisis in Portugal going from bad
:09:04. > :09:05.
:09:05. > :09:15.to worse, more and more are making the BBC is focusing on the young
:09:15. > :09:16.
:09:16. > :09:21.and jobs as theirs. -- jobless. This is your opportunity to put
:09:21. > :09:28.questions about setting up and running a business to one of the
:09:28. > :09:36.world's most famous entrepreneurs. The markets today. Losses across
:09:36. > :09:40.the board. A lot of this is because the Fed decided to keep rates on
:09:40. > :09:46.hold and do nothing else to stimulate the economy. On the one