:00:03. > :00:13.Margaret Thatcher in The Iron Lady. Those are the latest headlines.
:00:13. > :00:16.
:00:16. > :00:23.Now for the latest financial news here is World Business Report.
:00:23. > :00:26.Welcome. The headlines: All eyes on Berlin as the German parliament
:00:26. > :00:31.votes on a Greek bail-out package today.
:00:31. > :00:40.G20 finance ministers increase the pressure on the eurozone to come up
:00:41. > :00:44.with more financial firepower to solve its debt crisis.
:00:44. > :00:53.(INAUDIBLE) it is facing opposition amid fears of environmental and
:00:53. > :00:56.health risks. The German parliament is holding a
:00:56. > :01:01.special session later today to discuss the bail-out package for
:01:01. > :01:05.Greece. It is expected to be voted through. Chancellor Angela Merkel
:01:05. > :01:09.may need to rely on opposition votes as an anti-Greek sentiment
:01:09. > :01:13.grows within her party. Lawmakers have been urged to support the
:01:13. > :01:17.package, but could not rule out that Greece may need more cash. In
:01:17. > :01:21.the meantime, G20 finance ministers meeting in Mexico will agree that
:01:21. > :01:29.Europe needs to put up more money to fund its debt crisis if it would
:01:29. > :01:33.like further help from the rest of the world.... Britain's finance
:01:33. > :01:38.minister said he would like to see the colour of the eurozone's money
:01:38. > :01:44.before Britain or other countries pledge extra money for the
:01:44. > :01:49.International Monetary Fund. Joining us from Berlin is the chief
:01:49. > :01:53.executive of the Berlin Stock Exchange. Good morning.
:01:53. > :02:01.If we talk about the vote to start with - I presume you expect it to
:02:01. > :02:10.go through? Absolutely because the opposition already said they would
:02:10. > :02:14.vote in that way. Inside a Angela Merkel's party there are great
:02:14. > :02:17.doubts as to whether that package will be the end of the line,
:02:18. > :02:22.everybody thinks there will be more to come. Over the weekend, the
:02:22. > :02:27.interior minister in Germany broke ranks, didn't he, publicly and said
:02:28. > :02:34.he would like to see Athens or Greece leave the eurozone? Yes.
:02:34. > :02:41.Most amazingly, the internal ministry is saying that it might be
:02:41. > :02:44.better if Greece leaves the eurozone. That is amazing because
:02:44. > :02:48.today the Conservative Party is expected to vote with Angela Merkel
:02:48. > :02:53.on that, but it will be the opposition which might... What does
:02:53. > :02:57.that mean for future support of where Angela Merkel is going with
:02:57. > :03:05.rescuing Greece and possibly other economies within the eurozone?
:03:05. > :03:10.the past the discussion in Germany was quite contained two - is
:03:10. > :03:15.Germany going to support Greece to the bitter end? Now it looks like
:03:15. > :03:21.more people are saying that they will need much more money and maybe
:03:21. > :03:28.that money could be used elsewhere in better ways. Remember Greece is
:03:28. > :03:34.only the first one - we have Portugal on the line, and talking
:03:34. > :03:37.now about an increase of the overall fund not only in the G20
:03:37. > :03:45.but also in Angela Merkel's own Conservative Party, this indicates
:03:45. > :03:48.that everybody realises that the whole package is much too small.
:03:48. > :03:52.While we are talking about that, obviously the G20 finance ministers
:03:52. > :03:57.have said what they feel about that. That eurozone economies need to put
:03:57. > :04:06.more money in before they will put more money into the IMF. That is
:04:06. > :04:10.correct. On the one hand you have to understand that they wanted us,
:04:10. > :04:14.Europeans, to put out that money in first before they will, this is, I
:04:14. > :04:18.don't want to say blackmail, but it is some kind of dealing behind the
:04:18. > :04:21.scenes. There is some background to that because it becomes more and
:04:21. > :04:27.more clear that the overall package has to be bigger than it is
:04:27. > :04:36.currently. We will have to leave it there. Thank you very much for
:04:37. > :04:41.being with all us. The civil trial over the 2010
:04:41. > :04:51.deport a horizon oil Riga horizon was due to start in New Orleans
:04:51. > :05:02.
:05:02. > :05:07.today, but it has been delayed. -- Deepwater Horizon oil rig. The rig
:05:07. > :05:10.exploded in 2010.... Britain's biggest insurer or does
:05:10. > :05:14.not specify where it will move to, but there has been the long-running
:05:14. > :05:16.speculation it could shift its headquarters to Hong Kong in
:05:16. > :05:23.recognition of the age of's growing contribution to its growth.
:05:23. > :05:29.UK banks Lloyds and Royal Bank of Scotland are planning to take
:05:29. > :05:34.advantage of a special funding scheme. Attracted by the low 1%
:05:34. > :05:38.interest rate, the two are said to look for a combined amount of 15
:05:38. > :05:44.billion euros. The auction takes place on Wednesday.
:05:44. > :05:48.The World Bank releases its China 2030 report in Beijing today. This
:05:48. > :05:54.is a joint study with China. There is some speculation it will deal
:05:54. > :05:59.with sensitive economic issues such as reforming China's state owned
:05:59. > :06:02.enterprises. We spoke with the outgoing president of the World
:06:02. > :06:06.Bank. The is as a comprehensive report that we have been working on
:06:06. > :06:15.for over 18 months with outback Chinese colleagues. It covers
:06:15. > :06:23.everything from safety nets that are effective and I'd done in a way
:06:23. > :06:33.that protect poor people in China - - that are done. It deals with the
:06:33. > :06:33.
:06:33. > :06:37.lens system, it deals with a draw resource -- natural resource prices.
:06:37. > :06:42.You mention state owned enterprise, what you think needs to be done to
:06:42. > :06:46.reform it in China? Chinese depositors have often been paid
:06:46. > :06:50.very little for their savings. This has allowed the Chinese banks to
:06:50. > :06:56.give a very attractive loans to state-owned enterprises. Some of
:06:56. > :07:01.those enterprises have monopolistic positions so they don't face much
:07:01. > :07:05.competition. They make large sums of money and have large it retained
:07:05. > :07:12.earnings. Should some of those earnings p dividend in back so they
:07:13. > :07:20.can be spent on social programmes? -- should some of those earnings be
:07:20. > :07:25.given back as dividends? Now, the state owned enterprises
:07:25. > :07:28.are a strong interest so they will want to hold on to what they have.
:07:28. > :07:35.You have said you will be stepping down as the President of the World
:07:35. > :07:40.Bank. There are already developing nations clamouring for who will be
:07:40. > :07:44.your predecessor. Do you think it is fair that the president has
:07:44. > :07:47.always been American? No, I think the United States has played a key
:07:47. > :07:51.role in the system, but if you are asking whether developing countries
:07:51. > :07:54.should have more of a voice in the system - definitely. There are
:07:54. > :08:02.certainly good candidates from developing countries. I try to
:08:02. > :08:06.bring a lot of them in at senior levels in the bank. I also think 10
:08:06. > :08:12.an American can do the job well, I am American, so I have that bias.
:08:12. > :08:21.One challenge here, to put it in perspective, I have spent 25-30
:08:21. > :08:25.years of my career with the US government trying to have the US
:08:25. > :08:28.enter multilateral organisations. I think it is good for the US and the
:08:28. > :08:31.system to have US citizens play a leadership roles in these
:08:31. > :08:39.organisations. Whether that will be the case in this situation, that is
:08:39. > :08:45.not my call. Rare earth metals are part of our
:08:45. > :08:49.daily lives. They are in everything from telephones to cars. China is
:08:49. > :08:53.expected to double their rare earth exports thanks to a spike in demand.
:08:53. > :08:59.There is another country hoping to get a piece of the action but there
:08:59. > :09:04.is plenty of opposition. You are in Singapore, what is going on?
:09:04. > :09:07.Hello, Sally. Malaysia would like a piece of this profitable market,
:09:07. > :09:13.but the south-east Asian economy faces opposition from residentss
:09:13. > :09:17.from one town on the east coast of the country. An Australian mining
:09:17. > :09:27.company is building a rare earth mining facility there. Thousands of
:09:27. > :09:28.
:09:28. > :09:31.citizens are staging protests. They fear that the radioactive waste of
:09:31. > :09:36.this process will seep into the ground and water, harming the
:09:36. > :09:43.environment and people's health. The Australians insist the bland is
:09:43. > :09:49.safe and that any radioactive waste created would be only at a low