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>> we are following all of this and basically it is irene and she's coming. >> absolutely. you know, irene has been in place the last 24 or so hours. it was earlier in the week we were thinking hopefully irene would take the traffic of one of the previous storms emily where it brushed by the caribbean. don't much damage but irene is the ninth storm in line. finally looks like we will have one turn to a hurricane. this is fairly healthy as of this hour. the winds 113 kilometers an hour. that is 70 miles an hour, which is just shy of hurricane-force winds. san juan, puerto rico, they are feeling the winds and the heavy rainfall associated with this. and then venchly the island of espanol la in the next 24 hours

we will see rough weather and the governments of the regions have put hurricane warnings and watches in effect. and the system will brush the northern tip of the doctor dr and haiti. the good news if anything is looks like portions of port-au-prince will get moderate rainfall, upwards of eight centimeters. the heaviest stuff is the island of the dominican republic, they will get up to ten inches of rainfall or 25 centimeters over the next 24 hours. and then beyond that it gets interesting. the bahamas in the path of it for thursday in to friday. and then the southeastern united states looking at miami-dade to ft. lauderdale, perhaps palm beach going to look at a strong hurricane at that point. winds 120 kilometers an hour and this will be something we will be following as the week progresses. >> as they say, 'tis the season. let's check what development in libya are doing to the price of oil. and also a quick look at the

markets as well. >> that's right. asian markets are firmly in negative territory as we close out this week's first day of trading. the reason for that, fears of a slowing global economy aren't going away. that is because there's no good data to lend support. with that, the nikkei just closed and it is down 1%. this means it is now down 15% over the past four weeks. exporters here are hammered because of the stronger yen. toyota throttled back 2 1/2%. nissan fell 4%. and that because last friday the yen hit a new most-war record of 75.95 to the dollar. the bank of japan may intervene to weaken it in order to protect exporters over there. the hang seng is down 6/10 of a%. oil and shipping shares extended lost losses from last friday. one of the biggest oil produces is down. and cosco, a shipping terminal

is down 4% because of a slower global demand for transport. the shanghai is down 3/4%. and the domestic inflation is three year high and global slow down and after initially pushing higher at midday, there are two companies, bluescope steel is down 8% after disappointing earnings and 1,000 layoffs. on the flip side, macarthur coal jumped 2 1/2%. china's companies may be in bid for the company that would put it at competition with peabody. >> when this began six months ago or whenever it was, the price of oil jumped because everyone said uncertainty. now it is coming to an end, is the price coming down? >> yes. basically that is what is happening.

analysts are seeing it as the end game in libya. if that is true it means more peaceful for the country as it picks up the pieces. the price of oil is trading at $185.81 a barrel. earlier today i spoke with an oil analyst named neil beverage. he said we could expect prices to fallower for the rest of the year and that the added supply from a more peaceful libya will impact the price. the slowing global economy will also bring the price down because of the data from the u.s., europe as well as a slowing china. >> thank you so much. again, we are continuing to monitor the shrewd situation in libya. right now let's check on the other stories which are making news around the world. syria's president bashar al-assad said in an interview on state-run tv that elections in his country could be held in february his his military is not targeting peaceful protesters but protesters of human rights groups say syria has not stopped the bloody crack down to end the

uprising there. funerals have been held for those who died in thursday's attack in southern israel. since then rockets have been fired from political territory in to israel. the israeli military responded with air strikes. a human rights group says 15 people have been killed in those strikes. a lawyer for the hotel says she will attend a meeting with prosecutors in new york later today. the lawyer expects some or all of the charges against dominique straus-kahn will be dropped. the housekeeper has accused the former head of the international monetary fund of sexual assault. this court hearing is scheduled on tuesday. we are watching what could be the beginning of the end of gadhafi's rule in libya. much more on the developing situation there just ahead. you are watching world report on cnn.

a short time ago alternate secretary general made a statement about the situation in libya. let's listen to what anders fogh rasmussen had to say. >> the gadhafi regime is clearly crumbling. the sooner gadhafi realizes he cannot win the battle against his own people, them better. so that the libyan people can be spared further bloodshed and suffering. the libyan people have suffered tremendously under gadhafi's rule for over four decades. now they have a chance for a new beginning. now is the time for all threats against civilians to stop, as the united nations security council demanded. now is the time to create a new libya, a state based on freedom, not fear, democracy, not dictatorship, the will of the many, not the whims of a few.

that transition must come peacefully. it must come now and it must be led and defined by the libyan people. alternate is ready to work with the libyan people and with the national council which holds great responsibility. they must make sure that the transition is smooth and inclusive. that the country stays united, and that the future is founded on reconciliation and respect for human rights. gadhafi's remaining allies and forces also have a great responsibility. it is time to end their careers of violence. the world is watching them. this is their opportunity to side with the libyan people and choose the right side of history.

we will continue to monitor military units and key facilities, as we have since march. and when we see any threatening moves, toward the libyan people, we will act, in accordance with our united nations mandate. our goal throughout this conflict has been to protect the people of libya. and that is what we are doing. because the future of libya belongs to the lib libyan people. and it is for the international community to assist them with the united nations and the contact group playing a leading role. alternate wants the libyan people to be able to decide their future in freedom and in peace. today, they can start building that future.

>> that was the alternate secretary general talking about the situation in libya. so let's get an update on the latest developments. reuters is reporting that tanks were seen leaving moammar gadhafi's tripoli compound amid reports of gun fire and explosions in that area. the news comes as rebels say they control large parts of the libyan capital and the country itself. meanwhile, the location of libya's long-time leader remains a mystery. as time runs out for moammar gadhafi, one possibility is exile in a neighboring country. but outside of libya, gadhafi has had a strong supporter in venezuelan president chavez. he has strong ties to south africa but the foreign minister of south africa says there are no plans to send any planes to evacuate gadhafi. however, the international criminal court wants gadhafi to answer for crime against humanity and gadhafi has said more than once he really wants to die in libya. we will have more on the developing situation in libya.

just ahead, andrew stevens is in hong kong. stay with cnn, the world's news leader . luck? i don't trade on luck. i trade on fundamentals. analysis. information. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only from td ameritrade. welcome to better trade commission free for 60 days when you open an account.