:00:04. > :00:14.narrow the deficit. Those are the latest headlines. Now
:00:14. > :00:25.
:00:25. > :00:30.This is the World Business report. Here are the headlines: Per show is
:00:30. > :00:34.ready to cut more jobs. For and a surprise rate cut from
:00:34. > :00:44.South Korea highlights how central banks are combating a slow will
:00:44. > :00:48.
:00:48. > :00:53.global economy. And good news for Ireland.
:00:53. > :00:58.Good to have tea with us. Top managers of per share will meet
:00:58. > :01:04.union leaders today. The bosses are likely to deliver some grim news.
:01:04. > :01:08.It is thought the company wants to shut one French plant at the cost
:01:08. > :01:14.of 3,000 staff. There could be up to 10,000 other job losses across
:01:14. > :01:19.France. The announcement is likely to upset the new government of
:01:19. > :01:28.Francois Hollande. All European carmakers are feeling
:01:28. > :01:36.the squeeze. Peugeot has seen sales fall by 13%. Worst hit was the
:01:36. > :01:41.eurozone. Countries like Spain and Italy see new cars as a luxury. Job
:01:41. > :01:47.cuts are seen as inevitable. It may even see the closure of a French
:01:47. > :01:53.factory. The French Government expects the west today. It is the
:01:53. > :01:57.bad news was deliberately delayed ahead of the presidential elections.
:01:57. > :02:03.TRANSLATION: We know that this meeting will bring bad news. But
:02:03. > :02:07.why was not this news revealed months ago? This is typical of
:02:07. > :02:17.Nicholas Sarkozy. He chose to delay the announcement, rather than find
:02:17. > :02:17.
:02:17. > :02:23.a solution. It is a first major challenge for President Francois
:02:23. > :02:27.Hollande. He has made French industrial recovery a top priority.
:02:27. > :02:35.There is pressure on his administration to do something to
:02:35. > :02:41.save the car industry. The reality is there is little he can do. He
:02:41. > :02:44.can poach management to offer the best terms possible. If the French
:02:44. > :02:52.voters hope a socialist administration would stem the
:02:52. > :02:56.threat of redundancies, they could be in for a harsher wakening.
:02:56. > :03:01.There could be a rare piece of positive news from the EU resent
:03:01. > :03:06.today. The European Union International Monetary Fund and
:03:06. > :03:10.central bank issued their latest report on Ireland. They are
:03:10. > :03:18.expected to be happy with the nation's progress. Investors will
:03:18. > :03:22.be keen to see the latest numbers on economic growth.
:03:22. > :03:27.Dublin's port is the hub for half of the goods which Ireland exports.
:03:27. > :03:33.A strong trade figures meant that its economy grew for the first time
:03:33. > :03:39.since 2008. Troubled countries can recover at the same time as they
:03:39. > :03:44.cut spending. Business has been slowing lately. Ireland's exports
:03:44. > :03:48.have fallen nearly 2%. Mostly because of weak demand amongst of
:03:48. > :03:53.trading partners. This has tipped the economy back into recession.
:03:53. > :04:03.Here it is hostage to outside forces. Specifically, the slowdown
:04:03. > :04:06.
:04:06. > :04:10.in the eurozone. It is an export dependent economy. The Irish
:04:10. > :04:20.government is planning to get back into the lending market by the end
:04:20. > :04:21.
:04:21. > :04:27.of next year, sending newborns. -- selling the new bonds. It could be
:04:27. > :04:31.free from the need to follow the austerity regime. The market seemed
:04:31. > :04:36.increasingly confident. The interest charged on long-term state
:04:36. > :04:41.bonds has fallen to just over 6%. A sudden drop taking place a
:04:41. > :04:44.fortnight ago. That coincided with the agreement at last month's
:04:44. > :04:50.summit that bailout funds can be channelled directly to troubled
:04:50. > :04:54.banks. From an investor's perspective, the banks are the
:04:54. > :05:01.weakest link. They have the greatest potential of bringing the
:05:01. > :05:04.Irish economy back. But they have made vast improvements. If you take
:05:04. > :05:08.the weakest link out of the picture, the average economy looks
:05:08. > :05:13.relatively healthy. There is pressure to make the economy
:05:13. > :05:19.healthier still. For the Irish government to succeed, it needs the
:05:19. > :05:28.economy to grow over 2% per year. All the way through to 2016. And
:05:28. > :05:32.that is a tall order. Another sign today of the concern
:05:32. > :05:41.over global growth, a surprise move by South Korea's Central Bank to
:05:41. > :05:47.cut interest rates. Tell us more about what South Korea did to try
:05:47. > :05:55.and boost its economy? They have cut rates. This is
:05:55. > :06:02.Trivedi first cut in three years. It comes amid concerns off a global
:06:02. > :06:11.slowdown. It was cut to 3%. Japan has also had a great decision a
:06:11. > :06:17.little while ago. It has kept its monetary policy unchanged as well.
:06:17. > :06:21.They are fine-tuning their asset buying and landing programmes. They
:06:21. > :06:25.are doing this because of concerns of this global slowdown. All of
:06:25. > :06:30.this following rate cuts by the European Central Bank and China's
:06:30. > :06:40.central bank. Hussain did stimulating domestic demand as the
:06:40. > :06:45.European debt crisis continues to hurt. Slowing demand from key
:06:45. > :06:55.markets in Europe and China has been a huge worry. There will be
:06:55. > :06:56.
:06:56. > :07:00.key demand from China. Second quarter figures out tomorrow. Last
:07:00. > :07:10.month the Korean finance ministry has highlighted this concern about
:07:10. > :07:14.them slowing. They cut their Chris forecast to 2012 to 3.2%. The
:07:14. > :07:21.announced stimulus programmes to boost the domestic economy. The
:07:21. > :07:26.central bank expect the pace of the economy to be slower.
:07:26. > :07:30.We will leave it there. Thank you very much indeed. A lot of news
:07:30. > :07:37.concerning markets in Asia. For a look at some of the business
:07:37. > :07:42.stories. If Yahoo is holding its annual shareholders' meeting. It is
:07:42. > :07:50.expected to confirm or their new chief executive. He has been acting
:07:50. > :07:59.CEO since Scott Thomson was signed in May. -- resigned. Winter has
:07:59. > :08:07.been hard for Yahoo to keep pace. They will have a new seasoned media
:08:07. > :08:14.industry executive. HSBC will not apologise for her --
:08:14. > :08:20.not apologise -- apologise for having -- not having measures in
:08:20. > :08:29.place to tackle money lending. This is according to Today's Financial
:08:29. > :08:37.Times. They could be fined up to $1 billion. The chief executive says
:08:37. > :08:39.control should have been stronger between 2004 and 2010.
:08:39. > :08:44.And Indian software giant says that first-quarter profits rose by a
:08:44. > :08:49.third. The company cut its growth forecast, saying its biggest
:08:49. > :08:54.clients are cutting their spending. Three-quarters of the company's
:08:54. > :08:59.sales come from the United States. A Europe's biggest retailer is
:08:59. > :09:05.expected to report falling sales for the second quarter. Spanish
:09:05. > :09:09.markets are hurting the retailer. They are waiting to hear from the
:09:09. > :09:14.chief executive. And he may warn of weak first-half profits.
:09:14. > :09:20.Not surprising when you hear that news to see the shares are falling
:09:20. > :09:28.across Asia today. In Australia we had worse-than-expected jobs
:09:28. > :09:32.numbers. The global economic story heading worse and worse. The strong
:09:32. > :09:42.Australian dollar does not help either. These are the currency
:09:42. > :09:46.
:09:46. > :09:52.markets at the moment. It is also fears about the outlook for the