:00:05. > :00:13.popular support. Those are the latest headlines. Can
:00:13. > :00:22.live for the money news in World Business Report. -- time now for
:00:22. > :00:26.some to thank you for joining us. Investors withdraw hundreds of
:00:26. > :00:31.millions of euros amid fears Greece may pull out of the eurozone. 100
:00:31. > :00:39.billion of reasons to be cheerful. Facebook sets the price for the
:00:39. > :00:44.largest ever sale Show on the Internet. -- share sale.
:00:44. > :00:49.In times of crisis people like to hold on to large cash an increase
:00:49. > :00:53.speculation Greek money could switch from the euro means an
:00:54. > :00:56.increasing and as people are guarding a euros. Between 700
:00:56. > :01:00.million and 1.2 billion euros has been withdrawn from Greek banks in
:01:00. > :01:06.the ten days since inconclusive parliamentary elections. That is
:01:06. > :01:10.still less than 1% of the total deposits held by banks in Greece.
:01:10. > :01:18.News that the European Central Bank has stopped lending to some Greek
:01:18. > :01:23.banks has fuelled concerns. We now speak to a chief market analyst.
:01:24. > :01:33.This is not a run on with the banks? Is it just National because
:01:34. > :01:44.
:01:44. > :01:51.of all of the uncertainty surrounding it Greece -- natural --
:01:51. > :01:55.surrounding Greece. There has been uncertainty over how much money has
:01:55. > :02:01.been withdrawn. Of course there are such large issues there that are
:02:01. > :02:06.not going away. If anything, the largest issue is that they still
:02:06. > :02:11.cannot agree on a coalition. We are now waiting on another election to
:02:11. > :02:19.guess a government in place. This is causing massive uncertainty for
:02:19. > :02:25.everybody. -- to get. Given we are not going to see a government own
:02:25. > :02:35.place until the 19th of Judy you expect the uncertainty to continue?
:02:35. > :02:39.
:02:39. > :02:43.-- in a place -- 19th June -- in place. It is likely we will
:02:43. > :02:48.continue to see stories like this while people wait to see what is
:02:48. > :02:54.going to happen. Even when we get a government in place we still could
:02:54. > :02:57.see Greece coming out of the euro. In the meantime we hear the
:02:57. > :03:04.European Central Bank has decided to withdraw funding from some Greek
:03:04. > :03:09.banks. We do not know the details but essentially it is because the
:03:09. > :03:12.bank has deemed them to be insolvent. That is worrying. When
:03:12. > :03:16.you look at the banks there, whether they are technically
:03:16. > :03:24.insolvent or not, we have been saying that the country is in
:03:24. > :03:31.Salford. If the banks are and softened -- insolvent that is
:03:31. > :03:35.neither here nor there -- insolvent. So there are large issues with this.
:03:35. > :03:39.I think the thing is that we need some resolution, something concrete
:03:39. > :03:46.in place in terms of the government for some sense of normality. Thank
:03:46. > :03:52.you. To the other side of the world, a
:03:52. > :03:56.different story. Japan is growing faster than expected. Wealth grew
:03:56. > :04:00.by 1% in the first three months of the year and much of that was due
:04:00. > :04:06.to investment to rebuild areas in the North East devastated by last
:04:06. > :04:13.year's tsunami. Japanese people are also spending and firms continue to
:04:14. > :04:21.sell their goods overseas. Let's cross live to out reporter in Tokyo.
:04:21. > :04:29.So some good news for Japan today? Yes. These growth figures are
:04:29. > :04:34.better than expected. They had growth of 4.1% and analysts had
:04:34. > :04:41.expected 3.5%. That is the third straight quarter of growth for the
:04:41. > :04:48.Japanese economy. That is a very different story from Europe. Public
:04:48. > :04:58.investment rose by 5.4%. Exports were also up by 2.4%. Consumer
:04:58. > :04:58.
:04:58. > :05:05.spending was also up. It is the rebuilding in the north-east of the
:05:05. > :05:11.country in the area affected by the tsunami last year. The outlook for
:05:11. > :05:16.the exports is pretty grim. Because of the turmoil in Europe, that is.
:05:16. > :05:24.Are we so getting a sense that companies are being very cautious
:05:24. > :05:28.about capital investment? Certainly companies are being cautious
:05:28. > :05:32.because they are so affected. The large exporters and companies are
:05:32. > :05:36.affected by their export markets. They are also affected by the
:05:36. > :05:46.strength of the Japanese yen, which is still strong although it has
:05:46. > :05:51.come offer of record highs. With forecasts of energy shortages in
:05:51. > :05:55.the summer and price rises on electricity already being felt by
:05:55. > :06:01.corporate customers, soon to be felt probably by domestic consumers
:06:01. > :06:06.as well, that could all be a factor that could mean this road we have
:06:06. > :06:13.seen in this quarter may not last. I was just going to ask some of the
:06:13. > :06:19.analyst I have been talking too, some of them are more optimistic.
:06:19. > :06:23.Are you getting it is a mixed feeling? It is very much a mixed
:06:23. > :06:27.feeling first of the effects of the rebuilding after the tsunami is
:06:27. > :06:33.going to be felt in Japan for a long summer. A large area was badly
:06:34. > :06:42.damaged and it will take a long time to rebuild -- a long time.
:06:42. > :06:50.When you talk to analysts they say Japan is not yet feeling the
:06:50. > :06:54.effects of nuclear reactors being off-line. So far we have not seen
:06:54. > :06:58.much manufacturing leaving the country and job losses because of
:06:58. > :07:05.that and domestic electricity consumers have not felt the pain of
:07:05. > :07:12.price rises. That's all still to come and it will come down the line
:07:12. > :07:19.for some thank you. Facebook is set to announce the
:07:19. > :07:22.price of its share sale later. Admittedly it was forecast to reach
:07:22. > :07:27.up to $11 billion but a large amount of private shareholders had
:07:27. > :07:32.decided to raise the amount of stock by one quarter. Shares are
:07:32. > :07:39.due to start trading on Friday. It could price the company at more
:07:39. > :07:45.than $100 billion. Let's cross live to out reporter in Tokyo. To she
:07:45. > :07:55.joins us now from San Francisco. Hello to you. Is it possible that
:07:55. > :07:57.
:07:57. > :08:04.Facebook could live up to all of this hype? I do not know whether
:08:04. > :08:10.they can build a business with this huge overvaluation. -- valuation.
:08:10. > :08:17.The question so many people seem to be asking is where is the revenue
:08:17. > :08:25.going to come from? We saw GM only earlier this week withdrawing its
:08:25. > :08:31.advertising from Facebook. It did not do very much at the sizing,
:08:31. > :08:41.only $10 million. Some people say it did not do it very well --
:08:41. > :08:45.
:08:45. > :08:49.advertising for is. Facebook needs to have the Google moment. They
:08:49. > :08:54.have to create a business that is highly sustainable and lucrative.
:08:54. > :09:01.They still have yet to do that. It is still a simple advertising
:09:01. > :09:06.business. It has 900 million users but only makes a few million
:09:06. > :09:10.dollars a year through advertising? Yes. Many of the advertising
:09:11. > :09:18.dollars have not moved over to the internet and Facebook in particular
:09:18. > :09:25.for some many people think that Facebook is interesting. They still
:09:25. > :09:35.do not have that golden advertising price. Some people have done well