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tv   World Business Today  CNN  February 28, 2012 1:00am-2:00am PST

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midnight edition of "piers morgan tonight." i'm zane verge i in london. four people have already been killed across the country today. activists also say that nearly half of monday's death toll of 144 were killed when they tried to flee shelling. meanwhile, the e.u. imposed sanctions on syria, including freezing the assets of seven syrian ministers. one student dead and others wounded after a gunman opened fire in the state of ohio at a
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school. the gun was found at the scene. witnesses say lane walked up to a group of students sitting in the cafeteria and opened fire. the latest polls put republican presidential frontrunners mitt romney and rick santorum in a dead heat going into today's primaries. both candidates have made a final push in michigan. the second contest is in arizona. michigan is a vital test of romney since he was born and raised there and his father served as governor. "world business today" starts now. good morning from cnn london. i'm nina dell santos. >> good afternoon from cnn hong kong. i'm andrew stevens. welcome to "world business today." the top stories this tuesday, february 28th. asia chief explains the latest
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results and tells us where the growth is. >> the world conference, not -- his latest company's weapon against apple and google. >> it was wall street's gordon gecko who famously said greed is good. the actor who played him now has a very different message. first up, though, we start with the news just in to cnn in the last half hour or so. we knew it was coming but it serves as another reminder that greece's troubles are far from over. in the last half an hour, the ecb suspended the use of -- as collateral. what this move means is it comes with the debt swap begins and exchange you'll see investors kiss goodbye to 70% of their holdings in real term. in the meantime, what we've had a standard & poor's deciding to become the first of the big three credit rating agencies to relegate grooez to a selective
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default rating. the agency hit out -- the so-called essf with a negative outlook. today's votes of low confidence coincides with yesterday's parliamentary vote to approve a second crucial bailout for athens. overwhelming in favor of a deal that will see them paying out morph any other country. it marks a victory for angela merkel as well as other champions of the eurozone. in europe, investors are fairly optimistic this tuesday with all of the the major markets trading into the green an hour into the session. it's only the athens general index suffering to the tune of .4%. not surprising about the collateral changes of eecb. not surprising given the fact that this country is in selective default, andrew. >> the optimism you mention
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there, it was evident here. in the asian markets as well. take a look at this. three green arrows. australia down by a tenth of 1%. to give you an idea of what's happening in the market. pretty much from the start, it's continued to climb for most of the day. now, helping the mood here is what happened in the u.s. overnight. better than expected u.s. housing numbers. when we get good numbers on u.s. housing, that is important. as we all know, the housing sector has been the epicenter of the problems with the u.s. economy. an uplift in housing numbers certainly spells good news for the broader u.s. economy which in turn spells good news for the big exporting economies around this part of the world. one stocky want to focus in on in hong kong is the biggest stock on the market. also listed in hong kong. it was the worst performer on
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the hang seng index in a day when the hang seng was up 1.6%. down by .6 of 1%. that came after the bank share price 2.5% in london following the expected earnings for 2011. underlying profits at hsbc came in at $17.7 billion. that was down 6% on the previous year despite a strong performance in the emerging market. now, hsbc's urging markets in the u.s. were considerably lower than had been expected. now, with growth slowing down in the key market, questions are being asked about the performance and earlier today spoke to the asia pacific ceo and despite the disappoint numbers, he's encouraged by the bank's performance. >> these are a set of good results under very unusual circumstance, very challenging economic background, you have the eurozone debt crisis, the
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u.s. not performing as well as the economy. i think that these are reasonable sets of results. >> how concerned are you about china's slowdown affecting hsbc? >> well, actually, our performance in china has been great in 2011. our profits went up by 230%. as far as china's economy is concerned, what we see is that the inflation pressure is coming down to about 2% and we see that the -- relaxing. the reserve ratio. so that it will pump more liquidity into the economy. >> which countries have been the best growth prospects in your opinion? >> this one is still going to be asia. we have six key markets, also hong kong that we focus on. malaysia, the pbt went up by 32% in 2011. indonesia is 18. singapore is 14.
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china is 230. indeer is 20 and australia is 19. the growth profit is doing -- >> i want to think about your ceo, he received an annual bonus of $3.4 million last year. that's half of what he earned the year before. in tough times, you think it's right that bankers are earning these sorts of bonuses? >> well, these compensation are subject to very close scrutiny of the board, of the remuneration board and also the close scrutiny of fsa. it passed both hurdles. you think it's okay. >> hoping to cut can annual cost of $3.5 billion to reshape hsbc. what is he planning on doing? >> i think we have already had 19 disposals released $50 billion worth of assets. these disposals also take off a
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lot of sustainable costs. and we will continue to do that because we have a lot of restructuring costs. the numbers don't look too well. once we have the restructuring costs out of the way and also at the same time we have some of the notable items out of the way, i think we're going to achieve the higher end of the 2.5 to $3.5 billion by the end of 2013. >> 2011 was an extremely tough year for the banking industry. what is your forecast for 2012? >> for 2012, the asia gdp is going to be 6.9% and the euro is going to be 0 and the u.s. about 1.5. if europe continues to stabilize and u.s. continue the unemployment rate continues to come down, i think that the year is going to be all right. but it's not going to be anything fantastic.
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>> it's interesting, nina, anna asking about that bonus. the bank failed to hit one of its own key targets on cost restraints. there was an efficiency ratio. one of the reasons it failed to hit that was because of rising wages in countries like china. we'll hear much more of this. the wage moving sharply higher in the emerging markets now and it's the big businesses like hsbc, plus the big manufacturers who have to pay the high costs that will eat into its own efficiency target. that's a story we'll continue to follow here just how difficult it is for the companies to continue the big margins, profit margins in the emerging markets. >> the payment is also surprising given the fact that the predecessors left on a cloud of controversy after he was paid what was considered at the time an exorbitant amount of money. the situation does seem to be history repeating itself,
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andrew. let's talk about the markets. u.s. investors had plenty to consider on monday's session between a better than expected housing report, the debt crisis in europe and the crucial rising oil prices. >> the combination of market cues and numbers, how did they set stocks on fire monday in awful the major industry -- the dow closed one point lower at 12,981 after once again pushing through that crucial psyche lonl cal level of 13,000 in earlier trading. remember, that's the third day so far in the last week and a half that we've seen the dow flirting that kind of territory and coming back down afterwards. focusing in on the technology, nasdaq, two points and we saw at the end of trade, the other markets doing not that bad either as well. nevertheless, the markets looked set for gains when trading sets under way on tuesday's session.
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let's look at how things stand, about five hours from now. they're up .4% taking cues from here in europe. we'll see if we can hold on to the momentum and when trading begins, andrew, that's anybody's guess. >> yes. when u.s. futures are looking like that -- for japan, the futures were bleak. when we come back, we'll have all the details of the bankruptcy filing. the biggest for a japanese manufacturer since the second world war.
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hello and welcome back. you're watching "world business today." it is the biggest bankruptcy protection filing by a japanese manufacturer since world war ii. japan's biggest memory chip maker admits it can't dig itself out of its mountain of debt.
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all told, that's more than $5.5 billion. the last chance came and went on monday as an 11th hour rescue deal failed to come through. randy inocencio has been following the story. what pushed that over the cliff? >> the fundamental reason is darwinian. failed to adapt to the tech industry and headed towards reorganization. but if that fails, it will head the way of the dodo. the president there, admitted in a news conference yesterday with a deep bow to the cameras and his shareholders. their common d. ram memory chips that make our computers and smart chips work. that's hurt them. they're just about $1. it's down more than 50% from this time last year. while prices have fallen, the japanese yen strengthened.
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it's risen more than 30% against the u.s. dollar and that's walloped them when it sent the earnings back to overaes markets. the drama unfolds in this five-year share chart for he will pid a. in 2007, the ram prices started falling. then in 200, the share price plunged more than 90% during the global financial crisis. in 2010, it got a $1.7 billion bailout. that lifted its share price just a bit. but in april 2010, elpida gains reversed course after reported $21 million in network for the entire 2010 fiscal year. not to mention last year's floods in thailand. that was pretty much the last straw. from the 2007 high to just before elpida's bankruptcy filing announcement, that was a loves 94% in the last five
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years. the company will be d listed from the tokyo stock exchange on march 28th. andrew? this is no small player in the industry either, is it, ram i? it accounts for 12% of the global market in d ram. what does the loss of a company like elpida mean for the chip making industry? >> one company's loss is another company's gain. in this case, many companies actually stand to gain from the demise of elpida. south korea's jumped. jam sung is, the world's number one chip maker. closed up 1.2% in seoul. and the number two, that jumped nearly 7%. earlier today, rating's agency fitch forecasted this as well as samsung would gain market share now that a key competitor is out of the race. with the fall of elpida in japan, others fell too. that's on fears that a strong
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end will hurt their bottom lines. add van tus corporation was down. micron jumped more than 7.5%. this is the world's fourth largest chip maker and may be looking to buy one or more of elpida's manufacturing plants of course at a discount. the creditors of elpida can minimize loss. thanks for joining us on the demise of elpida. nina, the japanese invented the ram technology. as we've seen with other technology they've invented, it's been overtaken by other countries. the taiwanese threw the chip makers out of the water. it's a depressing scene in japan. with the rising yen, that makes it even harder. >> yeah. companies like for instance,
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sony, liolympus, toyota. in the headlines for all the wrong reasons, the companies that we grew up with as leaders in the world of technology. coming up next, we'll be talking about ancient history, sunken treasure, half a billion dollars worth of it at the bottom of the sea. we'll tell you how it got there and whose pockets it's going into. that's just ahead here on cnn. [ male announcer ] what if you had thermal night-vision goggles,
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you're watching "world business today" live here on cnn. police in london dismantled the occupy london campsite. one of the longest running protest sites in the so-called occupy movement which swept the globe. activists that said that hundreds of police x some of them in riot gear, arrived at the en compment around midnight local team and took down tents. one activist told cnn that the police had been met with peaceful resistance but there were still 20 arrests made. london was given permission to clear the site late last night after there was an eviction appeal. let's bring you breaking news coming into to cnn on the subject of syria and the journal i..ists there. we're learning that the british journalist paul conroy is now safe and sound in lebanon after being smuggled out of the syrian city of homs. this is according to diplomat. let's put this into context.
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this was the cameraman who was accompanying the now late american born journalist marie colvin who has since died in that mortar attack on homs earlier on last week. so this is the british photojournalist paul conroy is safe and sound in lebanon according to a diplomatic source after being smuggled out of homs. there was a lot of concern about his welfare because he's injured and in need of medical treatment. andrew? >> consider the tens of thousands still trapped in cities like homs with essentially no medical assistance. no real hope of getting out, at least in the near term. let's switch now to the weather. ivanka brer a is standing by with more on that. ivan, you've been looking at people in the southern part of australia trapped by rain. >> too much rain. we're talking about places that
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will reach their entire rainfall this week. i'll share with you the satellite perspective. the radar and some of the tallies here. particularly, south australia getting in on this. look at this. 55 millimeters since sunday. already surpassing their monthly average. we're going to continue to add to that over the next couple of days, as the boundary will be stuck here. look at some of the tallies in and around victoria, very impressive here. upwards of 12 to millimeters of water that caused significant flooding because the water has come down so quickly, we have had flash flooding. folks have not had too much time to be warned here and we've had rescues that have been under way. the emergency services have received hundreds of calls from folks that need some assistance down south as a result of this trough here that's not going to be going anywhere. look at the explosion of thunderstorm activity. very impressive. the radar showing rain everywhere in australia here. but primarily concentrated across the south and the east.
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that's where we're talking about the potential for additional flooding. the ground is already saturated in many areas here. we're going to exacerbate the situation here. look at this strip of moisture here. just concentrated in the same area. this is in the next 48 hours. we're not moving this system here. it's going to remain in place and so the shower and thunderstorm activity will continue. now, this is going to be a daytime heating situation. the trough is there. but we're going to need the daytime heat to get the thunderstorms going here. during the evening, overnight hours we quiet down and during the afternoon we pop the showers and storms once again. some of them, again, will be locally heavy. producing that potential for flooding. this continues, andrew, through the later part of the week. cannot catch a break here in australia. the cotton growers have had a significant go of it here as a result of the very flooded situation that started off here in 2012. more rain, although, this time it's shifted further to the
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south. >> it's interesting how that primary industry, things like cot torso important to the australian economy still. ivan cabrera at the world weather center. as the price of oil hovers near a nine-month high, middle eastern supplies, what's being done to prevent an oil shock. we'll bring you that in a moment. @ j@
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hong kong, i'm andrew stephens. >> i'm nina del santos at cnn london. welcome back to "world business today." let's see what's going on on the european stock markets. about 90 minutes into the trading session. second trading day of the week and this is how we stand. largely, well, it's a positive picture especially across the eurozone market. only slightly. a gain of a quarter of 1%. the can you remember ant is being boosted by boosted on talks that gm may take a stake in the french car maker. we're keenly watching that on "world business today." we're also watching the athens general index, losing half of 1%. this is mainly because this
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country is relegated to selective default and the ecb decided to temporarily suspend taking greek bonds as collateral as the famous private sector involvement swap now starts. andrew? >> here in asia, nina, it was a pretty strong day, actually. the key markets were higher. the investors basically reacting to bit of an unexpected numbers from the u.s. housing picture. shanghai up by a fifth of 1% reversing yesterday's losses. the nikkei, as you see nearly up by one. australia slipping marginally into the red, nina. >> as you can see, not a huge amount of movement for the stock markets on either side of the planet this tuesday. however the commodities market have been painting a different picture of late. the rising price of oil is continuing to be a concern because of the concern -- and also to hamper some of the signs of life that we're seeing in the united states. this is how the main new york
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mercantile exchange, crude oil contractor is trading right now. as you can see, it's down to the tune of .2 of 1%. this is where the price of crude, the main european contract is standing at the moment. this is often a little more indicative of the state of the market internationally. while one is down, this one is up. just marginally. six cents on the dollar. $123.35. remaining higher than nynex. we often see that spread $10 to $12. it's a little more pronounced, andrew. >> absolutely. present is the one to watch, nin. as we've been saying, it's sensitive to developments such as the supply concerns in the gulf that have arisen along with the tensions between the ws and iran in recent months. this is how much brent has gained up by almost 10%.
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remember, we're not yet in march. worries over iranian threats to oim shipments through the straits of hormuz have pulled prices lower. becoming evermore uncertain as the price of oil continues to rise. now, in the united states, that economic uncertainty that we were hearing about is one of the reasons the republican party is backing a controversial new oil pipeline. the proposed keystone xl oil line from canada to the u.s. gulf coast was stopped by the obama administration last month. but now the company appears to have won a partial victory with plans to build part of the pipeline linking oklahoma with refineries in texas. now, supporters of the project say it will create jobs and deliver cheaper oil. opponents say the transport is expensive and very environmentally damaging to
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produce. it may even increase the price of petrol in the u.s. midwest, nina. this is a topic that's raging at the moment. >> it certainly is one we'll be watching on "world business today." in fact, later on today, andrew, i'm off to biodiesel plants that a lot of taxi drivers are using to mitigate the effects of oil prices. interesting story to watch here on "world business today." talking about the hacking scandal, there have been new allegations in the phone hacking inquiry in the united kingdom over the last few days. the former deputy prime minister, prescott have said the police could have covered up an extent of the scandal. he said when the inquiry went on, there was a conspiracy to hide the facts when his own phone was hacked. deputy assistant police commissioner also testified that journalists from the sun newspaper made payments not just to police officers here but also to a whole network of corrupt
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officials. news international which employs -- which owns the tabloid responded that the practices no longer exist at the newspaper. in the meantime, the singer charlotte church and her parents stand to be paid nearly a million dollars by news international. the settlement is by the largest of its kind since the scandal broke. it seems church is not entirely satisfied. take a listen. >> nothing more from an actual -- you would think that to explain their actions. in my opinion, they are not sorry or are they sorry they got caught. >> the famous singer speaking earlier. her family's attorney says that the payment was bigger because both church and her parents were targeted starting as of when she was a teenager, andrew. >> nina, still ahead on the show, it's been at the tail end of the smartphone market in
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recent years. nokia is ready to reclaim its position as a mobile must have. do shareholders agree with that? we'll tell you in a moment.
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if it's fresh and mobile, it's probably on display in barcelona this week. around 60,000 people are expected to pass through the annual mobile world congress in the capital during the event. it's one of the top technology events in the entire planet. every company, as you'd expect, is hoping to come away with the biggest buck. welcome back. you're watching "world business today" live on cnn. one company that's been sadly lacking in the buzzword is a company that used to be the biggest name in the mobile market. but in recent times, nokia has taken a hit. the finnish phone maker has failed to come up with a phone
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thrive als the samsung to giants of the smartphone era. it has another operating system. the ios system of apple and -- the nokia was forced to ax thousands of jobs last year and expects to cut another 4,000 this year. no surprise that its share price has taken a tumble, nina. >> it really has indeed. in fact being andrew, the trajectory of the share points over the past couple of years has been pretty grim. let me show you this in terms of the graphic and it illustrates the company's stock price. peaks back in april of 2010. at that time, it's trading at more than 11 euros a share. compare that to back here in august 2011. as you can see that figure had fallen to just about three euros and 42 cents a share. at that point, it had a real plunge. at the end of this year is where it's trading today. basically at its lowest
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throughout this period. what we see is that nokia over the course of the last two or three years has lost more than 50% of the total market value. who would have expected that? >> amazing, isn't it? despite a past couple of years, to put it mildly, the ceo says the company is ready to reclaim its place as a market leader. we caught up with him at the world congress in barcelona and got a dplims of the latest weapon that nokia is planning to deploy in its battle for market share. >> not often do you hear people gasping at the mobile world congress when somebody announces. but there were gas ps this morning. >> for a number of reasons, actually. the first is because we're accelerating the speedo owe when they see our fourth device, they'll see our fifth, sixth and seventh product. when we introduce the nokia 808 with a 41 mega pixel camera.
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>> say that again. >> 41 mega pixel. it's impressive. what's more impressive is the technology that allows you to work with an image that size. this device, before we came on, we took your picture with it. what you're actually able to do is zoom in, we can zoom right in, for example and get a high resolution image of your left eye. >> not just my face but my left eye. >> it shows that consumers will be able to work with the pictures and fill them up to facebook or whatever they like do with the images. >> let's talk about a phone fits into that strategy. you're partway through this massive change. is this the one that puts nokia back in front? >> it is emblem attic of the type of differentiation we intend to introduce. we believe one of the primary purposes of a smartphone is to
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help people capture and relive their lives. take the picture, make the recording, keep track their lives, organize all of that information and that's something we're focused on as one of the key different shea tors across our products. by introducing it here, we've said here's the new high bar for this experience and you should see that on other devices and platforms in time. >> are we going to see that on the microphone nokia? >> we haven't said what or when, but it will be on other platforms. >> won't say for windows. >> won't say precisely. this is the os of the future. will sim byian disappear? >> we'll sell less and less of them. we'll support it through 2016. for the smartphone line, the this is our future. >> where are you on the road to recovery at nokia? >> we're right in the heart of transition, right in the middle of it. transitioning and restructuring and making all of these big
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changes. yet, at the same time, you stand up at mobile world congress and say, look at what we're delivering, look at the new products. you can see the activity behind us. this is the strongest presence we've had at mobile world congress in years. the booth is jammed. nokia is coming back strong with great products but we have a lot of work to do and we respect that. steven out there, head of nokia, interesting. look and sounding upbeat. but if you look at the reaction of nokia stock after the announcement of new models, the stock was down another 6% nina. >> it all hinges on what's in the product pipeline. between you and me, confusing a phone with a camera, i don't know. even if it does have 41,000 mega pixels, still not sure about that personally. let's bring you breaking news outside of the realm of business news. we return to the situation in syria. we have news that the other wounded journalist who was
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wounded in the same attack that killed the american born journalist marie colvin and the french photojournalist. we're talking -- we have sources according to the syrian opposition sources saying that she is also now safe in lebanon having been smuggled out of the city of homs. this is according to reuters news agency reporting this as well. you may remember that 20 minutes ago we told you that the british journalist paul conroy of the sunday times, a photographer accompanying marie colvin on her expedition to homs was also safe and well in lebanon according to diplomats following his case and also the case of buf yea out there. he is safe in lebanon. she is safe in lebanon according to these sources. both of these two requiring urgent medical attention. there was concerns about their well-being if they were continuing to be stuck in homs because they weren't able to be treated the way they should be and receive the necessary medical a teng.
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they're both safe and well according to reuters news agency. still to come, gordon gecko becomes something of a chameleon. find out why he's trading in his greedy disposition. please stay with us. for my arthritis, i use
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new capzasin quick relief gel. (announcer) starts working on contact and at the nerve level. to block pain for hours. new capzasin, takes the pain out of arthritis.
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welcome back live from cnn hong kong and london. you're watching "world business today." >> the poster boy for college
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drop outs around the world but bill gates is urging today's young people mott to follow his example. answering questions from cnn, our reporter is the billion tech boss said that education offers much more than intellectual stimulation. >> i hadn't gone to college at all, just gone off to be a software developer at age 17. i think there's a lot i would have missed. i'm bill gates, co-chairman of the bill and melinda gates foundation. >> in a day like today when so many people are struggling with money, do you think the college experience is really worth it when i can get a job right now or pursue another passion in life? >> i think a college education is still a great investment in yourself. it's a time when you can broaden your horizons, spend time with other smart curious people and so it's possible to spend four years in college, i'd encourage everybody to do it.
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i think it's not just the economic benefit that you have that degree, it also helps you to be a lot broader. >> the less privilege but don't have the -- lack of skills. >> in terms of helping people out all of us can volunteer, all of us can find a local service organization and provide whatever skills we have to them. small amounts of money in local organizes can make a difference. mentoring kids, going into schools and helping to teach. a variety of ways that people can contribute to their community is almost endless. even if you're at a stage where you're not able to contribute financingly, your voice can make a big difference. >> it is my understanding that many of the problems in developing nations stem from the fact of lack of education. what are your thought and what
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is the gates doing to uplift the dpirls and women in developing nations, particularly in the field of education? >> you're absolutely right that education is right up there with having enough food and having help. particularly, helping women get educated. our foundation is involved in health and agriculture, primarily. certainly, if you don't get enough to eat, you'll never develop your brain properly. if you're subject to diarrhea and ma llarimalaria, you'll suf lifelong defects. we try to reduce the burden of malaria and increase the amount of nutrition which are enabling factors and then we're not directly involved in funding education, but we do create that basis and other donors are specialists in that area. >> good morning, mr. gates. i'm in south africa. i'd like to know what can be
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done to empower young africans in farming and making them aware of the importance of farming. >> there are huge opportunities to improve productivity in african farming. there needs to be better government systems, better infrastructure to help out with that. but the dominant job in africa is farming. so that's why, whether you care about nutrition, you care about kids being able to allowed to go to school, you've got to help improve all these agricultural activities as a top priority. bill gates there. a man whose philanthropy is well-documented. certainly giving back some of the billions that he has created over the years. not everyone is quite so charitable. bill gate. nick gleason, who brought bearings bank down. there was this man. >> 20 years, ladies and
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gentlemen, that greed for lack of a better word is good. greed is right. remember that? >> what a difference a financial crisis makes. now the man who whose most celebrated role reveals all that was bad about wall street, has a new message. greed is not good. michael douglas is trading off the notoriety of his oscar winning creation by helping out the fbi -- >> i'm michael douglas, in the movie wall street i played a greedy corporate executive who cheated to profit while innocent investors lost their savings. the movie was fiction. but the problem is real. our economy is increasingly dependent on the success and integrity of the financial markets. if a deal looks too good to be true, it probably is. >> here's the thing.
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it ad comes as the fbi says it's having a blockbuster year in arrests and convictions for white collar crime. michael douglas there. certainly not a man short of a bobble or two himself. give or take a couple of the devious film choices. all of that money, of course, very well-earned. >> my subjected me to the sequel of wall street the other day. one of the highlights of that production was the fact that our well-known colleague, ali velshi is part of the film and several cameo appearances. he's rather good. let's move on. it sound like the stuff of legend. a battle over sunken treasure. a half billion dollars worth of coins from a spanish warship that went down two centuries ago. as al goodman reports, all of this though, is absolutely true. >> treasure from the deep, gold and silver coins worth an estimated $500 million. they lay at the bottom of the atlantic for two centuries.
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but have finally reached spain, the country they were destined for all those years ago. >> it's been recovered. it can be enjoyed by as much people as possible. it will be dis -- does this mean it will be distributed to many museums? not necessarily. >> it left peru in 1804, stopped in uruguay and was near spain when it was attacked. it sunk with its cargo. 200 sailors and civilians died. five years ago, a florida company found the treasure, laid clap claim to the coins. but spain won a long legal battle to recover the coins. spanish officials can't show off the coins just yet. they have to catalog, restore and preserve the collection minted long ago in latin
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america. only 200 coins and 13,000 silver ones have been restored so far. >> there are a lot of coins. something like 600,000. there's a smaller number of gold coins and they're very bright and gold. shiny and attractive. >> james gould, a washington maritime lawyer who defended spain's claim to the treasure is one of the few who have seen and held it. >> it's a strong message that looting historical sites, whether on land or, in this case, underwater, is not permit. that the government of spain will take strong action. >> the treasure is here in spain's culture ministry in the custody of paramilitary civil guards. it could be months or longer before the public gets to see it. al goodman, cnn, madrid. a new thing given the price of gold these days. the coins could be worth plenty
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more. that's it for this edition of "world business today." i'm nina del santos in cnn london. i'm andrew stevens at cnn hong kong. nina and i will be back joined by ali velshi. we'll be looking at the impact of the ever rising gas prices on the economy and the u.s. indeed around the world the next few days. join us, wbt, for more on that. we have the opening bell from wall street in a few hours from now. bye. ask me.
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