:00:06. > :00:16.Descendants. Now the latest financial news with
:00:16. > :00:23.
:00:23. > :00:28.World Business Report. Headlines: Testing times for Greece
:00:28. > :00:35.or top international inspectors examined progress on austerity as
:00:35. > :00:39.negotiators prepare for more talks with private debt holders.
:00:39. > :00:46.9 and euros Nations start the Week in the share or a Standard and
:00:46. > :00:50.Poor's down river. Britain's buyers Minister is in
:00:50. > :01:00.Hong Kong for a ground-breaking agreement with China that will make
:01:00. > :01:02.
:01:02. > :01:06.London and offshore trading centre for the Chinese currency.
:01:06. > :01:11.It is the start of a pivotal week for Greece. International
:01:11. > :01:16.inspectors current happens to investigate whether the country is
:01:16. > :01:26.sticking to its austerity programme. The country needs to agree on the
:01:26. > :01:30.size of losses that banks and other shareholders are willing to accept.
:01:30. > :01:40.Greece is nipping at the core -- ever closer to defaulting. Our
:01:40. > :01:43.correspondent has more. Greece has towered to reach a bob or teal.
:01:44. > :01:53.Club will find its cheats and been locked in talks at the Prime
:01:54. > :01:55.
:01:55. > :02:00.Minister's Office. They say a voluntary deal is not attractive to
:02:00. > :02:09.have enough lenders. He Athens parliament has been warned that if
:02:09. > :02:13.Greece cannot persuade private bondholders to agree to write downs,
:02:13. > :02:17.it can and the ask European partners or more Alb.
:02:17. > :02:24.We will miss it art with our lenders to get the best outcome. We
:02:24. > :02:28.will take into consideration the limitations weak base. There has
:02:29. > :02:37.limitations seem to include passing a law forcing bondholders to take
:02:37. > :02:46.involuntary cut. A move that could put the ECB in the crossfire.
:02:46. > :02:56.can pass a law that forces bondholders to take a cut. The ECB
:02:56. > :03:14.
:03:14. > :03:19.is not a proposed route go. Go get good old club it is not as the
:03:19. > :03:24.situation in Greece that is putting pressure on the risen. Nine are of
:03:24. > :03:26.its members start the week with downgraded credits that -- status.
:03:26. > :03:35.President Sarkozy has called for the French people to show courage
:03:36. > :03:40.and: Following the downgrade. So where does this leave the risen?
:03:40. > :03:45.Will reaction to wallabies downgrades but apparently it's
:03:45. > :03:51.Friday, were you surprised? market had been clearly signalled
:03:51. > :03:57.for a number of weeks. He knew that they were going to make the
:03:57. > :04:02.downgrade. There were a lot of questions about details. How white
:04:02. > :04:09.the downgrade would be and what would happen to Germany. In many
:04:09. > :04:14.ways, it was just a question of timing. France was downgraded and
:04:14. > :04:20.other economists, but Germany is no longer on what. It is not an
:04:20. > :04:25.upgrade, but it is off the watch. When I looked at the reasoning for
:04:25. > :04:32.what they did, there was a lot to read. One of the reasons was fiscal
:04:32. > :04:38.austerity. It is a concern that there's very little growth and that
:04:38. > :04:44.several economies are headed into recession. He cannot deny that the
:04:44. > :04:48.environment is more challenging. A lot of people questioned the
:04:48. > :04:55.methodology at this stage. Would that they're sticking to their
:04:55. > :05:01.accounts in terms of trying to forecast the health of the economic
:05:01. > :05:08.systems. A lot of people feel that they are trying to be a self-
:05:08. > :05:18.serving organisation to restore the credibility as they lost following
:05:18. > :05:19.
:05:19. > :05:25.the crisis in 2008. If you look at the changes taking place across the
:05:25. > :05:32.euros and as well as policies. The tough reforms that have been pushed
:05:32. > :05:38.through and changes of government. I think that you could argue that
:05:38. > :05:45.the economies around better shape going forward. They had to go to
:05:45. > :05:51.bed tough period, but the reforms a more constructive. In terms of
:05:51. > :05:57.France, where Rhydspence in terms of an election, but it and Sarkozy
:05:57. > :06:05.is very strong. He needs to keep the credit rating going in to an
:06:05. > :06:15.election. Where does it stand now? It will be tough for him stand with.
:06:15. > :06:17.
:06:17. > :06:23.A think about by pushing forward. The downgrade will serve as a
:06:23. > :06:33.catalyst. They will move in an aggressive action. He will be able
:06:33. > :06:42.to weather the storm. Thank you. Kit is predicted that European
:06:42. > :06:46.markets were open La what to do. Not a dramatic opening. George
:06:46. > :06:56.Osborne is in Asia trying to bolster the position of the City of
:06:56. > :06:58.
:06:58. > :07:03.London. A lost more? It is a landmark ground-breaking agreement.
:07:03. > :07:08.It is why the British nets Mr is in Hong Kong. This is an agreement
:07:08. > :07:15.with China that will make the City of London and offshore trading up
:07:15. > :07:19.for the Chinese currency. London is already a major foreign-exchange
:07:19. > :07:29.trading centre, but it would become the first offshore facility outside
:07:29. > :07:32.
:07:32. > :07:42.of Asia for the Chinese currency. The UK and the territory will work
:07:42. > :07:43.
:07:43. > :07:52.and it here. They will work on the Pine ensure infrastructure of Hong
:07:52. > :07:57.Kong and London. They must look to Asia for world growth. Able
:07:57. > :08:07.contrast the struggling economies of Europe with the growth of China
:08:07. > :08:12.
:08:12. > :08:20.and the rest of Asia. Government into an has been relaxing strict
:08:20. > :08:27.controls on the value of its currency. One banker said that we
:08:27. > :08:32.are on the way to have a club or traded currency. Massive amounts of
:08:32. > :08:40.new business would now be heading towards London. We will keep an eye
:08:40. > :08:50.on it. Nigeria's trade unions are going on strike after talks bailed
:08:50. > :08:50.
:08:50. > :08:56.to end a dispute over oil prices. A national strike and widespread
:08:56. > :09:01.protest were triggered after the ending of a subsidy.
:09:01. > :09:10.The Venezuelan government plans to leave the World Bank a patrician
:09:10. > :09:17.operative. This would affect more than 10 foreign companies that have
:09:17. > :09:25.disputes with the country. The move means that Bennett's women judges
:09:26. > :09:34.will rule on disputes, not international other traders.
:09:34. > :09:41.Markets are having 80 recession in Asia. Losses across the board. Or
:09:41. > :09:45.some of these companies, 20 or 30% of their sales. The Ritz in that of