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

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hello, i'm monita rajpal. barack obama says it is not in america's national security interest to let such images become icons to rally opinion against the united states. the libyan city of misrata has once again come under siege by moammar gadhafi's forces. heavy shelling left five dead and dozens wounded. an aid ship coming into the port also got caught in the crossfire. no one on board was hurt. tepco, the company that owns the crippled fukushi ed fukushi plant has sent people inside the plant. the workers are installing air
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ducts for a ventilation system to reduce radiation levels. and american hiker released last year from iranian prison says she will not return to tehran. she suffers from depression and post traumatic stress disorder and that her symptoms would worsen if she returned. those are the headlines. i'm monita rajpal in london. "world business today" today starts right now. good morning from cnn london, i'm nina dos santos. >> and a very good afternoon from cnn hong kong, i'm andrew stephens. you're watching "world business today." the top stories this thursday, may 5th. the $10 billion man, ivan glassonburg joins the mega wealth club as he prepares to go public. sony publicly blames a
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massive data breach on the internet activists anonymous. plus, smaller, cheaper, faster. intel unveils its next generation microchip, packing a serious processing punch and what it says is the biggest breakthrough since the 1950s. so we've got a really busy show ahead for you today. plenty of economic activity taking place across europe as well. both the european central bank and bank of england are due to make interest rate announcements a little later on today. the ecb reports in about an hour and three-quarters from now. when it comes to the bank of england that will be in about three hours time from now. the ecb president looks to raise interest rates in yet another bid to tackle inflation. here in the uk, a series of local and national elections may impact the markets come friday. but more immediate is, of course, the release in the uk of
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the pm ixts data that will be coming out in about half an hour from now. this particular set of data is likely to claire fit economic outlook following data that showed manufacturing and construction activity slowed for the move april. we're set to hear news from new manufacturing orders right about now, we'll be keeping an eye on that and bring you those figures when we get them. plenty going on across the continent and that, of course, is having its effect on the markets. let's have a look at how the main four are trading at the moment. we have a little bit of a rebound going on, especially in places like germany. as i was just saying which is expecting economic data at the moment. the dax currently up about 0.3%, the ftse 100 after losing in excess of 1% yesterday, putting on a gain of 0.25%. cac 40, virtually flat in the smi. down just a smidgen at the
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moment. we go to france, reporting its figures just a day after paribas reported its profits yesterday. lloyds banking group here in the uk, very much in focus after reporting its first quarter net losses. those coming in at about $4 billion. this company was very much impacted by the fact that it was forced to repay clients who had missold insurance and put aside about $5.5 billion for that. the smi in zurich, that's one of the markets that's also falling today. swiss re came out with its first quarter figures today posting a net loss for that period equal to about $665 million. let's have a look at the global currencies in light of the interest rate decisions we're expecting to come out of the ecb later on and also the bank of england at 12 noon london time.
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the euro is trading at a 17-month high against the u.s. dollar, 1.4879 is where we spend. the japanese yen, 80.29 at the moment. andrew? nina, japan remains clouded too for the golden week holiday. it will open tomorrow, though. we'll get an idea of what the japanese investment community will make of the current concerns about the strength of the global economy. the hang seng in hong kong flat this afternoon. they came after a morning session dampened by weak housing figures from april. the hang seng down by about 0.25%. elsewhere, the markets coming back a little bit. there have been fairly heavy sell-offs in the recent days, particularly in china. the shanghai composite up by 0.25%. australia up by around about the same amount. there still are concerns about
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commodity prices which are dragging the resources stocks down. as you see in india, india's had a bad year to put it mildly as far as emerging markets are concerned as it wrestles with rising inflation there and the sensex off by another 1.25%. one of asia's best-known beer brands certainly losing its fizz today. san miguel share price plunging by almost 28.5% on the fi philippines exchange. a bond sale was priced at a steep discount compared to the recent price of san miguel. hence, the sharp sell-off today. nina? in the united states, stocks have that sinking feeling after disappointing reports in jobs and in the services sector.
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alison kosik wraps up the day's action on wall street. >> stocks ended lower as investors mold a weaker than expected reading on the u.s. job market. worries about economic growth overseas dragged on commodity prices as well with gold, silver, oil and energy shares as a whole losing ground. at the close, the dow lost as well as the nasdaq and s&p 500 tumbled. u.s. employers added 1 9,000 private sector jobs in april. that's about 20,000 short of what economists had been expecting. monthly gains have been holding around 200,000 since the beginning of the year. but analysts say that will only equate to modest declines in the jobless rate. stocks slid on bets the official government report on friday may be disappointing as well. meantime, the new reading on the service sector weakened in april. wall street had been expecting a modest increase. the service sector has been growing only slowly since the start of the year. economists are concerned about
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that if the contraction begin continues beyond one month, the economic recovery may be at serious risk. looking ahead to thursday, investors await figures on jobless claims and worker productivity as well as earnings from general motors and cvs caremark. that's a wrap of the day on wall street. i'm alison kosik in new york. it's a multibillion dollar commodity surround by speculation. spitzerland-base ed glencore is getting ready to go public. it's expected to have a market valuation that has traders talking for weeks. now, today's big number is no less than $61 billion, because this is the midpoint of the range that glencore bosses say the ipo is likely to be worth. that huge market cap has been built up largely thanks to the company's freedom from normal taxes and regulations. and it's that freedom that is set to end in a matter of weeks.
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but that won't unduly trouble the man at the top. this is the man that stands to benefit the most from glencore's public listing. its chief executive ivan dlasenberg. . he should profit $9.6 billion from the ipo, which will turn him into one of europe's richest men and put him in the number 64 slot on the list. interesting, nina, about glencore. not a lot is known about the company. it seems to be something to do with big commodity players, they tend to keep pretty much to themselves. glencore is not the only one based in switzerland either. it has 57,000 employees across 40 countries.
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its global significance can hardly be understated. let's take a look at the numbers to see just how it does make its money. in terms of international trade, glencore boasts impressive shares of several key commodities. at the top of the list with 23% is cobalt, a key ingredient in alloys used in industrial products. nearly a quarter of the metal available for cross-border shipment comes via the swiss trader. ferrochrome, that's an iron and chrome alloy, used in stainless steel production. glencore has a large stick in that as well. nickel, 14%, zinc 13%, copper, 10%, oil and grains also contribute to the company's burgeoning wealth. down here, small by glencore standards as far as dominating a
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market but these are huge markets. to have 3% of the oil market, nina, is indeed a big chunk. >> staggering figures, one can only imagine how much that is worth, andrew, when you take a look at the fact that oil prices are consistently hovering about $110 a barrel. let's change tack and move on to technology. the hackers responsible for compromising details of millions of sony customers might not be so 0 nong mouse now. that's what company bosses at the beleaguered electronics company reckoned. they uncover a file that appears to link the hacking collective known as anonymous to the breach that forced sony online game systems offline a couple weeks ago. they haven't yet produced any evidence connecting the group to the simultaneous playstation network breach. the filing question is apparently called, quote, anonymous and contains the words we are legion. that's thought to be a catch
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phrase among those anonymous activists. sony online entertainment sells subscription-based games and has a database of $24.6 million around the world. the sony play station network suffered around even bigger breach, that service allows users to play online and has up to 77 million people on its database. that's 101 million unhappy customers, not something sony can afford at a time like this. andrew? >> absolutely. it's coming for a welter of criticism about how it's dealt with this criticism, too. we'll stay with tricks for the moment. on the good news side, the tricks world is buzzing today about an announcement from intelling. it says it's created and will mass produce the first 3-d transistor. the 3-d trigate transistor will allow faster, more capable and efficient data processing for increasingly small devices such as smartphones and tablets.
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intel has a stranglehold on the pc chip market but has still to break significantly into the market for the smartphones. it's calling this the biggest breakthrough in chip technology since the 1950s. the idea is to replace the flat transistor design with a vertical one so that more transistors can be packed closer together. intel likens it to the space efficiency of a skyscraper compared to a flat building. the company says the 3-d device are much smaller, they're faster and use much less power than 2-did i transistors. >> the arms race in the computer markets seems to have died down. intel controls the vast majority of the computer market. your apple, hewlett-packard, dell computers all run intel chips. but intel, their investors, their partners have expressed a
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lot of concern about them just being nonexistent in smartphones and tablet which is is this h e hugely growing category. there's a british company called arm holdings that designs a lot of the chips used in cell phones and in tablets. and -- which is licensed by apple and samsung. all of these big hp and dell and all these big manufacturers that look to intel on the computer and server side. so intel is hoping, you know, they create this new technology, they have a big lead ahead of arm and qualcomm and all these other chipmakers that they can translate to mobile and have a chip for phones that is low power but also powerful. >> sony, a lot of buzz around the intel 3-d chip and intel very confident that it can establish a beach head in the
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mobile market. the shares finished 2% higher on thursday. intel gained almost 2% in the past year, thanks to an improving economy and increasing popularity of mobile devices. this is possibly a game changer for intel if they can indeed live up to the hype, intel could be taking off further from here, too. >> sounds like exciting stuff once you save up for a new laptop, eh? a disastrous weak, some precious metals are once again on the plus side. silver we should mention is still trading lower. this is after breaking the spell. it's currently at $38.76 an ounce, down on the day in araben trading. silver has suffered its biggest three-day drop since 1983. the metal had lost about 19% since april 29th. that was last friday. after being up by 57% for the
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year. but it wasn't alone. gold, copper, crude oil and some of the agricultural commodities like grains have stumble after near record bets on sky-high commodity prices in april. silver may be struggling but gold is starting to recover now from one of its rare wobbles. it's up just over 50 cents an ounce after a $25 plunge. that slump was apparently prompted by a "wall street journal" report that a leading hedge fund had sold most of its gold and silver holdings. but central banks around the world remain big gold bugs as the u.s. dollar continues to falter, mexico, they just bought 100 tons. coming up next, the wild weather continues in the united states. this time it's the water that's causing havoc. we'll have more on that just ahead. and we'll be taking you to mongolia, a country on the cusp of a resources boom that's led by a fan of genghis kahn and
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keith richards. plenty more to come on the show, just ahead. [ woman ] welcome back, jogging stroller. you've been stuck in the garage, while my sneezing and my itchy eyes took refuge from the dust in here and the pollen outside. but with 24-hour zyrtec®, i get prescription strength relief from my worst allergy symptoms. it's the brand allergists recommend most. ♪ lily and i are back on the road again. where we belong. with zyrtec®, i can love the air®.
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electric cnn in hong kong in london, welcome back to "world business today." many americans depend on agriculture for their livelihood. but that's being jeopardized in parts of the country by the fast rising mississippi river. crops have been damaged and there maybe more problems on the way. let's go to jen delgado at the cnn weather center with the latest on that. >> we'll be dealing with the flooding for the next several weeks ahead and potentially even through june, flooding so widespread, it's been happening right along the mississippi river as well as the ohio river and this graphic really showing you exactly all the problem areas in green. that is the area we're dealing with the flooding. you can see, it's hitting parts of kentucky, tennessee, arkansas as well as missouri, illinois, indiana. right in the heartland. this, of course, is very big
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with the farming industry. and let's go over to some video to give you an idea of what it looks like across this region. this is coming out of memphis. this is shelby county, aerial video showing you, it looks like an island there. this area very populated. they're dealing with the flooding there. as we take you over, we have more video. this is coming out of illinois. this ais an aerial video. thousands of people will be evacuated and we'll be dealing with the flooding for the next several weeks ahead. this graphic here, showing you where the flooding is. let's take you into the future. we'll show you problems with flooding going downstream as we go through the month of may. keep in mind it's early in may. may 6th, we can see it peaking around 15.2 meters. memphis, we're expecting it to peak there may 11th and may 20th, about 5 meters above flood
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stage. that's roughly about 18 feet. we're talking may 20th. it's not even going to reach the gulf of mexico until we hit the early month of june. the good news is, weather is fairly quiet right now. residents are getting a break from the heavier rainfall. we have a weak disturbance that will be moving through but it won't be able to tap into the gulf of mexico to pull that moisture that produced all that heavy rainfall that the area is just now trying to recover from. andrew? >> jen, thanks very much for that. he came from humble beginnings, now he's the president of a country. up next, mongolia's leader tells us about the economic potential of his country. well-being. we're all striving for it. purina cat chow helps you nurture it in your cat
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we have a few little problems there. so let's just pick up from what nina was saying. in mongolia, it may not seem like a place that's high on the average investors' list. some say it ought to be. the country that game birth to gaini genghis kahn, it's sitting on a treasure trove of natural resources that include copper, gold, coal and iron ore. now mongolia's leaders are hoping to raise $25 billion in foreign investment over the next five years to develop its mining industry and to raise its people's living standards. something else that may be surprising is that mongolia's president is a big fan of the rolling stones. tsakhia elbegdorj was one of the leaders of the peaceful revolution in 1990 that ended
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the country's communist rule. he's the son of a goat herder but he views himself as a son of genghis kahn. as he told stan grant, he sees the late u.s. president ronald reagan as a role model. >> there's another interesting book here. keith richards, "alive." . >> he's certainly a man of contrast, born a nomad, son of a goat herder and rock 'n' roll fanatic. tsakhia elbegdorj is indeed a modern leader, schooled in soviet euro russia but inspired by an american president, ronald reagan. >> when he talk about mr. gorbachev, tear down the wall, that gave us inspiration. >> reporter: he was part of the
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pro test movement that ended communist rule in his country, now leading mongolia into a new era, drawing on the spirit of genghis kahn. >> i think genghis kahn had certain negative image in this world because i think he didn't have any person, pr person. >> reporter: president tsakhia elbegdorj is mongolia's best public relations man. he leads a country where a third of the people are below the poverty line, yet on the cusp of great riches. mining companies are lining up to do business. rich deals are being inked for mongolia's reserves of coal, gold and copper. >> does it make you feel a bit afraid, a little bit nervous about managing these changes? >> yes. you'll know in a little bit, there are mining mania. >> reporter: mining mania? >> yes, mining mania.
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it's like mining love and mining phobia, also some hatred. you know, with what will happen? >> reporter: if there's pressure within, there's also a looming challenge outside mongolia's borders. genghis kahn once famously said for him to succeed, all others must fail. that is far from the reality of mongolia today. it sits sandwiched between two giants, russia and china and mongolia's fate depends very much on them. and when china rules the world, of course, china has a big impact on your country? >> yes, that's right. i say my country is say little pony between two big elephants. >> reporter: how does a little pony survive between two big elephants? president tsakhia elbegdorj knows his history, he's seem regimes fall and those tyrants don't last. he also knows his people are watching.
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>> if we put those money in pockets of those in power we will end very badly. we know that. >> reporter: the rock 'n' roll president right now is trusting in the words of that rolling stones song "time is on my side." stan grant, cnn, mongolia. coming up here on "world business today," we go from metals and mining to materials of a rather different kind. we'll be bringing you the store riff a hong kong entrepreneur who has built his business one stitch at a time. all that and more to come, after the break.
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live from cnn hong kong, i'm andrew stephens. >> and i'm nina dos santos. welcome back to "world business today." it's been a busy day here in europe with both the ecb and bank of europe set to make interest rate announcements within the next couple of hours. we're about 90 minutes into the trading session. is this how the markets are looking at the moment. it's a bit of a mixed picture, the dax rise together tune of 0.1%. the other markets slipping firmly into the red, extending yesterday's losses which saw the ftse come off by about 50 point or in excess of 1% yesterday. cac 0 down by a third of 1% or a similar picture for the smi and zurich. andrew? >> we have a mixed back here in asia, the hang seng in hong kong affected by poor housing sales figures for april. the weakest in something like two years, which is usual in
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hong kong. certainly a sign of the times. property prices have been on a roll in hong kong. let's take a look at some of the numbers. the hang seng down by about 0.25% or so. shanghai down just -- i beg your pardon, up by about 0.25% and in india, the sensex is up -- i need glasses. maybe i'm just becoming color blind. the bse is down by 1.2%. that relates to the ongoing concerns in india about rising interest rates. you saw that surprise 0.5% rise earlier this week. the sell-off continues, nina. there seems to be a sell-off on the other siftd atlantic as well, andrew. wall street, stocks ended firmly in the red as disappointing results on the jobs and service sector weighed on investor confidence. let's show you some of the numbers as you can see in terms
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of the futures markets. well, that's yesterday's close as you can see a number of the markets down to the tune of 0.7%, the nasdaq doing slightly better. in terms of futures, oil fordown delivery fell by more than 1.5% while a sell-off in other commodities also continued. let's talk about gold. that's something we've been focusing on throughout the course of the show. it settled at $1,515.30 an ounce. as we were just saying about 20 minutes ago, silver also very much affected by the recent sell-off in commodities. silver futures for july delivery dropping about $3.29 to $39.30 after sinking more than 7% in just the previous session. china's biggest social networking site has a lot of new friends.
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they are the folk there ringing the bell from renn renn. that's china's answer to facebook. it head its debut on the exchange wednesday. shares in the country were offered for sale at $14 apiece. that was at the top end of expectations and it raised just less than $750 million for the country. at the sloclose, it was up $4.0. we spoke to joseph chen about renren's success going forward. >> we 50 using a quarter of a user base. we have a lot of room to grow. in the days to come. and most importantly, china's
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going to a sweeping innovation on the mobile internet space. when very low cost smartphones penetrations are going very fast. we experience rapid growth on the mobile internet space. that's where we're going to focus our strategy on and we're going to launch our largest open platform in china to help us do that as well. >> certainly investors in the u.s. in love with the china story at the moment. renren stock jumped pretty much in line with the other chinese ipos. let's take a look at some of the booming chinese internet stocks over the longer term. i mentioned dangdang there.
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a pop at the start there when it launched in early december. it's since fallen off, it's down by about 20% since the opening ipo there. it's not all upside for the chinese internet stocks. but you'd have to say, the trend is very much in the up side. this is uku, it's described as china's answer to youtube. always that pop at the start. everybody wants to get in at the start. there's a regrouping if you'd like. didn't get much until about here. you see, it start to take off. it's up by almost 60% this year. imprifs as uku's success story is, it pales in comparison of the chinese search giant bidu.
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you can see it stayed relatively stable for the fifsht two or three years. it suffered a dip in 2008, 2009 but it has since taken off. as i've said, nenia, the china story, you combine the china economy story with the internet and you have very powerful reasons for investors to want to get into the story. it's still a case of buyer beware, people buying first and perhaps asking questions later. most of them have performed pretty well. you can't argue with the trend. >> exciting stuff. you can't blame people for being enticed. of course who knows what the future will bring. let's change tact. continental -- is is rising fast
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in quarterly profits. it's saying their q1 profit is up 62%. it rose almost $540 million. china vecht theme for many companies seeking growth. continental ag says its sales were up by 23%, reaching almost $11 billion. we have the cfo of continental ag. good to have you on the show. is that what helped to underpin growth here for you, the rising markets? >> definitely that helped to underpin our growth rate. we have overall last year achieved roughly 20% of our sales in asia and we are concentrating on the brics market pptz production of cars was running on a good rate in
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the first quarter of this year, yes, that helped. what helped as well, we are concentrating in the mega trend in the automotive industry which is safety, mission reduction, which is all the electronic information, digitalization issue and affordable cars. this was the other issue helping to get that growth. >> then again to produce tires in certain parts that make cars more environmentally friendly and more fuel efficient you have to invest in research and development. is that a big cost for you? are you going to be putting more money into it? >> well, our quarter in the company and automotive specifically is around 8% of r & d investment. we are one of the leaders in innovation. in germany, if you look at the registrations in germany and europe, continental is always among the top ten. of course to stay in that business, ahead, you have to invest into r & d and we do that
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and we see the fruit in the growth which we proved in the first quarter. >> how are things like oil prices and higher metal passes affecting business like you? do you have to pass the cost on to the consumer? i suppose you do. >> the raw material is affecting us is natural rubber. yes, this is a burden for us. we expect gross more than 700 million customer burden from increasing rubber prices. but we are confident that we can pass that over to our customers, not directly so there will somebody time lag in between but normally with a time lag of a year or one and a half years, we manage to pass that over. other raw materials are not so much affecting us. >> continental ag chief financial officer, thank you for joining us from germany. thank you. from the boardroom to the fitting room, coming up on "world business today," with the story of an entrepreneur in hong kong who's dreading the city's
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call this toll-free number now. live from cnn hong kong in london, this is "world business today." in long congress, one tailor is doing things differently. as part of our breaking the mold series, we met a designer putting an elegant twist on attire. this is definitely not business as usual. ♪ >> i like this too much. i always wanted to do it. i used to work in real estate. i used to do real estate analysis in china. it's good work and it's interesting work, it just wasn't working for me, that's all. i think i was getting a bit fed up with it altogether.
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you know, i like clothes a lot. and when i see people dress well, it really makes my day. we specialize here in like -- what i like to call old men clothes. because this is the aesthetic we like the most and this is what we always wanted to do. it was a curiosity and interest that never went away and ended up being a store. there you go. this is the aesthetic i like and suits a lot of men. i think men should wear it more. a the of people are held back by the fact this they think it is old men clothes. i like these. because they are probably about as close to a bispoke shoe as you'll get to a ready-to-wear shoe. as long as you wear it in a natural way that you feel comfortable in, what's old about
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that? the jacket i'm wearing today is from florence. knowing that the old man who cuts it and knowing the city, this is a jacket that could only be born out of florence. i like things like that. things with authenticity and things that could only spring out of one place. it's almost like the apple approach to clothing. like you don't give people 50 choices. you give people three choices and they're all good choices and choices you cure raated for ma person and you think are right for that person. it's kind of fun to watch things get made, you know? people are interested in where things come from and how they're put together and it's fun to see one person doing it by himself. because actually everything here is made one by one by one person. it's not split into stages. it's definitely a very old school waive doing it. >> i believe in the idea that, you know, when you shop it
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should be a nice experience. and plus this has become kind of a social hub for a lot of people, which is what we were intending it to be. >> for this stuff, it's always nice to wear it shorter. >> we wanted guys who enjoy clothing and share that passion to be able to come here and share a whiskey or a tea or whatever. we're all enthusiasts. it's nice their enthusiasts and we have someone to talk to it about. >> it's rougher, a lot more rustic. >> there's a certain guy out there, he doesn't want to be fashionable. he just wants to look good. they don't need things to change a lot. they just want to be nice. that's the sort of guy that we like to, you know, deal with and it's the sort of guy we like to raise, i suppose. >> coming up next, for anyone who's sick of the daily grind at the office, how to get down on the farm from the comfort of your own home. that's just up next on "world business today."
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this is "world business today." welcome back. now, if you're a facebook user, you may notice your home page is regularly filled with your friends' adventures on farmville. indeed, you may even be a farmville fan yourself. let's take a look at this. take a look at this number. according to the site today, there are well over 45 million registered users of the online game. if you're unfamiliar with farmville, the aim is to build your own farming business and boost it with your own dollars. the more crops you grow, the more animals you raise, the more points you earn. if that seems like a waste of time and money, how about playing farmville for real? that's right. the uk's national trust has set aside land and for a set fee of $48 you can influence how it's used.
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do you want sheep on it? the trust wants people to get back to nature and to understand more about where their food comes from. there's plenty of choice as the farm manager explains. >> we've also got chings, we've got pigs, we've got heavy horses. there's lots of opportunities for them to make real decisions that have real consequences on this farm. >> if you like chickens, if chickens are your thing, you can. also sheep as well. facebook, get in touch with me, the whole team, nina, charles and maggie, of course, in new york at just before we go, let's check in with the business travelers advisory and the global weather picture, of course. there are problem spots in parts of asia, i hear, particularly in the philippines, jen?
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>> that's right. i don't know if you play farmville. do you get on facebook? >> no. i don't play farmville. you know, the idea of being a farmer, it's a nice idea but getting up at 6:00 in the morning and running around after animals doesn't really do it for me. >> i work the overnight shift. 6:00 sounds pretty good for me. i do like the animals. >> you'll be breaking into your first after-work drink by then. >> we'll talk more about the weather. you're right, we have problems spots across parts of asia. we're watching a system just to the east of the philippines. we have a tropical cyclone formation alert. could become the first system for the pacific. we'll be watching that. right now it's been bringing in heavy rainfall for parts of the philippines and if you watch us as we go two days out, you'll start to see that circulation trying to get its act together. if we continue to see more of the heavy rainfall, there's the possibility of mudslides, landslides, not out of the question for parts of the philippines. on a wider view across parts of china, look at the clouds
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around. let's go and show you what it looks like. we have a live shot and hong kong not such a pretty day out there. they're getting a little bit of needed precipitation and maybe we'll pull that up, maybe not. we still have the graphics for you. as i show you what's happening there with the rain across parts of the europe, a brilliant day ahead. look for parts of france as well as into germany, poland, nice day there. spain, portugal, some clouds around through the uk with scattered showers coming in through parts of ireland and northern ireland. the high temperatures, really nice. paris, you're my pick, 22 degrees and berlin, 15 degree. now, some shots i promised. a cloudy, dreary day in hong ko kong. that's the money shot. that's what you're going to encounter. >> it's a good-looking picture but a little depressing at the same time, isn't it. >> a little depression. >> that's looking out across the new development there on the
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western side of the calloon. is that fog or smog in there as well? i suspect there's a little bit of pollution. we have to say good-bye. you've been watching "world business today," the first edition, i should add. thank you for joining us, i'm andrew stephens. and nina dos santos in london. monita rajpal will be with you nexts so "world one" starts. [ female announcer ] you use the healing power of touch every day.
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