:00:01. > :00:11.able to resolve a number of economic problems the country still
:00:11. > :00:21.
:00:21. > :00:25.faces. Time now for World Business Report. The headlines: Citygroup
:00:25. > :00:31.scraps a pay-out to shareholders after the Federal Reserve warns it
:00:31. > :00:41.and three others may be too weak to withstand another financial shock.
:00:41. > :00:41.
:00:41. > :00:51.After 244 years, the Encyclopaedia Britannica goes online. Wen Jiabao
:00:51. > :00:54.
:00:54. > :00:59.says the HARDtalk is close to She is in Citigroup and three other
:00:59. > :01:06.American banks fell 4% and after- hours trading after they failed
:01:06. > :01:10.stress tests set by the US Federal Reserve. Citigroup, Metlife Ally
:01:10. > :01:20.International and SunTrust did not have enough capital to with another
:01:20. > :01:20.
:01:20. > :01:25.financial storm. 15 other banks pass the test. JP Morgan Chase --
:01:25. > :01:31.celebrated by raising pay-outs to shareholders. How stressed should
:01:31. > :01:37.we be about these tests? It is quite encouraging that they are
:01:37. > :01:44.taking action to take the tests and see that they pass. Going backache
:01:44. > :01:50.years ago, they were not having tests at this level of enforcement.
:01:50. > :01:56.Two, it is a small number. Wells Fargo are looking fine. We are
:01:56. > :01:59.paying out fine and in a better position. It is showing a great
:01:59. > :02:09.will level of improvement and showing that regulators are on the
:02:09. > :02:14.
:02:14. > :02:24.case. Why did Citygroup do so that the? Citygroup is not doing very
:02:24. > :02:28.
:02:28. > :02:34.well. With Wells Fargo, the retail was doing excellent leaf. The banks
:02:34. > :02:44.are restructuring. Citygroup needs to restructure. It has come a long
:02:44. > :02:49.way. Do you think the 15th at passed the tests called, it is an
:02:49. > :02:55.indication that the worst of the American financial sector has moved
:02:55. > :03:02.on. We have passed the issue of the disaster. But could it happen
:03:02. > :03:08.again? Financial disasters have a habit of coming round in a cycle.
:03:08. > :03:14.The next one could be to do with high-frequency trading. At least
:03:14. > :03:22.the regulators are being seen to be taking action. At least we could
:03:22. > :03:32.look back at a crisis, and say those with the faults. Positive
:03:32. > :03:36.action is encouragingly. Some more business news. The UK's biggest
:03:36. > :03:41.life insurer is saying it may have to move its headquarters from
:03:41. > :03:45.London to Asia. Prudential says the new European Union rules on how
:03:45. > :03:52.much capital financial firms told could force it to relocate. 8080 %
:03:52. > :04:02.of its profits last year came from Asia. It has been based in the UK
:04:02. > :04:03.
:04:03. > :04:13.for 160 years. We are looking at options. We are looking to serve
:04:13. > :04:15.
:04:15. > :04:19.our shareholders. The share market has been very volatile. A company
:04:19. > :04:25.of our scale has to look at other options in case the outcome is
:04:25. > :04:34.unfavourable. The world's third biggest retailer is saying it may
:04:34. > :04:44.workers, Tesco, to raise the age they claim the pensions from 65 to
:04:44. > :04:49.67. They say workers live much longer than they used to. 244 years,
:04:49. > :04:57.and Cyclone PDL Britannica is going out of print. -- Encyclopaedia
:04:57. > :05:03.Britannica. It is going out from book form into online. 85% of its
:05:03. > :05:07.revenues come from online educational tools. For the first
:05:07. > :05:17.time in 40 years, one of the world's most famous reference books
:05:17. > :05:17.
:05:17. > :05:23.will be printed in India. This was once a proud position in many a
:05:23. > :05:30.1950s time. Now it is going out of print. The 20 10th edition will be
:05:30. > :05:33.its last. You can still find print editions of the Encyclopaedia
:05:33. > :05:39.Britannica in most reference libraries. But the task of putting
:05:39. > :05:44.these books together has always been a complex one. It is has had
:05:44. > :05:49.to decide when a new print edition had to be produced and what to
:05:49. > :05:54.leave an what to take out. This has all changed with the arrival of the
:05:54. > :06:00.electronic editions. Going digital has advantages. It has more space
:06:00. > :06:05.and it is easier to update information. But will people pay
:06:05. > :06:15.for subscriptions to the Encyclopaedia Britannica. We could
:06:15. > :06:17.
:06:17. > :06:25.Peedy it is free. Britannica Encyclopaedia can co-exist with
:06:26. > :06:31.other producers. At the Brooklyn public library, you will not find a
:06:31. > :06:35.complaint from the librarians. need to answer thousands of
:06:35. > :06:42.questions every month through chat Andy now. We need to do that as
:06:42. > :06:47.quickly as possible. Doing a key word search on an arm -- online
:06:47. > :06:53.resource on mine is quicker than looking at the book and finding the
:06:53. > :06:59.appropriate volume. If you insist on a hard copy there is always this,
:06:59. > :07:05.are a book machine which prints books on demand. Useful for looking
:07:05. > :07:11.for an out of date in addition. They could not find a used copy
:07:11. > :07:17.anywhere, so we created a facsimile using this machine. They loved it
:07:17. > :07:24.because this was an addition they had looked everywhere for. In this
:07:24. > :07:32.digital age, the book's expensive multi- volume sets will soon belong
:07:32. > :07:40.to a bygone era. In Asia, Wen Jiabao has been talking about all
:07:40. > :07:47.sorts of issues as you have been hearing. He has been talking about
:07:47. > :07:54.the currency of China. Tell us more about his take on the Chinese
:07:54. > :07:59.currency. His is an interesting remark he made about the currency.
:07:59. > :08:06.He said China will allow the currency to float more freely. He
:08:06. > :08:12.also said it has risen in value by 30% since 2005. It is reaching
:08:12. > :08:17.balanced levels. Suggesting Beijing may not allow further gains over
:08:17. > :08:22.the currency despite pressure from abroad. America and other countries
:08:22. > :08:27.have been complaining that China is keeping the currency undervalued to
:08:27. > :08:34.give exporters and unfair trade advantage. But today it fell quite
:08:34. > :08:38.sharply, down 0.25% against the US dollar. The weakest level since the
:08:38. > :08:48.middle of December. What I did he have to say about the economy in
:08:48. > :08:49.
:08:49. > :08:53.general. He reiterated setting new targets of 7.5%? That has a
:08:53. > :08:57.significant it sh -- impact not just on Asian economies but
:08:57. > :09:03.industries across the board. We were speaking to a shipping analyst
:09:03. > :09:09.who said its future outlook depends on China because the growth or
:09:09. > :09:14.appetite for resources has been the only silver lining since the global
:09:14. > :09:19.financial crisis in 2008. The slowing economic growth of China is
:09:19. > :09:29.having a significant impact not just on neighbours but all sorts of
:09:29. > :09:29.
:09:29. > :09:32.economies. Looking at the market's in Asia. A very strong session. A
:09:32. > :09:42.record day in America. It is all about news coming out of the