:00:09. > :00:17.plan to Syria. Hearing his World Business Report.
:00:17. > :00:24.-- here is World Business Report. This is World Business Report.
:00:24. > :00:30.Headlines: Greece still is not working. Talks over the workforce
:00:30. > :00:40.regime. The world's biggest social network
:00:40. > :00:42.
:00:43. > :00:51.confirms a $5 billion share sale. Greece is not working. Average pay-
:00:52. > :00:56.out strips the value Greek workers add to national debt. The
:00:56. > :01:06.Government cannot afford to employ as many people as it does. The IMF
:01:06. > :01:07.
:01:07. > :01:13.is one of the country's main. Greek unions and bosses or in talks to
:01:13. > :01:23.date a warning of cutting pay further. They say it will lengthen
:01:23. > :01:24.
:01:24. > :01:28.the economic downturn. They Keith will be on the programme. It is a
:01:28. > :01:32.tricky question. The IMF are putting pressure on Greece to the
:01:32. > :01:41.what the minimum wage and make the workforce more productive. Greece
:01:41. > :01:49.is grappling with severe austerity changes. The big problem is that
:01:49. > :01:54.Greece is in fiscal trouble and got aid from the IMF and the ECB. The
:01:54. > :02:02.counterpart of all of this aid is that Greece has to make sure that
:02:02. > :02:06.it brings up the growth rate of its economy. What we can see is that at
:02:07. > :02:16.the end of last year there was talk of quick creditors not giving one
:02:16. > :02:21.of their money back. That is what Greece was slacking. It felt it was
:02:21. > :02:27.being that of the great -- of the hawk. It made it easier for the IMF
:02:27. > :02:33.to push Greece to do the reforms. Greece realised that there is no
:02:33. > :02:38.way the IMF warned Europe can force them to carry out reforms. Where do
:02:38. > :02:43.we go from here? Time is of the essence for Greece. It has a big
:02:43. > :02:48.debt repayment in March. It is still in discussions with private
:02:48. > :02:55.bondholders and other lenders. It is quite a difficult time for
:02:55. > :03:01.Greece is and it? The IMF and others are talking tough. They are
:03:01. > :03:05.talking tough, but she would expect them to. They realise they're in a
:03:06. > :03:11.negotiating position weaker than Greece. Chris realises that if it
:03:11. > :03:17.does not repay his debts in March the consequent -- the consequences
:03:17. > :03:22.for the world could be catastrophic. Greece is betting on the fact that
:03:22. > :03:27.the best will give them the money. When I say the IMF had talking
:03:27. > :03:32.tough, I mean halving the minimum wage. Unions have been clear that
:03:32. > :03:36.they would be mass demonstrations if that took place. The cost-of-
:03:36. > :03:43.living increases higher than Portugal. Greece is not that
:03:43. > :03:52.efficient. When we talk about reducing the public debt in Greece,
:03:52. > :03:58.we need to look at public debt to GDP. That is the difficult part.
:03:58. > :04:06.Greece does not have an efficient economy. We need structural reform.
:04:07. > :04:11.Against the background of the Depression Greece in Xian, it is
:04:11. > :04:21.not easy to bring in these reforms. But it is what Greece needs in the
:04:21. > :04:23.
:04:23. > :04:31.long run. In the short run it will peak easy. Thank you.
:04:31. > :04:35.Two years ago, China over. Germany to be the world's biggest exporter.
:04:35. > :04:44.Before that it overtook Germany to be the second richest nation on the
:04:44. > :04:54.planet. Angela Merkel disengaging Edis meeting with the Chinese
:04:54. > :04:55.
:04:55. > :05:02.premier, to ensure that investments are secular and to persuade the
:05:02. > :05:08.country to put more money into the resign. We are joined by an
:05:08. > :05:13.economist. Obviously there is a lot of expectation and anticipation in
:05:13. > :05:18.Europe about the trip. Do you think Angela Merkel will have much to say
:05:18. > :05:23.at the end of it in terms of help from China? I doubt there will be a
:05:23. > :05:28.big announcement after it. The most important thing is to lower
:05:28. > :05:32.expectations. I do not think that Chancellor Merkel is in Beijing for
:05:32. > :05:37.King for a bail-out. I do not think that China are ready to bail-out
:05:37. > :05:47.Germany. They believe it is not a lack of cash, but a lack of
:05:47. > :05:57.
:05:57. > :06:02.political will. They are waiting to be ensured that. China is a very
:06:02. > :06:07.important part before Europe. It is a very important relationship.
:06:07. > :06:13.China has been quite vocal about buying sovereign debt in in some
:06:13. > :06:17.distress eurozone Corp -- economies in the past. They put their cash
:06:17. > :06:25.with their words are. They have been participating in the European
:06:25. > :06:29.stability bund. They have been buying bonds or a long. What Angela
:06:29. > :06:34.Merkel is trying to do is to reassure the government that their
:06:34. > :06:40.investments as safe. And that the future is good enough for China to
:06:40. > :06:46.continue investing. Angela Merkel has also brought 20 German CPO has
:06:46. > :06:50.to convince China as investing in Germany is a good idea. She is one
:06:50. > :06:56.of the key players in the eurozone debt crisis. What are they saying
:06:56. > :07:04.about her weight you are? What they're waiting to see, is how she
:07:04. > :07:14.will be able to bring up domestic sentiment in Germany to bring a
:07:14. > :07:25.
:07:25. > :07:30.political solution. Thank you. More than 800 million subscribers cannot
:07:30. > :07:38.be wrong. After months of speculation, Facebook has detailed
:07:38. > :07:43.plans for a 5 billion Dubbo share sale. Some experts have rallied the
:07:43. > :07:47.group at $100 billion. Our correspondent has more. Investors
:07:47. > :07:53.around the block will soon be able to buy shares in Facebook. They
:07:53. > :07:58.will probably start trading as soon as May. Facebook is planning to
:07:58. > :08:03.raise $5 billion from investors. That would put the company on a par
:08:03. > :08:09.with giant like McDonald's, Visa and hammers on. He logged with
:08:09. > :08:14.their new status will come additional scrutiny from regulators.
:08:14. > :08:20.Also scrutiny over how Facebook used as people's private
:08:20. > :08:26.information. It does not seem to have put a fuse has so far. In the
:08:26. > :08:30.paperwork they filed with US regulators, it showed that 845
:08:30. > :08:37.million fuzes and logging into Facebook every month. On average,
:08:37. > :08:45.based band of six or seven hours of tinted Facebook talking to France.
:08:45. > :08:55.The big question going. Will be whether Facebook can maintain a
:08:55. > :08:55.
:08:55. > :09:00.following with millions of users. Other business coverage to mention:
:09:00. > :09:05.The parent group of American Airlines will play off 13,000 staff.
:09:05. > :09:10.They kept -- filed for protection last year after running out of cash.
:09:10. > :09:15.They hope to save $2 billion a year. The carrier will need to boost
:09:15. > :09:23.sales to become profitable again. Shares in the world's biggest
:09:24. > :09:29.countries have begun trading in Tokyo. There was a glitch on the
:09:29. > :09:35.Tokyo Stock Exchange. Software was uprated last year to compete with
:09:35. > :09:42.rivals in London, Frankfurt and New York. It is trading now and is up