:00:07. > :00:17.gas in a series of co-ordinated attacks. Knight is time for World
:00:17. > :00:23.
:00:23. > :00:33.Business Report. Extraordinary measures from Britain to stop the
:00:33. > :00:37.
:00:37. > :00:47.economy going into reverse. Wal-Mart China accused of safety
:00:47. > :00:50.
:00:50. > :00:55.violations. It is its third accusations since October.
:00:55. > :01:00.The British government and the Bank of England have joined forces to
:01:00. > :01:07.keep abreast to the UK economy. The Central Bank will provide cheap
:01:07. > :01:11.funding for Britain's High Street banks. The funds will have to be
:01:11. > :01:16.directed to households and businesses. Sam Mervyn King said he
:01:16. > :01:22.hopes the scheme will be operational in the next few weeks.
:01:22. > :01:26.The Bank of England is also activating an emergency scheme to
:01:26. > :01:36.making additional financing available to prevent any problems
:01:36. > :01:41.
:01:41. > :01:44.in at Euro to the UK banking system. George Osborne had this to say.
:01:44. > :01:49.Governor and I will take co- ordinated action on liquidity and
:01:50. > :01:53.funding for new bank lending to injected new confidence into our
:01:53. > :02:00.financial system and support the flow of credit to where it is
:02:00. > :02:08.needed. We are not powerless in the face of the eurozone difficulties.
:02:08. > :02:16.We can deploy a fire power to defend our economy from the crisis
:02:16. > :02:23.on our doorstep. On Spain is likely to be the focus of attention today
:02:23. > :02:30.because borrowing hit a record on Thursday, around 7%. Battalion
:02:30. > :02:40.borrowing costs are also rising quickly. An urgent solution is
:02:40. > :02:42.
:02:42. > :02:47.required to restore confidence. We speak to a market strategist. If I
:02:47. > :02:55.was a cynic I would say that quantitative easing has failed.
:02:55. > :03:00.that is a fair opinion. We have not only seen that from the Bank of
:03:00. > :03:06.England. It has given a short-term lift but it has not fed through
:03:06. > :03:13.outside the financial system. what context should we see this
:03:13. > :03:23.announcement? The last throw of a desperate man? It is possible that
:03:23. > :03:30.it will help. At is that really the problem? There is still the
:03:31. > :03:38.struggling European economy and it is a much bigger issue. It ties in
:03:38. > :03:43.neatly with the other thing I wanted to raise - we are under
:03:43. > :03:50.pressure not just from the eurozone, but also from the US. This is
:03:50. > :03:57.supposed to turn things around. How quickly willow tit the economy,
:03:57. > :04:02.given these outside pressures? Fairly quickly. They said they will
:04:02. > :04:07.put it in place in the next few weeks. It may take a few months to
:04:07. > :04:13.feed through to the economy. Or it may insulate us slightly, but
:04:13. > :04:21.everywhere else is still a bigger problem for the UK. We will join
:04:21. > :04:28.you later for the newspaper review. The election in Greece is held on
:04:28. > :04:33.Sunday. That is seen as a referendum on Greece's continued
:04:33. > :04:37.membership of the single currency. Politicians keep telling Greek
:04:37. > :04:42.voters if they want to keep the single currency they will have to
:04:42. > :04:52.put up with austerity. After five years of recession they have had
:04:52. > :04:53.
:04:53. > :04:59.enough. Our correspondent reports. And this man runs a corner shop and
:05:00. > :05:04.prides himself on his fresh, local produce. He worries that his
:05:04. > :05:14.customers have developed a taste for imported food, which will
:05:14. > :05:22.
:05:22. > :05:30.probably be priced INAUDIBLE. INAUDIBLE. Close to 5 euros full
:05:30. > :05:39.stung so, this will be 9 euros at least. Will any by the Viet? A lot
:05:39. > :05:47.of people will not buy it. Indications are that the government
:05:47. > :05:57.may need to control and manage food distribution. Many will not be
:05:57. > :06:02.surprised if the power goes out in the middle of interest season. Even
:06:02. > :06:08.if Greece hangs on in the euro for a while longer, Greeks will have to
:06:08. > :06:15.adapt to lower living standards. Part of the savings that delivered
:06:15. > :06:21.by a goods and services. This must change. In the commercial sector
:06:21. > :06:25.businesses have scaled down the prices they ask. The level of
:06:25. > :06:33.prices in the markets is reminiscent of when Greece was
:06:33. > :06:38.growing. It does not correspond to the current situation. The future
:06:38. > :06:44.may bring gaps on the shelves as Greeks learned to eat what they can
:06:44. > :06:52.produce and sell at a lower cost. BBC News was stung the world's
:06:52. > :07:01.biggest retailer, Wal-Mart, has problems in China. What to do they
:07:01. > :07:09.have to do? They have been engulfed by a food
:07:09. > :07:14.safety accusation. A Wolmar store in Beijing sold sesame oil in
:07:14. > :07:20.spring with dangerous amounts of chemicals. While Mounties not
:07:20. > :07:27.speaking at the moment, not commenting. It comes on the back of
:07:27. > :07:37.another accusation made this week in China than they had sold Paul
:07:37. > :07:49.
:07:49. > :07:54.Cripps from dead pigs. -- pork it reads from diseased pigs.
:07:54. > :07:59.A former billionaire has been sentenced to 110 years in jail
:07:59. > :08:08.following his conviction the in March on 13 charges including fraud
:08:08. > :08:18.and conspiracy. Prosecutors accused him of defrauding investors to
:08:18. > :08:18.
:08:18. > :08:24.finances and his lifestyle. He denies any fraud. Moody's has
:08:24. > :08:31.downgraded five Dutch banks. It said that if Greece believes the
:08:31. > :08:41.euro there could be further downgrading. AIG has repaid its
:08:41. > :08:43.
:08:43. > :08:51.bail-out loans to the Federal Reserve Bank of New York. IAG also
:08:51. > :08:57.received $68 billion from the US Treasury. Opec's oil ministers will
:08:57. > :09:07.keep their production target steady despite a 20% decline in the price
:09:07. > :09:16.of oil over the past two months. On Thursday the benchmark in New York
:09:16. > :09:23.closed higher. In spite of the uncertainty over Greece and the