:00:12. > :00:21.passengers. -- way each wheel. Oh You're watching the World Business
:00:21. > :00:26.Report on BBC. The headlines: Google defies opposition from
:00:26. > :00:32.customers and watchdogs to launch new privacy settings. And a default,
:00:32. > :00:42.what to a fault, international money market losses wonder what the
:00:42. > :00:54.
:00:54. > :00:59.Greek debt means for creditors. A bribery scandal. -- it bosses. Good
:00:59. > :01:05.or be allowed to Paul use the information from different
:01:05. > :01:09.platforms from YouTube to Gmail. It will target content for users. It
:01:09. > :01:14.has concerned privacy advocates and whose they eat well sets a
:01:14. > :01:24.dangerous precedent for prelacy settings on the internet -- who say
:01:24. > :01:29.eat well set. Google is creating a new set of tricks hoping to attract
:01:29. > :01:36.advertisers like this man with better information about online
:01:36. > :01:40.users. I have been using Google for three years. Outside of word-of-
:01:40. > :01:47.mouth I find it to be the most successful way to bringing
:01:47. > :01:53.potential clients. If you used your e-mail every day, or in fact, any
:01:53. > :02:00.of the free 63 services from Jim -- from Google, you will have your
:02:00. > :02:09.information gathered by the into a giant. It will give Google a begat
:02:09. > :02:16.picture of its clients to give them more information. The change has
:02:16. > :02:24.angered privacy advocates. While good goal rakes in half of US Web
:02:24. > :02:32.advertising, it is now battling Facebook for dominance -- while
:02:32. > :02:38.Google. Google has seen that Facebook is their biggest threat to
:02:38. > :02:48.their dominance on the online advertising business. More data
:02:48. > :02:49.
:02:49. > :02:56.could hold good goal win more clients. Users may even find it
:02:56. > :03:02.helpful -- Google. The air is a pay-off for users. These data shows
:03:03. > :03:08.that we will get better part out. The $200 billion US advertising
:03:08. > :03:15.market is increasingly going online. Google may have come late to the
:03:15. > :03:20.data collection game, but it wants to make an impact. The world's most
:03:20. > :03:29.powerful bankers will meet today to discuss whether Greece can default
:03:29. > :03:33.on its debts. Government bonds had to write off billions of dollars of
:03:34. > :03:37.debt because of a deal with lenders. Their roles that there has been a
:03:37. > :03:46.technical default or recruited a event, then creditors will be able
:03:46. > :03:56.to claim $3 billion of insurance or credit to fault swabs, to fix their
:03:56. > :03:57.
:03:57. > :04:05.losses. We are joined by a consultant to make this clear. Will
:04:05. > :04:10.this ruling say that there was a technical default today? A lot of
:04:10. > :04:19.people are hoping that the ruling will be annulled. Basically the
:04:19. > :04:24.current appreciation that will be debt restructuring to avoid it
:04:24. > :04:29.austerity. There are some organisations that have bought his
:04:29. > :04:35.insurance and they feel that they are owed some money. That is what
:04:35. > :04:40.this ruling is about. If they were to rule yes, there was a technical
:04:41. > :04:45.default on a credit event, what would happen then? The immediate
:04:45. > :04:52.effect would be that they have lost values on the bonds and would be
:04:52. > :04:56.able to claim insurance. They would get some of their money back. Most
:04:56. > :05:02.of the banks would have to pay out. This could be quite a large sum of
:05:02. > :05:05.money. You would hope that banks set aside the funds for these.
:05:05. > :05:10.There is a worried that those who provided the insurance, whether it
:05:10. > :05:16.be banks of financial institutions, if they sold a lot of that
:05:16. > :05:21.insurance and they have to pay out, they could go under? That is one
:05:21. > :05:25.worry. It complicates the Greek bail-out. It has been put together
:05:25. > :05:32.on the basis of these contracts. We know exactly who holds these Greek
:05:32. > :05:40.bonds. It blows it out into the open again and there is the
:05:40. > :05:46.possibility that there is not a decision that they will postpone it.
:05:46. > :05:52.Is this a black cloud hanging over the great story or receipt
:05:52. > :06:00.something that will have bigger consequences -- Greek story or her
:06:00. > :06:10.is it something. It does not Eimear affect large financial institutions
:06:10. > :06:10.
:06:10. > :06:17.but those people who have funds in these institutions. The parent
:06:17. > :06:22.group of American Airlines lost to wonder and $34 million in January.
:06:22. > :06:31.The top expense was a few all. A Amar is locked in tanks with pilots
:06:31. > :06:35.who have lost 13,000 jobs to restore his probability. 500
:06:35. > :06:45.billion reasons to be happy. The most valuable country in the wild
:06:45. > :06:48.
:06:48. > :06:52.is even more valuable, Apple topped $500 billion in the stock market.
:06:52. > :07:02.Asian news now and in Hong Kong beat executive is that the centre
:07:02. > :07:06.of a bribery scandal. What is going The chief executive, who is a top
:07:06. > :07:11.official in the City faces a grilling by lawmakers in the
:07:11. > :07:15.Legislative Council very soon. This is a special question. He will be
:07:15. > :07:21.grilled about a recent trip he talk to make cow which is close to Hong
:07:21. > :07:26.Kong. He was photographed enjoying a lavish banquet on a lavish yacht
:07:26. > :07:32.with business tycoons. He will also be asked about recent trips on
:07:32. > :07:35.private jets and his retirement home, a luxury penthouse in China.
:07:35. > :07:43.The allegation is that he has benefited from his dealings,
:07:43. > :07:47.benefits said unfairly, with these tycoons. Lawmakers want to see what
:07:47. > :07:52.he will say in response to that. He has said before that he is paying a
:07:52. > :07:57.rate for the services. We will have to see how he answers these charges.
:07:57. > :08:03.There is a feeling that if he does not satisfy lawmakers, some people
:08:03. > :08:08.will initiate any impeachment process to remove him from office.
:08:09. > :08:16.Restoring stability and the credibility of the he's the aim of
:08:16. > :08:21.the EU's summit which starts in Brussels today after years of
:08:22. > :08:31.economic crisis and a new bail-out for Greece. It is hoped that they
:08:32. > :08:33.
:08:33. > :08:43.will focus on creating jobs and growth. This is a summit that has
:08:43. > :08:43.
:08:43. > :08:50.not got an immediate crisis hanging over its head? Absolutely not. 24
:08:50. > :08:53.out of 26 endorsed the fiscal passage -- package. You can have a
:08:53. > :09:00.lot of platitudes coming out about growth and employment and the sort
:09:00. > :09:04.of thing. The answer is that it is in the politicians' hands. Apart
:09:04. > :09:10.from the usual monetary problems and fiscal policy, and various
:09:10. > :09:17.fiscal stimulation packages. The fact remains that it is about
:09:17. > :09:23.confidence. If the world at large gets its act together in terms of a
:09:23. > :09:27.uniform at idea of how it would deal with things, rather than
:09:27. > :09:32.leaping from one process to another. Back to Brussels, back to Rome and
:09:32. > :09:37.still no further agreement on it. You would not restore confidence. I
:09:37. > :09:43.promise you that it is not magic, if that manage to happen and they
:09:43. > :09:47.get that many -- message across. In the United States, there is a clear
:09:47. > :09:57.sign that the economy is struggling to get back on its feet. India and
:09:57. > :10:02.
:10:02. > :10:12.a shower of people laugh. -- a sharp and eight Jacques are oft the
:10:12. > :10:17.
:10:17. > :10:23.chopping block. -- Asia. We were taught you in a few minutes. --
:10:23. > :10:27.week we'll talk. Let's look at the Asian markets. An improvement for
:10:27. > :10:33.China in the third straight month in a row. This has improved
:10:33. > :10:41.sentiment. These markets have had a very good run for quite some time.