:00:02. > :00:08.Now the big question for eurozone leaders - where are the jobs?
:00:08. > :00:16.Figures are out, and it is time for the latest financial news with
:00:16. > :00:23.World Business Report. A warm welcome to World Business
:00:23. > :00:27.Report. The headlines: A jobless recovery, fresh data could show
:00:27. > :00:34.more Europeans are out of work. Chinese factory orders growth at
:00:34. > :00:44.their fastest pace for an idea. Here in China, Italy's prime
:00:44. > :00:44.
:00:44. > :00:48.minister comes with his hat in his hand.
:00:48. > :00:52.The key to recovery and future economic growth in Europe remains
:00:52. > :00:57.its ability to create jobs. Later today we will get the latest data
:00:57. > :01:01.on unemployment in the eurozone. In countries like Spain, Portugal and
:01:01. > :01:04.Greece, as many as one in five are out of work. There are governments
:01:04. > :01:09.hope that changes to work practices will help make it more attractive
:01:09. > :01:13.for companies to hire staff. Many traditional industries will need to
:01:13. > :01:17.invest heavily in new technology. Our correspondent has been to
:01:17. > :01:22.Portugal. The biggest earners around here it
:01:22. > :01:26.used to be companies making textiles and footwear. Thanks to
:01:26. > :01:34.Europe's low wages, that is. The companies were undercut, first by
:01:34. > :01:39.Morocco and then by the Far East. When two stayed jobs go, only one
:01:39. > :01:44.person has taken on, so there is no sign at all, only unemployment.
:01:44. > :01:48.need more training, not only a hard skills, but on soft skills -
:01:48. > :01:52.teamwork, communication, project management. That is what we need
:01:52. > :01:58.for this country to succeed. At the end of the day we would need to
:01:58. > :02:03.become more competitive. To become more competitive you need better
:02:03. > :02:07.and more well-trained people. can we find hope? Some way forward?
:02:07. > :02:14.In this case, it is a long way from a country's population centres in
:02:14. > :02:19.Portugal's interior. Here, one firm is showing the way. Let's go inside.
:02:19. > :02:25.This firm has managed to find 10 million euros to invest in hi-tech
:02:25. > :02:31.gone and machines for its 250 workers, supplying international
:02:31. > :02:41.brands. It constantly reinvents how it works. Up Europe is lazy.
:02:41. > :02:42.
:02:42. > :02:48.sorry to say that, but I think it is lazy. (INAUDIBLE) this cannot go
:02:48. > :02:55.on. We have to work more. Sometimes people get addicted to working and
:02:55. > :02:59.they have difficulties changing that. We are here to try, every
:02:59. > :03:03.time, to change a little bit. Sometimes we fail. Of working
:03:04. > :03:06.patterns are hard to change in southern Europe. The area needs
:03:06. > :03:09.more firms with professional management able to pick out the
:03:09. > :03:16.best workers willing to roll up their sleeves and create wealth for
:03:16. > :03:18.themselves. A former senior official at the
:03:18. > :03:23.European Central Bank is saying that the risk of problems in
:03:23. > :03:26.Portugal, Spain and other countries, spreading to the rest of the
:03:26. > :03:36.eurozone have been overstated. European finance ministers agreed
:03:36. > :03:42.to use their bail-out fund to create a file all should the
:03:42. > :03:47.country's failed to honour their debts -- firewall. However, it has
:03:47. > :03:55.been said that foreign money at the problem is not the solution. Now,
:03:55. > :03:58.with the reform programmes under way, being implemented in Ireland,
:03:58. > :04:06.Portugal, a new political approach in Italy, the progress made so far
:04:06. > :04:16.in Spain - from this point of view, contagion is limited. It is limited.
:04:16. > :04:19.
:04:19. > :04:26.That is the key point.... This is not the issue, this is of secondary
:04:26. > :04:32.importance. What is important is the structural reform in these
:04:32. > :04:35.countries. Let's move our focus to China and some better-than-expected
:04:35. > :04:41.news in the world's second-largest economy. Factory orders rose at
:04:41. > :04:45.their largest pace for a year in March. This suggests a recovery in
:04:45. > :04:48.overseas demand for Chinese goods. Leaders gathered in eastern China
:04:48. > :04:55.for an annual forum, they will be focused on a range of economic
:04:55. > :05:03.issues. Let's go live. Nice to see you, Juliana. Let's start with
:05:03. > :05:07.Mario Monty. What -- what has he been up to?
:05:08. > :05:15.He is here to drum up business for the European Union. Not only Italy
:05:15. > :05:20.- he took the time to meet China's senior leaders. He was pressing
:05:20. > :05:23.them to eventually give some money for an as yet unfunded stability
:05:23. > :05:28.fund, which we believe is something that the International Monetary
:05:28. > :05:34.Fund is working on. For its part, china has said that it supports
:05:34. > :05:38.Europe but it is shying away from putting down Monetary pledges. I
:05:38. > :05:42.spoke to a leading banker, who said that China's position is that they
:05:43. > :05:46.may give money at some point, but that the EU has to give money first.
:05:46. > :05:56.After all, the EU is much richer than China.
:05:56. > :05:57.
:05:57. > :06:02.Tell us-mac about China -- tell us about China.
:06:02. > :06:06.On Sunday we had the Purchasing Managers' Index up for March. It
:06:06. > :06:11.was much stronger than expected. It was the strongest growth in the
:06:11. > :06:14.last year. That suggests that manufacturing is bouncing back.
:06:14. > :06:19.Asia's stock markets have reacted, doing very well on the news of that.
:06:19. > :06:26.Other people I have talked to here in China say that manufacturing may
:06:26. > :06:31.be doing all right, trade may be doing all right, but internally,
:06:31. > :06:35.the market is slowing. There are a lot of issues to talk about you.
:06:35. > :06:38.Thank you very much for bringing us up-to-date.
:06:38. > :06:46.Let's talk about some other business stories. More than 3,000
:06:46. > :06:50.jobs have been safeguarded a video games retailer, Game. It has been
:06:50. > :06:53.bought by an investment firm that specialises in turning around
:06:53. > :06:58.struggling retailers. It closed down nearly half of its stores last
:06:58. > :07:03.week and laid off 2000 staff after going into administration. This
:07:03. > :07:06.weekend's deal should keep most of the remaining 333 shops on the UK
:07:06. > :07:11.high-street open. At a million public sector workers
:07:11. > :07:15.in Germany will get a 6.3% pay rise. The deal will be spread over two
:07:15. > :07:19.years instead of one. It is slightly below the figures demanded
:07:19. > :07:29.by trade unions. Government services have been disrupted by a
:07:29. > :07:29.
:07:29. > :07:39.series of strikes by staff in recent weeks. The agreement reduces
:07:39. > :07:47.
:07:47. > :07:54.the threat of all-out strike. Japan says... Dr Kim is touring to
:07:54. > :07:57.garner support for his nomination. Africa and Asia are pushing or the
:07:57. > :08:05.next World Chief to come from a developing nation.
:08:05. > :08:11.There has been a big takeover in Asia's banking sector. To tell us-
:08:11. > :08:17.-- to tell us about that, here is Sharon.
:08:17. > :08:22.It involves South East Asia's biggest bank, which says it is in a
:08:22. > :08:29.5 billion dollar deal to buy up a stake in a prominent banker in
:08:29. > :08:36.Indonesia. This is part of a plan to expand further. Indonesia is
:08:36. > :08:43.South East Asia's largest economy. This will make the B S the fifth
:08:43. > :08:48.largest lender in Indonesia. It is planning to acquire a 67% stake,
:08:48. > :08:58.which was held by a Singaporean sovereign welfare fund, which is
:08:58. > :09:08.
:09:08. > :09:18.also a major shareholder in DBS. Singapore's economy expanded by
:09:18. > :09:18.
:09:18. > :09:28.about 6.5% in 2011. The banking sector remains on -- under-served
:09:28. > :09:29.
:09:29. > :09:34.to.... The bank has about 3,000 branches and offices catering to a
:09:34. > :09:37.customer base of almost 6 million people.
:09:37. > :09:45.Another big deal going down in a share.