18/05/2012 World Business Report

month -- bikie men. -- Ban Ki-Moon. Coming up, tinier and World

Business Report. -- Ten. You're watching the World Business Report

on BBC.. Facebook shares begin trading in New York in the biggest

stock market debut in internet history. We hear the views of one

great export Arc on the prospect of a return to the old Greek currency.

Shares fall in Asia over worries over the eurozone crisis and data

from the US. Shares in Facebook start trading on

the Nasdaq later on. The world's biggest social network raised $16

billion from its share sale making it the biggest in history. There is

high demand for the shares on offer, or the price was pushed up to $38,

valuing the company at $100 billion. The company, founded by Mark

Zuckerberg in a student dormitory, is cashing in on its remarkable

popularity. On average, one in seven minutes is bent on Facebook.

The share issues rates the company added a $100 billion -- is spent.

Goodall had a value of $300 billion in 2004. -- Google. The justified

the price tag, Facebook must turn face -- social media into the

dominant form of advertising. This way, the car giant General Motors

stop its Facebook advertising, claiming the advertisements had

little impact -- stopped its. cannot speak about General Motors,

but I can tell you about our results. The new Ford models, all

of the initiatives that we have gone to to promote our vehicles

have worked very well for us. a marketing revolution that has not

happened yet, but many in the industry predict it will. New media,

and a new media revolution in the next 20 years we will see a change.

When you look at radio, television and the internet, with social media,

it represents not just a fine tuning the online experience, but a

completely new way that people are interacting and interacting with

their friends. It is reckoned that Facebook shares could easily double

in value in the first runs the days of trading. Some investment experts

are or as -- Irish urging caution. This is just the beginning of

Facebook, it is not the end. Smart investors were let things shake-out,

wait for price stability and then analyse the company and the stock

and if it is good value to invest in. Traders at the Nasdaq stock

markets have a new symbol to remember, F B or Facebook. The

shares are likely to soar in the first few days of trading. Willie

be a good long-term investments? That is the multi-billion dollar? -

- will eat beef. 16 Spanish banks have been downgraded by Moody's

amid growing fears over the country's debt. On Thursday, shares

fell sharply, on the news that significant amounts of money were

being withdrawn from banks in Spain and Greece.

Shares in Spain's the fourth biggest bank, Bankia, troubled --

tumbled 14% on the news that depositors were pulling their money

out. The government tried to calm the fears. Despite the difficulties,

we are not complete sets in the challengers, we're on the right

track. I bring you a message of confidence. Both Spanish banks and

the government are finding it more expensive to borrow, because of

fears over the big debts in the Spanish economy. The leading

ratings agency downgraded Spanish banks which is likely to further

push up their interest costs. It is only a few months since the whole

eurozone system was on the brink of catastrophe. In 2011, the

conditions were very difficult. European bonds had difficulty

defending themselves. We were very close to having a collapse in the

EU. That would have led to a collapse in the economy and

revelation. This is something that the ECB could not accept. If the

eurozone goes back into crisis, British banks would be in trouble

because of their loans to other European banks. The Treasury has

develop contingency plans to protect British banks which would

involve guaranteeing their debts. The British banking system is a

large port -- large portion of our economy. If the guarantee is that

the government has given for the British banks, in the event that

the eurozone goes out, we are the most indebted country in the world

in those circumstances. However much we in the UK congratulate

ourselves for staying out of the eurozone, we cannot protect

ourselves completely where the worst to happen over there.

We have heard a lot about the exit of Greece. How could it affect

businesses. Would be drachma make holidays T-bar for would-be

tourists? -- cheaper. We are joined from Web cam from Athens. Would you

welcome an exit from Greece from the eurozone? The so-called Greek

exam it is a dilemma. I do not believe in this. -- Greek exert.

Stability is a clear answer. Not only for the nation, up but for the

eurozone itself. But you do not have stability or political

stability at the moment? That is correct. The problem for the Greek

economy is that the sets and negative growth. -- deficit. All

the actions of politicians and businesses should be targeted.

you think the likes of Angela Merkel will now look at growth

options? I would say that the recipe of austerity has been

prevent pop Hillary -- has been proven wrong. This is not

sufficient on a stand-alone basis. As has been proven in Greece and

Portugal and Spain. I do believe that now is the time that the

voices that urge for growth is the only viable approach for Europe and

for the European economy to reignite growth. So there is

another boat in June, there are polls suggesting that actually the

tide is turning and Greeks might boats in a way that suggests they

are keen to stay in the eurozone -- valets -- votes. Unemployment

increase has gone up to 22%. Youth unemployment is exceeding 40%. It

is definitely a result of the elections and the electric bar it

which has been expressed. -- the electoral vote. These are the votes

of discomfort has been expressed -- the is a vote of. I need to

emphasise the sacrifices the Greek people have done so far. In any

other European country, they were cut to 50% of pensions and wages.

We would CCT burnings four weeks in other European countries. -- city

is burning. He believes there and it must be paid. I do believe that

the austerity measures have to rationalise in terms of making the

economy affordable and viable for growth. Asian markets fell sharply

on opening thanks to the eurozone she tears. We have more from

Singapore. -- eurozone jitters. All the markets are down by 2% all

because of those worries. They may be headed for their worst weekly

performance in nine months. It is the instability a monks to the

Spanish banks and the political turmoil in Greece, they are all

been cited as reasons -- a Marxist. The US continues to be a major

markets and trade partner to Asian markets. New claims for a jobless