:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:00.Now for the latest financial news with
:00:00. > :00:17.Eight years and two recessions later, the eurozone finally recovers
:00:18. > :00:27.Plus, seeking tomorrow's cyber warriors: Why China is grooming a
:00:28. > :00:55.We start in Europe, where in a few hours' time we'll get the latest
:00:56. > :00:58.growth figures for the 19 countries that share the euro currency.
:00:59. > :01:01.They are expected to confirm that at last after eight years
:01:02. > :01:04.and two recessions, not to mention a major wobble over Greece,
:01:05. > :01:18.the eurozone has finally recovered from the financial crisis.
:01:19. > :01:22.According to initial estimates we have already seen,
:01:23. > :01:24.in the first three months of this year, January to March,
:01:25. > :01:27.the Eurozone economy probably grew this much, 0.6%, compared to
:01:28. > :01:41.That doesn't sound much but believe you me
:01:42. > :01:45.It puts the annual growth rate at this, 1.6% year on year.
:01:46. > :01:47.Now here's the very important number.
:01:48. > :01:49.The total value of all the goods and services produced
:01:50. > :01:52.in the Eurozone in the first quarter Was this, 2.48 trillion euros.
:01:53. > :01:55.That's a shade more than its peak just before the financial crisis
:01:56. > :02:07.It's taken years longer than the US and UK to recover,
:02:08. > :02:10.It's no secret what's behind the recovery.
:02:11. > :02:12.The small matter of 700 billion euros pumped into
:02:13. > :02:16.the economy by the European Central Bank over the past year and a half.
:02:17. > :02:19.As well as quantitative easing they have cut interest rates below zero,
:02:20. > :02:23.But as one German analyst warned this week Europe's not out
:02:24. > :02:32.of the woods yet, ongoing issues in Greece and the slowdown in China
:02:33. > :02:38.There is the Greek debt crisis which is not really being solved,
:02:39. > :02:41.It's still a big issue for German investors.
:02:42. > :02:44.In China, monetary policy is being forced to prop up
:02:45. > :02:49.So China is doing the same thing as the United States and the eurozone.
:02:50. > :02:51.Without that monetary policy China would fall apart
:02:52. > :03:03.Lorenzo Codogno is from the London School of Economics,
:03:04. > :03:06.he was the chief economist at the Italian treasury for almost
:03:07. > :03:09.a decade so has experienced the economic rollercoaster of Europe
:03:10. > :03:25.Welcome to the programme. So, we saw the UK, the US achieved what we are
:03:26. > :03:32.seeing now in the eurozone a years ago. Why did it take Europe so long?
:03:33. > :03:40.Europe went through not one crisis but two crises. The first was the
:03:41. > :03:44.debt crisis which started in 2011. For some countries it is not over,
:03:45. > :03:51.for Greece the recession is not over. As an Australian who has been
:03:52. > :03:55.living here for 14 years, I have travelled a lot in Europe. It is so
:03:56. > :04:02.varied. How is it ever going to work? I'm talking about the divide
:04:03. > :04:08.in Europe. You have Northern Europe, Germany, the Netherlands, France, or
:04:09. > :04:19.maybe France, but on the other side you have Italy, Greece, how will
:04:20. > :04:22.that ever... You are right. The diversity is staggering. And it is
:04:23. > :04:31.not really improving very much. The good news is that this year, it will
:04:32. > :04:39.probably be stronger growth than people expect. So all the European
:04:40. > :04:43.eurozone economies will probably perform better than people expect.
:04:44. > :04:48.If a lot of people from outside, investors and people who put money
:04:49. > :04:53.into Europe, they are watching, and I think it is clear to say that they
:04:54. > :05:02.are a bit pessimistic. I am just wondering why the markets are so
:05:03. > :05:05.down on Europe. Europe has been a bit later in reacting in terms of
:05:06. > :05:13.policy to the crisis. Certainly on the monetary side. I think there are
:05:14. > :05:17.still huge divergences between countries, there are market
:05:18. > :05:23.imbalances. The long-term project for the euro is still an issue. So
:05:24. > :05:32.there are reasons to be concerned, by the good news is that things are
:05:33. > :05:44.improving quite clearly. Today we think that Germany will be around
:05:45. > :05:47.consensus estimates. There are a number of events globally, like
:05:48. > :05:58.Brexit and the eurozone and so forth, that can actually effect the
:05:59. > :06:03.move. We also have a combination of reasonably good export performance,
:06:04. > :06:09.which probably talks about stabilisation in China and emerging
:06:10. > :06:15.markets, and secondly, this has never happened in the past. The
:06:16. > :06:21.economy is driven by domestic demand, which is good news for the
:06:22. > :06:26.eurozone, for Germany and Italy. That is basically people spending.
:06:27. > :06:28.Thank you for joining us this morning.
:06:29. > :06:31.To China's gambling capital now, the island of Macau, home of the
:06:32. > :06:36.But it's another high stakes game that's been taking place this week.
:06:37. > :06:38.Some of the nation's brightest computer hackers have come together
:06:39. > :06:43.The contest comes as American and Chinese officials meet again to
:06:44. > :06:45.try to reach agreement on cyber security issues amidst
:06:46. > :06:47.rising tensions between the two nations over hacking allegations.
:06:48. > :07:10.It is the gambling capital of the world. China's rich come here in the
:07:11. > :07:16.hope they will leave even richer. But some want to beat the system,
:07:17. > :07:21.not the bank. Behind closed doors, in a fifth floor ballroom, teenage
:07:22. > :07:26.hackers too young to bet downstairs are competing. What you like about
:07:27. > :07:32.hacking? I love it, he said. And I love cyber safety. So much so that
:07:33. > :07:39.he practices one day a week. At 16, he reckons there may be a career in
:07:40. > :07:44.it. A race against the clock to access a smart phone or a wireless
:07:45. > :07:54.routers, as China's big firms look on. It is all above board. Huawei
:07:55. > :08:02.and Alibaba among the firms here to learn. Organisers insist this is
:08:03. > :08:05.about helping manufacturers to make things more secure, not about
:08:06. > :08:10.sharing information with other governments. But it is fair to say
:08:11. > :08:15.that people outside this room are very interested in what is going on
:08:16. > :08:21.inside. China's government works hard to control the web within its
:08:22. > :08:26.borders. Xi Jinping tries to talk about cyber sovereignty, but hacking
:08:27. > :08:30.is a sensitive issue. The geeks competing here want the focus to be
:08:31. > :08:38.on security, and working with rather than against countries like the US.
:08:39. > :08:42.The department I am working for has found and solve many problems for
:08:43. > :08:48.international countries like Adobe and Microsoft. Today, Adobe
:08:49. > :08:53.announced a fixed 32 bugs that were found by my team this month. The
:08:54. > :09:03.best hackers in the world are not in China, apparently. Russia, Israel,
:09:04. > :09:06.America apparently leading the way. But this shows that China is trying
:09:07. > :09:10.to catch up, all in the name of internet security.
:09:11. > :09:14.Shares of Apple have fallen below $90 for the first time in nearly two
:09:15. > :09:16.years amid investors' concerns about slumping iPhone sales.
:09:17. > :09:18.On Thursday, a report citing a source within
:09:19. > :09:20.Apple said component suppliers in Taiwan should expect fewer orders.
:09:21. > :09:23.The pace of iPhone sales has slowed, particularly in Asia,
:09:24. > :09:25.and there are no major new product releases scheduled.
:09:26. > :09:28.During the trading session Apple briefly lost its position as the
:09:29. > :09:30.world's most valuable company to Google's parent company Alphabet.
:09:31. > :09:37.We cover China quite extensively in Asia, and just to confuse matters,
:09:38. > :09:47.this firm used to have a different name. Essentially, they are saying
:09:48. > :09:50.that Tim Cook is investing that huge amount to try to better understand
:09:51. > :09:56.the critical Chinese market, which is the second-largest after the US
:09:57. > :10:06.for Apple, whether Apple has been coming under pressure, with their
:10:07. > :10:11.online services shutting down. Tim Cook is planning to visit the
:10:12. > :10:14.country. The company said the funding from Apple was the single
:10:15. > :10:20.largest investment it has ever received. It already dominates the
:10:21. > :10:24.ridesharing market in Beijing, with more than 11 million ride today.
:10:25. > :10:29.With all of those sales in China slumping amid slower economic
:10:30. > :10:34.growth, Tim Cook has said he is confident about China. We also saw
:10:35. > :10:39.its shares slumping to a two year low of under $19 just on Thursday.
:10:40. > :10:48.Investors are really worried about slow demand with the anticipated
:10:49. > :10:51.launch of the new iPhone this year. Don't forget you can get
:10:52. > :10:55.in touch with me and some of