18/05/2012

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: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