05/07/2013 World Business Report

in their original graves. Those are the latest headlines from BBC World

News. Now for the latest financial news with World Business report.

Good news on the economy may mean bad news for the global markets. We

brace for the latest jobs in the US. Living on borrowed time again -

Greece tries to convince EU and IMF inspectors it deserves more money -

amid concerns its reform programme is slipping. Welcome to World

Business report. It's a mix lighting snapshot of the world of business.

We will talk about Greece and also Samsun with them doing it again but

the investors are not happy. We start in the United States where

most people were enjoying the 4th of July holiday on Thursday. Markets

have been closed as many will be making a long week-end of it. But

for Wall Street it's back to action stations this morning. In a few

hours time we get official employment figures- the Non-farm

Payrolls for June. The figures could not be more important for global

markets. They have been on a rollercoaster ride since Federal

Reserve chief Ben Bernanke talked last month about winding down his

massive stimulus programme as the economy improves. It's 85 billion

dollars each month pumping into the economy. So here's the paradox the

Fed has to deal with that good news on the economy is seen as bad news

by investors. What are we expecting today? Economists think US employers

created 165,000 jobs in June, well below the average for the past six

months. That may have made a tiny dent in the unemployment rate -

which is expected to have crept down to 7.5% from 7.6% in May. Any

stronger figures than that and markets could be in for another

bumpy ride. Our report from Coney Island, New York. In the United

States it is a national holiday and Americans are in good spirits and in

New York, they looked relaxed but is popular spot is Coney Island. The

recent wild ride on the stock market has not been quite as much fun.

Stocks headed downhill after the Federal reserve chairman Ben Bonetti

says the Central Bank may stop withdrawing the stimulus support as

the economy improves. One week later the stop the stocks shot up and the

recovery was weaker than first thought but what is going on?

up and down and spinning around. This trader says the end of the

cheap money sending financial markets into a tailspin. We have got

back on our feet and it's solid underneath but moving forward

without government help many people are apprehensive. Cheap money

printed by the simple bank has helped the recovery and also made

government bonds less profitable pushing capital into risky asset.

Getting X at right is important not just for the economy but all

avoiding a financial shock and communication is crucial. Not only

is the Federal reserve using new policy tools but they are choosing

communication as the tool to manage the expect patient. When you try to

manage that you can get it wrong. Americans tried to escape the stress

but not everyone will get a break and one of the conditions the

Federal reserve will set by slowing the stimulus is the employment

picture needs to improve and while Americans relax this weekend, the

investors and the central bankers will be monitoring the jobs figures

on Friday very closely. I love Coney Island. We will keep a look on those

numbers. When are record profits simply not good enough? That seems

to be the problem for South Korean electronics giant Samsung. In the

last few hours it has released estimated earnings for the April to

June period ahead of full quarterly earnings in a couple of weeks. It

said it made an operating profit of $8.3 billion in the last three

months. That was up 47% on the same period last year and a record figure

for the company. This is the thing! It's been boosted by sales of its

new Galaxy S4 smartphone - and they are expected to keep rising over the

next few months. But investors are not happy. Today's numbers were

below market expectations. Let's get the latest from Sharanjit Leyl who

has been following this story from our Singapore office. There's more

pressure on Samsung shares then? They are bit of their own success?

You hit the nail on the head. The share price has dipped today down 3%

after that profit and the shares dropped 15% since July futures

certain brokerages down grading the brokerage figures. The biggest TV

maker and mobile phone maker eggs they will be slowing down despite

the new models and this slowdown appears to be worse than expect and

Robert guidance reinforces that with Samsun smart phone growth beginning

to slow down. It has enjoyed tremendous success recently. The

popularity of the galaxy range saw it overtake the other phone makers

but according to research firm 's Samsun accounts for about 95% of the

Android profits and that comes to a downside because they have grown so

fast or growth slowing and that trend may hurt their profits. We saw

earlier the south Korean investment has cut forecasts for that

technology giant and there's been similar moves from other companies

as well with concerns triggered by the launch of new products from

rivals in China and elsewhere. Chinese products are giving a lot of

the big companies a run for their money and we will talk to you again

soon. Now to Greece, where austerity policies are certainly very painful

and deeply unpopular, but are they going far enough? That's a question

officials from the EU, European Central Bank and International

Monetary Fund - the Troika - are asking today. They are in Athens to

decide whether Greece has done enough to qualify for the next

tranche of money - eight billion euros - ahead of a decision by

eurozone finance ministers on Monday. They are concerned about the

slow pace of reforms to the public sector - including cutting some

15,000 jobs. Greece warns it won't meet targets by a deadline set for

today. Plans to sell off state assets to raise cash, including the

national lottery, have also been going very slowly. This report from

Athens. The State lottery is not taking bets on whether they will get

the reassurances they seek keep their bail-out cash flowing. It's

not just setbacks for privatisations such as this lottery but the

Government has a few hours to deliver its promise to get rid of

thousands of civil servants. International lenders and desperate

to see savings taking off. You'd be hard pressed to find anywhere to

better illustrate the inability to move on and to reinvigorate and to

try to make some of its assets. This airport was abandoned at a time of

the Olympic Games ten years ago when the airport moved out of town and

the site has been left which is three times the size of Monte Carlo

and it is up for sale and the hope is to bring in billions of dollars

from one of the latest privatisation and this project has hit major

delays. There can only be positive thing. The new chief leading the

seller insist the lottery is a change and that Greeks will come to

understand that job losses now are for the best. I think finally we

will have a happy and but unfortunately in Greece sometimes it

takes longer and needs a bit more effort to put things and track and

to see a result. The has shrunk dramatically over four years and in

addition the income from the people, nobody 's dream is trying to

be employed in but that been a dream for over 40 years but it might they

are today. For many, this is the latest in a long line of weary

manoeuvres to keep the country afloat and in Greece personal

economic survival which is now paramount. We will keep close to

that. A quick look at the markets. There's been a rally in Europe.

Asian markets followed the rally on European markets after yesterday.

The eurozone and British central banks signalled that easy-money