:00:00. > :00:00.destined for neighbouring Algeria. Those are the latest headlines from
:00:00. > :00:17.BBC World News. Now for the latest financial news and world Business
:00:18. > :00:20.Report. Nuclear fall`out ` the Japanese government considers the
:00:21. > :00:26.break up of Tokyo Electric 2.5 years after the Fukushima disaster. Young
:00:27. > :00:29.and jobless ` we have a special report from Italy where young people
:00:30. > :00:43.are turning to the unofficial job market for low paid work for cash.
:00:44. > :00:51.Welcome to world Business Report. I'm Sally Bundock. In a minute we'll
:00:52. > :00:54.also look at Facebook's results. The social media company reporting a 60%
:00:55. > :00:57.rise in revenue due to strong advertising sales. But first, it's
:00:58. > :01:06.the world's fourth biggest power generator. But Tokyo Electric or
:01:07. > :01:09.TEPCO is best known for the disaster at its Fukushima nuclear plant 2.5
:01:10. > :01:14.years ago. Today the company will report escalating losses. But the
:01:15. > :01:18.main issue for most will be the cost of the clean`up operation which is
:01:19. > :01:20.estimated to be at least $100 billion. The government is
:01:21. > :01:28.considering splitting up the company so it can oversee the remainder of
:01:29. > :01:30.the clear`up. The recommendation comes after a string of problems at
:01:31. > :01:33.Fukushima, including repeated leaks of radioactive water. Rupert
:01:34. > :01:40.Wingfield Hayes is in our Tokyo bureau. You have been to the site
:01:41. > :01:48.several times, tell us more about this government planned? I was
:01:49. > :01:54.talking to an economist about this before I came here. He was saying
:01:55. > :01:59.this was the only choice that the Japanese government now has.
:02:00. > :02:03.Unpleasant as this choice may be, the last two and half years of the
:02:04. > :02:07.attempt to clean up the disaster has been something of a fiasco. It has
:02:08. > :02:10.been chaotic and there have been leaks and accusations of
:02:11. > :02:15.incompetence. The only choice the Japanese government faces is to
:02:16. > :02:20.split off from Tepco which is dealing with the cleanup and to
:02:21. > :02:23.create a new organisation just to concentrate on this task at
:02:24. > :02:29.Fukushima. And then allow the rest of tip code to return to its core
:02:30. > :02:37.business and concentrate it, which is generating electricity. And it is
:02:38. > :02:43.absolutely vital to the Japanese economy that Tepco is able to do
:02:44. > :02:50.that. And supply efficient energy to the Japanese capital. We will leave
:02:51. > :02:53.it there because the line is not contested between you and us right
:02:54. > :03:06.now. We will return perhaps later on. We got the gist of that story.
:03:07. > :03:10.The company is expecting to report those escalating losses. We will be
:03:11. > :03:18.talking about them in more detail. Moving on, around the world, 73
:03:19. > :03:21.million young people are out of work, that's three times more than
:03:22. > :03:24.other adults. In just a few hours, we'll get the latest jobless figures
:03:25. > :03:27.for the European Union. In Italy, young people are increasingly
:03:28. > :03:29.turning to the unofficial job market, taking low`paid cash`in`hand
:03:30. > :03:32.work. But that means they may lose out on sick pay, paid leave,
:03:33. > :03:37.redundancy pay or protection from and other important employment
:03:38. > :03:40.rights. As part of a special season of reports on the problem of youth
:03:41. > :03:52.unemployment, our Chief Economics Correspondent Hugh Pym reports from
:03:53. > :03:56.Rome. It may just look like pizza dough but for these young Italians,
:03:57. > :04:04.they hope it is their passport into the world of work. Officially, due
:04:05. > :04:08.to unemployment and as leaders running at 40%. That statistic
:04:09. > :04:12.includes many likes Dell who was working on the black market at a
:04:13. > :04:15.call centre. She is training to make pizza show she can find legitimate
:04:16. > :04:26.job and hopefully get a mortgage and start a family. How can I grow up a
:04:27. > :04:29.child if I do not have a good job. We have no future in the next ten
:04:30. > :04:35.years, it is impossible to have something good for you. I am 28.
:04:36. > :04:40.What will I do for the next ten years? The Italian economy is in a
:04:41. > :04:44.difficult place. Lack of growth means eight lack of job creation and
:04:45. > :04:49.the unofficial world of work remains a problem. On some estimates, the
:04:50. > :04:54.Italian black economy is worth a fifth of the country's annual
:04:55. > :05:00.output. That has long been a problem for the authorities, police say they
:05:01. > :05:03.are cracking down on it. This police chief told me in raids on
:05:04. > :05:09.businesses, they had discovered 30,000 illegal workers last year. It
:05:10. > :05:13.is very important, it harms many interests. It heads the state and
:05:14. > :05:15.the national Budget because it means taxes are not paid and the national
:05:16. > :05:18.Budget because it means taxes are not paid and the purpose is also to
:05:19. > :05:23.protect honest businesses. That `` those that comply with the law
:05:24. > :05:27.suffer competition from other come `` companies which can sell goods
:05:28. > :05:34.and services at lower prices. As jobseekers search for joke ``
:05:35. > :05:39.vacancies at this centre, they are up against a lack of openings
:05:40. > :05:42.because employers find it too expensive to hire people. Another
:05:43. > :05:48.reason Italian workers are pushed towards the legal jobs. Staff say
:05:49. > :05:53.some of the younger generation have moved to the black economy and
:05:54. > :06:02.stayed there. Before it was a bridge between education and a permanent
:06:03. > :06:04.job which gave you a chance to start a family and make a future for
:06:05. > :06:07.yourself. Unfortunately, more and more young people find that the only
:06:08. > :06:10.option open to them. For this woman, the black economy option is a
:06:11. > :06:15.necessity. She and other trainee hope her skills will be a pathway to
:06:16. > :06:19.work even if it is a long way from Italy where the recipe for
:06:20. > :06:22.legitimate jobs still does not seem to be working. In other news: Social
:06:23. > :06:25.networking giant Facebook reported a 60% surge in revenue, to just over
:06:26. > :06:28.$2 billion in the third quarter, generating profits of $425 million.
:06:29. > :06:32.Revenue from advertising grew by 66% with nearly half of that coming from
:06:33. > :06:46.mobile ads. Facebook's shares surged 15% in after hours trading in New
:06:47. > :06:50.York. Wine lovers are facing the threat of a global shortage of the
:06:51. > :06:52.drink. According to new research by economists at Morgan Stanley,
:06:53. > :06:56.production last year dropped to its lowest level since the 1970s.
:06:57. > :06:59.According to the analysts, the slump in wine production has left current
:07:00. > :07:05.demand outstripping supply by about three billion bottles this year.
:07:06. > :07:09.China's top four banks have posted their biggest increase in bad loans
:07:10. > :07:11.since at least 2010. Bad debts at Industrial and Commercial Bank of
:07:12. > :07:15.China, China Construction Bank, Agricultural Bank of China and Bank
:07:16. > :07:24.of China rose 3.5% in the third quarter, to $54 billion. Valuations
:07:25. > :07:33.of the big banks have dropped to record lows as investors brace for a
:07:34. > :07:37.surge in loan defaults. The world Islamic Economic Forum comes to a
:07:38. > :07:40.close in London on Thursday. It's the first time the event has been
:07:41. > :07:47.held outside a predominantly Muslim country. It aims to cater for the
:07:48. > :07:50.millions of Muslims who seek an alternative to western`style loans
:07:51. > :07:53.and insurance by charging fees or rent on property. Islamic finance
:07:54. > :07:57.already accounts for one in every hundred dollars in the world banking
:07:58. > :08:12.system and London is just one of the financial centres hoping to cash in
:08:13. > :08:15.on that trend. This man has been living in this house in East London
:08:16. > :08:18.with his family for over a year. Like many people in Britain, he
:08:19. > :08:24.wanted to buy his own home. As a Muslim, he did not want to fund it
:08:25. > :08:29.in the way most people do in the UK. For me it is about being consistent
:08:30. > :08:33.with the values of my fate. Islam requires that we do not involve
:08:34. > :08:39.ourselves with user areas transactions. Islamic finance means
:08:40. > :08:43.I can meet that criteria and look at Finance and economics in a more
:08:44. > :08:46.ethical way. Instead of taking out a regular mortgage, where he borrows
:08:47. > :08:52.money from the bank and agrees to pay it back, plus interest over a
:08:53. > :08:58.fixed period, got an Islamic compliant mortgage. This week London
:08:59. > :09:05.is hosting the world Islam at economic Forum. Islamic finance is a
:09:06. > :09:10.fast`growing sector, financial is like London are keen to take
:09:11. > :09:15.advantage. Islamic finance is estimated 4 trillion US dollars,
:09:16. > :09:20.this is around 1% of the total financial assets of the world. We
:09:21. > :09:24.believe it is all growing very fast historically. It will continue to
:09:25. > :09:30.grow very fast to increase the share. This is why we see hubs like
:09:31. > :09:34.London and Malaysia and Dubai are very important to be able to grow
:09:35. > :09:38.the share. Earlier this week, the British government announced its
:09:39. > :09:43.first Islam at Bond. They denounced a variation of initiatives. It hopes
:09:44. > :09:49.by investing in Islamic finance this will create jobs in profit for the
:09:50. > :09:52.UK. London has been able centre for banking for hundreds of years. It is
:09:53. > :09:57.an industry that has changed over time. Despite stiff competition from
:09:58. > :10:03.the Middle East and places like Asia, as alarm at Finance is set to
:10:04. > :10:10.be an increasingly important part of London's ranking centre. The
:10:11. > :10:14.markets, we are seeing a slight sell`off today. Strong gains across
:10:15. > :10:22.Asia yesterday ahead of the meeting of the Federal reserve. Most people
:10:23. > :10:27.are betting, post` Federal bank meeting, they may start to draw back
:10:28. > :10:31.on stimulus may be in January rather than March. That is spooking
:10:32. > :10:44.investors a little. I will see you seen for a look at the papers. ``
:10:45. > :10:48.see you soon. Britain's rail regulator is set to announce how it
:10:49. > :10:51.plans to spend 21 billion pounds on the network over the next five
:10:52. > :10:54.years. The office of Rail Regulation's consulted with industry
:10:55. > :10:58.and the public in coming up with the Budget and is expected to spend some
:10:59. > :10:59.of the money on scrapping potentially dangerous level