:00:19. > :00:21.protestors last year. Now it is time for World Business Report.
:00:21. > :00:31.Optimism fades fast that a multi- billion dollar bail-out of Spain's
:00:31. > :00:41.banks will not ease the eurozone debt crisis.
:00:41. > :00:41.
:00:41. > :00:44.A Asian stock market's retreat of its Greece worries investors. And
:00:44. > :00:54.Apple's war with Google heats up. It announces plans to kick Google
:00:54. > :00:55.
:00:55. > :00:57.Maps of its iPhone and replace it with its own mapping application.
:00:57. > :01:00.Despite the injection of 100 billion euros into Spain's failing
:01:00. > :01:03.banks it didn't take long for the grim headlines to return.
:01:03. > :01:12.Now Asian stocks are falling again this morning after declines in
:01:12. > :01:15.Europe and the US. On Monday financial markets temporarily
:01:15. > :01:18.showed signs of relief that Spain's banks would receive an infusion of
:01:18. > :01:21.money. But by the end of the day anxiety returned and Spain's stock
:01:21. > :01:25.index finished down half percent. The interest rate on its 10 year
:01:25. > :01:32.bonds jumped to 6.5%. Investors then turned their attention to
:01:32. > :01:35.Italy after it confirmed it had fallen deeper into recession. The
:01:35. > :01:38.rate on its 10-year bonds jumped to above 6%. To make matters worse,
:01:38. > :01:48.Cyprus, a country heavily dependent on Greece, said it is considering
:01:48. > :01:49.
:01:49. > :01:53.applying for an emergency loan package for its banks. We go to
:01:53. > :02:01.Singapore to see how the market there are dope-testing this
:02:01. > :02:06.information. Declines, yet again. Absolutely. A reversal of fortunes.
:02:06. > :02:13.After Monday's rally, most of the Asian bourses are in negative
:02:13. > :02:21.territory. The spread of Europe's debt crisis will not stop and that
:02:21. > :02:29.will kick off a contagion. The pay- out for Spain's troubled banks
:02:29. > :02:39.could further trouble its economy. The dunes 17th Greek election made
:02:39. > :02:43.
:02:43. > :02:53.it ten minutes fate within the common currency bloc. I spoke with
:02:53. > :02:59.an analyst earlier he said there if the European Stability Mechanism
:02:59. > :03:09.was used for the rescue a would be subordinate to official creditors
:03:09. > :03:12.and face losses in any debt initiatives.
:03:12. > :03:18.I'm joined by Jeremy Stretch, a Currency expert from CIBC World
:03:18. > :03:25.Markets. Not a surprise in a way, but the optimism did not last very
:03:25. > :03:31.long. Yes, I think the markets had a degree of scepticism once they
:03:31. > :03:40.saw the statement from the meeting at the weekend. They found there
:03:40. > :03:45.were many caveats in the detail. It is a potential of up to 100 billion
:03:45. > :03:51.euros and we need to see how big it is. At the same time, 100 billion
:03:51. > :03:56.euros is a lot of money. Do you think we are becoming desensitised
:03:56. > :04:04.to the huge amount of cash being ploughed into the eurozone to prop
:04:04. > :04:10.it up? Yes, we are talking about Taliban numbers and politicians
:04:10. > :04:15.describing massive amounts of capital. We are laying more debt on
:04:15. > :04:20.the Spanish sovereign state by the banking system. That is part of the
:04:20. > :04:30.problem. Spain is already in recession and its property market
:04:30. > :04:32.
:04:32. > :04:39.has tanked. What should we look out for next? Are the Greek elections
:04:39. > :04:44.the next thing on the raider? They hoped they could fix the
:04:44. > :04:48.problem with the Spanish banking a out that it could have had an
:04:48. > :04:52.unexpected consequence for the Greek elections. The assumption
:04:53. > :04:57.that Spain will be getting this money at a lower rate of interest
:04:57. > :05:05.and other Barack countries, particularly Greece. That could
:05:05. > :05:08.play into the hands of the anti- austerity parties this weekend. It
:05:08. > :05:13.could have the UN Independent consequence of getting the anti-
:05:13. > :05:23.bail out parties across the election victory Lyon. Angkor for
:05:23. > :05:24.
:05:24. > :05:27.coming in. -- thank you. Apple has upset the applecart in digital
:05:27. > :05:29.mapping. The iPhone and iPad maker says the next version of its
:05:29. > :05:32.operating system for portable devices will no longer include
:05:32. > :05:34.Google Maps. The move was the centrepiece of the company's
:05:34. > :05:43.keynote address on the first day of its annual developers' conference.
:05:43. > :05:49.Mark Gregory reports from New York. Thousands of Apple Mac faithful,
:05:49. > :05:58.application developers from around the world, gather at it in San
:05:58. > :06:04.Francisco. This meeting is on the seemingly unglamorous world of maps.
:06:04. > :06:13.Until now every apple devise has come loaded with Google Maps. It
:06:13. > :06:17.makes finding your way around it easy. Apple has decided to move any
:06:17. > :06:23.different direction, teaching Google Maps in favour of its own
:06:24. > :06:32.system. The smart phone market has become a war between Apple and be
:06:32. > :06:42.well's and Roy platform. Financial analyst: My Gillis said apps are
:06:42. > :06:48.the Mu front line. Revenue is not a key, it is that they do not want to
:06:48. > :06:56.be dependent on each other. Apps do not bring in much revenue, but they
:06:56. > :07:03.are heavily used. Apple is not the first to challenge do well's
:07:03. > :07:07.reputation. His companies stopped using Google Maps a while back.
:07:07. > :07:14.Those two companies fighting over Matt's is good for us. We will end
:07:14. > :07:18.up having better maps with more features. As a developer mapping
:07:18. > :07:24.applications there followed with interest. I do not think it will
:07:24. > :07:29.affect me negatively. The irony is that smartphone and has probably
:07:29. > :07:39.will not notice much difference. Apple's maps are expected to look
:07:39. > :07:43.
:07:43. > :07:46.very similar to those of Google. Tokyo has become the world's most
:07:46. > :07:51.expensive city for foreign staff to live in overtaking the Angolan
:07:51. > :08:01.capital Luanda. The yen's rise against the dollar pushed up the
:08:01. > :08:16.
:08:16. > :08:18.cost of living for staff and firms paid in other currencies. The
:08:18. > :08:28.research, carried out by the consultancy Mercer and I'm joined
:08:28. > :08:50.
:08:50. > :08:56.by Milan Taylor from Mercer. The other cities climbing up this
:08:56. > :09:02.goal higher on the other side of the world. Or of the city's we
:09:02. > :09:12.surveyed increased during the year. That shows been strength of the
:09:12. > :09:12.
:09:12. > :09:20.Chinese economy against the US dollar. It will cost �5 for a cup
:09:20. > :09:27.of coffee. What about us? A lot of European cities have gone down, due
:09:27. > :09:35.to currency fluctuations. Belfast and Birmingham have gone up the
:09:35. > :09:43.rankings, Duke to a lack of supply in housing. Across the board,