14/06/2012

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:00:06. > :00:16.France, Ireland and Britain. Time now for the money news. You're

:00:16. > :00:18.

:00:18. > :00:24.watching the World Business Report on BBC. A warm welcome to World

:00:24. > :00:29.Business Report. The headlines: A test for Italy, the government will

:00:29. > :00:34.be selling debt amid growing concern over the European debt

:00:34. > :00:41.crisis. As government funds Sakai back, many Greek pharmacies are

:00:41. > :00:46.struggling to supply customers with essential drugs. The chairman of

:00:46. > :00:52.the clothing retailer Esprit resigns, the second and to step

:00:52. > :01:02.down a 24 hours. The company's share price falls following

:01:02. > :01:03.

:01:03. > :01:07.takeover talk. We have several developments in the

:01:07. > :01:12.European debt crisis to bring you up to date with this morning. Late

:01:12. > :01:17.on Wednesday, Moody's had its assessment of Spain's credit

:01:17. > :01:22.worthiness. That is despite the 100 billion euros bail-out to Spanish

:01:22. > :01:26.banks announced on the weekend. They blame the recession on the

:01:26. > :01:30.downgrade. Mario Monti will hold talks with Francois Hollande today.

:01:30. > :01:34.Francois Hollande is pushing for a greater role for the ECB in

:01:35. > :01:39.stemming the crisis. There will be a test of confidence in Mario

:01:39. > :01:45.Monti's policies later when the government sells debt on the money

:01:45. > :01:49.market. Italians are uneasy about the economy of the nation and the

:01:49. > :01:55.finances. Continuing deep unease on the

:01:55. > :02:03.markets, after the Spanish bail-out, Italy now feels the pressure. Its

:02:03. > :02:08.interest rate 112 months Bonn has driven up again yesterday. -- on 12

:02:08. > :02:13.months bonce. There are conflicting, confusing signals. The crisis is

:02:13. > :02:19.worsening, reads one headline. Italy will not need help, says

:02:19. > :02:24.another. TRANSLATION: A month ago a

:02:24. > :02:34.newspaper headline said, we are not Greece. This morning I sorry now

:02:34. > :02:34.

:02:34. > :02:39.that headline saying, we are not Spain. -- I saw another. Everyone

:02:39. > :02:42.agrees that Europe needs to do more to help. Mario Monti says it must

:02:42. > :02:51.take steps to stimulate growth across the eurozone.

:02:51. > :02:54.TRANSLATION: If measures are allowed to allow for growth, the

:02:54. > :02:58.finances of Italy will be sustainable. We will pay a lower

:02:58. > :03:06.rate of interest, taxes will be la la and businesses will have an

:03:07. > :03:12.easier time. -- will be lower. More and more Italians struggled to cope

:03:12. > :03:17.with the harsh realities of the President. TRANSLATION: I'm afraid.

:03:17. > :03:20.I do not sleep at night because we have a bakery. We have six people

:03:20. > :03:27.serving and three in the back, I had to let them go because there is

:03:27. > :03:30.not work -- not enough work. TRANSLATION: Is a market like this

:03:30. > :03:36.is half-empty, it means that business in general is going to

:03:36. > :03:41.pieces. Although the crisis is felt deeply in places like this, what

:03:41. > :03:51.really counts now is the mood in markets of a very different kind,

:03:51. > :03:51.

:03:51. > :03:55.the money market, the bond markets. Italians can only watch and worry.

:03:55. > :04:00.Pharmacies in Greece have warned that many stores will need to close

:04:00. > :04:05.if patients are unable to pay the full cost of prescription medicines.

:04:05. > :04:10.The pharmacy is used to be paid subsidies, but the farmers have

:04:10. > :04:20.huge shortfalls. Imported drugs from pharmaceutical companies to

:04:20. > :04:23.treat cancer -- cancer are no longer being shipped.

:04:23. > :04:27.It is a 30 in the morning and Greeks are waiting in line to get

:04:28. > :04:36.their hands on the prescription medicines they need. It is hard to

:04:36. > :04:46.obtain products. One man tells me he is finding it expensive for his

:04:46. > :04:54.cancer drug for the 7th your mother. I had to wait for hours -- his 70-

:04:54. > :05:00.year-old mother. It is the latest and most alarming development, in a

:05:00. > :05:04.hungry and cash-strapped Greece. International suppliers refused to

:05:04. > :05:11.ship to graze without cash upfront. Businesses are heavily reliant on

:05:11. > :05:17.state funds which subsidise medicines. The pharmacy is saved

:05:17. > :05:27.from now want patients will have to pay the full pop -- full cost of

:05:27. > :05:28.

:05:28. > :05:34.medicines. Quarters own engines alone -- this medicines must be

:05:34. > :05:38.paid for in full. This man heads the pharmacy association.

:05:38. > :05:42.TRANSLATION: Those who supplied the drugs from the pharmaceutical

:05:42. > :05:49.companies continue to press their cars end not give us a period of

:05:49. > :05:52.leniency. -- continued to pressure. The helping to raise funds are now

:05:52. > :05:56.all joined together and have stopped paying us and our last

:05:56. > :06:01.money from 2011. As pharmacists, we can no longer make up the

:06:01. > :06:07.difference. Not everyone thinks those trading medications are

:06:07. > :06:13.playing fair. It is clear that public healthcare is inefficient. I

:06:13. > :06:23.will blame the public sector as much as I do public companies and

:06:23. > :06:24.

:06:24. > :06:34.professionals. They are constantly negotiating about new orders. And

:06:34. > :06:48.

:06:48. > :06:53.money owed to them in an inhuman way. Yesterday we told you about

:06:53. > :07:00.the slump in the shares of Esprit, which was sparked by the departure

:07:00. > :07:03.of the chief executive. The shares are tumbling again today.

:07:03. > :07:11.You wonder who is left to run the company, because the chairman has

:07:11. > :07:16.also quit. What is going on? As a result of that resignation of

:07:16. > :07:23.the chairman, the stock price of Esprit Holdings on the Hong Kong

:07:23. > :07:30.stock exchanges down by another 14%, a total of 30% in two trading

:07:30. > :07:36.sessions. You have the chairman resigning, three resignations in

:07:36. > :07:40.six months. To within 24 hours. The chief executive stepping down and

:07:40. > :07:46.the stock price plunging. There is speculation that Esprit could

:07:46. > :07:49.become a takeover target. Dallas about Manchester United, the

:07:49. > :07:53.football team has decided not to have a public offering in Hong

:07:53. > :07:58.Kong? That is correct. It has become so

:07:58. > :08:03.fickle. There are reports that instead of Singapore, the plan is

:08:03. > :08:08.to move it to the US. Sources say that man you is looking at listing

:08:08. > :08:16.in New York with hoping to get a higher valuation. -- Manchester

:08:16. > :08:20.United. Manchester United could not be reached for comment. The

:08:20. > :08:26.Singapore Stock Exchange declined to comment when contacted by the

:08:26. > :08:33.BBC. United received the approval for the Singapore stock changed in

:08:33. > :08:37.November. Let squeeze in some more news. The

:08:37. > :08:42.fine company BT, has for the first time one a share for the

:08:42. > :08:52.broadcasting rights for Premier League football. They will

:08:52. > :08:54.

:08:54. > :09:04.broadcast 38 shows per season. They will do this with BSkyB. BT will

:09:04. > :09:06.

:09:06. > :09:14.produce a new channel to showcase the Games. Saudi Arabia and oil

:09:14. > :09:20.companies had been asking for a rise in production. -- asking for a

:09:20. > :09:24.rise in salaries. A French rogue trader with a lead in the Court of

:09:24. > :09:29.Appeals that his company passed off huge losses as a crime of his

:09:29. > :09:34.former colleague. He told a French newspaper that he saw accounts

:09:34. > :09:41.which proved that Soc Gen port's bad debts on to another company's

:09:41. > :09:46.fraud. Another day of the declines because of fears of Europe. It will