:00:15. > :00:22.fighting fires. You're watching the World Business Report on BBC.
:00:22. > :00:27.Ted mac time they have some explaining, the bass of J P McGann
:00:27. > :00:33.chase would tell US lawmakers how this traders managed to lose $2
:00:33. > :00:43.billion earlier this year each -- J P McGee and chase. Does the best of
:00:43. > :00:45.
:00:45. > :00:55.WPP deserve a 60% pay rise -- J P Mogan Chase. Share prices of Esprit
:00:55. > :00:56.
:00:56. > :01:02.drop as the chief executive officer resigns.
:01:02. > :01:07.It is not often you get to here one of the nicknames in banking
:01:07. > :01:15.apologise and they did not come much begat then Jamie Diamond, PTT
:01:15. > :01:25.executive of JP Morgan Chase. He appears before a p banking Senate
:01:25. > :01:32.committee to explain how his company lost $2 billion in cash --
:01:32. > :01:36.the chief-executive. The tables have turned on the boss
:01:36. > :01:44.of the biggest US bank, James diamond must explain to lawmakers
:01:44. > :01:52.what happened to $2 billion that JP Morgan Chase last in a risk of bad
:01:52. > :01:57.investment offers -- Jamie diamond. It is not just an expensive mistake,
:01:57. > :02:03.fog is chief-executive, it is also embarrassing. -- Thurlby is. He
:02:03. > :02:08.will stress that this was an isolated event. He will point out
:02:08. > :02:12.that the bank did not lose any client, customer or taxpayer money.
:02:12. > :02:19.Critics argued that as the man at the top, he should have known
:02:19. > :02:24.better. He is the boss, he can say that we do not want to do this. I
:02:24. > :02:30.think he probably approve the activity in general. I suspect that
:02:30. > :02:35.it was packaged as a hedge, offsetting other risks in the bank.
:02:35. > :02:40.It got out of control. Now, experts say that it looks like the industry
:02:40. > :02:45.must remember the lessons learned from the mowed down four years ago.
:02:45. > :02:50.The arguments that Mr Diamond has been making that access regulation
:02:50. > :02:56.is a problem, rather than unregulated banks, that takes a
:02:56. > :03:06.huge hit. If Jamie Diamond cannot 11 of this banks, can anybody bound
:03:06. > :03:16.
:03:16. > :03:21.this banks? -- cannot than one of this banks. -- cannot manage.
:03:21. > :03:25.shaping up to beat the latest battle in the shareholder spring at
:03:25. > :03:29.the Annual General Meeting of the advertising group WPP in Dublin.
:03:29. > :03:35.Shareholders will be voting on where they its chief executive Sir
:03:35. > :03:44.Marton sale should have had a pay rise of 60%. He already has a basic
:03:44. > :03:49.salary of $10.5 million per year. WPP has much to bloody trumpet
:03:49. > :03:58.about, from a smile firm making wire baskets, it has become the
:03:58. > :04:05.biggest advertising group. -- a smile firm. WPP increased global
:04:05. > :04:11.profits by one the last year. -- eight smile firm. Best-educated
:04:11. > :04:20.executive should not have been given his 60% pay rise. -- critics
:04:20. > :04:28.say it the chief executive. It is not Investment fattier, but it is
:04:28. > :04:32.not Stella. The performance is average, it is being watched by a
:04:33. > :04:38.stellar company. This is the latest skirmish in the shareholder spring.
:04:38. > :04:43.Five times in recent months, investors have revolted against the
:04:43. > :04:47.rewards can do to top executives in UK-listed companies by their boards.
:04:47. > :04:52.The chief executive says he will fight the shareholder rebels. He
:04:52. > :05:01.should not be confused with British banking bosses which first spark
:05:01. > :05:07.shareholder anger. -- first sparked. He says that WPP is profitable and
:05:07. > :05:12.last year became the biggest advertising firm in the world.
:05:12. > :05:15.of his strategic decisions were made earlier on, such as the
:05:15. > :05:22.integrated matter of communication across multiple platforms going
:05:22. > :05:28.into emerging markets. And, of class, having a multi- global set-
:05:28. > :05:38.up Office says in 100 countries. Recently, that has not justified
:05:38. > :05:39.
:05:39. > :05:48.the dividend that he is now reaping -- over 100 officers. The chief
:05:48. > :05:50.executive gets $15 million per year and the de BP chairman says that
:05:50. > :05:55.his pay should be in the same league.
:05:55. > :06:00.Were attacking a lot about chief- executive of the service and the
:06:00. > :06:10.press said they are under. The chief executive of Esprit is on the
:06:10. > :06:12.
:06:12. > :06:17.move. Tell us more about the story. On the move, as you say, indeed the
:06:17. > :06:27.share price of Esprit it is on the move. It had its deepest Balham in
:06:27. > :06:33.
:06:33. > :06:38.15 years on the Hong Kong Stock Exchange. -- its steepest of fall.
:06:38. > :06:45.It has been trying to restructure its operation for profitability.
:06:45. > :06:53.Its shares have thirled by 22% today. His is the second senior
:06:53. > :07:03.executive to lead -- to leave their company -- his is, p shares have
:07:03. > :07:10.
:07:10. > :07:15.thirled by 22%. -- have Cleland. -- fallen.
:07:15. > :07:22.Tell us about the markets. Monday there was a strong rally, Tuesday
:07:22. > :07:26.there were losses. How is it today? It seems like today we will see an
:07:26. > :07:30.extent at last there the Asian markets. Then there's a brief rally
:07:30. > :07:40.Ali today, now they are drifting Lionel Bowen, amid persistent
:07:40. > :07:42.
:07:42. > :07:52.worries a pub at Spain, Italy and Greece end euro policy makers can
:07:52. > :07:56.
:07:56. > :08:06.stem the crisis -- earlier today, they are now drifting lower.
:08:06. > :08:08.
:08:08. > :08:18.The euro is weakening in Asian trade. Investors are fully into
:08:18. > :08:22.
:08:22. > :08:28.fail-safe currencies such as the US greenback and the Japanese currency.
:08:28. > :08:36.Let's now squeeze in some other business stories. Today, the body
:08:36. > :08:46.which approves the domain names is taking action against a list of
:08:46. > :08:51.
:08:51. > :08:58.2000 staff X-ers -- suffixes. The internet operation has assigned
:08:58. > :09:07.Names and Numbers is organising the expansion. It will be opened up
:09:07. > :09:15.like never before. We have 22 domains today. Where now opening up
:09:15. > :09:20.to it 1,900 new applications, many of those could be successful. It
:09:20. > :09:26.will include international domain names, domain names in other
:09:26. > :09:30.language scrips. Spanish debt will be under scrutiny on the markets
:09:31. > :09:37.today, the yield on interest rate on ten-year Spanish government
:09:37. > :09:42.bonds hit a record 6.8% on Tuesday. It shows investors are cautious
:09:42. > :09:47.about the prospects for Spain despite the 100 billion euros bail-