:00:04. > :00:14.Those I've latest headlines. The wedding between the digger and the
:00:14. > :00:17.
:00:17. > :00:22.dealer. Now it is time for World This is World Business Report. Here
:00:22. > :00:27.are the headlines: Markets prepare for a mega-merger that could change
:00:27. > :00:30.the face of the mining industry. With a digger and a dealer said to
:00:30. > :00:36.marry. To have raised's largest labour
:00:36. > :00:40.unions find to go on strike as politicians of for a deal on the
:00:40. > :00:50.next bailout. Australia's central bank keeps
:00:50. > :00:54.
:00:54. > :00:58.interest rates unchanged, a surprise for many.
:00:58. > :01:04.Traders are expecting details of a planned mega-merger in the mining
:01:04. > :01:11.industry. Strata is set to announce details of and $80 billion of steel
:01:11. > :01:19.with a metals trading group. It could be one of the biggest mining
:01:19. > :01:26.industries in the world. To get there, they produce 1.2 5
:01:26. > :01:30.million tonnes of copper and 1.5 million tonnes of zinc every year.
:01:30. > :01:37.They are forecast to stay high well into the future. They are ensuring
:01:37. > :01:44.for themselves a powerful social supply. They have a very large
:01:44. > :01:49.group of clients. This puts them na Uni kitchen - and position in
:01:49. > :01:52.controlling the supply chain. they were to merge, the combined
:01:52. > :01:59.company would have a market capitalisation of around $100
:01:59. > :02:06.billion. It could be one of the world's largest mining concerns.
:02:06. > :02:10.More importantly it combines a company that surprises in minerals
:02:10. > :02:19.extraction with one and that specialises in the buying and
:02:19. > :02:29.trading of battles. -- metals. The people will be looking at this and
:02:29. > :02:30.
:02:30. > :02:34.wondering if we should focus all of our markets. It also parse
:02:34. > :02:40.companies in terms of market capitalisation. It'll be
:02:40. > :02:44.interesting to see how companies respond. This is a merger of two
:02:45. > :02:51.very different companies. One or Marks up production by forcing down
:02:51. > :02:59.costs. The others get some market to market across the world. How
:02:59. > :03:03.will these to combine their operations?
:03:03. > :03:08.Patience is wearing thin among Europe's leaders with Greece's
:03:08. > :03:13.tends to secure a bailout. The deadline has been extended to today.
:03:13. > :03:18.There is widespread a strike action as two of Greece's largest labour
:03:18. > :03:22.unions have called on workers to protest. The Prime Minister needs
:03:22. > :03:28.the backing of his coalition government for painful austerity
:03:28. > :03:33.plans. 15,000 public-sector jobs have already been agreed. Minimum
:03:34. > :03:43.wage is still proving difficult. Cost cuts demanded by international
:03:44. > :03:48.
:03:48. > :03:55.creditors in exchange for 130 billion euros. The devil is in the
:03:55. > :04:02.detail. We already mentioned the tip of the iceberg. No conclusion.
:04:02. > :04:12.Time is of the essence. Indeed. We have this massive bond, 14.5
:04:12. > :04:16.billion euros. That is not focusing minds enough. We all thought we
:04:16. > :04:21.have this deadline from yesterday. It has disappeared. We have
:04:21. > :04:26.possibly a deadline for today. A good friend of mine said that the
:04:26. > :04:34.joy of a grid deadline is that if you can muster up the energy naked,
:04:34. > :04:40.otherwise do not worry about it. While the coalition government by
:04:41. > :04:46.talking in Athens, we have Angela Merkel and Nicola Sarkozy talking
:04:46. > :04:51.in Paris. This fund has emerged since then. It is in the Financial
:04:51. > :04:56.Times of some sort of a middle way of dealing with Athens that
:04:56. > :05:04.protects bondholders that keeps the pressure on the Greek government.
:05:04. > :05:07.It looks like the lenders to the government will be protected. It is
:05:07. > :05:13.almost an acknowledgement that the Greek government cannot be trusted
:05:13. > :05:22.if you hand over money. Money gets put in an account with the Greek
:05:22. > :05:26.government that they can't access. The lenders will get paid back.
:05:26. > :05:33.That is an acknowledgement that degree government cannot be trusted
:05:33. > :05:41.if and they have to protect the lenders -- the Greek government. It
:05:41. > :05:47.is an acknowledgement that this deal will not be enough for Greece.
:05:47. > :05:53.We will see if it comes out. also have a discussion between
:05:53. > :05:58.private bondholders and degrade government. -- of the Greek
:05:58. > :06:04.government. This is the important question. Greece's debt needs to be
:06:04. > :06:11.cut to a sustainable level. The only plan they have on the table is
:06:12. > :06:17.for bondholders to voluntary except a write down. We have no deal on
:06:17. > :06:25.that. We do not know how many bondholders will voluntarily except.
:06:25. > :06:30.It is only half of what we thought. There are so many things up in the
:06:30. > :06:35.air. We are still waiting for all these decisions. Financial markets
:06:35. > :06:44.have rallied since the beginning of the year. They are just starting to
:06:44. > :06:51.worry that Greece may end up in it a fault. We will watch this space.
:06:51. > :06:59.Talking through some of the other stories. Results from BP. That is
:06:59. > :07:07.expected in a few hours. They're hoping for a profit increase. But
:07:07. > :07:14.profits have been hit by low production models.
:07:14. > :07:19.UBS report earnings today. Less revenue was made for more
:07:19. > :07:23.profitable but risky operations after a rogue trader cost the bank
:07:23. > :07:26.$2 billion. Toyota will show it we shall its
:07:26. > :07:33.results. Third-quarter earnings are likely to have been hit by a
:07:33. > :07:38.stronger yen and reason floods in Thailand. -- recent. It was
:07:38. > :07:41.increasing production to make a production for the Japanese quake.
:07:41. > :07:48.The Australia's central bank has surprised.
:07:48. > :07:55.It has kept interest rates on hold. I understand most were expecting a
:07:55. > :08:00.rate cut. Absolutely. It caught the financial
:08:00. > :08:07.markets off-guard. Stocks wiped off their gains. The Australian dollar
:08:07. > :08:16.jumped to a six-month high. The Reserve Bank said that global
:08:16. > :08:23.conditions have unbalanced. Reds have been kept on hold for now. --
:08:23. > :08:28.rates. The bank was expecting that rates would be cut. This was due to
:08:28. > :08:38.data that showed a surprise drop in retail sales in December and the
:08:38. > :08:38.
:08:38. > :08:42.final quarter. The Reserve Bank cut it by a point twice -- to 0.25 %.
:08:42. > :08:48.If Greece fails to close the new bailout deal and is will pressure
:08:48. > :08:53.the Reserve Bank to cut the cost of borrowing at the next meeting.
:08:53. > :09:03.I have a story about something you and I can afford to buy. A
:09:03. > :09:04.
:09:05. > :09:09.Mitsubishi plant up for sale for 1 euros. 1 euros, absolutely. It is a
:09:09. > :09:15.catch and a condition. President of the severe she said it
:09:15. > :09:22.would only unloaded its Netherlands factory for 1 euros if the buyer is
:09:22. > :09:29.prepared now to keep employ in its 1,500 workers. You and I cannot
:09:29. > :09:35.afford that. Japan's fourth-largest manufacturer would stop making cars
:09:36. > :09:41.at its plant by the end of the year. Effectively that ends its sole
:09:41. > :09:48.European manufacturing operation. Mitsubishi blamed a difficult