:00:05. > :00:15.Those are the latest headlines. Now it is time for World Business
:00:15. > :00:21.
:00:21. > :00:27.Growing pains - European leaders meet in Brussels to discuss plans
:00:27. > :00:30.to boost economic wealth. And Greeks bearing gifts - we speak
:00:30. > :00:40.to the man charged with selling off state treasures to raise much-
:00:40. > :00:43.
:00:43. > :00:51.The leaders of the year's 27 states meet in Brussels for deer later on
:00:51. > :00:55.the menu -- dinner later. A succession of government spending
:00:55. > :01:00.cuts and tax rises combined with unemployment rises has caused a
:01:00. > :01:03.sharp fall in living standards for most Europeans.
:01:03. > :01:10.Signing up to growth promoting measures in Washington was one
:01:10. > :01:15.thing, getting cash-strapped Euro nations to agree concrete measures
:01:15. > :01:25.for the growth pact is trickier. The leaders have given themselves a
:01:25. > :01:30.month from tonight to formulate this new spending package. Greta
:01:30. > :01:34.spending to be discussed informally may include backing for bonds,
:01:34. > :01:40.paying for transport, communications and energy for
:01:40. > :01:45.poorer states. Leaders wanted to stop the European investment banks.
:01:45. > :01:55.Other ideas to create jobs by allocating 82 billion euros had so
:01:55. > :01:57.
:01:57. > :02:04.far anechoic -- so far I'm It is not austerity or growth. They
:02:04. > :02:09.are insisting on it because austerity has become a dirty word.
:02:09. > :02:14.Stability is essential. If you take certain measures to reform labour
:02:15. > :02:23.markets and so on, the ideas that have been talked about, you can
:02:23. > :02:28.have both of them simultaneously. They have realised the only way to
:02:28. > :02:34.solve this crisis is to get the fiscal house in order. Posterity
:02:34. > :02:38.alone seems to be sending these economies on to a downward spiral -
:02:38. > :02:42.- austerity. Francois Hollande were the summer to go further. He is
:02:42. > :02:46.building support for neutralising more of the continent's debt
:02:46. > :02:53.mountain by issuing Europe-wide bonds. That is one idea to find
:02:53. > :02:57.growth that has still gone too far for Germany.
:02:57. > :03:01.Growth may be a long way off for economies like Greece. The country
:03:01. > :03:06.has other means of raising cash. One condition of its second bail-
:03:06. > :03:10.out was that it would sell off some of state owned assets like its oil
:03:10. > :03:15.refineries, ports and betting agents. The government had hoped to
:03:15. > :03:21.raise 19 billion euros by 2015, but uncertainty risks delaying that
:03:21. > :03:31.timetable. We speak to the chief executive of the Hellenic Republic
:03:31. > :03:31.
:03:31. > :03:37.as a development fund. We speak to him now. Is there a risk that this
:03:37. > :03:47.whole programme could be derailed, given the outcome of the election?
:03:47. > :03:48.
:03:48. > :03:53.Of course there is a risk. This is not a private citation project. --
:03:53. > :03:59.privatisation. It's in their development and infrastructure
:03:59. > :04:05.concessions. It has a tremendous economic impact. It will account
:04:05. > :04:08.for an extra 3% in growth. So why should one might to derail such a
:04:08. > :04:15.programme? Is the public committed to it and are the other parties
:04:15. > :04:24.committed to it? I think the public is strongly behind such a programme.
:04:24. > :04:28.It is a programme for jobs and the public would blooded. political
:04:28. > :04:31.parties are on the other side, but I think they will support it at the
:04:31. > :04:35.end of the day. This is privatisation on a huge scale and
:04:36. > :04:39.the timetable is pretty short. Is there a risk that you won't get the
:04:39. > :04:46.best value-for-money? Of course there is a risk. It is not about
:04:46. > :04:48.selling assets, it is about developing assets. It is about
:04:48. > :04:54.inviting international investors to invest in Greece. It is a long
:04:54. > :04:59.process and will take a long time. That is why we have shifted targets.
:04:59. > :05:05.We believe it can be done, though. The key question is the level of
:05:05. > :05:10.uncertainty that investors currently face, which is phenomenal.
:05:10. > :05:13.Given the uncertainty, as it meant there are few people who have come
:05:13. > :05:19.forward to take part in the programme? We have recently had
:05:19. > :05:25.expressions of interest for the gas company. We have had 17
:05:25. > :05:30.international companies expressing interest. There is tremendous
:05:30. > :05:34.interest from all around the world for Greek assets. How does that
:05:34. > :05:40.compare to other programmes? give you an example, the Portuguese
:05:40. > :05:50.when they put on the market their electricity company, they had five
:05:50. > :05:56.In the Netherlands the law house of Parliament is due to vote on a new
:05:56. > :06:01.EU bail-out fund. The used stability mechanism would be has
:06:01. > :06:05.the firepower to 550 billion euros. It is due to start operating from
:06:06. > :06:08.the start of July. It is hoped the fund could be used to rescue any
:06:08. > :06:13.states they run into future debt problems.
:06:13. > :06:16.More bail-outs by a Spanish lender. The Government is expected to pump
:06:16. > :06:22.another 10 billion euros into the bank, which is struggling with
:06:22. > :06:26.massive debts on home loans. The lender is now owned by Spanish
:06:26. > :06:30.taxpayers after coming close to insolvency.
:06:30. > :06:34.In Asia, Japan has reported a bigger than expected rise in its
:06:34. > :06:43.trade deficit. The buds third- biggest economy and exporters faced
:06:43. > :06:48.a surge in gas and oil prices. Japan took all nuclear reactors
:06:48. > :06:54.offline after last year's tsunami. As a result, the gap between what
:06:54. > :07:01.Japan bought and sold overseas rose to $6.5 billion.
:07:01. > :07:09.Shares in the Broads third biggest PC knackered Dow fell 11% on
:07:09. > :07:14.Tuesday it after the company reported disappointing earnings.
:07:14. > :07:16.Hewlett-Packard is poised to slash up to 30,000 jobs. Both HP and Dell
:07:16. > :07:22.are struggling to compete in a fast-changing digital landscape.
:07:22. > :07:29.Our correspondent has more. HP was the original Silicon Valley
:07:29. > :07:35.start-up. Founded in a garage back in 1939. Once famous for innovation
:07:35. > :07:40.in printers and laser laptops and PCs it then lost its way. Hewlett
:07:41. > :07:44.Packard has a special place here at the New York Stock Exchange. It is
:07:44. > :07:48.one of the elite band of companies that make up the Dow Jones
:07:48. > :07:53.industrial average, the world's most famous share index. Recently
:07:53. > :08:01.it has been pushing that index down. HP shares have crashed 60% in value
:08:01. > :08:07.since reaching a peak 2.5 years ago. HP is now expected to cut tens of
:08:07. > :08:11.thousands of jobs, but some say that is only part of the solution.
:08:11. > :08:14.They really need to spend more money on richer pitch and
:08:14. > :08:21.development. Over the past three or four years that is one thing that
:08:21. > :08:27.they have severely lack. There is no reason why a massive company
:08:27. > :08:36.like Cunard Park cut cannot have innovated end sexy products.
:08:36. > :08:41.Hewlett-Packard. The company is being held back by battles in the
:08:41. > :08:47.boardroom. It has been through five chief executives in eight years.
:08:47. > :08:52.One was felled by a sexual scandal. The latest incumbent, recruited
:08:52. > :08:56.from eBay, has been in the top jobs in September. Can she turn things
:08:57. > :09:01.around? She is certainly an excellent manager, as she proved in
:09:01. > :09:06.her time at Key Bay. We think that in the near-term she's going to do
:09:06. > :09:11.a good job of steering the ship in terms of cutting costs and getting
:09:11. > :09:15.back into R'n'B. Is she the one to come up with a grander vision for
:09:15. > :09:25.the company? That we are not Shorrock. It is that vision dimmed.
:09:25. > :09:33.Page be had at once, the question Let's take a look at how the