23/01/2012 World Business Report


23/01/2012

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Greece's creditor her place eight offer on the table. Here is World

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Business Report. A warm welcome. The headlines:

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Talks continue, but Greece's lenders raised the stakes over a

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default as they look to limit their losses.

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Fears grow over a rise in energy prices as the EU meets to discuss a

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ban on oil imports from Iran. The founder of Megaupload says he

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is innocent on charges of piracy Private creditors have made it

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their maximum offered to reach a deal with Greece over restructuring

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its debt. Greece needs to persuade banks, insurers and hedge funds to

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take deep cuts in what they rot if it fails to reach a deal it will to

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falter and will not receive a second Europe rescue plan. The

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creditors will continue to negotiate this week. Negotiations

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in Athens have been fraught ahead of today, because today is the

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meeting of eurozone finance ministers. They will try to meet on

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a new mix of measures to put a lid on the financial contagion. Our

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correspondent has more. It may be a new year but the

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Treasury ministers faced the same old problems. They need to amass

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more premature firepower to defend Italy and Spain and get ahead. The

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finance ministers joined the in a Eurogroup in Brussels tonight to

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debate the trickiest issues. Boosting their bail-out funds,

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discussing the fiscal discipline part, and France wants to push

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ahead with a financial transaction tax. Ministers will discuss the

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into -- Monetary Fund -- Christine Lagarde's plan to raise extra money.

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It could supplement the EU their attempts to firewall over other

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countries. It will send a clear sign to the markets, it will

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enhance the capacity of the IMF to fulfil its systemic

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responsibilities. What can be Brussels ministers to deliver this

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time? They will come to an agreement on the fiscal pact. If it

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were to form part of a broader series of reforms, it could have a

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positive impact. Much more may be on the agenda, like the push for

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greater tax co-ordination. None of this will impress the market as

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much as a credible safety net for euro members.

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Foreign ministers in the European Union are meeting to finalise plans

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to ban imports of oil from Iran. It is part of Western efforts to

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ratchet up pressure on the government over its nuclear

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programme. Our correspondent has more.

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As a Iran continues to develop its nuclear programme, a project

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western governments believe has military aims, the price of oil has

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risen. Iran's recent threat to close the Straits of Hormuz worries

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investors because a fifth of the world's oil is transported along

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those just -- shipping lanes. There is a fear that they could be

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military conflict. They could be hundreds of thousands of people

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killed. It will also disrupt the major source of oil for the world.

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It is feared that has made the price go up. Ministers are likely

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to wait a few months before placing an embargo on the oil. They must be

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time to find alternative suppliers. The output has declined in recent

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years but Iran's oil industry still produces about 3 million barrels of

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crude oil per day. Half of it is sold to Asian customers. India has

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it encountered problems because the US bairns banks from dealing with

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the country. He international sanctions are damaging Iran's

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economy. Unemployment and inflation arising. The currency is down.

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Factories are closing. It is a serious issue. But whether that

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pressure is sufficient for Iran to do a U-turn on the nuclear

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programme is altogether another question. It seems unlikely that

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European drivers like these will be getting their fuel refined from

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Iranian oil. Western governments continue to step up economic

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pressure on Iran, but they remain defiant over the nuclear a

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ambitions. As the economies of Europe and the US continue to

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struggle, businesses and consumers should be braced for higher oil

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prices. The top management at the maker of

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black Derek smartphones have stepped down. Research In Motion

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says the eco executives will make way -- make way for Thorsten Heins.

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The move was initiated by shareholders who wanted the

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Framemaker to keep up with rivals. The founder of Research In Motion

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will become a vice chairman. The United Arab Emirates central

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bank says it has fended off hackers. The Web server had been flooded

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with information to try and make it crash. The hackers call themselves

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-- their name is thought to be a reference to the Israel Defence

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Force. A huge emerging market opening up

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to foreign investors, but not enough to entice Ikea. The flat

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pack furniture firm is holding off investing in India. The newspaper

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says Ikea is weak -- concerned by India's requirement that 30% of the

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goods come from small sized companies.

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The founder of Megaupload has told a New Zealand court he is innocent

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on charges of piracy and money laundering. He was arrested after

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police raided his estate in New Zealand at the request of the FBI.

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This is quite a tale. What is the latest?

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He has sought bail from a New Zealand court, but prosecutors say

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that he is a flight risk because of several reasons. He carries more

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trouble passports. One is German and one is finished. He has

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previous criminal convictions for hiking and insider trading. He is a

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resident of Hong Kong and New Zealand. And Auckland court judge

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delayed a decision on his bail. American a authorities want to

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extradite him. Megaupload is accused of costing copyright

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holders $500 million in lost revenues. The site has been shut

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down by US authorities. It had 150 million users and 50 million hits

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per day. The lawyer said the company simpmpany simp online

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storage. The movie and music industries what Congress of the US

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to crack down on internet piracy and content that but internet

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companies like Google and Facebook have complained that current grass

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of the legislation would lead to censorship. Sop Mac and Pipa

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quickly gathered at Opera -- opposition. The -- Sopa. Hackers

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attacked many websites in protest. The drama continues for CEO.

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