:00:00. > :00:00.tobacco available in Gibraltar than in mainland Spain. Those of the
:00:00. > :00:00.latest headlines. Now it is time for all the latest financial news in
:00:00. > :00:23.World Business Report. It is being predicted that Nigeria
:00:24. > :00:28.could overtake South Africa to become the continents richest
:00:29. > :00:35.country. It adopts a new way of measuring its GDP. The latest US
:00:36. > :00:38.jobs figures are out on Friday with analysts expecting job growth to
:00:39. > :00:44.have accelerated in March. We talk to the experts.
:00:45. > :00:55.A warm welcome to macro to. `` to World Business Report. We will have
:00:56. > :00:59.a report about the Mozilla CEO who resigned that a furore over gay
:01:00. > :01:05.rights. Nigeria has often been touted as an emerging market to
:01:06. > :01:09.watch. If only you could conquer some of its many challenges. The
:01:10. > :01:14.former British colony is one of the world 's largest oil producers but
:01:15. > :01:18.few Nigerians, including those in oil`producing areas, have benefited
:01:19. > :01:23.from the world. The government is striving to boost the economy but
:01:24. > :01:26.progress has been undermined by corruption allegations and
:01:27. > :01:39.mismanagement. Baiteri is keen to attract foreign investment. All of
:01:40. > :01:46.that may change in the coming days as it is expected to announce a huge
:01:47. > :01:51.jump in the size of its economy when the Nigeria dumps the new way of
:01:52. > :01:53.measuring GDP. Some experts say it might even have it take South Africa
:01:54. > :02:02.to become the continents richest country. Nigeria's population is
:02:03. > :02:07.somewhere around 180 million people and rising fast. It provides a huge
:02:08. > :02:09.consumer base of businesses and now the continents second`biggest
:02:10. > :02:15.economy could be set to overtake South Africa and claim the number
:02:16. > :02:19.one spot. It's true economic clout has long been undervalued as the
:02:20. > :02:25.GDP, and measure of the size of the economy, has been based on out of
:02:26. > :02:31.date statistics. We will use 2010 prices and because it is such a long
:02:32. > :02:42.time, the DGP is calculated based on sectors. One of those sectors is the
:02:43. > :02:47.film industry. It barely existed 20 years ago. The new debtor will
:02:48. > :02:51.include this new thriving industry. Yet another mobile phone advert. In
:02:52. > :02:55.1990 there were just a few hundred thousand landlines in Nigeria. Today
:02:56. > :03:02.there are about 100 million phones, mostly mobiles. All that talking
:03:03. > :03:06.boosts the country 's real GDP. The first time, the enormous informal
:03:07. > :03:10.sector will be included in statistics. Knowing the true size of
:03:11. > :03:14.the economy will have some implications. The jury will
:03:15. > :03:20.certainly have a lower debt to GDP ratio and will have greater to
:03:21. > :03:28.borrow. More investors may be attracted but overnight the rate of
:03:29. > :03:33.economic growth will drop from 7% to 4%. It may be the country 's new
:03:34. > :03:39.statistic but few people are getting a share of this world. That could
:03:40. > :03:47.affect stability. Here are some of the toys of the extremely rich.
:03:48. > :03:51.Every year, hundreds of new millionaires are made in Nigeria. A
:03:52. > :03:54.few kilometres away in another part of Lagos, life in the water is about
:03:55. > :03:58.survival of showing off. These are the extremes but even with steady
:03:59. > :04:01.jobs, people say they are not feeling the economic growth. Will it
:04:02. > :04:08.affect the normal woman on the street? They barely have food to
:04:09. > :04:17.eat. It isn't feeling of pride but it would be better if it goes down
:04:18. > :04:23.to the roots. Visio of Mozilla, which makes the Firefox browser, has
:04:24. > :04:28.been forced out of his job over his opposition to same`sex marriage. He
:04:29. > :04:34.gave money to oppose the legislation in California was one of the company
:04:35. > :04:45.'s founders. He was made CEO a week ago. The best`known product by
:04:46. > :04:49.Mozilla is the Firefox browser. Its mission is to wake the web a better
:04:50. > :04:56.place. But the organisation has been publicly criticised for its choice
:04:57. > :05:01.of CEO. He donated $1000 in 2008 to support a ban on gay marriage in
:05:02. > :05:05.California. It has caused outrage. Less than two weeks into the job, he
:05:06. > :05:11.has stepped down. Clearly there were issues. Other newspapers have
:05:12. > :05:14.reported that when he was named CEO three people left the board so he is
:05:15. > :05:19.clearly controversial and maybe they just felt they could not proceed
:05:20. > :05:21.with business as usual. The executive chairwoman apologised in a
:05:22. > :05:33.blog post, saying... Mozilla employees had raised
:05:34. > :05:38.objections to his appointment with half of the board resigning. The
:05:39. > :05:51.most damaging protest was from Internet dating service OK Cupid.
:05:52. > :05:56.The company pointed out that it% of its customers are gay. Visio is
:05:57. > :06:02.viewed as something of a champion of the Web. He sought to defuse the
:06:03. > :06:06.situation in recent weeks, saying he is capable of separating his
:06:07. > :06:10.personal beliefs from the business. But as he has discovered, if others
:06:11. > :06:18.refuse to see the difference than the leader must go.
:06:19. > :06:24.The latest payroll numbers are out on Friday and it is hoped that US
:06:25. > :06:29.job growth accelerated in March as the gloom of the winter lifted. That
:06:30. > :06:36.is expected to feature into jobs. A Reuters poll forecast that non`farm
:06:37. > :06:42.payrolls went up 200,000 in March. That is up from 175,000 jobs created
:06:43. > :06:47.in February. The unemployment rate is expected to have dropped to 6.6%
:06:48. > :06:54.and if forecasts are correct then last month 's gains would leave
:06:55. > :07:04.unemployment at 465,000 jobs below the prerecession peak. Is the Fed
:07:05. > :07:08.about to take its foot off the accelerator? The ranks of the
:07:09. > :07:12.long`term unemployed remains stubbornly high and many Americans
:07:13. > :07:16.can find only part`time work, factors that the Fed chair said that
:07:17. > :07:27.argue for continuing support for the economy. With me is a currency
:07:28. > :07:33.analyst. Employment in the US we think will near its prerecession
:07:34. > :07:38.peak. What other factors? It is weather`related and part but clearly
:07:39. > :07:46.we have had a very bad winter in the US. We are now starting to see that
:07:47. > :07:50.moderate and as a result of that you are seeing employment returning to
:07:51. > :07:57.normal levels. There has been a recovery in the US economy but it is
:07:58. > :08:01.a slow recovery and to a large degree fuelled by monetary policy.
:08:02. > :08:06.That is why the Federal Reserve is cautious about taking its foot off
:08:07. > :08:11.the accelerator to quickly. Let's talk about that. We have high
:08:12. > :08:15.numbers of long`term unemployed, so following on from these comments by
:08:16. > :08:22.Janet Yellen, the question is what will the Fed do next? Very slowly
:08:23. > :08:27.indeed. They are doing quantitative easing on a monthly basis but
:08:28. > :08:33.reducing the amount by about $10 billion. To finish that by the end
:08:34. > :08:38.of this year. There will not start hiking interest rates. We are still
:08:39. > :08:43.a long way off that. They might move of the next year but Janet Yellen's
:08:44. > :08:48.comments suggest that we may not see anything until next summer. We have
:08:49. > :08:55.a long period of low interest rates and supports to get the employment
:08:56. > :09:01.rate back towards the low sixes. They need to continue getting this
:09:02. > :09:08.improvement. We still need to wait for the exact numbers but thank you
:09:09. > :09:11.for now. Let's bring some of the news. The Turkish government has
:09:12. > :09:15.started lifting the ban on the social network Twitter after the
:09:16. > :09:19.constitutional court ruled that it was a violation of free expression.
:09:20. > :09:22.The ban was imposed by the government after Turkish users
:09:23. > :09:30.posted corruption allegations about the Prime Minister. You tube is
:09:31. > :09:36.still banned. The White House has confirmed the existence of a social
:09:37. > :09:41.network similar to Twitter that were set up in Cuba by a US government
:09:42. > :09:44.aid agency but it has denied that it was a covert operation. The
:09:45. > :09:50.allegations are made by the associated press which said that the
:09:51. > :09:54.operation was set up by US AAD to undermine the Communist authorities
:09:55. > :10:01.by allowing them to bypass the country 's Internet restrictions. ``
:10:02. > :10:22.USAID. That is all from us for now. New laws to stamp out bad practice
:10:23. > :10:26.and aggressive behaviour by bailiffs come into force in England and Wales
:10:27. > :10:28.over the weekend. Debt collectors were to be trained and certified
:10:29. > :10:29.before being allowed to carry out their