tv BBC World News PBS May 18, 2012 6:00pm-6:30pm PDT
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g-8 leaders gathering after questions remain how to solve the euro crisis. >> the stock market roller coaster. facebook shares trade for the first time. but is it valued for money? >> hello. welcome to "bbc word" broadcasting to america and also around the globe. coming up a little later for you amid the worries of the financial crisis the spain, we have been to madrid to gauge the nation's mood. and burn it like beckham. the olympic torch has arrived in london for the torch relay. >> hello again, world leaders are beginning their talking in
the united states, talks that will be dominated by the crisis in the euro zone. they are expected to discuss, iran, north korea and syria. president obama and the new french president made it clear they want to see a growth not on austerity. >> just a week in the job and the new president is in the eye of the storm being sized up in the white house and when it comes to european economy, at least president obama might have found himself a new friend. both want to stimulate a new european debate on the need for economic growth. >> we're looking forward to a fruitful discussion later this evening and tomorrow with the other g-8 leaders about how question manage a responsible approach to fiscal consolidation that is coupled
with a strong growth agenda. >> he said what happened to the euro zone was an extraordinary importance to the whole world and the french president added they both had a message to the people of greece. >> on the greek, the euro zone situation, we share the same views that greece must stay in the euro zone and that all oufs must make sure of that. president obama teased 30 years ago that he had come to america to study. his favorite subject, his fast food. >> i just want you to remember that cheeseburgers go very well with french fries. >> president obama will have some strong advice on how to solve the crisis but in the end it's up to the euro zone. it's a european agreement to prioritize jobs not just focus on austerity, a stimulus
package aimed at greece to send a strong message to the markets that he doesn't want to spend any tax payers money. >> there's a swirl of confusion about europe's plan. the greeks claim mrs. americale has been pushing them for a referendum. but they say that's force. one commissioner claims they're working on an emergency exit strategy for greece. another firmly denied it. decisive action is need by the euro zone. i think what's become clear is that they cannot go on kicking the can down the road. decisive about greece, decisive about banks, decisive about it because this is in britain's interest too. >> president obama's been making the same point for months. but they now think with new faces around the table, the
dynamic in the world might change. and the germans might budge. >> our correspondent says there isn't a true consensus on how to resolve the euro zone crisis. >> there have certainly been two camps in terms of the discussion leading up to this led by angela merkel. there's a way to address the economic cry sick in europe and other leaders have been led by the new president of france who say the way forward is to be more pro-growth, do a little bit more to help the economies grow, to help jobs be created more and worry more about cutting the budget over the medium term. as these leaders arrive, they were greeted by president obama addressed in casual ytary. he's trying to make it an
intimate setting. if anything, it looks this evening that chancellor americale is perhaps isolated. certainly barack obama and david cameron has rallied to that pro-growth emphasis. although i'm sure that all of these leaders feel the tightening of growth and to send the positive message. >> are they really going resolve anything after these talks? >> i think it's unlikely that they will come up with the kind of specifics that will sort out the problem. remember the key in all of this is that the greek people in first instance will go back to the polls next month. they will elect either a government that is in favor of the bailout agreement, the tight conditions that go with it or in an election we just
head they will vote for partys that are against that agreement. and the whole thing, the whole future of glees the euro zone or not hinges on how the greek people vote. it's very interesting that chancellor americale arrived tonight amid reports apparently emanating from the greek government that she had tried to put pressure on the government of greece to hold a referendum on the euro zone's new membership along the lebses next week. -- elections next week. that's been strongly denied by a spokesperson from are angela merkel. but ultimately, it is for the greek people and then the greek government to decide whether they're in or whether they're out. the question is what will the market doss in the meantime? the election is a month or so away. >> what else is on the main agenda? >> these leaders are dining in a relaxed and informal setting. it's really foreign policy. it's iran, north korea, it's
syria. it's the opening of back obama. the more difficult talks about the economy begin on saturday. >> syrian activists have posted video that they show show unprecedented protests in the country's second city elepo. this is the university on thursday night. and there was an even bigger one on friday. they face violent rage against security forces protesting president back -- bashar assad. the free syrian army was fighting back. >> we have come into a stage that is necessarily to be safe
from the free syrian government . they resume their violence against civilian people. so earlier they -- there are some fighting back the free syrian army and the syrian forces and the militia of the elected regime in some places. in other places there are residential place, residential neighborhoods being shelled by missiles. >> a member of the syrian national council. he is currently in the u.s. city of chicago. he's planning to meet nato officials there when they hold their nato meeting on sunday and monday. he told me he wanted the pressure to be kept up for president assad to resign. >> we've been, of course, we have not been invited since we are not a state or entity.
but we do have some side meetings regarding the summit since we are pushing for nato to be a role in syria especially implementing the safety zone inside the syrian territories. the main issue to see if the civilians stay in syria. they need as you were port from nato member states. >> who will you be meeting out of the nato members that are there? do you have any explicit support from any of them? >> we have some meetings with different officials on the arabians and top officials to discuss syria. and according to our sources, nato may be consider thinking about studying this proposal because there is -- there is no much options left on the table.
the outside regime continue the killings and the syrians cannot -- just can cannot wait -- more than 15,000 have been killed at least and we expect the only language that the outside regime will use the force. this is the only language which can allow the outside regime to understand that the international community is serious and there will be consequences for the continuous killings of the syrian people, the civilians. >> there's been a roller coaster day of trading in the social networking sight facebook. facebook shares jumped within 10% within minutes of making their stock market debut. michelle flurry reports. >> facebook's army of employees in menlow park california had plenty to celebrate when the company went public. >> this is the first time under the nasdaq hootie.
-- hoodie. >> he can afford many more. he's now worth an estimated $19 billion. >> on this special day, on behalf at everyone at facebook, i just want to say to all the people out there who use our products, thank you. let's do this. >> and with that, the company was nothing eight years ago made its stock market debut. on the other side of the country in new york where trading started, there was also a sense of optimism. >> everybody uses facebook for social networking and connecting with old friends. >> they're doing well and they're going to continue to do well. i mean, they took myspace out of business. i think it's a good investment. >> we don't use it but we will buy shares an get our hands oint. >> no american company has been highly valued at the time of its stock market debut.
but now that they began trading that value is about to be tested by investors. facebook was launched in february of 2004. via come tried to buy it for $75 million. in 2006, yahoo! offered a billion dollars. today's flotation values it at more than 100 times its figure that's more than amazon and disney. the last time a share generated this much excitement was google in 2004. so how did the two stack up? >> a lot of facebook people say this company's going to be bigger than google but facebook is 1/10 the size of google. google has more cash flow. and google is growing faster at this stage of the company they facebook. i don't think that's a safe assumption to make. facebook ended its thursday
trading around $38. who knows where it will go from here? >> in a few hours from now, the united kingdom will begin a 70-day relay which it will travel 70 kilometers. david bond, he was the only broadcaster to travel with it. >> out to the gloomy sky a golden delivery are. after all the talk, the grand plans and of course, the money, london's olympic moment had at least arrived. hundreds had come to meet british airways 2012 at the naval base in cornwall this evening and it's very special cargo. when its emerged held tightly by the princess, it didn't look very much. but there inside this little
lamp was the olympic flame. >> when the torch comes to you and actually gets here that you really realize this is it. >> all eyes then switched to sporting royalty. for the lightning of it which marks the start of the 70-day torch relay tomorrow. >> this has been 10 years in the making and the start of 70-day campout. >> and the flame is here. >> for the trip from athens the flame and its three backups were fitted into safety cradles with v.i.p. treatment all the way. london 2012 has been a bit of a slow burn. but they hope the arrival of these in the u.k. will change all that. and the closer the plane got to u.k. soil, the more the excitement seemed to build. >> we've got the flame next to
us. it's special. it really is. it really is, you know, a proud moment for everyone on board for everyone in the country. it's kind of a reminder that the game's going to begin. and it's kind of a reminder that tomorrow's the start of something special -- today's a reminder that tomorrow's the start of the something special. >> it will now embark on a 8,000 mile tour. in london, it looks like the slow burn may be over. >> this is "bbc news." still to come international royalty joins the queen for a jubilee lunch. >> here in the u.k. rescueers are searching for three men. the men haven't been heard from
onboard the aisle on thursday. two navy ships a large boat and a helicopter have been involved in the search. the body found has not been identify. >> two children were killed in an i.r.a. attack 19 years ago. the scrap messle value is thought to be less than 30 pounds. tim parry who was 12 and john were three when the device exploded. police in northern ireland have been charged. the men have been charged with conspiracy to murder and conspiracy to cause an explosion. they will appear in court later on saturday. there is more on all of these stories on the bbc news website. you're watching "bbc news."
these are the headlines. major economic powers gathering for a summit in the united states which is likely to be dominated by the debt crisis in the euro zone. unprecedented demonstrations against the syrian government have been held in the country's second city elepold. the g-8 summit is taking place in chicago in the united states. and a member of the g-8 research group which is based at the university of toronto. professor, how confident are you that these leader can actually reach some sort of agreement which will then the lead decisive action on resolving the crisis in europe? >> i'm quite confident. all of the g-8 leaders coming to camp david to take thaup issue first thing tomorrow morning agree that that is the number one issue. they all agree further that they need both stronger growth
and a continuing emphasis on fiscal consolidation and they're all prepared to shift the balance of their collective strategy, agreed g-8 growth strategy to give more emphasis to stronger growth now and give greater breathing room to those embattled countries to have fiscal consolidation a little later than they thought only a year ago. >> but what you say, does that in any way weaken chancellor angela merkel who has been driving this austerity, austerity, austerity? >> not at all. you're quite right that she is one of the three leaders along with o bam ooh of the united states, harper of canada who have the room to stimulate and she as well as the two others have signaled in a recent day that she is prepared to do that primarily through greater investment in infrastructure but also in the case of germany by being willing to tolerate a
little more inflation in their economy than many had assumed that germany and german voters with memories of the 1920's could or would. >> is the g-8 at all weakened in its decision-making processes about the euro zone by the fact that china and brazil aren't there? >> oh, not at all. we all understand in europe and throughout the g-8 that this crisis was created in and largely will be contained in europe itself with the help of its closest most closely connected friends across the atlantic and, indeed, into a debt-ridden japan as well. that's why it is quite clear that the fact that the majority of the members at the g 8 summit are from europe itself
are a strong asset. this is club that's going to get the euro crisis resolved at least for the next phase. >> pro-fessor curtain, thank you very much for your time. we really appreciate it. >> a pleasure. >> a bit more worries about the financial crisis in spain. the level of bad loans in spanish banks are at an 18-year high. that comes after 16 banks were downgraded. our correspondent? >> spain is on edge. its economy in recession, a country being buffeted by the uncertainty in the euro zone. the biggest concern, the health of its banks. here the spanish minister of finance is stopped in the street by a woman distraught whether her savings are safe. the minister tries to reassure
her. but there are persistent reports that significant sums are being withdrawn particularly from a bank here nationalized last week. y med roser lopez who works in animation his savings where with bank here but her confidence had been shaken. >> when i saw it, i decided to take out my money. >> how much was that? >> $40,000 euro. >> what did you do with it? >> i took it to another bank. >> why did you do that? >> it's a drastic step but i think we have a drastic situation. >> many of her friends have taken similar steps and moved their money. but there are no signs of wider panic. >> spanish markets have been on a rorle coaster today volatile after the downgrading of 16 spanish banks.
what makes investors so nervous are the bad loans by banks. and they have reached an 18-year high and the government struggling with huge debts is in no position to help time-out banks. >> among banks downgraded banko santander. however, santander u.k. say it will have no it. packet run -- it will have no impact in the u.k. >> the fear is that we're in a very difficult situation and, you know, if the situation, you know, slips down farther down the road we could get into a bailout situation. they want to avoid that at all costs. >> tonight a controversial suggestion that spain's bank
should be recaptainized using europe's bail out funds. it came from the new french president. gavin hewitt, "bbc news," madrid. >> the prince of wales celebrated his mother queen elizabeth. a lunch was held for 21 reigning monarches. among them was the king of bahrain and he drew sharp criticism about the crackdown of pro democracy demonstrations in his country. our correspondent reports. >> these are dictators. >> buckingham palace this evening hardly the thought of public display officials would have hoped for two weeks before the main jubilee celebrations but a reminder aimed at monarches who are resistant at public policy that public opinions counts. nearly 30 of the world's sovereigns have come to mark the queen's jubilee.
but this morning the motorcades were heading to winsor castle for lunch at the invitation of the queen. two guests in particular have angered human rights protestors. this is king of swazee land, the man describe as the last monarch who enjoys an extravagant lifestyle while many of his people live in poverty. and this is the king of bahrain who's country has suffered brutality. all were warmly welcomed. they posed for a group photograph. 27 kings and queens, an emperor from japan, a sultan from brunai and there even was a ra grand duke from luxembourg. prince andrew was there with the king of bahrain.
prince william and katherine on rather less contentious ground with the queen of jordan. outside the castle bahrain was said to support his king but others said he should not have been invited given what's happening in bahrain. >> people are still in prison, being tortured, human rights activists are still until great trouble there. >> back at the palace the crown heads were at delinner, an exclusive group most of them constitutional monarch who is reigned within demock sys but one or two who don't. >> a reminder of our topics. president obama is hosting the g-8 summit outside of washington. the leaders currently having dinner with president obama at camp david but the real work begins on saturday morning. remember, the "bbc" website has plenty more. thanks for your company.
>> make sense of international news at bbc.com/news. >> funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation, and union bank. at union bank, our relationship managers use their exer tease -- expertise to gind you through internal commerce. we put our extended global network to work for a wide range of companies from small businesses to major corporations. what can we do for you? >> "bbc world news" was prened