:00:15. > :00:20.Japan pledges $16 billion in loans Good to have you with us. An angry
:00:20. > :00:24.row has broken out between Spain and Argentina after the Argentine
:00:24. > :00:27.government announced plans to renationalise a Spanish oil company.
:00:27. > :00:33.Madrid has promised to take decisive action against Argentina
:00:33. > :00:39.in the next few days. YPF is the company in question and owned by a
:00:39. > :00:49.Spanish firm, Repsol. They have put forward a bill to take control of a
:00:49. > :00:50.
:00:50. > :00:54.It was a popular message from Argentina's President. She believes
:00:54. > :00:59.her government is taking back its own vital resources. Despite the
:00:59. > :01:09.fact that the majority of YPF is currently owned by Spain's energy
:01:09. > :01:09.
:01:10. > :01:17.giant Repsol. She said 51% of YPF would in future be controlled by
:01:17. > :01:23.the Argentine state. Other investors in the company, had
:01:23. > :01:28.nothing to fear, she said. YPF produces crude oil every year. It
:01:28. > :01:33.is a subsidiary of Repsol and makes a more than 40% of the Spanish
:01:33. > :01:41.company's oil reserves. By taking the company over, Argentina wants
:01:41. > :01:46.to cut the expensive energy imports from overboard. Spain warned
:01:46. > :01:49.Argentina against the move. The Spanish Foreign Minister said the
:01:49. > :01:57.announcement had broken the climate of friendship between the two
:01:57. > :02:01.countries. It is a terrible decision for Spain. A terrible
:02:01. > :02:07.decision for Argentina and very bad news for legal security that should
:02:07. > :02:11.dictate the reaction between friends and allies. The loss of YPF
:02:11. > :02:17.would be a blow for Repsol and for Spain. Now people will watch how
:02:17. > :02:27.Madrid will respond. And where the future of foreign investors will be
:02:27. > :02:29.
:02:30. > :02:38.put off by what some will see as a At the start of this year, Yahoo
:02:38. > :02:43.announced it had a new man in charge. Scott Thompson has not held
:02:43. > :02:48.back in changes to the company. Yahoo announced it was laying off
:02:48. > :02:54.2000 staff earlier this year. What more will the results today reveal
:02:54. > :02:59.about the new management at the company?
:02:59. > :03:06.It is a web pioneer fighting to remain relevant. Yahoo is seven had
:03:06. > :03:10.a million users. -- has 700 million. They are trying to find a way to
:03:10. > :03:19.turn at traffic into commerce. There is not much to be excited
:03:19. > :03:29.about Yahoo right now. It has been declining. We haven't you see Tiaro.
:03:29. > :03:37.
:03:37. > :03:41.He has been cut and expenses and -- we have a new CEO. Investors are
:03:41. > :03:45.waiting to see him whether Scott Thompson has what it takes to turn
:03:45. > :03:53.around the company's fortunes. Yahoo announced its biggest ever
:03:53. > :04:00.round of redundancies. 14% of the company of's -- workforce will lose
:04:00. > :04:06.their jobs. Some experts say that cost-cutting is only part of the
:04:06. > :04:12.company's solution. It needs to set itself apart from the past. There
:04:12. > :04:20.is no-one particular thing that we associate with Yahoo the way we
:04:20. > :04:23.associate search with Google and social internet with Facebook. They
:04:23. > :04:33.need to pick one of its properties and focus on making it the thing
:04:33. > :04:39.that the company bought most of its resources behind. The diversified
:04:39. > :04:47.offerings they have now is not working. Yahoo's new boss faces a
:04:47. > :04:50.tough task ahead. Japan has announced a huge
:04:50. > :04:58.injection of funds for the International Monetary Fund. That
:04:58. > :05:06.is ahead of the spring meeting this week. Nice to see you. Tell us what
:05:06. > :05:11.Japan is up to. 16 billion US dollars from Japan. They are
:05:11. > :05:16.basically pledging this amount in loans to the International Monetary
:05:16. > :05:25.Fund to basically increase the IMF's firewall against the ongoing
:05:25. > :05:29.European debt crisis. It comes just days before the chief leader's
:05:29. > :05:34.meetings where they will discuss rising concerns that Spain might
:05:34. > :05:42.need an international bail out. Christine Lagarde welcomes Japan's
:05:42. > :05:47.pledge and encourages other countries to follow. This is
:05:47. > :05:54.important to promote global economic stability. Japan is the
:05:54. > :05:59.first non-European country to commit money. Other major economies,
:05:59. > :06:03.including leading emerging companies such as China, Brazil and
:06:03. > :06:09.Russia have been holding off from making any firm commitment of new
:06:09. > :06:18.money, saying they will chip in but want more voting power in return at
:06:18. > :06:22.the multilateral 5th for funding agency. Increased concern about
:06:22. > :06:32.this ongoing European debt crisis highlighted by soaring Spanish
:06:32. > :06:37.baritone costs. -- borrowing. What will Goldman
:06:37. > :06:41.Sachs reveal later? It is expected to show a jump in revenues since
:06:41. > :06:46.January following the second bail out of the Greek economy. Many say
:06:46. > :06:51.that future looks less bright. How damaging have the revelations been
:06:51. > :07:01.that staff called clients muppets? Goldman Sachs has always had a big
:07:01. > :07:07.holdings of eurozone government bonds. Last year it lost after loss
:07:07. > :07:11.as the market plummeted. That lifted the sovereign bond market
:07:11. > :07:15.this year, lifting Goldman Sachs's trading revenues. The question is
:07:15. > :07:19.whether they can deliver similar profits for the rest of this year.
:07:20. > :07:23.As we are starting to see in the last few days, more and more
:07:23. > :07:32.concerned around Spain and opera for Europe. That is going to mean a
:07:32. > :07:41.wills will wait and see what happens.
:07:41. > :07:47.Goldman Sachs is building a reputation of itself in financial
:07:47. > :07:50.centres around the world. An outgoing director alleged to the
:07:50. > :07:55.press that Goldman Sachs staff regularly referred to their clients
:07:55. > :08:01.as muppets. That was embarrassing. Could it also be financially
:08:01. > :08:06.damaging? They have also had a very significant practice. Rich people
:08:06. > :08:12.want to invest their money here. They are most likely to move if
:08:12. > :08:19.they are insulted. A lot of them probably have moved because of it.
:08:19. > :08:24.It is a secretive committee but they will lose money. Can it redeem
:08:24. > :08:30.itself? The first reason is that Risa revival of the US economy
:08:30. > :08:33.which is boosting demand. The second is that many financial
:08:33. > :08:40.institutions begin the US and Europe have recently cleared out of
:08:40. > :08:44.the investment banking game, leaving empty territory for Goldman
:08:44. > :08:50.Sachs to occupy. Per but us look at the market. Very
:08:50. > :08:55.mixed and very flat. We had better than expected news out of the US
:08:55. > :09:02.retail sector. That is music to the ears for exporters in Asia, who