♪ i keep dreaming about that homebound flight ♪ ♪ looking for those runway lights ♪ ♪ ooh ♪ looking for those runway lights ♪ i'm monita rajpal at cnn london. he accepted a five-week stay at a spa. meanwhile former news international ceo rebecca brooks is now out on bail. she was arrested on sunday. brooks is expected to testify at a parliamentary hearing on tuesday. rue put murdock and his son

james are expected to testify as well. we'll have much more on that on "world business today" in just a moment. mubarak is reportedly suffering from many problems including irregular heartbeat and complications from cancer. he's supposed to go to trial on august for allegedly ordering police to kill protestier. human activist nelson mandela turns 93 today. ♪ happy birthday to you >> they're asking people to vote 67 minutes to help others in honor of nelson mandela's birthday. one minute for each year of his life. "world business today" starts right now. -- captions by vitac -- www.vitac.com

hello, everyone, and a very warm welcome to you on "world business today." i'm anisha tank in honor congressing. >> as the crisis at news corp deepens, we'll look at rue put murdock's empire. the debt crisis continues on both sides of the atlantic. and protecting its pretty tors. the pacific island is determined to safeguard shark tourism. first up, though, investors are are finding more reasons to sell news corp's stock today. shareholder of the murdoch-controlled company fell sharply as the fallout continues from the phone-hacking scandal that has shut down the "news of the world" tabloid. the controversy has reached the highest levels of the london police force. this is the metropolitan

commissioner. he resigned on sunday with his ties with neil wallace who was arrested last week. stevenson insists that he's done nothing wrong. >> as commissioner, i carry umt mat responsibility. with hindsight i wish we had -- i didn't and that's that. i do believe, though, that on its own, this would not be a matter that comes to my position as commissioner, however, the issue of my integrity is different. let me state clearly i and the people who know me know that my integrity is completely intact. i may wish we had done something differently but i will not lose any sleep over my personal integrity. >> well, in his resignation

announcement, stephenson also drew attention. the editor of the guardian newspaper explains. >> there is an interesting paragraph in his statement where he seems to lob a hand grenade on number 10 downing street. he's trying to explain why he kept it secret. he was saying the prime minister was compromised by his relationship who has been arrested as opposed to his own relationship. so he's drawing a contrast between what he's doing. he's taking the honorable step, stepping down on the prime minister who isn't. >> the voice is that of the editor of the guardian which wrote the story on the news of world hacking phone-hacking -- the hacking of missing school

girl. nina. >> of course, you will remember the first high-profile player who's out of a job as a result of the scandal that led to "news of the world." re re rebeen rebecca brooks. she has since been released on jail. >> reporter: in the koesy world of politics rebecca brooks was at the very center. she wined and dined the very powerful on behalf of her boss, rue put murdock. now arrested by british police, investigating allegations of phone-hacking and police payments by murdoch newspapers.

just how did rebecca brooks get to this point? brooks first came to news international as a secretary of "news of the world." she quickly developed her reputation of tenacity as a reporting jurntist. described as both ruthless and charms she was soon the young evidence editor of "news of the world" and shortly after that, "the sun." she spearheaded a controversial campaign to, quote, name and shame alleged pedophile, push living their names and addresses in the newspaper. as the editor of "the sun," brooks testified to parliament they had paid police officers for information and it was under her editor "showbiz flashpoint" that "news of the world" privately paid an investigationer to hack into the phone messages of milly dowler, the 13-year-old who was murdered in britain. those allegations did not come

to light until almost a decade later after brooks had scaled the corporate ladder to become chief exec tish of news international, a position she resigned last week. brooks has denied having any knowledge of any phone hacking by her staff. it was brooks who cemented a relationship with prime minister david cameron, inviting him to lunches at her country home with the head of news corporation, rue put murdock's son, james. there have been several arrests in the phone-hacking scandal so far but rebecca brooks is the highest profiled yet and the one closest to rue put murdock himself. atika shubert, cnn, london. >> as you can imagine, all of this has pummeled news corp's stock. as for news corp's nasdaq shares, the news of their value

has wiped more than $6 billion since the scandal broke on july 4th. that's a drop since july 5th, the first day u.s. investors returned from a long u.s. holiday. that have yet another thing to worry about. inquiries are being made into rue put murdock's newspaper publishing operation in britain. just a reminder, cnn will have live coverage of rue put murdock's testimony. that's going to be on tuesday. his son, james murdock, is also expected to appear and to answer questions. right now it's not clear whether brooks will still testified now that she's been arrested and bailed by police. it all starts at 2:30 in london and that's 9:30 p.m. right here in hong kong. nina. >> that coincides with our later edition of "world business today." so, of course, we'll bring you

up to date. let's go to the market. high debt still remains a serious cause for concern on both sides of the atlantic and added to the uncertainty are the stress tests applied to some of europe's biggest banks. this is the way it's shaping up at the moment. it may be a question of playing it safe. the european stock markets, they're actually down on the first trading day of the week. this is where we stand as you can see. a number of those markets down in excess of 1%. if we look at shares of royal philips in the nectar land, they're moving smartly. up 1.73%. they reported more cutbacks. philips plans to cut more than $700 million in cuts after reporting its biggest loss in nearly a decade. it expects no improvement in its performance. the stock company trading at 17

euros and 67. mow nisha. >> you know what, nina? asian stocks have opened the new trading week lower. i think that would hardly be a surprise given all the news we've been waking up to. they continue to worry the people who have to work and in some cases play these markets. ramy imocencio has more. >> the tokyo stock exchange, that was closed for a public holiday, but here in hong kong, the hang seng close dound about a one percent. an 8% slide in smic, china's largest chip maker. shares had been halted in late june. that's after the ceo resigned when he was voted off the board. over across the board in mainland china, they fell about

10%. vanke dropped nearly 1% after beijing said they'll try to slow down property price rises. a new real estate study shows beijing and hong kong prices rose. heading down under to australia, the asx 200 was pretty much flat as you can see. but news corp fell. that's as the phone-hacking scandal continues to unfold. i want to take you to taiwan. the taiex closed down about 0.42%. htc infringed on two patents belonging to apple. they say it will appeal but they also say it will buy back as much as 2.4% of its own stock. regional markets seem to be sinking. gold going the other way today, hitting a record-high. what's the deal with that? >> earlier today gold hit a new

intraday high of $1,599.29. that's almost $1,600. you know, this trend really is not new. since the start of the year, every time there's been a crisis of confidence, the price of gold has gone higher and higher as investors have fled to the safe haven. late january when the rest of the arab world raised fears. gold then jumped almost 8% the following month. then you head over to march 11th, of course, the japan quake was a shock to the tsunami markets. now we're basically seeing the same thing. over the past few weeks on u.s. and euro debt fears, we've seen the price of gold rise about 7.4%. you know, it's just been three months since we've seen the price of gold go from $1,500 to almost hitting $1,600.

you see it hitting past that mark, very, very soon if the debt problems aren't resolved very quickly. >> ramy, the man with the finger on the pulse. tharmg you very much. here's nina. hopefully you can tell us what we can expect in the u.s. >> that's right, monita. it seems the trend is in the opposite direction of gold. they're poised for a lower open. take a look. we've got the s&p 500 trading down the most, nearly down the most. actually it's the nasdaq composite that's down a tenth of a percent more than that. those two markets down between 0.7% and 0.8% at noemt. mow nisha. >> you're watching "world business today." we're going to find out how they want their representatives to end the deadlock in washington. with your mortgage,

want to avoid foreclosure. candy? um-- well, you know, you're in luck. we're experts in this sort of thing, mortgage rigamarole, whatnot. why don't we get a contract? who wants a contract? [honks horn] [circus music plays] here you go, pete. thanks, betty. betty: we're out of toner. announcer: if you're facing foreclosure, talk to the right people. speak with hud-approved housing counselors free of charge at...

live from cnn hong kong and laurngs this is "world business today." welcome back. >> the second bailout to greece remains stauld at the meet. the head of the european central bank, this man, may find himself at odds with the german chancellor angela merkel about how to keep greek banks in business. in an interview at the "financial times," he's saying they would not accept defaulted bonds as collateral and instead he says, quote, the government would have to step in themselves and make it right. in the meantime angela merkel herself says they should maintain some of the responsibilities. the euro has been weakening quite a bit against the major

currencies. this is where it stands at the moment. 1.4034. and 1.6092 and japan has been trading at 78.96. over the weekend they've renewed their sense urgency. they say their debts are sustainable but, quote, on a knife's edge. a share of support came from hillary clinton. she met on sunday with greece's minister of foreign affairs in athens and she said the u.s. supports greece's austerity measures. clinton added these tough steps will lead to a better economic future. meanwhile, of course, in the united states there is some disagreement of a different sort. republicans and democrats remain at odds over raising the u.s. borrowing limit by august 2nd. that is the date when america could default unless it's able to borrow more money.

so behind the scenes, leaders of both political parties may be close to a scaled back agreement that would allow the president to raise the debt ceiling without republicans voting in favor of it. but for now republicans are publicly taking a hard line against any tax increases and government spending. >> i'm looking for a win/win. i'm looking for a way to win the debt ceiling, and we need to, but we need to focus on what got us into debt. cut, cap, and balance gets us out of debt over a long period of time and ittet will have a budget amendment requirement to stay out of debt. i think that's going to be the republican position. >> for his part, the president is still pushing and hoping for a grand bargain. >> there are substantial discussions going on in the senate between the two leaders to make sure that at a minimum congress has a way to take action and avoid default on the u.s. debt. it's critical. we don't think it's enough.

we thing that the president said clearly we should do as much as we can to reduce the deficit burke we have to avoid the kind of chaos that would result from default. >> if washington can no longer pay its bills, interest rates would shoot up and the value of the dollar would plummet. and already it's been discovered that many americans, it seems, are fuehrer russ. >> i am absolutely, unequivocally without a doubt angry. >> reporter: tempers are raising along with the heat. in atlanta, washington, new york, and louisia.a., the overwg sentiment is pretty much the same. >> i feel enraged cynicism. >> primarily it's like watching kindergarten. kids running around, who's going to be the biggest, who's going to show off. >> if we were to fail to raise the debt limit -- >> reporter: a new poll shows the majority of americans

support this in the battle. 67% wants to increase it but the republican ares refuse to consider tax increases. >> i don't know whether it's talk radio or all these, you know, sort of liberal or conservative talk shows just getting everybody fired up, but i think we used to be able to work together better if you just go back ten, 20 years. now it's got to the point we can't get pretty simple things figured out. >> reporter: in new york many agree there will be an agreement. >> they will. this isn't a game of chicken. they have to. >> they have to. there's going to be a catastrophe if they don't. big business is scared. if there's a default, they're going to lose a whole lot. >> reporter: americans don't like hearing about politicians losing their tempers during negotiations. >> i understand it's difficult. my job is very difficult. i don't have the option of walking out of a meeting. that would be considered completely inappropriate. >> reporter: many americans believe the debt ceiling needs

to be raised but not everybody. >> if i have a credit card with a certain limit and i'm overspending, the answer is not to increase my spending limit. >> is this going to put a greater burden on us as the american people and i just don't think it will help the situation. >> reporter: but there are eternal optimists. >> no matter what they do, we'll survive. >> reporter: a hopeful note as we head into the home stretch on the debt crisis. fe lee shah taylor, cnn, new york. >> let's go over to south africa, where david cameron, the prime minister of united kingdom will be speaking a bit later on alongside the south african president jacob zu ba. that is the conference area where they're going to be taking center stage. of course, we'll bring you anything he has to say when he starts speaking throughout the course of the next half hour. manisha. now, back to the americas

and hugo chavez's return to cuba for more cancer treatment. the president's health is of concern not only to his own country but to cuba as well. we'll take a closer look at that straight ahead. to your kids' w. new neutrogena® wet skin kids. ordinary sunblock drips and whitens. neutrogena® wet skin cuts through water. forms a broad spectrum barrier for full strength sun protection. wet skin. neutrogena®.

hello. welcome back. this is "world business today." it's in thanes of its vice

president and finance minister. at least that's the case for now. while the ailing president hugo chavez is in cuba. he arrived over the weekend for therapy on an undescribed cancer. >> reporter: a hearty greeting from hugo chavez and a frail fidel castro. a familiar picture for cubans, but this time it's chavez who's recovering from surgery. while visiting in june he had a cancerous tumor removed. now he says he's returning to the island for chemotherapy. just as cubans were getting used to life without their historic leader at the helm, they're being forced to come ten plate a future without cuba's benefactor hugo chavez. >> venezuela provides about a third of cuba's oil, and so there's no doubt that cuba would have a real hard time if the venezuelan oil were to suddenly

stop flowing. >> reporter: venezuela pulled cuba out of a crisis following the collapse of the soviet union. a time of widespread food and energy shortages. cuba now receives about $3.5 billion a year in subsidies from its regional allies, most of it in the form of cheap oil. analysts say the island would o suffer blackouts and belt tightening if chavez disappeared from the scene but not like the 1990s. still cubans are worried. the health of chavez will always be a concern, says this man. not just for human reasons or because of his relations with our leader. in its favor cuba has diversified the communism. tourism provide foreign currency. it has a long list of trading partners from china to the united states thanks to a loophole on the u.s. embargo that permits sale of food.

finally, kbu has boosted domestic oil production. now it's hoping for a big discovery offshore. drilling in the gulf of mexico is expected to begin within months, but even if they do strike gold, it could take years to exploit, making cuba dependent on chavez's health for a while longer. shasta darlington, cnn, havana. and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation.

plus, in clinical studies, celebrex is proven to improve daily physical function so moving is easier. and celebrex is not a narcotic. when it comes to relieving your arthritis pain, you and your doctor need to balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen, and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high blood pressure or when nsaids are taken for long periods. nsaids, including celebrex, increase the chance of serious skin or allergic reactions or stomach and intestine problems, such as bleeding and ulcers, which can occur without warning and may cause death. patients also taking aspirin and the elderly are at increased risk for stomach bleeding and ulcers. do not take celebrex if you've had an asthma attack, hives, or other allergies to aspirin, nsaids or sulfonamides. get help right away if you have swelling of the face or throat, or trouble breathing. tell your doctor your medical history and find an arthritis treatment for you. visit celebrex.com and ask your doctor about celebrex.

for a body in motion. announcer: when life's this hard, it's no wonder 7,000 students drop out every school day. visit boostup.org and help kids in your community stay in school.

from cnn hong kong, i'm manisha tank.

>> and i'm nina dos santos. >> debt continues to fuel uncertainty tunsrn uncertainty in the united states and also europe. the results of the banks' stress tests aren't giving investors much incentive. we're starting off on a bit of a shaky footing this week when it comes to the trading. let's have a look at what's going on in europe. we're about 19 minutes into the trading day. as you can see, all of the markets in the red, about three of them down. the most coming down 1.25%. let's focus in on some companies. looking at shares of royal philips electronics because this company reported its figures. it also reported news of more cutbacks for that company. philips plans to slash an additional $700 million worth of costs after reporting its biggest loss in nearly a decade. the company expects no improvement in its performance

in the meantime. despite the news of the cost-cutting, it seems, what is interesting to investors because all we've got is the stock up one and three quarters. manisha? >> over here we've had a muted reaction but debt fears in both the u.s. and europe very much playing on the minds of traders. probably a good reason why the stocks vntd gone anywhere. similar story right across the board. in sydney we have the fractional drop. one stock stood out there. that was, of course, new corp. down 7% but ending the session some 4%, a stock that is getting hammered. and it will be a close one we'll be watching when we pick up trade in the u.s. but otherwise, interesting news on the property side, which sauls a big deal for investors in asia. a new study showing that in beijing and shanghai, prices still moving up some 2% last

month. so this is an area still hottet in this region, but we're always looking for signs for just how hot this regional economy is, especially when we take so many of our cues from what's happening in the u.s. and we try to play off one against the other. it's looking interesting right now but a lot of news abroad that we need to keep a check on. nina. >> speaking of the u.s., manisha, in the meantime president barack obama has surprised many people with his pick. the white house says the president will nominate robert to lead the bureau. we have more on that and, of course, the week that was on wall street and the week ahead. >> this week brings the debut of the consumer protection bureau, a long-awaited protection agency that will watch for other concerns. i'm alison kosic at the new york stock exchange. they paved the way for the bureau. also under dodd-frank was the emergency homeowner's loan

program but that's set to expire on frichld congress provide $1 billion to assist home owners who experienced a reduction in income and who were at risk for foreclosure. applications must be sent in before deadline. others are trying to settle this week over dispute over the research engine's efforts to digitize books. on economic call lar, slated housing reports as well as jobless claims. it's also a busy week from corporate earnings. we'll hear from those the along with intel and apple. that's a look ahead in business news. at the new york stock exchange i'm allison cosick. >> there's certainly plenty for investors to keep an eye on for the moment. joining me now in london is the chief market's analyst of ig

index. his name is david jones. david, as always, good to see you. thanks for coming on the show. we should, first of all, talk about the debt, because we've got a rather interesting thing going on. we've got in the united states approval to spend more and we've got austerity going on over here. how worried are you? >> very worried. it's really the overamping thing this week. we have the finance ministers to discuss the european sovereign debt situation. i think it's going to be a lot. we've seen the yield on italian bonds has crept up, so, again, the markets viewing this. risks are increasing here. with the euros down a cent just at the start of the week against the us dollar, it really is a major concern. switching to the u.s., of course, they've got to try and get this debt ceiling raised by august 2nd and they're just making no progress. i think there's a feeling in markets that someone needs to

bang their heads together, politicians on both sides to try to get this agreed because it seemed unlikely it's going happen. if we did get some sort of default through the u.s. it would send massive waves through the financial markets. >> it's the ongoing phone-hacking scandal at news international and the parent company news corporation. what do you make of it and do you think that it's really going to become a u.s. story now as opposed to a uk story? >> i think that's definitely the way that it's going, particularly with events over the last three days. you're right. if we wound back a couple weeks ago, it was very much a uk story focused the popular tabloid sunday paper, the "news of the world." that was closed down by news corp to try to stop the damage spreading, but on friday we saw, i think, the chairman of dow jones resign. we've seen over the weekend rebecca brooks who's the chief executive of national news over here arrested. the top of the police, the

police commissioner has resign and the shares down 4% in trading. it's a cliche that investors hate uncertainty. but there's so much surrounding this cscan zal. >> one of the interestinging trends is it's being notoriously difficult to make money even to a certain extent in the united states and news corporation was the only company wo seem dodd that excelente, so to speak. >> they're definitely dying over the last ten years as the internet takes over for news provision. but they were making money there. it was a small business. the bskyb business is massive, but i think the problem is it's done so much damage to them as a global brand and investors in the u.s., some investors are already putting together a lawsuit claims that news corp

should have known more about this hacking story. so i think this has got plenty of time left to run this one. >> okay. david jones of ig index. many thanks as always. manisha. >> you're watching "world business today." just ahead, a big win for japan. we'll see what it means for national pride. and what it means for japan's battered economy. stay with us.

hello and welcome back. you're watching "world business today" live on cnn. now japan has reached the top spot in women's football. for the first time, a japanese squad beat a u.s. side at the world cup in frankfurt, germany. each team had two goals. a dramatic final penalty kick pulled japan's team over the top. they beat the united states by a final score of 3-1.

so even though the big match began at 4:00 in the morning tokyo time, people made a point of watching it. for japan, the world cup is a bright spot in an otherwise bad year and the victory is being celebrated across the country by football fans and nonfans alike. we report now from tokyo. >> reporter: when the urban sports bars of tokyo to the gymnasiums of world japan, the sound, the saying, jubilation. a team of underdogs against a stronger team they'd lost to 25 times, more than a sports team, they carry the prayers and hopes of the badly damaged nation into

tears as they watched. >> translator: i think we witnessed something historic says this fan. i was so moved. hours after that incredible win the game is being replayed across tokyo. it's not just soccer fans but an entire nation desperately in need of a feel-good moment and some heroeses. coming four months after the tsunami, japan continues to real fr -- reel from the disaster. japan's economy has struggled in the wake of the epic disaster. the lawmakers locked in partisan bickering and trying to oust the prime minister while in the tsunami zone, nearly 100,000 rem remain in evacuation centers or temporary housing with years of rebuilding ahead. this game happened at the right time for us says a tsunami victim. this victory gives us the strekts to keep going. the morning papers for once

blared upbeat news snatched up by eager readers. there's been so much bad news from japan, says a commuter. this is good news and it encourages us. the sports world is already calling the women's team the comeback kids for how they refuse to yield on the world cup. and to their home nation they're a potent symbol, a reminder, never to give up. kyung lah, c in in, tokyo. >> they announced changes to next world cup in 2015. in this year's tournament, a total of 16 teams but next year's to tournament will show us about 24 teams on the block and there will be more prize money to share out. this year it was no less than $7.6 million. next year in 2015 it will be no less than $10 million. so manisha, plenty more to shell out. then, again, 24 versus 16. >> i don't know about you.

maybe i've got time to give up this career and try kicking the ball instead. i don't know. still ahead on "world business today," we'll take you to the pacific island nation that takes a stachbltd it's also shark fitting a major tourist draw at the same time. that's coming up.

live from cnn hong kong and london, this is "world business today." welcome back. >> now, in china hong kong and

taiwan, a very popular dish is also among the most controversial foods around. what we're talking about is shark fin soup. one estimate says nearly 70 million sharks are fished each year, most of them for their fins. but one place that's trying to stop shark fish from extinctioe. >> reporter: the ocean is teaming with activity. here one species is left alone. this is the world's first shark sanctuary. it's here that it's protected from its worst enemy, humans. these emerald waters are in an island nation just 500 miles east of the philippines. shared conservation is a top priority here thanks in large

part to this man, conservationist and local politician. to him, protecting the environment is closely linked to the way of life. >> i've been involved since i was a kid pause, osks, when you grow up here, you're trained to think, you know, in a certain way, respect nature, you respect the fish. >> reporter: today is a rare day out for the senator. he has spent the past 11 years in politics fighting for conservation. >> this is a place for baby sharks. >> reporter: sharks have consistently been at the top of his agenda. >> there is somebody taking the sharks away, actually manipulating them. they don't lying to see these things happen in their backyards. >> the reality is gruesome.

sharks are being caught for their fins which is thought of as a chinese delicacy. >> the world takes from the ocean between 70 to 100 million sharks for a year. it's very barbaric and wasteful. >> reporter: in 2003 they declared itself a shark sanctuary and shark fishing was outlawed. the survival key pends on these men. they're tasked with patrolling the waters, an area as big as france. the crew's only patrol boat has not been on the water for months as it remains under repairs in australia for most of this year. it means many offenders aren't caught. >> the demand in the market is quite big. i don't think it's going to stop. >> reporter: today local divers are helping researchers get a clearer picture of the shark populations. there's little signs.

but these divers say without it, the whole ecosystem would be vulnerable. a new receiver is being installed in this reef to monitor the movements of dozens of taked sharks. here shark encounters are common. the tourism industry relies heavily on these close encounters. it's delicate work but it's this close vigilance that has helped protect the predators. they just want to be many people here in pa lou who commit it to makes the sanctuary work. anna coren, cnn. >> according to a recent study, sharks are worth far more alive than dead. shark tourism brings in $18 million a year to pa lou's economy and a single shark can bring in $1.9 million ore its

lifetime. nina. let's go to another part of the pacific. there's a typhoon bearing down on japan. ivan cabrera is tracking that down from the cnn world weather center. how strong and when is it expected to make landfall? >> i think 24 hours things are are going to go down in a hurry. the rain bands are already hitting the southern coast of japan. we're going to continue to see that over the next several hours. i'm feeling much better about this than i did this weekend. this is a much weaker system here. it certainly lost a lot of its punch. dry air wrapping in around it. still at 157 kph, a cat 2. i think litd be a cat 1 by the time it heads inland. that's likely to happen in the next 24 hours. right on the west coast of she co-coo here. in tokyo, the main issue here, we're going to be talking significant amounts of rain, not so much the wind. already seen some wind gusts

along the coasts but the tropical force winds are still offshore. so here's the latest track from the typhoon warning center. there's still a chance as far as the track that this could actually hug the coast and continue kind goichk this way. if that happens, the intensity would remain a little bit more intact here as it's not going to be interacting with land. we'll watch that closely but i'm thinking a strong hop trop call storm, low end as far as a category 1. slamming into japan over the next 24 to 48 hours. the rain bands are already on top of kissh shoe shoe. wednesday is going to be terrible day in japan that. will be the brunt of it here as the system continues to head off to the north and east. torrential amounts of rain will continue as well. this is our second tropical storm. it is bret. it is not a formidable storm by

any stretch of the imagination. if you're watching this from the bahamas, i know you're getting wet but it will eventually pull off to the north and eeftd and if you're watching from the united states, the system is looking good. the system is pulling away, and we like that. nina? >> ivanka brash rah joining us from the cnn national weather center. many thanks. we're almost two hours into the trading session. we're firmly down in the red and that's more or less where we're trade tagt moment. with the zurich smi down the lowest 1.16% just 15 minutes ago. i is now moving slightly out of the red ads you can see. down 1.16% and the london ftse down by 0.68%. nig manisha. >> i think one day we should get together with ivan.

we should have a stock charge. asia would be persistent rain but here right now it would be foggy because we have no idea what's going to happen with the debts in the u.s. and europe. not the a lot to see. that's one of the reasons the markets have been under pressure. you can see from the numbers the trade has but been pretty cautious. when you have one of the markets also closed, that doesn't help matterses much. the only bright spot were the numbers. looking to the upside. chinese property market up 2% last month for that particular area which is a big investment area for asia. there you go, there are the markets. that is it for this edition of "world business today" today. i'm manisha tank in hong kong. >> and i'm nina dos santos in london. good-bye for now.