first movie role and i have a title for the movie, "true brit." >> let me be in it with you. >> ethan wayne, thank you much. >> thank you, piers. >> that is all for us tonight. i'm zain vergee at cnn in london. here are the headlines. greek prime minister george papandreou is preparing to resign. a new unity government agrees to an eu bailout, a power sharing deal was reached late on sunday night. greek's political leaders will meet again in the coming hours to decide who will replace the prime minister. the start of the holiday has been marred by bloodshed in holiday.

the arab league has released a statement criticizing syria's failure to end the violence against protesters. preliminary results show nicaraguan president is heading for certain re-election in sunday's presidential election. he enjoyed strong support thanks to anti-poverty. and a solid victory was won in guatemala. lady gaga stole the show at the mtv mewes acusic awards. justin bieber, eminem and katy perry were among the other top winners. those are the headlines from cnn, the world's news leader. i'm zain vergee and "world business today" starts now.

good morning from cnn london, i'm charles hodson, this is "world business today." here are our top stories on monday, november 7th. as the greek prime minister george papandreou prepares to bow out of politics, the focus shifts to italy, can silvio berlusconi's political career survive another parliamentary vote? tourism in thailand takes a knock as business travelers and holidaymakers cancel their trips. we look at the areas still safe to visit. and civil war in libya left the country's economy in tatters. could islamic banking be the solution to its financial problems? of course somebody said 50 odd years ago, a week was a long time in politics. he wasn't kidding. this time last week, europe looked if it had pulled back from ruin. then there was news on a greek referendum and that brought on a week of turmoil and that sink feeling was back as far as the

markets were concerned. this man, the greek prime minister george papandreou has agreed to step aside. now the spotlight is on italy where the political future of silvio berlusconi hangs in the balance. we'll be live in athens and rome in just a moment. first, let's see how investors are reacting. european stock markets have been open for over an hour now. we have red arrows across the board. this seems like the default position the markets will hang in, waiting to see what happens in greece. the eu stock markets off 1.5% for the london ftse, the euro zone, 1.66, 2% for the par rick cac and zurich off as well. the bond markets, those worries

are being reflected there. yields on italian debt have broke through the 6.5% mark. meanwhile, look at this, this is the yield on greek debt, 27%. would you want to be paying that on your mortgage? certainly not. let's go over to the greek capital and to jim bolden. so jim, we have the government is dead, long live the new government. the prime minister is bowing out but we don't know who the next one is. >> reporter: no, we don't know the next government, the next prime minister, though, local shares are higher and you know, bit end of the day today we should know who this caretaker will be, who will be the statesman who will run it through mid-february. it will be, more importantly, the make-up of this government when you have the lead party and the main opposition party agreeing yesterday to at least try to put together a government

and they would then be able to push the austerity package through. this morning, anyway, charles, it looks as if the two main parties have tried to agree to get that austerity package through. the markets are shifting their focus right to rome where it should. >> is anyone being mentioned as a caretaker prime minister, jim, and what will be the runners and riders? >> yep. even up to last thursday, the former vice chairman of the european central bank, mr mr. popademos was mentioned as a successor. he was at harvard and the ecb until last year. he was transcend politics, be seens aan elder statesman, a man who will be prime minister for a few months, willing to come in,

oversee this, push it through and move on. that's the government that it looks likely that greece will be getting. >> what about the mood on the street? greeks must be be-mused as everyone else at what's going on on their political stage. >> sure. there was derespondency here last week, people being humiliated. not understanding what their prime minister was doing. then we had the confidence vote late friday night, came through early saturday morning. we had the prime minister go into the president. it's been an unpress dentsed time here and people, i would have thought, would have a sigh of relief because they will see some sort of semblance of normality, at least for a few months. some of the local papers are talking about the first step towards salvation. also that a new government has been formed under the threat of

the dracen. a step towards national unity. this is not a government that's used to national unity government. it's an unprecedented time as well for greece, charles. >> jim boulden, joining us live from athens. many thanks to you. the spotlight now turns to italy where prime minister silvio berlusconi, as mentioned, will face the confidence vote in parliament tomorrow. it will be his 52nd such vote. investors are worrying about debt contagion spreading to italy. that's serious. italy has a lot more debt, about $2.6 trillion. nobody's going to pay that out in a hurry. the italian government will also vote on a number of key budget measures on tuesday which may be all but meaningless if mr mr. berlusconi fails to secure a majority in that confidence vote.

cnn's matthew chance has been monitoring all the latest developments in rome. matthew, what's going to happen? there berlusconi is nothing if not a political survivor. but can he survive this 52nd confidence vote? >> reporter: every day when you read the up ins here, there are more people from his coalition who say they've defected to the other side. nips in ita s newspapers in italy saying 20 to 40 could have defected to the opposition. that could be more than enough to bring down his government. as you mentioned, silvio berlusconi is a veteran horse trader. he said that he's confident he can bring many of them back on side. he will reward them with top jobs, if they come back on side. he's done this in the past. it's worked for him 51 times over the past several years. he believes it will work for him again. he's not bowing out at this stage. i just want to say a reflegs of

that with his confidence coming out in the interviews he's giving and the speeches he's giving on television, the bond markets as you mentioned, the yields increasing to 6.6%, that's the interest italy has to pay on its debts. that's a new euro era record on the back of this berlusconi confidence. >> what happens if berlusconi goes? it seems to be a working assumption that he will not be saved from bigger defection. is there anyone standing in the wings waiting to take over? could we get a greek style of national unity in order to vote through the budget measures, which are tough and necessary in the view of brussels? >> as part of the problem, the opposition doesn't really know what it wants. there are factions within the opposition that want a technical government to take over, technocrats to steer the country

through tough economic times. others want an election straightaway. although silvio berlusconi himself has resisted that option. it could be another formation of center right coalition partners without silvio berlusconi at the helm. there's all sorts of possibilities that could emerge if silvio berlusconi doesn't make it through his next confidence vote. but you know, i think what most people in italy are focused on, this is the sense i get from speaking to a lot of people over the course of the past week or so, is that they just want a change. they just want silvio berlusconi gone because first of all, they don't see him as a credible figure because of the personal scandals that have affected him so badly over the past several years, the sex scandals, corruption allegations. he's facing almost weekly court battles to defend himself legally in the courts. but also, the economists, many people here, don't see him as a credible figure to steer the country's economy through these

difficult times. what most people want is simply a change at this point from silvio berlusconi. >> matthew chance joining us live from rome, many thanks. fears of contagion in europe also dump on investor sentiment in asia. the indices finished lower, the nikkei off about 4%, exporters among the decliners. nissan off by 1.5%. as we'll see, perhaps the currency has been bided up as a result of being a safe haven amid all this continued uncertainty. the shanghai composite. weak performance in the banking sector led the axs 200 off to a lower close. and the stock market in hong kong was off the most by getting on for 1%. hong kong hit sell-off in property stocks after wen jiabao

said his government was committed to driving down property prices. shares in china resources land lost around 3% while china overseas land and have manies slumped by almost 5%. let's have a look at the united states where the stock markets, the major ones finished last week lower. investors rattled by the uncertainty surroundsing greece's confidence vote which was in the future, i think, when the closing bell sound. financial stocks were down, trading off europe's concerns. the labor don't released its monthly job state on friday and that showed the rate of hiring slowed in october, slight disappointment from the nonfarm payrolls. closing numbers for friday off about 0.5%. a street vendor says the tourists have vanished. fears of flooding are keeping thailand's hotels and shopping

areas empty. are those fears justified? we'll take a look at how the floods have impacted thailand's lucrative tourist industry. so now, i'm seeing more clearly. [ male announcer ] learn more at acuvue.com.

this is one of the most flood-ravaged parts of thailand, ayutthaya, thailand. the only way to get around is by boat. it houses the likes of sony, cannon, household name factories. their factories are still submerged but waters are finally receding. they are moving electronic components to higher ground when they can. the military is moving to cleanup mode as well, stacking sandbags as they prepare to dry out. pumping out all of that water could take weeks and weeks.

it's all over for bangkok as well. the city's governor says 14 floodgates are not working properly in the western neighborhoods. the central business district has largely been spared, remains dry for now. other parts of bangkok are under water. authorities say at least 506 people have died in three months of flooding across thailand. some of the country's most popular tourist destinations like bangkok's main shopping areas and the country's beach resorts have remained dry. tell that to the tourists staying away from thailand in drove, cancelling hotel bookings and airline flights. i'm joined by the chief executive officer of the hotel group ducet international. tell me, how has your business been affected, not in terms of numbers but whether your facilities are open?

>> well, they are all in operation and open. we have lost a lot of foreign tourist because of the news about the flood. actually, the hotel dusit is not too bad. we have hotel in bangkok doing quite well, mostly with thai guests and the hotel in the beach area of thailand are still doing very well with foreigners because they know they can go there without having to come to bangkok first. >> what's your assessment at the way all of this is being handled? terms of the authorities? are you happy with the way the authorities have reacted? or do you think this is a crisis which has perhaps been made worse by not terribly competent handling of it? >> i think the situation is that of a few months back. it is sad because we have a new government that came in two

months ago, it's a transition period for the thai government. we have a lot of new senior position in the government, so many of them still new to the jobs. i wish that the whole situation, and i think most of the people in thailand, wish that the whole situation would be handled differently. but right now we don't know how to solve the situation. we just have to make sure that we manage the next three weeks well, before the water all run out to the sea. a lot of people have suffered a lot of damage from this flood in the last few months. >>fy were to come and visit, let's say, one of your main hotels there in bangkok, would it be possible? what would i be able to do if i did come as a tourist now? >> right now, everything is still open. the main international airport is still open.

the road from the airport to the central district of bangkok and shopping area is still open. there's no flood for 50% of bangkok and mostly in the business and shopping district, everything is still normal. so there's no problem there. i still have a few that are visiting me tonight. there's no problem. for the people to know is that many beach destination in thailand have not been affected. it is still dry and the hotel is still doing well there. i hope after the next two weeks when the water issue dry out, that we have more people coming back to thailand. >> okay. i wish you the best of luck with that. the ceo of dusit international, joining me live from bangkok. let's take a closer look now at how much of thailand is looking now that the floods have

receded. ivan cabrera is at the cnn weather center. this is going to take a long time, as far as i can see, certainly from what mr mr. donavinik was saying. >> the beaches are open, the shopping district is open. the problem is the rest of the world has been seeing the pictures that we have been broadcasting and it certainly looks ominous. and it has been for a good chunk of thailand. now, as far as the central business district, he's absolutely right. we have been seeing this large area here spared of the floodwaters here but not too far away, are the floods and those gates that we're concerned about, the 14 that we'll be watching those closely. the international airport has been open for business since the beginning here. it has not closed. it is open. if you have business in bangkok you can certainly employ in, stay at a hotel and so far, so

good. it is dry. the floodwaters have stayed away. that is not the case for the rest of the country here that has been suffering for the last few months from torrential downpours. additional rainfall would be a disaster here. we are watching an area of low pressure that's moving in from the south china sea. this has been bringing in serious rainfall. mostly to vietnam and cambodia. some of the offshoot thunderstorms could get involved into bangkok. we certainly don't want that the to happen. in fact, our computer model forecast insisting that most of the moisture will stay to the east. most of it. not all of it. we'll get banding that will be moving through bangkok. a heavy downpour possible here. nothing significant in that it is not going to be a prolonged event here. there is still a lot of water, not up in the sky ready to come down. but on the ground and it has to flow down to the gulf of thailand. that is going to take some time as you mention, charles.

we are in here for weeks and until we get those floodwaters to recede enough, then we can see the danger is gone for bangkok. we'll be watching the flood gates rather closely. they've been reinforced. we are getting word that they are not functioning properly. the danger is still there. >> indeed. ivan cabrera keeping an eye on things for us from the international weather center, many thanks to you. coming up, royals hit the road, britain's prince william and katherine are moving house. we'll tell you where they'll be calling home. one thing is for sure, it will be a big change from their humble abode in wales. stay with cnn.

now here in the uk, the duke and duchess of cambridge are moving up the property ladder. prince william and katherine, kate as you might know them, will be moving into a home that was once belonged to margaret. max foster looks at who will be picking up the bill for the renovations. >> reporter: they already have an apartment at kensington palace but next year, the duke and duchess of cambridge are upgrading to a residence more fitting for a future king and

queen. apartment 1a was last used by the current queen's sister, princess margaret. according to the palace's website, apartment 1a is large enough to seat 40 people for lunch or 60 standing. it's described as a large suite of rooms but no official pictures are being released. the british newspapers have managed to dig out some images of the interior. the property is currently being used as an exhibition space, entertainment venue, offices and storage. but due to large amounts of asbestos and outdated plumbing and wiring, the space sun inhabitable. the residence was last renovated in the 1960s by princess margaret and lord snowden, shortly after their wedding. taxpayers will pay for the structural work of the updates, the royal family will cover decoration costs and finishings. katherine is a hands on creative so will no doubt be heavily

involved in design work. prince harry will be taking their current apartment on. all the staff that work for the young royals will be located here. kensington palace replaces st. james palace of as of official household. both princes have moved back into their childhood palace, the one they shared with their mother, diana. max foster, cnn, london. when we come back, we'll be live in berlin to see how greece's turmoil is going down in germany. a wa from the political arena, ordinary greeks brace themselves for more painful austerity measures. diana magnay takes a look at the opinion of the rich to the poor.

there cnn london, i'm charles hodson. welcome back to "world business today." let's take another look at the european stock markets now as tension turns to italy and we are still seeing losses, fairly heavy, more than 1%. slightly less than we were seeing perhaps half an hour ago. still off by 1.2% for the london ftse. the dax and paris cac off by 1.3 to 1.5%. and the zurich smi off by 0.7%. yields on italian debt, we mentioned this now, approaching 6.64%, the yields on the ten-year italian treasury bond. have a look at the yield now on

the greek ten-year bond. that is approaching 27%. throughout the debt crisis, germany has played a starring role, like it or not, i think suspected as far as the germans are concerned do not like it. anyway, chancellor angela merkel has been the leading lady in this greek tragedy but she's not having an easy time getting greece to accept the terms of its second bailout. so what's happening in germany is absolutely crucial always to this crisis. fred pleitgen is in berlin and joins us now. how is this political drama been playing over the past couple of days in germany? >> reporter: there certainly seems to be a large mood swing in berlin among politicians but also among a large part of the population as well. there seems to be disappointment here in germany as what is obviously perceived to be political wrangling on the part of the greek government and politicians in the face of this crisis. now, there haven't been any

official statements, however, in a newspaper interview earlier today, the economics minister who admittedly is a euro skeptic and a skeptic of whether or not the greeks could pull all of this off, he said at this point in time he's giving a stern warn together greeks. he said they can either reform inside the euro zone or leave the euro zone but there's, quote, no middle ground on that matter. of course, the business side of it and the financial community here in germany has somewhat of a different take on all of this. the head of deutsche bank came out, also this an interview last night, in a television interview, he said that greece must remain inside the euro zone. and his big fear, of course, is contagion. of course, deutsche bank also is quite involved in greek debt bonds. therefore, he will have interest as well. he said it would be catastrophic if in fact greece left the euro zone. certainly the mood here in germany seems to be changing somewhat, not to one of

indifference but a take it or leave it attitude at this point in time, charles. >> clearly greece has been dominating the discourse. the tension more broadly is swinging now to italy. is there a sense, again, in germany that this is something that people are talking about or is it something that people, if you like, at the popular level, are not aware of just yet? >> reporter: they're certainly talking about it. it's interesting you ask that question. it is being talked about on a far broader scale. it seems as though it is hitting closer to home for a lot of people. if you would have asked folks in germany maybe two, three months ago, they said this wasn't high on my agenda. talking to people now, they do see there's a very real fear of what could happen if in fact there is contagion. germans are very much aware of the fact that they are an exporting nation that a large chunk of their exports go to other european countries and that in fact they have benefitted from all of this. at the same time, of course, the longer all of this drags on, the more the euro skeptics raise

their voices. that is something that angela merkel has tried to quiet in the past. as we know, most of the euro skeptics inside german politics, inside the government, come from angela merkel's governing coalition. one of the things happening today, beginning today, is a referendum, being held inside the liberal party where euro skeptics are trying to start a referendum to prevent their party from accepting the european stability mechanism, the esm, which is the successor of the esfs. that is say big step and could hamper angela merkel's efforts to see all of this through. certainly there appears to be a change in attitude and also the germans do seem to see this as more of a problem than they would have several weeks ago, charles. >> i want to come back to something you said earlier on which seems to be very significant indeed. there is a split between what german politicians, even on the right are saying, and what, if you like, business lobbies and

those who think hard about the real economy are saying. is this split something which is going to have political consequences? you know, major industries have an important part, usually in most democracies in financing right wing parties. is there a danger? how is that particular dialogue playing out now? is that going to become a wider split? >> well, it could become a wider split if in fact all of the uncertainties drag on. one of the things a lot of things hinge on is whether or not the greeks accept that october 26th deal. certainly you are hearing more criticism of angela merkel's way of handling this crisis from the business community. you're hearing it not just from banks and yosef ackerman. they are saying we need to get the euro zone up and running, we do need this to be a stable area. there certainly seems to be a divide there. you're right, forever, the christian democratic union has

been backed by the industrial sector. you had a very important lobby group for them. it's also very important in mobilizing her constituencies. certainly this is something angela americale is worried about and is something she needs to take into account as she running this country and managing this crisis where of course she is very much perceived not just on a level here in germany but on a european level to be one of the most important actors in all of that, charles. >> okay. fred, joining us there live from berlin. many thanks to you, fred pleitgen there. no matter what the political landscape in greece, the future government is likely to implement several more rounds of austerity measures before there is an improvement in the situation. >> reporter: when the streets are clear of protesters, it's hard to get a sense of how much the greeks are hurting. even after the drama of the week inside parliament, come the

weekend, athenians still fill the main shopping boulevards. cafes pulsing with life, as the well to do sip lattes. a father and son fish beside their yacht, a chance to get away from the endless talk of crisis. "we need agreement between the politicians" this man tells me "we need to convince europeans we want to stay in the euro, because if we go to the drakma, it will be very difficult." life has been more difficult for the have notes. every sunday there's a flea market. scavengers go to sell their wares. mostly immigrants or gypsy families do the selling. union president says even here, you don't see much money changing hands. "we all share our poverty now,"

he tells me. this man comes down here each sunday. "here you see the whole life of greek society" he says "people from different races and classes. what you find here is what the rich don't need." he's a retired teacher who's living on 30% less this year after a series of savage pension cuts. he says he sees more and more people on the brink of poverty. "there is so many people committing suicide from the debts they have" he says, this time every greek person needs psychological way, because they planned their future a certain way and now everything changes. the real greek tragedy place out behind shattered windows, the pensioners who can no longer fill their fridge, the newly unemployed scouring the

internet, too proud to show their pain and those who think it will only get worse. diana magnay, cnn, athens. we head to the united states where the earnings season has begun. we'll have a look at the asian stock markets. the nikkei lost 0.4%, dragged down by exporters and auto stocks. the shanghai composite finished 0.75% lower. and weak performance in the banking sector also led sydney's asx 200 to a lower close. the stock market in hong kong was hit by sell-off and property stocks. wen jiabao said his government is committed to reigning in real estate prices. let's now go to the united states where the earnings season is winding down this week from cars to cartoons, the number of big companies still have to release their results. alison kosik has a look at what we can expect on wall street. most big u.s. companies have already released their quarterly results but a few heavyweights have yet to report.

i'm alison kosik at the new york stock exchange. more than 80% of the s&p 500 has posted results, now we're about to hear from dell components walt disney and cisco systems. analysts expect solid profits from disney but the outlook for cisco isn't so upbeat. general motors also posts its earnings this week, better than expected auto sales numbers came out last week. we'll hear from macy's, nordstrom, liz claiborne as well as polo, ralph lauren and kohl's. the university of michigan will also release its consumer sentiment index. we'll also get government reports on u.s. import and export prices swell the in addition's trade balance and finally, the national association of home builders comes out with improving housing markets index, a new report that looks at the health of the regional markets across the u.s. that's a look ahead at the week on wall street. i'm allison koss nick new york.

we'll take a break there. join us after this for more from "world business today." who need

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you're looking at the current price of shares of bp over the weekend, a planned sale of a $7 billion stake in an argentinean company collapsed. bp's decision to sell its stake in pan american injury came after it was hit by a bill for last year's oil spill in the gulf of mexico. welcome back to "world business today." the price of oil has been on the rise in recent days amid expectations that greece would accept the terms of its bailout. that optimism is fading. as you can see, the price of nymex crude oil is down 0.3% in new york to just below $94 a barrel.

similar picture for brent crude as well, down a tad to $112.10 a barrel. oil-rich libya is emerging from months of civil war and the north african nation is set to face not just political change but also some changes in how it does business. as we report, the arab spring may have opened libya's doors to islamic finance. ♪ >> reporter: the sweeping political change across the arab world may also bring sweeping change to how business is done here. as some countries consider extending islamic law to business and finance. the change would be significant. under sharia law, interest is not allowed. >> islam -- this has existed before the arab spring, whether you take egypt, tunisia, they have been doing islamic finance for some time.

>> reporter: until now there's been no islamic finance in libya where the interim government has announced intentions to implement islamic banking. this man is global ceo for islamic banking with standard chartered. he says there are many misconceptions and this is one of the issues people don't fully understand. >> hedging is allowed for management of risk. hedging is not allowed for speculation. so to the extent hedging is taking place to fix the cost of production, sh production, sharia will consider that. >> reporter: religious views in the country are moderate and won't impact business. this man heads up the legal department at abu dhabi islamic bank and sits on the board of libya's central bank. he says islamic law in libya will not deter potential investors.

>> lib ya will not be the only oil-producing country in the region that will have islamic banking. the united arab emirates is a country where the islamic banking is very successful. and this is an oil-producing country. >> reporter: habil also says even if libya implements islamic law, he believes conventional banks will be able to co-exist alongside islamic ones as they do in other countries in the region. international companies, he says, need not worry. >> libya will not be imposing restrictions on foreign companies to be sharia client as such. show -- it comes when they enter into the islamic business. if the company is willing to do islamic financing. >> reporter: still, in libya right now there are far more business related questions than

answers. uncertainty that worries already have shaken potential investors. cnn, abu dhabi. just ahead, lady gaga cleans up at the mtv music awards, scooping four prizes. we'll be looking at why the biggest winner of the night.

the price of gold is on the rise again, fresh concerns over greece and, of course, now italy as well, sending investors back

to the so-called safe haven after a recent decline in its price. gold still down from the high of $1909 that hit earlier this year. there we are, 1,765, up more than $10.50. welcome back to "world business today." we're talking about the financial markets, stock markets here in europe. and this is the picture that we're looking at at the moment with losses about 1.3% for the london ftse, about 1.66% for the paris cac and the xetra dax, loss is narrowing a little bit there but still off by a significant 1.4%. i'm not sure about the zurich numbers because they don't seem to be updating. if that's true, we're up by -- off by only by about 0.7%. there you are. losses varying really about

0.1%. shanghai not very far behind and nikkei, yen strength creeping back in, hitting the exporters off by 0.4%. if you want to comment on any of the stories we cover in this show, do get in touch with our whole team on facebook. facebook.com/cnnwbt. let us know your thoughts. now, in belfast on sunday it was a night to celebrate at the most impressive music videos. at the mtv europe awards lady gaga reigned supreme. the biggest winner of the night might just have been fell -- belfast itself. >> reporter: it was a night filled with the biggest names in music taking the stage. lady gaga did not disappoint with her flamboyant outfits. as she approached the stage to receive the award for the best

female artist. the real winner was the city of belfast. >> welcome to the mtv 2011 ema. we are very excited to be broadcasting to you live from the odyssey arena here in belfast, northern ireland. >> reporter: it was hard to miss the fact that the city was playing host to the event with billboards at the airport in just about everywhere in belfast. 170 other musical events were held in the week leading to the awards show. the city expects to make $16 million in tourist revenue. just a few years ago it would have been unthinkable for belfast to host the world's biggest music stars. the city had long been a sectarian battlefield. >> we made the news for all the wrong reasons in the past. i think everybody is enjoying this, everybody wants to be part of it. we're scrambling for tickets. it's so popular. people like a good story and people are enjoying themselves. >> reporter: to get in the awards ceremony auditions for

audience members >> reporter: justin bieber whose girlfriend selena gomez hosted at wards was a big winner. he won for best pop artist and best male artist. ralitsa vassileva, cnn. that's it for this edition of "world business today." i'm charles hodson in london. you're watching cnn, the world news leader. good fo-bye for now.