:00:03. > :00:07.to continue for several days. Those are the latest headlines from
:00:07. > :00:16.BBC World News. Now for the latest financial news in the World
:00:16. > :00:20.Welcome to the programme. Your chance to catch up on all the
:00:20. > :00:24.latest in the world of business and money. Let's take a look at the
:00:24. > :00:28.headlines: A rare interview - we speak to one of the world's most
:00:28. > :00:32.powerful bankers, who tells us the global financial crisis is over.
:00:32. > :00:35.Learn why the big boss of Goldman Sachs is so optimistic.
:00:35. > :00:39.And it has done it again. The world's biggest smartphone maker
:00:39. > :00:43.posts record profits. Samsung sold more than 60 million handsets in
:00:43. > :00:53.the past three months, and all of this just a day after its rival
:00:53. > :01:00.
:01:00. > :01:07.gets $50 billion wiped off its I will have that Samsung story
:01:07. > :01:11.surely. -- shortly. The man in charge of probably the world's most
:01:11. > :01:14.famous bank, Goldman Sachs, has given a rare interview to the BBC.
:01:14. > :01:17.Lloyd Blankfein was speaking to our economics editor Stephanie Flanders
:01:17. > :01:21.on a variety of topics from corporate tax avoidance to his own
:01:21. > :01:31.pay. He began by explaining why he believes that the worst of the
:01:31. > :01:34.
:01:34. > :01:39.I think the moment of crisis is over. I am in the risk management
:01:39. > :01:46.business. We are helping companies finance themselves. We take on
:01:46. > :01:50.other companies and other institutions' risks. If you ask me,
:01:50. > :01:56.I find a lot of things to be optimistic. Including the fact that
:01:56. > :02:03.the worst expected or worry some problems that everyone talked about
:02:03. > :02:06.last year seems to be off the table. That is close to home if you think
:02:06. > :02:12.about the potential European blow up everyone was worried about. I
:02:12. > :02:21.can still think of a number of problems that could still worried
:02:21. > :02:26.the market. If you put that aside, there are many good things. A lot
:02:26. > :02:32.of the problems related to the financial crisis have been Tudor
:02:32. > :02:38.through. A lot of the leveraging has occurred. Companies are making
:02:38. > :02:42.money. That is good. They will reinvest. The situation around the
:02:42. > :02:46.US and the world is improving. Housing in the US and other places
:02:46. > :02:53.have turned. There are a lot of good things and a lot of worry some
:02:53. > :02:58.things. I am optimistic. That is my predictive sell. On my wrist mired
:02:58. > :03:08.in itself, I live at 98% up -- Nadia % of the time worrying about
:03:08. > :03:09.
:03:09. > :03:15.the 2%. That is what I am employed to do.
:03:15. > :03:24.If you need the tax rate was going down, how much people would share -
:03:24. > :03:33.- sell a share? This is not about not paying taxes or shifting a tax
:03:34. > :03:40.burden outside of the country. This was not tax evasion or avoidance.
:03:40. > :03:47.Nobody accused us of illegal. I do not think it is immoral. You had a
:03:47. > :03:51.big pay rise last year. What do you say to the people who are saying
:03:51. > :03:57.they are still paying the price for this financial crisis and bankers
:03:57. > :04:05.to cause they have gotten off Scot free? By Our Community, there were
:04:05. > :04:12.a lot of accesses that existed before. We are still in the
:04:12. > :04:19.business of attracting, recruiting, retaining. And rewarding talent for
:04:19. > :04:27.their efforts. We are going to play our part in improving the financial
:04:27. > :04:31.system. People are still upset. They want to sort it out, they want
:04:31. > :04:36.to understand and make sure that the world, including the private
:04:36. > :04:41.sector, the public sector, the government sector, does not over
:04:41. > :04:47.leveraged themselves again. But at the same time, we're going to try
:04:47. > :04:51.to expanse an increasing amount of our thoughts in trying to look for
:04:51. > :04:56.it. Not to dismiss the past. We will deal with those legacy issues,
:04:56. > :05:01.but to get the economy is going so companies can grow and people can
:05:01. > :05:06.earn higher salaries and more people can be employed.
:05:06. > :05:10.Let's turn our attention to the biggest maker of smartphones.
:05:10. > :05:14.Samsung profits rose a whopping 76% in the last three months of 2012 as
:05:14. > :05:17.the performance of its smartphone business continues to impress. The
:05:18. > :05:23.Korean firm said its mobile profits more than doubled over the same
:05:23. > :05:26.period. These impressive results come a day after its main rival
:05:26. > :05:36.Apple saw its share price fall 12%, wiping $50 billion of its market
:05:36. > :05:40.
:05:40. > :05:46.value. Lucy Williamson has the 2012 was a good year for Samsung.
:05:46. > :05:50.Many believe its latest phone one last year's battle of the
:05:50. > :05:55.smartphones against Apple's iPhone. It also overtook Nokia to become
:05:55. > :06:01.the world's top manufacturer of mobile phones. As one journalist
:06:01. > :06:08.put it, Samsung is having a moment. The figures from last year, just
:06:08. > :06:11.released, tell that story. More than $8 billion US in profit in the
:06:11. > :06:21.last quarter of 2012. A 10% increase in the previous three
:06:21. > :06:26.Half that revenue came from mobile communications, with strong sales
:06:26. > :06:36.of his Felicie smartphones and the new hybrid tableaux. -- the new
:06:36. > :06:41.Galaxy. Revenue from semiconductors rose 10% from last quarter.
:06:41. > :06:46.Insiders are also saying it is down to a change of marketing strategy,
:06:46. > :06:52.especially in key markets like the US, where Samsung launched a new
:06:52. > :06:56.range of cheekier adverts, poking fun at iPhone users. The question
:06:56. > :07:00.for the future is not just a Samsung can hold its long-term
:07:00. > :07:07.success in check or whether it can counter at competition from newer,
:07:07. > :07:10.cheaper smartphone makers based in Later this morning, official
:07:10. > :07:17.figures will be released that could show that the UK economy could
:07:17. > :07:21.heading for a triple dip recession. And this may be just one factor
:07:21. > :07:25.that may lead to a downgrade of the country's credit rating, and the
:07:25. > :07:30.loss of its AAA status. Speculation in the markets this week helped
:07:30. > :07:40.push the British pound to an 11- month low versus the euro. David
:07:40. > :07:44.
:07:44. > :07:50.Owen is chief European economist at There are many expecting to see a
:07:50. > :08:00.contraption, a fought in the UK economy. -- contraption. What
:08:00. > :08:10.
:08:10. > :08:17.factors are leading to this? It is a more of a correction, since it
:08:17. > :08:27.comes after the Olympics. It also brings headlines.Not expecting a
:08:27. > :08:35.
:08:35. > :08:45.fall. No. -- you are not expecting. Had the have an economy flatlining
:08:45. > :08:47.
:08:47. > :08:57.but still creating jobs? The last job numbers. They were an accident.
:08:57. > :09:01.
:09:01. > :09:09.It grew. It was not just about part-time work. The GDP figures are
:09:09. > :09:15.actually are likely to get revised. In the UK, we had to be flatlining
:09:15. > :09:23.in the last two years. Reality lies somewhere in between where the GDP
:09:23. > :09:29.is not strong, far from it. But it maybe revived in the coming years.
:09:29. > :09:36.The chief economist of the IAM as, he said it, he has set for some
:09:36. > :09:40.time, he reiterated. -- I N S. He said the British government does
:09:40. > :09:45.not need to rethink the economy. He said not to be so harsh with all of
:09:45. > :09:54.the cutbacks. Does he have a point? It may make a difference. We have a
:09:54. > :10:00.very large deficit in the UK and the government has to address that.
:10:00. > :10:05.It is not like Europe. It is a very different scenario. When you look
:10:05. > :10:11.at the cash figures from the public spending, the covenant -- the
:10:11. > :10:20.government is changing plans anyway. Thank you.
:10:20. > :10:30.A quick look at other business stories. -- market. Some pretty
:10:30. > :10:31.