:00:00. > :00:00.Jimmy Savile on BBC premises. It says managers were too deferential
:00:00. > :00:00.to him. Those are the latest headlines.
:00:00. > :00:07.Now for the latest financial news with
:00:08. > :00:19.The bear necessities: Investors seek safe havens as the global
:00:20. > :00:24.Plus: The view from the top - how concerned are global business
:00:25. > :00:26.leaders at the World Economic Forum in Davos?
:00:27. > :00:41.Also in the programme: Italy's third biggest bank is in trouble.
:00:42. > :00:48.We start with the turmoil on financial markets,
:00:49. > :00:52.US shares plunged again after steep falls in Europe.
:00:53. > :00:54.At one point the Dow Jones industrial average was
:00:55. > :01:03.They did stage a recovery later in the day to wipe out some
:01:04. > :01:10.Asian shares that had a torrid session on Wednesday are now mixed.
:01:11. > :01:16.So far, the damage to global share prices has been enormous.
:01:17. > :01:19.Here's the big number - around $15 trillion is the amount that has been
:01:20. > :01:25.wiped off stock markets around the world, according to Bloomberg.
:01:26. > :01:28.The fears of many investors are now being realised: We are entering
:01:29. > :01:37.That's when an asset slumps 20% or more from its peak.
:01:38. > :01:40.It signals a serious loss of confidence and usually means
:01:41. > :01:45.Well, on Wednesday, London's FTSE 100 entered bear territory.
:01:46. > :01:48.It's now down 20.5% from its peak in the summer.
:01:49. > :01:58.And the index of global shares known as the MSCI is just a whisker away,
:01:59. > :02:08.In fact, global shares as a whole are having their worst
:02:09. > :02:12.month since October 2008, just after the collapse of Lehman Brothers.
:02:13. > :02:15.It's all down to fears over the economic slowdown in China and the
:02:16. > :02:23.collapse in the price of oil, as Nada Tawfik in New York explains.
:02:24. > :02:28.It is the continued concern over the slowdown in China and concerned
:02:29. > :02:33.about global growth. But if we look at the start of the year, it really
:02:34. > :02:38.has been the plunging oil price that has specifically been driving
:02:39. > :02:43.markets a lot. The Dow Jones has tumbled more than 10%, along with
:02:44. > :02:47.the SNP in 2016. One trader was telling me today it is like a
:02:48. > :02:54.bloodbath. Not exactly a sense of panic yet, but this volatility that
:02:55. > :02:59.we are seeing continually day by day with oil plunging is really causing
:03:00. > :03:01.concern for investors. They are fleeing the markets, we are seeing
:03:02. > :03:08.trillions of dollars fleet of markets. Many traders feel we won't
:03:09. > :03:14.see the kind of end of this volatility until we get a bottoming
:03:15. > :03:18.out of this oil prices. Not great news when it considered the
:03:19. > :03:21.International Energy Agency is warning that in 2016 week would be
:03:22. > :03:28.drowning in an oversupply of oil. That was our correspondent in New
:03:29. > :03:33.York. Let's talk to our business correspondent in Asia. Can you bring
:03:34. > :03:39.us up-to-date on how today is going in Asia? Markets in Asia have fared
:03:40. > :03:42.better today than most expected. Most Asian shares are higher,
:03:43. > :03:47.including in China. The Nikkei closed slightly lower. You've got to
:03:48. > :03:53.put this small bounce, that's all that it is, into perspective. Oddly
:03:54. > :03:59.speaking, the economic fundamentals that investors are concerned about,
:04:00. > :04:04.including the slowdown in Chinese growth, low oil prices, those
:04:05. > :04:06.factors haven't gone away and it is likely that shares in this part of
:04:07. > :04:12.the world will continue to remain volatile. Many investors are feeling
:04:13. > :04:16.extremely jittery and it takes another piece of bad news or bad
:04:17. > :04:20.economic data that will tip them over and start selling again. We are
:04:21. > :04:25.looking at a pretty glum picture, with many of the worlds's biggest
:04:26. > :04:31.stock markets, including Japan's, now in bear market territory. That
:04:32. > :04:34.means they are more than 20% of their peak. One thing to take heart
:04:35. > :04:38.from this is the fact that stock market volatility is usually just a
:04:39. > :04:43.reflection of the underlying sentiment among investors and
:04:44. > :04:46.doesn't always mean we are headed for a massive economic downturn.
:04:47. > :04:50.Barber has been grim economic data out of China Britain, no one says
:04:51. > :04:56.there is evidence of a major collapse any time soon. -- although
:04:57. > :05:01.there has been grim economic data out of China recently. And markets
:05:02. > :05:03.are anything but rational! You are telling me! Thanks.
:05:04. > :05:06.All this will be high on the agenda for global leaders who
:05:07. > :05:09.are gathered in Davos, Switzerland for the World Economic Forum.
:05:10. > :05:12.Today they will also be keeping one eye on Frankfurt, where the
:05:13. > :05:14.European Central Bank is holding its policy meeting.
:05:15. > :05:17.Could slumping oil prices, the slowdown in China and turmoil on
:05:18. > :05:19.financial markets mean there's more economic stimulus to come in Europe?
:05:20. > :05:26.Inga Beale is the chief executive of Lloyds of London insurance market.
:05:27. > :05:32.Thanks for getting up so early for us. If I can start with the European
:05:33. > :05:37.Central Bank, do you think more stimulus is what Europe needs right
:05:38. > :05:44.now? Yes, we need something to boost... Do you know what it is? It
:05:45. > :05:47.is a lot about confidence. For people with confidence, you go out
:05:48. > :05:53.and do things. What we've got ourselves into is a sort of
:05:54. > :05:56.self-fulfilling prophecy of June and gloom. I think we do need some
:05:57. > :05:59.confidence building. One of the reasons that we are actually here,
:06:00. > :06:04.because we are from the insurance world, the world of risk, is we are
:06:05. > :06:09.looking at a much broader range of things that are happening in the
:06:10. > :06:15.world. I refer to things that have been highlighted in the global risk
:06:16. > :06:20.report, things like climate change, we've also got all of the
:06:21. > :06:23.geopolitical uncertainty. There's so much else going on in the world and
:06:24. > :06:26.that's one of reasons why we are here, to try to get our arms around
:06:27. > :06:32.all of the things that are changing and affecting all businesses,
:06:33. > :06:37.economies, people around the world. Talking on their -- of an event that
:06:38. > :06:44.could make a significant change for the UK and for Europe is that issue
:06:45. > :06:49.of whether we stay within Europe or not, the UK as a member. David
:06:50. > :06:54.Cameron is speaking in Davos today. It is thought that there could be a
:06:55. > :07:04.referendum in June. How will you be voting? Well, Lloyds has a big share
:07:05. > :07:07.of business that comes from Europe. So the European market for us is a
:07:08. > :07:12.really important market. By being part of the EU, we actually have
:07:13. > :07:19.access to one of the world's largest insurance market, $1.6 trillion
:07:20. > :07:23.worth of business. So it is actually one of the key reasons why London is
:07:24. > :07:27.seen as such an important not only financial centre but also insurance
:07:28. > :07:31.and centre. Lloyd has a unique addition, in that we are the only
:07:32. > :07:36.specialist insurance market in the world. Part of the reason for that
:07:37. > :07:41.as part of the reason for the success of London is that we can be
:07:42. > :07:47.very much part of a big EU trading bloc, which means we have the
:07:48. > :07:49.ability to, if the UK stays in, be part of those negotiations when we
:07:50. > :07:55.are talking about trading rights with other nations and other regions
:07:56. > :07:59.in the world. So, for us, we would like to see the UK remain in EU
:08:00. > :08:06.because of business opportunity that it brings and the strength of London
:08:07. > :08:10.being part of a large trading bloc. And you, personally, you are very
:08:11. > :08:15.high profile for many reasons, one of them being that you are the first
:08:16. > :08:19.boss of Lloyds in London in its lengthy history, 327 years, I hope I
:08:20. > :08:27.got that right. Why has it taken so long? Well, the world is changing
:08:28. > :08:32.rapidly. I am actually delighted with what we're seeing. If you think
:08:33. > :08:36.about the situation years ago, we weren't really in the workplace as
:08:37. > :08:39.women. The world has moved on. Lloyds is showing that we are up
:08:40. > :08:44.there and we always have been up there and pioneering in all of the
:08:45. > :08:50.products and innovations we've been doing, especially around following
:08:51. > :08:54.the changing landscape, the latest product, whether it insurance around
:08:55. > :09:01.protection for businesses or cyber attacks. And putting a woman at the
:09:02. > :09:11.helm is another sign of how modern and innovative Lloyds is. One of my
:09:12. > :09:15.emissions is to really make sure that Lloyds is modernised enough to
:09:16. > :09:21.be able to be around for at least another 300 years. -- one of my
:09:22. > :09:25.emissions. We have a huge modernisation programme. With
:09:26. > :09:31.modernising and making sure you are innovative, you need some diverse
:09:32. > :09:36.talent. It is proven that the more diverse talent base is the more
:09:37. > :09:42.innovative you will be and the more successfully will -- successor Bill
:09:43. > :09:49.having new markets. Thank you. We appreciate your time.
:09:50. > :09:57.The chief operating officer of Facebook is also a high-profile
:09:58. > :09:59.woman. We will be discussing what she had to say in a few minutes.
:10:00. > :10:06.The boss of Italian bank Monte dei Paschi di Siena has admitted some
:10:07. > :10:10.customers have been pulling out their savings.
:10:11. > :10:22.More on that later and more on that story online. See you soon.
:10:23. > :10:25.Strictly Come Dancing, Doctor Foster and Eastenders were amongst the