08/02/2012

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:00:17. > :00:23.The as are the latest headlines. Welcome. This is World Business

:00:23. > :00:28.Report. The headlines: Optimism that a deal in Greece is near. It

:00:28. > :00:32.sent the Dow Jones to its highest level since May 2008.

:00:32. > :00:39.And an online firm reports its first earnings since listing.

:00:39. > :00:49.Expect scrutiny of its products. The world's biggest mining company

:00:49. > :00:50.

:00:50. > :01:00.reports a fall in earnings, weaker commodity prices and Global Witness.

:01:00. > :01:00.

:01:00. > :01:08.It looks like Greece has unleashed a fake gilt we its international

:01:08. > :01:12.credit has. -- reached a deal. Talks last night were described as

:01:12. > :01:22.constructive. It may feel like we have been here before but investors

:01:22. > :01:29.are optimistic. Asia is also higher. The Greek people, on the other hand,

:01:29. > :01:38.are much less positive as anger flared on the streets of Athens.

:01:38. > :01:43.Fresh talks of Greece leaving the euro have ceased. We are in a very

:01:43. > :01:48.decisive moment regarding the future of Greece. We want race in

:01:48. > :01:56.the euro. The European Commission has made it clear from the

:01:56. > :02:04.beginning of this very important talk, not only for Europe Cup but

:02:05. > :02:13.for Greece to be kept in Europe. may hear today or we may not, in

:02:13. > :02:16.terms of the deal being done unlike they have taken a step forward.

:02:16. > :02:26.are inching towards progression and a successful resolution of the

:02:26. > :02:32.talks. There has been ongoing discussion, we are now talking

:02:32. > :02:37.about additional austerity measures. The question is that even if we get

:02:37. > :02:42.all these issues lined up together, we get the great parliamentary

:02:42. > :02:49.parties to agree, the next stage is the more tricky one and that is the

:02:49. > :02:55.implementation. Some of the detail we are hearing about. The European

:02:55. > :03:02.Central Bank is taking a hit on its money it has lined to Greece?

:03:02. > :03:08.may well be the case. The private sector took a substantial write-

:03:08. > :03:18.down. That was half the battle. We needed to consider how some of the

:03:18. > :03:22.official sector, holders of debt, were going to deal with it. They

:03:22. > :03:31.every denomination of those holdings, a reduction - that is

:03:31. > :03:39.good news. But will other official holders be involved? That leaves

:03:39. > :03:43.the Greek population with a burden. Implementation is the real key

:03:43. > :03:50.issue. It is not an easy task because in Greece, as we saw

:03:50. > :03:56.yesterday, the feeling outside the parliamentary building is one of

:03:56. > :04:01.anger and angst about how difficult it is for the average person to

:04:01. > :04:05.make the changes they need to make. The politicians understand the need

:04:05. > :04:11.for the measures but implementing that on the ground is difficult

:04:11. > :04:19.when you're talking about cuts to the minimum wage by 25%. Cutting

:04:19. > :04:23.the deficit. That is incredibly difficult. Being able to drive on

:04:23. > :04:30.the austerity. There is also an election coming and that is quite

:04:30. > :04:35.interesting. They need to not be seen as pro austerity otherwise

:04:35. > :04:40.there will be penalized by the voters. We may get a deal, then the

:04:40. > :04:45.real problems start and then you have the progressive process of the

:04:45. > :04:55.lenders coming back to Greece on a regular basis and determining

:04:55. > :05:05.whether that is being met. That flow of money. On a daily basis, we

:05:05. > :05:06.

:05:06. > :05:10.have been saying, if we have any more detail, we will let you know.

:05:10. > :05:17.The company will be carefully scrutinised. The business model may

:05:17. > :05:21.not be sustainable. Having seen the firm growth. The share prices has

:05:21. > :05:26.been disturbed thanks to be spot light cast on social media

:05:27. > :05:33.companies. They call it collective buying

:05:33. > :05:40.power. If enough people signed up... Signing up in large number to get

:05:40. > :05:43.large discounts. It has taken off in the last four years. The company

:05:43. > :05:48.floated on the stock market in November. Stephen Spencer says he

:05:48. > :05:52.still sees lots of potential for this new business in an

:05:52. > :05:57.increasingly mobile world. If the majority of the population is

:05:57. > :06:05.walking around with a smart phone, and we have this relationship,

:06:05. > :06:11.there will be an ability to deliver the deals to people. If they are

:06:11. > :06:17.able to take advantage of that, that will be what accelerates in

:06:17. > :06:22.the next couple of years. It has generated a lot of revenue. The

:06:22. > :06:27.question is how much profit they make on their sale. Its explosive

:06:27. > :06:34.growth a mind for the ills like this one has begun to slow. --

:06:34. > :06:40.growth online. Just so many customers has the business had, how

:06:40. > :06:50.often do they bind the deals, how much do they spend. The biggest

:06:50. > :06:55.competitor, reportedly lost $500 million last year. A fortune on

:06:55. > :07:00.advertising also has had to be spent. The new number of repeat

:07:00. > :07:10.customers as a percentage is slowing. The momentum is slowing.

:07:10. > :07:11.

:07:11. > :07:15.In order to answer the critics, if they can drive costume are

:07:15. > :07:24.earning,... Facebook is launching on the stock market, everyone is on

:07:24. > :07:34.the lookout for another take boom and bust. -- technology boom and

:07:34. > :07:36.

:07:36. > :07:39.bust. A fall reported fought two years. We say of four - it is

:07:39. > :07:46.important I lost some money but they are still making a huge

:07:47. > :07:52.amount? Absolutely. Still a lot of money.

:07:52. > :07:59.It may be the first decline since 2009 but according to analysts, the

:07:59. > :08:04.numbers are still Stella., tea prices, the European debt crisis,

:08:04. > :08:09.analysts say BHP is still a different league from its would-be

:08:09. > :08:19.rivals. The 6% drop in profits, they still made more cash profits

:08:19. > :08:29.in six-month then the 90 million dollar marriage of commodities. And

:08:29. > :08:35.from far fewer revenues. Relatively low cost base and diverse range of

:08:35. > :08:41.high quality, long-life assets have outweighed market concerns. The

:08:41. > :08:49.chief executive said he was less worried now than late last year

:08:49. > :08:59.about the sovereign debt crisis in Europe. He saw China's insatiable

:08:59. > :09:04.

:09:04. > :09:12.demand for iron ore. The American internet firm year who

:09:12. > :09:18.has seen a shake-up. For executives have stepped down. Many

:09:18. > :09:26.shareholders blame them for the fall in share prices. A 47 billion-

:09:26. > :09:34.dollar takeover from Microsoft was rejected in 2007.

:09:34. > :09:38.The net income rose 4% in the final three months of last year. The firm