:00:06. > :00:16.month -- bikie men. -- Ban Ki-Moon. Coming up, tinier and World
:00:16. > :00:18.
:00:18. > :00:22.Business Report. -- Ten. You're watching the World Business Report
:00:22. > :00:27.on BBC.. Facebook shares begin trading in New York in the biggest
:00:27. > :00:32.stock market debut in internet history. We hear the views of one
:00:32. > :00:39.great export Arc on the prospect of a return to the old Greek currency.
:00:39. > :00:49.Shares fall in Asia over worries over the eurozone crisis and data
:00:49. > :00:49.
:00:49. > :00:55.from the US. Shares in Facebook start trading on
:00:55. > :00:59.the Nasdaq later on. The world's biggest social network raised $16
:00:59. > :01:03.billion from its share sale making it the biggest in history. There is
:01:03. > :01:11.high demand for the shares on offer, or the price was pushed up to $38,
:01:11. > :01:14.valuing the company at $100 billion. The company, founded by Mark
:01:14. > :01:23.Zuckerberg in a student dormitory, is cashing in on its remarkable
:01:23. > :01:31.popularity. On average, one in seven minutes is bent on Facebook.
:01:31. > :01:39.The share issues rates the company added a $100 billion -- is spent.
:01:39. > :01:44.Goodall had a value of $300 billion in 2004. -- Google. The justified
:01:44. > :01:52.the price tag, Facebook must turn face -- social media into the
:01:52. > :01:56.dominant form of advertising. This way, the car giant General Motors
:01:56. > :02:03.stop its Facebook advertising, claiming the advertisements had
:02:03. > :02:09.little impact -- stopped its. cannot speak about General Motors,
:02:09. > :02:13.but I can tell you about our results. The new Ford models, all
:02:13. > :02:19.of the initiatives that we have gone to to promote our vehicles
:02:19. > :02:25.have worked very well for us. a marketing revolution that has not
:02:25. > :02:31.happened yet, but many in the industry predict it will. New media,
:02:31. > :02:35.and a new media revolution in the next 20 years we will see a change.
:02:36. > :02:40.When you look at radio, television and the internet, with social media,
:02:41. > :02:44.it represents not just a fine tuning the online experience, but a
:02:44. > :02:49.completely new way that people are interacting and interacting with
:02:49. > :02:58.their friends. It is reckoned that Facebook shares could easily double
:02:58. > :03:02.in value in the first runs the days of trading. Some investment experts
:03:03. > :03:08.are or as -- Irish urging caution. This is just the beginning of
:03:08. > :03:13.Facebook, it is not the end. Smart investors were let things shake-out,
:03:13. > :03:18.wait for price stability and then analyse the company and the stock
:03:18. > :03:24.and if it is good value to invest in. Traders at the Nasdaq stock
:03:24. > :03:31.markets have a new symbol to remember, F B or Facebook. The
:03:31. > :03:35.shares are likely to soar in the first few days of trading. Willie
:03:35. > :03:43.be a good long-term investments? That is the multi-billion dollar? -
:03:43. > :03:50.- will eat beef. 16 Spanish banks have been downgraded by Moody's
:03:50. > :03:54.amid growing fears over the country's debt. On Thursday, shares
:03:55. > :04:00.fell sharply, on the news that significant amounts of money were
:04:00. > :04:05.being withdrawn from banks in Spain and Greece.
:04:05. > :04:10.Shares in Spain's the fourth biggest bank, Bankia, troubled --
:04:10. > :04:16.tumbled 14% on the news that depositors were pulling their money
:04:16. > :04:21.out. The government tried to calm the fears. Despite the difficulties,
:04:21. > :04:26.we are not complete sets in the challengers, we're on the right
:04:26. > :04:31.track. I bring you a message of confidence. Both Spanish banks and
:04:31. > :04:34.the government are finding it more expensive to borrow, because of
:04:34. > :04:39.fears over the big debts in the Spanish economy. The leading
:04:39. > :04:44.ratings agency downgraded Spanish banks which is likely to further
:04:44. > :04:49.push up their interest costs. It is only a few months since the whole
:04:49. > :04:55.eurozone system was on the brink of catastrophe. In 2011, the
:04:56. > :05:02.conditions were very difficult. European bonds had difficulty
:05:02. > :05:07.defending themselves. We were very close to having a collapse in the
:05:07. > :05:12.EU. That would have led to a collapse in the economy and
:05:12. > :05:17.revelation. This is something that the ECB could not accept. If the
:05:17. > :05:23.eurozone goes back into crisis, British banks would be in trouble
:05:23. > :05:25.because of their loans to other European banks. The Treasury has
:05:25. > :05:32.develop contingency plans to protect British banks which would
:05:32. > :05:37.involve guaranteeing their debts. The British banking system is a
:05:37. > :05:41.large port -- large portion of our economy. If the guarantee is that
:05:41. > :05:46.the government has given for the British banks, in the event that
:05:46. > :05:51.the eurozone goes out, we are the most indebted country in the world
:05:51. > :05:54.in those circumstances. However much we in the UK congratulate
:05:54. > :06:01.ourselves for staying out of the eurozone, we cannot protect
:06:01. > :06:10.ourselves completely where the worst to happen over there.
:06:10. > :06:16.We have heard a lot about the exit of Greece. How could it affect
:06:16. > :06:26.businesses. Would be drachma make holidays T-bar for would-be
:06:26. > :06:29.
:06:29. > :06:39.tourists? -- cheaper. We are joined from Web cam from Athens. Would you
:06:39. > :06:40.
:06:40. > :06:50.welcome an exit from Greece from the eurozone? The so-called Greek
:06:50. > :06:56.exam it is a dilemma. I do not believe in this. -- Greek exert.
:06:56. > :07:00.Stability is a clear answer. Not only for the nation, up but for the
:07:00. > :07:05.eurozone itself. But you do not have stability or political
:07:05. > :07:15.stability at the moment? That is correct. The problem for the Greek
:07:15. > :07:17.
:07:17. > :07:22.economy is that the sets and negative growth. -- deficit. All
:07:22. > :07:25.the actions of politicians and businesses should be targeted.
:07:25. > :07:32.you think the likes of Angela Merkel will now look at growth
:07:32. > :07:42.options? I would say that the recipe of austerity has been
:07:42. > :07:43.
:07:43. > :07:48.prevent pop Hillary -- has been proven wrong. This is not
:07:48. > :07:53.sufficient on a stand-alone basis. As has been proven in Greece and
:07:53. > :07:59.Portugal and Spain. I do believe that now is the time that the
:07:59. > :08:03.voices that urge for growth is the only viable approach for Europe and
:08:03. > :08:08.for the European economy to reignite growth. So there is
:08:08. > :08:13.another boat in June, there are polls suggesting that actually the
:08:13. > :08:23.tide is turning and Greeks might boats in a way that suggests they
:08:23. > :08:31.
:08:31. > :08:40.are keen to stay in the eurozone -- valets -- votes. Unemployment
:08:40. > :08:46.increase has gone up to 22%. Youth unemployment is exceeding 40%. It
:08:46. > :08:56.is definitely a result of the elections and the electric bar it
:08:56. > :08:56.
:08:56. > :09:06.which has been expressed. -- the electoral vote. These are the votes
:09:06. > :09:07.
:09:07. > :09:14.of discomfort has been expressed -- the is a vote of. I need to
:09:14. > :09:21.emphasise the sacrifices the Greek people have done so far. In any
:09:21. > :09:26.other European country, they were cut to 50% of pensions and wages.
:09:26. > :09:36.We would CCT burnings four weeks in other European countries. -- city
:09:36. > :09:39.
:09:39. > :09:44.is burning. He believes there and it must be paid. I do believe that
:09:44. > :09:52.the austerity measures have to rationalise in terms of making the
:09:53. > :09:57.economy affordable and viable for growth. Asian markets fell sharply
:09:57. > :10:07.on opening thanks to the eurozone she tears. We have more from
:10:07. > :10:09.
:10:09. > :10:13.Singapore. -- eurozone jitters. All the markets are down by 2% all
:10:14. > :10:19.because of those worries. They may be headed for their worst weekly
:10:19. > :10:23.performance in nine months. It is the instability a monks to the
:10:23. > :10:33.Spanish banks and the political turmoil in Greece, they are all
:10:33. > :10:42.been cited as reasons -- a Marxist. The US continues to be a major
:10:42. > :10:52.markets and trade partner to Asian markets. New claims for a jobless