Skip to main content

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

4:00 am
an incredible show based on the life of an incredible entertainer. i'm zain verjee. it's cnn in london. here are the headlines. in pakistan a roadside attack killed 13 and wounded 8 others. it was the work of motorcycle g gunmen. protesters set a bus on fire. amanda knox is expected to fly home to the u.s. tuesday. a jury in italy cleared knox and
4:01 am
her ex-boyfriend raffaele sollecito of murdering meredith kercher in 2007. they must decide whether to appeal the ruling. libya's new leader says the declaration will be claimed once the battle in sirte is one. fighting remains intense in both towns. jurors should hear from a second girlfriend of dr. conrad murray tuesday as prosecutors argue that the physician is sponge for michael jackson's death. the first of three girlfriends testified on monday along with emergency room doctors who treated jackson the day he died. both er doctors said murray never mentioned that jackson was taking propofol. those are the headlines from cnn. "world business today" starts now. i'm zain verjee.
4:02 am
good morning from cnn london. i'm nina dos santos. >> hello. from cnn hong kong i'm andrew stevens. you're watching "world business today." tuesday, october 4th. stocks are falling. global investors just can't shake off the gloom. analysis from the trieding florida in london. mod daryn slavery in c cambod cambodia. >> detainers like this then we feel if we are a prisoner. can you unlock the front door? the first in a series of ex-clous save cnn freedom project reports coming up throughout the course of the show. well, let's first bring you up to date what's happening in the markets and a second day into the new quarter and second day of heavy selling how the
4:03 am
markets in europe and asia are reacting to the european debt crisis. let's start with the markets that are trading. europe and nina, a rough morning. >> it is. already they closed in the red 2% to 3%. second trading day of the final quarter of 2011. european stock markets have been open to about an hour. look at the red arrows right across the horizon. eurozone debt concerns and greece again is in ee cuss. a decision on their next bailout payment will be happening in two weeks' time raising concerns this country could run out of money well before then. in the meantime, private bond holders involved in their second bailout could be forced to take a bigger hit than the 20% haircut that was agreed back in july. european banks are feeling
4:04 am
the pressure. many of them hold on to greek debt on their balance sheets and haven't written it down. one bank in the back of people's minds is dexia. it had a bailout from the government a years ago. increasing concern today and yesterday this company is now struggling with its finances and that it may well need a second bailout. dexia says they asked the ceo to fix what it described as structural problems. the board met on monday to discuss dismantling the company. dexia's share pries taking a hammer. it was down in excess of 25%. and that means that a nosedive so far this year. bnp paribas and societe againe
4:05 am
is down and ubs and credit suisse down 2% so they're feeling the heat on the back of the ongoing concerns over greece. >> the banks getting hit and not the to mention the banks ov overnight in the u.s. faking a hit. first, doesn't this look familiar. losses across the board. shanghai is not here because the market there is closed for the national holiday. elsewhere the debt crisis continuing to weigh pretty significantly on the markets. the kospi had been down well over 5%. closing down by 3.6%. was playing catch-up. closed for korea's national holiday.
4:06 am
nikkei lost, 846,000 yen, above its low it hit after the quake and tsunami sydney. down another 2/3 of 1% and the hang seng down.64%. there was one ray of sunshine here in hong kong. that was the casino stocks that are listed here. several of them bucking the trend. but remember this comes after big losses yesterday. some of these companies down between 11% and 20%. 26% was the worst one yesterday and that came after an hsbc survey suggested that china's growth is slowing which means less recreational spending. we do have the golden week holiday. china is traditionally a big
4:07 am
earn for for the casino there. but the casino very much in focus at the moment. okay. we talk to you about what's been happening over the past quarter or so. if you look at just how much we're talking about in the quarter that has just passed for two days into the new one this is how bad it's been for the neck key down more than 13% over that quarter alone. but that's actually quite modest compared to some of the other markets. hong kong, similar picture but apart from a couple of plateaus you'll see it's come off very, very sharply. shed more an a quarter of its value. move along to the seoul kospi index and see a fairly sharp sell-off there, 20% down more than a fifth of its values lost and in australia over the same
4:08 am
period and you'll see there the bench mark sa pchp ask down by 15.1%. nina, two days into the last trading quarter of this year and we're already seeing big losses again on both days. >> well, there's nothing like showing the story with numbers, andrew. with stock markets on the slide you might expect the price of gold to be doing the opposite and to be rising but this so-called safe haven is flat today. trading just a touch over $1,670 an ounce as you can see. up about 3.75 in today's session. a look at how the price of nymex crude oil is doing. the outlook being so weak, a lot of concern about how much the world's largest economies may need if this commodity of oil --
4:09 am
take a look. trading at 76.54 at the moment, andrew. >> let's look at what we can expect when the u.s. opens in a few hours. looks like it's going to be a flat market. numbers up, doesn't look like we can. yes, they can. the dow flat, the nasdaq off. the markets down, the s&p down more than 2% on monday, so a little bit of respite there, but it's a long way to go before the opening bell, nina, and going on what we're seeing in europe at the moment, it would be a fair bet to say there's going to be a lot of concerns when the u.s. markets do open. >> yeah, traditionally stock markets here in europe follow the overnight action in asia or at least overnight for us and take their cue from markets in the united states but, of course, with the eyes of the world firmly focused on the
4:10 am
eurozone crisis it seems that the markets are taking very much their cues from what is going on in europe. perspective on the movements we're seeing as andrew is just saying, second day of the final quarter of the year, a pivotal one, we have a senior trader joining us live. good to see you. these aren't good times and now we know that it's going to be another delay before greece gets that money. will they run out of money and default in the next month or so have. >> i think it's certainly a possibility and think both greece and you need to realize this isn't going to be resolved overnight and the line needs to be drowning and you need an orderly default from greece for them to renegotiate some of its debt and for it to exit out of the eurozone because at the end of the day it is affecting not
4:11 am
just countries within the eurozone but global economies, as well. you saw the manufacturing figures in the u.s. which were mildly positive but the market shrugged it off and happening within the eurozone and to greece. >> now, throughout the course of this week we've been stacking up the kind of losses that the markets have incurred. as we head into the end of the first week of the final quarter of the year, are stocks cheap at these levels? they've fallen so much? >> we usually say cheap can always get cheaper. i do further downside for the month of october and see further volatility coming. until the situation for greece is resolved but then traditionally october is a pretty volatile month anyway and get a rally in november, december time frame, fairly traditional. this is usually a fund manager that is coming back into the market buying stocks probably
4:12 am
then a lot cheaper than they'll be. >> we should talk about these concerns surrounding dexia which has had a bailout during the 2008 financial crisis. if dexia would need another b k bank -- what would that mean. >> huge effect to other banking shares, the sector as a whole and what we'll be finding is there's not that money to pump into dexia and the french and belgian governments need to come together and possibly look to hive of toxic assets held on dexi. 's books and deal with the best part, the bank in a more controlled manner. dexia relies on short-lending as well which tightened up significantly in the last few weeks and needs to be resolved fairly quickly. they only marked down 21% of
4:13 am
their greek debt exposure. >> manoj, pleasure to see you. andrew? >> nina, when we come back the first in a series of exclusive reports on modern slavery in asia. dan rivers investigates the case of cambodian workers trafficked into malaysia and finds himself on the wrong side of the people that recruits them. >> reporter: we're locked in basically now.
4:14 am
4:15 am
4:16 am
hello. welcome back. we want to take you live to the
4:17 am
italian city of perugia for a live press conference being held by the family of the murdered british exchange student meredith kercher. her family is commenting on monday's decision by an italian court to overturn the murder convictions of amanda knox and her boyfriend raffaele sollecito after releasing them folly nearly four years in prison. knox is expected to fly out of italy today, in fact, she has been spotted at rome's airport. let's take a listen in to what the kercher family have to say. >> for the benefit of the i tall yan journalists we are going to be -- the lawyers will be available to help you out with translation and then the family will go -- we go back to the uk. we're going to -- let me say
4:18 am
before i begin -- a >> a brief statement by lyle on behalf of the family and take some questions and the lawyers, francesca maresca is here to answer possible technical questions that you should have. the family is going back to the uk today after the press conference. fran chess have maresca, the lawyer and myself will be here to help italian colleagues with translations. thank you very much. lyle. >> thank you. really just wanted to say -- >> sorry, really just wanted to say first of all it was a very long difficult day yesterday and ultimately while we accept the decision that was handed down
4:19 am
yesterday, respect the court and obviously the italian justice system we find that we are found looking at this again and thinking how a decision that was so certain two years ago has been so emphatically overturned now which obviously raises further questions in as much as there is a third defendant guede, convicted, appealed and upheld and at the time i understand the courts agreed that he wasn't acting alone, of course, if the two who were released yesterday were not the guilty party then we are obviously left wondering who are the other personal people and really for us it feels almost like back to square one and the search goes on really to find what truly happened. thank you. >> a question for --
4:20 am
>> james bond? >> i wonder whether you see any parallels between this case and amanda knox and another case as in o.j. -- >> i think it's very difficult because obviously we don't know all the details of that case. obviously you do see a parallel so i suppose there is some truth in that but as to what will happen we have no idea. >> sky. >> are you putting any pressure
4:21 am
on the possibility -- what's practical and -- >> i think we're still absorbing it so, you know, you think you've come to a decision and obviously it has been overturned so i think it's early days really. >> yeah, i was just going to say i think my understanding is it's more the case of the state is prosecuting as you would in the uk. ourselves and francesca apply a secondary level to that so it's my understanding from the initial prosecutor last night that they will be going ahead to appeal the decision. i believe it goes beyond him, someone higher up who decides that and as is the case as before we would support them for leading that. >> at least the italian state that brings prosecution in england is the state that
4:22 am
prosecutes, it's not the individual. >> yourself -- how else would you -- [ indiscernible ] -- the dna work [ indiscernible ] >> we don't know -- >> can you speak more loudly. >> can you hear me now? >> yes. >> yeah, it's difficult to give a response to that because we don't know how it should have
4:23 am
been collected if it was definitely collected wrongly or not. however, this appeal was overturned based on that as far as we know, however we have to wait for the report which we had on the initial trial so i think it's 90 days that it comes out. once we've got the actual reasons behind the decision for this one, then maybe we can understand more why -- as i said work towards finding those would are then responsible. that's the biggest disappointment, not knowing still and knowing that there are other people out there who have done this. [ indiscernible ]
4:24 am
>> i think it's still very difficult speaking in terms of forgiveness until we do have the truth. as lyle said, that was the decision yesterday that we need to accept and respect for now. until the truth comes out he we can't forgive anyone if they even admitted to it so until that happens we still have to wait to see what happens. >> yeah, what stephanie just said as she pointed out yesterday as we look back at that question and she rightfully says you can't forgive somebody who they haven't admitted something so really what would we be forgiving. if as was decided yesterday they
4:25 am
are innocent and walk free we can only try to move on in that respect. as if there is a further witness, the ultimate part of the whole process, it would seem strange perhaps to have certain dialogues with the other parties at this point that we may have to go on in 15, 19 months really so we'll maintain sort of mutual respect for each other and distance and try to get normality in our system. >> you've seen this twice. how hopeful are you that you will eventually get justice done and see answers to these questions. >> we are hopeful. there is obviously two very
4:26 am
outcomes at the moment and for which we had the initial report last time and we now to have to wait for this one. as lyle said in the initial one it stated that there were other people present which was the condition for rudy's conviction in the first place. we are still hopeful because there is obviously more work to do here, whether it's finding those who are responsible or following the prosecution's appeal and taking it that way so, yeah, we are still hopeful. >> certainly didn't pick up on that point. investigation that fails to find, you know, meredith, an investigation that ended up effective falsely accusing two people. yesterday, you said you still have faith in the italian
4:27 am
system. do you still have faith? >> yeah, absolutely, we still do. we don't want the wrong people put away for a crime they didn't commit. having said that as lyle said it may be a case of waiting another year now to get the truth and we can't decide that. we have to leave that up to the police and the forensics and the courts. so we just have to wait again really now. >> it's also very disappointing as with anyone who loses somebody close to them it's hard enough the fact that it's somebody so young, such brutal circumstances in which worldwide media attention makes it incredibly difficult and to then have that prolonged over what's
4:28 am
going to be four years in about four weeks' time and now beyond makes it very difficult. to come to terms with that and begin a normal kind of life really. [ indiscernible ] >> do you think that you might ever -- >> i don't know that that's true actually. i don't know whether they did line themselves up but it is obviously the police that investigate. it is the police that gather the evidence. it is the forensics from the
4:29 am
police that is initially done, so i mean, you know, our team can only go on what the evidence is. i don't think they especially line those things up with that kind of thing. >> translator: now, three questions by the italian press, first from al tempo. [ speaking italian ] >> translator: what do you feel about the people and the justice in italy, the italian people? >> well, i mean we'd really like to say that we're grateful for
4:30 am
the support we've had from not only italians and a lot of americans who have been in touch, as well. i think some people in the press and certainly anonymous people, blogs and forums have tried to drag some sort of u.s./britain/italian divide and you think that's nonsense. those outside the court, yesterday there was a lot of noise made. i've heard not necessarily directed to the two that were set free and perhaps arguably the actual justice system itself but i think ultimately any country might have its detractors in terms of decisions made in court. as somebody suggested if people are allowed a technicality that can happen in any system, as stephanie said we have full faith in it and we would like
4:31 am
the thank the italian people for their welcome and support while we've been here. [ indiscernible ] >> well, i don't think anybody is going to get off scot-free. you know, their lives have been disrupted. our lives have been disrupted. and what happened to my daughter meredith is every parent's nightmare of something so terrible happening. when basically she was in the safest place, her bedroom as a student who is study at the italian university. so, you know, nobody is untou untouched by this.
4:32 am
>> yesterday amanda knox walked out and you lost -- >> well, one can appreciate that obviously, you know, it is a shock to anybody and to, you know -- they've all been affected by this. so you do sympathy for them. >> the last question, please. [ indy certainable ] >> translator: do they want to talk to you at any time yesterday at all? >> translator: so the lawyer can answer this question. i tried to talk to them.
4:33 am
we've decided that it was not the right time to do that. this is not the right moment but that is the reason why we didn't try to pursue this path. no, it is contacts because yesterday in the door and what about the amanda knox family? >> translator: i don't know. >> i think we've answered that one already in so much as until we do have the full truth, it
4:34 am
would be very difficult to have those conversations when we have no other answer at the moment. we have to accept the decision for now but as lyle said that's not to say that next year that might have changed or it may stay the same so until then we can't really have those conversations. [ indiscernible ] >> this was a statement they gave out yesterday. if you want they can -- >> yeah, as lyle said initially it was obviously a bit of a
4:35 am
shock. we were prepared for all the outcomes possible as we would have to be and you don't know how you're going to feel reacting till that news is actually given. it was very upsetting either way. last year as lyle said we were pleased with the outcome but it wasn't a time of celebration then. and this time around it's also still the same because it's difficult. we still have no answers. >> the last question. i would like to ask a question to the lawyer. [ speaking italian]
4:36 am
>> i cannot actually talk about that. [ speaking italian ] >> translator: okay after the translation. the family, we have to let them go. to contact rudy guede for any reason. >> i think the thing is, you know, we -- the legal case, you can't interfere with the process because otherwise you might sort of take away other people's
4:37 am
rights so for people to have a fair trial and a fair hearing, you need to keep after them and leave it to those who actually are doing the evidence, doing the forensics and the rest of it in the courts. >> okay. >> translator: thank you very much to you, to the italian press. >> you've been watching the family of meredith kercher in perugia making their statement in perugia in italy. remember that kercher was the british exchange student killed back in 2007 while she was studying in the italian town. the kercher family was making its statement this morning following last night's dramatic acquittal of kercher's former roommate amanda knox, the american exchange student and knox's ex-boyfriend. raffaele sollecito. remember, that those two spent no less than four years behind
4:38 am
bars after being convicted for meredith kercher's murder back in 2009. now, we heard a heartfelt statement from lyle kercher, meredith kercher's brother. he expressed inkcredulity of ho a court could do this. we also heard from arline kercher, meredith kercher's mother. she said what happened to my daughter is every parent's nightmare. nobody is untouched by this. and stephanie kercher, meredith kercher's sister expressed shock at yesterday's decision. stay with cnn. we'll be right back. where there's magic. and you now understand what nature's been hiding. ♪ at dow we understand the difference between innovation and invention. invention is important. it's the beginning. it's the spark.
4:39 am
but innovation is where we actually create value for dow, for society, and for the world. ♪ at dow, we're constantly searching for how to use our fundamental knowledge of chemistry to solve these difficult problems. science is definitive. there is a right answer out there. [ male announcer ] the same 117 elements do the fundamental work of chemistry. ♪ the difference, the one element that is the catalyst for innovation, the one element that changes everything is the human element. ♪ there's no time like the present to consider all your health insurance options. does medicare alone meet your needs? would additional coverage be better for you? well, now is a good time to take a look at an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company.
4:40 am
get started by calling for your free information kit and guide to medicare. as you probably know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. a medicare supplement insurance plan helps cover some of it. that could save you up to thousands of dollars a year in out-of-pocket costs. and you can visit any doctor who accepts medicare patients. with medicare supplement insurance, you'll find a range of plans to choose from to fit your needs and budget. there are no networks. no referrals to see a specialist. and you could get a pretty good idea what your out-of-pocket costs will be every month. plus, these plans travel with you anywhere in the u.s. don't let this time go by without considering if an aarp medicare supplement insurance plan is right for you. it's as easy as a phone call. rates are competitive. and these are the only medicare supplement insurance plans exclusively endorsed by aarp.
4:41 am
remember, medicare doesn't cover everything. medicare supplement insurance plans help pay for some of the rest. you could save up to thousands of dollars a year in out-of-pocket costs. and you can choose any doctor or hospital that accepts medicare patients. an aarp medicare supplement insurance plan could be an option to get the coverage you need at a competitive rate. so don't wait another minute. be sure to call today. call now for your free medicare guide and information kit about aarp medicare supplement insurance plans, insured by unitedhealthcare insurance company. santos. >> and i'm andrew stevens at cnn
4:42 am
hong kong. welcome back. you are ywatching "world busines today." >> the european stock markets have been open for an hour and a half. not a pretty picture. yet again a sea of red arrows across the board as the sell-off continues. all comes amidst fresh concerns greece could soon run out of money before it receives the next installment on its bailout loan. >> yeah, nina, here in asia losses across the board, the composite is closed for the holiday. the debt crisis continuing as you can see weighing on the market. the hang seng done sharply and the kospi in seoul down sharply. the nikkei is a fraction above its quake level and the s&p is down 0.64%. >> matthew chance because, of
4:43 am
course, you'll remember we were hearing the kercher family giving a press conference following the dramatic acquittal of amanda knox and raffaele sollecito. matthew, what is the atmosphere like the day after that dramatic acquittal and what did the kercher family have to say? >> reporter: the media focusing on this event and perhaps on the last plan -- in perugia for the time being it was the family of meredith kercher, her mother arline and sister stephanie and brother lyle, they were sitting in front of a room of journal ifs answering questions giving a statement. on cnn one of the things the family said after the decision yesterday they had been moved back to square one and thought
4:44 am
that the people responsible for the killing of their sister, their daughter, meredith kercher, had been locked up behind bars and they say the decision was undermined and now ask the question who were the other people who were in the room when meredith kercher -- the investigation that meredith was not killed by one person. already in prison is rudy guede serving a sentence of 16 years. but there's always been a police theory or worked on the basis there was more than one, amanda and raffaele. >> let's talk about the human cost here on all parties involved, arline kamp, meredith's mother saying no one gets off scot-free.
4:45 am
realistically nobody's life will be same, not for knox, sollecito or the kercher family either. >> reporter: no, that's right. it's clear that the kercher family or at least elms of them, the mother in particular still do believe that amanda knox and raffaele sollecito were connected and she said that no one -- no one got away with murder. no one got away scot-free. their lives have been disrupted, of sollecito and knox and you got the sense she drew some kind of comfort from that. what the family also said they accept the decision of the court. that's not to say that next year that may change. that that's a quote to lyle kercher, the brother of meredith kercher. an indication they're looking to the appeal court, the supreme court as the last stage of the legal process for them to give
4:46 am
their judgment on what the actual events were on that night that meredith kercher was killed. >> platmatthew, just stay with . stephanie was saying as we were saying before, everybody's life will be different and nobody will be getting off scot-free. >> we said all along we don't want the wrong people put away for a crime that they didn't commit. having said that as lyle said it may be a case of waiting another year now to get the truth and we can't decide that. we have to leave that up to the police and the forensics and the courts, so we just have to wait again really now. >> so stephanie kercher was saying that, matthew, eighth a
4:47 am
question of waiting again but for knox and sollecito they've been behind four years now. knox is supposedly at the airport going to go back towards the united states. we'll go back to matthew chance, i understand the telephone line lost connection. reception has been difficult to get from perugia. do stay with cnn. news continues after this. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only from td ameritrade. welcome to better trade commission free for 60 days when you open an account.
4:48 am
aspercreme breaks the grip, with maximum-strength medicine and no embarrassing odor. break the grip of pain with aspercreme.
4:49 am
4:50 am
each year up to 800,000 people are trafficked across international borders and this year cnn has made a commitment to help bring this kind of modern day slavery to an end. on "world business today" we'll show you the role that the labor market plays in the trade of in human life and what governments and companies can do to stop it. >> we're bringing awe a series of special reports from southeast as shsia beginning in cambodia where it continues to thrive. with grinding poverty comes
4:51 am
4:52 am
4:53 am
4:54 am
>> it's padlocked. both doors. i'm just worried when their boss turns up they'll confiscate our tapes or camera. bearing in mind that the person that owns this agency. >> if you detain us like this we feel like we're a prisoner. can you unlock this door. can you unlock the front door? we will wait for your boss on the street. can you unlock please. wait outside. finally they unlock the gate and to our relief we wait for the public boss to arrive. when they are car pulls up staff
4:55 am
lunge for our camera. >> we're going, we're going, we're going. but staff try to stop us leaving. >> we haven't done anything wrong. take your hands off me. >> we finally pull free. the boss and rithy initially agreed to a subsequent interview and said we'd have to speak to the ministry of labor first. they declined to talk to us. it left us with many questions. chenari is part of the chain. but we wanted to know who was next in that chain. where was she now and who was she working for? we were more determined than ever to find her, a young woman in the photo who was working debt bonded far from home.
4:56 am
dan rivers, at t s phnom penh, . >> watch the second part and for more information on what you can do to join the battle to end modern-day slavery go to our website, that's it for this edition of "world business today." i'm andrew stevens in hong kong. >> and i'm nina dos santos in london. you're watching cnn, the world's news leader. good-bye for now.
4:57 am
4:58 am
4:59 am


info Stream Only

Uploaded by TV Archive on