:00:02. > :00:12.Those are the latest headlines. Now for the latest financial news in
:00:12. > :00:16.
:00:16. > :00:20.Hello and welcome to World Business Report.
:00:20. > :00:30.The crisis of youth unemployment. Some 75 million people under 24 are
:00:30. > :00:34.
:00:34. > :00:38.now out of work, warns the UN, with Europe among the hardest hit.
:00:38. > :00:46.Qantas announcer's restructuring plans to rescue the company from a
:00:46. > :00:50.more losses. Signs of life in the US housing
:00:50. > :00:52.market. But it will take years to rebuild the damage from America's
:00:52. > :00:55.real estate crash. Turmoil in the eurozone is helping
:00:55. > :00:59.push youth unemployment to crisis levels, with many young people
:00:59. > :01:03.giving up hope of ever finding work. That is according to the UN agency
:01:03. > :01:07.in charge of workers' rights, the International Labour Organisation.
:01:07. > :01:13.In a report out today, the ILO says the number of young people aged 15-
:01:13. > :01:19.24 without jobs now stands at almost 75 million worldwide. That
:01:19. > :01:23.figure has risen by 4 million since 2007. Some of the highest rates of
:01:23. > :01:29.unemployment are in the European Union, where one in five under 24's
:01:29. > :01:32.are looking for jobs. In some countries the figure is much higher.
:01:32. > :01:36.The ILO warns many have now become so discouraged they have given up
:01:36. > :01:40.looking for work. Others are trapped in low paid, low skilled
:01:40. > :01:50.temporary jobs. It sees some young people becoming increasingly
:01:50. > :01:57.detached from society and says they risk becoming unemployable.
:01:57. > :02:02.We will be talking to the altar of that report later. Moving on to
:02:02. > :02:09.another business story, it is six years since the US housing market
:02:09. > :02:14.collapsed. Is the market starting to stabilise? They should be
:02:14. > :02:19.figures released today. Recent data paints a mixed picture. On the one
:02:19. > :02:23.hand, the US builders began work on more homes last month. On the other,
:02:23. > :02:28.many Americans still owe more on their mortgages than the actual
:02:28. > :02:30.worth of their home. Our correspondent visited one town in
:02:30. > :02:36.Connecticut that is still struggling.
:02:36. > :02:42.How spices in the US are still falling. Not only in familiar
:02:42. > :02:46.trouble spots but also here in Connecticut. -- house prices. This
:02:46. > :02:51.area has been popular with middle class families for generations. Now,
:02:51. > :02:57.one seller is having a difficult time convincing a new generation to
:02:57. > :03:04.move in. This woman is having trouble selling her parent's house.
:03:04. > :03:13.She has lowers the price from 159,000, 7%. The work she has put
:03:13. > :03:17.into fixing the place has not paid off. It is very hard to find one
:03:17. > :03:22.buyer that once it. As much as I would love to sell it, I cannot
:03:22. > :03:26.give it away for free. For Terry, the experience has been
:03:26. > :03:36.heartbreaking. Not only is this where she grew up, it is also the
:03:36. > :03:36.
:03:36. > :03:46.place where her immigrant parents called their palace. People are not
:03:46. > :03:47.
:03:47. > :03:54.buying. They are not in the nude. They are not feel insecure enough.
:03:54. > :04:01.-- in the mood. Houses are affordable but they have not got
:04:01. > :04:06.the message. On the poverty level, we have super for every property.
:04:06. > :04:09.Not everybody has been scared off. Some are trying to cash in on the
:04:09. > :04:16.decline in prices. This man invest in residential properties that are
:04:16. > :04:23.going cheap. With the amount of product out there, we believe there
:04:23. > :04:28.is something we can do. Right now we are coming into what was the
:04:28. > :04:33.58th unit we purchased. He showed me the renovations they
:04:33. > :04:43.did. He hopes to break even in the next year. The US housing market
:04:43. > :04:46.
:04:46. > :04:50.will take a lot longer to fix. Qantas has announced a radical
:04:50. > :04:57.restructuring plans. It has had a very tough time. Will this be
:04:57. > :05:01.enough to turn things around? We will have to wait and see.
:05:01. > :05:04.Essentially, they have announced the fact that they are splitting
:05:04. > :05:09.their international and domestic divisions. They are looking to
:05:09. > :05:14.restructure its business in a major way. The firm's international
:05:14. > :05:19.operations have been heard by many different issues, including strikes.
:05:20. > :05:23.The split is aimed at trying to cut costs. Streamline efforts to make
:05:23. > :05:28.its international operations more probable. The division has been
:05:28. > :05:32.making a loss because of higher fuel prices, falling demand as well,
:05:32. > :05:37.and it all follows a move yesterday when the airline cut some 500 jobs
:05:37. > :05:41.in its maintenance and engineering division. The split is part of a
:05:41. > :05:46.five-year plan announced last year, according to the chief executive
:05:46. > :05:50.Alan Joyce. Because the carrier's international operations have
:05:50. > :05:53.witnessed a downturn in the last few years, Qantas has announced its
:05:53. > :06:00.withdrawal from a whole series of different international routes.
:06:00. > :06:03.This includes the Singapore - Mumbai Road, Auckland-Los Angeles.
:06:03. > :06:07.But it's domestic operations continued to grow because it enjoys
:06:07. > :06:14.a big market share at home in Australia. According to airline
:06:15. > :06:22.analysts, the two businesses have had very separate parts in the last
:06:22. > :06:25.few years. They are contrasting fortunes. -- calfs. The
:06:25. > :06:35.international operations will need to continue on attracting new
:06:35. > :06:38.customers. -- paths. They need to fly on the most in-demand and
:06:38. > :06:42.profitable routes to make it profitable. The airline also has to
:06:42. > :06:49.maintain a dominant position, as well as the right potential
:06:49. > :06:51.competition from low-cost carriers. But they were trading today at 1%
:06:51. > :06:56.higher. Of thank you.
:06:56. > :07:06.Lots of changes going on at Qantas. Other business stories. Many are
:07:06. > :07:08.
:07:08. > :07:11.asking how shares of Facebook performed today. They closed 11%
:07:11. > :07:16.lower, leaving many investors who poured into the biggest ever
:07:16. > :07:21.internet flotation already nursing losses on the $38 they paid on
:07:22. > :07:29.Friday. Some analysts have questioned the $104 billion
:07:29. > :07:36.evaluation - more than 100 times last year's earnings.
:07:36. > :07:40.The former Goldman Sachs director has begun in a trial. He is accused
:07:40. > :07:46.of giving confidential information to a hedge fund tycoon, who is
:07:46. > :07:51.serving 11 years in jail for insider trading. It is part of a
:07:51. > :07:59.crackdown on Wall Street corruption that has seen more than 20 exhibits
:07:59. > :08:03.prosecuted. A Singapore's Stock Exchange has given way to Formula
:08:03. > :08:08.One equity firms. They will hope to tap into interest
:08:08. > :08:16.in the sport. They have been hosting races there since 2008 in a
:08:16. > :08:18.five-year deal. Our Leader story today is the news
:08:18. > :08:23.that the International Labour Organisation has released a report
:08:23. > :08:27.focusing on youth unemployment. It warned it could go... It is at 75
:08:27. > :08:33.million people out of work worldwide. Unfortunately, we are
:08:33. > :08:39.struggling to connect with the author of that report who is in
:08:39. > :08:42.Geneva. I just want to fill you in on some of the issues in the report
:08:42. > :08:46.that they said it would help solve this problem of youth unemployment.
:08:46. > :08:50.They are talking about the Government's focusing on job-
:08:50. > :08:55.creation and enabling tax breaks for companies that employ down
:08:55. > :09:02.people. Also they are looking at policy-making for getting young
:09:02. > :09:07.people in -- trained in skilled areas. Private sector investment,
:09:07. > :09:11.if that were to pick up, because governments enabling tax breaks for
:09:11. > :09:18.companies that employ the gang would try to help buck the trend.
:09:18. > :09:27.Some of the ideas in that report. I do apologise, we were unable to
:09:27. > :09:36.talk to the author. -- employ the youth. We are seeing gains again
:09:36. > :09:46.today. Up 1% in Asia. Many exporters doing well. Metal prices
:09:46. > :09:46.