tv World Business Today CNN September 26, 2011 4:00am-5:00am EDT
established over the last hour, is your story is not too sad to be told it has been a story of joyous chaos, triumph, occasional disaster, but above all, great fun. thank you very much. >> thank you. >> piers: been a pleasure. it has been a pleasure. here are the headlines this hour. kenyan environmentalist wangari maathai dies, surrounded by family and loved ones after a long battle with cancer. she was widely known as a dedicated campaigner for human rights. she was 71 years old. libya's national transitional council says it's made a gruesome discovery near the infamous prison.
they believe it's a mass grave not related to the revolution but the final resting place of more than 1200 prisoners slouterred back in 1996 but there are some doubts surrounding the discovery. medics with cnn staff on the scene say the bones don't appear to be human. excavation of the site will give more details. the ntc is asking for international help with identifying remains. closing arguments are under way in italy in the appeal of amanda knox sentenced to 26 years in prison for killing her roommate. the defense claims dna evidence used to convict knox is unreliable. the prosecution says independent experts ignored other key evidence, which reports that knox said in a letter she was worried but that she was thinking of what she would do once she was back in the u.s. after more than two years in iranian prison two freed american are calling their trial on charges of spying a sham. josh fattal and shane bauer say they were hostages.
fattal, bauer and fellow hiker sarah shourd were arrested in 2009 when they crossed an unmarked border with iraq. i'm zain verjee. "world business report" starts right now. good morning from cnn london. this is "world business today." the top stories this monday, september 26th. european investors are on edge after tim geithner warns the debt crisis is the most serious issue facing the global economy. in asia, investors also reached for the sell button. as european policymakers look to beef up the euro stability fund, we're live in athens. >> reporter: thanks, charles. strike action will meet members as they arrive in athens to review austerity cuts worth $38
billion. they continue to question whether this government can deliver on what it promises. we'll have full analysis and speak to a leading greek industrialist. contagion fears are stocking global stock markets after timothy geithner said europe's sovereign debt crisis is the most serious issue confronting the global economy. he made the statement at an imf meeting in washington over the weekend and reiterated the united states' interest in lending europe a hand. >> europe is facing -- and i should say before you talk about europe. you know, it's worth noting that we have a huge direct stake in europe resolving this. en just the dollar funding them but throughout imf but a huge strategic interest, too, because we don't want to see europe weakened. it's not in the interest of the united states for that to happen so we have a strong interest in
helping them through this. >> investors in europe still appear wary as they keep a close eye on european policymakers after a weekend of tough criticism, like what we just heard from the united states, and also for that matter from china. european leaders are reportedly considering adding to the euro stability fund. now, that currently stands at a 440 billion euro level, that rescue package. media reports suggest it may be beefed up to 2 trillion euros or $2.7 trillion, with half the value of greece's debt being written off. no confirmation of those numbers. that's just speculation. any strengthening of the existing fund would take weeks to put into place. let's have a look at european stock markets and the way they're performing. one hour into the trading session and we are seeing a little gain there for some markets. up by more than 1%, actually, for the xetra dax, up by more
than.5% and paris cac. the ftse is down and the others are up? the reason is commodity stocks are taking it on the chin particularly today. as a result, the london ftse, which has a number of large xhod stocks like rio tinto. let's turn to currency markets because concerns are taking a toll there. the euro and pound are down against the u.s. dollar with the euro having lost a total of 2% over the past week. now, you see the yen gaining slightly. 3 you're very good at doing cross rates in your head you'll probably notice the euro has slipped to a low level against the japanese jeyen. it's at a ten-year low against the yen. yen being seen as to some extent a safe haven under these
circumstances. joining me for more on the global market is senior trader from etx capital. so, tell me, what are you and the markets make of these media reports we're hearing about the efs being boosted up to 2 trillion? clearly going to take some time. are markets impressed, is that why we're seeing these gains? >> no. i think what we've seen first thing this morning is a rapid selloff, short sharp selloff, a lot of positions being closed out. a loss of fear over the weekend. we had a balance of the markets late friday on the back of potentially the ecb or central banks intervening and doing something that could prop up certainly some of these eurozone nations that are in trouble. there was nothing announced over the weekend. therefore, we're back down again this morning where we are fairly volatile. it's not just down to europe. you mentioned the commodity stocks trading lower in europe. this is largely down to the price of copper falling very
sharply on the potential slowdown in asia as well. so, things seem to be rolling down, certainly the economic numbers are coming in fairly negati negative. i won't be surprised to see third quarter corporate figures coming in on the down side or lower than broker expectations. we're entering that period of the year, that part of the season of the markets whereby you see extreme volatility, you see exaggerated downward moves and we could see a bottom forming over the next three months or so. >> interesting but let's have a look -- time the per peculiartive to the next five sessions or so. what are you going to be looking at over this week? >> well, i'll be looking for certainly a move lower in the equity markets. i wouldn't be surprised if we do see a further selloff in equities. an announcement from the ecb. there is a very vague rumor during the rounds today that the ecb could be cutting interest rates.
they did in many opinion hike unnecessarily earlier this year to combat inflation. obviously, inflation was a major concern as opposed to the eurozone cries. now they do have maneuvered -- or room to maneuver on the downside with regard to interest rates. i wouldn't be surprised if something is announced on that front. eurozone nations, the ecb, eu and certainly inconjunction with the imf, probably need to announce something fairly soon in order to stabilize the markets and reduce the volatility we're seeing. >> okay, mnoj joining us live. thank you very much. we've been seeing all of those fears we were talking about earlier playing out on the asian stock markets as well as the european ones on monday. japan's nikkei index hit a six-month low. it had a hole day, actually, on friday so was catching up with the sharp declines on wall street and other asian indices. selloff continuing in hong kong with the hang seng losing more
ground on top of last week's heavy losses. off by 1.5%. and shanghai off by 1.65%. but let's have a look at electronics sector. that was actually hit hard, too. presumably on fears of a global recession or at least a recession in europe and the united states. shares in panasonic and sharp were down by more than 4%. trading gets urn way if wall street in a few hours. this is following a fairly brutal week for u.s. stocks. the roller coaster ride ended with gains by friday's close. as manoj was mentioning. on the day the dow ended up a third of a percentage point. the s&p 500 advanced nearly two-third. nasdaq gaining more than 1%. but here's over the week the dow dropped to nearly 6.5%. the s&p lost a little more than that. and the nasdaq shed more than
5%. these are figures reminiscent of 2008, frankly. well, what are we going to expect at the open today? u.s. markets currently looking for further losses -- or a loss anyway at the open. trading beginning in five hours, 20 minutes. off by half a percent for the broader market, the s&p 500 and the dow 30. and nasdaq composite after a big run up on friday, losing three-quarters of a percent but that's just the futures market. staying in united states washington hosted a visitor from greece over the weekend. among the finance ministers who are gathering of the greek one, who was on message about the country's commitment to reining in its debt. he spoke at an international banking conference in the u.s. capital on sunday and he said, greece wants to make it and will make it. we're ready to take the necessary initiatives at any political cost. well, that didn't cut much ice
with only ordinary greeks who took to it the streets of athens that very day to demonstrate against waged cuts and tax increases. those austerity measures ailouts. all 17 members of the european bloc must approve for th to proceed. well, later on monday representatives from the european commission, the international monetary fund and the european central bank will arrive in greece to review its latest austerity package. cnn's john is with us from athens with more on that. sound like a big week for greece. certainly in terms of all these visitors and the finance minister making a visit of his own. >> reporter: that's for sure, charles. european union and greece have been criticized for not managing this crisis very well.
this is like a conductor trying to manage an orchestra making sure they all stay on tune. on the balance here is an 8 billion euro trench greece is trying to get if they can deliver on $38 billion worth of fresh austerity cuts. prime minister papandreou goes to germany to speak to germany industrialist in berlin. angela merkel will be in the audience. she said it's very important to set the tone for the big vote on thursday. you have austria and finland voting on tuesday and wednesday. on the ground, when you talk to a number of different people, they're questioning themselves whether they can take more austerity, $38 billion. we'll talk with more of what that means. if you break down this package you're looking at a 20% peng cut for those making over $1600. a 40% pension cut for those who decided to take early retirement under the year of 55. and then 30,000 workers in the
state sector, 3% being furloughed on lower pay. finally the greeks are being asked to pay a property tax now. not through 2012 as originally proposed, but now through 2014. again, many are saying, the government promised something in washington, they've promised something in brussel, will they be able to deliver? that's what prime minister papandreou will address tomorrow in germany. >> i'm sure he has to stay on message. let me read to you what an analyst wrote in some analysis that he sent out this morning. he said when a nation has to spend 50% of its gdp just to service its debt and the gdp is contracting in front of our eyes, then clearly the illusion of meeting troika criteria will not last long. i expect that economist is rather in tune with what people are saying on the streets of athens as well. >> reporter: in fact, charles, this discussion about a 50%
haircut, which finance minister talked about ahead of the imf world bank meetings that was leaked out, in fact, is becoming the common ven ak lur. i've been covering the country since the mid-1990s. it's fair to say this is the first time i've seen the country so divided on many, many levels. divided within the party, how much the people can handle in terms of cuts, division within the parliament behind me, they're not cooperating at all. perhaps more importantly is the division between the private sector and the public sector right now. the public sector getting layoffs but the private sector say that's long overdue. public sector say private sector haven't been paying taxes on finger-pointing all around. the final division is whether they should try to stay in the euro in this austerity trap, contraction in the second quarter, record unemployment at
16%. severity on the ground is really deep and whether they can sustain that is a real question mark as the troika arrives in athens. >> fascinating stuff to watch, john, joining me live from syntagma constitution square in athens. you're watching "world business today." watch for more coverage in greece. we'll head back to athens to see how local businesses are reacting.
as we look at the price of gold and we are seeing it coming back by like $60, $15 96. welcome back. live from london this is "world business today". the chief executive of ubs, union bank of swits lan, has abruptly resigned in the wake of the trading scandal that cost the bank an estimated $2.3 billion.
he quit on saturday amid a swirl of questions about the bank's risk management practices but despite the practices, ubs shares at this hour are trading higher, up more than 1%. now, a 3 1-year-old ubs trader faces fraud charges in the scandal for allegingly making unauthorized trades in exchange traded funds, etfs. another top ubs executive is replacing gruble, at least for the short term. since april amotte has been the chairman and ceo of europe, middle east and africa group. before that he was deputy chief executive. he is a swiss-certified banking expert, oxford graduate. if gruble was quick to go, our next story has been a long time coming. three years after its initial delivery date and reportedly billions over budget, the first, just the first boeing dreamliner
was delivered. the plane is the first commercial jetliner made from a carbon fiber plastic material that promises to cut fuel costs. boeing has orders for 820 more of them. now hopes to crank out about ten each month. well, anemic growth in the united states and europe has businesses around the world looking east for future growth. coming up, we look at the companies in latin america extending a warm welcome to chinese tourists.
back at the currency markets now. and as you can see, some weakness there for the euro. 1.3435 against the dollar, but in terms of the japanese yen, we're looking at a ten-year low for the euro. welcome back. you're watching "world business today" live on cnn. european debt fears are front and center in investors' minds this monday. we've heard a lot from politicians and protesters. greek businesses have also been dealing with increased scrutiny of their country's financial affairs. john defterios joins us once again from athens. you were talking about the private and public sectors
finger-pointing. we've heard a lot from the public sector, on the streets. what about the private sector? >> reporter: in fact, that's a great point. during the entire austerity plan we haven't heard from leading greek industrialist so we invited one to share his thoughts, the cham of the group that uses an energy group, infrastructure group and mining group. it's nice to have you on cnn. what i would like to jump into here is that we talk about the divisions between the private and public sectors. the public sector feeling, even though a quarter of the workplace, that they're asked to sacrifice too much in item of pengs. realistically what could be done to bridge the gap between these two? >> all we have to say about this gap at this point in time is the private sector is counting almost a million unemployed in the private public sector, not one layoff. so far it's the private sector
that has to pay the bill. >> reporter: in item of realistically going forward, can this government deliver on 30,000 furloughed workers, 20% pension cuts, 40% pension cuts for those who retired before the age of 55? will they deliver what they promised? >> what is at stake here is the very survival of greek modern states. doesn't matter what the greek government has to deliver, greek survival. >> reporter: you have debt of 150% of gdp, unemployment at a record 16%. is it realistic now to say it's a foregone conclusion that a 50% haircut needs to be done? >> i don't want to make any comment about the haircut. that's in the hands of bankers and politicians. all i know is that what we have to do, whatever it takes, we must do. >> reporter: and that is a realist speaking here because you don't want to get into a
political debate but can this government carry a burden like that and not grow, contracting at 7% a quarter? >> at some stage when the economy stabilizes, growth will come back. right now there are priorities. the priority at the moment is to materialize the agreement of 21st july. this is what you have to do now. now, if there's another debate over time about massive haircut and south peripheral zone, this is another thing. what you have to do now is deliver what you have to deliver. >> reporter: the final thing we want to talk about, we had a discussion five months about target of 5 billion euros. this year 50 billion over the next four years. nothing so far. so, this is a big black hole in items of austerity. >> i agree with you, john. we're all getting a little desperate about that. privatizations have to go ahead. there are limits, time limits. we have to do things. we hope that finally -- even at
the last minute, we will start. >> reporter: thanks very much for your analysis, chairman of the holding company that bears his name, one of the leaders in terms of energy, mining and infrastructure. and the company that's grown looking outside of the greek market. >> john joining us live from athens, thank you. european debt fears continue to weaken global stock markets. we'll bring you the latest numbers here on "world business today."
representatives from the european commission, the international monetary fund and the european central bank are expected to return to athens on monday to continue their audit of greece's finances following a new wave of austerity measures. earlier this month, greece resisted demands by the imf, ecb for stricter measures. on thursday germany holds a key meeting on whether to strengthen the eu bailout fund. we're getting the first market reaction to the change in leadership at the swiss bank ubs. ubs shares in switzerland started the day down but currently up 1%. sergio armotti is the new interim ceo after gruble resigned on saturday over a massive rogue trading scandal. boeing has finally delivered the first of its 787 dreamliners to all nippon airways after three years of delays. public ceremonies will be held today and the aircraft will enter service next month. now, stock markets around
the world are still reeling from u.s. treasury secretary timothy geithner's comments over the weekend. at an imf meeting in washington he said europe's sovereign crisis is the most serious issue facing the global economy but he reiterated the united states' interest in lending europe a hand. >> europe is facing -- and i should say before you talk about europe, you know, it's worth noting that we have a huge direct stake in europe resolving this. not just through the dollar funding the feds providing them and through the imf, but of course we have a huge strategic interest, too, because we don't want to see europe weakened by a protracted financial crisis. not in the interest of the united states to see that happen so we have a strong interest in helping them through this. >> let's take a look at how european stock markets are moving right now this minute. here's where the leading indices stand 93 minutes, roughly, into the monday trading.
we are still seeing losses but just scant ones. off by 0.7 for london ftse. dax is gaining 1.5%. zurich smi helped by the gains for ubs, not too much hampered, up by 1.65%. paris cac up by 1.2%. london ftse having more trouble because market analyst told us that's because we've seen a sharp fall in the price of copper. that's fixing those big london quoted commodity stocks. turning to asia, all of the major indices finished lower on concerns over the european sovereign debt crisis. japan's nikkei 225 was the worst performer. it had a holiday on friday, so it was playing catch up with losses we saw on friday on the other asian indices. though, we are off by more than 2% there. hang seng off by 1.5%. and the shanghai off by 1.65%.
palin asx 2000 off by 1%. and i believe that if you look at -- just focus that back in on the nikkei with the yen rising there, we are seeing exporters being hit quite hard on the japanese stock market. wall street opens again in a few hours, less than five hours now. last week was actually one of the worst falls of the dow since october 2008. felicia taylor with a look at the week ahead. >> the u.s. economy will be the central focus on wall street as a jam-packed economic calendar awaits investors. ee newed concerned about turbulence in eurozone will also be a factor. headlining the week is the third and final revision of u.s. gdp for the second quarter. the economy in the u.s. has slowed significantly over the past year. the second revision put the pace of growth at a near standstill, just a 1% annual rate. any downward revision could
spark a selloff and would fuel more speculation that the u.s. is headed for a double-dip recession. the american consumer will also be in focus. we'll get two readings on how people feel about the economy and numbers on personal income and spending are also expected. tallies of new home sales and pending sales are due as well as a look at home prices across the country. and a monthly reading on orders for durable goods. those are big ticket items like dishwashers, computers and even airplanes. and one airplane delivery in particular is drawing attention. japan's ana will be the first airline to take delivery of boeing's much anticipated and long delayed 787 dreamliner. it's the first commercial aircraft constructed largely of composite materials, which does cut down on the jet's weight and improves its fuel economy. that's a look at the week ahead on wall street. i'm felicia taylor at the new york stock exchange. now typhoon is less than 24 hours from making landfall in the philippines.
our meteorologist joins me now from the world weather center. am i pronouncing that right? >> yes, sir, are you. this is going to be a potent storm for the philippines. we are talking about significant winds and also a big rain event that has already started. in fact, typhoon's not going to make landfall until about 8 a.m. local time tomorrow morning tuesday, but the rains are already there. combining with the monsoon as well. this is a big rain machine here. just take a look at the sheer size of this thing. extending from the philippine sea across the philippines and into the south china sea. again, the core winds are 148 kph. nowhere near shore right now but they are going to be coming in. in fact, this could strengthen a little bit more, we think it will, before it makes landfall. the dangerous winds are well offshore. those don't come in until tuesday 8 a.m. local time. somewhere along portions of the bay in manila will get in on significant wind, not the
dangerous wind that could produce damage along the coast. along with that we're going to be pushing the philippine sea into the philippines here and that is a storm surge we'll watch very closely, especially of course to the north where it makes landfall. that is where we'll be talking about the water getting pushed in, so we'll have coastal flooding as a result of that. and then we'll also have, of course, the rain that's going to be relentless over the next several days. there's the official track, 185 kilometers per hour. that is bad but not as bad as we thought it was going to be. this was supposed to be a super typhoon with winds upwards of 250 kph. it's not going to happen. it hasn't organized all that well. then it crosses into the south china sea, loses intensity because of the topography in the philippines, mountainous terrain will interrupt it's structure but it is going to maintain itself, i think as a typhoon as it re-emerges out into the south china sea and then we'll be tracking a secondary landfall into china. potential mudslides, no question about it.
you know this region here is prone to that. when you get a lot of water, you don't need a typhoon to get mudslides in the philippines. this time we're getting one so not only the rain but the wind to contend with as well. again, that is coming in the next few hours. we'll keep you posted. charles, to you. >> ivanka brar ra, thank you very much. now, it's not one of the brix countries but its economy on the rise. foreigners can come in and own 100% of a company. it has very liberal and pro-business investment laws here. >> we'll tell you which southeast asian nation may be becoming a hot new spot for foreign investment.
they followed american military intervention in southeast asia and the rice of of kmer rouge. they opened a stock exchange in july and they plan to list the first two companies by the end of this year and foreign investors are showing a growing interest. here's a closer look at cambodian economy. the country's gdp topped $11 billion last year, according to the imf, world bank, u.s. state department and forecast to grow by 8.7%, the and inflation stands at 4%. unemployment also estimated to be low. but 30% of the population does live below the national poverty line. k cambodia's exports topped $5 billion in 2010. they include timber and rubber
but textiles dominate the government. the garment industry employs more than $280,000, and that's about 5%, 1 in 20, of the country's work force. the garment trade contributes to more than 70% of cambodia's exports. some of these things are making cambodia increasingly appealing to international investors. our pauline choo takes a look at the country's economic opportunities and risks and reward for those willing to take a punt on a poor but promising country. >> reporter: cambodia is more than just a cheap place to visit. it's on the radar for pioneering investors who see opportunities in a country that was destroyed 30 years ago by decades of civil war. half the population is under age 25 and thousands of young people are looking for jobs. with labor cheaper than china and vietnam, manufacturers are coming to cambodia to hedge
costs. the economy is on track to grow between 6% to 7% this year. this is the trading floor of the brand new cambodian symptom exchange. no traders yet but they're hoping to list the first two companies by the end of this year. the stock exchange opening has been delayed several times and very few local companies are lining up to list because they don't satisfy accounting guidelines yet. many investors say cambodia's biggest bank is the company to watch. president and ceo, he says part of the bank's success is from reaching out to the rural poor. nearly a third of cambodians live under the poverty line, earning less than $1 a day. >> smart business enter practice newer. they know how to do simple calculation. they need to have access to finance. >> reporter: the government is trying to boost economic growth by attracting more foreign investment. >> foreigners can come in and own 100% of the company. it has very liberal and
pro-business investment laws here. >> reporter: still, there are issues with infrastructure. there is no national power grid. some roads are poorly maintained. and transparency international ranks cambodia 154 out of 178 countries for corruption. >> there is an issue of corruption in cambodia. there's also an issue, and this is a concern for most investors, in terms of dispute resolution. can contracts be enforced? >> reporter: last month the cambodian government passed a strict new anti-corruption law where no government official can accept a giflt or money. much of today's investment is coming from within asia. chinese companies are building much needed infrastructure for the country, but in some of these projects, critics complain not enough is being done to protect local land owners and the environment. the investment landscape in cambodia is changing rapidly. attracting people who can stomach high risk in pursuit of high returns.
pauline chiou, cambodia. our special week-long business series on cambodia continues tomorrow with a look at the country's up and coming luxury tourism industry. tune in to "world business today" for that. meanwhile, china's new rich are taking their money on the road. not cambodia in this case. coming up, we'll look at how wealthy chinese travelers are energizing the world's h hospitality industry. with b vitamins, the first and only one to help support a healthy metabolism. three smart new ways to sweeten. same great taste. new splenda® essentials™. while i took refuge from the pollen that made me sneeze. but with 24-hour zyrtec®, i get prescription strength relief from my worst allergy symptoms. so lily and i are back on the road again. with zyrtec®, i can love the air®.
let's check in with the price of gold. having been down by $55 or more earlier on. losses off by just under $40, $39.40 at $1616. well, now a look at the price of crude oil. and we are seeing that come down. nymex crude down $1.25. welcome back live to cnn in london. this is "world business today". as china prospers, individual wealth prospers. a survey of wealthy chinese men and women released earlier this year indicates china now has the world's largest number, greatest number of self-made millionaires and billionaires. they've got passports and they
want to see the world at last. that research says they're spending at least some of their money on luxury travel and international shopping. the wealth report indicates 90% of china's millionaires traveled abroad last year. the most popular times were china's national holiday in october, the chinese new year and during the labor holiday in may. it indicates the chinese women tend to travel abroad more often than men, boosting the luxury travel market. well, the preferred destinations, france number one, followed by the united states, australia, japan, the and singapore. it isn't just china's elite, the millionaires exploring the world. china's upwardly mobile milgts middle class is embracing abroad travel. they tell us the travel for middle class chinese travelers is actually huge. >> something like 76 million
upper middle class emerging by 2015. they're totally going to mobilize in terms of experience, so luxury travel, 23% of the luxury market in china. they're hungry for experiences, to tell stories, to tell friends, to share. to share what they've seen of the world, they're globally inquisiti inquisitive. this market resides. any interior city, any location. they're highly mobile. >> he's just the asian ceo. one region attracting an increasing number of chinese travelers is, believe it or not, latin america. in recent years china has made multibillion dollar investments in that region in agriculture, mining and industry. as brian burns reports, latin america's hospitality industry is putting a lot of energy into attracting chin in's public. >> reporter: maria jose martina
grew up speaking spanish and english. and several years ago made the decision to learn mandarin. this skill has helped her considerably in her job at the park tower hotel in buenos aires where she welcomes chinese tourists. >> they act like someone here in the hotel, they say, speaking in chinese. you went to china, you like to come back? it's beautiful to receive that kind of comments from the chinese guests. >> reporter: this proactive approach is taking place throughout latin america where the chinese have spent heavily over the past decade. in argentina alone, chinese investment totaled $15 billion over the last three years. the farming, mining and energy sectors have received the bulk of this but the hospitality industry is getting a boost, too. >> big increases in the chinese market in the last year.
we saw an increase of 364%, mexico city. we saw 260% increase at park tower here. >> reporter: starwood hotels recently launched a program that provides small touches for their chinese guests, like in-room slippers and tea kettles, chinese television and food amenable to the chinese palate. >> we are in the hospitality business and we need to make sure customers receive, they feel like a home. in order to do that, then especially with different cultures, like chinese cultures, we need to learn about that culture. >> reporter: hotels, restaurants, shops, airlines and others are getting involved across latin america. the public and private sectors are actively working to woo the 60 million chinese travelers expected to travel abroad this year. aero mexico airlines began running two weekly flights between mexico city and shanghai
last year. brazil has been sending delegations to china to entice chinese travelers to attend the upcoming world cup and olympic games in brazil. and tango shows and steakhouses now offer menus in mandarin. they say they love to see glaciers, whales and penguins in patagonia but finding the right balance is a constant challenge. >> translator: chinese tourists are not accustomed to say thank you which is something very common for latino so it's taken time how to properly adapt so that everybody's happy. >> reporter: with millions of potential chinese tourist expected to travel and millions of dollars at stake, thank you and please and come again, will likely be said in ways just about everyone understands. brian burns, cnn, buenos aires.
>> one place those travelers might want to stay away from is a beach in northeastern brazil because the water is full of piranhas and beachgoers finding their toes are -- are fining their toes and heels are getting nipped. authorities say it's bitten about 100 beach goers recently. they say the fish is overpopulated. now they're fighting the fish with more fish. they're throwing tilapia into the water hoping the piranhas will eat them instead. speaking of things with sharp teeth let's have a last look at stock market. in europe we're last seeing gains on the london ftse. it's been inching up but held back by losses for commodity stocks. up now by a quarter of a percent and a good bunch for the dax, up by 2%. zurich smi up 1.8%. gain for ubs following the change of leadership. and the paris cac up by 1.6%.
contrast that with asia, miserable start to the week there. certainly in terms of the nikkei, which was on holiday during the big selloff on friday, so that's been playing catch-up up to the tune of 2.2%. hong kong, hang seng and shanghai off by 1.5% and s&p asx 200 off by 1% with commodity stocks escaping a little more likely there. for more and all the issues, check out our website at cnn/biz360. there you'll find blogs from the whole "world business today" team and catch up with episode of our executive series "the boss" and leave your comment at cnn.com/biz3 cnn.com/biz360. meanwhile, that's it for this edition. i'll be back at 9 p.m. in hong kong, 2 p.m. in london for the second edition of "world business today," 10 p.m. in