13/05/2016 World Business Report

Those are the latest headlines from BBC World News.

Now for the latest financial news with

Eight years and two recessions later, the eurozone finally recovers

Plus, seeking tomorrow's cyber warriors: Why China is grooming a

We start in Europe, where in a few hours' time we'll get the latest

growth figures for the 19 countries that share the euro currency.

They are expected to confirm that at last after eight years

and two recessions, not to mention a major wobble over Greece,

the eurozone has finally recovered from the financial crisis.

According to initial estimates we have already seen,

in the first three months of this year, January to March,

the Eurozone economy probably grew this much, 0.6%, compared to

That doesn't sound much but believe you me

It puts the annual growth rate at this, 1.6% year on year.

Now here's the very important number.

The total value of all the goods and services produced

in the Eurozone in the first quarter Was this, 2.48 trillion euros.

That's a shade more than its peak just before the financial crisis

It's taken years longer than the US and UK to recover,

It's no secret what's behind the recovery.

The small matter of 700 billion euros pumped into

the economy by the European Central Bank over the past year and a half.

As well as quantitative easing they have cut interest rates below zero,

But as one German analyst warned this week Europe's not out

of the woods yet, ongoing issues in Greece and the slowdown in China

There is the Greek debt crisis which is not really being solved,

It's still a big issue for German investors.

In China, monetary policy is being forced to prop up

So China is doing the same thing as the United States and the eurozone.

Without that monetary policy China would fall apart

Lorenzo Codogno is from the London School of Economics,

he was the chief economist at the Italian treasury for almost

a decade so has experienced the economic rollercoaster of Europe

Welcome to the programme. So, we saw the UK, the US achieved what we are

seeing now in the eurozone a years ago. Why did it take Europe so long?

Europe went through not one crisis but two crises. The first was the

debt crisis which started in 2011. For some countries it is not over,

for Greece the recession is not over. As an Australian who has been

living here for 14 years, I have travelled a lot in Europe. It is so

varied. How is it ever going to work? I'm talking about the divide

in Europe. You have Northern Europe, Germany, the Netherlands, France, or

maybe France, but on the other side you have Italy, Greece, how will

that ever... You are right. The diversity is staggering. And it is

not really improving very much. The good news is that this year, it will

probably be stronger growth than people expect. So all the European

eurozone economies will probably perform better than people expect.

If a lot of people from outside, investors and people who put money

into Europe, they are watching, and I think it is clear to say that they

are a bit pessimistic. I am just wondering why the markets are so

down on Europe. Europe has been a bit later in reacting in terms of

policy to the crisis. Certainly on the monetary side. I think there are

still huge divergences between countries, there are market

imbalances. The long-term project for the euro is still an issue. So

there are reasons to be concerned, by the good news is that things are

improving quite clearly. Today we think that Germany will be around

consensus estimates. There are a number of events globally, like

Brexit and the eurozone and so forth, that can actually effect the

move. We also have a combination of reasonably good export performance,

which probably talks about stabilisation in China and emerging

markets, and secondly, this has never happened in the past. The

economy is driven by domestic demand, which is good news for the

eurozone, for Germany and Italy. That is basically people spending.

Thank you for joining us this morning.

To China's gambling capital now, the island of Macau, home of the

But it's another high stakes game that's been taking place this week.

Some of the nation's brightest computer hackers have come together

The contest comes as American and Chinese officials meet again to

try to reach agreement on cyber security issues amidst

rising tensions between the two nations over hacking allegations.

It is the gambling capital of the world. China's rich come here in the

hope they will leave even richer. But some want to beat the system,

not the bank. Behind closed doors, in a fifth floor ballroom, teenage

hackers too young to bet downstairs are competing. What you like about

hacking? I love it, he said. And I love cyber safety. So much so that

he practices one day a week. At 16, he reckons there may be a career in

it. A race against the clock to access a smart phone or a wireless

routers, as China's big firms look on. It is all above board. Huawei

and Alibaba among the firms here to learn. Organisers insist this is

about helping manufacturers to make things more secure, not about

sharing information with other governments. But it is fair to say

that people outside this room are very interested in what is going on

inside. China's government works hard to control the web within its

borders. Xi Jinping tries to talk about cyber sovereignty, but hacking

is a sensitive issue. The geeks competing here want the focus to be

on security, and working with rather than against countries like the US.

The department I am working for has found and solve many problems for

international countries like Adobe and Microsoft. Today, Adobe

announced a fixed 32 bugs that were found by my team this month. The

best hackers in the world are not in China, apparently. Russia, Israel,

America apparently leading the way. But this shows that China is trying

to catch up, all in the name of internet security.

Shares of Apple have fallen below $90 for the first time in nearly two

years amid investors' concerns about slumping iPhone sales.

On Thursday, a report citing a source within

Apple said component suppliers in Taiwan should expect fewer orders.

The pace of iPhone sales has slowed, particularly in Asia,

and there are no major new product releases scheduled.

During the trading session Apple briefly lost its position as the

world's most valuable company to Google's parent company Alphabet.

We cover China quite extensively in Asia, and just to confuse matters,

this firm used to have a different name. Essentially, they are saying

that Tim Cook is investing that huge amount to try to better understand

the critical Chinese market, which is the second-largest after the US

for Apple, whether Apple has been coming under pressure, with their

online services shutting down. Tim Cook is planning to visit the

country. The company said the funding from Apple was the single

largest investment it has ever received. It already dominates the

ridesharing market in Beijing, with more than 11 million ride today.

With all of those sales in China slumping amid slower economic

growth, Tim Cook has said he is confident about China. We also saw

its shares slumping to a two year low of under $19 just on Thursday.

Investors are really worried about slow demand with the anticipated

launch of the new iPhone this year. Don't forget you can get

in touch with me and some of