PM warns over eurozone break-up

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2 October 2011 Last updated at 12:27 GMT David Cameron warns that the UK cannot shield itself from the crisis in the eurozone Prime Minister David Cameron has warned that it would be "very bad" for the UK if the eurozone was to break up.

Speaking to the BBC's Andrew Marr Show, he said the debt crisis in the eurozone was "a threat not just to itself, but also a threat to the UK economy, and a threat to the world economy".

He reiterated that eurozone leaders had to take quick and decisive action.

Mr Cameron said that, as 40% of UK exports went to the eurozone, it could not shield itself from the problem.

The prime minister said the UK government had "a very clear view" of what needed to be done, and that it was pushing this with its partners in Europe and the International Monetary Fund (IMF).

He said eurozone leaders had to strengthen the region's financial mechanisms, ensure the greater involvement of the IMF, and deal decisively with the high levels of sovereign debt.

Mr Cameron added: "Action needs to be taken in the next coming weeks to strengthen Europe's banks, to build the defences that the eurozone has, to deal with the problems of debts decisively."

He said these emergency measures were needed before any long-term plans of more economic coordination across the eurozone were introduced, such as a single tax system.

Greek fears

European stock markets again fell heavily on Friday due to concerns about the debt crisis in the eurozone.

Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.It meant that for the three months from July to September, the main UK share index, the FTSE 100, recorded its biggest quarterly fall since 2002.

The concerns centre on Greece, the most indebted eurozone nation.

Greece needs its next 8bn euros (￡6.9bn; $10.9bn) instalment of European Union (EU) and International Monetary Fund (IMF) bailout loans by the middle of this month to be able to continue paying its civil servants and teachers.

This tranche was delayed in September after EU, IMF and European Central Bank officials said the Greek government was not carrying out sufficient austerity measures.

The wider fear is that Greece will ultimately default on its debt payments, and of the knock-on effect this would have on banks across Europe which own Greek government bonds.

Some commentators also warn that Greece may ultimately have to leave the eurozone, plunging the region's economic and political systems into chaos.

Eurozone leaders and the IMF are now continuing to work on a solution to the debt crisis, with French President Nicolas Sarkozy and German Chancellor Angela Merkel due to speak again this week.

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VIDEO: Philippines aims to boost rice output

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7 October 2011 Last updated at 00:40 GMT Help

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VIDEO: 'Be curious and ask questions'

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AUDIO: Would you go off sick with stress?

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VIDEO: Citigroup under pressure from Asian regulators

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Credit agencies 'have failures'

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30 September 2011 Last updated at 17:10 GMT The report details a number of failures at the credit rating agencies The Securities and Exchange Commission (SEC) has discovered "apparent failures" at 10 credit rating agencies.

It said it was concerned that the agencies - including Standard & Poor's (S&P) and Moody's - were not making timely and accurate disclosures or managing conflicts of interest.

The SEC said it expected the agencies to "address the concerns".

Credit rating agencies have been criticised for their role in the financial crisis that started in 2007.

This is because a root cause of the crisis was the bad US mortgage debt that was resold around the world, debt that was given top credit ratings by the agencies.

The agencies were accused of having conflicts of interest, because they were paid by the banks that sold the debt.

'Monitoring progress'

The three largest credit rating agencies are S&P, Moody's and Fitch.

Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.The SEC did not directly link specific failings to specific agencies, but it said that two of the big three did not have specific policies in place to manage conflicts of interest where they rated financial products issued by banks in which the agencies were large shareholders.

The SEC said that one of the three largest agencies was not correctly following rating methodologies.

It said the agency in question was slow to discover, disclose and fix the methodology errors, and may have let business interests influence its mistakes.

It added that its findings did not constitute a "material regulatory deficiency" at the SEC.

"We expect the credit rating agencies to address the concerns we have raised in a timely and effective way, and we will be monitoring their progress as part of our ongoing annual examinations," said Norm Champ, deputy director at the SEC's Office of Compliance, Inspections and Examinations.

US downgrade

The SEC was given more powers to regulate credit rating agencies in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed in July of last year.

The other credit rating agencies covered in the SEC's annual report are AM Best, DBRS, Egan-Jones, Japan Credit, Kroll Bond, Morningstar, and Rating and Investment Information.

S&P downgraded the US's credit rating in August by one notch from AAA to AA+.

Explaining the move, it said the government was not doing enough to reduce the country's budget deficit.

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Banking on technology to stop the rogues

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26 September 2011 Last updated at 23:05 GMT By Michael Millar Business reporter, BBC News WATCH: Risk averse: Used correctly, technology could help to avoid losses like UBS trader Kweku Adoboli's $2.3bn

When news broke that Swiss investment bank UBS had lost $2.3bn (￡1.5bn) through alleged rogue trading, the shock was matched by an equally exasperated response of "not again!" as another financial risk management disaster hit the headlines.

After all, not only did the suspected trader, Kweku Adoboli, work in a 'Delta 1' team - the same desk that the biggest ever rogue trader, Jerome Kerviel of Societe Generale, once plied his trade - but the world continues to reel from a global financial crisis which itself stemmed from a monumental failure of risk management amongst financiers.

It leaves a sceptical public scratching its collective head and wondering just what needs to happen for risk to be kept under control in the financial sector.

It might sound surprising but there is no question whether managing risk is a central obligation for financial firms.

"Under UK company law all companies are required to have a duty of care towards shareholders assets and that includes risk management," explains Prof Brian Scott-Quinn from Henley Business School.

"Under FSA rules they have additional responsibilities, they have to take reasonable care to ensure that any activities in control functions [essentially roles with 'significant influence'] are properly controlled," he adds.

But it is no mean feat to do this; across August an average of 880,000 trades were completed each day on the London Stock Exchange alone, with an average daily value of ￡6.17bn.

Financial firms have back-office functions that are there to confirm transactions are above board, but such is the volume that the only way they can keep up is with increasingly advanced technology.

Technology kicks in

Mat Newman is vice-president at SunGard; its software processes millions of transactions for its financial sector clients every day.

Adaptiv is one of Sunguard's risk management software options

"The interconnectedness of what banks are trying to do across different geographies, different time zones and different trading desks, and asset classes is just immense these days," he says.

"One of the key things banks are faced with as a challenge is how to bring this together, this vast amount of data and make sense of it at the same time - so they can see the wood for the trees."

Without such technology companies don't have a hope of gathering the information they need, analysing it and presenting it to the right people at the right time.

"These days you have systems that will monitor your current positions against those risks and you have a whole series of bells and whistles that will flag not just if you breach those limits but if you come close to those limits," says Mark Hanney, CEO of Valbury Capital stockbrokers.

This is crucial for Valbury Capital, which takes trades from clients and then passes them on to the markets, theoretically running a no-risk business model.

Mark Hanney: "You have a whole series of bells and whistles"

"If a client is trading with us they put up a certain amount of margin, and if that margin is insufficient for their positions then our systems can automatically stop them out," Mr Hanney explains.

"Those systems can apply internally as well, so if a trader goes beyond a certain position then those systems are able, once they've breached those limits, to automatically close the position out."

The "bells and whistles" that flag up problems come in all shapes and sizes, dependent on the technology a firm opts for.

"Exceptions can be flagged graphically on summary dashboards with a number of graphical metaphors employed in the form of traffic lights, dials and graphs," says Daren Cox, CEO of Project Brokers, which supplies data analysis tools to investment banks.

He says that graphics rather than tables of data are often favoured simply because they mean that potential problems are easier to spot.

There are certain key areas of risk on which the technology is often brought to bear.

These include liquidity risk (how much cash you have and whether you can meet your obligations), market risk (what's going on out there in the markets) and one of the biggest of all, credit risk - basically how much people owe you and whether they are going to be able to pay it back.

Abusing the system

With the key flash points picked out and technology that can make a decision on whether a deal is a good idea in less than 10 milliseconds, the obvious question is why things seem to go wrong so regularly?

"One of the main problems these days - as it was in 2008 - is not the system but its operators," says Michel van Leeuwen, CEO of financial compliance consultancy, IMS.

"Their intelligence, experience, vigilance, their clout in the hierarchy and the simple analogy of 'having a clock' is irrelevant if you never look at it or don't look at it frequently."

Technology is also open to manipulation if you know how.

"Part of the problem is the rogue traders we have seen in the past have come from a back office function and they know these processes very well," says Mat Newman of SunGard.

"What's quite common in the City is to grow your own talent from the back office and bring it through to the front office."

Mr van Leeuwen calls this "akin to inviting the cat into the pigeon coop".

"It would be wise not to hire a trader that used to be a... back office employee," he says.

"The imperative, regulator imposed, 'Chinese wall' imposed in process and procedures, doesn't seem to have made it to the frontal lobe of HR or the heads of trading."

Positive thinking

There is a temptation with financial crisis in the air and an angry public after blood to overemphasise the down side of the risks financial institutions take.

This Algorithmics software shows where the trade has failed on a graph

But John Macdonald, executive vice-president at financial software firm Algorithmics, says risk management technology should not just be a way to stamp down on transgressors.

"Any one transaction can be analysed by one individual but it may take some time - if you have a customer you provide banking services to they don't want to wait two or three days for a decision," he says.

"Businesses need to be able to have access to funding and making the right decisions helps the economy grow.

"That's all part of risk management - being able to measure and then decide what level of risk you decide to take because you make a return on the capital you use by taking risk."

Of course there will be those that argue that on occasion slowing everything down a bit and taking a day or two rather than a thousandth of a second to mull a deal over might be a good thing.

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Amazon unveils Kindle Fire tablet

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28 September 2011 Last updated at 16:42 GMT Amazon boss Jeff Bezos unveils the Kindle Fire

Amazon has unveiled a colour tablet computer called the Kindle Fire.

The $199 (￡130) device will run a modified version of Google's Android operating system.

Until now, the company has limited itself to making black and white e-readers, designed for consuming books and magazines.

As well as targeting Apple's iPad, Amazon is likely to have its sights on rival bookseller US Barnes & Noble, which already has a colour tablet.

The Kindle Fire will enter a hugely competitive market, dominated by Apple's iPad.

Amazon will be hoping to leverage both the strength of the Kindle brand, built up over three generations of its popular e-book reader, and its ability to serve up content such as music and video.

In recent years, the company has begun offering downloadable music for sale, and also has a streaming video-on-demand service in the United States. Those, combined with its mobile application store, give it a more sophisticated content "ecosystem" than most of its rivals.

Continue reading the main story 7" IPS (in-plane switching) display1024 x 600 resolutionCustomised Google Android operating system$199 (￡130)Weighs 413 grammesDual core processor8GB internal storage"It's the price and the backup services that make it really exciting," said Will Findlater, editor of Stuff magazine.

"Content is the big differentiator. It's what every other platform has been lacking, except the iPad."

Amazon's decision to opt for a 7" screen, as opposed to the larger 10" displays favoured by many rival manufacturers was a cause for concern for Ovum analyst Adam Leach.

"This screen size has undoubtedly helped them achieve a lower price point for the device but so far this form factor has not been popular with consumers, we shall see if this is related to other aspects of those devices other than its screen size. "

Digital dividend Digital content has already proved itself to be a money-spinner for Amazon.

Although the company has never released official sales figures for the Kindle, it did state - in December 2010 - that it was now selling more electronic copies of books than paper copies.

Its US rival, Barnes & Noble, has also enjoyed success with its Nook devices.

In October 2010, the company unveiled the Nook Color, which also runs a version of Android, albeit with lower hardware specs than many fully featured tablets.

While the Nook Color is largely focused on book and magazine reading, some users have managed to unlock its wider functionality and install third-party apps.

Amazon has dropped the keyboard from some of its Kindles in favour of touch

The Kindle Fire's $199 (￡130) price tag undercuts the Nook Color by $50 (￡30) and is significantly cheaper than more powerful tablets from Apple, Samsung, Motorola and others.

It is due to go on sale on 15 November in the US, although global release dates are currently unavailable.

Price cuts

Alongside the Kindle Fire, Amazon also announced a refresh of its Kindle e-readers.

The entry level device has had its keyboard removed and will now sell for $79, down from $99. Amazon UK announced that the new version would retail at ￡89.

A version with limited touchscreen capability, known as the Kindle Touch, will sell for $99. Only the US pricing has been announced so far.

"These are premium products at non premium prices," said Amazon chief executive Jeff Bezos. "We are going to sell millions of these."

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Making Olympic technology work

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28 September 2011 Last updated at 23:07 GMT Weighty task: Making the technology for the London Olympics work is a "huge responsibility" says chief integrator Michele Hyron Each week we ask high-profile technology decision-makers three questions.

Michele Hyron: Viewers will be able to choose which competition, nation or athlete they want to follow

This week it is Michele Hyron of Atos,?chief integrator for the Olympic Games in London. She is responsible for leading the consortium of IT partners to design, build and operate the massive IT infrastructure that will support the London 2012 Games.

Ms Hyron leads a team that include employees from Atos and technology partners LOCOG, as well as volunteers.

She already has nearly 10 years of Olympic Games experience, serving as operations manager at the Beijing 2008 Olympic Games, integration manager at Athens 2004 and quality manager at the winter Games in Salt Lake City 2002.

What's your biggest technology problem right now?

As the chief integrator for the London 2012 Olympic and Paralympic Games, I suppose that people would expect me to have a long list of problems. After all, if the IT doesn't work, then effectively the Games can't take place.

It is a huge responsibility, and one that everyone takes extremely seriously, but this is now my third Olympic Games and Atos's sixth.

While the technologies advance every time and we are faced with fresh problems as we integrate new applications, we have developed a robust process that ensures that we test everything in the lab over and over again.

By the time we get to the Games themselves, we have covered an extensive testing program.

In fact, our work is analogous to training pilots in aircraft simulators.

We throw every possible scenario at the IT teams - from the failure of the communications network to someone accidentally pulling out a plug - and ensure that we can recover from these without anyone at the Games or watching on TV noticing that a problem has even occurred.

The most challenging aspect of the job, though, is undoubtedly the massive increases in the amount of data which has to be organised and channelled with split-second timing.

It is estimated that between the dawn of civilisation - some four to five thousand years ago - and 2003, mankind had created about five exabyte's of data, which is 5bn gigabytes.

Across the world, we now create that amount of data every two days and the volume of business data is doubling every 18 months.

The Olympic Games is no exception. For Beijing, we produced 50% more data than we handled at the Athens Games.

The London 2012 Games will see us process significantly more information than we had at Beijing, as we meet the demands of sports fans worldwide for the latest information on their favourite events and sports stars, and deliver this information via broadcasters, internet and mobile.

What's the next big tech thing in your industry?

Atos is a global business with a presence in more than 42 countries and a workforce of 78,500 business technologists. In many respects our industry covers virtually every aspect of IT and every industry sector.

However, from my personal perspective it is the magic that we can now work with metadata to create a completely different TV experience for watching sport which is the most exciting.

We will have the ability to offer viewers the chance to choose exactly which competition, nation or athlete they want to follow, and enable them to follow more than one sporting event simultaneously.

This digital quality service will be offered over fixed and mobile devices, and is designed to allow sports fan to watch events that aren't even being broadcast on a regular programme.

So unlike the type of technologies people are used to today, with a personal video recorder (PVR) integrated into a set-top box allowing them to select when they view broadcasts, this new approach makes the viewer the director, selecting what they watch, when and from what angle.

Our approach incorporates face-recognition technologies, and this means that a viewer can either have automatic selection of the best shot or a recommendation that they can accept or reject.

The amount of data that has to been managed to offer this service is staggering, and by 2014 we estimate that more than 90% of all data traffic in the world will be video content.

It will be the equivalent of 32 million people streaming Avatar in 3D continuously every month.

What's the biggest technology mistake you've ever made - either at work or in your own life?

As a complete beginner in software development, at the start of my career, I enjoyed developing a program in Assembler.

I made it as compact as possible, playing with the stack and using other tricks. It was great fun!

What I didn't appreciate at the time was that this piece of code was completely unmaintainable.

My colleagues were still blaming me for this work years after I moved on to other things.

It was a really good lesson so early on in my career, and taught me the importance of looking ahead and appreciating the impact of what I do, not just tomorrow but years into the future.

It also taught me that while playing with software is really fun - and it is - delivering programs that are robust and practical is what counts.

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IMF warns on drastic budget cuts

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5 October 2011 Last updated at 14:41 GMT Changing economic times will mean a change in economic policy, the IMF said Europe's stronger economies should avoid imposing drastic budget cuts at the expense of growth, a report by the International Monetary Fund has said.

If things worsen in the UK, Germany or France, they should "consider delaying" cuts, because they can borrow "at historically low" interest rates.

The IMF also warned that a recession in Europe in 2012 could not be ruled out.

Separately, a Markit PMI study said the eurozone's service sector shrank for the first time in two years last month.

The IMF's warning came in its latest 100-page report on the economic outlook for Europe.

"Finding a durable solution to the euro area sovereign crisis has become more than overdue," the IMF said in its report.

"(This) will require some difficult decisions to improve crisis management and a demonstration of unity behind the project of economic and monetary union that will convince markets.

"The pursuit of nominal deficit targets should not come at the expense of risking a widespread contraction in economic activity," the IMF said.

"If (economic) activity were to undershoot current expectations and risk a period of stagnation or contraction, countries that face historically low yields (for example, Germany and the UK) should also consider delaying some of their planned consolidation."

The IMF's Europe director, Antonio Borges, said that Europe had edged closer to recession. "We still predict growth in 2012, but very modest," he said.

But if economies go into reverse "all those countries with fiscal leeway might want to consider" changes in fiscal policy, he said.

'Spreading malaise'

The weakness of the eurozone's economic recovery was underlined in data from the latest Markit/CIPS Services Purchasing Managers' Index.

For September, the index fell to 48.8, from 51.5 in August, its lowest reading since July 2009. A reading below 50 indicates contraction.

Markit said that a service sector downturn that began in smaller members of the 17-nation eurozone had spread throughout the bloc.

"The malaise is spreading to the core, where surging rates of expansion earlier in the year have turned rapidly into contraction in Germany and only very modest growth in France," said Chris Williamson, chief economist at Markit.

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VIDEO: Samsung's smartphone makes inroads

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7 October 2011 Last updated at 05:06 GMT Help

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Russia bleeds cash as investors pull out

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29 September 2011 Last updated at 23:00 GMT By Natalia Golysheva BBC World Service Political turbulence has spooked investors in Russia Five months ago the Russian stock market was among the world's top performer, peaking after a steady rise in share prices that had lasted since early 2009.

Since then, the market has taken a tumble, with Russia's Micex index of leading shares losing more than a quarter of its value and the RTS index of 50 Russian shares falling by some 40% to levels not seen since this time last year.

According to the Russian government, investors are pulling back because they have been spooked by falling oil prices and global economic turmoil.

But many observers are instead blaming internal political turmoil for the retrenchment, which last year saw capital flight to the tune of some $30bn (￡19bn) - only to accelerate this year, with some $31bn leaving the country during the first six months alone.

Wheeling cash out of Russia has become a sport shared by wealthy Russians and foreign investors alike, with one Russian opposition party leader, Boris Nemtsov, predicting that capital flight could rise to $100bn this year.

The capital flight is matched by a brain drain as the country's much needed skilled and educated people head for better opportunities abroad.

A recent survey suggests more than a fifth of Russia's adult population would like to emigrate, compared with 7% in 2007.

'Pillar of stability'

This week's ousting of Russia's long-standing finance minister, Alexei Kudrin, did little to mollify neither the people nor the markets.

Mr Kudrin eventually lost his battle with Russia's leaders

So the Russian rouble, already weakened by the turmoil in the world economy, has plunged and is trading around its lowest level against the US dollar since May 2009.

Mr Kudrin's main cheerleaders, Western investors and analysts, have long applauded the way his conservative budget policies have helped restore the country's financial health in the wake of the global financial crisis.

To them, his departure is seen as a deep blow to Russia's economy.

"The surprise factor of Kudrin leaving is bigger than the nomination of Putin to be the next president," according to Roland Nash, senior partner of Verno Capital.

"Kudrin personifies fiscal stability in Russia. It was really his big success that we've had this fiscal stability now for more than 10 years - him and the oil price.

Neil Shearing, chief emerging markets economist at Capital Economics, a private-sector think tank in London, agrees.

"It's difficult to see how Kudrin's resignation can be anything but market-negative," he says.

Economic differences

Mr Kudrin's departure after 11 years in the job could not have been announced at a worse time, coming hot on the heels of President Dmitry Medvedev announcing that that he will swap jobs with Prime Minster Vladimir Putin in March of next year.

Investors are nervous as share prices, oil prices and the rouble all fall sharply

The Russian media initially speculated that Mr Kudrin may have openly rebelled to bolster his own ambitions to become Russia's next prime minister.

Mr Kudrin has accused President Medvedev of economic mismanagement and excessive spending.

In particular, in the latest of the two politicians many disagreements over economic policy, Mr Kudrin has been vocal in his opposition to President Medvedev's efforts to raise military spending by some 2.1 trillion over three years, insisting the plan would create "additional risks for both the budget and the economy".

President Medvedev has been dismissive of Mr Kudrin's criticism, insisting Russia "cannot avoid defence spending worthy of the Russian Federation, which is not some 'banana republic' but a very large country, a permanent member of the UN Security Council that possesses nuclear weapons".

In the end, the conflict came to a head with President Medvedev telling Mr Kudrin to step down after the rebellious finance minister said he would be unwilling to work with the next prime minister.

And if investors were concerned about Mr Kudrin's departure, then they were far from mollified by the man Prime Minister Putin appointed to succeed him.

Mr Putin described the new acting finance minister, the rarely heard of former deputy Anton Siluanov, as a "good, strong specialist", which investors immediately took to mean he would tow the party line and as such be a safe bet for the Russian leaders during the upcoming election season.

Optimistic assumptions

Mr Siluanov's first challenge will come next week, when Russia's government will have to submit its 2012 budget for approval by parliament.

It will be a challenge because the budget is calculated on a rather optimistic assumption, namely that price of oil will rise to $116 (￡72)per barrel next year.

According to the ousted Mr Kudrin, Russia needs oil to average $112 in 2012 to balance its budget.

However, the price of Russia's main export, Urals crude oil, has recently tumbled and is currently trading close to the $105-a-barrel level.

If the price of oil fails to bounce back, then Mr Kudrin will be proven right about the need to curb spending and plan for a future when Russia's earnings will be much lower than they have been in recent years.

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Sales for Baker Greggs

October 6, 2011, last updated 09: 41 GMT Greggs has challenged the United Kingdom market downturn Greggs Baker reported an increase in sales in the third quarter despite the economic depression.

13 weeks to October 1, total sales increased 5.4%, as for like growth of 0.8%.

The company said it continued to see good growth in sales breakfast, including the launch of the all-fair coffee shops.

During weeks 39 year financial, Greggs opened shops in 66 and 13, making the net increase of 53.

Slowdown defied

Analysts believe that Greggs has defied the downturn with relatively low transaction values its in its branches.

There are shops 1,376 across United Kingdom, selling six million customers a week.

She plans to open a total of 80 new stores by the end of its financial year.

Administrative Declaration, he said: "we remain confident the chances of the group, our expectations for the year remained unchanged.

"Looking further forward until 2012, there are signs of easing inflation rate price goods in some areas, with the notable exception of energy."

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VIDEO: Will China help at-risk Italy?

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5 October 2011 Last updated at 00:32 GMT Help

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World pays tribute to Steve Jobs

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6 October 2011 Last updated at 03:12 GMT Consumers paid tribute to ''a man of great perspective''

Apple's corporate statement announcing the death of 56-year old co-founder Steve Jobs was brief: "We are deeply saddened to announce that Steve Jobs passed away today.

"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve."

Many technology experts, industry peers and other admirers have been quick to add their own tributes.

"Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.

"By building one of the planet's most successful companies from his garage, he exemplified the spirit of American ingenuity.

"By making computers personal and putting the internet in our pockets, he made the information revolution not only accessible, but intuitive and fun.

"The world has lost a visionary. And there may be no greater tribute to Steve's success than the fact that much of the world learned of his passing on a device he invented."

"Apple has lost a visionary and creative genius, and the world has lost an amazing human being.

"Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor.

"Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple."

"For those of us lucky enough to get to work with him, it's been an insanely great honour. I will miss Steve immensely.

"Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives."

"All of us would be touched every day by products that he was the creative genius behind, so this is very sad news and my condolences go to his family and friends."

"Tonight, America lost a genius who will be remembered with Edison and Einstein, and whose ideas will shape the world for generations to come.

"Again and again over the last four decades, Steve Jobs saw the future and brought it to life long before most people could even see the horizon.

"In New York City's government, everyone from street construction inspectors to NYPD detectives have harnessed Apple's products to do their jobs more efficiently and intuitively."

Steve Jobs is credited with revolutionising the way people listen to music

"Steve, thank you for being a mentor and a friend. Thanks for showing that what you build can change the world. I will miss you.

"His legacy will extend far beyond the products he created or the businesses he built. It will be the millions of people he inspired, the lives he changed, and the culture he defined.

"Steve was such an 'original,' with a thoroughly creative, imaginative mind that defined an era. Despite all he accomplished, it feels like he was just getting started."

"He always seemed to be able to say in very few words what you actually should have been thinking before you thought it."

"VISIONARIES are always called CRAZY in the beginning. A VISIONARY sees things that everybody else says is IMPOSSIBLE, sees a World that People can't invision (sic) - MAC, IPOD, IPAD, IPHONE, ITUNES and PIXAR. I have nothing but Love for Mr. Jobs and Apple, they have always given me and my films L-O-V-E."

"'Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose', as Steve Jobs said in 2005."

"Steve lived the California Dream every day of his life and he changed the world and inspired all of us."

"Thank you for revolutionising the way we listen to music. Your vision will not be forgotten."

Industry colleagues and rivals flocked to pay their compliments for and respect to Steve Jobs, including the founder of Twitter, Dick Costolo, AOL's founder, Steve Case, the chief executive of Time Warner, Jeff Bewkes, the chief executive of Dell, Michael Dell and the chairman of the New York Times, Arthur Sulzberger.

Other tributes (via Twitter) included praise for the way Steve Jobs changed the technological landscape:

"Thank you, Steve Jobs, for making technology a delight to use, instead of a necessary evil."

"The world pauses their iPods and rushes to their MacBooks and iPhones to confirm the news."

"3 Apples changed the World, 1st one seduced Eve, 2nd fell on Newton and the 3rd was offered to the World half bitten by Steve Jobs."

Apple fans were invited to share their thoughts, memories and condolences by sending messages to rememberingsteve@apple.com.

And social networking groups were calling for iPhone vigils in public parks across the United States.

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US Senate backs currency debate

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4 October 2011 Last updated at 01:53 GMT Many argue that the Chinese yuan is undervalued, giving China a massive trade advantage The US Senate has voted in favour of debating laws which could pressure China to let its currency rise in value.

The bill would give the US government the power to add tariffs to goods imported from countries deemed to be undervaluing their currencies to boost exports.

Some politicians and trade groups say China uses its currency in such a way.

The Chinese government said that it "firmly opposed" the bill.

It accused the US of using the "so-called currency imbalance as an excuse to upgrade the exchange rate further, to take protectionist measures, [which is] a serious breach of World Trade Organisation rules, [and] seriously interfere with economic and trade relations".

Though the bill does not specifically mention China, it would enable the US government to put punitive duties on a country with a misaligned currency.

'Unfair competitive advantage'

Unlike most other major currencies, China does not allow its currency, the yuan, to float freely on exchange markets. Academics have argued it could be undervalued by as much as 20% - 40% compared to the US dollar.

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Using anti-dumping and countervailing duties to address currency valuation is misguided and could lead to a trade war”

End Quote Stephanie Lester Retail Industry Leaders Association China has been accused of keeping the value of its currency artificially low in a bid to make its exports cheaper and more competitive than rivals. At the same time, it also makes goods from abroad more expensive for the Chinese buyers than products manufactured at home.

Many US politicians have said that China's currency policies have not only hurt US businesses but have also had an impact in the job market.

"My colleagues, both Democrats and Republicans, agree that China's deliberate actions to devalue its currency give its goods an unfair competitive advantage in the marketplace," Senate majority leader Harry Reid said.

"In the last decade alone, we have lost 2 million American jobs to China because of a trade deficit fuelled by currency manipulation," he added.

The debate on the value of the yuan and its effect on the US economy has been fanned further by a slowdown in the US and fears that it may be slipping into a recession.

At the same time, a high rate of unemployment has also become a huge problem for the authorities as they try to kick start growth in the world's biggest economy.

Unilateral approach? Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.The US and China's other trading partners have been putting pressure on China to let its currency appreciate. While Beijing has allowed its currency to rise in the past 12 months, its critics have said that the appreciation has been too little.

The yuan has gained almost 5% against the US dollar during the period and over 8% against the euro.

However, China has maintained that a sudden rise in the yuan's value would not only hurt its export sector but also have a detrimental effect on its overall economy.

Critics of the currency bill warned that any such law may negate efforts for a cordial agreement with China.

The Emergency Committee for American Trade said the bill was "a highly damaging unilateral approach that will undermine broader efforts to address China's currency undervaluation".

Others have argued that the US has created its own economic problems and that antagonising the Chinese could potentially provoke a trade war which would be even worse for the economy.

"Using anti-dumping and countervailing duties to address currency valuation is misguided and could lead to a trade war," said Stephanie Lester of The Retail Industry Leaders Association.

"Sparking a trade war with China - one of our largest and fastest growing export markets - could have disastrous consequences for American companies and workers, and for our economic recovery," she added.

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VIDEO: Eurozone crisis sparks fears for Dexia

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4 October 2011 Last updated at 22:15 GMT Help

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VIDEO: 'Too much euphoria' over Asian economy

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Asian nations face huge unresolved challenges - of poverty, poor governance and environmental degradation.

Stephen Sackur spoke to Rajat Nag, Managing Director General of the Asian Development Bank about inequality and governance in Asia, and asked whether there is too much optimism about Asian economy growth.

You can watch the full interview on Wednesday 5 October on BBC World News at 03:30 GMT, 08:30 GMT, 15:30 GMT and 20:30 GMT.

And on BBC News Channel at 04.30 BST on Wednesday repeated on Thursday 00.30 BST.

Find out who is coming up on the programme by following us on Twitter.

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Trend in EU economic bucking of Estonia

October 6, 2011, last updated: 57 GMT by Charlotte Ashton, World Tallin Tallinn, Estonia-Skype, as well as other companies in emerging technologies now has the fastest economic growth in the European Union, so what does Estonia just when other countries are so many economic problems?

Ave Maria Ounapuu enjoys boom of Estonia.

Organic cosmetics company established JOIK four years ago to take its business to making candles.

She has received grants from the European Union for machinery and marketing help, but says the business agenda of the Government of Estonia helped too: "it was pretty easy.

"There was no problem with the regulations, even finding products to sell went smoothly enough.

"You can report your taxes online so you don't need to spend valuable time to forms and things. We don't have our growth to the Government, but they will not put any obstacles in our way. "

Currently, JOIK employs four people, was moved to a larger space. It has an annual turnover of 250,000 euros, on export to countries bordering the Baltic.

Ave Maria Ounapuu says the Government of Estonia has set up an independent business with ease

This is a similar story of Estonia as a whole, as the country has a long way since she joined the EU in 2004.

The initial flow of credit to the construction boom that led to high House, but the bubble burst in 2008, when the country found itself the economic doldrums, it had to smarten up their act.

Labour laws were liberalised, increased retirement age and public spending cut. But the tax remained low to encourage business; Entrepreneurs were fashionable.

Estonia GDP grew at 8.5% in the first quarter of this year, the fastest growth of all the EU economy. One of the biggest growth areas in it technology.

Estonia exports mainly to the EU, but exports of its main markets, Finland, Sweden are distorted

Skype Online software used by people 200 m each month to make free or cheap video phone calls over the Internet, has its development, on the outskirts of Tallinn.

The software was invented in Tallinn of Dane, Swede and Estonians.

Stan Tankivi, head of Skype Estonia, says: "you can show the country of Estonia itself as a witness. It regained independence 20 years ago, the company generally or culture here has very little hierarchy.

"It is very small and nimble, that sort of environment is very positive for entrepreneurship".

In January, Estonia joined the euro. Stability of the currency result, along with those low corporate taxes (zero profits reinvested), this tiny nation of 1.3 m investment very attractive. Exports are soaring, up 53% last year. This summer came the euro 1bn for the first time.

But 70 percent of exports go to EU countries, growth is deteriorating steadily and its two main export markets, Finland and Sweden.

How is the economy of Estonia so fragile?

It is still a net recipient of EU money but its contribution to financial stability facility means that European companies is decreasingly profitable. Contribution of Euro 2bn represents one third of the annual budget.

"We were invited to a wedding but turned out to be a funeral," says Anders Arrak, Estonian who has entrepreneurial University apply.

Read on the Central story

of course we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us "

end quote Andrus Ansip Estonian Prime ??????"??? us a lot of money from the EU.

"We have already renovated churches and roads. But now we are being asked to pay money to improve the errors made in the past, Greece and the countries of the eurozone.

"It makes sense. We have to invest in the future of Estonia. "

But the Prime Minister of Estonia Andrus Ansip stay safer will continue its growth: "of course we all need to be concerned but our banking sector is doing well, our commercial banks are well capitalised and correspond to the reserves.

"The State the money are the best of all the European Union because we have still 12% GDP reserves.

"Yes, of course, we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us."

Mr Ansip thank him an erection activities explaining why Estonia, a poor cousin Mizrahi, fresh out of troubled times himself, bail out its richer southern cousins.

Drinkers in the lounge of their obligation to contribute to the Museum say bailouts EU

But support for the European Union young Estonians soothes the unwavering with a glass of wine in one of the new trendy bars, lounge Tallinn Museum.

Memories of Soviet occupation, which ended just 20 years ago, are still fresh among the younger generation.

Ali is a teacher at the school who says it fully supports Estonia's contribution to the bailout.

"I don't even understand what the discussion. We already received money from the EU now is a good thing because ultimately we are in a position to help someone else. I think it's only fair. "

The Museum lounge Manager, ARGO, agrees. "An overview of Estonia in the West now, only the West," he says.

And Estonia are ready to pay the price.

The world tonight is broadcast weekdays on BBC Radio 4: 00 p.m. BST.

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Reebok pays $25m over toning shoe

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28 September 2011 Last updated at 18:41 GMT Reebok got into trouble in the US about alleged health benefits of using its toning shoes Sports goods maker Reebok International is to pay $25m (￡16m) to settle charges that it made unsupported claims about its Easy Tone and Run Tone shoes.

Reebok, a unit of Adidas, said these toning shoes would "strengthen and tone key leg and buttock (gluteus maximus) muscles more than regular shoes".

The US Federal Trade Commission ruled these advertising claims were false.

Adidas said Reebok had settled with the commission "to avoid a protracted legal battle".

"Settling does not mean we agreed with the FTC's allegations; we do not," Adidas added.

The FTC said Reebok began making the claims in early 2009 and provided statistics about the alleged benefits.

The $25m penalty will go towards consumer refunds.

"The FTC wants national advertisers to understand that they must exercise some responsibility and ensure that their claims for fitness gear are supported by sound science," said David Vladeck, director of the FTC's bureau of consumer protection.

The commission said in one advert Reebok claimed that by walking in its Easy Tone shoes users were able to strengthen hamstrings and calves by up to 11%, and tone the buttocks up to 28% more than normal trainers.

UK advert

It comes three months after a Reebok advert in the UK, which featured Formula One driver Lewis Hamilton, was banned.

The Advertising Standards Authority (ASA) banned the leaflet which said Reebok's ZigTech Apparel helped blood vessels to relax, boosting oxygen levels by up to 7%.

The ASA said the claims could not be proved and also criticised the advert for implying the trainers Hamilton wore in it featured the new technology.

Reebok said it disagreed with the ASA ruling but accepted it.

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How the crisis is affecting you

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29 September 2011 Last updated at 23:00 GMT Debt in the eurozone, concerns over growth in Europe and the US, and turmoil on the financial markets have led to fears of a renewed financial crisis and recession.

The BBC has been asking how the crisis has been affecting you personally.

Here are some of your stories.

It sucks. I am 20 years old. I graduated from high school in 2009 and just wanted to start working.

Two years later I still don't have a job. I've mostly been looking for simple retail work. The number of jobs I've applied for must be in the hundreds, and I have had only one interview.

I haven't applied for any benefits because I've been told I'm not eligible as I haven't had a job before.

I live with my parents and my brother. I have taken a couple of college classes but I find it rather soul-crushing, and there doesn't seem to be any light, or indeed, an end, to the tunnel.

Philip Petersen, chief executive of AdInfa, says "The situation is tough but it presents opportunities"

I run a small software company. Our software helps people who run computer data centres save money by monitoring and managing their data usage.

I see the current economic situation as an opportunity. I believe the market demand for our kind of product is growing because organisations are much concerned about their operating costs, and energy is a growing item of expenditure.

The current economic situation, or that which has prevailed for the last couple of years, has definitely increased awareness of this issue.

However, one difficulty we are contending with is investment. Raising money for an early stage technology business, particularly if you are not in consumer, e-commerce, mobile or social networking, is plain hard and that is something we are contending with.

I run a home-made ice cream business on the seafront in Paros, but business has been horrible lately and I am closing my shop.

We rely on tourism - Greek tourists in particular - and there just aren't any.

I will close my books at the end of October. I've got about 90,000 euros' (￡78,000) worth of equipment but I probably won't be able to sell everything as everyone here is trying to sell.

When I told the local children that I was closing, they were so upset and burst into tears as they love the shop.

I am now going to do an online master's [degree]. I've made my budget for the next eight to 10 months, and will have to survive on 600-700 euros a month.

We are an Indian-based international distributor of books, DVDs, software and electronics.

Before the downturn, we were able to secure credit from our suppliers, but now we have to meet the condition of advance payment to fulfil our orders.

We are a registered company in India and the US. But Indian banks will not lend to us because of the uncertainty in US markets, and currently US banks are not lending at all.

To compound it all, even other lending companies and bill-discounting companies will not lend to us due to uncertainty in the mail order retail industry.

This has not only impacted on our performance - some of our orders are pending due to lack of funds and sometimes they are cancelled because of late delivery - but we have also had to put our expansion plans on hold.

I work as a hotel receptionist. I'm still being affected by the economy right now.

If you look at the cost of sugar now in Kenya and compare it with [what the] common mwananchi [man] earns, it is not fair at all.

Also house rents are very high, especially for people like me with no parents and no wife.

I lost my wife in July 2011. I have three children and I'm facing big problems. My wish is for the government to take action.

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Flat summer sales at Thomas Cook

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29 September 2011 Last updated at 07:34 GMT Thomas Cook has issued three profit warnings over the past year in the face of tough trading conditions Thomas Cook has said bookings by its UK customers were "flat" during the summer holiday season, but that its full-year profits should be "broadly in line with market expectations".

In a trading statement, the travel company also said it was continuing to be affected by the political turmoil in the Middle East and North Africa.

It said this had particularly affected its French business.

However, its sales in northern Europe, including Germany, were up strongly.

Its summer bookings for this region - which also includes the Scandinavian countries - were 13% higher than a year earlier.

Bookings in France, Belgium, the Netherlands and Eastern Europe were down 1% from a year ago; and there was no change in the UK.

Boss departure

Thomas Cook's forward bookings for the 2011-12 winter season are currently mixed when compared with the same time last year.

They are down 7% in the UK, and 16% lower in France, Belgium, the Netherlands and Eastern Europe, but up 6% in Germany and Scandinavia.

Thomas Cook said it was continuing efforts to boost its profitability.

The company also said it would not be making any dividend payments. It is instead focusing on paying down its debts of around ￡900m.

Former chief executive Manny Fontenla-Novoa left in August, followed just over a week later by the head of its UK retail division, Ian Derbyshire.

They departed the company after it had issued its third profit warning in a year.

Thomas Cook is now continuing with a strategic review of the business.

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Heathrow triples anti-snow teams

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29 September 2011 Last updated at 11:38 GMT ￡11m has been invested in equipment to avoid chaos.

Heathrow airport has tripled the number of snow clearance vehicles to tackle severe winter weather.

Operator BAA also has three times as many staff ready to clear snow compared with last year.

Thousands of passengers were left stranded at the airport as 4,000 flights were cancelled over five days for heavy snow before Christmas.

But BAA said it now has 185 snow clearance vehicles and has 468 staff per shift, compared to 117 last year.

The operator said it has invested ￡32.4m so far to tackle severe weather.

BAA had been criticised following last year's disruptions and a report accused the operator of a breakdown in communication and lack of "preparedness" for the bad weather.

After the publication of the Winter Resilience Enquiry Report, BAA promised to invest ￡50m to avoid facing disruptions on a similar scale.

Announcing its "winter resilience programme", the airports operator said it has introduced a new "reservist" role whereby up to 950 staff will be deployed to the terminals to help passengers during disruption.

'More to do'

BAA also has plans for a new airport control centre and improvements to passenger information.

But Normand Boivin, chief operating officer of Heathrow, said: "There is more still to do.

"There will be lots of attention on Heathrow the next time it snows heavily.

"We won't be perfect but we will be better and we will improve each time we practise our new response plans.

"There will still be times when, for safety reasons, airports have to close during severe weather, but the work detailed in today's report means this should happen less often at Heathrow and the airport responds better when it does."

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VIDEO: Eurozone troubles worry Australia

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4 October 2011 Last updated at 01:21 GMT Help

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AUDIO: Euro fund 'like a Ponzi game'

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30 September 2011 Last updated at 16:11 GMT Help

The euro bailout fund cannot work because already indebted countries like Spain and Italy are contributing to it.

That's the view of Satyajit Das, author of "Extreme Money - Masters of the Universe and the Cult of Risk".

Speaking to the BBC's Mike Johnson, Mr. Das, a derivatives trader in Sydney for 30 years, said the European Financial Stability Facility is like 'a ponzi game', and that Europe's financially troubled countries will end up borrowing from themselves.

Transcript is below

Satyajit Das: What they have been trying to do is replace the lenders. So because the commercial lenders, which is banks and investors, will no longer buy debt issued by Greece, Ireland or Portugal and increasingly are questioning Spain and Italy, they had to find somebody else to give them the money. The problem is who is going to give them the money?

So they have patched together this European Financial Stability Fund which is a very tenuous process, because it doesn't have any money either, but it's guaranteed by a bunch of countries. But the problem here is that those countries themselves are in need of the money from the funds. It's almost a surreal secularity.

Then there is now the suggestion which was foisted on the Europeans by Timothy Geithner, the U.S. Treasury's Secretary that they ought to take the European Financial Stability Fund and the catch phrase being leverage. So we take a vehicle which doesn't have any money backed by dodgy guarantees, but then they will go and borrow even more money. So, basically, it's almost like a Ponzi game on a large scale.

Mike Johnson: It's an extraordinary thing to get your head around. Let me just get this clear, what we are going to have is a situation where countries which are on the verge of bankruptcy are going to be borrowing money effectively from themselves?

Satyajit Das: That's exactly what's going to happen. I will give you the picture. The European Financial Stability Fund is guaranteed by a whole bunch of countries including, interestingly enough, Spain and Italy. Spain and Italy between them make up 30% of the guarantee of the European Financial Stability Fund.

Now what they are going to do is then the European Financial Stability Fund is going to borrow from the European Central Bank, which has also obviously got support from Spain and Italy, and then lend the money to Spain and Italy. It's almost self dealing raised to an art form. It's abstraction on a level of money which is almost incomprehensible.

Mike Johnson: And is there anyone out there who think this is actually going to work?

Satyajit Das: The only people I think who think that are the politicians in Brussels and a few policymakers because to be very honest they don't have any solutions, and they are now playing almost confidence games to try to actually convince people that this will work. And ultimately it won't work because it all boils down to a simple fact.

At the end of the day, if you are going to do the shuffling of debt, you are going to have to have somebody who is good for the debt and we all know who that is, it is Germany. So they have to actually step up and their taxpayers, their savings have to be used to prop up these other countries. Now the body politic in terms of voters aren't willing to do that.

Mike Johnson: You think Germany, the German people will run out of patience with all of this before long, do you?

Satyajit Das: Well, before they run out of patience, they will run out of money because in the end if you actually look at the amount needed just to get through the next two or three years, if you take Greece, Ireland, Portugal, Spain and Italy, they have maturing debt. This is debt they have issued, about $1.5 trillion between now and the end of 2013.

So all of that money has to be found and at the end if Germany and France and the stronger countries start to take on that burden, their own credit worthiness will be called into question. And if they lose their triple-A ratings, well then the whole game starts to unravel yet again, and it's very difficult to see this having what could be called a happy ending.

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VIDEO: Why is Germany still in thrall to European Project?

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Newsnight's Peter Marshall reports on why, despite clear public anger about the prospect of continued financial bailouts for the euro zone, Germans apparently still in thrall to the European Project.

Broadcast on Thursday 29 September 2011.

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VIDEO: 'Absurd' to blame China for US woes

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3 October 2011 Last updated at 01:53 GMT Help

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UK house prices 'treading water'

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29 September 2011 Last updated at 06:03 GMT Buyers and sellers are still thin on the ground House prices continued to "tread water" in September - rising by 0.1% compared with the previous month, the Nationwide said.

This left the average price of a home 0.3% lower than a year earlier, at ￡166,256, the building society said.

Prices for the three months to September compared with the previous quarter were unchanged.

Market turmoil as a result of the eurozone debt crisis had hit confidence among buyers, Nationwide said.

"Sentiment towards major purchases is depressed, as a result of weak labour market conditions and ongoing pressure on household budgets from above-target inflation," said Robert Gardner, Nationwide's chief economist.

The figures are based on Nationwide's lending data at post-survey approvals stage.

'Sluggish demand'

He predicted that property prices would remain fairly stable over the rest of 2011, although the outlook for the global economy had "darkened".

Continue reading the main story

Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates ”

End Quote Adrian Coles, Building Societies Association The struggle for people to find new jobs has resulted in "sluggish demand" from potential buyers.

That, together with a gradual rise in the number of properties on the market, had led to the current market conditions.

Some of these issues are most acute in the north-east of England.

Data from the Land Registry on Wednesday showed that prices in the region had fallen by 7.8% in the year to August.

In Hartlepool, prices had dropped by 15.7% over the same period, leaving the average home worth ￡82,561.

David Sharpe, a sales negotiator at Dowen estate agents in the port town, said that times were difficult for sellers, especially if they were unwilling to drop their asking prices.

"We are telling people to be realistic. If the price is right then it will sell," he said.

Negative equity

Many of the properties coming onto the market in Hartlepool were the result of repossessions, he said. These included repossessed properties from landlords who had overstretched themselves.

Hartlepool's sea defences are being rebuilt, but the housing market remains weak

This meant there were some two-bedroom homes in need of some work that were on the market for ￡20,000.

However, at the other end of the market, Dowen had just sold an eight-bedroom period property at auction for ￡345,000.

Many properties were selling if prices were lowered, Mr Sharpe said, including one "extreme case" which recently sold at auction for ￡30,000 when it had originally been on the market for ￡80,000.

Dropping prices was not necessarily an option for some sellers though.

"Those who bought at the peak of the market may well have borrowed more than the property is now worth," he said.

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Kingfisher to end budget airline

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28 September 2011 Last updated at 14:43 GMT Mr Mallya says there are enough passengers who want to use the non-budget service India's Kingfisher Airlines plans to pilot a new premium business model and ground its existing low-cost outfit.

The airline, India's second biggest private carrier, is run by drinks baron Vijay Mallya, who said changes would come in the next four months.

The budget arm of the airline, which was created in 2008, is called Kingfisher Red.

"We are doing away with Kingfisher Red because we do not intend to compete in the low-cost segment," Mr Mallya said.

'Better yields'

"We believe that there are more than enough guests who prefer to travel the full service Kingfisher class and that shows through in our own performance where load factors in the Kingfisher class are more than Kingfisher Red," he said.

Kingfisher started business as a full service carrier in 2005. Three years later it bought out Deccan, India's first budget airline, and the merger resulted in the budget arm being created.

"The margins of Kingfisher class are higher than Kingfisher Red. That's because the yields are better," Mr Mallya, who is chairman and chief executive of Kingfisher, added.

The move bucks the current trend in Indian aviation, where half of the six major airlines are budget carriers.

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Pub wins over TV football ruling

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4 October 2011 Last updated at 09:25 GMT Karen Murphy on why she took her fight to Europe, speaking to 5 live in October 2010

A pub landlady has won the latest stage of her fight to air Premier League games using a foreign TV decoder.

Karen Murphy had to pay nearly ￡8,000 in fines and costs for using a cheaper Greek decoder in her Portsmouth pub to bypass controls over match screening.

But she took her case to the European Court of Justice.

The ECJ now says national laws which prohibit the import, sale or use of foreign decoder cards are contrary to the freedom to provide services.

'Relief'

It said national legislation, which banned the use of overseas decoders, could not "be justified either in light of the objective of protecting intellectual property rights or by the objective of encouraging the public to attend football stadiums".

"She's overwhelmed with relief at the moment," Mrs Murphy's lawyer, Paul Dixon, told BBC Radio Solent.

"It's been a long road for her but she's delighted to be getting the case back to the High Court now in London where it will be finalised, before very long we hope.

"It will mean increased competition in the broadcast market that's for sure."

The ECJ findings will now go to the High Court in London, which had sent the matter to the ECJ for guidance, for a final ruling.

However, it is unusual for a member state High Court to pass a different judgment to one provided by the ECJ.

'Contingency plans'

The decision could trigger a major shake-up for the Premier League and its current exclusive agreements with Sky Sports and ESPN, and pave the way to cheaper viewing for fans of top-flight English games.

"In practical terms, the Premier League will now have to decide how it wishes to re-tender its rights," said sports media lawyer Daniel Geey of Field Fisher Waterhouse solicitors.

Continue reading the main story

On the face of it, it looks like a blow for the Premier League and... broadcasters Sky and ESPN”

End Quote David Bond BBC sport editor "There can be little doubt it will have contingency plans ready to go and has various options available.

"Be it a pan-EU tender, selling in only certain EU member states or devising a plan to start its own channel, they will be deciding how best to maximise the value of their product to ensure any revenue shortfall is minimised."

The judges said the Premier League could not claim copyright over Premier League matches as they could not considered to be an author's own "intellectual creation" and, therefore, to be "works" for the purposes of EU copyright law.

However, the ECJ did add that while live matches were not protected by copyright, any surrounding media, such as any opening video sequence, the Premier League anthem, pre-recorded films showing highlights of recent Premier League matches and various graphics, were "works" protected by copyright.

To use any of these parts of a broadcast, a pub would need the permission of the Premier League.

'Major blow'

"On the face of it, it looks like a blow for the Premier League and... broadcasters Sky and ESPN," said BBC sport editor David Bond.

He said the Premier League had faced many regulatory challenges in the past and would find ways to get round the new situation.

Karen Murphy used the Greek firm Nova to show Premier League games

Sky has pumped billions into top flight English football since the league was founded in 1992, with the money given to clubs allowing them to buy some of the top names in the world.

Our correspondent said that would not necessarily change, given the huge value of other deals.

The Premier League's television income from mainland Europe is about ￡130m, less than 10% of their total ￡1.4bn overseas rights deal.

But he warned that it could have significant repercussions for other rights holders outside of sport, with life potentially getting more difficult for the film industry, which also sells its product on an country-by-country basis.

Satellite signals

The legal battle kicked off six years ago, when Ms Murphy was taken to court for using the Nova firm to show matches at the Red, White and Blue pub.

Using the Greek service, she had paid ￡118 a month, rather than ￡480 a month with the official broadcaster.

Licensed broadcasters encrypt satellite signals, with subscribers needing a decoder card to access them.

Ms Murphy took advantage of an offer to UK pubs to use imported cards.

In February, an ECJ advocate general said this was in line with the aims of the EU single market - a border-free zone for goods and services.

The Premier League has already taken action against two suppliers of foreign satellite equipment and a group of pub landlords who used imported decoding equipment to show English Premier League games and avoided the commercial premises subscription fees for Sky.

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Video: Apple's Steve Jobs died 56

6 October 2011 last updated 05: help GMT

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Knowledge economy: Global best school buildings

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4 October 2011 Last updated at 23:30 GMT

Photos from around the world on 4 October

Court overturns convictions of Knox and Sollecito

Attack in the Somali capital, Mogadishu

Hundreds camp out in New York's financial district

Libyan transitional authority troops ceasefire

Anti-Wall Street protest march

Nalgae makes landfall in Philippines

A selection of pictures from this week's news

Anti-Gaddafi fighters capture Sirte airport

Photos from around the world on 29 Sept

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Increase in UK mortgage approvals

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29 September 2011 Last updated at 09:29 GMT The figures suggest a pick up in sales may lie ahead The number of new mortgages approved, but not yet lent, for home buyers in August rose to its highest level since December 2009.

The Bank of England said 52,410 mortgages were approved last month.

That was nearly three thousand more than in July, and the highest number since December 2009.

The figures suggest that a recent slight relaxation in lending criteria by banks and other lenders will lead to higher sales in the coming months.

Adrian Coles, director-general of the Building Societies Association, said: "Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates."

"However, the outlook for the economy has deteriorated over the past month as has consumer confidence, which could well spill into the housing market, causing further weakness," he warned.

Lending squeeze Continue reading the main story

We are telling people to be realistic. If the price is right then it will sell”

End Quote David Sharpe, Sales negotiator, Dowen estate agents, Hartlepool Average house prices have been stagnant across the UK this year, with both the Nationwide and the Halifax reporting little change in the past few months.

In its latest survey, the Nationwide said house prices had continued to "tread water" in September. House prices rose by 0.1% in the month, Nationwide said, but were 0.3% lower than a year ago.

The number of house sales fell in August, according to the Bank of England's own figures published last week.

They dropped by 6,000 from July to 78,000 in August which was, in turn, 3,000 lower than in August last year.

Approvals are traditionally a good indicator of near term trends in sales, so the latest approvals data suggests that sales funded by mortgage borrowing may pick up this autumn.

But on Wednesday the Bank of England said banks had told it they may face a renewed squeeze on their ability to lend.

In its quarterly Credit Conditions Survey, the Bank said it had been told by some big lenders that they might find increasingly hard to raise the necessary funds on the wholesale financial markets to lend to home buyers.

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VIDEO: Mid-East unrest over cheap housing

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Pension talks yield 'no progress'

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6 October 2011 Last updated at 00:19 GMT TUC secretary general Brendan Barber has said the sides are a long way apart Talks between ministers and union chief Brendan Barber over public sector pension reform have resulted in no progress, sources have told the BBC.

TUC chief Mr Barber met Cabinet Office minister Francis Maude for impromptu private talks at the Conservative conference in Manchester this week.

Unions are balloting members for strike action on 30 November over plans to increase contributions from employees.

The next round of face-to-face talks is due on 24 October in London.

A source close to Mr Barber said he used the impromptu meeting to again urge the government to "give a degree of confidence that they are serious about maintaining sustainable public service pensions in the future".

'Groundhog day'

Unions say the changes are unfair and financially unnecessary. Ministers insist that pension contributions must be increased to make schemes sustainable.

In recent weeks Mr Maude has described the talks as "like Groundhog Day", with no progress being made.

Both sides have previously insisted they are committed to resolving their differences through talks but the BBC understands the latest meeting again yielded little.

Mr Barber also met Chancellor George Osborne at a party during the conference, although it is unclear whether the issue of pensions was discussed.

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Ford strikes deal with union

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4 October 2011 Last updated at 17:21 GMT Ford says it plans to transfer work to the US from overseas if the pay deal is ratified US carmaker, Ford, says it has agreed in principle to a four-year pay deal with the United Auto Workers union.

Ford says the settlement will make it more competitive in its home market.

Exact details are being withheld until the UAW's members have a chance to review the contract.

However Ford has already announced it plans to invest an additional $4.8bn (￡3.1bn) in its US factories and to create 5,750 jobs by 2015.

It says the move will include transfering work to the US that is currently carried out in Mexico, China and Japan.

The pledge adds to the 7,000 new posts the firm previously promised to introduce by the end of 2012.

The UAW also revealed that workers are set to receive improved profit-share bonus payments.

Following GM

The announcement comes less than a week after the UAW secured a separate deal with Ford's rival, General Motors.

GM agreed to pay workers a $5,000 bonus for signing the agreement, an extra $1,000 a year to cover inflation and a further pay rise for entry level workers. Ford's agreement is expected to at least partly mirror these points.

UAW's president, Bob King, said the deals signal that "the American auto industry is on its way back".

A statement from the union notes that negotiations continue with the third biggest US carmaker, Chrysler.

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Video: protesters March on Wall Street

Help 6 October 2011, last updated on: 10: 05 GMT

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Crowds swell Wall Street protests

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1 October 2011 Last updated at 01:49 GMT The crowds in Zuccotti Park are frustrated at a lack of employment and opportunity in the US An estimated 2,000 people have gathered in Lower Manhattan, New York, for the largest protest yet under the banner Occupy Wall Street.

Demonstrators marched on New York's police headquarters to protest against arrests and police behaviour.

Several hundred people have camped out near Wall Street since 17 September as part of protests against corporate greed, politics, and inequality.

Earlier, UK band Radiohead were forced to deny rumours they would appear live.

A tweet sent out by a Twitter account linked to the protest movement set off a firestorm of online interest.

But a spokesman for the band later denied they were planning to appear, and the group themselves denied the rumour on Twitter.

"We wish the best of luck to the protesters there, but contrary to earlier rumours, we will not be appearing today at #occupywallstreet," @Radiohead tweeted.

Anger at police

The Occupy Wall Street movement has set up its base camp in Zucotti Park, a privately owned patch of land not far from Wall Street.

Continue reading the main story

We blame the banks. They were part of this, but so was Freddie Mac and Fanny Mae and Congress and you and me and everybody”

End Quote Michael Bloomberg Mayor of New York City Hundreds of people have camped out in the park since 17 September.

The loosely organised group says it is defending 99% of the US population against the wealthiest 1%, and had called for 20,000 people to "flood into lower Manhattan" on 17 September and remain there for "a few months".

Some 80 people were arrested during a march on 25 September, mostly for disorderly conduct and blocking traffic, but one person was charged with assaulting a police officer.

Friday's protest numbers were swelled by local trade unions and by those attracted to the area by the rumour of Radiohead's attendance.

New York's police have come in for criticism by the movement since video emerged of pepper sprays being used against demonstrators last weekend.

"NYPD protects billionaires and Wall Street," read one placard carried aloft on Friday, the AFP news agency reported, as crowds marched towards the city's police headquarters, where they rallied peacefully before dispersing.

The stand-off at One Police Plaza passed off largely peacefully

New York Mayor Michael Bloomberg used his weekly appearance on a radio show to criticise the protesters, saying they were targeting the wrong people.

"The protesters are protesting against people who make $40,000 or $50,000 a year and are struggling to make ends meet. That's the bottom line," he said.

"We always tend to blame the wrong people. We blame the banks. They were part of this, but so was Freddie Mac and Fanny Mae and Congress and you and me and everybody."

A series of other small-scale protests have also sprung up in other US cities in sympathy with the aims of Occupy Wall Street.

The movement's website on Friday said a Boston movement had begun, with other reports online suggesting a sit-in was due to begin on Saturday in downtown Washington DC.

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Deutsche will miss profit target

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4 October 2011 Last updated at 10:42 GMT Continue reading the main story Deutsche Bank says it will miss its profit target for the year as it takes impairment charge of 250m euros (￡215m, $330m) on its Greek government debt holdings.

Germany's biggest bank also said it would cut 500 jobs, mainly outside its home market.

Deutsche Bank's statement comes as fears continue to rise about the health of the eurozone.

Shares in the bank were down 5.8% in trading in Frankfurt.

Deutsche Bank's chief executive, Josef Ackermann, told an investors' conference in London there had been a "significant and unabated slowdown in client activity".

But he added that banking business not related to sovereign debt was robust.

"We are confident that the classic banking businesses - private clients, asset management and global transaction banking - as a whole will deliver their best pre-tax profit ever."

Deutsche's profit was previously expected to be around 10bn euros.

Data from Reuters shows that since September, half the 34 analysts that follow Deutsche Bank have revised their full-year earnings estimate down by an average of 10.3% to around 7.72bn euros, including one-off charges, and corporate investments.

Deutsche Bank itself had excluded these from its target definition.

Its latest reported net profits for the three months to 30 June were 1.2bn euros ($1.8bn; ￡1bn), 6% higher than a year earlier.

At the time it revealed it had needed to write down 155m euros from the value of its Greek government bonds.

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Trading in Dexia shares suspended

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6 October 2011 Last updated at 17:01 GMT Dexia is reported to be selling its Luxembourg business to Qatar for 900m euros Trading of shares in Dexia has been halted by the Euronext stock exchange.

The stop was requested by the Belgian regulator until the troubled Franco-Belgian bank could provide details of a planned sale of its Luxembourg unit.

Its shares had fallen 17.3% during the day up until trading was suspended.

Meanwhile, the French and Belgian governments are negotiating a break-up of the bank - and how to share the cost of rescuing it between them - with a decision expected before the weekend.

Qataris

Dexia has confirmed it is in "exclusive negotiations" with a group of international investors to dispose of Dexia Banque Internationale a Luxembourg (BIL).

The subsidiary employs about 5,500 staff worldwide, 3,700 of whom are based in Luxembourg.

It runs a 40-branch retail network in the country, as well as offering private banking and asset management services.

Continue reading the main story The key buyer is reported to be the Qatari Investment Authority, the country's sovereign wealth fund.

Reports say it may pay 900m euros ($1.2bn, ￡785m) for control of the Dexia unit.

It follows an announcement in August that the Qataris were to become a major shareholder in the merger of two Greek lenders, Alpha Bank and EFG Eurobank.

The government of Luxembourg is also in talks to buy a minority stake. The country's finance minister, Luc Frieden, said he expects discussions to be completed by the end of the month.

Break-up

Dexia is facing its second rescue in three years because of the eurozone debt crisis.

The firm has 3.4bn euros ($4.5bn, ￡2.9bn) of exposure to Greek government bonds, and about four times that amount to Italian sovereign debt.

Ratings agency Moody's put the lender on review for a credit score downgrade on Monday. It said the bank was finding it harder to borrow from the markets.

The news led to a sell-off of Dexia's shares, prompting France and Belgium to announce they would prevent its collapse.

The governments are expected to pool its most risky assets into a "bad bank" and force it to sell off units that provide vital services, including a French division that specialises in lending to local authorities.

Belgium's Prime Minister said the burden must be divided fairly.

Yves Leterme told RTL radio: "This is a very sensitive and crucial part of the negotiations, an equitable split of the costs."

The two countries are expected to finalise the plan before the weekend.

Dexia's board says it intends to meet in Paris on Saturday to vote on the break-up.

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Concern over football club owners

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28 September 2011 Last updated at 13:50 GMT Damian Collins is part of the Commons committee looking into how football is run A Conservative MP has written to Sports Minister Hugh Robertson expressing concern about the ownership of Coventry City Football Club.

Damian Collins, who is part of a Commons committee looking into how football in England is run, wants to know more about owners Sisu Capital.

"In the case of Coventry City it didn't seem to be clear who the ultimate owners of the club were," he said.

A spokesperson for Sisu said the club is managed by private equity ownership.

Coventry's current owners have been in place since 2007 but there has been unrest, and changes were made at boardroom level this year.

The most notable of these was the departure of chairman Ray Ranson who had been integral to the takeover.

Mr Collins, who sits on the Commons' Culture Media and Sport Committee, told BBC Coventry & Warwickshire he was worried that it was not clear who is in charge of the Championship outfit.

"I took this up with the Football League to ask them and they confirmed to me that because no individual investor owned more than 10% of the club they didn't know who any investors in the club were," the Folkestone and Hythe MP said.

"I thought that was very unsatisfactory.

"We're constantly reassured that there are proper rules in place that govern who can own and invest in football clubs, what their background is, whether they have a stake or interest in other football clubs.

"To be able to apply those rules we've got to know who those investors are.

"One of the reasons these rules are in place on club ownership is to make sure there aren't conflicts of interest with people who've got stakes in different football clubs.

'Not anonymous'

"It's important from an integrity of competition point of view. It's also important in terms of the fans.

"When a club gets into financial difficulties it's the fans that suffer and it's also local businesses that are owed money by that football club that suffer.

"If the Football League and the Premier League were to turn around to Coventry and say, 'it's not good enough, you've got to have a declared owner of the club otherwise we won't let you play', I think you'd see a change."

Coventry City have declined to respond to Mr Collins' comments but have stood by quotes attributed to director Onye Igwe that appeared on The Guardian's website on Tuesday.

Mr Igwe told the publication: "We are not being anonymous. I am the fund's manager and a partner in Sisu, that is public."

He added that the funds for the club came from professional investors of various nationalities who wanted confidentiality, which was "normal practice in private equity".

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