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>> at shell we are supplying cleaner burning natural gas to generate electricity. it is also why we are partner in brazil. we are producing biofuels made from renewable sugar cane. >> a minute, mom. >> markets soar after the 100 billion euro bailout for spanish banks. emperor relief for the country where almost a quarter of people are out of work. who is next? -- temporary relief for the country. hello and welcome.

also coming up in the program, considered the most dangerous city in the world a few months ago, but now we're live inside mogadishu. a concentration camp survivor who is now making his own history by holding back. >> it's midday in london, 7:00 in the morning in washington, 1:00 in the afternoon in madrid, where markets are soaring off in the aftermath of the bailout for the spanish banking sector. despite crippling unemployment and continued recession, the spanish treasury has vowed to pursue its austerity and economic reforms and free from the conditions placed on other european countries. the biggest issues are the elections incr greece this sunday. i will speak to the chairman of the a athens chamber of commerce

and industry, in a moment. first, this. >> after the long downward slide, spanish stocks rose sharply, jumping 5% shortly after opening. roses of a troubled bank by 60%. increasing confidence by investors was also reflected elsewhere in europe. the frankfurt index rallied by 2%. it's sort of rise seen on other european stock markets. the trend had been heralded in asia, where the markets had also been anxious for about spain's financial position. the euro was rising on global markets, also. the weekend deal under which the euro zone ministers agreed to lend spain up to 100 billion euros to shore up the banks,

bringing relief for now, but one person out of four is out of work in spain. job-seekers in madrid called for help not just for the banks but for them, too, how far are the european rescues addressing the underlying economic problems? greece had two bailouts while private lenders also wrote off debt. portugal received a bailout it could not pay back. ireland had a property crash which plunged the economy into recession and it had a loan of 85 billion euros. the total bailout cost could already be more than 500 billion euros. this does not solve the underlying problem. still back to the euro, how do you get that operating properly? that means a movement toward proper fiscal and and and a proper road map for better

control. all this remains a big challenge for european policy makers. spain now getting thrown a lifeline, but still a question over whether greece stays in the euro zone with fresh elections looming. the crisis is not over. to speakgo to athens with the chairman of the city posted chamber of commerce and industry. does this seems fair to you? >> it goes to signify that this was never a greek problem. this is a european problem. the fourth largest economy within the european union. this was an economy that was running a surplus. this was also an economy, which in terms of its debt against against gdp, was in a much better positioned than

germany. this must be addressed by all political leaders. i do hope that we will have our own representatives that will emerge out of the election process which is taking place in the end of this week. >> what you are saying, constant sign, is that your deal should be renegotiated as a result of how spain is being treated? >> that would be respective of what happens to spain or what might happen to italy, portugal, spain. the economic recipe which has been implemented on greece over the last two and a half years has brought us in debt. we need to renegotiate those parts so that we can enhance growth and stimulate the economy. austerity upon austerity would not do the trick, as we have seen in spain. >> isn't the difference that spain had an economy which

works, because they collect taxes and people pay taxes? greece has a huge amount to do to turn into an economy which can actually fit inside something like the euro zone. >> the greek business community is suffering in terms of tax rates of 52%. even those able to pay their taxes, we don't have a mechanism that can guarantee the collection. this is exactly what we have been advocating over the last three years as representatives of the business community, to have a tax collection system similar to the one in the united states or the united kingdom. getting the revenues so we can guarantee the maximum return in terms of. tax of it is not a question of evasion when you have 52% total tax rates. on a rates. it is taxed sometimes as an

incentive because of a high level of taxes that the businesses are called upon to pay. when you have neighboring companies -- countries like bulgaria and cyprus with tax rates between 10% and 15%, it is atrocious to expect someone to pay 52%. tax evasion, i think. thanks very much for joining us on a program. businessk up with our representative with me now. reaction from the greeks. >> from the spanish point of view, it's unfair that the money can be given to spain and there does not need to be any conditions attached. we might get calls from ireland to renegotiate, and in greece.

angela merkel was willing to be the mainstay of this bailout. quite willing to accept the money should go to them. also, we may see conditions emerged as to how this money -- is it going to be used to recapitalize the banks, put in equity, creates a bad bank, taking all the bad assets off those banks? the question is how much closer do we get to some kind of resolution? or are we putting a band-aid on it? " this is a step in the right direction. it is as though the patient has started to take the medicine. this is the treatment for the moment, but not the cure. the sovereign crisis is a

systemic crisis, not a fundamental one. fixing parts of it will not fix the sovereign debt crisis. so contagion may spread or infect other areas and continue to weigh on the whole periphery states in the euro zone. >> airlines are suffering badly. >> oil prices have been really bad for the airlines. however, oil prices coming down sharply at the moment. there's a thought that a number of them may have a much better next year, next year. the beneficiaries over the last few years have been asia and middle eastern airlines. but the european airlines are forecast to have losses of over $1 billion this year. . -- in aggregate. >> a number of the bigger players are losing money. air france is undergoing a

pretty painful restructuring at the moment to try. to try. -- to try to counter that. business is tough. >> the other big thing airlines worry about is the carbon charges, to our being imposed by europe. it is some continents like asia, america complaining about the carbon charges being imposed on airlines. >> thank you for now. until a few months ago, mogadishu in somalia was considered the most dangerous city in the world, rocked by civil war and brutalized by attacks from. from -- from al-shabab. there have been several defectors.

gabriel day house has been traveling with them and is joining us now. >> i'm standing amidst the ruins of what used to being a hotel, the swank used hotel in mogadishu low before the country descended into civil war and chaos in the early 1990's. you can see what much of the city looks like. cafes are open with a man sitting in them and women going to markets and going to shops, shopping at stores, very busy scene. i saw some workmen filling in the bowls that you see in almost every building in this town. and other workman putting up a solar powered streetlights. there's a real sense there's some kind of momentum toward stability. many of the responsibility to the african union forces that pushed out al-shabab from the city last year and it is continuing to press them in central and southern somalia.

a spokesman for the african union forces was asked why he is succeeding where others have failed? >> i think it is because people trust us us and we have cooperation. we have demonstrated and they know they can believe this. also, people are tired of war. terrorism affects everybody. they cannot go about their business. so they need peace. this is the reason why there is peace. >> much of this operation is being paid for by the u.s., european union. what do you say to people who say this is a proxy war fought by ugandan soldiers?

>> [unintelligible] you have terrorist attacks in 2010. this war affects us as much as it affects everybody in the world. we're making our contribution. we believe in it. we believe we can change this country. >> the mall problem cannot just be solved by military victories alone. >> we don't need the military solution. this is the reason it is time for the military to get properly integrated. leaders must stand up and be counted. the country change for the better. >> thanks very much. a deadline of august 20 for many

things to happen. lots of pitfalls ahead, but the momentum feels like is heading toward stability. >> thank you very much. still to come, moving around london with an international footballer in the olympic host city. a rare letter in english by napoleon bonaparte has been sold at $400,000 at auction in france. it offers a window into the mind of the french emperor, struggling with the language. it was addressed to the empres emperor's english teacher. >> sold at $405,000. far higher than expected and perhaps a measure of the letter

pose important. it is one of three examples of homework exercises if completed by napoleon while in exile on the south the atlantic island of st. helena, where he was held captive by the english. >> this is like an english exercise, written in vernacular english, very ordinary. at the end it is written, 4:00 in the morning. he wrote that in two hours and took. some time to took. maybe he was thinking everything he had done in his life and it is an emotional memory. napoleon had once dismissed england as the nation of shopkeepers. but in this letter written in 1816, he shows a rare degree of humility, pleading with his teacher to correct its mistakes. think napoleon despised england. on the contrary, he had an

admiration for english history and traditions and regulations and its rules. napoleon had a fervent admiration for england. but at that moment of history, french interests were different from english ones. >> the document is now the property of the french museum of letters and manuscripts, preserving the possibility that it will someday be put on display. bbc news reporting. >> this is gmt from "bbc world news. are headlines, markets around the world rise sharply in response to the bailout of spain's beleaguered banks. the african union makes major gains in its battle against the islamist group al-shabab, which controls large parts of somalia. the french president francois hollande's socialist allies look set to merge with a majority.

he will likely push through his tax reforms. election saw a surge in support for a far-right group that wants to ditch the euro. the french love affair with friends of hollande still burns brightly. >> very much so. the french team will take. on the take. but last night the color was red. when you have the socialists, the green, a hard left altogether, they have a big enough majority to ensure that front of hollande can push through this tax-and-spend policy that he has set out, the growth strategy. this is the front page of the left-wing newspaper. he . . content.looks

they have control of the lower house, the national assembly, for the first time in 10 years. >> is he having to rely on the far left and the green? what influence will they have on his policies? but there's a second round next week. it's difficult as this moment to say what the exact tally will be. i don't think it's a problem for him working with the greens if that's the case. he may get a majority among the socialists iwithout any need for the greens. the concern is that he would need support from the hard left because they are anti- globalization and maybe against some of the cuts that he might have to force through. there will be pain. he has focused in the past few weeks about its growth strategy, that it has been marked by other european countries. he is made a pledge to brussels

and to the german chancellor that he will t reduce the will to 3% next year. that's impossible unless you raise taxes on middle-class and cut spending in certain areas. we don't know much about that at the moment. there's been fakeness through the presidential campaign and the parliamentary campaign. when it's over next week, then we might get the real story afterwards. >> thanks very much. the opening of the olympic games in london later this summer will mark not just the beginning of the sporting world pose the greatest festival but also the 40th anniversary of one of its darker moments, the munich games in 1972, palestinian gunmen murdered 11 members of the israeli team after infiltrating the olympic village and taking them hostage. among the israeli athletes to survive the attack was the world champion race walker, who had already survived the horrors of

nazi concentration camps. now at 76, he walks his own age in kilometers every year. seven met him in jerusalem. >> he keeps on walking. behind him like stories of records broken with concentration. camps concentration the munich olympics massacre. ahead, the challenges of the future, of walking his own age in kilometers every year. >> now at age 76, doing 76 kilometers, i don't anticipate any problem to finish. if i get to a much older age, that is another story. >> as a child, he survived the horrors of the holocaust. he remembers every day spent in the german concentration camps, the shadows of desk, and the

starvation. >> i remember being hungry, i remember the cold. we had been standing out to be counted for hours in the extreme cold and rain. years later, he was a member of guillotine attacked by palestinian gunmen. 11 israelis were murdered. is he and lucky to find himself so often in danger or lucky because he always comes through? and does it help to probe that question too deeply? >> i'm not a psychologist and i don't care. this is the way i behave. it is possible i was born with a certain collective.

maybe the circumstances have created the character in my behavior. this is the way i behave. >> something about that lonely determination. >> maybe. what is sure, to be a long- distance walker and long distance runner, you need to have determination. but there have been held scarce in his recent life, too. he came through. the man who says that he is just stubborn plans to what his age inclinometer's for years to come. it is a tough task, but who would bet against the great survivor? bbc news, jerusalem. >> staying with the london olympics, now just 46 days away, we've been asking people who have a special connection with the city what they love about it.

now growing underground with a french born cameroon in football player. >> i am benoit. i play soccer and this is my london. >> tell us why we are in canary wharf? and why do you use the tube instead of driving? >> it's not easy to travel quickly. in quickly >> what do you do on there? but generally i have my headphones to listen to music. i put my head down because i'm a little shy.

if you have to go to london, you stay in the same football world. you can forget that you have a nice life. but you don't when you see people while walking around. >> there have been big problems for london. were you surprised when there were the riots? >> i was surprised, because i go there maybe every two weeks.

i did not foresee the riots. >> when your family and your friends come to visit you in london, what is your favorite place to take them? >> a [unintelligible] restaurant. i go there before games and eat very well there. >> we will stay with sports in a few minutes. we will look at the euro 2012 championships. not in terms of the teams and players, but in terms of the gdp,. debt,,. we will speak with a professor who has professor whowho would

win of those -- with a professor who would win. spain is receiving a bailout and it could be worth up to 100 billion euros to help the country opposing beleaguered banks. you're watching gmt. that's all for us so far. bye. the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. and union bank. and shell. >> we believe the world needs a

broader mix of energies, that is why we are supplying cleaner burning natural gas, to generate electricity. it is also why, with our partner in brazil, shell is producing ethanol, a biofuel made from renewable sugar cane. >> a minute, mom. >> let's broaden the world's energy use. let's go. let's go. >>