:00:05. > :00:15.of the bombing of an airliner over Scotland, has died.
:00:15. > :00:21.Now it is time for the latest financial news.
:00:21. > :00:24.You are with World Business Report. The headlines: a turbulent week
:00:24. > :00:31.ahead on the markets as leaders battle to contain the eurozone
:00:31. > :00:36.crisis. Finally a done deal. Yahoo agrees
:00:36. > :00:45.to sell half of its stake in the Chinese website Ali Baba for more
:00:45. > :00:51.than $7 billion. His Ryanair and the -- is the
:00:51. > :00:56.budget airline model running out of space after another big year for
:00:56. > :00:59.Ryanair? A New Trading Week begins and
:00:59. > :01:05.investors remain on a knife-edge after leaders of the G8 nations
:01:05. > :01:11.came up with no concrete proposals to tackle the eurozone crisis. The
:01:11. > :01:17.German and French finance ministers meet today in Berlin. The
:01:17. > :01:27.unravelling of Greece's financial system is gathering pace. Many
:01:27. > :01:30.
:01:30. > :01:40.Greek people are taking savings out of the banks.
:01:40. > :01:42.
:01:42. > :01:48.Cash machines are emptying daily, mattresses of -- are bolting. --
:01:48. > :01:55.bulding. Estimates suggest around 4 billion euros a week is being
:01:55. > :01:59.withdrawn. In the shadow of the famed a couple us, economists say
:01:59. > :02:09.recent Turkish history provides an example of the loss of savings that
:02:09. > :02:18.many Greeks fear. In Turkey we had that 15 years ago. The powers-that-
:02:18. > :02:21.be dealt in French francs and in Deutschemarks and they had a
:02:22. > :02:31.flourishing situation and the rest of the population had low-spending
:02:31. > :02:34.power. In London, this risk specialist says companies are
:02:34. > :02:41.emptying their Greek bank accounts snidely. Some of them are taking
:02:41. > :02:46.cash homes. Some of them are buying German bonds, some are opening bank
:02:46. > :02:51.accounts on the internet but that is getting harder and harder. Some
:02:51. > :02:56.of them are opening bank accounts in Cyprus in the probably mistaken
:02:56. > :03:06.belief that a Greek bank in Cyprus is protecting them more than a
:03:06. > :03:09.
:03:10. > :03:16.great bank in Athens. -- Greek bank. These people are house-hunting in
:03:16. > :03:21.London. His agent says Greeks are flocking here. They are looking to
:03:21. > :03:30.park their money, looking for things they can rent out. This is
:03:30. > :03:38.removing money from wherever it is and putting it in a safe haven.
:03:38. > :03:46.Most on Mary Greeks are not in a position to do this. -- most
:03:46. > :03:56.ordinary. The more of the money moves outside of the country, the
:03:56. > :03:58.
:03:58. > :04:05.more the country is reliant on the central bank.
:04:05. > :04:09.Obviously a critical week, today the German and French finance
:04:09. > :04:16.ministers talk in Berlin ahead of an EU summit on Wednesday. How will
:04:17. > :04:22.they find middle ground prior to that? It will not be easy. Germany
:04:22. > :04:32.is exposed to using debt to spend the country's way out of a
:04:32. > :04:37.recession. France will press on with an abolition of the strict
:04:37. > :04:42.austerity policies which they think Germany is imposing on Europe.
:04:42. > :04:50.Between demand and supply there is quite a difference. They will have
:04:50. > :04:54.to come up with a compromise. seems to be some room emerging in
:04:54. > :04:59.Germany. The German finance minister speaking on the weekend,
:04:59. > :05:04.saying they are open to look at all sorts of ideas as long as it
:05:04. > :05:14.doesn't increase debt. Do you think eurozone bombs, which many have
:05:14. > :05:18.been pushing, a good way of resolving the situation? For many,
:05:18. > :05:28.the eurozone seems a way out but the bonds basically mean you borrow
:05:28. > :05:28.
:05:28. > :05:33.your neighbour's credit card to find your own spending. -- to fund.
:05:33. > :05:39.They are only make sense if you have a common fiscal policy. Give
:05:39. > :05:43.up your sovereignty, otherwise countries can go on spending as
:05:43. > :05:52.much as they like and make other countries responsible for paying
:05:52. > :05:56.their debt. It is difficult to see the eurobonds working. While all
:05:56. > :06:01.this is it going on we heard that the Greek people are pulling out
:06:01. > :06:07.their money, and it is going on in Spain as well. The prime minister
:06:08. > :06:14.there saying he will enact an audit of the banks to see how stable they
:06:14. > :06:20.are. That is very much welcome. The markets are suspicious that the
:06:20. > :06:27.reported numbers are understating the scale of the problem. It could
:06:27. > :06:32.be a help if a trusted third party could clarify the mess and come up
:06:32. > :06:36.with something for the market to believe. There is a divide between
:06:36. > :06:41.what the market thinks and what the government is telling us is needed.
:06:41. > :06:47.A lot to keep an eye on, thank you for your perspective on what will
:06:47. > :06:55.be another critical week. In a bid to raise cash, Yahoo is
:06:56. > :07:05.near to selling half its stake in Chinese website Alibaba. What these
:07:06. > :07:08.
:07:08. > :07:13.Yahoo up to? -- what is? Alibaba will be buying back half of
:07:13. > :07:18.the Afu's stake for a minimum 7.1 billion US dollars in cash and
:07:18. > :07:25.stock. It brings to an end a long- running and bitter negotiation
:07:25. > :07:31.process between the two science. Yahoo acquired the stake in Ali
:07:31. > :07:36.Baba years ago for 1 billion US dollars, they are making 700 % of
:07:36. > :07:41.their investment. Alibaba is buying back its own stock. There is an
:07:41. > :07:50.agreement for Yahoo to sell its remainder of the stock in stages
:07:50. > :07:56.later on. Another story to keep an eye on. Ryanair. The biggest
:07:56. > :08:02.airline for European routes. It is expected to make almost 500 million
:08:02. > :08:09.euros, around the same as last year but until now it has posted big
:08:09. > :08:14.chums in earnings. How do they grow from here?
:08:14. > :08:20.Ryanair's main markets, Spain, the Italy and the UK face tough
:08:20. > :08:29.economic times. Fuel costs have been soaring but they keep the
:08:29. > :08:35.money coming in by stripping off costs and charging for extras. The
:08:35. > :08:42.chief executive aims to double passenger numbers over the next
:08:42. > :08:48.five years but how can he do that? He does not have many options. He
:08:48. > :08:54.is trying to expand in eastern Europe and there the economies are
:08:54. > :09:04.flat. He has a problem at the moment. A wry N N needs a new fleet
:09:04. > :09:08.
:09:08. > :09:16.of more fuel-efficient planes. -- IMF -- Ryanair needs. They are
:09:16. > :09:25.looking at developing a new type of debt. They are being offered a
:09:25. > :09:30.bargain price. If they can achieve this they can break into the
:09:30. > :09:35.Airbus-Boeing duopoly. For our their airlines it will be good news
:09:35. > :09:45.because they raise more competition. On the other hand they will find
:09:45. > :09:55.that Ryanair got there first. want to replace their fleet in 2014
:09:55. > :09:56.
:09:56. > :10:06.but the new plane might not be in production by then.