:00:02. > :00:08.says that every one of the six UN violations against children have
:00:08. > :00:18.been breached. For the latest financial news, here
:00:18. > :00:20.
:00:20. > :00:27.it is World Business Report. Welcome. The Euro hits an 11-year
:00:27. > :00:32.low against the yen as worries grew over the European debt crisis.
:00:32. > :00:37.The Asian stock markets are being hurt by Spain's debt problems and a
:00:37. > :00:41.persistent worries about China's economic slowdown.
:00:41. > :00:51.Only five days left to the Olympics. Why some London businesses are not
:00:51. > :00:53.
:00:53. > :00:57.happy. The euro has fallen to an 11-year
:00:57. > :01:03.low against the yen amid fears that debt problems in Spain are
:01:03. > :01:10.worsening. The euro fell to 94.91 yen in early trade, its lowest
:01:10. > :01:15.since November 2000. Spain's Valencia region requested help from
:01:15. > :01:23.the government. That resulted in Madrid's borrowing cost shooting up
:01:23. > :01:28.to levels regarded as unsustainable in the long run. The stock markets
:01:28. > :01:32.in Asia do not like this story either, do they?
:01:32. > :01:39.Absolutely not. It continues to be bad news. These are recurring
:01:39. > :01:44.themes that are hurting the markets. Spain, Italy, Greece - you still
:01:44. > :01:51.have the persistent worries about China's economic slowdown. You have
:01:51. > :01:59.stock markets in Japan, Australia, China, down more than 1%. Stocks in
:01:59. > :02:02.South Korea, Taiwan and Hong Kong are law by over 2%. This string of
:02:02. > :02:10.reports over the weekend are undermining a fragile investor
:02:10. > :02:14.sentiment -- lower. Asian auto and technology exporters are expected
:02:14. > :02:19.to report strong earnings later this week but will be overshadowed
:02:19. > :02:26.by these weak economic conditions. Not only in the eurozone, but in
:02:26. > :02:33.the United States. There is something of a bidding war
:02:33. > :02:42.brewing over their over beer? That's right. You had a bidding war
:02:42. > :02:46.on Friday for the Asia-Pacific Rorys. The stock is bucking the
:02:46. > :02:52.downward trend. There is a takeover offer from Heineken. The share
:02:52. > :02:55.price surged by nearly 20% after the Dutch company offered almost $6
:02:55. > :03:01.billion for a controlling stake of the company which makes the popular
:03:01. > :03:06.Tiger beer brand. The Singapore conglomerate whose joint venture
:03:06. > :03:15.with Heineken has a 65% ruling stake in the company also went up
:03:15. > :03:18.by 5% today. This bidding war could raise the stakes. Heineken's rivals
:03:18. > :03:22.are looking into the company as well. Both drinking giants are
:03:22. > :03:29.likely to make a competitive bid and potentially take control of a
:03:29. > :03:33.beer empire that stretches from Mongolia to New Zealand.
:03:33. > :03:41.The reverberations of that Euro drop are being felt on the other
:03:41. > :03:47.side of the Atlantic as well. On Friday the US guitar maker Fender
:03:47. > :03:53.cited uncertainty in Europe... The crisis has been blamed for damaging
:03:53. > :03:58.profits and delaying America's recovery. We are looking at the
:03:58. > :04:02.impact of Europe's troubles on US companies from cars to construction.
:04:02. > :04:06.Europe's troubles are taking a big bite out of profits. Ford has
:04:07. > :04:11.warned that losses at its international operations would
:04:11. > :04:15.triple, with Europe accounting for most of that. The downward spiral
:04:15. > :04:21.in European car sales is in sharp contrast to the US, where sales
:04:21. > :04:28.have rebounded. The US is back to healthy profit margins, rising
:04:28. > :04:36.sales. Europe didn't have a sales crisis like we did in North America.
:04:36. > :04:43.As of right now,... Lack of demand is not the only
:04:43. > :04:48.issue. Take caterpillar - staff are making small loaders for export
:04:48. > :04:51.around the globe. The fall of the euro may reduce the value of
:04:51. > :04:55.earnings there when they are converted back into dollars. Europe
:04:55. > :04:58.is not the only trouble spot. companies are saying is that Europe
:04:58. > :05:07.is their toughest economic region going into the second half of the
:05:07. > :05:12.year. While Europe is the red flag, but there are also a yellow flags
:05:12. > :05:15.in China and America. It is not only Europe. Against this backdrop,
:05:15. > :05:25.some fear this is shaping up to be the worst burning season since the
:05:25. > :05:29.second half of 2009. -- earning. Corporate America has a lot of
:05:29. > :05:32.reasons to feel cautious right now. For investors who would like to see
:05:32. > :05:42.share prices go up, and for those who would like to see jobs created,
:05:42. > :05:44.
:05:44. > :05:47.this does not augur well. Philips are reporting in about 20
:05:47. > :05:51.minutes. Last time, the world's largest lighting Company and
:05:51. > :05:57.Europe's largest manufacturer of consumer products reported profits
:05:57. > :06:01.that defeated analyst efforts after cutting costs and selling assets.
:06:01. > :06:09.The April outlook for the rest of 2012 remain worrying because of the
:06:09. > :06:17.weak global economy. The French Prime Minister will meet
:06:17. > :06:22.six Ron's chief executive later today amid growing negotiations
:06:22. > :06:27.between the two met sides... There is a government package for the car
:06:27. > :06:32.sector due to be unveiled this week. Europe's second largest car
:06:32. > :06:36.manufacturer cut 8,000 jobs and closed an assembly plant.
:06:36. > :06:46.A global survive and rich elite had at least 21 trillion US dollars
:06:46. > :06:51.hidden in secret by 20 -- a secret tax havens by the end of 2010. This
:06:51. > :06:59.is the size of the American and Japanese economies combined. This
:06:59. > :07:03.was written by an analyst at the consultancy firm McKinsey.
:07:03. > :07:07.The International Monetary Fund, the World Bank and national
:07:07. > :07:10.governments... With just four days until the
:07:10. > :07:15.Olympic Games, hundreds of thousands of visitors have arrived
:07:15. > :07:25.in Britain's capital city. That will have a huge impact on London's
:07:25. > :07:26.
:07:26. > :07:29.businesses, both big and small. Are they ready for the challenges?
:07:29. > :07:33.From industrial wasteland to Olympic Park. The world's biggest
:07:33. > :07:37.sporting event is about to begin. What about the thousands of
:07:37. > :07:42.businesses in the shadow of the Olympic park? How will they cope?
:07:42. > :07:47.It is clear - not all of them are happy.
:07:47. > :07:53.From his warehouse, food is being sent out to caterers and big hotels
:07:53. > :07:58.across London and beyond. His company's main access road is about
:07:58. > :08:03.to close and deliveries will be disrupted. The boss has been
:08:03. > :08:10.campaigning for compensation. main access road is closed 24 hours
:08:10. > :08:14.a day. What they have suggested is that vehicles go around there. I
:08:14. > :08:21.can't even advise our suppliers had to getting from there. I can't tell
:08:21. > :08:27.them what will happen. What does this mean? We may not be able to
:08:27. > :08:32.replenish goods, we may not be able to keep out that customers. The
:08:32. > :08:37.customers will go elsewhere, the best of them. Head south and you
:08:37. > :08:42.reach Canary Wharf, a vast business district. How do you keep his place
:08:42. > :08:47.going when there are 20 Olympic venues within three miles? We are a
:08:47. > :08:50.small city within a city. I met the man whose job it is to make sure
:08:50. > :08:54.Canary Wharf stays open for business. It's been a huge
:08:54. > :09:00.challenge for us, looking at how we take 100,000 people here and trying
:09:00. > :09:02.to get up to 25% of them not travelling at peak times. We have
:09:02. > :09:06.worked with the companies over the past five years, looking at ways
:09:06. > :09:10.which people could change their hours, work from home, take a
:09:10. > :09:15.holiday - to make sure at those peak hours we reduce numbers. We
:09:15. > :09:19.are confident that we are in good shape now. We think we are ready.
:09:19. > :09:23.They will need to be. There is not much time left until the Olympics
:09:23. > :09:30.begin. Then we will find out how London and its businesses will
:09:30. > :09:34.really cope. Let's get a quick look at the
:09:34. > :09:39.markets. As you can see, Asian stocks are down. There are growing
:09:39. > :09:45.concerns that Greece might exit the euro and Chinese growth will slow
:09:45. > :09:49.for a seventh straight quarter down to 7.4%. That is according to a