13/12/2012 World Business Report

nurse to answer the call was found dead on Friday.

Those are the latest headlines from BBC World News. Now for the latest

financial news with World Business Report.

Hello and welcome to World Business Report. These are the headlines:

Sweeping new powers for the European Central Bank, but many

questions remain unanswered by plans for a eurozone banking union.

Asian stock markets gain as Japan gets a mere -- boost from a weaker

currency. Plus back on the map. Google launches its latest mapping

software for the iPhone after Apple's attempts at its own version

In the early hours of this morning, European Union finance ministers

say they have reached an agreement on a massive overhaul of the

region's financial system. The centre-piece - powers for the

European Central Bank to directly police the eurozone's biggest banks,

a key step towards closer political union. Leaders say they are on

track to implement the changes by March, 2014 but the ECB does have

discretion to delay if it wants more time to prepare for its role

as chief supervisor for banks. Brian Milligan reports on the many

details that still have to be It is nearly 21 years since

fireworks marked the birth of the euro as cash. The eurozone has had

a single currency and a single market. Now the prospect of a

single supervisor for its banks. What -- where we were badly bankers

for none the euro countries? -- were all this leave. Whether it

will have any federal deposit backstop scheme behind it, it is

very unlikely. It is a step in the right direction but it could be a

toothless body. It has already been agreed that the banking supervisor

would be part of the ECB. Were they have the power to close banks down

if they represent as a threat? How many banks were led supervise?

Smaller German and Spanish banks maybe excluded with only larger

bags coming under the regulator. worry about the size of banks. It

is a political issue. Especially for Germany. Germany is not keen

for his smaller banks be regulated. In the past, they have had

Government support through their funding costs. One other issue

outstanding is where the new supervisor be based. Will it be in

the new ECB building in Frankfurt or will it partly be in Paris? That

is the sort of the question the you can take a long time to decide.

-- d each year. -- the e youth. This is quite a significant step

forward. Tel us more about this deal. It is a significant step. The

direction his career. There will be a banking union of some kind, at

some point. We did not get the shape of the banking union, or when.

There is a date of only 2014 it mentioned. It is an agreement that

they will agree in the future. terms of the types of banks, and

the sizes. Do we have any details? France and Germany seem to have

reached a compromise. This will essentially be for the bigger banks.

It leaves out the smaller German banks which was the main

negotiation point. It will take most of the French banks. It is

quite a broad-based banking union. The politicians have to rubber-

stamp it. That could lead to more issues? There will be more

discussions. There are still some diversions used and the Timeline

has been pushed back a year. 2014 is probably more realistic, this is

a big change. The direction is clear. You have released your

winter forecasts for the eurozone region. Tell us. It is comforting

that approve his forecast came through. It is stagnation for

another year in 20 getting for the eurozone. The prisoners were say

this is still no recovery, the ups and most will say at least we are

not getting deeper into recession. -- up some us. There has not been

much great. It will take longer. We are speaking about the last decade.

There'll be many years of low growth. Companies and households

are restricting their spending. terms of this move by the ECB and

eurozone leaders, to forge together banks and have better supervision,

the thing that is key for future confidence? It is absolutely key it.

Confidence is exactly the right word. There was a lack of

confidence in the banking sector. No-one dared to put their money in

banks because they feared the banks were not healthy enough. We need to

re-establish that. 2013, when we look as some of the fans, German

elections, Spain possibly needing official help from the ECB. It has

not yet asked for that. And elections in Italy. Quite a year.

It will be a busy year. It will be a year with a step forwards and

backs. Some volatility as well. At least we have a process in place

towards a banking union and some other reforms to closer integration.

We are slowly, gradually, going to resolve this crisis. Thank you. I

hope you are right. Let's look at the other big stories.

Markets in Asia had been dyed jesting the announcement that came

from Ben Bernanke. The central bank will be pumping billions more into

the US economy and keep interest rates in years era until

unemployment in the States have fallen to 6.5%. That is quite a

commitment. Rico Hizon is in Singapore. Telly

us more about the reaction in Asia. It is about liquidity. It could

flow into Asia. It is helping Asian stock markets firm up this Thursday.

It is also propelling the positive mood. Japan has climbed to an 8-

month high due to the weakening currency against the US dollar. It

is helping South Korea to a fresh two-month high. Japan is an economy

on the roads and in recession. They had their depreciating currency

will boost exports as earnings. There is mounted expectation that

the Bank of Japan will have more or aggressive monetary easing as we

head into 2013. Investors are hoping Bob bolder moves from the

central bank after Japan's general election this coming weekend. The

main candidate is the Leader of the Opposition party, he is expected to

win. He wants to set an inflation target of 2% and embarking on a

Many people are excited about this. In the last 30 minutes, Google has

launched a new version of its maps application for the iPhone. The

growing rivalry between the search giant and Apple meant the most

recent iPhone appeared with Apple's own mapping software. It has had

some well documented problems to say the least, this week Australian

police called it potentially life threatening after its bad

directions left drivers stranded in the outback. So is this defeat for

Apple Maps? If you have one of the latest Apple iPhones and you had

been frustrated by their mapping system, you can download a Google