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tv   World Business Today  CNN  April 26, 2011 4:00am-5:00am EDT

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legendary broadcaster sir david frost. not only has he interviewed prince charles, princess diana was the godmother to his youngest child. and he'll share his view of the next generation of the royal family tomorrow night. that's all from london tonight. but be sure to join us all week from london. now here's "ac 360." hi, i'm zainer ha verjee at in london. herer the headlines at london. syria is drawing international condemnation. 25 people have reportedly been killed since government troops raided the up to of dahrar. the u.s. is also considering new sanctions against syria's government. more bloodshed in libya. in misrata, moammar gadhafi's forces have opened fire on
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civilians in the neighborhood. dozens have been killed. the united nations panel assured the sri lankan government and government panel may have committed war crimes during the decades long war. the military shelled civilians in fire zones and rebels used civilians as human shields. those are the headlines. i'm zain verjee. "world business today" starts right now. welcome to "world business today." good morning from cnn london. i'm chorlz hodson. >> good afternoon from cnn hong kong. i'm andrew stevens. the top stories this april 26th. supercharged china, look at the reasons why the international monetary fund says it will be the world's biggest economy in just five years. netflix doubles its money by
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snapping up another 3 million subscribers. plus a king's ransom for a royal wedding. who's paying the princely sum for all that pomp and ceremony. okay, let's take you straight to the european stock markets, open again, have been for an hour and two minutes after a long easter weekend as far as the uk is concerned. not a tremendous amount of movement so far. we did see some selling at the open. we are moving up again up about 0.25 across the board on average. interesting as we look at the zurich smi number, that's leading the pack up by 0.3%. there are earnings to report out of switzerland, the country's biggest bank ubs posted an 18% decline in first quarter profit. however, the company stock has been rising by about 5%, so those results did beat expectations so that's one factor driving the smi up a
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little bit further than the other major markets. have a look at the global currencies against the u.s. dollar, obviously the bigger picture here is one of continued dollar weakness. we have seen the euro all the way up above 1.46, well above 1.46, coming back down below 1.46, on remarks by the acv president jean-claude trihet saying the world is interested in the dollar going strong. the japanese yen 81.74. andrew? charles, in the asia-pacific region australia was the only major exception in a day of losses here. the hang seng here in hong kong fell early on tuesday, largely on resources and property plays. the nikkei and japan suffering once again thanks to the strong yen's impact on exporters. let's look at the numbers now, the nikkei down just 0.1%
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yesterday, adding to the losses we saw from the strength of the yen. here in hong kong the mark of closing 0.5% lower, trading just in the last half an hour or so now, shanghai now bucking the trend s&p 0.9%. nintendo, the game's giant reporting annual earnings down by nearly 0.6 monday after the bell and the stock subsequently went south in trading today down more than 1.5%, down nearly 4.5 on the nasdaq, despite the successor to the wii console next year. rival sony announced plans for two tablet computers this year that will run google's android operating system. there was also another factor behind the nikkei's losses today, japanese
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automakers have taken a big hit, in march toyota and nissan saw productivity halve compared to the previously year. standard & poor's cuts the outlook and it may hurt the financial performance for the current fiscal year. charles? over on wall street, there's been a mixed session after the long weekend, that was monday of course. investors are on alert ahead of a news conference with the federal reserve chairman ben bernanke on wednesday. that's going to be licensed to pretty closely. here is how things looked at the close. the dow and the s&p 500 both in the red by about 0.5%. the nasdaq up by again 0.5%. >> charles, interesting headline
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grabbing story, the age of american dominance could be coming sooner than expected. the international monetary fund indicates china may take over as the world's pbiggest economy in five years. rami, that's a much shorter time period than most have been expecting. >> that's right, according to the imf forecast china could overtake the u.s. to become the biggest by 2016. some called for 2030 or as late as 2050. the new forecast for the chinese and u.s. economies based on purchasing power parity, a way of comparing what people earn and spend in real times. the imf says china's economy will grow from $11.2 trillion this year to in 2016 to $19 trillion, that's the growth of
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about $8 trillion in total, meantime the u.s., that is forecast to go from about $15.2 trillion in 2011, in 2016 supposed to go up to $18.8 trillion, only about $3.5 trillion there. what does that mean as part of the world economy? by 2016, while china would be responsible for 18% of total world output, and that would likely keep rising, the u.s. for its part would only account for 17.7% of total world output. remember it was last year that china overtook japan as the world's second largest economy. if the imf forecast holds it would be a great economic leap forward for china, going from number three to number one and toppling the u.s. in six years. >> extraordinary spate when you look at it that way, rami. there are different dates floating around for when china will become the number bun. it doesn't seem any doubt of will but when. how credible is the 2016
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deadline from the imf. they're talking about purchasing power parity. >> they're talking about that. i did speak with frederick newman, hsbc's director of research, 2016 is a credible time frame and there are other ways and better ways to measure economies. the imf did use purchasing power parity. let's take a listen. >> one is to measure economies output in u.s. dollar terms, not in ppp terms as cmif does, purchasing power that households have but to look at it in u.s. dollar terms. here it would take longer for the chinese economy to overtake the u.s., probably 20, 25 or thereabouts, when we see finally china coming close to the u.s. that's a better gauge for international purchasing power. but the other relevant measures
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per capita income and that's ultimately what everybody really counts on, and per capita income will take a long time in china to catch up with u.s. proper perity. >> neumann said china would take overtake the u.s. in the 2040s or 2050s. regardless it's not a question of if but when and we will be talking about this again and again until it does. >> we certainly will and the way it's going it will happen earlier at the moment. it's interesting, charles. every time we talk about china statistics everybody looks at them with a little bit of suspicion. you can't argue against the trend, can you? >> well, yes. definitely not. here is something that underlines all of that, andrew. there's more evidence of china's immense economic might. according to sources cited by "the financial times" a chinese
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wealth form, an investment fund will get $200 billion as beijing tries to cut its poex easterneur to u.s. debt. it's called excessive so it's diverting funds elsewhere. right now there are three more days until prince william and kate middleton say i do. i imagine they will anyway, it will be a huge day with huge crowds, selling out huge money to get there. more on the tourism bump and the last-minute preparations just ahead. bathing suits! shorts! tanktops! [ female announcer ] grab a box of multigrain cheerios. get a code to... ...a 7 day plan to get going on your summer weight loss. get the box. get the code. get started! when i got my medicare card, i realized i needed an aarp... medicare supplement insurance card, too.
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now this has been a rare sight in recent days the price of gold heading south after slashing a series of records. down nearly $4, a quarter of a percent, just above the $1,500
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threshold. silver also down today by about 1.2%. welcome back to "world business today." andrew? charles, if you, not you particularly but any of the viewers have been debating making the trip from the u.s. to britain for the royal wedding, let me help you make your decision for you. first, it's worth knowing about 600,000 others there be flying in for the occasion so hotels are understandably at a premium. the cheapest rates quoted on the websites of some hotels are as follows. the dorchester five stars offers rooms at $620. the savoie asking $805, the ritz, you can get one at a shade over $1,000, $1,024. and then there's the cost of actually getting there, the fare. frankly probably helps if you're royalty when you look at the current prices, return trip from new york with british airways will set you back about $1,400,
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that includes fees and taxes. that's about $450 more than if you booked your flights last month. if you want to travel first class for example here is what the price is $18,200, that's excluding taxes and fees. indeed, charles, the rich are different, they probably wouldn't give it a second thought. >> no doubt, a flea bite to them. i think must be more than that for a lot of people. it is going to be a busy place indeed for london, lots of people coming in for the wedding. i imagine they haven't all paid those huge air fares and we're not just talking guests. monita rajpal joins us from the crowds. it is fairly early in the morning in london. i imagine there's starting to be a bit of a buzz. >> reporter: there's definitely a buzz. may not be from the crowds
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getting ready for the royal wedding but a buzz when it comes to the media as well. last-minute preparations, the setup for the media to broadcast to the world as we see kate middleton getting out of her car and into westminster abbey, cameras broadcasting live and people milling about. there is a line up outside westminster abbey as there usually is for people to get a last-minute look inside the abbey. we understand the flowers will be delivered today. we're not sure if the bride will be here but as we've been saying she has taken full control of this wedding in terms of all of the details and the plans. fingers crossed we're hoping she'll make an appearance and hoping to catch a glimpz of the bride-to-be. there are lots of people coming in and there is certainly a buzz around the city. you see lots of drove closures. past hyde park there are people
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getting things set up for the big screens. they're estimating some 200,000 will be at hyde park taking in the wedding on the big screens. charles? >> well if you're like me and not fond of crowds but perfectly happy with your own television screen and therefore you're leaving london for the rest of the week, i imagine there must be a lot of people in my camp, won't there be? >> reporter: there are lots of people apparently coming in but lots of people leaving london. it is a bank holiday friday and surveys found millions are leaving the city, many people leaving the country, happy they got the day off. the portuguese coast is one of the most popular destinations, bookings are up 90% from the same time last year, 90% and for british visitors the average cost of a portugal vacation has fallen 28% so that's good news. malta is another attractive destination, sales up 22% from 2010 and there are malaga, the
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greek island of rhodes and turkey, 40% cheaper for british travelers than last year. people are taking great advantage of this long break they're getting. charles? >> okay, well obviously it's nice that places like portugal, which i certainly enjoy are costing less as far as we brits are concerned. what about the wedding itself? clearly it is going to of course be a glamorous affair. one wonders who is going to pay for it all. >> reporter: you got to imagine all the costs from obviously the logistics of putting something like this together, of course the we hadding it self. the royal family will be paying for the bulk of the bill but the middletons themselves are paying a contribution, everything from the dress to the dinner, someone has to pay for it. at a time when many are watching their wallets, how much will the royals pay for this wedding and how does it compare to those in the past? emily ruben crunches those numbers.
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>> reporter: it's the wedding of the decade, if not the century. will it have a price tag to match? as the dress of course, the flowers, the cake or cakes, and this being a royal affair, the carriages, the orchestra, the footmen. then there's the food, 10,000 canopes, exclusive dinner, nothing cheap. >> $1.2 to $2 million, aside from the wedding costing a lot, the security angle of this, but for those things. a small reception the buckingham palace buffet, 600 people, drinking grape champagne, good wine, fabulous canopes, probably in the palace, anything from 80 pounds a head. >> reporter: it's the bride's parents who traditionally pay, the middletons are sharing the wedding costs with the royal family but the taxpayer is picking up the rest of the bill,
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for the street decorations, stewarding and biggest cost, policing, $16 million says the government. if you believe reports in the british press, the total could be anything from $82 million to $163 million. buckingham palace doesn't comment on the cost of royal weddings but says those figures are wildly inaccurate. the bride and groom won't have to pay venue hire and the palace is used to the cost of catering, carriage and footmen are significantly reduced. figures for previous weddings are hard to confirm. one estimate put that cost of 1981 at $49 million. >> they're sensitive to the current economic climate the royal couple says. i would say to them do that with caution. although times are tough, this is the british royal family. this is the future king of england. she if all goes well is going to be producing future kings and
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queens of england. this is a huge, huge occasion, not just for us, but for people all over the world. >> reporter: even if the costs rise to tens of millions of dollars that amount will be dwarfed by what businesses could lose. the government estimates the loss to businesses to be around $5 billion to be because of the bank holiday. a small price to pay. emily ruben, cnn london. >> there you have it, money coming in, in terms of tourism and money going out in lost productivity and wedding costs. we have to wait awhile until we know the real bottom line. at the end of the day it's a celebration for the country. it's probably win/win charles. >> indeed. you were mentioning the huge amounts media organizations including ours are paying to cover all of this, that's a big element. monita live outside westminster abbey, a few days
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the big wedding taking place. there's much more ahead on the royal nuptials later this hour, the news photographer who covers the royal family for a living, how he gets the best shot on the big day and why it matters. we'll look at the media frenzy surrounding the wedding, which country is giving the event the most air time. it might surprise you. andrew? you're watching "world business today." ahead another fight brewing between the american football players and team owners. stay with us.
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welcome back. this is "world business today." now, it may not be a global game yet but more eyes than ever before are focused on netflix, the home entertainment innovator has more subscribers than the largest cable tv operator in the u.s. and it's still growing fast. on monday netflix posted
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impressive earnings after the bell. first quarter profits rose from $32 million this time last year to $60.2 million for the first three months of 2011, a rise of 88%, largely to the company's booming subscriber base. if you look at this, more than 70% up from last year, it stands at $23 million in the u.s. alone and that which you believe is 7% of the overall u.s. population. the company is launched in canada, signaling its international aspirations as well. it's not just about the company's growth. it's seeing impressive growth in the share price. look at this, they've rocketed over the past 12 months, up more than 184%. one note of caution however, netflix stock did fall 5% in evening trade monday after the company posted a weaker than
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expected outlook for the second quarter. there's little doubt this certainly the way it's growing at the moment is going to stay a company to watch. >> indeed. okay, definitely impressive like you said before, you can't beat the trend. american football is a contact sport on the field and lately it's been a contact sport off the field as well. players and team owners are deadlocked over sharing their own news. team owners take $1 billion off of the revenues. players get 60% of what's left and want more. star players can earn millions each year the median player earns $790,000 a year, average lasting four years. candy reid gives us a closer look. >> team owners and players are unable to agree how to divide more than $9 billion in annual
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revenue. of course both sides want a bigger slice of the pie and after weeks of labored negotiations neither was willing to compromise enough and so the owners imposed a lockout on america's most popular sport last month. but on monday u.s. district judge susan richard nelson issued a preliminary injunction on the lockout saying it wasn't in the interest of a wide range of people not just the league's employers and employees. but the nfl promptly announced they were requesting a stay and were appealing the ruling. this is a statement from the envelope's senior vice president of public relations. "we believe that federal law bars injunctions in labor disputes. we also believe this dispute will inevitably end with a collective bargaining agreement, which would be in the best interest is of players, clubs and fans. we can reach a fair agreement only if we continue negotiations toward that goal." should there be no stay of apeel, the nfl would have to begin normal offseason procedures. if the league is granted a stay
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a lockout will continue until the appeal process has been resolved. >> candy reid there. don't forget the other people who pay a price, stadium workers, receptionists, one football club, the new york jets announced all business site employees would have to take one week of unpaid leave each month during any lockout. we're going to take a break. stay with us. "world business today" in hong kong and london continues after this.
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welcome back to "world business today." i'm andrew stevens in hong kong. >> i'm charles hobson in london.
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in europe we are 92 minutes into the post trading day since the extended easter break for several markets. here's where they stand at the moment. fairly quiet picture. we did see selling. we are looking at a reasonable amount of gains here. we had been looking at perhaps gains of around about a quarter of a percent, but we're looking now at something more like about a third to 0.4% with the zurich smi up by 0.5% on the back of gains of the ubs despite the fact results were not as good for the same quarter last year, andrew. charles, a different picture in the asia-pacific, most of the markets falling across the region today. the hang seng fell earlier in the day. resources and property plays bringing the index down, the nikkei back down once again, easter monday by by 0.1%, the
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losses accelerating today on the back of the stronger yen, which of course hurts the exporters which are a big part of the nikkei. shanghai down almost 1%, australia bucking the trend up by 0.9%. in the united states a bit of a mixed bag on monday. the end of the sex the dow and s&p, the broader index in the red. the nasdaq up by a fifth of 1%. three days to go before the royal wedding of westminster abbey. monita rodge pal, probably the most secure place in london by friday monday. i can't imagine the amount of security that's going to go into the preparations from here on in. >> reporter: yeah that's the hope at least this will be the most secure place on friday. just want to give you a look there, the bus is going by. just beyond you can see a truck
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there with lots of scaffolding and piping there. the police have been going through each and every single piece to make sure there's no suspicious items within those pipes in it. just to give you an idea of how secure this place needs to be for the royal wedding on friday, a huge operation for a security perspective. we understand there's 5,000 police officers that will be on duty, some thousands of military guards that will also be part of the procession and aligning the procession route. that gives you one idea of just how huge security and how important security will be for this event because at the echbd the day end of the day it is a royal event and national event and dignitaries around the world will be here and they need to make sure this will be a safe place for them to be. andrew? >> yes, i'm sure you saw the photographers down there as well taking snaps of the security
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people in action. you know the media presence there can only be building as well, monita. >> reporter: you bet. there are some reports indicating some,000 broadcasters and journalists are here. we're in one of the setups, a five-tiered setup down there you'll have lots of the domestic uk broadcasters and below me and here as well they'll start their live broadcasts and transmissions as the north american eastern time zone gets up in the morning. this is what you'll see a small example. you're seeing lots of reporters as well throughout the city, cameramen throughout the city trying to get a glimpse of the city and get an idea and the energy of the city as well. if you love endless media coverage, like those of us here at cnn and specifically the
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royal wedding, there's no better place to be than the united states, surprisingly enough. a nielsen study shows america is providing a much higher share of kate and william coverage than britain, it's shocking. jeanne moos has the highs and lows of royal wedding media mania. >> reporter: if you'd rather say i don't than i do -- the massive coverage of the royal wedding, well it's too late. live from london. it's started. >> live from london on cbs. >> reporter: don't expect to be able to get the royal theme music -- ♪ -- out of your we had and don't expect weighty questions except for that. >> has kate middleton lost too much weight. >> reporter: expect anchors to be playing dressup. >> hello darling. you look fabulous. zbrr from masks to crowns. >> your prince awaits. >> reporter: to hats. >> we're sporting the ones we
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picked out >> this is piraty, too. >> potentially. >> reporter: one network has acquired an accent. >> from abc news. >> reporter: a british accent. >> live at the royal wedding. >> reporter: on an american network? >> share the moment, friday, live from london. >> reporter: wait a minute, that's a second network. by the end of the week will all american television sound like the bbc in. >> it's barbara walters with a special royal "20/20." find the most ridiculous souvenirs. >> there is a refrigerator, a commemorative refrigerator with will and kate on it. >> will and kate seat for your own throne. >> for 200 bucks a kate middleton statuette. >> the royal wedding sick back. >> the royal wedding souvenir of the day, today we have royal wedding underwear. >> reporter: with lines like "kate stole my husband." anchors found excitement
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everywhere. >> adoring hotel where the middleton family will be staying the night before the -- >> i have chills. >> reporter: some are downright chilly towards the wedding. >> do you think americans really give a -- >> i don't care. i don't care! >> reporter: we in the media could use a crash course on royalty. >> she was in the wedding of princess diana to princess charles. >> reporter: who are you calling a princess? jeanne moos, cnn. >> yes and i love you. >> reporter: new york. >> it's always good to see creativity going on there, monita. whoopi goldberg obviously no royalist. i suspect she's in the minority. what sort of numbers of viewers are expected on the big day? >> reporter: we're looking at approximately some 2 billion viewers worldwide, that's television viewers obviously worldwide here in britain, sorry
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here in london earlier some 200,000 people are expected to converge on hyde park where there will be big screens set up and trafalgar square as well, 20,000 people are expected to be watching this coverage. even my own mother says she's going to get up at 3:00 a.m. eastern time in toronto to watch the wedding, just to show you how excited people are. i think it's the idea that people are just excited about some good news these days. there's a lot of sad news out there right now, and people want to have something to celebrate so just to give you an idea this is why the numbers are so high. andrew? >> i'm sure and i guess so much still ahead, so many angles to this story, monita. >> reporter: yes, absolutely. there's so many angles. we'll talk about the security, of course last-minute planning, coming up on "world one" talking to sarah hayward, the esteemed wedding planners here, britain, talking to her about what we can expect for the last three days
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leading up to the big day. so many other things we can be talking about, talk about the horses as well that will be involved in this procession, of course the coach that kate will be traveling in when she leaves westminster abbey with her new husband, whether it's the 1902 state landeau or whether it's raining, you never know. it may be the glass coach princess diana took when she married prince charles. andrew? >> so all is going to be fascinating stuff. everybody loves tradition at the end of the day, don't they. you don't get much more tradition than the british royal family. thanks, monita. see you later. no royal event is complete of course without the paparazzi. we saw them taking shots earlier. since the death of princess diana who died in a car crash purr side by photographers, privacy laws have been made much stronger in britain, certainly much stronger than they are in the united states. in england there's a red carpet
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rule, if royals or other celebrities are at an official function, pictures can be snapped at will, but if it's a private function, pictures are off limits. british courts have backed this rule up in the past and the royal family has taken a tougher stance against paparazzi in recent years. photos of kate middleton playing tennis were kept out of the press after the royal family threatened legal action. the agency that took the photos had to apologize and then to pay damages. so certainly, charles, the media in britain pretty much know where they stand as far as what their do's and don'ts of snapping the royals. >> absolutely. within those limits for individual photographers and agencies the race is on to get the best royal shot. for decades queen elizabeth ii has been one of the most photographed royals in history, there she is and there's a new face on the scene, she's been giving all of the cameras a workout and that of course is
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the bride-to-be, the man who snapped both those pictures joins me now, kris jackson, award winning star photographer with getty images, shehe's gett royal photographer. what is the image you want to get on friday? >> westminster the pressure will be on. i literally have about 30 seconds to get that picture of them together as a married couple, and then the carriage will pull up in front of them and my moment will be gone. >> you've got a nice picture of them as an adoring soon-to-be married couple, we can have a look at that. >> absolutely. kate's amazing, very peaceful and glamorous and her confidence has grown since the first engagement picture. >> what i like about this image we're seeing is the humanity. she's loving, she's smiling and he's a little bit shy but my goodness looking at her fondly. >> absolutely, it's always, i'm
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always aiming to capture that natural shot, the humanity and something a little bit different, something that isn't staid and formal. >> one of the things that's given you a couple nice shots in the past is camilla, the wife the prince of wales, and she i mean what strikes me about the shots she's got she almost seems to be quite good at laughing at herself. there she is holding up a bag and in case you can't see what it says "i'm an old bag from deptford." of course not from there or an old bag as well. she's got a smile on her face. >> this sums up camilla's great sense of humor. she's very aware of the media and media savvy and looking in the right direction. >> the next one is closer to the knuckle by the way. well-known for her love of horses. there we are. that was very good, and i think she's laughing at everyone.
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i think this is great, isn't it? it's the humanity isn't it? >> a great sense of humor and people always laugh when they see this picture. it's not particularly flattering. she's got a great love of horses. >>. >> i'm sure the horse's mom wished he'd brushed his teeth. >> a bit of a breather. >> i wonder if prince charles, the prince of wales likes one or two of the shots you've taken. tongue in cheek. >> this is a little tongue and cheek, slightly unfortunate, the commonwealth heads of government meeting in uganda a few years ago, yes it was made one of the more unfortunate, but again quite -- >> let's get back to the happy couple, our eyes are going to linger on this image a lot over the next few weeks. you're going to be right outside westminster abbey. where are you going to be? >> there's a memorial outside
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the front of the gates of westminster abbey, so i'll be on that spot with a few other photographers and then we see the couple straight down the door as they first step out into the light so. >> you won't forget the images. what is worth it to them? they're probably paying good money for you to have that slot, about $1,500 changing hands for one of those positions for snappers. is it worth it? >> absolutely. we've got global customers on subscription around the world and those pictures winging their ways on the picture desks within minutes. it's a very important event for getty images. >> chris jackson, royal photographer with getty images thank you for joining me here. andrew? couple hundred years ago could have been treasonable with the pictures. when we come back, is the future burning bright for iraq's economy? it may depend on what lies beneath. stay with us.
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welcome back. iraq plans to drill deep to pump up its economy. in october, the country raised its assessment of proven oil reserves by almost 25%, now iraq plans to cash in. next january the country will auction 12 oil exploration zones to international companies. on the block of potential oil and gas fields in six southern provinces including basra and najaf. moving north, ninever and anbar. the auction will be the fourth such sale iraq has held. john nefteros is here with a closer look at the story. what is the big picture in terms of iraq's ambition as an oil
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producer. used to be a great deal picture than it is now. >> it is just coming of age. we're focused on the royal wedding. iraq is quietly becoming a major player. look at its aspirations, 2 million barrels a day, they want to increase that five-fold to 10 million barrels by 2017. that may be ambitious these are the aspirations and it's moving aggressively to that. the reserves are a heavyweight player. 153 billion barrels. this puts them in the league of saudi arabia in terms of production if they can get there by 2017. even if they can get there by 2020 it's very grand in terms of its scale. >> it's interesting, that would put them into the big league. there's a certain amount of bragging going on or sounds like bragging. maybe i shouldn't say it is bragging but sounds like bragging who has got the biggest reserves. >> a little bit of both. look at the top five oil reserve countries right now.
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no disputing it's saudi arabia at the top at $264 billion barrels. you have canada with the tar sands and oil sands at 175. the dispute is about iraq, we saw andrea introduc andrew intr you have iran at 137. ongoing dispute, who has more reserves in the future. rounding out the top five is kuwait. there's been a big test recently with the libyan production problems we've had in the east in particular and in sert as well. who has the reserves? there's an intense debate taking place. each country is responsible for their own calculations and how accurate are the calculations going forward. >> can one trust that with the corporate oil companies, have to submit filings to the security and exchange commission which have to be super right as we
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discovered with shell, with its history. >> these fields are interesting as well, almost like the united nations of the oil fields. you have the three ks, korea, kazhakstan and other producers in there, kuwait is in there, turkey, the malaysian producers, japanese producers as well as totalle, exxon mobil and shell. >> who is likely to win this auction? >> there will be a combination, consortium, the underlying story, iraq's put the screws to the producers, not paying them a lot because the cost of production is not high, this is fascinating. they want a piece in the future but not making as much as they would have ten years ago. >> andrew? charles still ahead a full recap the market action around the world and this new york cabbie didn't drive a hard bargain but he did endure a hard drive. we'll explain all just ahead.
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welcome back. you're watching "world business today." quick last look at the stock markets here in europe, and we can see the numbers there, looking at some gains. basically looking more like half a percent actually, about 0.4%, early blues, reasonably strong session. in london they're famously reluctant to take us south of the river, in hong kong a request to cross the harbor can seem like a request to cross the limb leahs. in new york there's no lengths cabbies won't go to, to keep their customers happy. this cabbie accepted a $5,000 fare to take a pair of improbable passengers all the way to los angeles.
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one of them an investment banker wanted to pay tribute to his father himself, a retired taxi driver and he was prepared to pay a little over $1.10 a kilometer to do so. compare that to another cab passenger making the headlines this week, ohio native income lass baccoire took a ride, unable to cough up the $7 fare requested by his driver. he offered to make payment in marijuana. he's now being found guilty of petty theft. charles? >> that idea went up in smoke. that's it for this edition of "world business today." i'm charles hob snon loson in l. >> i'm andrew stevens in hong kong. "world one" is next. -- captions by vitac --
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