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tv   World Business Today  CNN  September 2, 2011 4:00am-5:00am EDT

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i'm max foster in london. these are the top stories right now. libya's former leader says the fight is half over. the man claim to be moammar gaga if spoke on thursday telling people to rise up and attack. the nation's capital has been moved from tripoli to gadhafi's place. the challenges that lie ahead. over 70 countries recognize them as libya's interim leaders. japan's new prime minister is said to hold his first news conference in just a few minutes. he previously served as finance minister. par lament elected him on tuesday, making him the country's sixth new leader in five years. in istanbol, some of the worst protest violence in turkey
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in years. scores of young kurdish threw stones ant petro bombs at security forces as they fired tear gas to try to break up the grounds. they organized it to mark world peace day and it did start out peacefully, but some kurds are bitter over the turkish/kurdish rebels on the diopside of the border. those are the world news headlines. i'm max foster. "world business 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 stevens. you're watching "world business today," and the top stories this friday, the 2nd of september. investors head to the exits,
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worries about the upcoming jobs report takes hold. the prime minister vows to stay on although her popularity with voters is slipping. don't miss. twinings decision to change the early grey blend. in a few hours the u.s. will release the jobs market. it is always a big number. take a look at these bar shots here. this is what's been happening. it's a fairly mixed picture as you can see over the past few months. after falling sharply, though, in may and june, we had something of a rebound in july. the question is will that trend continue? this is what is expected in august. and as you can see, it's not looking too healthy. economists surveyed by cnn expect the growth to slow, as you see there. they say the u.s. will have added about 75,000 jobs in august, while the jobless rate will remain at 9.1%.
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we should point out here 75,000 is about half the number that's needed to actually make a dent in that unemployment rate. so as you can see. well, well short. one back to april where we actually started to make a move into getting the unemployment rate down in the united states. so obviously a long way to go. >> that's a lot of concern in the markets here, andrew, where i am ahead of the release of that. the crucial u.s. jobs report. remember that jobs in the euro-zone, the unemployment, the rate has now equaled 10% across the zone. let's have a look at the markets because they didn't get off to a very good start this morning on this final trading session of the week. following the united states' market lower in the last few hours of trading slipped. we're seeing the markets here starting the day in the red as a result of that. there's nervousness surrounding the u.s. jobs report out later
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today. switzerland seemed to be the biggest sufferer at the moment. that's partly because of the fact we've got banking shares falling and debt sharps down 2%. speaking of banging shares, we're keeping a very close eye on that here in europe this morning. a report of the news times says several banks are about to be hit with lawsuits by u.s. government including bank of america, j.p. morgan and goldman sachs. mortgage companies like freddie mac and freddie mac accuses the bank of regulating the quality of all the securities that they secured and sold. federal housing financing agency received billions of dollars and trading right across europe. as i say, that was bringing down the likes of the dax. deutsche bank down. barclays down and rbs down by
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3.12%. andrew. >> yeah, very interesting. a lot of the u.s. banks look like they're going to get hit today when the dow opens. obviously that news coming up after the market closed yesterday. but let's talk about asia for the moment. it is,s of course, the end of the trading week here and probably not a moment too soon for many investors. this is what it looked like today. like europe, they're pretty much across the board. nikkei down by 1.21%. it came right off the top, as you see there. and it's below that 9,000 number. that's important for japan. around the rest of the region, not much to cheer on either. i should point out a lot of it has to do with the auto companies and companies. sony down 2%, honda down 2%. it all ties in with that jobs number we're about to see. hong kong down by nearly 2% today. the shanghai composite
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continuing to fall. now down all week. that comes from the move made a little less than a week ago by authorities in beijing to rein in inflation even further and the inflation concerns remain very much in front of shanghai. also the australian market coming off of it. i think mining companies are taking a hit. resources are going to be needed as much as the global economy slows near. closing bell on wall street showed us that investors really didn't have much to cheer about. the main markets all ending the day lower. they were all down by more than 1%. banking stocks in particular fell, upsetting. as jonathan expected, manufacturing supports the largest economy. that's because they said goldman sachs now must investigate lending and foreclosure practices in its lending ju it in.
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morgan and georgiaj.p. all lost. u.s. markets look set. a lower open, as you can see, with the futures indicating that the s&p 500 could fall just a little bit more than half of 1% when it starts trading. at least that's the picture for the moment. >> give the jobless numbers about an hour before the markets open. those futures could change wildly, depending on that number. now, the head of the world bank says china needs to shift its priorities to keep up its strong growth. in an article published on the world bank's website in from id's "financial times,"" he says they can no longer depend on exports and investment. instead he says china should turn its focus to ramp up domestic consumption going
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forward. one economist i spoke to says that shift has already begun. >> the quiet revolution is that consumers are stepping up finally in china. they're now a larger car market than the u.s. is. you're seeing more cell phones being sold in china than the u.s. they become a consumption market in its own right. >> neuman says the exports now contribute about half as much to growth as they did when the financial crisis began three years ago. nina. now let's take a look at the oil markets. the u.s. mercantile exchange now has nymex crude trading at about 87 dollars. that was down yesterday by about 48 cents. >> and that could be affected, too, by weather. oil workers evacuating in the gulf of mexico as a tropical
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storm there continuing develop. let's get the very latest on how it's shaping up. ivan cabrera is at the weather center. how is it shaping up? >> it's a tropical depression, numb berry 13 of the season. it's sitting in the gulf. we're excelling it to become our next tropical storm. we have katia, we'll talk about that in the central atlantic. in the gulf, it's not going to be so much the intensity or monster hurricane or we're not expecting it to be a hurricane at all. it's going to remain as a tropical storm over the next several days. the problem is that the storm is going to persist for days at a time. at this point it's stationary. we're going to see heavy raband of rainfall right here. you have oil rigs across the guk. 27% of u.s. oil output coming out of the gulf here. so we don't want any type of
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disruption here. certainly about 6% of natural gas production is occurring here as well. and we are going to continue to see this system persisting over the next several days. so those tropical storm force winds are going to continue, of course, prompting the evacuations. and they're going to remain with us. look at the forecast here. 24 hour, not much movement. then what happens is in 48 to 72 hours it kind of hangs out across the gulf. that's going to be a disaster for louisiana. if that pans out we're talking the potential of 250 millimeters or about 20 inches of rainfall here in louisiana at points in and around the world. that's over the next several days. we'll watch this closely. not a major wind event, per se, but it is going to be bringing down incredible amounts of rain because of slow movement. this is cattate gkatia getting together. in fact, this will be major hurricane, cat 3.
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perhaps we're flirting with a category 4 if it becomes a problem. tracking toward the u.s. may be a problem. that's still too early to say. perhaps it may g go out. it could head toward canada. we expect it to be a hurricane in a short time. guys? >> thank you very much for that, ivan. continuing to watch those two storm systems for us. nina. you're watching "world business today" on cnn. when we come back after the break, we'll tell you why australia's prime minister refuses to be banish to the political outback.
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break, we'll tell you why is. taking a look at the price of gold for friday, you can see it's trading at $1,846.75. way down from $1,900, the record
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that struck a couple of weeks ago. but it's still up $20.05. welcome back from c in hong kong and london. this is westboundet. >> the australian prime minister says that she will not step down after a tu multiuse week as leader. on wednesday the australian high court rejected her plan. today government ministers were forced to pled their support for gillard following record-low numbers. the prime minister spoke to sky news reporter david spears earlier today. >> can you understand the concern of your colleagues here? under your leadership the stocks have plunged. the cabinet remains deeply unpopular and the policies are virtually in tatters. those are areas you vowed to fix. >> i'll keep working on all of the issues, but they're
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realizing my country's view for the future. it's raised a lot of concern in the community, but it's about clean energy jobs, it's about doing the right thing by our environment, also we get the clean energy jobs of the future. i'm not letting this country get behind as other countries seize those jobs. yes, we had a very disappointing high court decision. now we will respond to that decision so that we are protecting australia and its borders and working our way through the ref ju agy and seek asylum as we need. >> has anyone approached you about stepping down? >> no. >> the talk can't be ignored. do you think he would be a better option for leader? >> david, i'm not going anywhere, and i'm doing this job because i am the best person to do it, the best person to lead
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our nation. as we realize, what is a labor vision of the future, as i define my vision for our country's future. of course, i'm bringing my life of values. we are a political party that has always believed in the distribution of opportunity. that used to be about wages and working conditions and trade unions and it's still about all of those things but in the modern age it needs to be about more. so i'm very determined to keep doing what i have been doing as prime minister to realize the vision of the future of opportunity for all and making sure people, industries, regions, don't feel left behind. >> julia gillard there. the next general election is due to take place in 2013. as gillard says, she intends to serve her full term in office. well, the incoming japanese
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prime minister has been giving his first press conference this hour. japan's prime minister is at the top of his trade. let's take a listen to what he has to say about his plans to try to stimulate growth. >> translator: i want to refocus rebilling japan's economy in the restricted energy environment. we had been facing an economic crisis before the earthquake and fiscal, various fiscal difficulties, and through dealing with these issues, i want to make sure that japan does not accumulate even larger debts. and right now we're facing an unprecedented strong yen, and the crisis of japan's industries migrating, the hole ohhing out of japan's industries has become very acute. therefore i will not hesitate from further monetary intervention and will work in coordination with other
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countries and in coordination with other countries, i will respond to this issue. >> noda's chosen his new second. azumi's start on financial issues is a bit of a mystery even within his own party. here's what we know about the new finance minister so far. he's 459-year-old former journalist it. who comes from the quake-rampaged city offish a maki. he became known for his outspoken efforts to mend relations between the opposition and ruling political parties. it's a background that may prove helpful when introducing the unpopular tax increases his new boss, the new prime minister, pushed for during his campaign. >> interesting, nina, because he is seen -- on this move might be seen as the ruling party reaching out. that's what everyone has been saying, that they have to come
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together, the opposition and ruling party to try to solve japan's mess and economic dearth. they haven't entirely stopped building new homes in spain, but they've got more than 600,000 of them sitting empty. we're shown what madrid is doing to get people to buy them up. that's next right here on "world business today." at didn't just e your breakouts... but actually made them go away. neutrogena skin clearing makeup has our proven blemish fighting formula so it clears your breakouts. now that's beautiful. neutrogena®.
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here's a look how the stock market performed in india today. the bombay sensex opened with a bit of a spike, tapering off during the course of the day. now it's trading up by about a third of 1% at 16730.79. hi. welcome back from cnn in hong kong and london. this is "world business today." >> there's a football medley between argentina and venezuela. most of the excitement is about one man. you guessed it. leonel messi. take a look at this promotional video by the promotional organizers, cng. it's the first time messi has gone to india and the crazy cricket nation has gone football
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mad instead. they ranked india tenth, would you believe, on the list of football-loving countries worldwide. cng plans to make $4.5 million. nina. >> stay with the soccer themed football giant. manchester united appears to be in good shape ahead of its $1 billion opening next month. that i hope for new record-high profits will appeal to investors. the family plans to sell off 20% to 30% of the claubd use the income to cut the club's debt and to play for players' purchases. we found several people in singapore who had one or two things to say about manchester united's planned ipo. >> very different, yeah. >> it gives singapore actually a
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chance to get so-called buyer shares so they can have a minimal or some sort of owner "showbiz flashpoint." >> best job in the world. >> my whole family supports them. this is the best. >> there's a lot of excitement around this venue, and, you know, i think it's got the popularity of the english league in singapore. >> some pretty excited fans there. let's remind you that shares of manchester united are expected to be available on the singapore stock exchange in october. andrew. >> a lot of o people in hong kong were hoping that ipo would come up here, nina. for more on all the stories that are taking global business, always check out our website.
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cnn.com/360. you can read the business and lead your comments and stories as well. remember cnn.com/business360. the construction and real estate sectors continue to be among the hardest hit in spain's the economic crisis, but on the mediterranean coast where it was evident that they were doing fine before the bust, there are some who hope to stay in business. our al goodman explained. >> reporter: they haven't stopped building new homes completely in spain, but they've got a glut. more than 600,000 new homes already built but unsold, the government says. nearly 20 p% of them on the mediterranean coast, leftovers from the economic boom before the state's economic crisis. >> translator: we're really building very little compared to what we should be building. it's not very busy producing new homes.
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>> reporter: he is a third generation real estate developer and president of the regional developers association. he says sense the housing boom went bust, housing prices have dropped 20% to 30% along the coast. >> translator: we fear a financial recession because the real estate industry is totally tied to the financial situation. it's rare that a real estate developer doesn't ask for financing and it's rare that a home buyer doesn't ask for a loan. >> reporter: huge homes are for sale in the large country. it was mostly built before the economic crisis. now he's trying to finish it. he took us into a model home. 200 square meters or 2,100 square feet all for just $939,000. the high end market, he said, issive, while sales are slow for lower priced homes. to help the real estate sector
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they've just reduced the sales tax from 8% to 4% but just through the end of the year. it could mean a savings of $11,000 in taxes on a $280,000 home. developer want the government to extend the incentive next year, anything to revitalize the moment. >> the tunnel is still very long and you still can't see the light at the end of the tunnel. >> reporter: what you can see are so-called ghost buildings, incomplete projects where money just dried up. al goodman, cnn, spain. who need
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dos santos. >> and i'm andrew stevens at cnn hong kong. welcome back. you're watching "world business today" today. let's take a look at the european action. markets on this side of the atlantic and this side of the planet getting off to a pretty dismal start to this final trading sex of the week. let's look at where they're standing right now 90 minutes into the trading session. as you can see, one of these markets down, down sharply. they're down in excess of 3% at the moment and the dax fairing almost the same. now banking shocks are sharply lower right across the continent and united kingdom deepening their losses from last check an hour ago. a lot of the losses have to do with the fact that "the new york times" reports that the united states lending agent fancy may and fabny mack is expecting to file suits against a dozen big banks. one of the banks listed on that
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list is deutsche bank. that's dropped down at the moment. andrew. >> they're dragging others down with it. they're similar here in europe but not quite as strong. this is what asia closed at the week. fairly big falls. hong kong down 1%. nikkei down 1.21 and here, down 1.3%. people locking in problems before we get that big u.s. jobless number out before the start of trading in new york today. the one different one which i didn't mention before is shanghai. down -- once again down more than 1%. has had a bad week following the move by beijing on friday -- last friday to move to try and rein in bank lending to tackle inflation. that's spooked investors in china who think now and this is
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backed by the prime minister who thinks it's not under control. all week into the weekend with the jobless numbers coming up, perhaps nina, not that surprising. >> yeah. those jobless numbers coming out just before the opening bell in the united states. you see all eyes very much fixed on them. as we look at how the u.s. markets could look at the moment. it's a pretty similar picture to what we were showing you about 34 minutes ago when we started this very show. the s&p 500 futures still indicating that market could fall the most, but the other two also down by a similar amount, about half of 1%. now, in about a week from now the u.s. president barack obama will announce a new plan for getting jobless americans back to work. so far, though, his programs have run into plenty of opposition from republicans. they're even disagreeing about the day the president's address
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should take place. as jim acosta tells us, washington is producing more bickering than jobs is. >> reporter: on twitter it's been dubbed his speech gig but it could eeshlly be called a jobsfail. roughly 24 hours after the white house first laughed off suggestions it was trying to bigfoot an upcoming republican debate by having the president give a jobs speech to come at exactly the same time -- >> whatever the competing opportunities on television are, whether it's the, you know, wildlife channel or cooking channel or political, i wish i could say that just -- >> reporter: it took only hours for the administration to give in to speaker john boehner's demand to move the speech to the next night. >> wednesday seemed to be the best option. when that wasn't available -- when that seemed to be a problem, thursday was fine with us. >> reporter: the white house blamed it all on the media. >> i know you guys love this
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stuff. i know it's cat nip. >> reporter: not to mention for the republicans running for president. >> now, does sh show maybe a little insecurity on the part of the president? >> when it's easier for the president to set a tee time for golf it may be another sign that washington's wheels have come off. >> reporter: i think in the beginning we thought there were one we'll off the car and then two, perhaps now four. the republicans have often been painted as the arrogant ones, people trying to force their way onto things. this time it was the white house caught in that situation. >> reporter: a new cnn orc poll finds that nearly two-thirds of americans disapprove of the president's handling of the economy. at this food stamp office down the street from the white house, people are tired of the games. >> you don't think they knee what's going on? >> you can't live off of it, feed yourself, pay bills. >> what do you think about the
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way that congress and the president are all arguing. >> there's something that they're not doing right. it's like if it ain't one thing, it's another. at least try to help us when we need help. >> reporter: and the president may be running out of time to fix the economy. his own administration's budget review originally forecast that unemployment may hover around 9% through his re-election year. that's a toxic number for any incumbent. jim acosta, cnn, washington. the former u.s. president george w. bush has gone online in china and so far it seems quite a bit hit. neil bush signed on to the mike crowe blogging service. he's gotten tens of thousands of followers. he wants to keep the posts nonpolitical. he's nine years younger than his
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brother. >> join us for the next edition of "world business today." it's 2:00 p.m. in london, 9:00 p.m. in new york. we've got more job numbers coming out of the u.s. if you want to drop us a line, keep in touch by our facebook payment. go to facebook.com daum slsface the company's been blending tea since back in 1831, but when it tried to tweak its famous earl grey last year it faced a bash lash. cnn's jim bound asked twinings, why change a good thing. >> yes, we talk to our consumers about what they like and what they drink and consumers tell us they wanted a more refreshing lighter tasting earl grey, so we did extensive research of more
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blends. we find that the new blend we just launched is different from the blend we have. it's the same tea base, a fishing note of lemon and from that we receive 55% more consumers buying it, more than 200,000 households have drunk it since we've launched the blend. >> had a few complaints, social media, even a facebook page. >> yeah. >> how do you counter that or what do you say to the customers who say i want the old flavor back. >> we had 120 people complain and since then the complaints have tailed off. we contacted them individually and tried to persuade them that the new blend is better than the old one. some love the new blend. for those who haven't made that switch, we've made the old blend
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say iowa available on our online shop and made it the same price as in the supermarkets and waved the pose taj and packaging. >> was it a mistake. >> was it a bit of a coke 2 or just a temporary blend? >> not at all. we've had a great success. we've convinced a lot of people to change to the new earl grey. we've tried to contact every one of the new consumers who weren't happy and try to convince them of that. >> social media might have made that backlash a bit more noticeable, but you're also available to reach out through social media. >> yes. the great web quickly. >> noticing maybe there was a bit of a hiccup? >> yeah, a difference between this relaunch and change of blend versus prior changes is instantaneous social media and the speed of the feedback you get. >> full disclosure, i drink a
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lot of earl grey tea. let's have a taste test so i can give my honest appraisal. >> okay. >> that's got more lemon in it. this is the new, and this is the old. >> correct. >> very obvious. i'm not going to give my verdict yet. i'll wait a month. i el try a box of the new stuff now that i know the difference in the taste and then i'll let you know. how's that? >> thank you. snoop that's cnn's very own jim boulden putting his taste buds to the test. andrew, i should also mention that earl grey is a particularly sensitive topic. don't get me started talking about if it should be drunk with milk. that's what cuts the wheat from the chaff here. >> we'll come back to this issue
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at some stage about how to drink earl grey tea. anyway, you've been watching "world business today." thanks so much for joining us. i'm andrew stevens in hong kong. >> and i'm nina dos santos in london. you're watching cnn, the world news leader.
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middle east," the international community comes together to free up libya's frozen assets, plus fueling the recovery. >> starting production of crude oil and gas. so that's not as much of a problem as it used to be. >> the transitional council says libya will be pumping to full capacity within a year. is that too ambitious. and the aid for east africa grows more urgent. we explore the role countries can play. the battle's still raging in parts of libya, but the reconstruction process has begun. humanitarian need grows more urgent as libya faces dire shortages of food and water. this week the international community came together to take action. a growing call to release millions of dollars in libya's assets was high on the agenda as
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world leaders met in paris. they're leading that call. united nations has approved the release of several billion dollars for humanitarian assistance used by the national transitional council. but that's a fraction of what's believed to be up to $100 million in frozen libya funds right around the world, and releasing it all will take time. for more from our cnn international correspondent, richard roth. >> the united nations and many countries are trying to come to the rescue of libya. they've been through a lot in the last few months but it's still going to take time and personnel into libya and there are, of course, political questions sometimes behind political decisions. a week ago the committee did free up $1.5 billion in frozen libyan assets for emergency humanitarian aides, especially in the area of fuel. this past week the u.n.
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secretary-general looked back and looked ahead. >> we notice it is vitally important that they acted to release $1.5 billion in frozen libyan assets for humanitarian assistan assistance. the first allocation of these assets, $1 million has been made. for the actually alt amount need in the coming days i appeal to the council to continue to be responsive to the repressed for the funding. >> with more than $100 billion in frozen assets still out there, various countries have approached the security council nation's committee on libya to get the money lifted, get the money in there. several are concerned others may try to play a more direct role inside libya. the u.n. has been burned before in post-war conflict, most
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notably in iraq in the oil for food scandal. it realizes it has a lot of work to do and wants to streamline coordination on all of the relief efforts. richard roth, cnn, for "marketplace middle east" at the united nations. >> getting libya's lucrative oil system back up and running is top most. he's optimistic about getting them back on track. he spoke to our nic robertson in tripoli. >> i think surprisingly and pleasantly, the damage for key installations, like for example, there's no damage whatsoever. we were afraid there would be damage. i would say something like 10%, 15%. so i would say overall an advantage from one place to the other, but the damage is about
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10 to 15. the production of gas will start in actually a few days from the shellout of a fee. the production of oil, crude oil, will start -- by gas, we're talking a week, ten days or so. >> how long before you're up to, say, half a million barrels? >> i would say about three months. >> back to full strength in about three? >> yes. >> less than a year? >> yes. >> if recent history is our guide, hitting that target may prove difficult. we're joined for further analysis. they want 1.6 to 1.8 million barrels day. that's achievable? >> very ambitious. as we know, production's almost at a standstill in libya now. what people don't realize is libya actually has the potential to produce double that amount. because if you look back in
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history, 1970 when gadhafi first took over, libya was produce 3g million barrels a day. but reaching those levels now is very ambitious. >> would you say it's a case study of what happens with war and the recovery of an energy center? >> iraq is an excellent example. they've had two wars to deal with. if you look back in 1979 before the iraqi/iran war, they were produced 3.5 million barrels a day. that's quite a year. within one day they've gone down to less than a million. that's substantially less. by 1991, the gulf war, they were producing 3 million barrels a day. much less. where do they stand now? about 2.5 million barrels a day. that's substantially higher. and iraq has these grand ambitions that they want to produce millions by 2020.
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>> kuwait, we had the war there, the precrisis level, it dipped down. >> kuwait is actually a success story, john, because they were producing about 1.5 billion barrels a day before the iraqi invasion. they went down to below a million. but within three years they were actually at higher levels than prewar levels and the reason for that, john, they were able to restore security and stability to kuwait quickly and that basically translated into higher oil production. >> okay. thank you very much, leone lakhani with that analysis. the international community is looking to the gulf states to provide a helping hand. we'll have an in-depth report when we come back.
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humanitarian efforts continue in east africa, where some 12 million people are suffering from the most severe drouts in more than a half century. antonio gutierrez says another $144 mill is needed to help displaced people and refugees. some of that money would help hungry people inside sew moll ya. another said $2.5 million was needed to deal with the crisis in the region. last month ban ki-moon urged the leaders of the gulf-rich states to address the crisis immediately. i'm joined now with some analysis and the appeal by somalia. it's quite interesting that they stayed close to the neighborhood in terms of trying to tap money. >> well, the hope is, of course, its's not just the arab nations. the uk and u.s. hasn't given it
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as much hope. but the arab nations, the hope was the eric money might be more easily accepted. that they might allow muslim asians to take the aid in. that i have been speaking to heads of the asian world. so far they haven't been delivering. saudi arabia has pledged $50 million but they've only committed $40 million of that. as you go further down the list, united arab emirates, 5.8 million. ka ta, 5.6 million. as you move further out to the islamic world, they've given nothing. they say they're going through their own agencies. what when spoke to the somali prime minister, he's thankful for your what they have been given but they need so much more. outside the african base the somalis wait in line for medical camp. many have made the trek from areas held by the militant group
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where an edict has been issued banning foreign aid. the war can take days, sometimes even up to a week. a risky trip sends many fighters. they don't want anyone leaving the the territory they control. the u.n. general ban ki-moon has been putting in personal phone calls. desperate to make up an 87 million-plus u.s. dollar shortfall. and what the u.n. needs to address the situation here in somalia. there's also a hope that perhaps arab aid might be able to go to places that western aid can't, that the al shabab militant groups may allow more arab money and aid groups into the territory under their control. the gulf states have so far pledged altogether around $65 million. the somali prime minister told us they're grateful, but he says it's not enough. >> we need the response to be bigger than it has been so far.
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we are really grateful for all of those who have responded already. but the need is huge. we need more aid and we need it as quickly as possible. >> reporter: the world food program estimates that nearly 3 million somalis under al shabab's control are receiving no assistance whatsoever. and it's the children who've been hardest hit. this man walked for days to bring his son into the capital where he hoped he'd find help. the boy is 3 years old. but he's so malnourished he can't stand or sit unaided. here in the capital, aid agencies warn that the food is also running out. they say they need more donations and they need them fast. and we're actually heading into harvest season, so this really is the crucial period for them to get aid in so we're not in this exact same position this time next year.
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>> so a limited window of opportunities so you don't have a repeat 20d 12. nima, thanks very much. that's it for this edition of cnn's "marketplace middle east." i'm john defterios. thanks for watching. we'll see you next week.
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