:00:02. > :00:07.selfish and wrong. Those are the latest headlines from
:00:07. > :00:17.BBC World News. Time for the financial news with World Business
:00:17. > :00:19.
:00:19. > :00:24.Report. Welcome. The headlines: A second
:00:25. > :00:28.line of defence. The IMF says it has raised more than $450 billion
:00:28. > :00:34.for its crisis fighting fund as European leaders vowed to do
:00:34. > :00:37.whatever it takes to save the euro. I am Rico Hizon in Singapore and
:00:38. > :00:41.Asian stock markets are soft this Tuesday as eurozone fears shift
:00:41. > :00:44.from Greece to Spain. Microsoft unveils Surface, a series
:00:44. > :00:54.of tablet computers to rival the iPad, featuring a cover that
:00:54. > :01:03.
:01:03. > :01:07.Europe will take all necessary measures to protect the eurozone as
:01:07. > :01:10.tensions on financial markets rise. That is the message from the G20
:01:10. > :01:17.group of top economic powers as they continue their meetings in
:01:18. > :01:23.Mexico. The IMF has also announced it has raised $456 billion in a new
:01:23. > :01:26.crisis fighting money after 12 more countries including China, Brazil,
:01:27. > :01:34.Russia, India and South Africa, pledged funding for an expanded IMF
:01:34. > :01:39.war-chest. Our correspondent is at the summit in Mexico. She caught up
:01:39. > :01:42.with their head of the WTO. Talks amongst the world leaders were --
:01:42. > :01:48.will continue about what to do about the challenges facing the
:01:48. > :01:51.economy. To talk more about this I am joined by the Director General
:01:51. > :01:58.of the World Trade Organisation. Can you tell us, what are the key
:01:58. > :02:06.priorities? I think that in these very shaky world economic outlook,
:02:06. > :02:14.what we need is G20 leaders to send a strong signal that they are ready
:02:14. > :02:23.to co-operate. Knowing if they do that the crisis will be shorter.
:02:24. > :02:29.But obviously we're not there yet. Europe is one of the dark spots in
:02:29. > :02:37.the world economy, not the only one, but short-term, the darkest one.
:02:37. > :02:47.you think the focus should be on the eurozone? It is not the only
:02:47. > :02:47.
:02:47. > :02:53.issue, but first things first. What we need is this trade of which
:02:53. > :02:58.Chancellor Merkel has suggested between more solidarity against
:02:58. > :03:07.more common discipline. The concept is there. I think it is the right
:03:07. > :03:11.concept. What is still missing is, how do you get their short, medium,
:03:11. > :03:17.long-term? What sort of a timetable? That is what the rest of
:03:17. > :03:21.the world and that is what markets need in order to stabilise. We're
:03:21. > :03:27.not there yet. You do not hold much hope we will get there by the end
:03:27. > :03:35.of this meeting? It is a global meeting. It is not a meeting only
:03:35. > :03:40.about Europe. They have to sort out their own problems. They'll get a
:03:40. > :03:45.strong signal from the rest of the world. I spent a lot of time in
:03:45. > :03:49.those parts of the world. They will get a strong signal that the rest
:03:50. > :03:59.of the world needs a convincing, credible road map for times ahead
:04:00. > :04:02.
:04:02. > :04:06.to calm within the EU. We know that otherwise the risk for Spain will
:04:06. > :04:12.be great. That was the head of the WTO.
:04:12. > :04:16.More bad news about Spain's banking sector put paid to the relief we
:04:16. > :04:20.saw on the financial markets this time yesterday. The probe bail-out
:04:20. > :04:27.party won the election on Sunday in Greece. But stocks in Spain and
:04:27. > :04:32.Italy ended down 3%. Spain's borrowing costs surged. But then of
:04:32. > :04:36.course we have just had the news from the IMF coming out of the G20
:04:36. > :04:40.summit that they have boosted their coffers are significantly. How is
:04:40. > :04:45.this affecting the markets? Rico Hizon is in Singapore.
:04:45. > :04:50.A lot for investors to digest at the moment.
:04:50. > :04:54.Absolutely. China basically confirmed they are contributing 43
:04:54. > :05:02.billion US dollars to the coffers of the IMF. That is why we are
:05:02. > :05:07.seeing some of the losses being eased up this Tuesday afternoon.
:05:08. > :05:11.Currently the scene is more of contagion. Greece's election
:05:11. > :05:16.results basically a evaporating in midday trading amid fears Europe's
:05:16. > :05:23.debt crisis is in danger of worsening. The focus is back on
:05:23. > :05:28.Spain whose bond yields are rising above 70 -- 7%. Italy is being
:05:28. > :05:32.closely watched as well by Asian investors. With this uncertainty in
:05:32. > :05:36.the regional markets you have the likes of Japan, Korea, Australia
:05:36. > :05:39.softer today by at least 1%. Traders say investors appear to be
:05:39. > :05:49.fed up with the inability of European leaders to resolve the
:05:49. > :05:50.
:05:50. > :05:54.crisis. Sepoy. In Singapore, Rico Hizon. --
:05:54. > :06:03.Thank you. We will talk to and economists now. So many messages
:06:03. > :06:07.coming in. Don't accuse of doing nothing. Give us your take. We are
:06:07. > :06:11.in a period of uncertainty. It started with the great collections
:06:11. > :06:15.and it will end her fully with the summit at the end of June. -- the
:06:15. > :06:20.Greek. Between these two we have all of these deliberations going on
:06:20. > :06:25.about banking union, fiscal union, growth pact, and all of these
:06:25. > :06:28.initiatives they want to do to try to stop the eurozone crisis. It is
:06:28. > :06:33.a good point to have the eurozone - - the G20 summit at this important
:06:33. > :06:36.time so that world leaders can give their input. But in the end it will
:06:36. > :06:41.be the Europeans that will have to decide in two weeks. We are
:06:41. > :06:45.expecting a communique from the G20 that will outline moves by European
:06:45. > :06:48.leaders to consolidate banking, to have a more integrated system for
:06:48. > :06:53.banking, but also as well to see more fiscal union. That is
:06:53. > :06:56.important. But this second line of defence the IMF is talking about,
:06:56. > :07:06.this extra funding, more money pledged from G20 countries, will
:07:06. > :07:14.
:07:14. > :07:18.that bring, well, well that ease fears? $450 billion, if it was just
:07:18. > :07:23.used for Europe, it would be good enough for Spain. Maybe it would
:07:24. > :07:27.have bitterly. If there is something going wrong in Europe,
:07:27. > :07:30.the IMF protects the rest of the world. On this thing that cannot
:07:30. > :07:35.protect the world from anything happening but it is a sign of
:07:35. > :07:41.reassurance for the rest of the world. Europe has to solve its
:07:41. > :07:47.problems for itself. It cannot rely on the IMF or the global leaders.
:07:47. > :07:52.The Americans, for instance. This is good for the rest of the world
:07:52. > :07:58.more than for Europe. Thank you for your analysis. We are hearing out
:07:58. > :08:05.of the G20. The stock about the technology story today. Microsoft
:08:05. > :08:10.has unveiled its tablet computer to compete against the iPad. Offerings
:08:10. > :08:13.from the likes of Samsung as well. The touch-screen computer is
:08:13. > :08:20.Microsoft's first major venture into computer hardware. A key
:08:20. > :08:25.feature is a colour that folds out in the form of a keyboard. Our
:08:25. > :08:30.correspondent is in Los Angeles. He was at the launch. Shrouded in
:08:30. > :08:35.secrecy. Tell us more. We saw a middle picture there. Tell us more
:08:35. > :08:39.about the event. Yes. It had the usual glitz and glamour we have
:08:39. > :08:44.come to expect from this top-secret product launches. We did not know
:08:44. > :08:48.where it was going to happen until a couple of hours before it started.
:08:48. > :08:53.When they unveiled it, it was indeed his new venture for
:08:53. > :08:57.Microsoft into the Tablet touch- screen market. Clearly very similar,
:08:57. > :09:02.competing against the iPad, its great rival Apple. They were keen
:09:02. > :09:09.to stress that this was also a computer. It was a light computer
:09:09. > :09:15.that would be used in that way. But it was also decided the format of a
:09:15. > :09:21.widescreen TV. Certainly something they are trying to do to compete in
:09:21. > :09:25.this market that has been very much dominated by Apple. No-one has
:09:25. > :09:35.managed to become a strong competitor. That is what my Chris
:09:35. > :09:36.
:09:36. > :09:39.Scott hope this will be. -- that is what my -- Microsoft. But it will
:09:39. > :09:43.be some months before consumers will be able to catch it. No
:09:43. > :09:47.indications as to when it will go on sale, or how much it will cost.
:09:47. > :09:53.That of course will be vital when it comes to competing with the iPad.