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CNN
Jan 20, 2011 4:00am EST
>>> i'm zain vergee at cnn london. leaders of the u.s. and china have toasted each other, their nations and their people at the first u.s. state ziner for a state leader since 1997. barack obama pressed hu jintao on china's business rights record. the lawyer for former haitian dictator jean-claude duvalier says he's convinced his client will remain a free man. >>> authorities in brazil warn the flooding death toll could soar over 1,000 people. hundreds are still missing after days of floods and landslides in the state of rio de janeiro. rescuers still haven't been able to reach some hard-hit areas. >>> it looks as though the people of southern sudan have voted overwhelmingly for independence. final results are expected next month. those are the headlines, i'm zain vergee at cnn london. "world business today" starts now. >>> good morning, from cnn london, i'm max fofter. >> and a very good afternoon from cnn hong kong, i'm andrew stephens. you're watching "world business today." our top stories thursday, january 20th. accelerating into the unknown, china's economy races ahead for
CNN
Feb 14, 2012 1:00am PST
. china's status as an economic power house is front and center this tuesday. the high-level talks talking place on two continents. ratings agency moody's fires a warning shot across the bows of six eu countries as it downgrades their credit rating and signals it could cut more. >>> the second time around, the u.s. president lays his budget out, half of which may seem familiar. full details later on in the show. >>> first up, there's no question on where china's priorities lie this week. it's all about the global economy. china is packing in a series of key meetings on opposite sides across the globe. first up in the united states, the country's vice president, likely next leader, xi jinping is in washington as we speak. he will be meeting with the u.s. president barack obama later at the white house and on tuesday to discuss ties between the world's two biggest economies. in the meantime, back home in china, well, we've got the beijing summit kicking off earlier on today. the chinese premiere wen jiabao and also the president hu jintao hosting high-level talks with leaders from across the
CNN
Feb 27, 2012 1:00am PST
issues a stark warning to china, free up the markets or face some dire economic consequences. >> g-20 finance ministers say europe needs to beef up its bailout fund. they're ramping up the pressure on germany to lead the way. >> and the numbers say it all. 71-31. julia gillard remains in power but the australian prime minister must now restore unity within her own party. >>> first up, though, european stock markets have been open for a touch over an hour now. it's not get off to the best week so far. it wasn't much different in asia where the trend was overwhelmingly a downward one. let's go over to andrew. zblf that's right, nina. our top story today, the world bank plus a chinese think tank issuing a stern warning to the chinese government. in a report entitled china 2030, the two institutions say china has to move to a freer, more commercially driven economy if it wants to sustain its rapid growth path. estimates suggest that state-owned enterprises, the soes like an oil giant, account for some 40% of china's total economic output, total gdp. the new report recommends an overhau
CNN
Mar 14, 2012 1:00am PDT
bank stress tests give some investors cause to cheer. >>> china's premiere gives the last speech of his ten-year term. we've got his outlook for the world's second biggest economy. >>> and profits at hong kong's flag carrier, we'll be taking a look at cafe pacific's reversal of for the tune. >>> so europe is stagnating. the brit countries are slowing. just months after a warning of a double dip recession, things are looking better. exporters in asia have been rallying in response. this man, ben bernanke, says he expects moderate growth in the u.s. economy to continue in the months ahead. he's again though steered clear of announcing a third round of kwaun at this timetive easing. he says the fed's benchmark lending rate will stay near zero percent until the end of 2013. his prudence is paying off in other areas as well. you remember that he asked all major american lenders to prove that they could withstand a severe downturn, and of the 19 banks that underwent the so called stress tests, 15 passed muster. that's one more reason for investors to be cheerful, nina, this wednesday. >>>
CNN
Mar 19, 2012 1:00am PDT
afternoon, from cnn hong kong. top stories for monday, march 19th. the head of the imf hails china's economic progress. but also that now is the time to do more. >>> was it cutting debt or risking a recession? >>> and it's a country that's abolished slavery only 30 years ago. but forced labor remains a fact of life. >>> let's go straight to the stock market action here in europe. these markets have been opened for just over two minutes now. and this is where the leading indices are performing as they settle over the first few trades. one stock we're going to keep an eye on is t&t express. but just to give you a look at the overall picture, the u.k. market very much in focus. we have the budget coming out in a day's time. arguably, it is paris that is nearly down by 0.5%. let me go back to the dutch u.s. logistic firm i was talking about. its american rival, u.p.s., has agreed to buy this company, in a $6.8 billion deal, that could create the biggest packet shipping company. >> that's always a good sign, nina. i wanted to ask you, too, about the greek prime minister. he's been speakin
CNN
May 18, 2011 1:00am PDT
. china is calling for fairness, transparency of the funds' next managing director. >> it certainly does. all of the speculation will be on dsk as he spends another night in his cell at new york's rai rikers island jail. let's take a look at the counts by the u.s. county district attorney's offer. the most serious charges are two counts of criminal sexual acts in the first degree. they eefrp carry a maximum sentence of 25 years in prison. then there's also one count of attempted rape in the first degree with a maximum sentence of 15 years. meaning up to seven years in prison, one count of unlawful imprisonment, one of forceable touching. eechl carry a one-year maximum sentence and finally there's a count of sexual abuse in the third degree. the penalty there is up to three months in prison. >> so it seems the maximum penalty that strauss-kahn could be facing is 49 years in total in sentencing. reaction to these charges against the imf chief have been strongest in his own home kun aretry in france. he's a former finance minister and also until recently -- until recent days, i should say,
CNN
Jan 17, 2012 1:00am PST
us. science in a slow down, but china's enveeble growth continues sparking a rally on the markets. >> and the captain of a wrecked cruise ship will today face judge of possible criminal charges, including mans laugter. >> plus, cnn uncovers widespread child slavery on cocoa farms in ivory coast. well, markets in asia are rallying after chinese economic data exceeded forecast today. the country's economic growth is slower than it's been for the past two and a half years. despite stagnation in many western economies. in the fourth quarter of last year, china's gdp growth slowed to 8.9%, better than the 8.7% that analysts have been expecting but continuing the downward pattern that you see there. now, growth the full year measured 9.2% and that was down from 10.4% in 2010. the drop is partially down to spiraling inflation. and on that score, it appears to have succeeded with both the consumer and producer price indices rising much more slowly in december. now in a position to refuel the economy by easing policy. >>> well, certainly investors seem confident on that point. take a look
CNN
Oct 11, 2011 4:00am EDT
coming from china. that's what boosted the bank stocks which traded here in hong kong. significant gains, that after the chinese government announced it will boost its stake in china's largest lender. they went into the market to buy chinese banking to. ag bank up nearly 13%. all four banks you're looking at there getting a healthy pop after news came out that the beijing authorities were in the market buying those stocks. let's get more on the government's decision to increase its stake in china's big four stocks. eunice, the last time we saw the government in beijing was four years ago. why are they doing it again? >> reporter: authorities are trying to shore up confidence. there are concerns about the economy and potential for default at the banks as the economy slows down. so because of that the government is buying up shares of the big banks. it's having a positive impact on the share prices today, but the big question is just how much of an impact this will have longer term. because back in 2008 the government had made a similar move by intervening during the financial crisis
CNN
Mar 13, 2012 1:00am PDT
day. challenging china, the u.s. prepares to mount a fresh trade case against beijing's restrictions on rare earth exports. >>> going against boeing. u.s.'s sold subsidies were unfair but it still claims victory over the eu. >> and tensions rise in silicon valley as yahoo! sues facebook over a series of alleged infringements. >>> we start with the markets. cautious buying across equity markets tonight. investors look forward to guidance from the u.s. fed chief ben bernanke. the central bank is holding rates and monetary policy steady as the u.s. federal reserve is expect to do as well. charles, how is it looking in the european markets? they just opened, haven't they? >> yes, here we are paris cac currant, straight up there, up by 0.75%. just to have a look at the dax, up about 0.3%. same is true for the zurich smi. the ftse up by nearly 0.6%. clearly, the focus is on the macroeconomy. it doesn't seem to be too bad. also in terms of monetary policy, not too many worries. meanwhile we've had the euro group finance minister's meeting at the eu headquarters in brussels. i suspect that's
CNN
Jul 25, 2011 4:00am EDT
take this and broaden it out to an international perspective and go to china which is also seeing some softening. softening for them is what? 9% gdp? >> yeah, yeah. i would love to see a softening of 9% anywhere. but in all seriousness, i think we all knew china's economy was overheated and has been for a couple of years but china's initiative to get inflation under control easterly in the days and bring it back under control, i'm all for it. it will benefit us, the chinese, our company, and for that matter everybody else in the world as soon as they can get that under control. the slowdown backs up things on the rest of the world but i think it's healthy in the medium and short term. maybe not so much in the short term but medium and long term -- i mean long term will be good for us. #% is better than this 13%, 14% we've seen the last couple of years. i applaud them. they need to take it to that level. >> from caterpillar ands he company posted lower than expected earnings last week just to recap that. by nearly 6% despiter recording second quarter earnings that surged 44%. of co
CNN
Mar 8, 2011 4:00am EST
watching "world business today" live on cnn. >>> china is ordering more than 2,000 new aircraft in the multibillion dollar deal with boeing. it comes as asia's leading air show brings together the region's major playmakers and airlines in hong kong. we have this report on how the commercial aerospace industry is flying sky high. >> reporter: we're at the 2011 asian aerospace expos in hong kong. asia is the world's biggest driver for growth in terms of passengers, in terms of planes and in terms of profits. the proof is in the record number of attendees here at the expos, 11,000 trade delegates from more than 32 countries. proof is also in the multimillion dollar deals just signed early this morning and chinese airlines are leading the way. air china and boeing signed a deal for five new 747 jetliners totaling about $1.5 billion. air china's the world's biggest airline by market capitalization. the purchase today of those planes shows that china's flagship carrier plans to carry the country's pride further internationally. we saw the parent company of hynan sign a deal with boeing for 3
CNN
Aug 1, 2011 1:00am PDT
, charles. >> indeed. one country that's been keeping an eye on the messy goings-on is china. beijing is the largest foreign holder of the u.s. debt and sometimes they've been pretty blunt in the way america has handled its finances. with more on that is cnn grant. i can understand why china might follow this with a little bit more interest than usual. actually they've been laughing up their sleeves the way the americans with their volted democratic system can't come up with the goods in terms of what will keep the financial markets happy, right? >> you are right about that, charles. there are two sides the political and economic. certainly when it comes to the political side, china never really loses an opportunity to do a little bit of chest beating. editorials here in state-run media accusing the united states of playing a political game of chicken, saying they are politically kidnapping the world and accusing u.s. congress of being dangerously irresponsible. that of course playses to the sense of national lichl here, the sense that people see the emerging rivalry between china and th
CNN
Feb 20, 2012 4:00am EST
billion collectively more to borrowers in china trying to get the economy moving a little bit quickly, more quickly. that initially gave a boost both to hong kong and to hang high. in fact, right around the region, the companies exposed to china exports getting a boost in japan, australia getting a boost because the miners got a boost there. as the day wore on, the concerns about what this actually means, because the authorities are having to cut these reserve ratios, what duds that say about the state of the chinese economy? analysts in hong kong, charles, are saying we've got more cuts ahead. the economy is perhaps slowing a little more quickly than authorities would like. that sent a bit of a chill through the markets toward the end of the session. >> interesting there are always two sides to any piece of news like that. speaking of any piece of news, here is a piece of news. we've looked at all sides it seems several times. it's crunch time for greece again. eurozone finance ministers will decide about five hours from now to decide whether greece has done enough to qualify for a s
CNN
Aug 18, 2011 4:00am EDT
official tour of china. we're live in beijing with the latest on that. later in the show, finders, keepers. a new plan by the venezuelan president, hugo chavez, aims to boost the country's gold reserves but at what cost. >>> just before that, let's take a look at the price of gold. right now it's changing hands at a price of $1795 an ounce. gold hit an intraday high, 1795.50 just before easing back a few dollars. it's bounced right back up close to that high again. let's take a look at another commodity, often referred to as black gold. we're talking about oil, it's just i lower, just shy of $87 a barrel. any questions? no. you know... ♪ we're not magicians ♪ we can't read your mind ♪ ♪ read your mind ♪ we need your questions ♪ each and every kind ♪ every kind ♪ will this react with my other medicine? ♪ ♪ hey, what are all these tests even for? ♪ ♪ questions are the answer ♪ yeah ♪ oh >>> it's hard to compete with hong kong's pretty spectacular skyline but this helicopter did catch our attention. it's a high-flying advertisement for chinese sovereign bo
CNN
Mar 21, 2012 4:00am EDT
red arrows are for people. china's growth is slowing and the world, the investment community seems to be taking a more and more negative view on how fast growth is slowing in china. at the moment it's slowing faster than most people would like. the only market that finished up was in fact shanghai. it came down in the morning session, down to a one-month low but popped in the afternoon trade. energy companies suffering pretty much around the region as oil prices fell. in japan, you'll see the nikkei off by 0.5%. exporters reacting to a poor trading day in europe yesterday. sony down by 4.5%. been a volatile stock of late, sony. nina? >> andrew, stocks have been up and down over the recent weeks. crude oil has been going basically in one single direction and that is north. thanks to ongoing concerns about sanctions on iran as you can see, prices today, though, leveling off a little bit on the back of news that saudi arabia and libya are now starting to help fill the gap in the market that's been left by sanctions on iranian crude. brent crude for may delivery is currently trading do
CNN
Aug 17, 2011 4:00am EDT
u.s. vice president joe biden will be arriving in china where he hopes to ease friction between the world's two biggest economies. while he's there, he'll meet his counterpart the chinese vice president, he is the man widely tipped to be china's next president. beijing is concerned that the u.s. is not doing enough to handle its debt and its economy could stall. china cares partly because it's the largest foreign holder of u.s. bonds. in one recent article china's xinh xinhua news agency wrote that the u.s. has to come to the terms that it can't borrow its way out of messes of its own making. >>> despite all the debt troubles, u.s. economy continues to benefit from a resilient retail sector. over the years, american consumers complained that the shelves are stacked with products made outside the country mainly from china. economists in fran have found when it comes to the bottom line for business, there are benefits of its made in china. mary snow reports. >> reporter: walk through a toy store like this one and just about everything here seems to be made in china, even captain ameri
CNN
Jan 16, 2012 4:00am EST
. airlines were down, china southern down by 8%, air china down by 5.5%. they're triaded here in hong kong. shanghai composite off 1.6%. the u.s. stock markets are closed on monday for a national holiday. we can expect plenty of corporate earnings in the days ahead when trading resumes on tuesday. nina? >> let's go back to the topic at hand, get insight and analysis on this. standard & poors was arguably, some say, delaying the inevitable by saving this particular downgrade for euro zone countries until the new year. 2012 has a familiar plafr to it, doesn't it? because we knew on december 5th they had earmarked a number of these countries for a downgrade. it was not an all-out surprise. it was a question of when, not if. michael joins us from london. >> good morning. >> good morning. this news more or less came out friday afternoon. many people are saying it was priced to the equation, wasn't it? >> absolutely. if you look at french ten-year bond yields they're trading around the 3% level. this isn't really anything new. the concern was, i think, the focus should be on italy's rating.
CNN
Mar 1, 2011 4:00am EST
? >>> slumping profits and a sinking share price but china's answer to youtube says amazingly, things are looking up. >>> and more than a billion dollars to compensate farmers. we'll bring you shocking footage from south korea as it struggles with the foot and mouth outbreak. >>> first let's take you straight to the stock market action now, starting in europe. we've seen some gains at the opening with markets trading, yesterday's gains on wall street are all up, the lon son ftse 0.7, the dax up 1.05, the paris cac also up and the zurich smi are also up. the euro and the point ready gaining against the u.s. dollar.the dolldollar. the dollar falling against the japanese yen. >> the waenger yen helped give japanese stocks a boost. the nikkei in tokyo is up. most of the major markets have finished the session higher. in shanghai, the market rose after new manufacturing data showed there may not be a need for any immediate tightening measures. two straight surveys showed china's manufacturing growth slowed in february but still remained at a healthy level. beijing's official purchasing manager
CNN
Jul 6, 2011 1:00am PDT
stocks sunk in china. here in europe we had a down beat start to the day. european stock markets have been open for slightly more than an hour at the moment, and as you can see, most of them firmly stuck in the red at the moment. >>> and let's have a look at the currencies because on the currencies front the euro is down by three-tenths of one u.s. dollar. a little under 81 as you can see at the moment. 80.80 is where we stand. in asia it was a mixed day on the stock markets. in tokyo the nikkie closed up 1.10%. not only did the index hit the highest level since the earthquake on march the 11th, but today's gains gave the nikkei the longest winning streak for two years. it was a different story for hang seng and the shanghai co composite index. they sold $3.6 million worth of holdings in chinese banks. this came just after a warn of a downgrade in the sector. elsewhere as you can see at the bottom of the chart, we did see the asx 200 in sidney inches up one-sixth of a percent. >>> on wall street it was a slow start after a three-day holiday weekend with a little direction and a bit of
CNN
Feb 17, 2012 1:00am PST
dark cloud hangs over his sun newspaper. >>> china's vice president hits 48d on the last leg of his u.s. tour and there's speculation of a studio tie-up. >>> and linsanity translates into marketing madness. how jeremy lin's performance on the basketball court means a slam dunk for sports stores. >>> the last time that the media mogul rupert murdoch jetted in here to london to deal with a crisis at his newspaper empire one of those newspapers published its final edition that very same day. that was the news of the world and that was just seven months ago. it's a long time in the newspaper business, it seems, because another scandal now engulfs his uk tabloid flabship "the sun." later today, murdoch is expected to address a newsroom full of furious journalists at that newspaper. this follows the arrest of nichb current and former "sun" staff in the past three weeks. dan rivers has the story. >> reporter: first it was phone hacking, now the latest media scannedle is about cash for stories. and whether rupert murdoch's journalist illegally bribed police officers and other officials for
CNN
Dec 1, 2011 1:00am PST
a liquidity crunch being averted. they're also getting support from what china was doing with its own monetary policy as well. this is how the day ended. we didn't see quite the spectacular gains in most of the markets that we saw in the u.s. overnight and indeed in europe. nevertheless, gains right across the board. remember, the markets have been down pretty relentlessly over the past two weeks. up 5.3%. if you do it over a month, a bit more perspective, if you like, coming off quite a low base. still quite a long way to go from hong kong to get back where it was a couple weeks ago. today it was the insurance and the banking stocks getting a lot of attention from investors because the banks are particularly exposed to what's going on in the euro crisis and also this liquidity crunch was also mainly hurting the banks. shanghai up 2.3%. that came despite pretty ordinary numbers from the manufacturing sector in shanghai. take a look at this. this is the pmi, purchasing manufacturers index. any number above 50 means manufacturing is expanding. the latest number coming in -- 49 it's
CNN
Sep 26, 2011 4:00am EDT
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
CNN
Jan 31, 2012 4:00am EST
up, i should say by three tenths of 1%. china, the steel makers warning about profits, weakening profits in china. this is all straws in the wind showing how the broader economy is weakening under the tough monetary policy imposed by beijing. the corporation of china down nearly 4%. gives you an idea of how the can ps are feeling the heat. steel down by nearly 11%. a strong yen hampers the exporters. corporate news after the any key closed tenth of a percent higher. honda and toshiba releasing earnings and they were disappointing. after the earthquake and tsunami and after the thai floods. >>> third quarter profits down 41% for honda. down to $624 million. toshiba, third quarter earnings down 72% from last year in at $138 million. big falls there. there was some positive news from japan today. industrial production came in better than expected in december. up 4% from the previous month. was looking a gain of around 2.9%. a pretty bumpy ride. december's increased factory output was largely led by japan's car and sem conductor makers. that pickup in production came after the floodi
CNN
Jan 27, 2012 4:00am EST
downturn. pauline? >> the domino effect that robert cell lick mentioned is not lost on china which invested in all corners of the globe. it's a big year for the world's second largest economy. china's president, hi jintao will step down this year. his replacement faces the challenge of maintaining a controlled growth by trying to slow the economy at the same time. cnn's stan grant looks at how that cooling off is affecting everyday life in china. >> reporter: things move fast here. what once were towns are bustling cities today. over the past 20 years the lives of people here have been completely transformed. the province is the highest impo importer, the highest ex-porter, one of the richest areas in the country. in the past couple of years it started to feel the squeeze of the slowdown in the economy. doing business is getting tougher says this woman. she runs a fruit and vegetable market but says it's getting harder to make ends meet. inflation, she says is killing her trade. when prices of my vegetables go up, fewer people buy them. inflation is starting to ease, but china's ec
CNN
Sep 1, 2011 4:00am EDT
the key one china. factory output in china remaining at the near 29-month lows in august. this is how the markets around the region finish the day. the nikkei, you'll see, up more than 1% boosted be i shares in the tech sector. that's after sony nnounced it's going introduce its first. hong kong up by 1.25%. shanghai, though, finishing down again fourth day in a row for shanghai. that was really all about what's going on in the manufacturing sector. the official government manufacturing index shows it grew just slightly in august. but the more closely watched private sector showed it contracted slightly in august. so certainly there has been a continuing slowdown in china. and very quickly in sydney, the mark-up up a quarter of 1 percent. that showed retails in july were about half of 1%. nina. >> and to u.s. markets, they managed to close higher on wednesday after the wild ride we've seen throughout the month of august. felicia taylor wraps up the final month on wall street. >> stocks backed off of session highs but still managed to close with modest gains, pushing the dow into modes
CNN
May 5, 2011 4:00am EDT
, particularly in china. the shanghai composite up by 0.25%. australia up by around about the same amount. there still are concerns about commodity prices which are dragging the resources stocks down. as you see in india, india's had a bad year to put it mildly as far as emerging markets are concerned as it wrestles with rising inflation there and the sensex off by another 1.25%. one of asia's best-known beer brands certainly losing its fizz today. san miguel share price plunging by almost 28.5% on the fi philippines exchange. a bond sale was priced at a steep discount compared to the recent price of san miguel. hence, the sharp sell-off today. nina? >>> in the united states, stocks have that sinking feeling after disappointing reports in jobs and in the services sector. alison kosik wraps up the day's action on wall street. >> stocks ended lower as investors mold a weaker than expected reading on the u.s. job market. worries about economic growth overseas dragged on commodity prices as well with gold, silver, oil and energy shares as a whole losing ground. at the close, the dow lost as w
CNN
Aug 4, 2011 1:00am PDT
key warnings. one on rising interest rates in its key developing markets like china and also some real issues about the euro debt crisis and also the debt problems in the u.s. which he says could lead to destabilizing commodity prices which have worried the big mining houses. if you want to know more about what he's saying, he'll be on our show later this day. as you see there, we'll be talking to him from the london stock exchange at 9:00 p.m. here in hong kong, 2:00 p.m. in london. nina? >>> okay. you're looking there at the closing delve the new york stock exchange. and some relief on the street on wednesday as markets snapped an eight-session losing streak to stage a modest recovery. would you believe that had there been a loss would have been the longest losing streak for the dow since 1978. didn't quite get there. trading volume also pretty high. at times it was a volatile session. investors trying to square the disappointing numbers with generally good results from corporate america. earnings aren't too bad at the moment. certainly the eight-day sell-off was long, more than thre
CNN
Jul 27, 2011 4:00am EDT
its ceo. >>> three years and $15 billion later we look back at china's lichl picks as the countdown begins to the games in london. >> first, the clock is continuing to count down in washington. just six days to go until a possible u.s. default unless lawmakers can come to some or the of agreement on raising the debt ceiling. a vote on republican john boehner's bill has been expected on wednesday, but it did run into opposition from his own party and now as a result it's already being rewritten. this is coming after republicans complained it didn't cut spending and deficits as much as originally expected. a vote is likely to take place on thursday at the earliest. in the meantime with a default looming, a compromise is loong more appealing to some. conservative senate republican leader mitch mcconnell is calling for new negotiations with president barack obama urging the party to move away with some of its demands. >>> the implications of a u.s. default strach far beyond the country's border. a crisis of solvency in the u.s. government could cause a crunching recession. fareed zakari
CNN
Jun 14, 2011 4:00am EDT
rise on the news of china. consumer is king as we examine indonesia's burgeoning economic aspirations. and meet the director vying to turn the web slinger into a musical money spinner. join us on a day of soaring numbers. chinese inflation, to few people's surprise, accelerated to 5.5%. that was expected to be 6% by many economists. so in japan, shares of tepco, the electric company, shot up 25% after government support package was approved. but just as all of those numbers flew up, something came down with a thump, the long-term rating on greek credit. a default by greece within two years. policymakers are hoping to strike a deal to avoid that later. well, we'll have a bit more on that later in the program. meanwhile, we are seeing a bit of strength returning to european markets up half a percent. london ftse up a half percent. paris cac up nearly 1%. let's have a look at the athens exchange. and we are seeing losses there by contrast with the rest of europe, down by half a percent. now, interestingly, actually, let's go to the currency markets. clearly the downgrading of greece did
CNN
Dec 20, 2011 1:00am PST
china to contribute as well to increase their contributions in line with the agreement of the g-8 three years ago. so i think it's a little bit -- i think it's a little bit stretching the truth to say we're not willing to increase our contributions. i just don't think we're willing to go outside the broader imf agreement. >> let's step back from the specifics of britain and it relations increasingly troubled relationship with the european union. but look at the bigger picture here in terms of the european sovereign debt crisis. you and i have been talking about this for months and months and months, michael. >> we have indeed. >> probably me more than you. are we actually really that much closer as we end 2011? are we in a position where we can say 2012, we'll end 2012 in a much better position for the euro? >> you may recall in september, october you said to me are we going to be talking about this in december? and i gave you a one word answer. i said yes. you said well, that's going to go down like a cup of -- yet, we're still talking about. we'll still talk about it throughout
CNN
Feb 22, 2012 4:00am EST
into and out of china. pro view says the ipad trademark belongs to them. the world stock markets have had more than 24 hours to absorb a greek debt deal. we've seen a pretty muted response to a supposed resolution. most stock market benchmarks here in the asia pacific region rose this wednesday but not decisively, and investors in europe are currently showing some caution as well. charles? >> caution is right. now, the greek finance minister evangelos venizelos says a nightmare has been avoided with the country's second bailout. one might argue the nightmare is about to begin. sweeping cuts in wages and services must be implemented before the country gets a single euro cent, and the streets of athens filled with dissent again on tuesday. the sacrifices greece has already made to brussels in its fifth year of recession are painful enough. speculation they've been made for a bailout that just will not work could prove draining to spirits and wallets alike. demonstrations are set to continue on wednesday with greece's two main labor unions urging workers to voice their disgust at th
CNN
Dec 29, 2011 1:00am PST
will fair. >>> china accuses lal ways z of rampant mismanagement after a fatal crash in july. we look at how the industry is trying to rebuild its reputation. >>> stolen goods are discovered in sydney. we'll tell you how much this lot is worth. we begin with the markets this day, and in asia, the losses were extended, all the markets pretty much finishing lower today. that tracked the losses on wall street. in europe, something of a positive start to the day. charles, the underlying story here, the strange one, we had some pretty good news coming out from italy on the short-term bond auctions yesterday, but investors are sort of ignoring them. >> we are seeing a built of buying here, andrew. i suspect we've had in this rather thin trade over the holiday period, we've had a lot of buying or a lot of gains for the indices. i suspect investors are slightly worrying when everyone comes back and puts their heads together next week we may see a bit of selling. it's certainly not evident on this chart behind me. the debt crisis, still very much in the spotlight. we'll be talking about the it
CNN
Aug 31, 2011 1:00am PDT
the customers would be from china, especially southern part of china, hong kong, japan, korea. they will be looking for top-notch, first-class services. >> reporter: francis has spent a lot of time and money on this particular customer. he's created ten vip gaming salons so his customers with gamble privately. there's reason for all this attention. these high rollers bring in the big bucks. >> in macau we have a split between 80-7 to about 20/30. 80 represents zip revenue and 20%, 30% would come from mass revenue. i think here we are no different. right now i think the split is about 70/30. but we're hoping by having a fully integrated resort, we hopefully will be bringing more nongaming players as well into the property. >> reporter: having them visit once should be easy. the real challenge is getting them to return. and that's where every detail counts. >> i think i am a person who likes to attend to every detail by nature. but i also know that to run a huge property such as galaxy macau where you have 8,000 people working at the same time, that you need to dedicate most of the da
CNN
Sep 19, 2011 1:00am PDT
more to curb the crisis. >> dominique strauss-kahn said he made a moral error. >>> could china be facing a banking crisis of its own? we ask a construction bank. >> well, whether that's the case or not, investors have a lot to think about this monday and center stage. a meeting of the finance ministers friday failed to deliver any concrete solution to the greek debt crisis. with more on that in a moment. first a look at how the stock markets are faring and we are really seeing some dives there off by nearly 2%, the london ftse. getting on for 3% for the dak and cac 40. off by 1.6% is this eu finance minister's meeting and also another defeat for chancellor merkel in an election in a federal state in berlin in the capital which itself a federal state stinging review came after another weakening her merkel's authority as chancellor. >>> news from the swiss banking giant ubs. that lender has raised the tally of its loss on unauthorized trading to $2.3 billion. $300 billion more than it first reported. the shares are currently trading at just over ten swiss francs down 2 poi 3 of a pe
CNN
Mar 30, 2012 1:00am PDT
awareness of the people of myanmar. >>> and audits of apple's largest supplier in china found a long list of workplace violations i including failure to adequately pay for overtime hours and the lack of true union representation, foxconn says it will bring itself into compliance within the next 16 months. much more ahead on cnn. "world business today" starts right now. >>> good morning to you out there from cnn london, i'm nina dos santos. >>> an audit outlines failures at foxconn. so will factory reform there's signal a change for the industry? >>> labor laws are also in the spotlight in spain today. austerity protests turned violent. >>> and a story that's the talk of the town here in corruption-conscious hong kong, billionaire brothers have been arrested into a probe in alleged bribery. >>> just an hour into trading here in europe, and look at the turn of events here, after spending a number of days in negative territory, these markets have gotten off to a good start from the word go. the cac up nearly 1%. similar picture with other eurozone markets, the dax and the ftse 100 up ab
CNN
Apr 5, 2011 4:00am EDT
china. china has been battling high inflation and a volatile property market for a while now as it tries to keep pace with its breakneck growth, but it may have too many university graduates and too few jobs. the xinhua news agency reports that more than 6 million students graduated from chinese universities last year. of those nearly a quarter are still unemployed. so those numbers can create pent-up frustration and social instability. that's exactly what the central government in beijing wants to avo avoid. we are joined by a professor of finance practice at chinese university of hong kong and he specializes in the economic impact of government policies. thank you very much for being here. china's economy is growing at about 9% to 10% and we will have a new batch of college graduates this summer. why can't these graduates with a good education find a job? >> well, first, the rate in china is not high, after the five year play we only have about 50% rate, and most university university graduates want to stay in the city and there's not enough jobs in the city. >> why aren't there
CNN
Feb 2, 2012 4:00am EST
for small to medium companies in china. that gave a boost to shanghai. and hong kong road that story, as well. in australia, the s&p up by 1%. one miner, this is lynas. malaisian authorities granting the company to operate in rare earth refinery. that's a big pop for lynus. >> yeah. also something we've been talking about throughout the course of this week, let's hone in on the markets here. it's another big day for europe, with french and spanish debt sales on the cards today. it seems it really is the corporate earnings we're getting out of some of the companies that's dominating the agenda for once. let's hone in on this particular market. you can see the ftse 100 is the one that's falling the most. there's a large reason for this slump. it's a big heavywieght here on the markets. it's shell, the net income down from 6.8 billion this year before. these figures did miss estimates. it's largely due to disruptions of gas and oil supplies. we've had the arab spring disrupting. and nigeria. we know how that's gone. nigeria's been plagued by stakes over fuel subsidies and the removal of
CNN
Oct 6, 2011 4:00am EDT
opened less than two weeks ago. it is a huge business here. not just in hong kong but right across china and asia. this is the fifth store to open in china. as you see, certainly no shortage of customers. i was down there a couple hours ago, three hours ago. it was only one hour after the store had opened. i was talking to the staff and some of the customers down there asking them about what they thought about it. interestingly, i met a couple people who didn't know the news. they were visibly shocked, wow, is that really true, about the death of steve jobs. five or six had not one, two, but throw or four or five apple products and they were browsing for more. i also spoke to the staff who told me, which is classic steve jobs, classic apple, we can't comment. steve jobs always liked to keep very tight control of his products, on the message that came out of apple. that still goes on to this day, nina. as you see, a lot of people down there, there is an enormous amount of interest, enormous amount of buying power for apple products, not just here but pretty much across the region. >> well
CNN
Jan 30, 2012 1:00am PST
surprising. the worst performers here, not only on china but what's going on in europe. in japan moody's is warning about japan's decision to delay its fiscal target. the government has decided to push back public finance repairs until 2016. that has negative implications on japan's credit rating. cannon is posting a rise in operating profits, up 14%. it does forecast weekening expected growth for this year, 2012. one other stop to tell you, hon hai is up. it is a major production company of apple products. the reasons that hon hai is up is that investors are reacting to impressive earnings last week by apple. >> andrew, as you said before, asian stocks may have been on the slide. these stocks are up 2% right now and 12% so far this year. the european air carrier has raised its four year profit from 440 million euros to 480. that's roughly equivalent to some $630 million. ryanair says increased fairs have made up the profits. the airline's third quarter earnings also beat estimates coming in at nearly 15 million our rows or $20 million here. that compares to a loss of more than 1
CNN
Mar 10, 2011 4:00am EST
trade date from china dragged the shanghai lower, it shrank about 1.5%. let me give you a little detail on that because china surprised analysts by reporting a trade deficit of $7.3 billion in february. quite a dramatic change from back in october, for example, we were looking at a trade surplus of more than $27 billion for china. well last month, the country's imports soared to $104 billion but exports rose slightly. that actually left china with the first trade deficits since march 10. experts say it was due to the lunar holiday when china's output falling dramatically. economists had expected china to report a trade surplus for february. let's look at united states and investors in the u.s. marked the two-year anniversary of an impressive bull run on wednesday. now, since 2009, the dow has gained 85%. the value of the s&p has almost doubled, rising 95%. and the nasdaq, well, that's done better than both of them. it soared nearly 120%. however, investors took a breather on wednesday. the dow pretty much flat as was the s&p 500 and the nasdaq fell 0 .5%. the u.s. market is still
CNN
Oct 17, 2011 4:00am EDT
stock exchange. >>> investors everywhere will be watching china on tuesday due to release its third quarter gdp figure. analysts are expecting a mild slowdown in growth from the second quarter reading of 9.5% annualized. manufacturing index are likely to drag down the figure for the third quarter. for some the outlook for 2012, next year is even less rosie. one government economist is forecasting that chinese gdp will fall to 8.7%. that's gdp growth i should say, fall to 8.7% next year. by comparison with what we're looking at here in europe and for that matter in north america, that would sound like a fairly blistering rate. it would mark quite a slowdown for the world's second biggest economy. easing of growth in china would actually mark a success for the chinese government which of course has been troog to cool down the country's economy. earlier we spoke with benjamin pedley from hsvc. >> beijing has been seeing a slowdown to 9%. that's borne out by some of the monthly data we've seen over the past few months in terms of the pmi reading for the manufacturing sector which came i
CNN
Jan 19, 2012 4:00am EST
next step, of course. what is moving markets here in asia was rumors really coming out of china. unsubstantiated reports in the media talking about the fact that the chinese regulators may actually ease the situations as far as the banks being able to lend. start lending more money to try to lift the economy a bit. obviously we've seen the number, the economy slowing. we had that gdp number a little bit later -- a couple days ago. but what happens now is that a lot of people saying the chinese authorities need to boost things a little bit more. what we're getting is hope in the market. shanghai up 1.3%, hong kong up by 1.3% as well with the banks leading the way on hopes that there will be an easing of those pretty tough lending conditions in china. the nikkei up by 1%, australia up by nearly -- virtually flat, actually. nina? >>> it's been pretty much green arrows across the boards in the united states as well on wednesday, andrew. we take a look at the closing figures. it turns out u.s. stocks rose to six-month highs on wednesday's session. it was largely led by the likes of t
CNN
Feb 21, 2011 4:00am EST
on two fronts. one on rising oil prices, and the other on what's happening in china. the hong kong hang seng index up about .5%. the shanghai composite, seems to be shrugging off concerns of the banking regulations will continue to tighten monetary policy. we saw a move on friday after the markets closed. that's the first reaction since they raised the reserve requirement for the eighth time. shrugging that off up by more than 1%. the country's biggest multiplatform media company. his company, west australian newspapers says it will buy for $7.2 million. you'll see australia down broadly on the news. and that was really all to do with the resources stocks. a little bit of a problem when china, as far as the growth in the economy goes, certainly makes the resources stocks in australia react like that. worried about growth in china could have a knockdown effect to consumption of australian resources. meanwhile, financial regulators are trying to calm investors after authorities shut down six banks because of insufficient liquidity last week. they say they'll buy more than $3 billion
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