:00:02. > :00:08.played on Mars and beamed back to an audience of NASA scientists and
:00:08. > :00:18.students. Now it is time for World Business
:00:18. > :00:19.
:00:19. > :00:23.Report. The headlines: Budget airline
:00:23. > :00:29.Ryanair is trying to take over Irish flag carrier Aer Lingus for
:00:29. > :00:36.the third time. Will it succeed this time around? Music to the ears
:00:36. > :00:41.of investors. One internet the flotation has kept his Malia. --
:00:42. > :00:45.kept its value. Hong Kong regulator, the Securities
:00:45. > :00:55.and Futures Commission, takes an staying young China to court over a
:00:55. > :00:59.
:00:59. > :01:04.The European Commission is expected to make a decision on Ryanair's
:01:04. > :01:09.third attempted to take over Aer Lingus. Ryanair, which already owns
:01:09. > :01:13.a third % of the competing airline, may face opposition to the deal,
:01:13. > :01:18.because it will potentially reduce competition. Aer Lingus has Arri
:01:18. > :01:22.asked for the bid to be rejected, but Ryanair has asked a rival
:01:22. > :01:31.airlines to consider providing competition, where the two Irish
:01:31. > :01:34.carriers are the only providers. Will it get its way around this?
:01:34. > :01:39.Ryanair's chief executive has never shied away from the unorthodox. But
:01:39. > :01:42.this time he has taken an unprecedented step, asking
:01:42. > :01:46.competitors like easyJet to challenge Ryanair with new services
:01:46. > :01:51.between Ireland and the rest of Europe. He wants to mollify
:01:51. > :01:55.European regulators who fear that if Ryanair were allowed to buy Aer
:01:55. > :02:02.Lingus, it would monopolise the roots. So far the response has been
:02:02. > :02:05.muted. British Airways may be interested in stepping up flights
:02:05. > :02:10.between Dublin and London, but Ryanair is looking for competition
:02:10. > :02:13.between its Irish destinations and destinations throughout Europe.
:02:13. > :02:18.Effectively, it needs another airline to come in and make Dublin
:02:18. > :02:23.its operating hub, to run services throughout the Continent. Few
:02:23. > :02:28.airlines would be prepared to do that. They may see the scope for
:02:28. > :02:31.doing some business in Dublin, but it is a market that is dominated by
:02:32. > :02:36.Ryanair and Aer Lingus together. For somebody else to carve out a
:02:36. > :02:41.niche in that market, and make money out of doing it, it is a
:02:41. > :02:44.pretty tall order. Ryanair owns just under 30% of Aer Lingus
:02:44. > :02:54.already, and is offering up a little over a billion dollars for
:02:54. > :02:55.
:02:55. > :03:04.the rest of it. There are no fleets, Aer Lingus is all Airbus, Ryanair
:03:04. > :03:08.is all bowling. -- bowling. What you see about this coming together?
:03:08. > :03:13.It is very difficult to apply the Rhine model to Aer Lingus, because
:03:13. > :03:18.they are like fish and fowl. European regulators will say in
:03:18. > :03:23.three months' time whether Ryanair can buy out Aer Lingus. If they
:03:23. > :03:28.refuse, Ryanair may decide to sell its current state. His problem will
:03:28. > :03:36.then be a -- its problem will then be to find any other airline that
:03:36. > :03:46.wants to buy it. A Hong Kong regulator is taking
:03:46. > :03:46.
:03:46. > :03:51.Ernst and Young and Young to court. This is an unprecedented move.
:03:51. > :03:56.It is a test case for the Hong Kong regulator and China, because the
:03:56. > :04:04.secret seas and Futures Commission wants records related to stand it
:04:04. > :04:12.water, which is a Chinese utility company, in 2009, to be released.
:04:12. > :04:17.They are taking it to court to pry open these records. If it complies,
:04:17. > :04:23.it could be in violation of China's state secrecy laws. The mainland's
:04:23. > :04:33.Law says that a local company's records can be claimed as state
:04:33. > :04:38.
:04:38. > :04:42.secrets. This is the first time that the Commission has taken such
:04:42. > :04:46.legal action, and it is a test case, as to whether or not Beijing will
:04:46. > :04:53.bend the rules on this fitted the issue. It is not known how long the
:04:53. > :05:00.court case will last. Australia is planning to join the
:05:00. > :05:05.European it union's carbon Emissions Trading Scheme.
:05:05. > :05:10.Australia will be joining this carbon emissions trading plan from
:05:10. > :05:14.the 2015. Australian companies will be able to purchase permits as a
:05:14. > :05:19.way of offsetting their greenhouse gas emissions. Australia will also
:05:19. > :05:26.be scrapping its carbon floor price of when it's at Emissions Trading
:05:26. > :05:31.Scheme starts in about three years' time. -- when its. It is the first
:05:31. > :05:39.major change to Australia's plan to price carbon. Businesses in the
:05:39. > :05:42.country expressed concern. The EU's climate Commissioner praised it the
:05:42. > :05:46.first global linking of the emissions trading system, saying
:05:46. > :05:52.that it will build further momentum to establishing a robust
:05:52. > :05:57.international carbon market. The internet Streaming Server as
:05:57. > :06:02.Pandora will be releasing its latest results, after the bell in
:06:02. > :06:07.New York. The company went public in June last year, and was valued
:06:07. > :06:16.at $100 million. Unlike several other companies, its shares have
:06:16. > :06:19.not sunk. The online music market has been surprisingly successful.
:06:19. > :06:24.Most analystss expect pandora to swing into a profit in the second
:06:24. > :06:28.quarter. This record shop in New York's hit
:06:28. > :06:34.western village does not see the kind of traffic that it used to.
:06:34. > :06:44.Step outside and you will know why. I generally get by music on ITN's.
:06:44. > :06:45.
:06:45. > :06:49.I have got 8,000 songs on my iPod. I listen to old records.
:06:49. > :06:57.Digital downloads will surpass physical music sales by the end of
:06:57. > :07:02.this year. That is according to one research firm. But adding to the
:07:02. > :07:06.words of CDs is the surge in streaming music online. -- the
:07:06. > :07:12.worse. California-based pandora is a big part of that search, it
:07:12. > :07:15.allows listeners to stream music of their choice, and am based on their
:07:15. > :07:21.selections, users are then introduced to artists and they may
:07:21. > :07:29.not have heard of. Pandora's model has found a following in the more
:07:29. > :07:34.than 125 million users. It is the future of music. The record
:07:34. > :07:42.industry has been eviscerated by piracy, and this is a legal form,
:07:42. > :07:47.it is economic call for the user to consume music. Pandora has been
:07:47. > :07:51.able to make money by selling advertising. But it also faces
:07:51. > :07:56.stiff competition from another site, which launched a similar service in
:07:56. > :08:04.June. Internet radio has been a hit, but his ability to make money has
:08:04. > :08:08.not been proven. Pandora is yet to post a profit.
:08:08. > :08:12.The Catalonia region of Spain has announced it will request a 5
:08:12. > :08:16.billion euros rescue loan from the central government. The region,
:08:16. > :08:20.which accounts for more than a fifth of Spanish economic outcome,
:08:20. > :08:27.is the third in to do so this year. Spain has slipped deeper into
:08:27. > :08:32.recession. The economy slipped 2.4 The G7 industrial countries have
:08:32. > :08:39.called on oil producers to increase output, saying that higher prices
:08:39. > :08:43.pose a substantial risks to the global economy. G7 finance
:08:43. > :08:47.ministers also hinted they were ready to push for the release of
:08:47. > :08:51.strategic oil reserves to prevent a tightening of the market.
:08:51. > :08:58.A China has become the latest major Chinese company to report a steep
:08:58. > :09:04.drop in first-half profits. It was because of the slowing economy.
:09:04. > :09:14.Also heightened competition and the rising cost of fuel. It is one of
:09:14. > :09:14.
:09:14. > :09:18.the three Chinese state owned airlines.
:09:18. > :09:22.Markets today are fairly flat in Asia. All eyes on the US later
:09:22. > :09:28.today. We will get the latest growth numbers of the world's
:09:28. > :09:32.biggest economy. They are expected to see growth of 1.7%, most