:00:04. > :00:14.in ten days -- many. Those are the latest headlines. Now for the
:00:14. > :00:21.
:00:21. > :00:25.A warm welcome. The headlines: Searching for growth without
:00:25. > :00:35.increasing spending, the European Commission sets out its economic
:00:35. > :00:37.
:00:37. > :00:43.strategy for the EU. I am Rico Hizon. The chairman of Samsung
:00:43. > :00:53.faces three it losses. And the maker of the Blackberry warns again
:00:53. > :00:55.
:00:55. > :00:59.of heavy losses and says job cuts will be coming.
:00:59. > :01:06.The European Commission is due to set out its economic strategy for
:01:06. > :01:14.the EU in a few our's time. It is expected to balance croak with
:01:14. > :01:18.unpopular cuts -- hour's. Investors will be looking for reassurances
:01:18. > :01:24.ahead of the elections in Greece. So how will they achieve the
:01:24. > :01:28.balancing act of encouraging growth without increasing public dead? It
:01:28. > :01:33.is expected to further budgetary set, structural reforms and growth
:01:33. > :01:38.enhancing measures which member states should adopt over the next
:01:38. > :01:42.12 months. These recommendations are aimed at tightening governments,
:01:42. > :01:50.and will be endorsed by the European Council at the end of next
:01:50. > :01:55.month and formally adopted in July. I am joined by a senior global
:01:55. > :02:01.adviser. Nice to see you. Tell us more about this exercise and what
:02:01. > :02:07.it achieves. I think in the current environment, when we really are in
:02:07. > :02:13.crisis, it will not achieve a lot. Excuse me. It is looking at the
:02:13. > :02:19.whole European area. It is the EU, not the eurozone. It is 27
:02:19. > :02:24.countries. It is, where are we now? How good are they at running their
:02:24. > :02:30.economies? So put in more economic governance around it. So it is not
:02:30. > :02:34.just asking, are they doing better or worse. Sir a report card for the
:02:34. > :02:43.various members of the European Union. -- so. I imagine there is a
:02:43. > :02:48.lot to digest. It comes at a critical time. Tomorrow we have the
:02:48. > :02:54.Irish going to the polls and the elections in Greece and all the
:02:54. > :03:04.news from Spain about the banks. think this report card will not be
:03:04. > :03:11.
:03:11. > :03:14.ignored. But it may be last? You us. It is important. -- lost. -- yes.
:03:14. > :03:24.It will probably say that countries need to make more structural reform.
:03:24. > :03:29.
:03:29. > :03:34.It is difficult to do that when you are growing for some we --. So
:03:34. > :03:41.making more structural changes is even adding to the austerity.
:03:41. > :03:44.is this about Brussels trying to reaffirm its position, saying they
:03:44. > :03:48.are the centre of the European Union and we need you more than
:03:49. > :03:56.ever to toe the line and we need to be moving together in achieving the
:03:56. > :04:01.goal of getting out of this crisis? We do want countries to be run well.
:04:01. > :04:07.Fiscally? Not just fiscal discipline. It is the way you run
:04:07. > :04:11.it. They will probably say things about Italy and tax evasion, have
:04:11. > :04:14.they done and that? Probably not. It will be interesting to see
:04:14. > :04:20.whether they say anything about France making more structural
:04:20. > :04:26.reform. It is about standing back and say, this is where we are. We
:04:26. > :04:29.are looking at what they are doing and saying is it good enough. Many
:04:29. > :04:34.coaches in the eurozone are in crisis but the ones outside of the
:04:34. > :04:44.eurozone on not necessarily in crisis. Thank you. We will see you
:04:44. > :04:52.
:04:52. > :05:02.in a ten minutes's -- ten minutes' time. Now we are talking about a
:05:02. > :05:03.
:05:03. > :05:08.feud within Samsung. Yes, one man is fighting back 3
:05:08. > :05:14.losses from his siblings of $1 billion worth of assets. His older
:05:14. > :05:18.brother, and younger sister, are demanding shares held in the
:05:18. > :05:23.company's life insurance, which holds the key states in the largest
:05:23. > :05:30.consumer electronics maker. He has not hinted of letting the family
:05:30. > :05:38.destroy the business, telling local media he will not be getting
:05:38. > :05:45.involved in these seats but will be just fine to grow the company. --
:05:45. > :05:52.in these suits. So tell us more about what the chairman has been
:05:52. > :05:58.saying for some it is also about key competitors? That is right.
:05:58. > :06:08.There had been Santas from its largest rival, Apple. -- there have
:06:08. > :06:09.
:06:09. > :06:13.been challenges. They have traded leadership positions. Despite these
:06:13. > :06:22.disputes, the South Korean China keeps going from strength to
:06:22. > :06:27.strength. Last quarter it ended its reign as a global leader -- giant
:06:27. > :06:32.thank you. Lead us stay within that industry.
:06:32. > :06:38.The company behind the Blackberry says it will have profit warnings
:06:38. > :06:41.and has announced job cuts. Research In Motion also says it is
:06:41. > :06:45.hiring JPMorgan and RBC Capital Markets to help review the business.
:06:45. > :06:52.Its shares fell 10% in the hours along this news.
:06:52. > :07:01.These grim times. The Canadian manufacturer of the Blackberry
:07:01. > :07:11.mobile phone's shares have already fallen 80% in value. Their
:07:11. > :07:13.
:07:13. > :07:18.customers have switched to the Android or the Apple's phones. It
:07:18. > :07:24.has appointed outside advisers, including JP Morgan, to advise on
:07:24. > :07:29.the strategic options. Blackberry warns that the next few quarters
:07:29. > :07:36.will be financed the challenging as it limbers up for Blackberry 10,
:07:36. > :07:44.the new operating system that is make or break for this company. All
:07:44. > :07:47.of this has made investors take fright and shares crashed 11% in
:07:47. > :07:51.value. International energy companies are
:07:51. > :07:56.lining up to search for oil in Iraq in one of the largest exploration
:07:56. > :08:01.exercises in the world. 47 companies will be bidding for the
:08:01. > :08:05.work in auctions today. They could find 10 billion barrels of crude or
:08:05. > :08:11.ill. For three years foreign companies have been rebuilding the
:08:11. > :08:19.will sector in Iraq and it has been producing over 3 million barrels a
:08:19. > :08:25.day. -- oil sector. This is a national occasion. But a
:08:25. > :08:29.new twist to the plot. Rather than hiring foreign companies, the
:08:29. > :08:36.government will ask winning bidders to look for new reserves. The
:08:36. > :08:46.search will take place across some of the largest tracts of our --
:08:46. > :08:46.
:08:46. > :08:52.unexplored terrain in the world. There are reports the government is
:08:52. > :08:58.offering the chance to explore in the country. This is not bad. There
:08:58. > :09:03.are prospects of finding a large amount of oil. That potential is
:09:03. > :09:12.not available with the contracts that they used to how. Iraqis on
:09:12. > :09:20.its way back to being a great or willpower, -- Iraq is. -- a great
:09:20. > :09:29.oil power. In five years' time, the production capacity could reach 12
:09:29. > :09:39.million barrels today, on a par with Saudi Arabia. With its new
:09:39. > :09:54.
:09:54. > :10:04.will fill us it will feel it -- oilfields it may not have to work
:10:04. > :10:09.
:10:09. > :10:15.on them for years. There have been persistant power cuts.