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what can we do for you? >> and now, "bbc world news." >> welcome. the headlines this hour -- shares rally as five of the world's leading central banks take action to try and ease worries about the eurozone. a trader is arrested in london after the swiss bank, u.b.s., loses $2 billion. heroes of benghazi, a rousing welcome for the first western leaders to visit libya since gaddafi's downfall. >> colonel gaddafi said he would hunt you down like rats, but you showed the courage of lions, and we salute your courage. >> benghazi! >> the u.s. military says it

believes its killed the head of al qaeda's operation in pakistan. >> it's 9:00 a.m. here in singapore. >> 2:00 a.m. in london, broadcasting to viewers on cbs in america and around the world, this is "newsday." >> the asian stock markets are the latest to have risen sharply in response to the prospect of coordinated action by central banks. five of the world's leading central banks, including the u.s. federal reserve and the bank of england, are taking coordinated action to try to help the financial system. they're offering new loans to commercial banks to help ease funding pressures. this report from our europe editor, gavin hewitt. >> on a day of gloomy forecasts, a concerted move by the world's most powerful central banks, short-term loans are going to be made available

to commercial banks. there have been growing concerns that banks were stopping lending to each other because of fears they might face losses in the eurozone. in greece, there were more protests against the austerity demanded by europe's leaders in exchange for a further bailout. this on a day when the eurozone was told that growth was expected to come to a virtual standstill by the end of the year. there was a warning that a combination of weak growth and high debts was leading to a dangerous loss of confidence. >> this vicious cycle is gaining momentum and, frankly, it has been ex-aser baited by political lack of resolve. >> greece remains at the heart of the crisis. so far, a becameout and austerity measures have not worked. greece's debts have soared to 350 billion euros, and the economy is expected to shrink

by 5% this year. the country needs a further eight billion euros by mid-october to survive. with no growth, it is hard to see how the country can avoid defaulting sooner or later. italy is the other big concern. this was central rome yesterday after austerity cuts were adopted there. the problem with italy is that its debts are so big it can't be rescued. this weekend, the americans will suggest to the europians that they borrow against their main bailout fund to give them greater resources if italy needs help. >> we're having plenty of reassurance, but there aren't enough plans being put in place. >> in greece, they were cleaning up their vandalized central bank, but elsewhere, the world's central bank signaled they were prepared to work together to help struggling banks, and the markets judged that as a positive step. gavin hewitt, bbc news.

>> the concerted effort by banks helped boost shares in the u.s. and europe and are doing likewise here in asia. the nikkei extending gains, up about 1.5%, amongst other markets that are open. kospi up almost 2%. australia's a.s.x. is up over 1.5%. stocks on wall street rising, the fourth day they've done so on relief that credit markets will free up and companies and consumers would start spending again. and the in currency market, the movement, euro surged more than 1% against the dollar and the yen, and it's holding on to those gains this morning here in asia at 76.78 for the yen. well, in other news, the swiss banking giant, u.b.s., it says may have lost around $2 billion because of unauthorized trading by but its traders in its

investment bank. kweku adoboli was arrested in london on suspicion of fraud. shares of u.b.s. fell by nearly 11%, and the company warned it could make a loss in the third quarter of this year. our business editor has the story. >> new entrants to the hall of fame or hall of shame. a trader from u.b.s. is alleged to have racked up unauthorized losses of 1.3 billion pounds. hours after u.b.s. uncovered the eye-watering loss, mr. adoboli was arrested. >> at 1:00 a.m. this morning, the police were contacted by u.b.s. about an allegation of fraud by one of their employees. and at 3:30 a.m., detectives from air force arrested the 31-year-old man on suspicion of fraud because abuse of position. here at u.b.s., this sprawling network of offices in the heart of the city of london is where the alleged rogue trader

worked. for the latest three-month period, it's not the money, but the embarrassment that is likely to prove most painful, because this is a bank that after the great crash of 2008 claims it was taking much, much less risk. u.b.s. was among the banks last hurt by the crisis, incuring losses of more than 35 billion pounds. bailed out by the swiss government, it changed its management and the way it does business. so what went wrong? >> you can put in these technological systems that limit how much people can trade, but in the end, the problem is, if you're employing intelligent people and they want to get round the system, there is a chance they will find a way. that is why what's needed is a moral compass from the top of the organization. >> so if it turns out that kweku adoboli is a big-time rogue trared, how would his loss of 1.3 billion pounds rank against other rogue traders? the biggest loss ever was

racked up in 2008 by the french dealer of societe generale. that's rather more than the 827 million pound loss of britain's most famous rogue trader, who destroyed the venr venerable bank. after keivel was arrested in france, there was pressure on banks to tighten up their scrutiny of traders. so, if that hasn't worked, what might? >> unless you separate out that wild west casino operation from the world of banking and have it by ordinary men and women in the high street and ordinary businesses, we're in real trouble, and that's what the banking commission proposed earlier this week, and that's why we've got to implement that report as fast as possible. >> this is how u.b.s. likes to see itself, a virtuoso in the global world of banking. it's been humiliated by the alleged attempt to forge a solo career by one of its bankers.

>> and now over to you. you've got the latest on events in libya. >> the british prime minister, david cameron, and the french president, nicolas sarkozy, received hero's welcomes when they flew into libya on thursday to talk with the country's new acting government. they promised to help finish the job of bringing peace to the country and said the nato mission would continue until pro-gaddafi forces had been completed. our correspondent, andrew harding, reports. >> it's not quite mission accomplished, but the leaders arrived here today and tried to celebrate. >> a very good day for us. we are very proud to be here. >> britain played a role when i'm very proud of, but in the end, this is what the libyans did themselves, and i want to con great them and work out how to help them as they rebuild their country. >> a helicopter ride into the heart of tripoli, the tightest security and the country still at war with colonel good --

gaddafi's dwindling band of loyalists. >> the adulation here. it's genuine. without nato air support, they know their unlikely revolution would have stumbled. some of the injured will now come to british hospitals, part of a much bigger plan to nudge oil-rich libya. on the streets of tripoli, they're still keen for outside help. >> it's not from england and france, use it to help us. >> it's from the beginning, and i hope they continue helping us until we get to normal. >> it's seven years now since

tony blair first came here to try to bring colonel gaddafi in from the cold. >> today this feels like a completely different country. there's still plenty of political instability. but in many ways, this is a country that is stabilizing every day. >> what i see is impressive. this is people who want to take the lead, and it's very important that we help them rather than try and lecture them. swapping gifts with the libyan team now trying to fill the political vacuum. there were strong hints that britain and france might be rewarded with oil by a grateful nation. mr. sarkozy insisted there was no hidden agenda, and mr. cameron stressed that libya's war is not over. a thaw work isn't finished yet. there are still parts of libya

under gaddafi control, and the message i think to gaddafi and all those still holding arms on his behalf is it is over. give up. the mercenaries should go home. >> no sign of that, though. fighting today intensifying around gaddafi's hometown. his loyalists could still destabilize libya. and yet, in benghazi this afternoon, it felt like a victory parade. >> colonel gaddafi said he would hunt you down like rats, but you showed the courage of lions, and we salute your courage. >> benghazi! >> a triumphant moment in libya's messy end game. andrew harding, bbc news, tripoli. >> you're watching "newsday" on

the bbc still to come on the program -- talking business. hundreds gather at the chinese coastal resort for the final day of the world economic forum. >> and the news in denmark has the country gets its first female prime minister. >> rescue teams in south wales are still trying to reach four miners trapped near nearly 300 feet below ground in the swansi valley. it's thought the men became trapped in a section of the mine. our correspondent, jordan davis, is at the mine with the very latest for us. >> i'm outside the access road. it's more of the same here, a steady stream of emergency service vehicles, heavy-duty american. their beds laden with bumping equipment because that's the nib of the problem. they need to remove this water from the mine, from the shaft.

the hope is that the men are experienced enough to make their way to higher ground. the mineshaft has been described to me like the london underground. the miners walk in and walk back out, and the water has collected in a certain part of the mine that blocked access for these four men to get out. they're now underground. emergency services, and there are 50 emergency service personnel. they haven't made contact with these miners yet, but obviously everybody in the community a mile away down the road hopes they're experienced enough to make it out. we hear that there hasn't been much of enough data. we're going to get more news in the morning. but at the moment, everyone's waited with baited breath. i've spent all night in this close-knit community. quite an impressive effort of

solidarity, people bringing cakes and a lot of baking going on in south wales at the moment. it's something to behold. the hope is these men can be brought out safely. >> jordan davis, thanks very much. we will be monitoring that, and i will be tweeting about it when we get more information. >> this is "newsday." >> our headlines this hour -- stock markets around the world have risen sharply in response to the prospect of coordinated action by central banks to help the world's financial system. >> british prime minister david cameron and french president nicolas sarkozy have received a hero's welcome on a visit to libya. >> the u.s. military says it believes it has killed the head of al qaeda's operations in pakistan.

a missile apparently fired from a drone is thought to have hit the saudi national living near the border with afghanistan. and in afghanistan, nato says it has captured two men involved in the major assault on kabul earlier this week. one of them is said to be a member of the pakistan-based hakani network. to tell us what this means, i'm joined mr. drexler. if news of the death is verified, how much of a setback is his death and these arrests to al qaeda's operation from pakistan and its links to taliban? >> well, the death is significant, because he was considered one of the top al qaeda leaders in the region, perhaps one of the top five or 10 leaders in the region. the chief of their pakistan, the former bodyguard of bin laden and also a close associate of the other top al qaeda leadership, so certainly it's significant, put we have to put it in perspective, which is that it's simply another one

of these high-profile killer captures that will degrade al qaeda over time. but i think there's still a long way to go. >> the pakistani foreign ministry had a defensive comment from u.s. defense secretary leon panetta that suggested they weren't doing enough. are relations still strained? >> relations are strained, and it goes back to pakistan. it goes back to the death of osama bin laden in pakistan, and those are really just two of the most recent issues. in fact, relations have been strained for some time. the fact is secretary panetta's statements really reflect the accurate relationship. it reflects the relationship well, which is one where pakistan continues to support the network, allows them safe haven from which they project into afghanistan, and as the recent attack in kabul demonstrated, have the ability to carry out pretty significant attacks, even though they

failed to kill a large number of u.s. or coalition forces. >> and indeed, the death, along with osama bin laden's earlier this year, seems to suggest the american military is making progress in the so-called war against terror. what's changed from before? is it intelligence perhaps? >> well, there's a number of things. number one, a true presence underground helps generate intelligence that is used to go after these guys. there's been a tremendous increase in intelligence, surveillance, and reconnaissance assets in the region, as we sort of wound down from iraq. a lot of assets have transferred over to afghanistan. but also, an increase in special forces presence in the region, as well as the c.i.a. presence. all of this really helps to generate better intelligence and better execution of these sorts of raids. see that going forward, but as we've seen from al qaeda and other groups in the past 10 years, they are resilient, and

it's really going to take, i think, some sustained effort in order to really degrade these networks. >> and you think they're going to be doing a lot more in intelligence ahead of troop withdrawals from afghanistan? >> well, i think we'll continue at the current paces. you know, these operations take time. they take resources. they take planning. and there's been a tremendous increase already over the past several years. i don't know how much more we can be doing, but certainly it's going to be a very important part of the mission as we go forward, especially as we plan to have less troops in the region. >> thanks forethat, jeffrey drexler from washington's institute for the study of war. now let's get more now from the state of the global economy. 1,500 international, political, and business leaders are gathering in a chinese coastal resort for the final day of the world economic forum, known as the summer davos. it's one of the biggest global

business gatherings in asia. we'll have more on this now. i'm joined in china by our correspondent. what have you got for us? >> well, it is called the world economic forum, but what's really making waves here are comments made by the chinese premier about the importance of democracy and political reform. of course, he's one of the few really only top chinese leaders to talk consistently about this message that he does this at select times, to select people, for analysis of that very interesting speech, i'm joined now by a longtime china watcher. mr. shell, what do you -- what can you make of what the premier had to say? >> well, these are significant issues. i mean, social justice, empathy with the people, and he is the spokesman really for the government, who most easily have bonded with the aspirations of ordinary people. so i think this was a closed

door meeting, although the transcript was released with western leaders, and i think in saying some of the things he said about democrat race, the rule of law, social justice, corruption, i think there's a bit of a legacy building going on here. we'll soon have a new government in china, and so i think this is the way that premier, who's known as uncle here in china, wants to be remembered. >> he's been in power for 10 years. very few of the things he talks about have been implemented. so is it responsible for him to be talking it up as he's about to leave essentially? >> well, i think you have to remember that when a chinese leader seeks democracy or elections at lower level, they're not meaning exactly what people in the west imagined those words to mean. this is a much more sort of controlled exercise of democracy, because, after all,

even marxist and lenin has a notion of democracy. it's just not the western notion of democracy. >> so what do you think is the significance of these remarks? >> i think that, in this meeting with western c.e.o.'s, he's very mindful to remind them that this sort of thing, which is quite a large concern abroad in the west, has not gone unforgotten. indeed, the government is extremely concerned about issues like social injustice and corruption. i think this is not a signal that the chinese government is about to change course in any meaningful way. but it is a reminder that this is something that they do worry about, they're concerned about. what they do about it, of course, is entirely different question. >> he has a reputation as a reformer. does he have any support within the top leadership to expect some of these changes that he is talking about? >> wen is very much not only

known for his interest in reform, of all the high political leaders in china, he emphasized the need for political reform most ardently. but there are people in the government who do support him. but the government right now is extremely cautious. and i don't think in the waning hours of their years in power we'll see any major new initiatives set. but we will see legacy building , each leader will want to be remembered for something, and that is what he's concerned with now. >> perhaps we have to wait for the new generation. but for now, thank you. sharon will continue to bring up updates from the world economic forum. lots being discussed here. >> thanks for that. in other news -- syrian activists have come up with a list of members of their national council, which is aimed at organizing and giving

a public state to protest against president assad. the activists have been meeting in istanbul and turkey, but said more than half the members were in syria. their names haven't been revealed to protect their security. it's now six months since the protests began. at least 250 people have been killed in a bomb attack in northwest pakistan. police say the device went off during the funeral of a local tribal elder in a village in the lower region. the villages were pro-government and had formed an anti-taliban militia. and now denmark is to get its first female prime minister. >> you're right, helle thorning-schmidt has claimed victory in a close battle after a decade in opposition. campaigning was dominated by the economy with the governs coalition accused of failing to promote enough economic growth. thomas buch-andersen reports

from copenhagen. >> denmark's social democratic leader, helle thorning-schmidt, has claimed victory. mr. thorning-schmidt is now set to become the next prime minister and the first woman to hold the post in denmark after defeating the liberal prime minister. the economy dominated campaigning with mrs. thorning-schmidt putting forward plans for tax increases and a rise in public spending. although the prime prime minister was considered to have done well to see denmark through the financial crisis, its economic rebound is considered to have been sluggish and disappointing. as the election results became clear, mr. rasmussen acknowledged his coalition had lost its decade-long hold on power. he told his supporters he had telephoned mr. thorning-schmidt to congratulate her. mr. thorning-schmidt has vowed that, as prime minister, she

will roll back some of the elements of denmark's tough immigration laws. the victory of the red bloc means the end of an era in which a center government has to rely on the votes of the right-wing populist people's party, which used its weight to push for tighter border controls and stem the flow of asylum seekers. thomas buch-andersen. >> you've been watching "newsday." >> just trying to give you a quick reminder of our main news, and that is that global markets have reacted positively after five central banks said that they will help support commercial banks exposed to european debt. the banks will provide extra loans in u.s. dollars to commercial banks to make sure they have enough funds available to repay debt on time. well, from singapore and from myself in london, thank you very much for watching "bbc world news." there is, of course, more on

our website. >> 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.

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