:00:07. > :00:17.BT's. He said a new power be Greg Wood. -- amputees. He set a new
:00:17. > :00:17.
:00:17. > :00:25.Paralympic record. Time will walk but this report. --
:00:25. > :00:30.time for World Business Report. Global investors to the European
:00:30. > :00:34.Central Bank's planned to defuse the eurozone crisis, leading US
:00:34. > :00:38.shares to close at their highest in nearly five years.
:00:38. > :00:46.A relief rally for Asian markets as stocks are set for their biggest
:00:46. > :00:55.daily gain in nearly five weeks. Glencore's mega-merger bit as
:00:55. > :01:00.Xtrata shareholders looks set to reject its takeover offer.
:01:00. > :01:05.We will catch up through surely. First, markets around the world
:01:05. > :01:11.have surged on a new plan by the European Central Bank to ease the
:01:11. > :01:18.eurozone crisis. The major stock markets closed at their highest in
:01:18. > :01:28.four years in the US. We will check in on how the Asian markets are
:01:28. > :01:28.
:01:28. > :01:37.doing any moment. What is all the fuss about? Out right monetary
:01:37. > :01:43.transactions. The banquet by an unlimited government bonds from
:01:43. > :01:47.many eurozone country wants it asks for help. The ones they have in
:01:47. > :01:53.mind a Spain and Italy. It would help drive down the country's
:01:53. > :01:57.borrowing costs, but they would be strings attached. Nations would
:01:57. > :02:02.have to request help from the nation's bail-out fund first and
:02:02. > :02:10.accept the strict conditions that come with that. Optimism on the
:02:10. > :02:15.market continues in Asia. I know they are expecting decent
:02:15. > :02:25.news out of the US, there is also infrastructure talk and a green
:02:25. > :02:26.
:02:26. > :02:30.light from China. They are loving what Mario Draghi had to say.
:02:30. > :02:35.Absolutely. A big sigh of relief after such uncertainty over what
:02:35. > :02:45.will happen in the eurozone. Regional stocks are set for their
:02:45. > :02:46.
:02:46. > :02:53.biggest daily gains in more than a month. A surgeon afternoon training
:02:53. > :03:01.-- trading. US economic data is feeding speculation of strong US
:03:01. > :03:06.jobs report. The expectation is that employees -- employee has
:03:06. > :03:13.created 125,000 jobs in August. China is giving Asian markets and
:03:13. > :03:17.added left today. Regulators have approved 30 infrastructure projects,
:03:17. > :03:24.which adds to signs that Beijing is speeding up spending to boost
:03:24. > :03:28.flagging economic growth. This is helping the Shanghai stock market.
:03:28. > :03:32.One analyst said that there is a view among investors that there is
:03:32. > :03:41.a genuine resolve are among policy makers to boost their respective
:03:41. > :03:51.economies. All green light for now.
:03:51. > :03:56.
:03:56. > :04:05.But get more on this. -- let's get more. Many were expecting this to
:04:05. > :04:10.happen. How will it work? Markets have been expecting it. I do not
:04:10. > :04:20.think they were disappointed. The ECB have said they will buy up the
:04:20. > :04:20.
:04:20. > :04:25.government bonds and they have an unlimited power to do that. Before
:04:25. > :04:34.this happens, the countries in questions have to request a bail
:04:34. > :04:42.out end agree to have the EC be strictly monitoring the steps they
:04:42. > :04:46.take to improve the economy. They're the conditions there we
:04:46. > :04:53.have seen the likes of Greece and Spain get. It is important to
:04:53. > :05:01.remind everybody that this idea was not meant to be the saw the ball at
:05:01. > :05:06.fix. It is almost like a bandit for some breathing space. One of the
:05:06. > :05:08.main reasons we saw stock markets reacted strongly is because in the
:05:08. > :05:14.short-term, we will not have situations like Greece where every
:05:14. > :05:17.few months, there is a mass panic. It does not change the bigger
:05:17. > :05:27.economic problems are a struggling recovery throughout much of the
:05:27. > :05:27.
:05:27. > :05:33.southern European countries. We will talk more about that later.
:05:33. > :05:39.The global market will also turn their attention to the key US
:05:39. > :05:42.employment figures for August. They will loom very large for President
:05:42. > :05:49.Barack Obama coming after his speech to the Democratic National
:05:50. > :05:55.Convention. Jobs growth is expected to have called in August. Around
:05:55. > :06:01.125,000 new jobs will have been created compared with July's
:06:01. > :06:08.163,000 jobs. The unemployment rate is seen holding steady at 8.3%.
:06:08. > :06:13.That number has not budged since the beginning of the year.
:06:13. > :06:17.The adulation of the crowd at the Democratic National Convention it
:06:17. > :06:24.may end up cutting for little. Barack Obama's bid for re-election
:06:24. > :06:33.is this month's -- if this month's unemployment figures turn out to be
:06:33. > :06:40.bad. Job hunters in Hama finding it rough. -- in Harlem. What job a
:06:40. > :06:46.year looking for? Superintendent. I have experience. I have applied to
:06:46. > :06:50.a lot of places and it is hard to try and find something. Harlem is
:06:50. > :06:56.distinctive in many ways. Experience in jobseeker's here may
:06:56. > :07:00.be fairly typical of the rest of America. It is tough to find work.
:07:00. > :07:10.Presidential elections are often won or lost on the state of the
:07:10. > :07:11.
:07:11. > :07:15.jobs market. This one may be no exception. At this point in Barack
:07:15. > :07:22.Obama's first move into the White House four years ago, 6.1% of
:07:23. > :07:27.Americans were out of work. The latest data issues about 8.3% in
:07:27. > :07:34.August. The last incumbent president to win a second term with
:07:34. > :07:39.unemployment this I was Franklin D Roosevelt back in 1936. The US
:07:39. > :07:46.economy is creating jobs, but not fast enough to really bring down
:07:46. > :07:53.unemployment. It is unlikely to get better unless a few of the
:07:53. > :07:59.uncertainties are lifted. One of them is the situation in Europe and
:07:59. > :08:04.the uncertainty there. It is likely to persist well into 2013. Voters
:08:04. > :08:09.already know the jobs market is bad. These latest figures will probably
:08:09. > :08:19.only have a decisive impact on the campaign if they come in much worse
:08:19. > :08:19.
:08:19. > :08:24.than expected. We will know in a few hours whether
:08:24. > :08:31.one of the most awaited mergers in the corporate world will go ahead
:08:32. > :08:37.or fall apart. Glencore and Xtrata agreed earlier to form a single
:08:37. > :08:45.company in a deal worth $70 billion. But Xtrata shareholders may reject
:08:45. > :08:49.the deal in a general meeting to be held in Switzerland sure be.
:08:49. > :08:59.When Xtrata and Glencore announced their engagement last February, the
:08:59. > :08:59.
:08:59. > :09:05.view in mining circles was that it would be a perfect match. Glencore
:09:05. > :09:15.owns one-third of Xtrata's shares and made a bid to buy the rest by
:09:15. > :09:18.
:09:18. > :09:22.swapping them for shares of its own. It gained a 12% stake, making it
:09:22. > :09:26.the second-largest shareholder. It demanded that Glencore increase the
:09:26. > :09:32.proportion of its shows that it would swap with Xtrata shares to
:09:32. > :09:38.complete the merger. Effectively increasing the pay-off to Xtrata
:09:38. > :09:42.shareholders by 16%. But Glencore has refused to budge. Xtrata shares
:09:42. > :09:50.have been falling on the financial markets, suggesting traders expect
:09:50. > :10:00.the merger to fail. Glencore and Xtrata's merger would make the
:10:00. > :10:02.
:10:02. > :10:07.world's fourth largest wind up. deal means no synergy. Both
:10:07. > :10:09.companies would have benefited from this. There is uncertainty about
:10:09. > :10:19.what would happen to the relationship between the two
:10:19. > :10:23.companies. It is vote spells the meltdown of the deal, many expect