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