:00:01. > :00:11.to be deployed from July. -- it calls for. Those are the latest
:00:11. > :00:21.
:00:21. > :00:27.headlines. Now for the latest financial news.
:00:27. > :00:32.Can Britain a boy day triple dip? Figures out soon could show the UK
:00:32. > :00:36.back into recession. -- avoided. France's growing unemployment
:00:36. > :00:46.crisis. The jobless rate keeps climbing and the President's
:00:46. > :00:47.
:00:47. > :00:51.approval rating continues to sink. You are with World Business Report.
:00:51. > :00:57.Also in the programme: The South Korean economy grows at its fastest
:00:57. > :01:01.pace for two years. We find out why. But first, Britain could be about
:01:02. > :01:06.to make economic history Di Resta the wrong reasons. Official figures
:01:06. > :01:11.may show the economy slipped back into recession for the third --
:01:11. > :01:16.third time, a so called triple-dip recession. It is unprecedented in
:01:16. > :01:20.living memory. Most people predict that the UK may record a tiny
:01:20. > :01:24.amount of growth, which would spare the Government the disastrous
:01:24. > :01:31.headlines. The Chancellor will still be accused of not playing the
:01:31. > :01:36.right tools to foster economic growth.
:01:36. > :01:41.Once busy workplaces, and the officers like this are now
:01:41. > :01:44.monuments to activity that used to drive UK group. Firms have been
:01:44. > :01:52.forced to shut up shop after five long years of trying to repair
:01:52. > :01:55.financial balance sheets and sell to cash-strapped consumers. Beyond
:01:55. > :02:02.the abandoned factories and bad banks, there is a better Britain
:02:02. > :02:07.trying to rise above it all. can come in and pick the way you
:02:07. > :02:12.want to work. They have tailored their business model, offering
:02:12. > :02:19.tenants flexibility in its 14 Business -- buildings, free from
:02:19. > :02:25.long leases. Even entrepreneurs are not likely to borrow for the long-
:02:25. > :02:30.term. The majority of new businesses that are coming in, that
:02:30. > :02:36.are in the technology sector, that are servicing the technology sector,
:02:36. > :02:41.this is new media, online, websites, recruitment, we are seeing a lot
:02:41. > :02:46.more recruitment businesses. The numbers that we are seeing, the
:02:46. > :02:54.recovery is very much in London more so than it is in the regions.
:02:54. > :02:59.With more than half of Britain's exports going to the EU, it is no
:02:59. > :03:04.surprising that it is being held back by a lack of orders. While it
:03:04. > :03:09.is doing better than the eurozone, it is stuck in the middle compared
:03:09. > :03:14.to the US. They are not issuing public sector austerity measures as
:03:14. > :03:20.aggressively. Large companies could boost UK growth by making quick
:03:20. > :03:26.decisions and paying invoices more quickly. If the banks are not
:03:26. > :03:31.lending as much as people like, the mac companies could... they are
:03:31. > :03:34.sitting on piles of cash. Why not feed it back into the economy and
:03:34. > :03:39.that would make a world of difference? The London Olympics
:03:39. > :03:46.gave Britain a temporary economic boost, now it is have to work
:03:46. > :03:54.harder to bring it back. As soon as we get those GDP numbers
:03:54. > :03:59.about the UK economy, we will make sure that we updated. -- update in
:03:59. > :04:04.you. The latest figures on unemployment in France are also due
:04:04. > :04:09.in a few hours, and if they are as bad as feared, they could be a real
:04:09. > :04:14.headache for the President. It surged to a 13-year high at the end
:04:14. > :04:18.of last year and it is predicted to go up further, despite election
:04:18. > :04:22.pledges to protect jobs and a recent promise to get unemployment
:04:22. > :04:27.falling by the end of this year, by reforming the labour market, which
:04:27. > :04:34.is seen as the most restrictive in Europe. All of this has been taking
:04:34. > :04:42.its toll on his approval rating, just 25%, a record low in modern
:04:42. > :04:48.France. Put it in perspective. We have just talked about the UK and
:04:48. > :04:52.we will also be talking about Spain. How bad is it in France?
:04:53. > :04:58.unemployment has been rising for the last 24 months. It is the
:04:58. > :05:04.highest it has been in 14 years. Youth unemployment, below the age
:05:04. > :05:09.of 25, is running at about 26%, which is extraordinary. It is
:05:09. > :05:14.already a record high and is more than double the overall number up.
:05:14. > :05:19.With the economy not showing any growth for last year, with business
:05:19. > :05:24.sentiment deteriorating, according to the latest surveys, and with
:05:24. > :05:31.companies reporting a 12% drop in sales, it is clear that we have not
:05:31. > :05:39.seen the worst. What has Francois Hollande's government got up its
:05:39. > :05:43.sleeve to try to tackle this? It is a very common problem. It is indeed.
:05:43. > :05:48.The prescription for the eurozone through this crisis is to increase
:05:48. > :05:53.its competitiveness. It cannot become more competitive until the
:05:53. > :05:57.labour market becomes more flexible. In the short-term, more flexibility
:05:57. > :06:02.will mean higher unemployment because they art able to hire and
:06:02. > :06:09.fire. But it will also introduce some flexibility into wage setting,
:06:09. > :06:14.and that would help to boost full- time employment. Do you think the
:06:14. > :06:17.economic reforms will help, and to what degree? They will help in the
:06:17. > :06:23.long-term but it is the short-term that the consumers are worried
:06:23. > :06:28.about. France is heading into a recession. It has not grown much at
:06:28. > :06:35.all for the last several quarters. With another drop in the Jeatt --
:06:35. > :06:40.GDP expected, the Social back bash against reform will grow. -- social
:06:40. > :06:44.backlash. The longer they wait, the harder it will be to reform the
:06:44. > :06:49.economy. It is a very busy day for economics.
:06:49. > :06:54.We have had the news from South Korea, to say that it has grown at
:06:54. > :06:58.his fastest pace for two years, despite increased tensions and
:06:58. > :07:07.hotter competition from the likes of Japan, because the yen has
:07:07. > :07:15.weekend and Japanese goods are perhaps a bit cheaper.
:07:15. > :07:25.Good to get a bit of good news in the programme. That is right,
:07:25. > :07:29.better than expected. The economy is being boosted by a rebound in
:07:29. > :07:34.construction, investment, and exports. Exports, which is the
:07:34. > :07:39.backbone of the South Korean economy, showed a 3.2% quarter
:07:39. > :07:43.expansion, compared to the 1.2% dip in the previous quarter. For now
:07:43. > :07:47.the data is likely to downplay the fears over the health of the
:07:47. > :07:53.economy, but if you speak with some analysts, they remain quite
:07:53. > :07:57.cautious. They say that exports will continue to be fragile.
:07:57. > :08:04.Conditions in the eurozone and the US have not improved substantially.
:08:04. > :08:11.There have also been fears over the impact of currency fluctuations.
:08:11. > :08:16.The currency has risen. It has made the exports more expensive. The yen
:08:16. > :08:21.has sharply declined, by almost 20% against the US dollar. With both
:08:21. > :08:26.countries competing in similar markets, Korean goods may lose out
:08:26. > :08:30.and in turn had the country's overall growth going forward. As a
:08:30. > :08:35.result, policy makers had been taking measures to boost domestic
:08:35. > :08:40.consumption in an attempt to offset the decline in foreign sales. They
:08:40. > :08:46.have unveiled a $15 billion stimulus plan. We will find out if
:08:46. > :08:51.it will have an impact on the economy in the future.
:08:51. > :08:55.Let's get in some other stories. The bosses of Barclays are holding
:08:55. > :09:00.their first annual meeting following last summer's LIBOR at
:09:00. > :09:10.scandal which forced out the senior management. It would not be an her
:09:10. > :09:15.
:09:15. > :09:19.-- easy ride. One shareholder group says it is opposing the salaries.
:09:19. > :09:27.A big day on Wall Street with quarter results from Exxon Mobile
:09:27. > :09:37.later. It is the world's largest Lee publicly traded oil company. --
:09:37. > :09:38.