:00:03. > :00:13.powers. Now for the latest financial news with World Business
:00:13. > :00:19.
:00:19. > :00:25.Report. Job cuts and branch closures: the likely terms and
:00:25. > :00:28.conditions of Europe's financial aid to the Spanish banking industry.
:00:28. > :00:38.After coming close to collapse the new boss of the 170-year-old travel
:00:38. > :00:43.
:00:43. > :00:53.firm Thomas Cook is expected to The Filipino economy has registered
:00:53. > :00:53.
:00:53. > :00:56.strong growth despite the weaker global economy. They say nothing in
:00:56. > :01:01.life is free and nowhere is that more applicable than international
:01:01. > :01:04.bailouts. The Spanish banking industry finds out later today the
:01:04. > :01:10.price of its financial support, with an announcement from the
:01:10. > :01:12.European Commission at around 1030 GMT. In effect it's likely to
:01:12. > :01:22.include a demand for around 8,000 jobs cuts and branch closures,
:01:22. > :01:23.
:01:23. > :01:26.reports suggest around 1,000. The European commission had pledged up
:01:27. > :01:30.to 100 billion euros back in June. Yesterday it emerged that about 37
:01:30. > :01:39.billion euros has been requested and would be released next month.
:01:39. > :01:45.Tom Burridge has more from Madrid. What we expect is lots of job
:01:46. > :01:52.losses, thousands of jobs going. Report in the media say 6,000 jobs
:01:52. > :01:57.at the banks. The fourth-largest bake in Spain was nationalised over
:01:57. > :02:03.the summer. It has huge problems because of this construction boom
:02:03. > :02:11.here. It will form an amalgamation with seven regional savings banks.
:02:11. > :02:15.Other reports say about 2000 jobs will go from the other bank up in
:02:16. > :02:23.the north of Spain and also at thousands at the Catalonia's Bank
:02:23. > :02:27.and lots of job losses with plenty of bridge closures. Many people in
:02:28. > :02:33.Spain have preferential shares and many elderly people have them which
:02:33. > :02:38.almost seemed too good to be true back in the good times before this
:02:38. > :02:42.crisis began and people have now protested about the amount of money
:02:42. > :02:49.that people have lost all their savings. They had invested in those
:02:49. > :02:54.schemes are essentially and what we may get us part of the conditions
:02:54. > :02:58.is how much of the assets the banks need to recognise and that will
:02:58. > :03:04.affect the people and affect people working at the banks with those job
:03:05. > :03:10.losses. The banks are doing their part of the bargain and they will
:03:10. > :03:13.receive tens of billions of euros of eurozone money and that will not
:03:13. > :03:16.come for free. It's an important moment for Harriet Green, the new
:03:16. > :03:19.boss of the world's oldest package holiday company Thomas Cook. She
:03:19. > :03:21.was installed after the company came close to collapse, only
:03:22. > :03:26.surviving because of hundreds of millions of dollars in financial
:03:26. > :03:30.aid. Ms Green gives her first update to investors today with the
:03:30. > :03:33.firm's annual results. She's expected to announce swingeing job
:03:33. > :03:43.cuts as well as an increase in underlying profit as Brits got fed
:03:43. > :03:46.
:03:46. > :03:51.up with the wet summer and snapped up deals to Turkey and Greece. As
:03:51. > :03:59.up risings lead in Egypt, Thomas Cook cancel the package holidays.
:03:59. > :04:04.The losses totalled $600 million. Even in March of this year, when
:04:04. > :04:08.tourists returned to Africa, but losses continued. In March they
:04:08. > :04:16.topped $1 billion and Thomas Cook needed refinancing from its
:04:16. > :04:21.creditors. It was not the Arab spring but a deeper problem. When
:04:21. > :04:27.you Google Thomas Cook you see cheap holidays and that is not the
:04:27. > :04:31.message the market wanted to hear from this strong brand and they
:04:31. > :04:36.expected to be taken to some amazing places that they could not
:04:36. > :04:40.organise themselves at those prices. The new Chief Executive Harriet
:04:40. > :04:46.Green is trying to solve the problems by slashing costs. Many
:04:46. > :04:53.highly paid executives have left since she took over. She says more
:04:53. > :04:57.managers will go. She also cuts the size of the air fleet which has 200
:04:57. > :05:02.travel shops closed and some holidays may be probably
:05:02. > :05:07.traditional glossy brochure but her company will now use the internet.
:05:07. > :05:13.This makes the compa effective but is it a better travel
:05:13. > :05:17.agency? My personal view is that it does not. There's a number of
:05:17. > :05:21.analysts that say they're going back to the high street agencies.
:05:21. > :05:26.They are spending bigger money and they want to put a holiday in the
:05:26. > :05:33.hands of a professional and not from an application on the mobile
:05:33. > :05:37.phone or going by train. Thomas Cook is 170 years old. It's the
:05:37. > :05:42.most experienced package holidaymaker but in the days of
:05:42. > :05:48.budget holidays, the challenge is that more trouble agents need to go
:05:48. > :05:52.upmarket. The Philippines has seen much stronger than expected growth
:05:52. > :05:58.in the third quarter. To explain why lets go to our Asia business
:05:58. > :06:08.hub in Singapore and join Sharanjit Leyl. What other secrets to the
:06:08. > :06:08.
:06:08. > :06:13.success? Those secrets apparently are about consumer and government
:06:13. > :06:23.spending which is seen as a recovery. There has been a recovery
:06:23. > :06:24.
:06:24. > :06:31.in exports. The growth was about 7.1%. That indicates how much the
:06:31. > :06:38.economy grew. That was unexpected. It was expected to be about by 0.4%.
:06:38. > :06:44.It's a fast pace. These numbers come in spite of the global economy.
:06:44. > :06:49.That may ease the pressure on the Central Bank to cut interest rates.
:06:49. > :06:56.The Filipinos and Rebecca has cut rates ball times this year. They
:06:56. > :07:04.are trying to sustain growth. There were some cuts earlier Loring back
:07:04. > :07:09.to 3.5%. Bat says decent debate may not cut them any time soon. The
:07:09. > :07:15.other economy is Thailand. It will unveil its interest rate decision
:07:15. > :07:22.in a few hours and they may well leave them unchanged after cutting
:07:22. > :07:32.the interest rate last month. It may stay at 2.75%. The policy
:07:32. > :07:36.
:07:36. > :07:39.makers will meet shortly. Shares in Russia's second-biggest mobile firm
:07:39. > :07:42.Megafon begin trading in London today. The company is owned by
:07:42. > :07:45.Alisher Usmanov, one of the country's richest men and backer of
:07:45. > :07:47.Arsenal football club. The public offering is expected to raise some
:07:48. > :07:50.$2 billion for the company. It was originally supposed to start
:07:50. > :07:53.trading in October but was delayed after Goldmans Sachs, who were
:07:53. > :08:02.working on the deal, resigned because of concerns about the way
:08:02. > :08:09.the company was run. Analysts say the company is set to grow. Be it
:08:09. > :08:15.in good shape. The Russian telecom market and mobile telephones is one
:08:15. > :08:19.of the most stable markets in Russia. That in comparison to be
:08:19. > :08:24.oil stocks and other sectors like utilities and metal and next year
:08:24. > :08:30.we think the growth in that segment will continue and most of that
:08:30. > :08:33.growth will come from internet services and they have a strong
:08:33. > :08:36.position in that market. There's reports that the manager behind the
:08:36. > :08:40.Apple map has been fired. The application was introduced on the
:08:40. > :08:43.new iPhone 5, replacing Google maps. But technical difficulties caused
:08:43. > :08:45.so many complaints that Apple's chief executive Tim Cook was forced
:08:45. > :08:50.to apologise and recommended consumers use rival location
:08:50. > :08:54.websites. Now it appears that the man who oversaw the mapping team,
:08:54. > :08:56.Richard Williamson, has apparently been pushed out. America has
:08:56. > :09:01.stopped short of declaring that China manipulates its currency to
:09:01. > :09:06.gain unfair trade advantage. But the US Treasury did say that the
:09:06. > :09:09.yuan is significantly undervalued. In its semi-annual report, it said
:09:09. > :09:14.Beijing did not meet the criteria to be called a currency manipulator
:09:14. > :09:17.in a move which could have sparked US trade sanctions. The head of
:09:17. > :09:21.Goldman Sachs, Lloyd Blankfein, is reported to be among the business
:09:21. > :09:24.leaders meeting President Obama today to discuss the US economy.
:09:24. > :09:27.President Obama is looking for their support as he races to reach
:09:27. > :09:37.a deal with Republicans by January to prevent automatic tax increases
:09:37. > :09:38.
:09:38. > :09:43.and spending cuts, the so-called fiscal cliff. Apparently concerns
:09:43. > :09:48.about at this core cliff if conditions and politicians cannot
:09:48. > :09:54.sort that out there are concerns the US economy may revert to