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>> welcome to newsday on the bbc. >> the headlines this hour -- from bedroom to stock room, facebook is set for one of the biggest quotations in history. the allegations of torture against a family of an activist dean turn. >> a man once called china's most wanted fugitive has been given life in prison for running a multimillion-dollar smuggling operation. ♪ it's so good >> and tribute to the queen of disco. donna summer dies 863. >> drive -- donna summer dies at age 63. >> live from singapore. >> and from london.

>> hello and welcome been trading is expecting to be serious when facebook shares go on sale in new york leaater. no one yet knows whether facebook can actually generate a profit. >> it started as the facebook in 2004 as the brainchild of a harvard law student named mark zuckerber. it now has 900 million active users. they upload 3 million photos every day. but here is the most extraordinary figure. $104 billion -- the value now put on facebook. >> we are all here because of the people using facebook. >> this video has been shown to

potential investors for the last fortnight. the price has been raised. >> it was almost proven entirely by facebook. >> this man runs the world's biggest advertising business. but facebook will now be valued at six times the price the margin sold wpc. >> there are a lot of question marks. people looking at the growth of the commerce, internet and digital advertising, and coming to the conclusion that the future evaluation for the future revenues and profitability of facebook will be such to justify the $100 billion valuation. >> but if facebook is to justify its extraordinary price tag, the users will be vital. depending on them sharing more information and seeing more and more advertising as they

used the social network. even the company admits this will be a challenge. as more and more people use their phones to access their facebook, accessing a ad or a good idea may be more difficult. it knows your information and that kind of thing. i don't like. >> i don't really care for them. >> this week's decision by general motors to pull its advertising from facebook because it was not selling in a car's adds to the uncertainty. some investment firms are advising caution. >> we're telling our investors to hold off. number one, we don't know what the debts of the balance sheet of the company looks like yet. that is a big red flag for. we wonder understand it before we tell people to invest. >> but with small investors keen to get into the act, then comes the hard hit.

>> relatives have given detailed accounts of torture and retribution which they say they have suffered at the hands of chinese authority's. we have obtained the first interviews. the events sparked a diplomatic crisis between the u.s. and china. >> he is the blind human rights activist whose daring escapes into the arms of american diplomats put china and the u.s. at loggerheads. for 15 days, he had been under guard in a beijing hospital. he managed to flee his house arrest, alluding guards. first, he had to scale the walls of his house. he broke his foot. he hid in his neighbor's pig

sty. then he made his way to the river. he could not swim across. the guards on the bridge were asleep. then he was driven with his brothers helped to a town where he met activists who spirited him to beijing. this is the first interview with his brother. when the guards had discovered that chen had escaped, he had been seized and interrogated for three nights. >> they sat me in a chair, bound my feet with higher in chains, put my arms behind my back and handcuffed me. then they slapped my face and stamp my feet with their shoes. -- and stock might be put their shoes. >> by that time, chen was here anti-american in the sea. authorities -- chen was here

that the american embassy. both bodies were outraged. his wife says that enraged officials also attacked their 32-year-old son. >> so many people were beating him. his face was bleeding. his trousers were torn can he said, mom, i need to escape now appeared >> his son has been arrested and charged with attempted murder. his wife and two children remain confined in hospital. he told us by telephone today that he still cannot walker and his wife can only go outside with approval. -- he still cannot walk. his wife can only go outside with the approval. the issue that caused the crisis between america and crisis will have to be defused. he will have to leave role of this -- leave relatives at risk of further retribution appeared

>> the country's most wanted man is finally behind bars in china. >> that's right. a chinese court has convicted the country's one time most wanted man to life in prison. he was sentenced for his role in a vast smugly and bribery ring in the 1990's. he was extradited from canada to face trial. he was also ordered to be stripped of all his -- tell us how significant it is that this is a life sentence and not a death penalty. >> i think that is hugely significant. mr. li was the most wanted fugitive because he had left the country in 1999 and went to canada. he fought a lengthy extradition battle with china. he did not want to be turned to the country. he said, if he was returned to

the country, he may be tortured or executed. canadian officials got guarantees from chinese officials that, if he was found guilty, has has been done today, he would not be executed. that is the reason why we see a life imprisonment. at one point, the other officials involved in this case have been executed over their involvement. >> the fact that authorities acquiesced to canada's demands not to execute him, is this a one off? >> in many ways. the scale of the crime is difficult to say. but canada put the pressure on them. he was in canada for 12 years. china wanted him to return to the country. that happened last summer. i think they wanted to see this man behind bars. he was at the heart of one of

china's biggest smuggling rings in recent decades. it was worth $3 billion. i think authorities wanted to make an example of him. >> in other news -- u.n. secretary-general ban ki moon says that al qaeda is responsible for car bombs in kabul. they were the deadliest in damascus in the uprising against assad since 2011. and the trial of the former bosnian leader has been suspended. the hearing was halted to allow the defense more time to review

evidence from the prosecution. during their first cabinet meeting, their first main concern will be to tackle the european debt crisis. from austerity to growth. >> spain's economy has led moody's to downgrade 16 banks. shares fell sharply. >> there are uncomfortable sides in the banking crisis in the eurozone. yesterday, there was growing fears about the health of creek banks because they were withdrawing cash. some are technically bust. today, spanish banks, especially its savings bank, have worried investors. why? >> spain has a very serious

problem because it has had a big housing boom and now housing prices are still falling. the banks are loaded with bad debt. >> the fourth biggest bank fell almost 30% earlier today on reports that they were putting their money out. >> in spite of all the difficulties, if we are not complacent, we're on the right track and bring you a message of confidence. >> the spanish banks and the spanish parent are finding it more expensive to borrow over the fears of the big debt. tonight, the leading ratings agency downgraded spanish banks which is likely to further push up interest guards. the whole euro banking system was on the brink of catastrophe. >> in 2011, the conditions were

very dangerous. european bonds had the ability to fund themselves, to attain finance. we were very close to a collapse in the banking system in the europe area, which would have led to a collapse in the economy and to deflation and this was something that ecb could not accept. >> if your pet lurched back into crisis, eurozone banks businesses and people. the bank of england and treasury have developed contingency plans to protect british banks which would probably involve guaranteeing their debt. >> the british banks are very international. the british banking system is a very large portion of the economy, much more than other economies. if the government -- if the guarantee for those banks went cold, we are without doubt the most indebted country in the world. >> however much we in the u.k.

may congratulate ourselves for staying out of the eurozone, we cannot protect ourselves completely from the worst of the worst that happens over there. >> still to come, counting down to the dubin the -- to the jubilee. >> the torch is on its way to the u.k. following the handover from athens. >> a quick look at what is making front-page news around el paisld -- spain's denies that they have had a run on their funds. initial share offering is a few hours away.

the international health tribune says that jpmorgan chase is estimated at $3 billion loss. the "financial times" reports -- saudi arabia has banned all reporting agencies. and "the *" pays tribute to the queen of disco. donna summer has died at the age of 63. >> this is newsday on the bbc. >> facebook has set the price of its share offering, having a value of more than $100 billion. >> relatives of the blind chinese activist have given detailed accounts of the torture they claim they suffered at the

hands of chinese authorities. >> japan and australia has signed an agreement to share intelligence in the asia-pacific region. the deal comes as china's influence in the region grows. until now, japan had only shared information with the u.s., nato, and france. many would see the move as an attempt to contain china. >> this is not the first agreement. there have been other agreements between australia and japan. the u.s. has also increased its involvement in the region. it is pretty clear that this is how it will be construed by china, that this is an attempt to contain the military buildup by china in the region. >> what does this say about australia's ties with north asia? >> this is an interesting

question. china is australia's major trading partner. the australian economy has changed dramatically due to china's growth. there is shifting of wealth to the west and the rise of the mining economy and a tropical domestic base -- and a retractable domestic base and who is to benefit from it. >> you say china is australia's biggest trading partner. could australia look to find a similar pact with china perhaps? >> australia as part of the so- called u.s.-san francisco system

of treaties. so is south korea. australia has been an ally of the united states for about 60 years now. so has japan and south korea. now we can see that these other countries are developing close security cooperation between them. china is not part of that system. therefore, it seems to be somewhat confused. it is in a dilemma. it has to make a truce between its security relations and its economic relations -- a choice between its security relations and its economic relations. >> the torch is being flown to the u.k. before beginning a seven-week torch relay. the olympic torch will spend 70 days winding its way around the u.k. on its way to london for

the start of the games. it begins its 12,000 colonic journey this sunday in a southwesterly english county. >> in this beautiful corner of england, you find an independent spirit and in particular way of doing things. it relies heavily on visitors for its income. has appropriations -- as preparations continue, it is very good news for the hotel owners. the locals will tell you that this is about more than just good business. >> it is people talking about it. >> this is a freeman in the town and she works at the tourism information center. >> the rest of the world will actually see of the cornish people are, the traditions.

it is just a wonderful place to be. >> very proud. >> of cornwall. i traveled all over the world. there is no place like home. >> i meant lots of people here who share hazels enthusiasm for the torch relay. we mustn't forget that cornwall is one of the poorest regions in western europe. economic pressures are coming to bear at the moment. this is leading some frustrations with the olympics. >> our town is a mess. this is probably the best shot in town in cornwall. now look around. there are closed shops, a charity shops, nothing else. all the local businesses are gone. i believe that the money that is being spent on the olympic torch would be far better invested.

♪ >> the wild call is far from impressed. others in penzance are ready for the big day. >> we have trained professionally. we're thrilled and delighted. it rains and it is windy and it is coal that lands' end. some are wearing long johns and their costumes. -- under their costumes. >> olympic organizers have called the torch weatherproof. it will be put to the test. >> more than 1000 vessels will take part in the biggest flotilla as part of queen elizabeth's jubilee. >> it has been two days in which the people of the northwest of england have come out in their

tens of thousands to show their loyalties to the crown. on the current queens watch, support for the british monarchy has rarely fallen before 70% across six decades. they describe it as one of the most stable in decatur's they have ever encountered. -- stabled indicators they have ever encountered. inherited power and privilege -- here in lankershim, the flags and the crowds are out in force. just as they were when the queen last came here. it was 1955 and people were also wondering why austerity britain continued to embrace the royal family. >but the monarchy represented continuity among huge social change. ♪ among the crowds that there was ray clark.

he is back almost to the same spot 57 years later. >> looking to equal it anywhere in the world. we have got it. [laughter] the excitement of a fabulously wealthy and popular monarch is powerful. >> on top of the world. >> with bolts being tightened and as a global power moves from the west to east, britain shows greatness with more than wealth and positions. >> it is a posh place to come to our town. in the to her for influence. -- we look to her for in florence. >> of the monarchy may not make sense to many, but from

generation, it isrgy-efficien infused with mysticism. not everything has to be logical or rational. if we were to invent the waunakee now, -- if we were to invent the monarchy now, we're not taking yourself too seriously. there is a slice of pretend that finds the monarchy as an anachronism of a bygone age. but the same argument perhaps explains its popularity. it may not make sense, but it is ours. >> tributes have been paid to the singer donna summer who died in florida at the age of 63. we look back on her musical legacy. ♪ i feel good, i felt good,

but the good >> donna summer's soaring voice, this was 1977, the sound of the future. ♪ >> she started off defining an era with the track "i feel love" raising it to high energy. of course, now, it is the daddy of today's modern dance music. she was so influential. ♪ >> donna summer had learned to sing in a gospel choir. but they did not teacher this. ♪ love to love you baby >> she had meant giorgio broder while living in germany. -- giorgio moroder while living

in germany. >> i was tired of the whole sex image because it was not me and it was something i was playing it. it was a role, but it was not why was as a person. i always resented it. >> in the 1980's, she found god and love. many of her fans, comments about hiv and heard gave fans, she was later poisoned. >> i would not be standing here talking about music if it was not for a girl who sang "i feel love." >> 29 top 40 hits, the song that changed the world dance floors. donna summer, the queen of disco. >> thank you for watching.

>> make sense of international news at bbc.com/news. >> funding was made possible by the freeman foundation of new york, stowe, vt., and honolulu. newman's own foundation and union bank. >> this is kim about to feel one of his favorite sensations. at shell, we are developing more efficient fuels in countries like malaysia that can help us get the most from our energy resources. let's use energy more efficiently. let's go.

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