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BBC World News. Now for the latest financial news with Aaron Heslehurst | :00:00. | 3:59:59 | |
in World Business Report. The Eurozone's ghosts return. Global | :00:00. | :00:20. | |
markets rattled by fears of a new banking crisis in Portugal. Plus, | :00:21. | :00:27. | |
Formula one without the fumes and the noise. Yes, move over petrol | :00:28. | :00:40. | |
heads. We take a look at Formula E. Welcome to World Business Report. | :00:41. | :00:50. | |
I'm Aaron Heslehurst. We're going to meet the students they call the Mark | :00:51. | :00:58. | |
Zuckerberg of Italy as the latest in our series on the next generation of | :00:59. | :01:04. | |
millionaires coming but first... We start with Portugal because global | :01:05. | :01:06. | |
markets have been rattled by fears the country could be facing new | :01:07. | :01:09. | |
financial difficulties. Portugal, along with Greece and Ireland, was | :01:10. | :01:12. | |
of course at the epicentre of the European debt crisis. It got a 100 | :01:13. | :01:15. | |
billion dollar rescue from the EU and IMF and exited the bailout less | :01:16. | :01:19. | |
than two months ago with a clean bill of health. Problems over? Maybe | :01:20. | :01:23. | |
not. The worries centre around this: Banco Espirito Santo, the biggest | :01:24. | :01:30. | |
bank on Portugal's stock market. Its shares plunged 19% on Thursday | :01:31. | :01:37. | |
before being suspended. That's because of mounting concerns about | :01:38. | :01:39. | |
its parent company, Espirito Santo International, which has interests | :01:40. | :01:41. | |
in various other financial companies. It failed to pay debts | :01:42. | :01:54. | |
due this week and has been cited by regulators for accounting | :01:55. | :01:55. | |
irregularities amid allegations it is covering up a huge black hole in | :01:56. | :01:59. | |
its finances. Well, all this stirred up nasty memories of the Eurozone | :02:00. | :02:01. | |
crisis, which started with the banking system. A big sell off in | :02:02. | :02:09. | |
Europe stock markets spread to Wall Street ` borrowing costs for | :02:10. | :02:12. | |
Portugal and its neighbours shot up and investors rushed to buy gold. | :02:13. | :02:18. | |
Michelle Fleury was at the New York Stock Exchange. | :02:19. | :02:27. | |
Portugal is a long way from Wall Street but the problem of solvency | :02:28. | :02:31. | |
are affecting Banco Espirito Santo and they affected what happened here | :02:32. | :02:49. | |
today. Roughly 1% was the tumbling level and traders regained some of | :02:50. | :02:55. | |
their nerves throughout the day. The Dow was down 4/10 of a cent. It is a | :02:56. | :03:04. | |
reminder that, at a time when we have been talking about record highs | :03:05. | :03:08. | |
on the S 500 and the Dow Jones international, that the global | :03:09. | :03:17. | |
economy remains vulnerable. So, is all the fuss overdone or is this the | :03:18. | :03:20. | |
start of something more worrying? Michael Hewson is Senior Market | :03:21. | :03:24. | |
Analyst at CMC Markets. I thought that Portugal was given a clean bill | :03:25. | :03:29. | |
of health not long ago by international lenders but, the IMF | :03:30. | :03:40. | |
and the EU are meant to find these problems so what went wrong ? | :03:41. | :03:52. | |
Nothing went wrong, these problems were just never fixed. The | :03:53. | :03:59. | |
preservation of the euro took the fear factor away but what he did not | :04:00. | :04:05. | |
do is solve the underlying problems within the eurozone. High debt | :04:06. | :04:11. | |
levels and low growth. A fractured banking system. We still have all of | :04:12. | :04:17. | |
that and the IMF knew that. Article. They have no growth and | :04:18. | :04:25. | |
high debt `` Portugal. Nothing has been resolved. Saying that, it is | :04:26. | :04:34. | |
not necessarily a story about Portugal? It is not a contagion? | :04:35. | :04:40. | |
There are two aspects to this story, the banking aspect and the | :04:41. | :04:46. | |
fact that many of these banks have massive exposure to their | :04:47. | :04:50. | |
governments in forms of sovereign debt which is essentially supporting | :04:51. | :05:01. | |
fears of a low growth. Earlier this week, we got significant | :05:02. | :05:04. | |
contractions in industrial production from Germany, Italy and | :05:05. | :05:10. | |
Holland and there are concerns that the European economy will not grow. | :05:11. | :05:17. | |
Debt levels in Portugal are insanely high and if they cannot grow, how | :05:18. | :05:23. | |
will they repay their debt? It is not clear how this crisis came about | :05:24. | :05:27. | |
but it refocuses investor attention on the fact that many of these banks | :05:28. | :05:34. | |
have not made necessary changes. Does Portugal have enough money? It | :05:35. | :05:43. | |
does. It has 6 billion euros (it's bailout but it refocuses attention | :05:44. | :05:56. | |
on the riskiness of these ventures `` left from. | :05:57. | :06:07. | |
From the stock market now to the racetrack where the smell of petrol | :06:08. | :06:10. | |
and the roar of engines is all part of the atmosphere for motorsport | :06:11. | :06:13. | |
fans. But later this year, they will be presented with a quieter, and | :06:14. | :06:16. | |
it's claimed, greener alternative. The Formula E World Championship is | :06:17. | :06:18. | |
designed to showcase the potential of electric cars and boost showroom | :06:19. | :06:21. | |
sales. Our correspondent Theo Leggett went to Donington Park | :06:22. | :06:24. | |
circuit in the North of England to take a look. | :06:25. | :06:26. | |
The car that you are looking at might seem fairly ordinary but to | :06:27. | :06:29. | |
leave me, it isn't. This is a Formula E and it runs entirely on | :06:30. | :06:31. | |
batteries. It is an electric car and the people behind it think that it | :06:32. | :06:34. | |
may transform the way we think about them altogether. The problem is | :06:35. | :06:40. | |
clear. Electric vehicles don't sell very well. 82 million new cars were | :06:41. | :06:44. | |
sold around the world last year and only 200,000 were battery`powered. | :06:45. | :06:49. | |
These sleek racers are designed to change all of that. Our objective is | :06:50. | :06:54. | |
to have more electric cars on the streets and we can achieve that by | :06:55. | :06:58. | |
changing the perception which is very important. We are showing them | :06:59. | :07:03. | |
racing all around the world and that will change the perception and | :07:04. | :07:08. | |
improved technology. It is a potent machine, capable of 140 mph and for | :07:09. | :07:14. | |
spectators and drivers, it will take getting used to. It is obviously | :07:15. | :07:20. | |
very strange because I have been driving racing cars for a long time | :07:21. | :07:25. | |
and I'm used to big rumbling engines and these are silent. You can feel a | :07:26. | :07:33. | |
bit of buffering but there is no sound. New motor racing series often | :07:34. | :07:37. | |
struggle to make an impact. Sponsors and their money tend to flock to | :07:38. | :07:43. | |
Formula 1 but Formula E is hoping to build its own niche, targeting tech | :07:44. | :07:51. | |
savvy youngsters. At least one Formula 1 legend thinks that it can | :07:52. | :07:55. | |
succeed. I think it will have a loss of support here in Italy. It is | :07:56. | :08:01. | |
something important and something you. I cannot say much more but I | :08:02. | :08:08. | |
hope it will work. So, that is what the new Formula E car looks and | :08:09. | :08:10. | |
sounds like and it certainly is different. But whether it can | :08:11. | :08:15. | |
deliver the new generation of fans that organisers are promising, we | :08:16. | :08:28. | |
will have to wait to find out. If you are a regular viewer you'll | :08:29. | :08:31. | |
know that every Friday we've been looking for the next generation of | :08:32. | :08:34. | |
billionaires, who they might be and how they might make their money. | :08:35. | :08:37. | |
Today we head to Italy where, with 40% youth unemployment, | :08:38. | :08:39. | |
opportunities for young people are scarce. But that hasn't stopped one | :08:40. | :08:42. | |
student who's been described as Italy's Mark Zuckerberg. Duncan Hess | :08:43. | :08:49. | |
reports. If men always and runs a company | :08:50. | :08:52. | |
that turned over half $1 million last year. He is 22. In March 2012, | :08:53. | :09:01. | |
I launched my company which is the first social network in Italy that | :09:02. | :09:06. | |
matched companies with job seekers and I started it when I was 19 and | :09:07. | :09:12. | |
in just over a year coming we have over 200,000 members only in Italy | :09:13. | :09:19. | |
and 700 companies are involved. Then came the magazine headline that | :09:20. | :09:22. | |
brought him to write less attention in Italy and around the world. At | :09:23. | :09:29. | |
the beginning, it was not very easy because in Italy, we do not have a | :09:30. | :09:37. | |
natural ecosystem with capital and so I started alone. My first | :09:38. | :09:42. | |
business partner was my father. His business has attracted interest from | :09:43. | :09:47. | |
some of the world's largest companies but the president of a | :09:48. | :09:50. | |
global insurance giant was at first reluctant. TRANSLATION: I should say | :09:51. | :09:57. | |
that I had doubts because new ways of doing things are not always easy | :09:58. | :10:00. | |
to acquire especially in large companies like ours but it worked. | :10:01. | :10:06. | |
He met the heads of our human resources who were interested in his | :10:07. | :10:09. | |
proposal and we are about to sign a contract. Despite the success, he is | :10:10. | :10:17. | |
continuing with his studies at University, one of the top is in the | :10:18. | :10:23. | |
schools in Europe. Sometimes I would like to have a normal life of a | :10:24. | :10:28. | |
university student, just again about exams or what to do on a Saturday | :10:29. | :10:33. | |
night but I think that now, I am playing a game and it is a great | :10:34. | :10:44. | |
opportunity. A quick look at the Asian markets. Don't forget you can | :10:45. | :10:53. | |
get in touch with me and some of the team on Twitter. I'm @BBCAaron. | :10:54. | :11:09. | |
Hundreds of thousands of people could be considered for weight loss | :11:10. | :11:12. | |
surgery on the NHS in England as part of a plan to tackle Type`2 | :11:13. | :11:15. | |
diabetes. The National Institute of Health and Care Excellence, or NICE, | :11:16. | :11:18. | |
says making more people eligible for a gastric band or bypass would | :11:19. | :11:20. | |
reduce debilitating complications associated with the disease. Keith | :11:21. | :11:22. | |
Doyle | :11:23. | :11:23. |