hello. here are the had the lines at this hour. syrian activists said the city continued to come under heavy bombardment and at least 12 people have been killed and more than 93 were killed there on wednesday. un secretary general said the arab league is looking to return their monitors to syria in a joint operation with the un. the wives of mall dives had the

said they gave assurances that his predecessor would remain safe. they called on the president to leave office, saying he was forced to resign. they are in a state of calm this thursday, one day after members of the former president party clashed with police. england's football association begins the search for a new manager today after fabio resigned on wednesday. they are scheduled to meet in three hours's time. english officials took the national captainsy away. world business today starts right now. . >> good morning from cnn london. par. >> a good afternoon from cnn

hong kong. you are watching world business today. the top stories this thursday, the 9th of february. >> as investors wait for an agreement on greek debt, germany said they must deliver on cuts now. >> celebrations are over, but now the second biggest economy is feeling the economic hangover. >> and they are probably the most coveted consumers in the world. we will look at the new middle class and how they are propping up the british market. >> there has been a whole lot of talking in athens this week, but for the talk there is precious little action. this thursday could be the day when that changes. the prime minister said just one sticking point stands between greece and a new international bailout. they can't yet agree on pension cuts. if they do, the deal is done and

if they don't, that sticking point could prove to be the breaking point for greece's euro zone future. >> for could and this is how the investors are reacting to the news. we had all sorts of reports over the last few days about where the ax could fall. we are talking about a 20% cut in the minimum wage. cuts in pensions and also still key to the discussions is right down to the investors. they are going to have to take and everybody knows that greece won't be able to pay back the debts going forward. if you look at the markets, they are positive after a mixed session yesterday. they are getting off to a better start. they are up to the tune of 2/3 of 1%. yet again, the strongest gains are becoming from the debts. we should point out at least two markets are the french and german banks that have the most to lose in the greek situation.

>> if you look at the numbers in the asian market, you will take away the fact that it was a very, very quiet day. all the markets are about the break even level. australia is the biggest mover on the day. 1/5 of 1%. this is an economic indicator with what business feels about the future. it was down 7.1% from the previous month. by the strong yen, the forecast was for a 5% decline. that was quite a bit bigger than expected, but i should add these are volatile numbers, the machinery numbers. the previous month they were up by 50%. investors considering big numbers out of china. this is the biggest numbers and the number of the global investment community is the

inflation number. i will have that in a moment. to finish off with the look at the markets, hong kong on the move today. the ali ba ba stocks in early straight, the chinese e commerce giant was trying to raise $3 billion in loans to buy back yahoo's 40% stake in the company. >> that is an interesting story that rumbled on for months. the main bump in the chinese government, inflation, more evidence that it is struggling to control the persistent problem. >> a very surprised number. when we thought china had reigned in the inflation, the data for january shows it speeding up. 4.5%, but the receipt downward trend. it exceeded expectations and perhaps we shouldn't be too

surprised by this. prices generally rise around the lunar new year that came in the end of january. very early in the year. last february it fell in what was expected substantially at year on year. it is understandable. analysts expect for this february to soften again, looking for that to come through. the food prices are rising and rising fast. up 10 1/2% from 9.1%. to give you an idea with the price of pork that is a statement up by 25%. it's not all about the banquets either. fast food outlets like mcdonald's and starbucks are announcing price hikes of lady and of course rising commodity prices. >> the price of food in many countries also has significant political ramifications. let's talk about another place

where you are seeing all sorts of things going on in the economic front. we started by telling you how this country could be willing to sign a debt deal. you will be forgiven and think you heard that one before. the president doesn't want to do it again without action. the protesters may want berlin to butt out, but athens is drinking in the last chance saloon. >> the point is that greece has to adopt those agreed on to strengthen competitors. the point is not really austerity, but they need reforms to get it back because saving without growth doesn't help anyone. greece hasn't done up until now what the imf asked him to do. >> aren't we always saying that

greece has to do this or that? for two years it hasn't managed to get it all together. >> yes, that's the problem greece is facing. that's why the greek president said the biggest short coming is a lack of credit. without trust there can be no investors or investments or growth. that's why we are saying because we decided together with the agreement of the greek colleague that now is the time for no more promises. they have to deliver. >> he is speaking to the german finance minster. later on we will hear what they make seem like this on the street of athens. he told us if greece doesn't take an ax to their spending, they will fall into a bottomless pit. >> sunny feelings against germany are running high.

let's go and see what wall street was doing this wednesday. look at this. that's the closing bell at the nyse. stocks finishing in the black on wednesday, but greece's ability to secure the next bailout tempering up the gains. that's what it was like at the close. a pretty quiet day all-around. >> yeah, a bit of a quiet day on the markets where i am as well. that's focusing on one stock that trades in the united states. particularly groupon. this shares more than 50% in after hours trading on wednesday after this firm recorded earnings that missed on estimates. the daily deal site has a loss coming in and $43 million cited expansion plans and nearly $35

million in tax expenses for that. if you thought that was bad, groupon lost for the same period the previous year. nine times in the fourth quarter loss. these results are the company's first and since it went public in november, as such they will be getting many analysts's attention. >> okay. let's take a look at what to expect in the market today on wall street. as you can see, appearing virtually flat with a few hours to go before they come here with interest. one way or the other in the u.s. markets. >> a bit like the picture we saw here. two up, two down. andrew was talking about the united states. here in world business, england's national football team is looking for a new manager. why ka pello quit and why he may

be lining up to a place. we'll be right back after this. . [ female announcer ] don't just moisturize. improve the health of your skin with aveeno daily moisturizing lotion. the natural oatmeal formula goes beyond 24-hour moisture. it's clinically proven to improve your skin's health in one day, with significant improvement in 2 weeks. for healthy, beautiful skin that lasts. i found a moisturizer for life. [ female announcer ] daily moisturizing lotion. and for healthy hair every day, try new pure renewal hair care, with balancing seaweed extract. only from aveeno.

here in hong kong, welcome back. you are watching world business today live from hong kong and london. overcast and gathering over england's football at the moment. >> yeah and here in london where i am at the moment, england's national football team as you were hinting at is looking for a new manager these days. here after england officials took the national captaincy away from john terry. football officials from england's football association will be holding a news conference. here's alex thomas. >> the bitterly cold day here in

london and sure to begin with an icy atmosphere here at wembley stadium when the hierarchy of the football association, the governing body has to explain to the media why the national team is without a manager just four months before the championships. a major football tournament that england is hoping to do well in. it comes after extraordinary days of mixed fortunes to football coaches and best explained by both the front and the back pages of the newspapers here in this country. this is the most popular paper here in the uk with a slightly peppy and airy play on the words calling the italian's resignation from the england manager's job. the front of the times has pictures of the two with england expects. he is expected to take over

having been cleared of two counts of tax evasion after his court case. the independent playing on the cliche, a game of a day of two halves. capello came here to pin with his fa bosses and after the discussions, capello has staged the meeting and offered a resignation and the full out over the issue of the english captaincy. the fa hierarchy had removed him from the role because was sensitivities. there was a court case faced in july after the european championships. capello on italian television, how can he criticize that decision and the differences between the two bodies couldn't be resolved. plenty of questions to answer. i will be one asking them later on today. for now, back to you. >> it's only going to be a closely watched news conference. still here on world business

today, they said man's crash is another man's treasure. that seems to be the case. in britain, what is fueling the uk market. stay with us.

>>. >> with the recession and sentiment remains fraj i'll in the united states. one place that seems to be

bullish is china. that is manifested as wealthy chinese lash out. the chinese antiques market in 2010 it sold for this staggering price tag. around $84 million u.s. it still remains the most expensive art sold at auction. it's not just chinese antiques that are booming as well. it had fallen out of fashion at auction. it was an emerging past for local markets with a little bit of history. what i discovered is in business these days. >> this adorned homes across england for centuries. these cabinets are on the walls

and are in the british climate. they are found in new homes thousands of miles from here. why? a middle class in china came to buy into a slice of the heritage. this auction house has seen an influx of chinese buyers over the past year. to grab a bargain here will save big bucks over there. hello. this must be an interesting phenomenon. >> very unexpected over the last 12 months. we have seen the increased invasion from shanghai for the antiques. it is astounding with the prices from england to beijing. they can make more on the price there. >> what things do they want? >> this french name fits the bill. it's made with grass all day

long and typical of the design and they haven't seen this before. >> how does it compare to british attitudes? >> we find it frustrating. they undervau our antiques. we don't appreciate it. they love the art and the history and we take it for granted and we miss the trip really. >> show me some more. >> this is in demand for chester drawers. 18 months ago it would have been 150 or 250 pounds. >> we are talking about 250 or $300. that's a moderate price. >> for the bank, this one may make pounds comfortably. >> i better get my spanx on. >> he went here with me today and one of the those collectors. you have a 5,000 square foot

apartment in beijing and a budget of $95,000 to buy antiques here to furnish that. >> there is a lot of money in beijing. you cannot buy this stuff in china. >> you have a 40-foot container half full. what is your favorite purchase? >> i like the cabinets. the two on the corner. victorian. >> we had a look at that initially. >> we like the book case. wine cabinets. >> i spoke to a collector, but we are here with a dealer. you have many clients in china who want british antiques. do you find something? do you always buy? >> i always buy. >> how many things? >> 20. >> 20 pieces? >> yes. you can see the room has filled

up fast. it's what we heard today. the new chinese buyers and the london antique scene means serious business. >> an unexpected phenomenon is lucrative for a number of dealers here in london and i can tell you when i went to the auction, i was surprised about 10% of the room was chinese and this was a small auction house in the middle of nowhere. >> it's a sad story. buying a bit of heritage, it's someone else's at that. that's certainly a windfall for the sellers. it's sort of the other side of this story. if he is thinking of going out and setting up shop and having a shop front and selling british and english antiques, he will need plenty of cash to rent retail space. for a look now at why commercial

space is so expensive -- >> companies from all over world want to tap into the chinese market. several want to have a chance here in the capital of beijing. rent for premium office space is soaring. according to a recent survey, the rent here in the business district is more expensive than mid-town manhattan. one square foot costs about $130 a year compared to $120 in manhattan. rents for this coveted space have jumped 75% from last year and buildings that would have taken up to 18 months to occupy five years ago are booked with tenants in six months today. there is a lot of construction going on in the city. some would say there is too much construction. they say the property market is a bubble that could come crashing down. they take measures to cool off

the market. some say that business measures are aimed at the residential housing and demand for office space will stay hot. >> it will stay high while everyone is flocking to beijing to do business. >> coming up next, the ukrainian government seems to think it is. plenty more to come here on cnn.

from cnn london.

>> this is cnn hong kong and welcome back to world business today. >> here at world business today, we continue to watch the latest developments coming out of greece. this is the move on what seems to be the pace to sort out the final details to secure the next round of bailout money for the country. he said that just one sticking point stands between greece and the funds. as you and i well know, many are saying they will believe it when they see the deal signed. >> this is the most rubbery dead line in negotiating issues. the sticking point here is all about pensions. greeks are understandably worried about the measures that will come as a result of the talks. earlier this week, they have yet another 24-hour strike. prot test against the proposed

tightening measures. they asked that german finance minsters, if he worried that he sees this anger on the strees of brits. >> because germany is the strongest economy in the euro zone, we get all the business. that's not fair. there is a clear majority within a euro zone that think like germany. i would like to ask the greek people who they trust more. their own party or european institutions. >> you europe's banks enough to with stand a greek default? >> we are conducting a stress test and making requirements that exceed for all systems and facts in europe. we got this system on the way last year. everyone demanded it. the americans and british and imf. we are doing this and making

progress. the relevant banks are supplied with the necessary capital and where there problems, we are prepared to help. >> now here two weeks ago they said the problem about 2011 had been just sort of an endless stream of five. 2012, we had to find a proper solution. the fiscal pact is not that. >>

at the close, the dow added five points, ending at 12,883. the nasdaq picked up 11 and the s&p gained two points. disney shares gained 2/3 of a

percent and they reported a rise in the theme park attendance in the latest quarter. mcdonald's shares ended lower despite an upbeat sales report. the popularity of the breakfast menu pushed revenues up more than expected. the entertainment shares spiked 71% to close and you can see no operators and public debut after opening the day at just $9 apiece. impressive, but traders said the profit is likely due to the small size of the offering and shouldn't be seen as an inicator and how the broader market is doing. a fresh look at weekly claims which are expected to have edged up last week, earnings from pepsi co, dunkin brand and linked in are also due. that's a wrap of the day on wall street. >> still ahead here on world business today, cold weather is up across europe.

we will take a look at what effect it is having on business. stay with us. me out of it? of course. travelocity? that's amazing! but i'm still stuck. come on man, dig it! [ female announcer ] travelocity. get great deals on all kinds of beach vacations.

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adding $6 since the end of january. the price of crude is nearly a lot. the price of a barrel carries over $117. that is a rise of 1 cent. welcome back to world business today. >> europe's discontent is not restricted to economic woes. much of the continent has been grinding to a halt of snow, ice, and flooding that makes people's lives miserable. some who kept on moving didn't get very far. icy roads led to excellent in delays there. on the streets, they were all but empty as feet of snow built up. the average temperature is about 5 degrees at this time of year and now this this city spent 14

days below freezing. the cold snap goes from the baltic to the balkans. 50 are reported to have tied as the subzero conditions persist and the snow has soared in bulgaria. they are leaving a legacy of its own. >> certainly it's the u that has been hit hard with a brutal blanket in europe. 135 people perished as the temperature plummeted. the emergency minster said alcohol has been a factor in 90% of the reported deaths. cnn's matthew chan investigates. >> every night this winter, ukraine's ambulance service is inunidated with calls from the cold. we gained exclusive access to this freezing temperatures outside as it claimed more

victims. it wasn't long before the paramedics were in action, taking us along. we are in the back of this ambulance going through the streets of the ukrainian capital on the way to an apartment of a man who just had a call at the emergency center. he got drunk and basically had fallen asleep or dropped unconscious outside in the freezing weather. he could have frostbite. we are going there now to check out his condition and possibly take him to the hospital. inside the apartment, it's a grim scene. paramedics find a man drunk on the floor. his swollen hands barely gripping his cigarette. the man is injured. the homeless man was frozen. he doesn't want us to film him at the moment and we won't do

that. this is the guy who found him outside the apartment building and called the ambulance. he said he came back to this apartment block and saw him shivering outside, very frozen. he brought him up staired and warmed him up and called the ambulance. the paramedics are trying to see what they can do. me what happened. >> translator: he was shaking, freezing to death so i took him inside. i felt sore for him. i didn't want to find a in the morning. after a few minutes, the man calms down and we are allowed in. the paramedics are assessing the injuries and decides he needs emergency hospital care. they help him to his feet, but he is so drunk, he can barely walk downstairs. it's people in this state,

ukrainian officials say it accounts for 90% of the casualties in this bitter cold. >> what's the problem with him? what judge injuries does he have? >> he's drunk. >> yes, drunk. very drunk. >> frostbite? >> yes. >> frostbitten and drunk, but in this freezing ukrainian winter, lucky to be alive. cnn e kiev. >> highways and rivers are making transport difficult in parts of europe and matthew was saying terrible for homeless people outside. standing by at the cnn's national weather center. good morning. this has gone from bad to worse. >> it is. dismal conditions and that was a human factor. we will focus on the business

aspect of this and how it is just completely paralyzing and disrupting it here. we will talk about the second longest river that flows through europe. this is the danube river. the temperatures have frozen the tributaries and we had blocks of ice that are flowing through the river, disrupting travel. let me show you and explain what's been happening. i will try to get a better forecast. as we check in, this is a 2800 kilometer river that flows through many, many countries. we are talking bulgaria, croatia and serbia. they are all impacted. you can see as a result of the river that has frozen over in some parts. we have essentially grounded the barges, the large barges that transport commerce and goods throughout the countries. we talked about the pipelines and the gas situation and the disruption. this is a physical disruption as

a result of the ice that has stranded these barges here. we need the temperatures to warm up a little bit. we can't do that too quickly because of the snow that has fallen and a flooding situation here. here's the shipping on the lower channels that have been suspended. the river flows down to the back fleet. we will continue to see this. over 90% of the river at this point has been impacted with the barges and ships. transport the goods. they are not doing that right now. navigation and tourism, that has been ongoing over the last several days. 2800 kilometers have been impacted here. this is the reason why. look at the temperatures. 24 days in kiev and ukraine we have not reached the freezing mark. that happened 15 days ago in poland and bucharest. do we have warmer temperatures? we moderated and now we are going the other way. look at this surge.

the secondary surge of cold air and the temperatures are going to be colder than what we have seen over the last few days. that's not the end of it. we will add moisture. an area of low pressure and developing to produce the very heavy amounts of snow we had been seeing and these same states and the countries in the balkans. you see purples and that is a significant snow event once again. we are adding to the meters of snow. i wish i had better news and i would moderate for a couple of days. we will get colder here and get snowier. we will stay on top of it throughout the next several days. keep you posted. >> we certainly will. thanks very much for that. >> still to come here on world business today on a slightly lighter note, the case of

medical marijuana in the senior community and a man who suggests it's much more than high time for old timers. so what do you think? basic.

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gold is on the rise again after a small dip at the start of the week. it is currently almost $1730 an ounce. that is up $5.

welcome back. you are watching world business today. >> as gold may be on the ups, so are the european markets. about 90 minutes into the trading session, we had the two-hour mark when it comes to the markets trading. they are closer than today's highs. they are from frankfurt and paris at nearly 1%. everything hirchls on greece, but at the moment, they are optimistic, andrew. >> they do. much more than they were on this side of the world. at the end of the trading day in asia. it was a pretty flat result. pretty much across the board. the nikkei is down by about 1/10 of 1%. it's moving, down by 1/5 of 1%. not much going on. that came despite the inflation numbers coming out of china that were worse than expected. 4.5% versus expectations around

4%. there does seem to be one or more factors contributing to the hike in the numbers. the question now is whether it's the start of a trend or whether it is just a blip. in japan, we had ordinary-looking machinery that suggests a big business is getting more and more concerned about their immediate prospects. the order is down by 7%. >> let's change a little bit here and pension is on top. it may sound like the name of the low concept comedy film. it's no laughing matter for those who think medical marijuana for seniors should save billions in insurance claims. cnn meets the campaigning ex-con at the half of america's debate. >> superficially aware of it. i had no engine all of it. >> uninterested in medical marijuana.

>> i tell you what i'm going to do. how about we pass a resolution. >> i'm robert and i'm the founder of the silver tour and the man who spent more time in prison for marijuana and nonviolent offense in the history of america. i was in prison for 30 years for smuggling marijuana. when i got out of prison, the last thing i expected to do was become an activist. >> tax medical marijuana. nobody speaks to seniors. when prop 19 was defeated in california, i looked at the exit polls and i saw that seniors voted 65% against. that's my generation. we invented marijuana as it's known today. we were woodstock. the list is so long of things that can be treated with cannibis. people with arthritis. people who have trouble sleeping

who would like to be able to smoke a joint and go to sleep instead of taking that stuff with the butterfly commercial where they spent half the commercial telling you it leads to depression and walking and talking in your sleep and your tongue may swell and you may die. there is a medicine that can't do you any harm. no one has ever died from marijuana. the savings to the taxpayer for the drug user and the insurance company is billions upon billions upon trillions of dollars. >> i learned today that many of my friends who have disabilities and are incapacitated can benefit from medical marijuana. >> please let me sign a letter to my congressman. i'm old. i can't wait. we need this stuff now. how come you didn't bring samples? >> i would like to try it.

i would like to. i have many medical problems. i don't like the fact that you have to smoke it. if i can take it in a pill or another way, chocolate candy. >> i have a request from every state in the union to bring the silver tour. while woe can find enough sponsors, that's what we will be doing. all we have to do is allay their fears. we don't have to smoke the medical marijuana. they know. it's pretty good. if you can go to bet with a s , smile, you are better off. >> they may seem hippyish, this bunch of seniors, this is more than talking about the woodstock generation. they are advocating medical use and saying it could cut the health care bill in the united states by millions. >> absolutely. one way to kick it is to take

the silver tour up to amsterdam for a weekend and they will have no drama and start doing serious work. if you have comments on the story, get in touch with the facebook page. what do you think about medical marijuana? if it's good, does it make sense? maybe. go to our facebook.com/cnn. let us know what you think. that's it for this edition. we like to leave the viewers on a high note. >> you are watching cnn, the world's news leader. goodbye for now.

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