:00:16. > :00:22.Army. Thank you for joining us on World
:00:22. > :00:26.Business Report. Sliding into recession, it figures are expected
:00:26. > :00:30.to show the eurozone's economy contracting.
:00:30. > :00:38.The battle for the bail-out. Finance ministers called a tough
:00:38. > :00:48.line against Athens. At the air show in Singapore,
:00:48. > :00:59.
:00:59. > :01:08.Evidence that the eurozone is on its way into the recession may come
:01:08. > :01:12.later this morning. Analysts are forecasting a contraction. The
:01:12. > :01:17.common definition of recession is two consecutive quarters of
:01:17. > :01:23.shrinking GDP. Overall, the eurozone is expected to have shrunk
:01:23. > :01:28.by 0.4%. As ever, they rub big regional differences. Italy has
:01:28. > :01:34.seen its economy contract. Today's numbers could confirm that it is in
:01:34. > :01:41.recession. While Germany is likely to pose to negative gross, it will
:01:41. > :01:46.escape recession every ten to growth in the current first quarter.
:01:46. > :01:54.The chief economist at a BNP Paribas or joins us now. Thank you
:01:54. > :02:04.for joining us. Do you shared the view that we may seek a dip in
:02:04. > :02:04.
:02:04. > :02:08.Germany's figures but things are not too bad? I think we will see
:02:08. > :02:13.Germany shrinking in the final quarter but this year, Germany
:02:13. > :02:19.should be able to stick with positive figures. Their economy is
:02:19. > :02:25.doing quite well. There has been a slowdown of activity and confidence
:02:26. > :02:34.but German confidence seems to have stabilised. We Sirb out counting on
:02:35. > :02:39.positive growth for Germany. The periphery of Europe... We have
:02:39. > :02:49.downgraded their forecasts. We have downgraded alt forecasts are for
:02:49. > :02:49.
:02:50. > :02:55.the court. They'd... Italy, for example, we are likely to see it
:02:55. > :03:05.moving into recession because we are expecting a second quarter of
:03:05. > :03:07.
:03:07. > :03:12.contraction. Yes, it what you see with Italy is a fair dose of
:03:12. > :03:22.austerity being unleashed on the economy which is bad for the
:03:22. > :03:24.
:03:24. > :03:26.business cycle. Furthermore, the financial transition. From a loose
:03:26. > :03:36.situation because of bank standards which have tightened in the
:03:36. > :03:41.periphery. Bond yields have risen in these regions. There are clear
:03:41. > :03:49.rifts in the periphery and the core mainly because of financial
:03:50. > :03:57.transition which is better in the court. If we put it all together,
:03:57. > :04:04.what do you expect for the eurozone? Will it limp along?
:04:04. > :04:13.Basically. We are counting on a negative quarters for the first. It
:04:13. > :04:22.will not be a deep recession but it will still be a recession. This
:04:22. > :04:30.year as a hall, zero growth for the eurozone. Extremely weak periphery.
:04:30. > :04:35.At zero growth for Europe. In the US, growth could be up to 2%.
:04:35. > :04:41.Europe is decoupled from the rest of the world, global economy in a
:04:41. > :04:48.bad way. There are hopes that another hauled
:04:48. > :04:51.up in the signing off on Greece's latest a bail-out could be overcome.
:04:51. > :04:59.Finance ministers called off an emergency meeting to approve it,
:04:59. > :05:03.saying they had not received the necessary assurances. It is now
:05:03. > :05:10.thought that the Conservative opposition leader will agree to
:05:10. > :05:14.their demands. Our correspondent has more.
:05:14. > :05:19.This is the Opposition leader at the centre of this hitch in
:05:19. > :05:26.securing the new Greek rescue. He wanted them to renegotiate the loan
:05:26. > :05:30.terms. He is reportedly now ready to put in writing that he will
:05:30. > :05:35.stick to the additional austerity cuts that the other 16 euro members
:05:35. > :05:38.insist on. Ministers in the parliament were far from happy to
:05:38. > :05:45.learn that their hard one belt- tightening measures were being
:05:45. > :05:49.labelled incomplete and far from watertight. TRANSLATION: Greece has
:05:50. > :05:59.made all the efforts it needed to end the people cannot take any more.
:06:00. > :06:00.
:06:00. > :06:04.The government has made superhuman efforts. The anger expressed by
:06:04. > :06:10.some sections of society has continued to rage end is willing
:06:10. > :06:16.further alarm bells across Europe. Several countries are losing
:06:16. > :06:22.patience than believe Greece should not be saved. As the months have
:06:22. > :06:26.gone by, the currency zone has become a more prepared to cope. If
:06:26. > :06:32.the wait for the rescue continues much longer, it could still be too
:06:32. > :06:38.late to process the funds in time and prevent default, saving grace
:06:38. > :06:44.from what the Finance Minister has described as unimaginable hardship.
:06:44. > :06:48.To Asia, the Singapore Air Show is in full swing. Airbus has released
:06:48. > :06:55.its long-term forecasts as well as announcing an investigation into
:06:55. > :07:05.the cracks which developed on the wings of A-380s. Give us the
:07:05. > :07:05.
:07:05. > :07:14.details. The Airbus CEO says global airlines
:07:14. > :07:22.will need more than 27,000 new aircraft worth 3.5 trillion dollars.
:07:22. > :07:29.More than a third of the demand will be coming here from Asia. Some
:07:29. > :07:34.of those planes are worth 1.3 trillion dollars. Airbus is
:07:34. > :07:41.wrestling a long-time rival Boeing for this booming regional market.
:07:41. > :07:47.Asia provided half of Airbus's 1,600 orders in 2011 while Boeing
:07:47. > :07:54.scored its biggest deal ever when an intermediate airline agreed to
:07:54. > :07:57.buy planes. They also addressed the issue of the cracks in the A-380s.
:07:57. > :08:01.A thorough investigation is apparently under way to find out
:08:01. > :08:07.how the company allowed these manufacturing flaws to develop
:08:07. > :08:11.which led to ring cracks. He also said the planes that absolutely
:08:11. > :08:19.safe to fly but they made a little mistake and or repairing it as
:08:19. > :08:25.quickly as possible. We were just update you on the news
:08:25. > :08:30.stories. Reports suggest that yahoo's step -- plans to sell its
:08:30. > :08:35.stakes have stalled. The two parties could not agree on a tax
:08:35. > :08:42.efficient steel. The collapse of the $17 billion sale would be a
:08:42. > :08:46.blow to yahoo. International inspectors had to
:08:46. > :08:51.Portugal to review the progress of the bail-out package. Still waiting
:08:51. > :08:57.to see if it will get the next portion of its agreed loan. There
:08:57. > :09:06.are concerns that Portugal will need further help from the EU. A
:09:06. > :09:10.government bond auction later today. The Governor of the Bank of England
:09:10. > :09:16.will give his quarterly growth core cast as the latest unemployment
:09:16. > :09:21.figures are released. -- quarterly growth forecast. He is expected to
:09:21. > :09:28.leave the door open to pumping more money into the economy. Last week
:09:28. > :09:35.it injected �50 billion into the system.
:09:35. > :09:44.How the Asian markets are performing. Or, we could finish on