tv World Business Today CNN August 17, 2011 4:00am-5:00am EDT
since then. tomorrow i'll ask her what else has changed and why she calls herself a troublemaker. that's christine o'donnell tomorrow night. that's it for us. i'm zain verjee at cnn in london. in the coastal syrian city of latakia, the death toll is rising as government troops intensify their crackdown on protesters. one witness says at least five people were killed on tuesday alone. rebel forces are celebrating new battlefield advances in western libya. their leaders say the six-month civil war entered a decisive phase and could end within weeks. rebels still claim control of the strategic down of el
zawiyah. protests broke out across india tuesday after a veteran anti-corruption crusaders was jailed for not getting permission to hold a hunger strike. he and seven supporters were released just a few hours later. they are refusing to leave the jail until they get permission to hold their fast. i'm zain verjee and "world business today" starts now. good morning from cnn paris, i'm nina dos santos. welcome to "world business today." the top stories this wednesday, august 17th. >> leaders of the eurozone's two top economies meet and investors are not impressed by the
outcome. the world's largest economy hasn't been inspiring much confidence either. in an exclusive interview u.s. president barack obama tells us how he wants to turn that around. new evidence emerged in the "news of the world" hacking scandal challenging james murdoch's testimony. first, let's get straight to the markets. if investors were holding their breath in the hope of a break through in europe's sovereign death crisis, they'll still be waiting to exhale. tuesday's much-hyped meeting between the french president nicolas sarkozy and german chancellor angela merkel was a damp squid in the eyes of the market as it failed to come up with a decisive plan to turn things around. let's go to asia where it was more of a mixed picture. japan, though, finishing in the red. the nikkei down by about .5%.
also reacting to weaker than expected numbers from dell and a poor outlook on the dell front. so many electronics markets in japan. the shanghai composite down about a third of .1%. the australia market getting a bit of a boost by 1.3%. take a look at europe which is the epicenter of the global economic concerns. as you see there, the ftse down .75%, the xetra dax down by .65%. there has been some buying, a little bit later. quickly to the u.s. now. we'll see what the u.s. markets were doing. they had another down day. the dow down about two-thirds of 1%. still concerns about the state of the u.s. economy. of course, the eurozone
problems, nina. that meeting between nicolas sarkozy and angela merkel was seen as a crucial meeting particularly as it was planned at the height of the volatility last week. so people really were looking for answers, weren't they? >> it was billed as krun ch time for the eurozone, andrew. the three proposals that merkel and sarkozy has put forward to try to save the euro currency shared by no less than 70 nations across the european union. let's take a look at exactly what was said at the outcome of that meeting. one thing it did not produce, interesting enough, andrew, is any talk about the so-called euro bonds, in other words secured issued backed by all 17 of those countries that share the euro. that would in turn reduce the enormous discrepancies that countries have to pay to borrow. it did not produce that kind of talk officially only the agenda
although it did come up in the press conference. many economists have said the topic of eurozones would have been the magic cure for the euro. angela merkel saying she wasn't buying that. nicolas sarkozy saying it was too herly. let's have a look at the three proposals. what we had was a proposal to have eurozone leaders meeting at least twice a year. those discussions would be designed to coordinate economic policy further to move one step towards a fiscal union. we of course have a monetary union, but we don't have the fiscal rules to back that up. we also have a plan to tax financial transactions, perhaps to curb some of the speculation in the bond markets that has now priced three eurozone countries into bailout territory,
portugal, ireland and greece. finally we had a call to force eu member countries to adopt golden standards designed to balance their budget deficits. that last point, though, some economists have been telling me may be wishful thinking. there's a reason for this. we should recall for the moment that the limits for the deficits for these eurozone countries was just 3%. countries like france have a deficit that stands in excess of double that own figure. it's going to be increasingly difficult bringing down those deficits, particularly for the larger countries in the eurozone like france. if growth remains anemic we also have news that german growth almost flat lined for the second quarter of the year. when it came to france, out put was completely flat for the second quarter of the year. let's get a little insight. we bring in alexander law, the chief economist at zurfy here in paris. >> good morning. >> what a day. did we get what we expected? >> not really.
we got reassuring words from both merkel and sarkozy. what the markets were really expecting and hoping for were for euro bonds to be higher on the agenda. what really strikes me is nicolas sarkozy saying it's too early in european integration to talk about euro bonds. we've had the euro since 1999 and as currency in our pockets since 2002. the issue with euro bonds, of course, you can either bring those countries with huge difficulties up or it can drag the larger countries such as germany down. that's why merkel is against the proposal. >> if we know that growth in places like germany is shrinking to almost flat line, they're not going to want to bail out anyone else? >> they're not going to want to bail anyone out. you've got to understand that
germany depends on the rest of the euro area for its growth. so it's no surprise it only has .1% growth and france is stuck at zero. in a way germany does depend on the rest of the euro area. somewhere along the line they're going to have to come up with something maybe stronger than what was said yesterday. >> their exporters are screaming out for this kind of proposal, aren't they? >> sure they are. germany is an export-driven economy. there's no growth in germany outside exports. we know consumer spending has been flat for the past decade. the population is going to shrink very soon. they desperately need the rest of the world to be stronger than it is at the time being. >> what about this tax on financial transactions? is that just a sort of slap on the wrist for people in the bond markets? >> i'd imagine it comes from the french side of the french negotiating table. it's been on the agenda for
years and years. they're looking to slap down on speculation. i don't see it's going to be able to be enforced in any realistic way because if europe were to do it, what would the rest of the world do? you wouldn't want to penalize europe compared to the rest of the world. i don't see any real outcome other than words really. >> nicolas sarkozy was quite emphatic when he was deliberately asked if they were going to be raising the bailout fund for struggling countries. he sort of made a joke, didn't he? why not triple it, at the end of the day we're losing count of how many zeros at the end. >> it's true we are losing count of the number of zeros behind it. but what we need is for enough money to bail out the larger countries, weave got enough at the moment to save greece, ireland, even portugal. what happens if spain or italy are dragged down to the myers. i don't think we can brush it away with a back of the hand.
we have to discuss it behind the scenes they are discussing. it's going to be last course of action. they can't pre announce it. if they were to pre announce it, they would be saying we are desperately worried about spain and italy and you can't give that signal out to the markets. >> alexander law, chief economist of zerfi here in paris. andrew, even though they had the summit, they talked for two hours, then talked with the press. plenty of questions remain unanswered. >> interesting what your guest was saying about the financial tax. the london exchange which is listed down about 6%, deutsche boss down by about 5%. some real questions about that transaction tax as well-being brought up by investors. anyway, we'll move on. we'll take a short break. when we come back, britain's parliament is drawing up a phone hacking call-back list.
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and save up to thousands of dollars. call this toll-free number now. hello and welcome back. live from cnn hong kong and paris, this is "world business today." now, in britain the telephone hacking scandal just won't die down. new developments has raised the pressure once again on the murdoch family, particularly james murdoch. a new document appears to contradict testimony that he gave to britain's parliament just last month. another round of questioning is set for september. details now from dan rivers. >> reporter: he's already faced the ferocity of a parliamentary grilling by british politicians about phone hacking at his company. new documents released by those politicians now cast doubt on james murdoch's testimony. murdoch has always denied
knowledge of a damning e nail which included transcription of 35 hacked conversations believed to be intended for the chief "news of the world" reporter, neville. it was brought by gordon taylor, the former uk soccer chief. james murdoch signed a check for almost $1.6 million to settle that case, something he was quizzed about in parliament. >> when you signed off the taylor payment, did you see or were you made aware of the full neville e-mail, the transcript of the hacked voice mail message? >> no, i was not aware of that at the time. >> reporter: now this letter released by parliament contradicts that evidence. in its news international's formal lawyer, tom crone says he was aware of the neville e-mail. i have no doubt that i informed mr. murdoch of its existence, what it was an where it came
from. now james murdoch may have to explain himself. >> it's highly likely james plur dock will be invited back to give evidence. before that we want to take a very detailed skt of what the former editor and lawyer knew. >> reporter: this second letter may so more evidence of a coverup. it was sent by former royal correspondent clive good man in 2007 to news international. two copies were sent to parliament, the vergs from news international is missing key details revealed when news international's own lawyers sent a fuller version of the same letter to the committee. in the blacked-out paragraphs, goodman says phone hacking was widely discussed in the "news of the world" daily editorial conference until explicit reference to it was banned by the editor. that's devastating to andy coulson who told politicians in 2009. >> i never condoned the use of
phone hacking nor do i have knowledge where phone hacking took place. >> reporter: it's a further blow to david cameron who later employed coulson. the disgraced reporter won promises from the company as he faced jail time. goodman says i was promised i could come back to a job at the newspaper if. i expect the paper to honor the promises to me. form lawyers representing phone hacking victims, that letter may be crucial. >> he pleaded guilty to something on the basis that he didn't implicate others in the "news of the world." it was payback time for him. >> reporter: the more revelations that emerge, the more precarious is james murdoch's position. he has not commented, nor has anyone else implicated in threat terse. in the latest statement from news international, they say they recognize the seriousness
of the materials disclosed saying it's committed in acting in a constructive and open way with the authorities. dan rivers, cnn, london. the u.s. president is back on the road pushing his plans to create jobs. and he's also putting pressure on members of congress to now work together. but will all this save his own job? that's the question we'll be asking when "world business today" returns.
welcome back. you're watching "world business today" live on cnn. the u.s. president barack obama is on a bus tour of three u.s. states pushing his own plans to boost the economy and also to create jobs. some analysts say he's already making a campaign trip ahead of the 2012 election which is fast approaching. on tuesday he accused some u.s. lawmakers of putting party interests ahead of their own country's interests. he's also called on them to try to back his economic plans. these would include all sorts of proposals such as extending a payroll tax as well as a new road construction bill. in an exclusive interview with cnn's own wolf blitt zephyr, mr. obama laid out his economic goals for the united states. >> there's some things we've been talking about on this trip that will already pending before
congress. we know what we did in december by cutting the payroll tax so the average family gets an extra thousand dollars in their pocket makes a huge difference not only for their purchasing power but for businesses having more customers and being able to hire. we've continued to renew tax breaks for businesses that are willing to move up investments they're planning into 2011. we'd like to renew some of those for 2012. trade deals with korea and panama and columbia, we know can create tens of thousands of jobs here in the united states. there are a number of things we've already got pending before congress. and what i've been saying to crowds all across the country and it's been getting a good reception is what they want to see is democrats and republicans putting country before party and going ahead and taking action in order to move the economy forward as quickly as possible. >> you have something much more ambitious in mind for september. there's reports you want to create a new department of jobs, something along those lines.
is that true? >> that is not true. what is true is i think we missed an opportunity a month ago when we could have dealt with our debt and deficit in a serious, balanced way, that would have avoided these huge ji rations in testimony markets, given businesses a lot of confidence that washington had its fiscal house in order and included in that because of the savings that we'd be getting over the next 10, 20 years, more efforts on the front end to spur job creation. and given that congress failed to act, the grand bargain i was trying to cut with john boehner didn't happen, we're going to take one more run at congress and say to them, look, here is a comprehensive approach that gets our debt and deficits under control and also accelerates job growth right now. >> is this an initiative you'll give to the so-called super committee or is this something separate from that? >> i hope the soup ever committee takes its job seriously. obviously there's an added sense
of urgency given how anxious businesses and i think consumers are after the debacle surrounding the debt ceiling. my attitude is i'm going to make my best case for where we need to go. we've made progress since the start of this recession back in 2008. it hasn't been fast enough. we've got to accelerate it and there are two things that need to happen. number one, we've got to make sure people have confidence we have our fiscal house in order and living within our means, limiting programs that don't work. number two, there's immediate things we can do around infrastructure, tax policy, that would make a difference in terms of people requiring right now. >> also in the next few hours, the u.s. vice president joe biden will be arriving in china where he hopes to ease friction between the world's two biggest economies. while he's there, he'll meet his counterpart the chinese vice president, he is the man widely tipped to be china's next president. beijing is concerned that the u.s. is not doing enough to
handle its debt and its economy could stall. china cares partly because it's the largest foreign holder of u.s. bonds. in one recent article china's xinh xinhua news agency wrote that the u.s. has to come to the terms that it can't borrow its way out of messes of its own making. despite all the debt troubles, u.s. economy continues to benefit from a resilient retail sector. over the years, american consumers complained that the shelves are stacked with products made outside the country mainly from china. economists in fran have found when it comes to the bottom line for business, there are benefits of its made in china. mary snow reports. >> reporter: walk through a toy store like this one and just about everything here seems to be made in china, even captain america. how many of the products you sell are made in china? >> i would probably say about 90%. everything is made in china.
it's cheaper to produce and manufacture stuff in china. i guess that's where everybody goes. >> reporter: while everything from toys to electronics are being made in china, not as much money as you might expect goes abroad. that's according to economists at the federal reserve bank of san francisco. they found that chinese goods ranging from furniture to clothes and shoes only make up 2.7% of u.s. personal consumption expenditures. economists say most of the money goes to the u.s. because of the services tied to those goods. >> when the good arrives, it needs to be transported, needs to be insured, it needs to be shelved, stored. people who do it need to be paid and retail space needs to be paid for. >> reporter: this economist says for every dollar spent on a product made in china, 55 cents goes towards services produced in the u.s., while 45 cents goes to china. not everyone is buying including michelman dell of the progressive policy institute who calls the data misleading.
>> the data that they're using seems to show that the import -- impact of imports on the economy is not as big as people think. but the fact is, all you have to do is look at the lost jobs, and you understand that the impact is quite large. >> jobs lost to china are not part of this study. san francisco fed economists say they only focused on consumer spending and they stand by their numbers. they say they want to provide calculations on how consumer spending is distributed. mary snow, cnn, new york. >> now, england's manchester united football club is one of the richest soccer clubs in the entire world, but it still has massive debts. so it looks as though man u is likely to be tapping asian's funding markets. we'll have details straight ahead from ramy inocencio. [ female announcer ] what if your natural beauty could be flawless too?
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jinping. from cnn paris, i'm nina dos santos. >> i'm andrew stevens at cnn hong kong. welcome back. you're watching "world business today." let's bring you up to date on the markets. we're about 90 or so minutes into the trading day in europe. and as you see there, all in the red, not surprising after the lack of decisive action from the leaders of france and germany at what was billed as a key summit to try to restore confidence in the eurozone and get the economies of that region moving back in the right direction. london down almost 1%. xetra dax and frankfurt down by
almost 1%. on fevers of a new financial transaction tax which was raised by the two leaders at that meeting. the other two markets, as you see, also down as well. nina? >> andrew, it seems as though the asian markets are also decidedly underwhelmed at what went on in paris. at about 4:00 p.m. when merck ld and sarkozy met. let's go over to ramy inocencio. >> markets were fairly directionless. the nikkei closed down half a percent, for example. nissan, toyota, sony, falling between 1.5 and 2.5%. honda was the biggest loser in reaction to slowing global growth. here in hong kong, the hang seng was up by about .3%. financials were the big boost.
bank of east asia as well as bank of china both closed up between 3% and 4%. china's vice premier promised to open up the mainland to more hong kong investment. meantime the shanghai composite was down .25%. it fell to close down .25%. the asx 200 in australia turned out to be the biggest gainer of the day, closing up 1 .3%. financials led the way after good earnings reports from three of the big four banks there. west pack closed highest 1.25%. it had been up by about 3%. all in all, a fairly directionless day after the merkel-sarkozy summit that failed to deliver on any guidance. nina? >> it did indeed. let's talk about a number company that may perhaps deliver when it comes to guidance.
manchester united moving from finance to football, ramy. it seems there are reports of an ipo for man u. why would it make such a move especially when the markets have fallen so much of late? >> good question. the simple answer is it has to pay some really big bills and it has to pay for its players. so take a look here. as of last spring, the legendary football club was in dead by this much. 370 million pounds or more than 600 million dollars, not to mention annual interest payments of this much, about $74 mill qulun. and in a bit of irony, manchester united which are english league champs 19 times over were also listed by forbes as the most valuable football team in the world worth more than $1.8 billion. that doesn't translate easily into lick equippedity, that's why they're gearing up for this ipo. manchester united could list 25%
to 30% of its shares in a partial floatation, and that could pull inasmuch as $1 billion from their growing fan base in asia. and man u would list on the singapore stock exchange and not hong kong which it had been considering earlier. the timing couldn't be earlier in term of man u's fan base, 190 million fans are right here in asia, more than half the estimated 300 million supporters around the world. an ipo could happen by the end of this year. nina, save up if you are interested. >> i wonder whether those shares come with any perks like a season ticket, ramy. ramy inocencio, many thanks for that. also a fan and his money easily parted, nina? >> hot temperatures and light rain across china. jen, i can reveal i got th of those conditions on the way to
work. >> i bet you did. i bet you were riding the bike into work today and it wasn't a nice day for that. motorcycles whenever the storms are popping up frngs not a good idea. we'll talk more about that. >> no. i found that out. >> we'll talk more. let's look at the satellite imagery. you can see for yourself a little thunderstorm activity popping up in southern parts of china as well towards eastern china, typical for this type of year. a lot of rain popping up through parts of the philippines. the area we're really watching is going to be eastern china as well as into the korean peninsula. we have this boundary system and that's going to be the fuel as we go through, it looks like thursday, more chances for rain. down towards the south, talking very hot, very humid conditions and talking about temperatures being mighty uncomfortable for this time of year. the big hot spot is chongqing. for hong kong, 32. 34 in taipei, in parts of japan,
temperatures in the 30s. continue to remain hot there. south of the equator conditions a little cooler, talking through parts of new zealand. look at the area right now, things have settled down. let me show you what it looks like across parts of new zealand, talking about wellington, auckland, these areas are dealing with heavy snowfall. luckily they do have the snowplows out there. they've been quite busy. they said they haven't seen this smuch snow in the christchurch business district in 72 years. keep in mind, for wellington, i think we have more photos as well, this area is it sea level. they haven't seen snow there, some of the residents say, in 90 years. temperatures right now you can see in the single digits. it's going to be cool. temperatures are going to be struggling warm today. certainly not going to reach our average. for wednesday, so cool, by thursday more clouds around. thursday, the sunshine returns, but it's still going to be a
little bit below average for this time of the year. so andrew, at least you're getting the heat there. but, you know, as we say this, i like to see the snow as long as it's in photos and somewhere else. >> as long as you can observe it from -- the skiers in new zealand must be loving this. quite a few australians flying over there. jen, thanks so much for that. you're watching "world business today." when we continue -- >> farmers and police in india fight over what protesters say is an illegal government land grab. discover aveeno positively radiant tinted moisturizers with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers.
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today." >> large crowds turned out in several indian cities. anna hazare is one of india's most vocal accidents. demonstrators chanted anti-corruption slogans and waved signs supporting hara rhee. he was arrested tuesday morning to push for new andy grift laws. authorities represented about 13 0 has czar rhee followers. he and seven colleagues are refusing to leave prison until the government al agrees to allow them to hold a hunger strike. corruption has long been a problem in india. transparency international's index of perceived corruption ranks india 87th out of 178 surveyed. in the 2010 report it found three of four urban indians say corruption has increased over
the past three years. just 10% say corruption is decreasing. >> well, elsewhere in india protesters are lashing out, andrew, at something else. they say the government has forced landowners and farmers to sign over their land. some of the land has found its way into the hands of private developers. >> reporter: in western india cameras roll as a protest by farmers turns deadly. at least three protesters are shot and killed by police. several others wounded. police say they were responding to an attack by protesters who threw stones and fired a shot from a vehicle. it was one of the worst outbreaks of violence in an explosive fight over land rights. this clash is over the government's plan to acquire farmers' land at a price set by the government for an important water pipeline.
hundreds of miles away in northern india, a less dramatic but similar fight is playing out here. farmers say the government is misusing what is known as the emergency clause, forcing citizens to sell their land at below market rates for the public interest. the government has sold some of that land to developers for private projects worth millions. >> our land should at least have been priced at 10,000 rupees a square meter. what we got was just 800 rupees per square meter. as he stands on a portion of his an ses tral farmland that he hoped to hand down to his children but instead had to sell to the government. on one side is a public road, on another, a private developer is making preparations for india's first ever formula one race. we don't think any sporting event can be an emergency project. it's purely a private enterprise he says. in this case, farmers are
threatening legal action and protests. we contacted the developer and the company had this to say. >> the buddh international circuit which will host india's first formula motor race on october 30, 2011, is progressing well and are preparations are as per schedule. >> reporter: this fight for land keeps popping up all over the country. legislators are being forced to look at modernizing its 117-year-old land acquisition laws. even some of india's captains of industry agree it's time to change the land acquisition laws, partly because these kinds of clashes discourage foreign investment. >> i think one of the things we're facing recently as a challenge is consistency in policy. i think that's worrying the most to investors looking at india. >> reporter: the last thing anybody wants at a time when india is becoming a global economic power. sarah cider, cnn, india.
a very pretty day here in hong kong. welcome back. live from cnn hong kong and paris, you're watching "world business today." in business, am mission to grow your business is essential, isn't it? the bosses we've been following of late seem to know that all too well. in macaw, francis lui's casino project is already up and running. that doesn't mean he's not keeping his eye on expansion plans. in new york, the brewer steve hindy is pushing through various upgrades to allow him to ramp up production. you guessed it. it's time for "the boss." previously on "the boss," leading from the front, steve hindy hits the streets of brooklyn to find out what is sapping sales. >> hey, steve. >> i don't know evidently i don't think there is a problem. i just think we have to work harder and be more persistent.
>> in macaw, proud and joy as francis lui opens his casino resorts. >> definitely is my firstborn child. i love it. >> good morning, good morning everyone. >> reporter: francis lui is breathing a sigh of relief. the casino he's worked on for so long has opened without a hitch. >> it has exceeded everybody's expectation. we had the right product at the right time. >> reporter: francis takes a moment to let his executive team know they've done well. >> i think in general, i think we've aced it. >> reporter: as the vice chairman he doesn't dwrel on the achievements for too long. he knows this the real work is only just beginning. >> this is just the beginning, not the end.
everyone has a big relief. that's not the case. we see thousands of things we should be able to improve upon, such things to make ourselves better. >> reporter: today they're looking for ways to do just that, seeking out where there's room for improvement. >> some issues at the hotel side that we need to sort out. we don't have enough rooms. some of the rooms can be better. >> reporter: no issue is too small for his direct attention. outside, francis is concerned with a pathway on the resort deck which he feels isn't easy to follow. >> got a little lost and confused when you go over there. either it's too bright or too dark. you don't have this complete route. >> we're concentrating on all the detail work, something like seven pages of things, list of things we need to be doing to make sure we will get to where we want to be. we're still, to us, even though
we're achieving great results right now, i still think we can be better, much better. >> reporter: for this boss, this is what it comes down to, ensuring every detail of the customer experience is the best it can be. >> i believe galaxy macau will be recognized as one of the best resorts in the world. we are trying to achieve that standard. we think we will get there in five months' time. >> reporter: this is the moment steve hindy has been waiting for for years. the culmination of months of preparation and planning. >> these are hundred-barrel fermenters, came from germany. they'll have beer. within a week they'll be filled with beer. >> reporter: today workers are installing 17 new state-of-the-art tanks. for its president, steve hindy, this is a moment of pride tinged
with trepidation. >> it's really a nerve-racking experience watching them move these beautiful stainless steel tanks. obviously if they bump into anything or, god forbid, drop one of them, it's really going to put a big dent in these beautiful tanks. i actually can't stand watching it. i just peek in every now and then. it's nerve racking. >> reporter: the expansion, which will increase the company's beer production substantially has been a painstaking process. back in march when richard quest first visited the brewery, this massive space stood empty. >> this is no longer micro brewery. you've now moved into brewing on an industrial scale. >> that's true. >> reporter: two months later construction was in high gear. with workers busy laying concrete. >> this is a total thrill, a
total turn on to be expanding your brewery and to be catching up with demand that's out there. so, in other words, you're not just putting these tanks in and paying for them to look at them, you're going to be filling them with beer on day one which is a beautiful thing. >> reporter: throughout the process, steve and his team of engineers spent weeks poring over every detail of the blueprints. but no amount of planning could prepare steve for the challenges of doing business in new york city. >> we came and there were signs up on the wall here saying no traffic, no vehicular traffic because they're going to be paving the streets. >> reporter: no roads meant steve wouldn't get the precious tanks. >> our brew master freaked out, came in with the sign that said we're going to pave the street, we've got all these tanks
coming. i made a call to the transportation, it ruffled some feathers. >> reporter: with those problems out of the way and the tanks finally there, this boss can now concentrate on getting his business moving again. next week on "the boss," recognition and reward. steve hindy treats his employees to a trip to europe, but even that comes with work. that's next week on "the boss." let's take a quick last look at how the markets have been trading this day. they've been open for just under two hours in europe now. that's the picture losing a little more now, the ftse down by 1%, xetra dax down by 1.3. this is due to the lack of developments coming from the much-hyped summit meeting between nicolas sarkozy and
german chancellor angela merkel, looking for some solution or roadmap for dealing with the european debt crisis. the markets didn't get what they were looking for. that's the result. interestingly the proposition of a financial tax orr tax on financial transactions has hit the listed markets. the lse in london and the buch boss in frankfurt down by 3% today. coals burg is down by 14% after it missed expectations. there are serious problems in europe because people aren't drinking beer like they used to evidently. quickly here in asia, the markets are more mixed. japan was down, hurt by the tech sector there. that was off the back of weak earnings from dell. hong kong closing um by about .4, the aussie market up by 1.3%. that's it for this edition of "world business today." thanks so much for joining us. i'm andrew stevens in hong kong. >> i'm nina dos santos in paris. we'll be back in a couple hours' time for the next edition of