:00:05. > :00:14.between the two sides. Those are the headlines. Now for the latest
:00:15. > :00:28.
:00:28. > :00:30.In all out of recession? Today we will get the verdict on the economy.
:00:30. > :00:36.While the world's largest airline failed to take off. The US
:00:36. > :00:46.Department of Justice acts to block the merger between it American
:00:46. > :00:56.
:00:56. > :01:00.Ahead: Recession that has gripped Europe is likely to be over. Figures
:01:00. > :01:05.out today are likely to show a growth among the countries that use
:01:06. > :01:10.the single currency edged up 0.2% from April. This would be
:01:10. > :01:16.competitive previous quarter. The increase, although slight, wood and
:01:16. > :01:21.quarters of debilitating recession that has affected the eurozone since
:01:21. > :01:28.its creation. I will speak to a leading economist. First let's have
:01:28. > :01:32.a look at one of the eurozone countries, Ireland. There are some
:01:32. > :01:39.glimmers of hope and the grassroots economy of the country. A reluctance
:01:39. > :01:47.by banks to lend could mean a slower hold. Island's comic took a dive
:01:47. > :01:52.five years ago but at this holiday spot it is a key for these people
:01:52. > :01:57.wanting to take the plunge. -- OK. Before the recession and would have
:01:57. > :02:03.had more than 20 holidays abroad a year but now I can Bendigo wants a
:02:03. > :02:08.year. I am lucky to even have that. I guess people are looking at what
:02:08. > :02:16.they have and they are staying here to holiday in Ireland. The downtown
:02:16. > :02:19.has meant more business though. It has been a good year overall.
:02:19. > :02:28.south people have been offering great value in local restaurants and
:02:28. > :02:32.for families. They want to keep people coming in.
:02:32. > :02:36.This area has the scenery but there are also high-tech companies. Local
:02:36. > :02:43.people may be staying at home to save money during the recession but
:02:43. > :02:48.for the company is the focus is aboard. Exports are seen key to
:02:48. > :02:55.Ireland's getting out of recession. Most of this company 's business is
:02:55. > :03:02.now after the US. There is not much backing at home with cautious banks
:03:02. > :03:06.and a weakening economy. We have massive growth coming through the
:03:06. > :03:09.US. We are sitting up there. We are involved in major opportunities. We
:03:09. > :03:15.have new customers coming on all the time. The problem is that we can't
:03:15. > :03:21.get access to capital through either investors or the banks. The busy
:03:21. > :03:27.streets wouldn't suggest recession. While visitors full inwards, local
:03:27. > :03:32.figures show that exports are declining. They may be fighting to
:03:32. > :03:42.win business at home but the battle for money will depend on money and
:03:42. > :03:42.
:03:42. > :03:50.the EU. I speak to a senior economist at the
:03:50. > :03:54.bank. It looks as though after the long, cold, hard winter that we have
:03:54. > :04:02.gone through, things are starting to look up for the eurozone. Indeed. It
:04:02. > :04:08.seems as though the recession... And a pool the eurozone was already
:04:08. > :04:15.growing. It remains a very uneven recovery though. Most service
:04:15. > :04:18.Ireland is in recession but most of the recession has eased. Germany
:04:18. > :04:22.will probably report a significant growth. It may even be the fastest
:04:22. > :04:27.growing economy this time. Interestingly, we have one other
:04:27. > :04:32.country, France, the second largest economy in the eurozone, expected to
:04:32. > :04:37.move out of recession and into growth. Indeed. They had two
:04:37. > :04:41.quarters of negative growth. The reported positive growth in the
:04:41. > :04:46.second quarter. We are talking about very slight growth and a very slight
:04:46. > :04:52.recession before. France is stagnating rather than growing.
:04:52. > :04:56.is going to happen after September. There are elections in Germany in
:04:56. > :05:01.September. It is the powerhouse of Europe. What can we expect to change
:05:01. > :05:04.in terms of economic policy? There are some stories about the German
:05:04. > :05:11.election which will probably be the biggest political event in Europe in
:05:11. > :05:14.the second half of the year. One of the story is, what will happen to
:05:14. > :05:20.Germany, domestically? There would be massive change. The second is,
:05:20. > :05:23.what will happen to Europe? At the moment, Germany is softer on the
:05:23. > :05:28.periphery than it used to be because it wants to avoid a crisis ahead of
:05:28. > :05:32.the election. After the election it will get harsher. The other story is
:05:32. > :05:35.that at the moment Gemina 's harsh on the periphery because German
:05:35. > :05:39.voters like that. After the elections they will get softer. They
:05:39. > :05:46.will allow Eurobonds and other things like that. In my view, it is
:05:46. > :05:49.most likely that this turns out to be a nonevent because whatever
:05:49. > :05:54.happens at the elections, it is in the German national interest to keep
:05:54. > :06:02.the eurozone together and to lead the eurozone back to growth. For
:06:02. > :06:08.that policy they are being a bit softer. A bit more growth is the
:06:08. > :06:14.right policy. It will change after the election. Thank you. We will
:06:14. > :06:19.wait for GDP figures to trickle out over the morning.
:06:19. > :06:22.In a surprise move, US government officials have filed a lawsuit to
:06:22. > :06:30.block the proposed merger between US Airways and American Airliness
:06:30. > :06:38.parent company AMR Corp. It would have created the world's biggest
:06:38. > :06:43.airline. If you are a boss at American Airlines or US Airways you
:06:43. > :06:47.might be forgiven for thinking that your planned merger was pretty much
:06:47. > :06:51.on track. It was backed by a federal judge in March and it has been
:06:51. > :06:55.approved by the European union as well. The US Department of Justice
:06:55. > :07:02.has had other thoughts. It has moved to block the deal. They say the
:07:02. > :07:08.merger would push up fees. It would lead to consumers with -- leave
:07:08. > :07:18.consumers with fewer choices. There are four US airlines now. They used
:07:18. > :07:26.to be six. This planned merger was... The airline has been in
:07:26. > :07:30.bankruptcy protection. Other carriers have fallen sharply. What
:07:30. > :07:33.is next? In light of the government's decision, they no
:07:33. > :07:43.longer expect the merger to complete by the end of this year. They are
:07:43. > :07:48.not giving up. US Airways says the company will fight the injunction.
:07:48. > :07:54.Some are the news now. Public prosecutors and Brazil have begun
:07:54. > :07:59.legal action against South Korean Alec Tronics giant, Samsung saying
:07:59. > :08:05.it is violating labour laws at its factory in the Amazon region. --
:08:05. > :08:12.electronic. It says that they make people work long hours without
:08:12. > :08:20.sufficient breaks. It says they will take action. Shares for Apple jumped
:08:20. > :08:27.nearly 5% on Tuesday after a well known Wall Street personality
:08:27. > :08:31.commented. He said he had a major hold an Apple stock and the Company
:08:31. > :08:37.should accelerate its share. BP is suing the US government for barring
:08:37. > :08:41.it from obtaining new federal contracts. The Environmental
:08:41. > :08:47.Protection Agency banned BP last November because of the firm's lack
:08:47. > :08:57.of business and Tiruchi after the deepwater exploit. -- business and
:08:57. > :08:58.
:08:58. > :09:02.tech pretty. -- deepwater exploit in. Kohlberg & Co has abandoned its
:09:03. > :09:09.effort to buy Steinway Musical Instruments. In July Kohlberg & Co
:09:10. > :09:15.had accepted advice, valuing the company at 430 8 million US
:09:15. > :09:22.dollars. It was dropped on Monday by a mystery that -- 438 million US
:09:22. > :09:26.dollars. It is said that the offer from a high of business came from
:09:26. > :09:32.John Polson. John Polson.
:09:32. > :09:39.Let's look at Around the world we are waiting for GDP figures to come
:09:39. > :09:43.out. First numbers are expected for France, Germany, and around 9am we