:00:21. > :00:28.This is World Business report. Nuclear power is back on the agenda
:00:28. > :00:38.as Britain and France plan more reactors. The private side chasing
:00:38. > :00:50.
:00:50. > :00:56.for the Greek economy. The markets The centrepiece of the French UK
:00:56. > :01:04.some at is about nuclear power. The deal is worth over $800 million. It
:01:04. > :01:10.may create 1,500 jobs. The French energy giant which operates many
:01:10. > :01:17.nuclear plants plans for new reactors. The first will be in
:01:17. > :01:22.Somerset. It's almost one year since explosions ripped through the
:01:22. > :01:30.Fukushima in Japan. In the wake of their earthquake and tsunami it
:01:30. > :01:34.left 18,000 dead. The event hit the confidence of the nuclear industry.
:01:34. > :01:40.Tour of the European biggest countries signalled it more
:01:40. > :01:47.confidence for the decades to come. EDF owns many of the British
:01:47. > :01:53.nuclear plants. It has plans for all new reactors the first in the
:01:53. > :01:59.west. Today, it will sign a contract worth $160 million to
:01:59. > :02:03.prepare the site or construction. The French nuclear company will
:02:03. > :02:09.design and build the reactor. Last year it signed an agreement with
:02:09. > :02:17.the British Rolls-Royce. Today it goes further. It may be best known
:02:17. > :02:23.for its huge engines but Rolls- Royce has nuclear expertise. It has
:02:23. > :02:29.provided reactors for the nuclear submarines. Now it will provide
:02:29. > :02:32.components and a deal is worth $630 million. It will come from a
:02:32. > :02:37.purpose-built plant in the north of England which will support several
:02:37. > :02:44.hundred jobs. They hope this will provide a springboard for made it
:02:44. > :02:50.exports orders. Other countries need to assume they want the
:02:50. > :02:53.technology. Germany has opposed to technology and has closed many
:02:53. > :03:00.facilities. As the anniversary of the Japanese and army approaches
:03:00. > :03:06.the future for nuclear power is far from clear. The Greek lawyer
:03:06. > :03:10.leading the sale of state assets to pay for the date has told us that
:03:10. > :03:20.there are two ways for privatisation. It may raise 4
:03:20. > :03:22.
:03:22. > :03:29.billion euros. They need 10 billion euros. The presidents of the
:03:29. > :03:39.Management fund spoke from the second Greek city will the port has
:03:39. > :03:39.
:03:39. > :03:44.not been sold after all years of negotiations with the unions. No
:03:44. > :03:52.cruise ships but behind those historic walls, the sport in the
:03:52. > :03:57.second city has over 400 staff on permanent payroll. It's the biggest
:03:57. > :04:03.state employee up. Private Eye's -- privatisation was mooted but it's
:04:03. > :04:10.been kept it by a combination of state in activity and trade union
:04:10. > :04:17.opposition. Now the privatisation is slated for the second half of
:04:17. > :04:22.the key and many will not be surprised if it slips again. Report
:04:22. > :04:31.says it is profitable. Two and am 80 staff work in the Office. Union
:04:31. > :04:36.leaders have resisted change. They had seen off one large buyer.
:04:36. > :04:41.have live with this threat for years. There was once more workers.
:04:41. > :04:46.This is the history. It's not for selling and we will not allow it.
:04:46. > :04:51.The man who now has the job to a overcome the blocking tactics is
:04:51. > :04:57.this top lawyer. He says he could not act sooner because no-one would
:04:57. > :05:00.clarify in law what would be sold. We're doing a great job but the
:05:00. > :05:05.market is frozen at and we need investors with big-money but they
:05:05. > :05:11.do not know if we will state in the eurozone and what will happen to
:05:11. > :05:16.the great banks to get loans. We want the plan to run quickly and we
:05:16. > :05:23.can only estimate what the assets are worth probably 4.5 billion
:05:23. > :05:26.euros. To greet people do not want to sell them at low prices. Energy
:05:26. > :05:32.utility sales have been delayed and the agency can only hope that the
:05:32. > :05:36.new bail-out for Greece may bring out some - back put out some fires.
:05:36. > :05:43.On Friday Hungary will outline plans for a set of controversial
:05:43. > :05:46.laws. They need to respond to that here you worries about legislation
:05:46. > :05:53.on the Central Bank protection agency. They threaten legal action
:05:53. > :05:59.to block the deal on if the changes are not made. The laws threaten
:05:59. > :06:06.democracy and breach rules. They may amend the rules but investors
:06:06. > :06:12.wait to see if the proposals are enough. How radical are these
:06:12. > :06:17.changes needed to be made as far as that EU is concerned? As far as the
:06:17. > :06:21.EU, the changes are not particularly radical. They want to
:06:21. > :06:26.drop one of the Deputy Governors of the National Bank of Hungary. They
:06:26. > :06:34.want to abolish the idea of having to extra members on the monetary
:06:34. > :06:40.council. The Government argues that it has not encroach on the
:06:40. > :06:46.Independent's of that. The demand from the EU is fairly minimal. It
:06:47. > :06:52.will be relatively easy for hungry to respond. It's the tip of the
:06:52. > :06:58.iceberg. Once they reply, we will watch very closely how the European
:06:58. > :07:03.Community response. They want more changes than this. The backdrop is
:07:03. > :07:08.that Hungary needs the money? do need the money. Since the
:07:08. > :07:13.initial crisis in January, the currency has improved a great deal
:07:13. > :07:18.simply because the Government has made more conciliatory noises. But
:07:18. > :07:23.it does need the money and the urgency is not there yet. It's not
:07:23. > :07:28.as intense. But they do need the money and they need the green light
:07:28. > :07:33.from the European Commission for the talks to begin with the IMF.
:07:33. > :07:41.Were we told that Greece we talk about it getting bigger but is a
:07:41. > :07:44.holding smaller in Hungary? It more difficult here. When the market is
:07:44. > :07:50.reassured, Hanbury is trying to refine its, what it wants from the
:07:50. > :07:54.IMF is a safety net. When the market believes the Government is
:07:54. > :08:04.going to go properly for the deal with the IMF, things will get
:08:04. > :08:05.
:08:05. > :08:15.easier. Things may get more In Asia, we will see how the
:08:15. > :08:16.
:08:16. > :08:22.markets of doing. We are responding That's right. All the markets of
:08:22. > :08:27.trading higher. It looks like we will end positive. Investors are at
:08:27. > :08:33.cheering the US job market which is stronger than expected. That pushed
:08:33. > :08:38.up the shares on Wall Street. The Japanese Nikkei it is 2% higher.
:08:38. > :08:45.That was held by the Japanese yen weakening against the US dollar and
:08:45. > :08:51.other currencies. Investors here it up quite hopeful that the second
:08:51. > :08:57.bail at all Greece will be approved early next week. I should also
:08:57. > :09:02.mention shares in the billabong company Australia have jumped 50%
:09:03. > :09:06.today after the company said it has received a takeover bid and it has
:09:06. > :09:16.confirmed it will sell a majority stake in one of the brands to pay
:09:16. > :09:23.off its debts. Investors like to The European Commission welcomes
:09:23. > :09:28.plans from Italy to make the country's Catholic Church subject
:09:28. > :09:34.to property tax and that may contribute $1 billion to Italy.
:09:34. > :09:39.Construction of homes in the US has cooled after surging last year. The