:00:04. > :00:14.Pope Benedict. Those are the latest headlines. Now
:00:14. > :00:17.
:00:17. > :00:21.for the latest financial A warm welcome. You are with World
:00:21. > :00:25.Business Report. The headlines: Spain on a strike in protest at
:00:25. > :00:30.plans for new measures to make it easier and cheaper for companies to
:00:30. > :00:40.sack staff. The first earnings report from the new boss of the
:00:40. > :00:41.
:00:41. > :00:45.firm that makes the Blackberry. I am Rico Hizon. Building BRICs.
:00:45. > :00:55.The countries meet in a Delhi to build the idea of a development
:00:55. > :01:00.
:01:00. > :01:04.Good to have you with us. Spain goes on strike today in protest at
:01:04. > :01:09.planned Labour reforms which make it easier for companies to hire and
:01:09. > :01:14.fire staff. A strong turnout is expected in the unions and there is
:01:14. > :01:23.more action to come. The plans come as part of the Spanish government's
:01:23. > :01:30.plans to cut its deficit. Spain's biggest market. Thousands
:01:30. > :01:40.work here. Unemployment is this country's biggest problem. That is
:01:40. > :01:42.
:01:42. > :01:48.why the government has reformed the labour laws to make easier and
:01:48. > :01:54.cheaper for companies to hire and fire people. The cost of firing
:01:54. > :02:04.people was 45 days for one here of work. A maximum of 48 months. That
:02:04. > :02:05.
:02:05. > :02:10.means you have to pay so much. Spain, one in four people are
:02:10. > :02:20.looking for a job cannot find one. That figure changes to one in two
:02:20. > :02:21.
:02:21. > :02:27.for those under 25. This mother of two is looking and has not had
:02:27. > :02:31.regular work in six years. She says the labour reforms will only make
:02:31. > :02:40.it easier for companies to get rid of workers and does not help create
:02:40. > :02:50.jobs. One of the few companies in Spain that is hiring a new people
:02:50. > :02:54.is this one, a small technology start-up. One of its bosses says
:02:54. > :02:58.new laws are not needed to create jobs. When you need to hire
:02:58. > :03:03.somebody because you have work to do, not because the laws are less
:03:03. > :03:09.restrictive. In this working-class suburb there are signs of
:03:09. > :03:14.discontent as Spain goes on strike. Getting people back to work will be
:03:14. > :03:18.key for the popularity of the relatively new government. It is
:03:18. > :03:24.vital for the health of the country's economy, which is now in
:03:24. > :03:29.a negative growth. Leaders from Brazil, Russia, India,
:03:29. > :03:37.China and South Africa are meeting in a Delhi today and discussing the
:03:37. > :03:44.idea of a development bank which, like the World Bank, could help the
:03:44. > :03:50.BRICs. It could also help to bring their stock exchanges closer. Nice
:03:51. > :03:56.to see you Rico Hizon. Tell us about this development bank idea.
:03:56. > :04:00.It is a big idea. Getting there Stock Exchange us together to have
:04:00. > :04:05.a development bank that would rival the World Bank. Officials say these
:04:05. > :04:10.initiatives would take time as they need to sort out details. Basically,
:04:10. > :04:19.it holds a new level of ambition for the block, which brings
:04:19. > :04:24.together half of the world's people that makes up 25% of world GDP.
:04:24. > :04:28.This would allow the countries to pool resources for infrastructure
:04:28. > :04:38.improvements and it could be used in the long summer for a vehicle
:04:38. > :04:39.
:04:39. > :04:49.for lending during financial periods of crisis. China has a huge
:04:49. > :04:51.
:04:51. > :04:56.pile of resources and is the most powerful member of the group.
:04:56. > :05:02.However, all of the different countries have different priorities.
:05:02. > :05:08.People say they need to get back together. Let's talk about China.
:05:08. > :05:14.It is pursuing matters to internationalise its currency?
:05:14. > :05:20.is right. By extending its currency loans to other members of this
:05:20. > :05:26.group. The China Development Bank has signed an agreement on loans to
:05:26. > :05:30.its counterparts in the block. They say this is a further step that
:05:30. > :05:38.will help internationalise the currency and it makes perfect sense
:05:38. > :05:43.for China, according to analysts. They want to make it a reserve
:05:43. > :05:48.currency. The currency could become a very strong a currency going
:05:48. > :05:52.forward if Beijing undertakes economic reforms. Thank you. Always
:05:53. > :05:57.nice to see you. Let's talk about the price of oil.
:05:57. > :06:01.It has dropped for the first time in four days in New York. Western
:06:01. > :06:07.nations are considering releasing extra oil reserves one of the world
:06:07. > :06:12.market in order to push and the cost. Figures show a larger than
:06:12. > :06:17.expected increase in the infantry. Last week saw the biggest rise in
:06:17. > :06:25.stocks of oil in the US sends 2010 and analysts think that trend could
:06:25. > :06:31.return. This has been happening for quite some time. If you look at
:06:31. > :06:39.2010, it expanded at 3 million barrels a day, which is the second
:06:39. > :06:48.strongest rating in 30 years. Since 2010 we have seen a deceleration.
:06:48. > :06:52.There is not enough supply. A court in the US has started a hearing
:06:52. > :06:57.over whether Dominique Strauss-Kahn should face a civil lawsuit after
:06:57. > :07:07.criminal cases were dropped last year. They were brought by the New
:07:07. > :07:17.
:07:17. > :07:22.York hotel made,. The Swedish fashion firm H&M
:07:22. > :07:26.released its profits today. In the US, the final growth figures
:07:26. > :07:34.for the final quarter have been released. The well has increased at
:07:34. > :07:37.an annual rate of 3%, and not at 2.5% as originally estimated --
:07:37. > :07:43.wealth. The maker of the Blackberry is
:07:43. > :07:46.expected to announce more weak results today. It is bad news for
:07:46. > :07:53.the new chief executive, who was charged with turning the business
:07:53. > :07:59.around. The company is struggling with falling sales. We report on
:07:59. > :08:06.how the new man at the helm is going to get the firm back on track.
:08:06. > :08:11.Research in Motion is still profitable but the outlook for the
:08:11. > :08:16.business seems grim. There are still many Blackberry users
:08:16. > :08:26.worldwide but in the US it is losing its share. The popularity of
:08:26. > :08:27.
:08:27. > :08:37.the Blackberry 7 app is waning. is losing the edge it once had in
:08:37. > :08:37.
:08:37. > :08:43.the market place. It is a challenging state to be end, the
:08:43. > :08:48.mobile phone market. Blackberry is losing a vital customers into
:08:48. > :08:56.iPhone and Android handsets and will face new competition from
:08:56. > :09:01.Windows. The company has issued a string of profit warnings. Its new
:09:01. > :09:06.products failed to catch on. Now everything rests on the new
:09:06. > :09:13.Blackberry tenor software but that does not out until the autumn. The
:09:13. > :09:17.new chief executive who took over in its January has to do something
:09:17. > :09:22.dramatic but he is yet to outline his plan.
:09:22. > :09:27.The share prices have dropped in a stone. In the last year it has lost
:09:27. > :09:34.75% of its value. Investors are fleeing the Blackberry maker, which
:09:34. > :09:39.is finding it difficult to keep up with rivals.
:09:40. > :09:45.The markets today are sliding again. For two days in a row we have seen