>> how would you like to be remembered? >> it was a childhood -- children and a man to men. >> ryan o'neal, thank you very much. >> thank you. i'm zain verjee at cnn in london. greece's parliament has two weeks to approve a new round of austerity measures. it will be poised to free up the next installment of a next installment lone. protests and strikes are planned for today. sectarian rioting has broken out in northern ireland. in belfast crowds hurled molotov

cocktails. dozens of masked men raided catholic homes following claims protestant homes were raided over the weekend. in an address, mr. assad promised a new national assembly by august, western leaders are saying that's not good enough and calling on him to make new changes. the worlds oceans are being warned climate pollution are putting many forms of marine life, fish, sharks, whales and dolphins at rapid forms of extinction. those are the headlines. "world business today" starts now. good afternoon from cnn hong kong. a warm welcome to "world

business today." i'm andrew stephens. >> good morning from cnn london. these are the top stories on tuesday june 21st. the greek prime minister faces a crucial confidence vote that could make or break the economy. a bidding war is brewing. shares of foster's soar after it tells sab miller to write a bigger check. cuba succumbs to the embrace of the market. how people are getting their first taste of capitalism. optimism that the crisis in greece could be nearing a resolution is being reflected on the markets this day. in asia the major indices roll higher. in europe a positive start to the trading day. ni nina, do you get a sense of deja vu? there have been plenty of other false dawns on the greek crisis?

>> there have been. it got a 110 billion bailout and this is 112 billion euro. this is a country that needs to find $288 billion within the next 20 years to come, much of that within the next seven years. this is how things stand in europe at the moment. a number of these markets rebounding a little bit but we have had a very rocky ride over the last couple of weeks as of course the fate of the greek financial sector hangs in the balance. take a look at that. the cat 40 rebound 22%. the euro very much in focus, it is down a fraction, just less than 0.1%. the british pound and the yen virtually flat, 1.4360 versus the u.s. dollar.

$1.62 $1.6233. takeover news in the brewing industry. foster's has become the target of a $10 billion bid by the world's second biggest brewer sab miller. the australian brewer includes victorian brewer waited no time rejecting the advance. it says it significantly undervalues foster's. media reports today have identified the japanese giant asahi, chingdao and group armadillo as possible bidders. miller was 8% or so higher than yesterday's closing price but by the end of trading, fosters up by more than 13%, the biggest rise in more than 17 years and

investors clearly expect this to be the opening shot in the takeover battle for fosters. watch this space. takeover news spurs games on the broader markets usually and the australian market got its boost today. look at what happened with the s&p asx 200, up by 1.3% at the close. fosters up by 13.5%. the big minor, bhp up 1.2%. north up to japan, the nikkei up by more than 1%, that was its biggest daily gain in more than three weeks. carmakers making big gain. tepco down 3%, after moodies downgraded to junk status. hong kong's hang seng closed up 1.2%. property stocks regaining some favor this day, energy companies

also making gains and finally just up the road, shanghai closing up just under 1%. nina? andrew in the u.s. stocks rose despite ongoing concerns about that enormous greek debt pile. at the end of the session all indices added 0.5 and 0.6%. greece is selling off the family's silver to settle their debt demands. george papandreou has the governing majority of five seats, formed his new cabinet last friday, he must survive a confidence vote in parliament. if he doesn't, greece could

dissolve and if the cuts are approved, expect to see a fire sale of states assets, ports, airport, as greece tries to raise $71 billion through a privatization program which is scheduled to run up to 2015. now that prospect of the privatization and more austerity measures hasn't gone down with many greeks. tens of thousands have taken strike action and protesting on the streets. the eu finance ministers and the imf say greece must have if it's to receive more bailout money. the imf warned leaders their hesitation could trigger another worldwide financial meltdown. very big stakes, nina. >> they are indeed and increasing every single day. let's get insight. joining us with more on the situation is reporter john seraputas, joins us from athens.

we were speaking late last week. you were telling me how this vote of confidence is more or less a technicality. it's a crucial one. about 12 billion euros hangs in the balance here. >> well, even more than that, if for any reason more than one or two, let's say five nps should defect from the government camp and vote against the government, then you will have a situation in which greece will not have a viable government the following day and may go into declaration of elections immediately. that will then put the entire country in political hiatus for a month. that will overrun the period in which greece is solvent and if it doesn't receive this emergency payment of 12 billion euros, $17 billion in the interim, unconditionally, then it will default. at the moment, the european union is saying that greece does

have to meet conditions for that payment to be made. the new finance minister was at the euro group ministry yesterday, sunday and he did not release unconditional payment and you still have two wildly different scenarios in the balance between today and tom re. >> we do indeed, john. i believe we're showing our viewers live pictures of exactly what's going on in the greek parliament. obviously the scenes of very significant battles between protesters wednesday of last week. do you get a feeling as the stakes get higher every day that the resistance is getting higher against mr. papandreou's government? >> it's true the resistance is also coming up the line, yes. yesterday, for example, the union of the public power corporation, which is a practical state monopoly at the moment and 90% owned by the

government began rolling blackouts in neighborhoods of athens and this is a warning shot across the bows of the government, don't you think about breaking us up or the power corporation. this is the sort of social contract the socialist party is now putting in danger with the unions and groups that are traditionally supported it through election periods and including the last election period that brought george papandreou to power in 2009. the socialist party is now saying i have no choice but to break those contracts, and to bring down entitlements to various social groups and the unions that had the power to resist that will do so. so you will have rising political tensions. >> john psaropoulos joining news athens with the latest, thank you. greece is where it all began, the first eu nation to actually be bailed out, that happened back in may of last

year. the eu governments in the imf agreed 110 billion euros about $158 billion in emergency loans to bring it back from the brink of default but it seems like it's not going to be enough. athens could be in line for another bailout of roughly the same amount, $170 billion. as we said that will depend on a number of things all falling into place, if greece defaults it will spark fresh fears over other eurozone nations who have received financial assistance, talking about ireland, in december of last year ireland received a bailout of 85 billion years, about $113 billion. brian cowan was forced to step down soon after the bailout was awarded. portugal was first reluctant to accept help, eventually took about $110 billion, confirmed early last month.

for greece to get that second bailout its leaders must agree to raise 50 billion euros by 2015. they plan to sell government owned property from airports and real estate but as diana magnay reports the hard part may be finding investors buying up pieces of a country already on the brink of financial ruin. >> reporter: greece is a country of timeless charm, but investing in its bloated and grossly inefficient public companies has very limited appeal. the state sector is heavily unionized, companies face tax hikes and there's still the real possibility that greece will default on its debts. the eu and imf are demanding privatization from ports to power to real estate, meant to raise as much as $70 billion though that may be optimistic and a fire sale would mean

deeply discounted prices. >> it's going to be hard to find serious buyers. a lot of people expect greece to defult and maybe go back to the dragma so you have to take into effect devastating devaluation. >> reporter: two of the ports were released to dosco pacific of china and concession which brought in $5 billion for the greek state. now the state is looking to sell another 23% of the port despite a position from the unions the numerous protests at the docks. >> generally all this mess with privatization, with concession, with strikes turned the ships to other ports, so we have less jobs than we used to have. >> reporter: that's something the greek people are getting used to. unemployment is now at 16% and the public sector, 10% of jobs have already gone, another 20% set to go, and there's still extra fat to cut says former

finance minister stefan osaos m. >> the average salary is 66,000 euros per anum. the average salary in the private sector is $22,000. on top of that, employees twices amany people as it actually needs so this kind of madness would have to be taken into account before you say does anybody, is anybody interested in buying the railway? i think whoever thinks, whoever just considers that is completely out of his mind. >> reporter: the new finance minister has promilessed to do what the imf and the eu want. further austerity and full scale privatization, but this is a socialist government which came to power on the back of the unions and although it promised to push through its

privatization program this time last year, it didn't make much headway, a side perhaps of its reluctance to push through policies that are against everything that it stands for. diana magnay, cnn, athens. the former foreign secretary jack straw warns the end of the eurozone could be near. as mps discuss a new euro he suggests the eurozone cannot last as it is. andrew? still ahead, planes for sale. who soared and whose was grounded at the world's biggest air show. and adding up the losses in china, almost 200 dead, farmland ravaged, we'll take you live to the flood zone. stay with us. dermatologists. neutrogena®, with technologies like helioplex... it provides the highest average spf and unsurpassed uva protection. neutrogena®. get the best.

from cnn hong kong in london welcome back. you're watching "world business

today." it's billed alleges the largest aviation and aerospace show in the world. today is day two of the international paris air show. hopes are soaring that planemakers will land some big deals but for some there was a little trouble getting off the ground in the first place. an airbus a380 super jumbo clipped a building while i was taxiing in sunday, and airbus's long delayed a400 transporter military plane could only participate in a fly pass. boeing inked $20 billion worth of contracts. it's a positive development for that company after a tough year for the industry. the air show conditions through sunday with a record 2,100 exhibitors taking part. boeing has announced the

first confirmed deal of the show, its first big order coming from qatar airways, the middle eastern carrier paying $1.7 billion for new aircraft. jim bolden talked with its chief executive akbar al baker. >> we've been operating since 2007 their 777 aircraft is the best of its kind. we want to grow and we see that we are in need of more, and we decided to buy some more of the airplanes taking the more of 777s to around 40, so we still have another 15 to deliver. >> two years ago in an interview you were not very happy with boeing for a number of reasons. all that has been settled? >> i was very unhappy with boeing at that time, but you know that my message was taken

very positively by boeing. >> they listened? >> jim is there, he's doing a fantastic job. he has resolved all of our problems. we are back on track, 787 will be delivered to us the beginning of next year. we look forward to a very good relationship ongoing. >> jim mobile, head of the commercial side. >> yes. >> did you get good discounts given the fact it's late? >> we have a contract and we have penalties and boeing is honoring the contract. >> look at airbus, you've been asking for the a350 to have more heft, a stronger, bigger engine, more lift. did you get that? >> no, actually, the a350-1000, we are the launch customer, the first airliner to ask for t the -1000 and the first to launch the program with the 60

and we ordered another 20 so we are 80 aircraft customer of the a350 program. we are a bit taken aback with the airbus announcement that, with the delay on the a350 and also the spec of the a350. we think airbus should do better to make that airplane a real competitor for the 777 300. we feel today it is not a very big competitor. >> you're opening a lot more routes this year. you're not slowing down, are you? >> i cannot slow down. if i slow down, then i will get very anxious. i'll get very agitated with myself. we have a very set plan to announce 15 destinations per anum, so we take our destination numbers to over 120 within the next two years. >> that reminds me, a lot of the

european carriers are grumbling more and more about the gulf carriers, unfair advantage. >> i think they're just crying wolf. they had record profits last year, even though we are growing at double the rate we used to grow, i believe there is business for everybody. the problem they have is that they don't want to be competitive. they don't want to sharpen their pencils vis-a-vis their cost basis is concerned, and they want to charge their customers very high fares while giving them a crap product. we give them good value for their money and at the same time giving them the best quality of service and consistency in service. europe is stagnated. they have no infrastructure development. they cannot expand their airports but the people in commerce depend on aviation so we are going to take advantage of this

welcome back. eastern china, 200 people are confirmed dead and 1.6 evacuated because of rising flood waters. the economic costs are escalating as well. at least 171,000 hectares of farmland are devastated by torrential rains. eunice eunice yoon is on the line. what are you seeing?

>> reporter: andrew i'm in a village in zhejiang in the east. most are evacuated but people who still live in their homes, if their homes are tall, have two or more stories. these people are getting around by a government sponsored boat service. it took the villagers as well as us around the town which is completely submerged in water, in fact when you get to some of the houses the water got up a couple of meters high. one farmer said the water got up to his chest. these farmers grow cotton, they grow grapes, peanuts, they've been raising ducks and have pearl farms and they say everything is gone. we spoke to one farmer's wife who said you invest in the fertilizer and the seeds and everything and then it's just all gone. andrew? >> give us a sense, this part of china, just how important is it to china's food production and

what's impact is this going to have on food prices? >> reporter: it's definitely going to be impacting crieses not only here but across the country. everyone was concerned about the price of vegetables, especially vegetables. that's one thing people have been concerned about. this area is a big farming area, and already there have been a lot of people who we've been talking to who are concerned about the impact on their yields. there is one farmer who said there might only be able to save a fifth of the yield so really beyond the immediate flooding concerns, people here and across china are concerned about the longer term impact on food production. andrew? >> all right, eunice, thanks very much for the update. eunice joining us from northeastern china. we'll take a short break. we'll be back in just a moment.

from cnn hong kong i'm andrew stephens. >> and i'm nina del santos at cnn london. welcome back to "world business today." our top story in greece prime minister george papandreou is facing a crucial vote of confidence. if he wins it, greece is likely to receive funding from the imf to avoid defaulting on its debt. however if he loses this vote greece could be headed for financial disaster and if that happens, the imf has warned we could be on our way towards another worldwide financial meltdown.

let's take a quick look at top business stories we're covering this hour. walmart dodged a massive class action lawsuit. the suit brought by 1.5 million women alleged they were paid less by the retail giant because of gender. monday the u.s. supreme court ruled the women worked in diverse jobs across the company and did not have enough in common to file a class action suit. football's governing body fifa confirmed its vice president jack warner resigned in the face of a pending ethics investigation. it wished the trinidad-born administrator well and the ethics investigation will now be dropped. vice president joe biden will lead a series of talks with republican congressmen to manage the country's rising debt. economists warned if congress does not raise the debt limit by august the 2nd the country could fall back into recession and send financial markets into a

tailspin. one democratic representative said mr. biden hopes to get the basic elements of a deal in place by this weekend. let's have a look at how european stock markets are faring 90 minutes into the trading session. quite a rebound across the region as perhaps there's optimism that greece's problems may eventually be resolved. the confidence vote going through in athens as we speak and that will be crucial for giving greece 12 billion euros it needs in terms of a financial lifeline for the moment to pay off some of its debts. of course remember if greece does default that would have serious ramifications for the greek financial system and some of the british, french and german banks heavily exposed toward greek borrowings. >> you would think that would ripple out across the entire investment world.

as you see green arrows across the board at the close of trade, hang seng up by 1.16%, the nikkei in japan up by more than 1%. all of the k markets up by more than 1%. one of the biggest movers on australian exchange was fosters, the biggest brewing group, it rejected an offer from sab miller. it says the evaluation was too low. this sent fosters stock price soaring, cloegsed today up more than 13%. nina, the story around fosters at the moment is expect more potential bidders to come out of the woodwork. fosters looks like an attractive asset in a fairly stable brewing australian market. a lot of names being linked to a possible taker bid of fosters. >> we'll not just work but presumably at the pub afterwards as many people do enjoy a nice

good pint of fosters especially here in britain. let's talk about u.s. stocks managed respectable gains on monday's session despite an air of caution about greece's debt crisis. alison kosik has reaction. >> wall street held its own against new worries about the greek debt crisis monday. european finance ministers plans to wait until july to take action on greece is not sitting well with investors. the eu's pledge to prevent an ultimate default kept them from fearing the worst. u.s. stocks managed modest gains. the dow ended at 12,080, the s&p gained half a percent. caterpilar reported a 52% jump of sales in march, april and may compared with the same period a year ago. u.s. construction activity remains sluggish but demand for the replacement of older

machinery helped sales. the company got a big boost from overseas with sales up 60% in latin america and 65% in europe, africa and the mideast. a big win for walmart at the u.s. supreme court today when justices ruled a massive class action lawsuit could not move forward. this is a landmark job discrimination case that would have included 1 million current and former female walmart employees. the supreme court essentially said monday 1 million plaintiffs is too many. the focus shifts to the housing market tuesday as the national association of realtors releases its report on may existing home sales. analysts expect another step backwards for the largest segment of the housing market. i'm alison kosik in new york. cuba's economy is turning to the right as the caribbean nation continues to shake off its soviet style economic policies. small entrepreneurs are helping to drive that change. shasta darlington looks at

startups in havana taking advantage of the new rules. >> reporter: working from her back porch turned beauty is ajuan, juana ramirez applies a coat of fire engine polish. she charges the equivalent of 50 cents for a manicure. "i loved my career but i didn't make enough to survive. this won't make me rich but i make enough to live on." like many going into business, relatives abroad help keep her afloat with a steady supply of nail polish. this mobile phone doctor wouldn't be in business at all if it weren't for the startup money that an uncle in miami sent him. he cracks enscription codes and fixes phones, most of them sent from family abroad. cuba announced the biggest shakeup to its soviet style economy last year publishing guidelines on how to set up small businesses it hopes will offset massive layoffs in the state sector and provide a

steady flow of mtax money. it's been a bumpy ride from the government where 90% of the economy is run for the state. this private gym didn't know how to get the word out. "the biggest challenge is so few cubans know what spinning is." the most common complaints are the lack of wholesale outlets to buy products and high cost of taxes and government fees. private restaurants got a break last month when the government more than doubled the number of diners they're allowed to seat to 50 and announced an amnesty on a payroll tax. this popular restaurant off g street has other problems. a sandwich stand a couple of blocks away picked the same name, g spot. the legal means to get them to remove their sign don't exist. in recent months cubans have taken out 200,000 licenses to set up shop but the government

itself has said many won't survive, which means people here are getting a taste of market competition for the first time in their lives. shasta darlington, cnn, havana. chilean ash cloud is back and doing its best to make life miserable for air travelers. who is in its path and where flights are currently grounded.

from cnn hong kong in london this is "quorld business today." the volcano billowing smoke and ash in chile is causing trouble for others miles away. qantas has grounded all flights in sidney and melbourne, australia. gmma, what is the scene down there? >> reporter: i'm hearing it come

on and then go in. >> gemma, can you hear us? we have a bit of a problem. we'll try to get it back if we can. travel chaos in australia. >> one question that's going to be high upon the minds of business travelers watching the show, what is the ash cloud going to be next and where is it going? pedram, this ash cloud has been going on for quite a while. where is it headed next and is it going to cause further travel disruption? >> the ash cloud was minding its business, second trip around the globe, well south of areas, around portions of the antarctic sea. notice the circulation right here, the storm system as the ash cloud was moving south of this feature, it got caught up

in the circulation and the storm caused a mess across portions of australia in the past 24 hours, trees down tasmania and brought in ashes and it will take this a couple of days i think not until thursday are we going to see things move out of the path where they've seen some problems. i want to show you an image a couple of weeks ago, the ash plume and sulfur dioxide. we go from tuesday initially on sunday when we had the eruption a couple of sundays ago. notice three, four, five days later it gets out there, south of areas within australia, so this ash cloud we're seeing right now in that part of the world is associated with an eruption that we saw last thursday, last friday time period taking its time to get around the world and make its second trip there. this image fascinating coming out of the volcano observation

in the south andes, our friends have this live image, currently what it looks like at pujei way, pick out the clouds being lit up as we get another volcanic eruption, another small scale one. if these get larger we have the concern that we'll get this into the upper atmosphere and that can have long-term problems, that's the concern the forecast has more moderate eruptions in the works and if this gets large enough, this is going to cause problems a few more days down the line. right now looks like a couple more days and we're out of it for now. >> pedram thank you for joining us with that. andrew, back over to you to speak about the nitty gritty, no pun intended. >> certainly sounded like a pun to me, but let's get back to gemma vernett with sky news is the sydney. ask chaos or are people just not

turning up now? >> reporter: we've had the two extremes, chaos earlier in the day, a flurry of activity at sydney airport where i am, people trying to postpone flights and trying to see where they can divert to instead and as of this afternoon, when all the flights in and out were canceled, this sort of began the situation behind me now, an all but deserted airport and this situation we haven't seen here in decades actually, as the saying goes, if sydney or melbourne airports if they sneeze every other airport in australia catches the cold. they will be affected tomorrow. a recent update suggests qantas main airline will attempt to get flights up and running from melbourne in the morning tomorrow and also by the afternoon for sydney. of course the situation can change with every update and

you'd have to go back over 20 years to find a situation that has been more disruptive to air travel in australia, a pilot strike in 199. >> this affects international flights, all flights, the two key airports in australia. there's so much business, so much travel done between these two business centers. >> some of the flights coming into, say they were scheduled to come into sydney, diverted to brisbane, there are other options there. it is a long journey. you can go bus or rail. there are some international flights still getting in. mostly airlines from overseas and admittedly their approach to the airport and out of is through the north, which is not so effected by this ash cloud so there are other options there. doesn't mean nobody is getting in or out but it is a chaotic situation foremost and a lot of

the domestic flights. the routes between sydney and melbourne is a major route. hopefully by late tomorrow we might be seeing the situation change with that. it is a moving feast as it is described. when you look at the ash plume on its second way around it's worse off on the second time, thicker and bigger, it's 2,000 kilometers long so it's understandable why it's having such an effect on air travel, as bizarrely as it sounds to hear a volcano in chile disrupted air travel in australia for a second week. >> gem ma veness at australia's airport. we're going to look at the money behind facebook. stick around, that's just next on "world business today."

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welcome back to "world business today." industry watchers are worrying about another tech bubble as investors pour cash into the likes of groupon and pandora, companies that have yet to turn a profit, but facebook for one is proving that it is possible to make plenty of money

online. the research firm emarketers which tracks online advertising says the social networking giant is said to claim the top spot in the u.s. online advertising market this year. it is forecasting that facebook will pull in revenues of $2.2 billion increasing its share of the display ad market to nearly 18%. who is coming second? it's yahoo!. they are the current market leader which is emarketer is predicting will haul about 13% of the market in 2011 ranking in revenues about $1.6 billion and google is predicted to come in at third place with display ad revenues around $1.15 billion and a share of 9%. when it comes to online search advertising google is streets ahead with control of

three-quarters of the $14.4 billion market, not bad. that's just the u.s. market, too, nina. let's have a look at how the european markets are faring one last time before we leave you today. the european markets currently rebounding as of course that confidence vote goes on in greece. we still don't have a decision about the 12 billion euro latest trunk of bailout money the greeks may get. the cac 40 leading up by 1.2%. >> we've had a fairly positive day in asia the markets ending comfortably higher, the nikkei up by more than 1%. the s&p asx 200 up by 1.3%, on the back of fosters brewing closing up by 13.5% after it rejected a $10 billion offer from sab miller.

investors now are betting this is just the opening sell vote in a bidding war for fosters so watch the fosters story, they could be reporting on this one for some time to come. >> nina? >> don't get me started on fosters again, andrew. let's get back to the technology world talking about super computers. if you've ever sat at your computer waiting for a web page or document to download chances are you'll love thispan. it's known as computer k, it can run at the speed at 8 quadrillion calculations per second. it's an eight followed by 15 zeros. it might be a little bit too big to fit into that laptop bag, currently being housed on 800 computer racks in cobay where

it's being used for research. >> awesome stuff. if you want to comment on that story or any of the stories you see on the show, get in touch with us all on our facebook page, it's facebook.com/cnnwbt. that's it for this edition of" world business today." i'm andrew stephens in hong kong. >> and i'm nina del santos. "world one" is next. -- captions by vitac -- www.vitac.com

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