look at this being this struck by a meteor a tsunami following a huge earthquake thousands are fleeing to higher ground as aftershocks continue to shake the country there's the civil damages and the entire pacific region is on the tsunami alert. and global markets react to the earthquake in japan asian stocks fall dragging the region's match mark to its biggest weekly loss since august we'll have more on that and other stories in our business bulletin. duffy's forces retake key areas from rebel groups the locals warn that media exaggeration is stoking foreign intervention nato feet so moving closer to libya is doing the

full syrian a few moments before more. coming to you live from our studios in moscow you're watching our teeth thanks for joining us let's go straight to a developing story north and japan has been swamped by a major tsunami and the entire pacific region is now on alert it was caused by an eight point nine magnitude earthquake that struck about one hundred thirty kilometers off the eastern coast and it sets in use for a meter wall of water inlet a cost of more widespread devastation all so far twenty three people are confirmed dead but that number is expected to rise as it has been rising in the past few hours now the first wave has also reached a russian school real islands to the north reportedly waves are around a meter high in japan two hundred people have reportedly been washed away with.

several others missing on japan's sendai island that is the region closest coastal area closest to the epicenter of the quake. the quake has also been a felt in the capital tokyo all has been. all but shutdown with cars and injuries widely reported there the international airport has also been shut down millions are without electricity well the why is now bracing for a destructive wave to reach its shores within the next few hours and in a bulletin issued by the pacific tsunami warning center the tsunami could cause damage along close lines of all islands in hawaii so again a tsunami warning across all the countries in the pacific region including the western coast of the u.s. new zealand and mexico central and south america well let's have more on the effects it's having of the pacific region including russia's far east let's talk to

our correspondent lisa no way i mean what is the latest that you're getting of from russia a solid invasion well unfortunately we have a loss and he said we'll try to bring her back later but. ok well let's just come back to that they had her again let me reiterate that the whole pacific region is on a tsunami watch including of the western coast of the u.s. how why is bracing for a strong quake to happen they're expecting in the next few hours. also as far away as central and south america they're all on a tsunami watch just to remind you are the pictures you're looking at the devastation caused by an eight point nine magnitude earthquake that had hit the northeastern up parts of japan of the epicenter around one hundred thirty kilometers off the coast sendai city that's

a coastal region devastated by the tsunami that followed the quake ok now we've managed to get our correspondent back on this plane you tell us though there's a warning of the put the whole of the pacific is on a tsunami watch what is the information we're getting from russia in the region. one hundred to tsunami alarm system was activated in the stock of the region that includes the greil islands were waves of up to three meters have already been registered at least visually and all those specialists are saying no damage has been done to any facilities or buildings and no victims reported there is a chance that bigger waves could hit the real islands throughout the day so very much a tsunami alert in effect there and like you said in the higher pacific region but so far russian president dmitri reiterated has said that russia is ready to do whatever it can to help to plan to get through this massive earthquake of course the biggest ever in their history. the commission of.

it would of course were really just help our neighbors in overcoming these pictures of the severe earthquake i state of emergency has also been declared on our soil on the coral islands in the satellite region were all necessary measures must also be taken to prevent damage and loss of life but you know he has already reached our shores and we must all be consolidated each time i'm now ordering the emergencies minister to present a plan of assistance to japan. now also as a proportion of our maritime vessels which were docked in course are making their way out to open sea. these are and also the tsunami cleanup forces are on standby in the russian federation as special with do you expect that bigger tsunami waves could make their way to russian tourists throughout the day. thank you very much for that update and you so we will keep on top of developments there thank you ok back to now let us turn to developments in libya where colonel gadhafi forces are

pushing rebels out of more cities all because of opposition fighters are moving back after a reported attacks with rockets and tank shells well that paul leslie your is in at the capitol for us with all the latest. after a week of heavy fighting in the strategically oil important town of as it is there we are rebels there have finally been overthrown by gadhafi forces the latest reports we have from the town is that the city center is quiet that most people have deserted their hoods and that gadhafi streets are now moving from house to house carrying out a raise at the same time the other focal point of the tool to city of ras lanuf according to e.s.p.n. state television to quote him this city has been cleansed of al qaida supporters for several days now gadhafi is well flames have been pounding in particular residential areas in the east of the latest reports coming out from there to get his forces all in control there to now here on the ground while it certainly does

seem as if gadhafi is men are pushing back and winning the battle here on the international stage it's the rebels who are really coming out in the french just yesterday france was the first country in the international community to officially recognize the rebels as the voice of the libyan people the legitimate voice of the libyan people as you can imagine this is angered people here particularly in tripoli where i've been speaking to people they are confused and they are angry with the international community's response three dutch marines who's been missing for quite some time now have finally arrived safely in athens the two men and the round woman were captured by libyan forces after a botched investigation mission now the latest report from the international red cross is that the country is in the midst of a civil war but again speaking to people here moving around you certainly don't get that since on the ground and many libyans that i've been talking to make the point that the foreign media tends to exaggerate the situation ask him to draw more ahead

of reality it's take a look. there is a lot more haggling on the international stage over the merits of intervention and a no fly zone then the bargaining taking place in downtown tripoli market. closes early now days people are afraid and many of the africans who used to work here have fled the country and the argument that libya is on the brink of civil war so foreign intervention is needed to feed into ukraine a little. several hundred people killed but. it certainly isn't a global level of violence that would normally merit intervention because he has offered and this is for immediate but only if they can relate to stay well away from any of the opposition but it's a similar picture in opposition strongholds to ramadan break he was forced to close the benghazi office of his newspaper because of pressure from rebels who have to print their version of events is it is all nothing. it's going to the

hot places and all these cities are controlled by the british and then given the people from. the new was what they think and what they believe and media does he support his fear that while he may be winning the war with the rebels he's using the information war here in germany to tripoli with lunacy she's puzzled and angry by reports that missionaries were shooting people in the town is nearly futures can be good this is the. right to. life and life certainly seems a claim on the street. and it will conflict with the difficulty of climbing these events in media coverage and even from an interest to intervene there are events unfolding right now in ivory coast where there is also a conflict an armed conflict between rebels and the government but nobody seems to be thinking about it it's only because fashionable attention is focused on libya

the only reason urges to brother your oil think we'd be in iraq if their major export there was broccoli and leaders meet in brussels to discuss the fate of that country hundreds of miles away many libyans will say it is the image and built in a town called a c.r.t. joins too. well let's go back to japan now the tsunami that sweeping through the northeast the moments well the government has confirmed twenty three deaths with the number expected to rise it has been increasing in the past few hours the a japanese meteorological agency report of these says that the earthquake is strongest in the country's history now you can see from where the pictures you're looking at right now there is considerable destruction two hundred people have been a washed away buildings carson ships are also swept by the raging waters several are missing in a sendai it follows the. tsunami that you're seeing you can see

a wall of water there eating up everything in its path this follows the eight point nine magnitude earthquake it sent a four meter wall of water across the miyagi prefecture we're looking at to far at an oil facility in the northeastern part of tokyo we're also getting reports initial reports of far turbine building at a nuclear power plant in northeast japan have more details to come as it unfolds officials in japan are still assessing the damage has been difficult for them although the a prime minister not autocrat i have sent organize an emergency team to go to the affected areas so we will have definitely more on that so the waves are the tsunami waves has caused a tsunami watch in the whole of the pacific region russia has been affected the first wave has reportedly reached russia's real islands to the north and the waves are reported to be about three meters high the tsunami watch goes as far as

the central south american continent the west coast of the u.s. of course you have australia new zealand also watching our house by watching out for a major tsunami to come in becoming ours but of course the tragedy in japan it is going to have a big economic impact it has been impacting be a stock markets well let's get the details from the caribbean now at the a business corrino what has been the effects of the tsunami the earthquake to this stock exchange this well first of all the region's benchmark index dropped to his biggest weekly loss since august and japanese shares the strong earthquake hit the country as you said the nikkei ended at five weeks ago one point seven percent currencies also dropped the ground against the dollar falling to its lowest level and weeks although analysts. it's too early to really assess the you know the

impact of the quake because there's always a knee jerk reaction to such things but with the japanese quake sending aftershocks to europe and russia where indices are also showing also an oil that's been rising these past three weeks it is heading for the first weekly decline after japan's refineries were shut shut processing plants so we'll be keeping an eye on the way the markets are performing in europe and russia because obviously if you're markets are closed throughout the day just use. thank you very much for that update yes it has had economic impacts we have economic impacts now the government is still trying to assess the damage caused by the earthquake and the tsunami currently ongoing though we haven't spoken to the head of the russians as small as the station it's located just over one hundred miles from the japanese shore did not he did have yeah god gave us his assessment of the

situation on the ground. there have been sure all shocks with a magnitude higher than six points and now the tremors are becoming weaker although just now we've registered a six point two shock to the east of honshu and a lot of aftershocks are coming from that area luckily they're not so powerful. in this region is going to subside in the next few hours. ok let's go to other news first to libya european leaders will hold a second round of emergency meeting on friday to discuss the situation in libya well they're expected to a demand the resignation of colonel gadhafi who has ruled the country for forty two years now it follows france's official recognition of libya's opposition as well as the invitation of two anti gadhafi rebel and voice to paris bushell is following developments between the e.u. and nato in brussels. france has officially recognized becoming the first major

power to recognize libya's rebels as the legitimate rulers germany has distanced themselves from those views but there is a general falling in line with seeing here all of the major powers behind a common front italy which had been one of the most desirous of more diplomatic talks before any military action was taken of course suffering from the thousands of refugees fleeing libya just across the coast of the mediterranean and it will of course suffer more if war unleashes an even worse humanitarian crisis is refusing to back libya's government gadhafi government and britain is calling for colonel gadhafi to stand down because that comes in the wake of a b.b.c. team reportedly being detained and beaten by members of his regime and now we're seeing a difference of opinion here but most states are falling in line in the pretty neutral pretty neutral but as we've seen in the polls for example in iraq when the

u.s. and the u.k. which are leading this action as world want to do something pretty there's pretty much not much we can do to stop them listening to the head of nato who says that their forces all on standby. it has been pieced idea to increase their presence of. nature maritime assets in the central mediterranean these ships improve nature oshie to ation or awareness oh measure is. nature is human nature and nature. and nature is ready to act it's a loose presence is because she will back any decision that is supported by the un the e.u. and nato and that is the position of the states here today also the arab league being an organization that people want the backing off because the worst thing they want is for your opinion to go against any foreign military intervention of course

you've got france calling for immediate strikes on colonel gadhafi held areas so the situation is moving ahead great forest. was artie's daniel bushel giving us an update on the meeting between nato and the e.u. now let's go back to were a developing story we've been covering for a few hours now a major tsunami has struck in northeastern japan sending a four meter wall of water inland which is causing widespread devastation now the a tsunami was caused by an eight point nine magnitude earthquake that struck about one hundred thirty kilometers off the pacific coast and several aftershocks have been felt since well as so far. twenty nine people are confirmed dead the number is expected to rise it has been increasing over the past few hours the first wave has also reportedly reached russia's karylle islands to the north with reported the waves of around three meters high now in japan two hundred

people have reportedly been washed away with several others missing in japan's sendai city well this has happened on the northeastern course again an eight point nine magnitude earthquake struck on the north eastern coast but of course the quake was felt in tokyo the damage can also be seen in tokyo the international airport in tokyo has been a shutdown and there is a tsunami warning. for the entire pacific region again. just to reiterate what i said earlier the latest death toll is at twenty nine at the moment we expect it to increase and there's a warning again by issued by the pacific tsunami warning center it goes a spark a why is expecting a major earthquake saying the tsunami could damage the coastlines of all islands in hawaii and it could go as far as it's

a warning is as far as the west coast of the u.s. as well as south and central america but we have been asking a marine geologist about what might happen now now boris levitt tells us that well judy the sheer size of japan's earthquake eight point nine and the chances of a repeat tsunami wave are slim. very. very soon over three. hours. if there's. three off from their own. where you. are you sure are. we. going to be if there's a very. very few. well let's go back to libya and the

effects of the political turmoil unfolding there will be fighting is picking up pace leaving the country's ravaged oil industry in the firing line well both sides are striving for total control of production but without damaging it or apparently to get their way that sun avoid a reports that importers might not care who supplies that oil so long as it keeps pumping. an oasis of stability in the scorchingly been desert the country's all industry that prior to the uprising was churning out around two percent of the global oil output has also fallen victim to the unrest to prove is the last major all facility levy is still maintaining its regular thracians and sending all she will market just last week to tankers departed from vs all terminals one carrying and million barrels of oil that was bound for china and the other one with fixed hundred thousand barrels and board is now on its way to italy

to keep it deep in the east to group was one of the first cities taken over by the rebels being far from the front lines spared this facility much of the damage that has befallen similar plans in the west and allowed it to operate pretty much as normal the only visible change is the rebels' tricolor that replace the greenlee b. and flag that big guard corps the class management now reports to the opposition leaders and ghazi we are working know what you have for us to agree we see. what we know what we would do tomorrow because. we cannot what we would what we have no to do with somebody will go home this year but if i marry with leave in danks field paralyzed all buyers have to gain cash but the proceeds going directly to the opposition the plant also ships part of its outcome to other cities controlled by the rebels meanwhile elsewhere in libya oil facilities remain

a danger zone. the good half is side and rebels have said publicly they will not seek to destroy oil infrastructure the long term damage is already apparent. and was the every finery in ras lanuf a focal point for us and clashes was set ablaze it two sides blamed each other for the incident. and bellwether in. that have. show you export that would. be looking at a couple of near fuel prices continue to rise across the world believed in government is taking yet another attempt to pacify railing crowds at believe in palms control is now twenty five percent cheaper. to preserve the fuel price of fuel to fifteen percent maybe a sense for seventeen of the twenty simply consents to be due to before the

revolution for two minutes to two days if you was never particularly expansive in libya with exports accounting for more than eighty percent of the country's normal oil output the graphic government could afford lavish subsidies but the four in the mainly western companies pumping money in had law hatched on the stability of the libyan regime and now stand to lose out believe that they produce between one point six one point seven million barrels of oil a day most of it goes to europe these are processed in two big refineries were broken warning residents but as we know these two cities are under siege at least one million barrels of oil out of the market starting this week so that's why the u.s. and europe are still best lead the an oil is low in south korea which makes it highly valued in the west because the fuel produced from it pollutes less and it's these

light and sweet all i'll die for decades kept western companies on sweet terms with the get off the regime environmentally conscious politically nonchalant some work of art. he broke. well let's go back to japan now and the tsunami that sweeping through the northeast right now the government has confirmed twenty nine deaths will be a number expected to rise the japanese meteorological agency reportedly says that the earthquake is the strongest in the a country's history there is considerable destruction two hundred people have been washed away live pictures of buildings sparse and there are ships also being swept by raging waters and several are missing in sendai that is of course still a city near the epicenter of the quake and the tsunami again follows the eight point nine magnitude earthquake which sent four meter wall of water inland across the creek thatcher. getting new data that it's the

tsunami is now ten meters that's the updated report of the tsunami is now ten meters and the whole of the pacific is on a tsunami watch the first wave has reached russia's karylle i listed north which is reportedly around three meters high. ok well we'll have more news for you and later this hour are two special reports on the hardships in hebron but first let's have a look at the latest business with. but i welcome to business news here on c.n.n. we start with our top story a powerful earthquake in japan is likely to affect the country's fragile economic recovery and. that could start it's already twice the size national g.d.p. now let's cross live to cabo head of sales capital group to discuss what's needed

to help. japan's economy get over this and effect worldwide hello angus thanks for joining the program now how much will the tragedy impact about recovery i think. well it's no idea of them of course is this is a time when the global economy is facing a lot of challenges we're facing the sovereign debt crisis in europe we're facing the crisis in north africa and the middle east and now of course. a huge economy on a global scale has been hit by its biggest ever earth quake. because it's going to affect growth there and it's going to be the problem with this earthquake was because it wasn't man based and stressed offshore the effects expected to be much more detrimental and wide ranging so the costs are very he very big in in in that respect and so it's going to hamper the growth

for japan and it's going to take a long time to recover from this and rebuild now if we look at this from the global point of view which of japan's made trade partners are likely to suffer the most. well it will affect their export industry quite significant release the japanese is the main export. partners so europe. will say the u.s. will not necessarily affect them hugely but you know it is. going to disrupt the exports from japan quite significantly so we saw in the field last few hours of trading in the nick carr we saw the likes of take a good effect. not tell your story or toy to share affected badly so the shares affected by these bigger exporter is. really going to be affected by this this earthquake now it's still it's still too early to say back can we estimate what

losses will be and which sectors will be affected north like for instance ensures a definitely be affected by that. sure absolutely sure is reinsurers. in europe at the moment they're trading quite a bit lower and also the futures for the nikkei i have a one hundred fifty to two hundred points since the close of the sell so we go into the weekend where there's a lot of risk aversion a lot of selling of those at those insurance stalks it is too early to count the cost. as mentioned this is an option the tsunami is going to affect a lot of different. parts of the region so at this stage it's very difficult to quantify any cost which is going to be pretty significant considering the magnitude of the way ok i guess campbell head of sales london capital group thanks very much for that. that's all we have time for in this in this edition of

business bulletin but join me in less than one hour from now.