:00:04. > :00:14.Greece's creditor her place eight offer on the table. Here is World
:00:14. > :00:18.
:00:18. > :00:22.Business Report. A warm welcome. The headlines:
:00:23. > :00:26.Talks continue, but Greece's lenders raised the stakes over a
:00:26. > :00:31.default as they look to limit their losses.
:00:31. > :00:39.Fears grow over a rise in energy prices as the EU meets to discuss a
:00:39. > :00:49.ban on oil imports from Iran. The founder of Megaupload says he
:00:49. > :00:54.
:00:54. > :00:59.is innocent on charges of piracy Private creditors have made it
:00:59. > :01:09.their maximum offered to reach a deal with Greece over restructuring
:01:09. > :01:10.
:01:10. > :01:15.its debt. Greece needs to persuade banks, insurers and hedge funds to
:01:15. > :01:20.take deep cuts in what they rot if it fails to reach a deal it will to
:01:20. > :01:26.falter and will not receive a second Europe rescue plan. The
:01:26. > :01:32.creditors will continue to negotiate this week. Negotiations
:01:32. > :01:36.in Athens have been fraught ahead of today, because today is the
:01:36. > :01:42.meeting of eurozone finance ministers. They will try to meet on
:01:42. > :01:52.a new mix of measures to put a lid on the financial contagion. Our
:01:52. > :01:54.
:01:54. > :01:58.correspondent has more. It may be a new year but the
:01:58. > :02:07.Treasury ministers faced the same old problems. They need to amass
:02:07. > :02:11.more premature firepower to defend Italy and Spain and get ahead. The
:02:11. > :02:18.finance ministers joined the in a Eurogroup in Brussels tonight to
:02:18. > :02:21.debate the trickiest issues. Boosting their bail-out funds,
:02:21. > :02:27.discussing the fiscal discipline part, and France wants to push
:02:27. > :02:36.ahead with a financial transaction tax. Ministers will discuss the
:02:36. > :02:40.into -- Monetary Fund -- Christine Lagarde's plan to raise extra money.
:02:40. > :02:47.It could supplement the EU their attempts to firewall over other
:02:47. > :02:51.countries. It will send a clear sign to the markets, it will
:02:51. > :02:57.enhance the capacity of the IMF to fulfil its systemic
:02:58. > :03:02.responsibilities. What can be Brussels ministers to deliver this
:03:02. > :03:09.time? They will come to an agreement on the fiscal pact. If it
:03:09. > :03:15.were to form part of a broader series of reforms, it could have a
:03:15. > :03:19.positive impact. Much more may be on the agenda, like the push for
:03:19. > :03:26.greater tax co-ordination. None of this will impress the market as
:03:26. > :03:30.much as a credible safety net for euro members.
:03:30. > :03:36.Foreign ministers in the European Union are meeting to finalise plans
:03:36. > :03:40.to ban imports of oil from Iran. It is part of Western efforts to
:03:40. > :03:47.ratchet up pressure on the government over its nuclear
:03:47. > :03:51.programme. Our correspondent has more.
:03:51. > :03:55.As a Iran continues to develop its nuclear programme, a project
:03:55. > :04:04.western governments believe has military aims, the price of oil has
:04:04. > :04:08.risen. Iran's recent threat to close the Straits of Hormuz worries
:04:08. > :04:14.investors because a fifth of the world's oil is transported along
:04:14. > :04:17.those just -- shipping lanes. There is a fear that they could be
:04:18. > :04:26.military conflict. They could be hundreds of thousands of people
:04:26. > :04:31.killed. It will also disrupt the major source of oil for the world.
:04:31. > :04:39.It is feared that has made the price go up. Ministers are likely
:04:39. > :04:44.to wait a few months before placing an embargo on the oil. They must be
:04:44. > :04:49.time to find alternative suppliers. The output has declined in recent
:04:49. > :04:57.years but Iran's oil industry still produces about 3 million barrels of
:04:57. > :05:02.crude oil per day. Half of it is sold to Asian customers. India has
:05:02. > :05:06.it encountered problems because the US bairns banks from dealing with
:05:06. > :05:16.the country. He international sanctions are damaging Iran's
:05:16. > :05:22.
:05:22. > :05:27.economy. Unemployment and inflation arising. The currency is down.
:05:27. > :05:32.Factories are closing. It is a serious issue. But whether that
:05:32. > :05:38.pressure is sufficient for Iran to do a U-turn on the nuclear
:05:38. > :05:42.programme is altogether another question. It seems unlikely that
:05:42. > :05:46.European drivers like these will be getting their fuel refined from
:05:46. > :05:50.Iranian oil. Western governments continue to step up economic
:05:50. > :05:55.pressure on Iran, but they remain defiant over the nuclear a
:05:55. > :05:58.ambitions. As the economies of Europe and the US continue to
:05:58. > :06:08.struggle, businesses and consumers should be braced for higher oil
:06:08. > :06:09.
:06:09. > :06:13.prices. The top management at the maker of
:06:13. > :06:18.black Derek smartphones have stepped down. Research In Motion
:06:18. > :06:22.says the eco executives will make way -- make way for Thorsten Heins.
:06:22. > :06:31.The move was initiated by shareholders who wanted the
:06:31. > :06:38.Framemaker to keep up with rivals. The founder of Research In Motion
:06:38. > :06:44.will become a vice chairman. The United Arab Emirates central
:06:44. > :06:50.bank says it has fended off hackers. The Web server had been flooded
:06:50. > :06:54.with information to try and make it crash. The hackers call themselves
:06:54. > :07:01.-- their name is thought to be a reference to the Israel Defence
:07:01. > :07:06.Force. A huge emerging market opening up
:07:06. > :07:12.to foreign investors, but not enough to entice Ikea. The flat
:07:12. > :07:18.pack furniture firm is holding off investing in India. The newspaper
:07:18. > :07:22.says Ikea is weak -- concerned by India's requirement that 30% of the
:07:22. > :07:28.goods come from small sized companies.
:07:28. > :07:33.The founder of Megaupload has told a New Zealand court he is innocent
:07:33. > :07:41.on charges of piracy and money laundering. He was arrested after
:07:41. > :07:51.police raided his estate in New Zealand at the request of the FBI.
:07:51. > :07:54.
:07:54. > :08:00.This is quite a tale. What is the latest?
:08:00. > :08:06.He has sought bail from a New Zealand court, but prosecutors say
:08:06. > :08:14.that he is a flight risk because of several reasons. He carries more
:08:14. > :08:21.trouble passports. One is German and one is finished. He has
:08:21. > :08:28.previous criminal convictions for hiking and insider trading. He is a
:08:28. > :08:33.resident of Hong Kong and New Zealand. And Auckland court judge
:08:33. > :08:41.delayed a decision on his bail. American a authorities want to
:08:41. > :08:45.extradite him. Megaupload is accused of costing copyright
:08:45. > :08:52.holders $500 million in lost revenues. The site has been shut
:08:52. > :08:58.down by US authorities. It had 150 million users and 50 million hits
:08:58. > :09:05.per day. The lawyer said the company simpmpany simp online
:09:05. > :09:09.storage. The movie and music industries what Congress of the US
:09:09. > :09:14.to crack down on internet piracy and content that but internet
:09:14. > :09:24.companies like Google and Facebook have complained that current grass
:09:24. > :09:25.
:09:25. > :09:32.of the legislation would lead to censorship. Sop Mac and Pipa
:09:32. > :09:42.quickly gathered at Opera -- opposition. The -- Sopa. Hackers
:09:42. > :09:44.
:09:44. > :09:49.attacked many websites in protest. The drama continues for CEO.