hello. i'm mon need that rajpal. yemeni president is home after a three-month medical stay. the controversial leader was treated for wounds on an attack he received in june. protesters have been calling for his removal from power. they say the president ordered violent crackdowns against dissenters. mahmoud abbas is expected to request full u.n. membership this friday. he spent most of the past week pressing for the u.n. to accept his bid. israel and the united states oppose it and the white house has promised to veto it if it goes to the u.n. security council vote. thousands of mourners turned out for the state funeral of former afghan leader rah bani. he was killed at an attack at his home on tuesday. a woman fined for wearing a

full face veil in france says she actually wanted the punishment. she was one of two women fined under the country's so-called burqa ban on thursday. she'll take her case to the european court of human rights. i'm monita rajpal. "world business today" starts right now. good morning from cnn london. i'm nina dos santos. >> good afternoon from cnn hong kong. i'm manisha tank. these are the top stories on friday, september 23rd. investors in europe take a breather after a tumultuous few days for global stock markets. >> as u.s. consumers keep their money in their wallets, the swap shop makes a comeback. >> and why the new zealand/france match is the hottest ticket in town at the rugby world cup.

first to the european stock market action. this is how it looks about an hour into the trading session. some of these markets recovering a little bit after yesterday's steep losses. remember these indices put in losses in excess of 4% in just one trading day alone. what we've got at the moment is the ftse 100 and the dax up about 1%. the other two heading toward red territory. i must point out that the ftse is an index that saw about $100 billion wiped off its market value yesterday when the stocks tumbled. the dax has wiped off half the gains it made since back in 2008 in just six months alone. it goes to show you how these markets have been suffering so much. financial stocks are turning out to be some of the top movers right now here in europe reversing several session's worth of losses. there are still concerns about the exposure of some of these companies and these banks to the

eurozone crisis, notably sovereign debt in places like greece. hsbc gaining 1.3%. they did incur some heavy losses yesterday after the head of the world's biggest bond fund said he was particularly concerned about french banks and the possibility that they may drag the eurozone into recession. mon nisha? >> over here, nina, in hong kong, the stock exchanged just closed for the weekend. the index fell from the word go along with all the other markets in this region. ramy inocencio joins us with a wrap-up of the day's declines? >> hey, mon nisha, we're seeing a sea of red. the hang seng closed 1.3%. it was down by as much as 2% earlier in the day. icbc, the world's biggest bank by market cap had fallen more than 5% by the end of today.

in the chinese main land, the chinese composite closed about .5% down. it had been down by as much as 1% t. asx was down 1%. b bh bill ton and rio tinto closing between 2% and 3%. the session's biggest loser was over in korea, the cos pi. it is down a whopping 5.7%. stocks sensitive to a global slowdown, talking shipping and oil were down by as much as 7% to 8%. the bad news doesn't end there for south korea. take a look at this graph. on august 1st, the korean currency hit record strength coming in at one to 1,049. reacting to fears, investors fled the currency. it has lost this much in just the past seven weeks, 11%.

this is trading at its weakest point since last year. tokyo stock exchange is closed for a public holiday which is perhaps just as well. >> today with all the losses, some of the markets in asia are hitting lows that we haven't seen for a couple of years at least. you've been crunching the numbers. >> many markets erased the gains they've made over the last one to two years. the indices in yellow are hitting 2010 lows, mainly china, india, south korea, indonesia and malaysia. these markets in blup, in japan and australia, they haven't hit these lows since 2009. we're also hitting bear market territory that, by definition, is losses of 20% or more. these countries in red are in that territory, pretty much all i mentioned before. indonesia not highlighted here,

very close to falling into this category as well. also hong kong is the biggest decliner, down 28% since july of 2009. >> wow, that's quite incredible. i wonder what people are going to make of that and whether this is going to continue. ramy, thank you for wrapping up all of that for us. nina, it's been quite a week so far. we're almost there, huh? >> we're almost there, you're considerably closer than i am. worries about the global economy pummeled u.s. markets for a second day in a row. this is where the trading session ended on thursday posting losses of in excess of 3%. some of these markets like the dow jones industrial average which fell the most putting on a decline of 3.5%. pretty steep losses there. on that penultimate trading day of the week, we'll have to see how the markets are poised to open later today. >> the falls on wall street didn't set a great tone for markets here in asia. they very much pick up off of what we see in new york.

what about looking into the future and seeing how these markets will open? well, they're set for a higher open and pretty strongly as far as the nasdaq composite goes. we'll see how that holds out as the european trading day goes on. there's so much interplay in terms of sentiment between what's happening in these various regions. >> there really is. every single day we get a different economic statistic by another important institution like, for instance, the imf earlier this week, changes the picture considerably mon nearby yeah. >> even though u.s. stocks turned positive, there's been damage done to the market so far this week. between monday and thursday, the s&p 500 lost more than 6%. the london ftse market lost over 4%. let's get more on the changing mood on the markets and the recent volatile till we've seen from michael hughes son who squloins us live here in london. >> good morning, nina. >> good morning, michael.

i suppose everyone is thankful it's friday. only half a trading day leftality our end of the world. what do you make about recent market volatility. would you say markets from pricing in the prospect of a recession for u.s. and europe. >> i think they're pricing in a recession. what they're not criesing is a cataclysmic situation in europe. that's the big unknown at the moment. obviously the g-20 issued a communique overnight saying they were going to look to deliver coordinated action to try to deal with the concerns that investors have around the world. we've really been down this road before with the g-20 and the various summits. so really what i think investors are looking for right now is actions rather than words. >> and one institution that could come out with some action and it's already done so far month is the ecb. we know they put more dollar

liquidity in the market for banks, but people are also pricing in decisions to reverse the interest rate rises they've implemented recently. would you be putting your money on that? >> i certainly would be. i think the rate rises we saw earlier this year are a massive mistake by the ecb, too fixated on inflation and took their eye off the ball with respect to growth. luke cohen earlier today suggested the ecb may well look at maybe catching rates as early as october if, and this is a big if, if the economic data continues to deteriorate. i would certainly put my money on a rate cut certainly by the end of this year because i think they have to. >> okay. michael hewson, thank you for your excellent insight. >> technology giant hewlett packard named meg whitman as

ceo. she ran an unsuccessful campaign to be california governor in 2010 grew ebay into an internet powerhouse, but faced criticism for the company's sputtering growth. her pred ses tore, leo apotheker is the third hp executive to be fired. he was on the job a year, cutting forecasts three times. hewlett packard closed down by almost 5% on thursday. as fear spreads about the state of the global economy investors are taking worries out on the markets. as michael hewson was just telling us, banking stocks were bearing the brunt of it earlier this week, especially in france. we'll hear what the country's finance minister plans to do about it next.

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zone. in 2008 many people said they did not see the turbulence coming. leaders have no such experience now. >> that's a very stark warning there from the president of the world bank speaking at the opening ceremony of the annual imf world bank meeting. cell lick said it's time for leaders to react forcefully to stave off a double-dip recession. we come back. you're watching "world business today." international monetary fund chief christine lagarde issued a clear warning to economic policymakers around the world. she said the path to recovery is narrowing. at a news conference for the annual meeting in washington the imf managing director talked about a striking balance between reducing deaf sis and also maintaining growth. >> what needs to happen is that medium-term, long-term solid, well anchored measures that will actually aim at restoring good public finances by reducing

deficit, by stabilizing debt and gradually reducing it has to be first and at the forefront of any agenda in those economies. but having said that, as long as in the medium term and long term this is well anchored, some countries can accommodate growth in the short term. and if you're asking many which country, clearly the united states is one that comes to mind right away. but it's a balancing act once again. there has to be a parallel track of what can accommodate growth in the short term by slowing down the pace of consolidation and how strongly and definitely and well anchored other measures that will deliver deficit reduction in the longer term. >> fear over europe's debt crisis has weighed heavy not just on politician's minds but also the world's financial markets. with financial stocks taking a real pounding, they've been

especially badly hit in places like france wherein vesters are particularly worried about bank's exposure to sovereign debt of countries like, for instance, greece. after heavy selling over the past few days, french banking stocks seem to be bouncing back, a number up in excess of 1%. these are some of the banks that have taken a real pounding of late. in a sign of confidence, the country's government says there is flatly no need for state intervention right now. our very own maggie lake sat down with the french finance minister and asked him about his government's plans to ensure stability in france's banking sector without plans to intervene. >> translator: restructuring would be plan b, but we need to implement plan bbefore we get to

that. plan a is the agreement of july 21st. it has not yet been implemented. parliaments need to vote on that. greece has a lot to do, especially on the administration side. we are staying true to july 21st. we keep repeating it because repetition is the best teaching tool and that's the message we're trying to convey. >> there is a very well-known u.s. manager from pimco, the world's largest bond fund. quoting him, there are all signs of an insz tushl run on french banks. europe is on the verge of losing control of orderly solutions to this debt crisis. investors understand there is a political calendar, but we know from 2008 that markets can move ahead of that. and there is fear that that's what's happening. what do you see that makes you confident that we are not on the verge of a crisis that investors

in the markets do not? >> translator: the situation with the banks is that they're not asking for a recapitalization. since 2008 french banks have increased their equity by 50 billion euros. over the last few weeks the troubles have had consequences in acceleration of this process of the increase of equity within french banks, and the questions that are asked by these investment funds find the following answer. the banks have announced their plan and we're trusting them. they have a plan for recapitalization. this is also enshrined in the agreement of july 21st. but the answer cannot be an answer from a state to the banks. it has to be a collective one, both at the european level and at the international level. and the calendar is ahead of schedule, if you will. >> what is your hope for this meeting? you talk about the need to get

the idea of sovereign risk, of a failure out of the market. what can you do, and especially since you are all here together? >> translator: it is true that with the downgrade of the u.s. and the instability in europe you have the preconditions for a slowdown, and people are wondering why so many meetings, why are they meeting so often. but without these meetings, discussions, working days an exchanges, what would the economic consequences be? it would be protectionism in the entire world which would lead, in turn, to recession and also to a rise of nationalism. these meetings are needed and useful. maybe they do not bring the answers fast enough for the market's test, but over the long run these meetings will yield stability and help foster

growth. >> that's francois. we've had plenty of news. on the one hand conflicting reports suggesting the european institutions may move to try to make some of these banks recapitalize. we also have moody's downgrading the greek banks. when it comes to the french banks, fitch, another rating agency, say they're currently comfortable with the level of capital the french banks have at the moment. manisha? >> coming up in the program, it's a $12 billion market, but no money changing hands. the give and take, that story coming up after this break. with b vitamins, the first and only one to help support a healthy metabolism. three smart new ways to sweeten. same great taste. new splenda® essentials™. at aviva, we wonder why other life insurance companies

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simply swapped buying for borrowing. cnn's poppy harlow looks at the growing popularity of swapping and saving. >> reporter: it's as old as time. before benjamins and plastic, there was bartering. >> swap, swap, swap. everything i'm wearing is swap. >> it's back in fashion. craigslist is seeing eye-popping growth in bartering, citing the lousy economy. swap.com says it's scene more than four mill bun bartter exchanges since last year. barter quest says it's seen a 150% increase in users at that time. >> we believe it is a multi billion dollar market. we think it's the third leg of e-commerce, after buying, selling, auction, they'll find more and more people looking to trade. >> reporter: the latest numbers from the international reciprocal trade association

value the bartter market in north america alone at $12 billion. >> there is a new way for some people to think about how to get the things they want or need. >> reporter: people are bartering for almost anything. >> we saw a trade for a 300-year-old bible. >> reporter: there was this engagement ring offered up on craigslist in exchanges for cars, trucks, jet skis. you get the idea. it's now in vogue in high fashion and on display during new york fashion week. >> i found this sequin blazer which came from one of our swap hosts in atlanta. >> is this all because of the state of the economy? >> not at all. it's a confluence of factors. it's because of the recession. we've all become so digital that we want to meet in real life. >> reporter: for some business owners, though, it's old hat. >> how many t-shirts a day do

you pump out? >> it could be thousands, it could be hundreds. >> reporter: harvey has been bartering his custom t-shirts for 25 years. what do you get out of this? >> i get broadway shows, i love broadway. travel, professional services, personal stuff, work around the office, all that has -- bartter has made that easy. >> reporter: he warrants it's important to use a reputable bartering service to prevent being ripped off by someone who doesn't fulfill their end of the deal. in new york, poppy harlow, cnn money. move flg the big apple to apple itself, today is a big day for this company. this weekend will be pretty big as the tech giant opens two more stores in china. today apple owned in shanghai with what is said to be the biggest apple store on the mainland. tomorrow it opens its first hong kong store, taking it to a total

of six stores so far. china will be a big market for apple as the middle class continues to grow. the company has to worry about using market share to fake apple stores like this one. >> that fake apple store, that was an incredible story. coming un, the hottest ticket in town, rugby fans are paying a premium for this weekend's match between new zealand and france. the host nation may not deliver the best return. the details up next here on "world business today."

from cnn london. i'm nina dos santos.

>> i'm manisha tank. welcome back. it's "world business today." let's take another look at the european stock market fear at the moment. this is where we're trading into this final trading session of the week. approaching what is set to be a climactic finale to a busy week. we have seen stocks lose about $10 trillion worth of their value since the month of may. yesterday we saw some of these markets down to the tune of 4%. for the course of the week, what we've had is the wto, the world trade organization, scaling back its estimates for trade, the imf scaling back its estimates for global growth this year and next. that's one of the reasons the markets have been so volatile of late. ma nearby yeah. >> >>. fears over the health of the global economy remain strong. in seoul the kospi down nearly

7%. there are major stocks listed that have huge exposure to the global markets, particularly in manufacturing. japan closed for public holiday. i suppose given the situation, just as well, nina. >> yes. let's take a look at u.s. markets set to open in about five hours' time from now. this is where we stand in terms of the pre market action. the futures are indicating we would see a built of a rebound going on in u.s. markets when they get trading later today. these futures have doubled in percentage terms over just the last 20 or 30 minutes or so following europe's lead. we've got the nasdaq poised to open up about three-quarters of one percent, similar picture for the s&p 500. so much of the market action have hinged on the united states. u.s. president barack obama is taking his jobs message on the road. he's hoping to pressure republicans to pass his $447 billion jobs bill. to hammer his point home, mr.

obama gave a speech near an aging bridge in the home of the house republican speaker. >> they say this is class warfare. you know what? if asking a billionaire to pay their fair share of taxes, to pay the same rate as a plumber or teacher is class warfare, you know what? i'm a warrior for the middle class. i'm happy to fight for the middle class. i'm happy to fight for working peop people. the only warfare i've seen is the battle against the middle class over the last ten, 15 years. >> job creation is a huge issue for the u.s. right now.

we want to show you how tough things are for the long-term unemployed in the u.s. with the nationwide jobless rate well over 9% more and more americans are finding themselves living on the edge. george howell takes a look at the new face of poverty in the u.s. >> she's daddy's girl. >> the proud parents of ashley hanson. >> two months old, came into the picture someone unexpectedly. >> jonathan hanson and catena wright are determined to give their daughter a bright and stable start despite the cloud of uncertainty they face after years without steady work. >> you have to pick and choose what you want to do. it's either eat that day or pay a bill. >> it makes these parents worry about what's ahead for their daughter. >> we don't have retirement. we don't have a job. >> the parents are supposed to be in better positions than the children. >> reporter: from a six-figure income, they say the last few years have been a downward

spiral. they had to sell off jewelry and nicer cars they owned, even the home they're living in they're trying to sell to survive. nearer would have expected to be living on the poverty line. >> we were both in real estate, investors, and we made some good money. and with new regulations in real estate and different laws and just the amount of foreclosures on the mark, it literally took our business away. >> reporter: john and catena's story is the example of a middle of americans defines as poor. a family of four making less than $22,000. john and catena have been living on their savings and tell me for the last two years they haven't received a single paycheck. >> there's a lot of people suffering. >> reporter: financial planner and author karen lee says it's important for people who have never faced poverty to keep a positive outlook that things can get better and be versatile. >> i have seen people go from

riches to rags to riches to rags. you can rebuild and you can completely change careers and rebuild. >> with this new baby i can't be stuck in thinking whabt what i used to have. >> reporter: catena decided to teach herself web development. >> real estate is no longer of any use to me. being able to let go is going to be a person's biggest advantage. >> reporter: john is betting on a new business he started, building security cages for air conditioners to prevent copper theft, a big crime problem in cities like at any time. >> so this is how you're making a live? >> yes. >> reporter: adapting and retooling is their plan to over come poverty because they say times have changed and survival isn't just about them anymore. george howell, cnn, atlanta. people globally are being affected by what's happening in the global economy everywhere.

check out our website for more on global business. cnn.com/biz360, all from our "world business today" team. nina. time for supported now. day 12 of the rugby world cup in new zealand. the 23rd match has just kicked off in wellington. australia is playing the united states. here is a look at the score. nil-nil at the moment. the aussies are hoping for a win after their surprise loss against ireland last week. on the other hand we saw the united states beat russia in their last fixture. if you're a rugby fan you'll probably be very excited about the weekend ahead. on saturday the host nation plays france in what's one of the most anticipated matches of the tournament. the all blacks have a bad track record against the french in recent world cups. france knocked them out of the tournament in 2007. believe it or not, the kiwis

haven't won a world cup since the competition first began in 1987. >> not surprising the clash of the all blacks and the blues attracted quite a bit of media attention. we have a look at how new zealand coach graham henry has prepared for the tough time ahead. >> reporter: this is a man comfortable with his selections as they come under the spotlight yet again. >> will this be a team you take into a major play-off game? >> i think you pick the best team for a particular opposition. we think this is the best team for this particular game. >> reporter: so graham henry has confirmed what most will be the top 15 we'll see come october, the toughest decision leaving out molina, still stranded on 9 98 tests. >> the first guy to say that would be himself.

>> reporter: he played at least a cameo in the number 100. his disappoint the israel's delight, the 23-year-old's biggest test in his eight-match career. >> you want to get out there and perform. it's a big stage. >> reporter: another player needing to make his mark starting half back pity. it swings one team away from jimmy cower. it's his third start against the french in 51 tests. >> he's a different beast now than he was three months ago. >> reporter: the all blacks were training in auckland adding extra motivation after a visit to see his 95-year-old mother. >> graham, did your mom give you one last piece of advice? >> she said win, she said. she said it's much easier. >> for her or you?

>> for us all. she worries about her little boy. >> reporter: mrs. henry should be more at ease tonight with her son revealing his top team. >> let's take a look at how the weather is looking in new zealand for this weekend. meteorologist evan cabrera is at the weather center. ivan, how is it looking for those all important rugby fans. >> we have one match where we could be seeing rainfall. otherwise we'll be okay. we are under way with the match for today, friday, and now heading into saturday we'll see this front move in and the dunedin match may be in jeopardy as far as rainfall. that's about it as far as any significant rain. really that's not going to happen. let's check in specifically on the forecast here as we take you now into wellington with australia and usa, partly cloudy skies, temperatures 8 to 10

degrees. as we take you into the matches on saturday, that's when we could see some rainfall begin to move in for the england and romania match. big game, home country, partly cloudy, temperatures between 14 and 16, that will be in auckland. all and all not too bad. we'll be checking in on matches as we head through next week as well as we are now south of the equator. it is now the beginning, of course, of spring as temperatures begin to climb a little bit higher. and i believe we'll be following this all day, here is the latest on our yars satellite, the one crashing down on earth. we don't know where it's going to end up. nasa will give us about a two-hour window. there it is right now, the soirnth ocean. it would be fantastic if it landed there. we'll keep you posted throughout the day today. nina and manisha. >> okay. many thanks for that ivan

cabrera at the cnn international weather center. >> that, i'm afraid is it for this edition of "world business today." i'm manisha tank in hong kong. >> i'm nina dos santos in london. you're watching the world business leader. good-bye for now. ♪ [ male announcer ] sitting. waiting. hoping. that's a recipe for failed investing. open an e-trade account and open doors, seize opportunities, take action with some of the most powerful yet easy-to-use trading tools on the planet all built to help you maximize the potential of every dollar you invest. successful investing isn't done by throwing ideas against the wall and hoping. it's done by lowering your costs and raising your expectations by using unbiased research and powerful screeners to build a diversified portfolio with stocks, bonds, mutual funds, and every etf sold.

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this week on "marketplace middle east." >> in terms of basic infrastructure of the physical infrastructure, capacity to deliver services, government's infrastructure i think we're mature enough for statehood. >> the palestinian eighth authority puts the issue in front of the u.n. the palestinian agenda is high. we speak to the turkish industrialist. is libyan oil ready to flow? the government says exports are days away. how realistic is that assessment? >> the palestinian bid for statehood dominated proceedings at the u.n. general assembly this week. beyond the politics, the effort is aimed at losing restrictions on the politics that have

stifled the economy. the imf has downgraded the estimate from 9% to 7% in 2011. the world bank says the growth is mainly driven by donor funds, unlocking the private sector's potential is essential to creating sustained growth right now. again, that would require lifting israeli restrictions on transport, water and raw materials. kevin flowers spoke to the palestinian prime minister and ask him if the current palestinian infrastructure was enough to support a sovereign state. >> in terms of basic infrastructure of the physical infrastructure, capacity to deliver services, government's infrastructure, i think we're mature enough for statehood. >> given your assessment of the status of the palestinian economy right now? >> still growing. on the strength of rebound in

gaza, this may come as a surprise to some, economy in the west bank has been into a slowdown phase since the first quarter of last year. the model was that the government was going to gradually phase out the stimulus, that it actually injected into the economy going back to late 2007, consistent with that we had put deliberately our finances on a declining deficit path in a substantial way. relative to $1.8 billion in exceptional financing which we needed in 2008 to help us fund -- with funding current expenditures. we are on the right path and we're going to get there. when we do, this economy will grow substantially in double digits for many, many years. >> in the meantime is it possible to attract investors who are not investors of the heart or diaspora investors -- >> we'll take those as well. >> fine.

that gets you a certain length, right? does it get you institutional investors? does it get you people who might not invest here otherwise? >> there is that sentimental dimension to investing. so be it. we should newer tour this. palestine can stand as a viable economy and one that is a competitive destination. turkey has been a champion of the palestinian cause and stepped up that effort after the boarding of the ship to deliver relief supplies. there was a higher profile on the north african trip last week. turkey's new found political mussel is based in part on its economic strength. turkey says it grew 11% in the first half of the year, growing do over $1 trillion in the last five years alone and brought in

$9 billion of foreign direct investment. turkey and its industrial groups are taking a bigger role in the region. i spoke to the chairman and asked her if turkey can serve as a bridge between east and west during the arab spring. >> it is going the take time. i think this is the time for friends to support the arab spring and the arab countries in their move towards the right direction. >> it's quite fascinating watching the prime minister go in to egypt and libya with at least a dozen turkish companies. is this that tilt to the east where turkey can take advantage of its strategic position but also for growth in the future? >> we sell $25 billion of exports to these countries. there is serious business relationships in these countries. for example, my group, we have two operations in egypt just to

mention one. so it is not something new or for tomorrow, but it is already there. we already have strong, as i said, economic and business relationships. >> how long is it going to take before this region stabilizes. are you putting fresh money into these countries, not past money, but fresh money into these countries? >> well, right now, of course, the situation is not clear in most of them. but our exports are continuing and in my operations in egypt, one of them -- they all stopped for some time. but now they're all in operation again. they are moving, so the economy have started rolling on. but it's for sure going to take time. but we have to be patient and we have to be determined because they are countries with great potential as you know. not only populationwise, they have natural resources.

>> if i ask you about turkey itself, growing at 10% prit now, blistering pace of growth. foreign direct investment of about $ 90 billion over the last five years, what is the achilles' heel? is it the current account deficit which will soon catch up with the country? >> first of all, turkey has been continuously growing in the last eight years. only one year out of the eight is -- in 2009 during the crisis when we didn't grow. other than that, there is a continuous and consistent growth in turkey. yes, what you said is true. we have, of course, for a growing country, current account deficit is an issue. we follow that it will never be zero for a growing country like turkey. but right now it is a bit on the high side. but turkey has the systems to protect that. we have flexible exchange rates

and the recent devaluation and also the efforts. there are serious efforts given by the central bank to reduce the credit, and it seems to be working. >> gula sabanci who was in new york to receive an award from the clinton global initiative for her leadership in the corporate sector. up next, we pay a visit to the libyan oil facility when "marketplace middle east" continues. treat you like a policy, not a person. instead of getting to know you they simply assign you a number. aviva is here to change all that. we're bringing humanity back to insurance and putting people before policies. aviva life insurance and annuities. we are building insurance around you.

libya is gearing up for something it hasn't done for a while, export oil and gas. the big question is whether it can achieve pre revolution production levels. we paid a visit to one oil facility to assess the progress. >> reporter: on libya's northwest coast, the molita oil and gas company processing plant stands and waits. this massive complex which exports crude oil, natural gas, condensed gas and other products survived intact. but the last export of crude oil was in march. this is the gas pipeline to europe. it starts right here, goes underground for a bit and under the mediterranean sea toward italy. right now nothing is flowing because shortly after the revolution began, they stopped all production, but they're hoping to start it up as soon as possible before winter hits

europe. add the headquarters of molita oil and gas, libya's largest oil company -- >> the office is in this build? >> yes, it will be moving shortly to the new office. >> reporter: -- we spoke with the new chairman appointed after the revolution he says the company's facilities in teeft and west of libya suffered little damage in the conflict. >> lost contact with this field because of the gadhafi militia. >> reporter: they haven't been able to contact their elfeel oil field in the south where there's still fighting. facilities of other libyan oil companies may have been damaged, especially ports and terminals. >> the biggest challenge will be for us to go back to bro ducks levels before the events. this is our target. >> reporter: for molita, getting workers back on the job is challenge number one. the libyan oil industry has long relied on foreign workers and most have left.

restarting equipment that's been sitting idle for more than six months is a concern and so is safety. >> this system we have here is good system and high technology system. >> reporter: 85% of libya's exports of its high-quality, low-sulfur, light sweet crude goes to western europe. right now oil exporerts say the country is producing 10% to 15% of its normal out put. >> to reach the maximum of 1.6 million barrels per day before the revolution started, that could happen any time between about a year or two years from now. >> reporter: molia's superintendent shows the pier where ships dock. >> these ships are coming from france, germany. >> many, many different nationality. >> reporter: he and other libyan oil workers are hoping those ships will be back soon.

jill dougherty, cnn, zuwarah, libya. for more about the program, visit our website, cnn.com/mme or send your comments via e-mail to mme@cnn.com. you can go to ahat's it for thi edition of market middle east. i'm john defterios. thanks for watching. we'll see you next week.