wsip in frankfurt where germany's blue-chip dax settled slightly higher on the day -- we stay in frankfurt. over in new york were the dow jones industrial average is still open, it is also higher by about 0.5%. as for the euro against the dollar, it is trading lower at $1.2926. let's leave the world of money now for just a moment and enter a very different one, the one of the famous composer richard wagner. >> across the planet next year, the music and theater world will be focusing on bachmann, the giant of german opera -- focusing on wagner, the giant german opera. all over the world, stages will be teaming with performers. >> celebrations have already started in buenos aires with a shortened version of "the rain cycle quarter me -- it is 7 hour -- a mere seven hours instead of the usual 16. >> it is the ideal setting. they are not gold but a baby, a reference to children lost to argentina's military dictatorship. the director's interpretation is dramatic and also challenging. >> it is funny. i like it, but sometimes it is pretty heavy going. >> it is very abstract. it lacks grandeur. th

i cannot believe you gave me three awards tonight. >> 8000 fans watched the events in frankfurt wherelions tune in at home. none of the awards as stated in germany but the host provided some homeland flair. ♪ no surprises in the award for best video going to the south korean internet sensation, psy. gangnam style was more than 670 million hits on youtube. ♪ hey, sexy lady oppa gangnam style ♪ >> that's it for now. things for watching. >> you can find more on our web site, www.dw.de. see you soon.

. >> starbucks stock in frankfurt today, you can see doing pretty well. up 9%. good move for starbucks. >> huge. that's in track further trade. aig meanwhile swinging to a third quarter profit beating forecasts of a it tr posting a nearly $4 billion net loss a year ago. the company saw improvement across all its insurance businesses. the ceo tells cnbc aig's office this is lower manhattan were without you power this week due to sandy, but the company did operate without interruption and he says it's too early to estimate the financial impact of the storm. aig shares were i believe weaker but not much action today. we'll double check that. also apple's latest innovation, the ipad mini, hitting stores in two dozen countries today. several new york apple stores today will be closed because they don't have power due to hurricane sandy. it costs $329 for wi-fi only on version. that is more expensive than rival devices. apple shares adding 0.3% in frankfurt this morning. >>> and microsoft is reportedly working with its asian supplier to get its own smartphone design.

draghi in frankfurt. we'll switch our attention to australia. getting tough to multinational company which is it says are exploitingle local laws pl google has insisted it's followed local laws. the assistant treasury is not pleased. david, thanks for joining us, this has been a subject of discussion here in the uk, as well. the question is can you actually do anything about it. >> well, good to be with you, ross. certainly there are a number of things that we can do in relation to our domestic laws, but i think the main game when it comes to tackling some of these practices is to be working internationally. we do know to have a fairly fundamental over some of the concepts that underpin our approach to international tax law. if you have a look at the concepts that very much dry the way in which we determine taxing rights, emphasis about source and residence and permanent establishments, this is very much the language of law that was assigned for industrial and i think it's increasingly found to be wanting when it comes to some of the challenges

we have this report from the frankfurt stock exchange. >> on the floor of the frankfurt exchange, they are more often as --optimistic on greece. they believed greece will get the next rescue payments. the germans dax wiped out almost all its losses from last week. there are promising signs in the u.s. that both parties are coming closer in budget talks. shares of this construction company is looking for more power out of their gn parents and traders are speculating on that break up. >> a quick look at some market numbers. the dax ending at 7123. the dow jones is currently up 1.3% and the euro is trading at $1.2802. >> there close to a deal that could ensure the survival of the airline, but it could mean major cuts. the carrier will scrap over one- third of its work force. some salaries will be slashed for those who stay on as they are showing to compete with a budget airlines like ryan air. their only missing one signature on the deal. coming up after the break, barack obama putting relations with southeast asia and on the top of his agenda. >> stick around. >> you decide what you want

our correspondent sent us this report from frankfurt. >> for economists, unemployment data is alwaysomething like looking into the past, but nevertheless, investors appreciated these numbers, which went down pretty well here on the frankfurt floor because the unemployment rate showed that the german economy is still in very good shape. although economists are saying that the german economy also has a long way to go until it has bottomed out because the export business will be more difficult in the near future because of weak other economies, but consumption in germany is going up. >> let's get a closer look at those market numbers. germany's blue-chip dax was higher on the day by about 0.8%, closing at a nice, round number. the euro stoxx 50 also higher. the dow jones industrial average as high as well. the bureau is trading for $ 1.2973. >> a german bank is in trouble with the law. prosecutors raided 13 of the bank's locations, including its munich headquarters, in search of evidence of tax evasion. the bank is suspected of cheating the state out of 124 million euros. share transact

we stick in frankfurt where germany's benchmark dax rounding out friday with a perfect week in the green every single day. it was the best week of the year here in europe. euro stoxx 50 also higher. the dow jones got a boost from shoppers going to stores after thanksgiving. and the euro is currently higher. >> survivors of super storm sandy that battered the east coast earlier this month spent this thanksgiving with an extra portion of gratitude, despite the ongoing lack of power and basic services and the threats posed by looters and gangs. >> we visited an ever had in new jersey where many are still picking up the pieces. we discover that along with strong faith in the future, people are under no misapprehensions. they know it will take years to rebuild. >> jim does not give up easily. his neighbors fled when superstore and sandy carroll toward the coast of new jersey. he barricaded himself inside his seaside park home as the hurricane howled outside. >> all of a sudden, the wind picked up like crazy. the wind picked up. the water was here. i heard a loud noise, and the front of my hou

our correspondence sent the summary of the thursday trading session in frankfurt. and investors really liked what siemens had to say, applauding efforts to generate more profits by accelerating the efforts to save costs. it was one of the top gainers of the day, and it also supported the move in the general market for a long time. also helping that mood, the greek parliament said yes to a hard austerity program that is difficult for the population but that will bring savings of up to 13.5 billion euros. investors liked that. the mood changed, though, to the - when the ecb came through, the european central bank, leaving interest rates for the eurozone unchanged for this month in giving an indication that will change next month. families say in frankfurt for a closer look at thursday's numbers, and the dax finished the session down by about 0.4%. euro stoxx 50 ending flat. across the atlantic, the dow is trading lower, and the euro down a tad against the greenback at a value of $1.2747. >> all right, coming up after a short break, more than 50 people are reported de

families in frankfurt for a quick month to the numbers. the dax finished the day up 5.7%. euro stoxx 50 up by about the same amount. across the atlantic on wall street, a rally going on there. the euro stronger against the greenback trading at a value of $1.2819. russian president vladimir putin has fired his defense minister over corruption allegations. >> he is suspected of involvement in a plan to sell off military assets cheaply to insiders. putin has put a close ally in his place. >> the sacking of the defense minister dominated the news on russian state television. president putin replace the long-serving minister with his staunch ally. >> it is important that the person who heads this ministry continue the reforms that have been initiated. and who pushes ahead with the dynamic development of our armed forces. >> russian state investigators recently raided the offices of a state-controlled military contractor after claims it sold assets to commercial firms at a huge loss. when he took over the portfolio six years ago, he was the first civilian to head the defense min

to get out of this banking union on the continent because they realize that the rise of frankfurt and the fall of the city of london is imminent and the.

to get out of this banking union on the continent because they realize that the rise of frankfurt and the fall of the city of london is imminent and david cameron is scoring an own goal an own goal against himself as a friend and anyway so next he goes on to make an argument that in terms of foreign policy could be an argument made by somalia he says cameron acknowledges that terrible mistakes have been made in the city but he pointed out that financial services contributed an eighth of all government revenue during the recession that's right in somalia piracy contributes half of the g.d.p. of that country and that's what david cameron is advocating that the u.k. and more piracy maybe get up to fifty percent after all that's what's driving the real estate values in the u.k. is piracy in the city of london that's who funds david cameron's re-election campaigns the piracy in the city of london that's how david cameron is welcomed that's why he's welcome to around the world is my fellow pirates in other countries they should always think joey roger up there to your house of commons inste

you can see in frankfurt trade this morning.the gap's third quarter profits beat forecasts on on strong same store sales growth. the company says banana republic's tie in with mad men was a big success. gap is raising its full year outlook by the way. shares up 3% after hours trade adding about 2.3% this morning in frankfurt. so keep an eye there on investor reaction. italian finance minister says ro rome still has a lot of work to do and i asked just how bad it might get for italy. >> we're still in very, very soft situation. so the reform agenda we put in place doesn't end here. we have to keep pushing and to keep progressing in our restructure of italian economy. and this is taking place? still soft market, so we have to take that into consideration and we know that part of being in the market under normal condition is also the italian effort to convince the market that now we are making good process and we are achieving results. >> do you expect italy to grow next year? >> our forecast is a flat economy. we think that starti

we have this report from the frankfurt stock exchange. >> brands getting another blow by u.s. rating agencies, but it did not have a strong effect on the markets because traders already expected such a step. therefore, traders do not fear that france will have to face much higher borrowing costs. the yield rose only moderately. they could wipe out the first losses and could move forward. again and, the very successful spanish bond option meaning they could collect more money than expected. -- the bond auction could collect more money. >> closing at 2172 on the dax. 2509. >> debating next year's oppositions and the government has failed to hold the line on the present spending. >> in spite of record tax returns and cash from private companies, the treasury is still spending what it does not have. >> the finance minister is confident about germany's finances. he says they're cutting their that, he says, sends out a positive message to the rest of europe. >> i do not want to say we are a model people, but we're doing the utmost to live up to our responsibility. we have been very

wolfgang fremuth from the frankfurt zoological society has been working in the region for over twentyears. with 3 and a half million euros of funding from the german kfw development bank, he's helping establish a transnational biosphere reserve. >> given the geological past and its long history, the lake has spawned unique life forms which we call endemites. that means they are found here and nowhere else in the world. that's a unique feature. (4'40) the biggest problem here is man-made, namely over- exploitation of natural resources such as the forests, or over-fishing. over-exploitation is the biggest threat. and it goes hand in hand with an increase in waste. >> it's a hot day and it really stinks round here. even worse, autumn is on its way and that means rain. then all the refuse is washed into the lake and the fish nibble at the plastic. then people eat the fish. so all that garbage ends up being eaten by humans. >> vasil male and a colleague are patrolling the banks of the lake on the albanian side -- where it's easier to spot illegal loggers. >> we're not trying to act like po

we were sent this summary of the trading session in frankfurt. >> the most important topics of discussion on this very first trading day of the week with the major political issues that are due this week. the u.s. presidential election, of course, but also, the leadership change within the chinese communist party. there will have an enormous influence on the way that economic perspectives are being seen also here in europe. that is why i have all this, investors were a bit reluctant to take any decisive action on the markets. >> a closer look at monday's numbers and of the dax finished the day -- across the atlantic, at this hour, the dow is trading flat. 2786. the biggest budget airline has raised its profit forecast from 440 to 520 million euros. >> the ireland based company reported a surge halfway through its fiscal year, boosted by the olympic games in london. it helped in part by a lower- than-expected fuel costs. we will be back after a short breaks to do not go away. stay with us. >> welcome back. one week after hurricane sandy cause destruction, tens of thousands of people need t

. >> our correspondent from the frankfurt stock exchange. >> do not expect too much and be very patient. the failed deal at the finance minister causing shock, but nobody is for sure happy with this deadlock. traders called it political theater. the german dax swinging back and forth throughout the day before closing a little bit higher. the euro passing remark of $ 1.28. >> let's take a quick look at the market numbers. the dax ended the day just a tad up. euro stocks 50 -- euro stoxx 50 closed almost 0.5% up. the euro trading for $1.2822. times are tough in the media, especially in the world of print. >> in germany, another big title is biting the dust. "the financial times deutsche and" is closing -- "the financial times deutscheland" is closing. >> many other european titles are in trouble as well. >> it seems there's not enough money in good, old-fashioned newsprint, even if there are some, and devotees still. >> the pope still prefers his news on paper, and he is not the only reader who prefers the print version, but more and more people are getting their news online for free. the

we have this summary from the frankfurt stock exchange. >> the negotiations about the rescue package for greece our way and down on the share markets at the beginning of this week. traders are hoping that there will not be a long term -- that there will be a long-term solution but only the euro showed that investors seem to be rather optimistic. the hero has been quite strong today. optimism also for the german economy. the german consumer confidence has been stronger than expected. some investors hope now that german consumers buy more christmas presents than they have before. >> a quick look at some market numbers now. dax closing down 0.25%. euro stoxx down. the dow jones is currently down about 0.5%. the euro was trading for $1.2961. swiss bank ubs has been fined 37 million euro for regulation and failures lead into a rogue trader losing billions for the company. >> the employee was convicted of fraud dance that -- sentenced to seven years in prison. they describe the risk control systems as "seriously defective ." some sports now. 46 runners have completed the ice marathon in a

. >> here on a farm near frankfurt, the georgian farmers learned about modern methods of soil conservation. hans kellner is an experienced farmer, and had a lot to teach them. >> look at the field here. there's plenty of empty space, where no wheat is growing. just like right here, or over here. you don't need to have your entire surface covered in wheat. the important thing is having sturdy plants, like this here. >> modern cultivation methods and careful tending help preserve the soil. hans kellner also doesn't use a traditional plow. he uses harrows and cultivators to loosen only the top layer of soil. and the remnants of the last harvest are worked into the ground. with excellent results. the yield here is four to five times higher than in georgia. a perfect and loss-minimizing process starting from the sowing to the storage of the grain. >> the problem is you have to be present, all the time. you have to be here to give them instructions, every step of the way. they can't judge yet when it's the right moment for to start spreading fertilizer, for treatment of the plants and for gettin

. >> for more, let's bring in our markets correspondent, who is standing by on the floor of the frankfurt stock exchange. how are investors reacting? >> the stock price of rwe is trading slightly lower, but that is nothing compared to the 10% lost of eon posted yesterday, and this is not the only difference between the two large german utilities. eon invested heavily into european expansion, buying participations in italy and spain. during the last of your years, a turnout the price they had paid was far too high. rwe on the other hand managed in time to get rid of most of its unprofitable participations. >> how about the mood in the overall market? >> it is not very good. people here in the trading halt are watching the pictures of the general strikes all over europe. these pictures come along with their - economic data. the factory output, for example, in the eurozone in september declined by 2.5%, the strongest decline within one month since the beginning of 2009. this is what the market is making out of this. the euro stocks 50 index -- the euro stoxx 50 down, and the euro trading at

our correspondence sent us this report from the frankfurt stock exchange. >> the last unemployment numbers before the presidential election in the u.s. have been noticed all over the world at the financial markets. numbers have been mixed. the unemployment rate went up slightly, but which was more important? the number of the newly created jobs went up higher than expected. this gave a boost also to german shares. the dax went up again at the end of this week while telecom shares were slightly down here there have been rumors that telecom plans to cut next year. >> let's take a closer look at some market numbers -- the dax ended the day just over 0.3% up. the euro stocks -- stoxx 50 close 0.5% up. the dow jones is currently going down 0.75%, and the euro is trading at $1.2830. >> one company whose shares in the u.s. did well is coffee giant starbucks, which has announced it is raising its profit forecast for this fiscal year by 9.8%. >> but the company is in hot water in britain where critics say starbucks is paying miniscule sums in tax despite ending billions in recent years. in germany,

our correspondence sent us this report from the frankfurt stock exchange. >> the german stock market is still in excellent shape, and this is mainly because of the fact that german companies are reporting results these days, and most companies report results that are far better than expected. for example, the balance sheet of one health care company looked very good today, but the best numbers came from the funds it today. the airline reported earnings that have been far above expectations. further on, the cost-cutting program is not that expensive, as people expected. this may lufthansa shares the leading gainer on the dax, although later on this evening, some profit-taking started. >> taking a closer look at some market numbers now, the dax closed 1/3 of 1% down. euro stoxx 50 ended the day 0.5% down. across the atlantic, wall street has opened again. the dow jones is going up just a tick, and the euro is trading for $1.2966. >> general motors has reported a profit slowdown. the company has announced its third quarter results, and profits were down 12% on a year ago. >> now gm is b

frankfurt, the dax down by a percent. the cac 40 in paris declining by about .25%.arlier in the day most asian stocks meanwhile closed lower. in tokyo the nikkei average ended a three-week low falling nearly 1%. australian shares shed about a half percent. in main land china, the shanghai edged down 0.1%. the downside was supported by the news on china's relatively stable cpi. the yen is trading higher against the dollar and the euro due to concerns about u.s. budget issues and uncertainties over fresh assistance for greece. the dollar now changing hands at 79.23 to 25 yen. the euro currently at 1.27 to 75 yen. >>> china's industrial productions in sales picked up in october. the latest data shows the country's economy has started getting traction again. china's national bureau of statistics says industrial out put climbed over 9% from a year earlier. it was the second straight month of gainless. the pace of growth was 0.4% faster than in september. meanwhile retail sales were up more than 14%. the increase was 0.3% more than in the previous month. earlier in the da

. >> we say in frankfurt for a closer look at the numbers. the dax headed down by nearly 2%. euro stoxx 50 down by even more. across the atlantic, the down who -- the dow down, and the euro trading at a dollar of $ 1.2766. a look at the anti-as 30 protests in greece, including an update from our correspondent in athens -- a look at the anti- austerity protests in greece. >> but first, turkey ramping of defense against its neighbor syria. the government says it is discussing with nato the possible deployment of patriot missiles designed to combat both enemy aircraft and missiles, and it would create a kind of no-fly zone here at the turkish border. >> pr has voted in favor of becoming the 51st u.s. state -- puerto rico. a majority of the population on the island approved the referendum. it is currently a self-governing u.s. territory. the move is subject to approval by washington. >> authorities have confirmed that three people died after a shopping center collapsed. emergency workers were able to rescue about 40 people from the rubble from the six-story building. because of t

our correspondence sent us this report from the frankfurt stock exchange. >> the discussion in brussels about greece weighed on the general mood of the markets, even though there was a bit of a recovery towards the end of the trading day, but investors remain concerned about greece and about the way that the euro debt crisis is being sold -- solved. so all this, there were more reasons for investors to be bad tempered, for example, a dismal quarterly earnings report for the german utility, which came along with a profit warning. and there was the zed, the center for european economic research, which presented investor sentiment, which can lie and much less -- much worse than anticipated, especially the outlook of investors on to the future, much more negative than anyone here had anticipated. the dax ended the day just barely up at 7169. europ stoxx 50 closed 0.75 -- closed 0.75% up. the euro trading at $1.2709. it was one of the first newspapers to be published in germany after the end of the second world war, but it has filed for insolvency. >> that is right. the media group which own

our correspondent sent us this update from the frankfurt stock exchange. >> the stock market's, nobody really thought that the euro group would send greece into bankruptcy, but in the end, investors, of course, appreciated this new rescue package for athens. it gives time to breathe, as people were saying here, and it has set a better mood here in the share market, especially banking shares have been on the recommended lists so far. investors are saying that banks take profits out of this rescue package if the politics are able to stabilize the political environment. this also helps the financial community. >> and a quick look at the market numbers now -- the dax closed 0.5% up. euro stoxx 50 closing just slightly up. across the atlantic, the dow jones is currently going down, and the euro is trading at $ 1.2933. the world's biggest economy is bracing itself for an economic nightmare. unless u.s. lawmakers reach a budget deal in january 1, a raft of temporary tax cuts are due to expire, and spending cuts will take effect. >> that means the u.s. is charging full speed at the fiscal clif

we'll get a preview from frankfurt. also spain testing investor appetite with the first auction of long term debt in a year and a half. we'll bring you those results as soon as they're out within the hour. and banks, health care and gun stocks all reacting to yesterday's election result in the u.s. we'll head out to new york city later in the show for a preview of what to expect on wall street today. and more than 2,000 hand picked chinese delegates gathered at the great hall of the people to kick off the communist party week long transition. beijing will only officially reveal the next generation leaders thursday. hu jintao promised political and economic reform, but he stressed china won't abandon one party rule and will stick to the socialist path. eunice is live for us. this is his big final speech, so reading in sort of between the lines almost is very telling. it's the legacy he's trying to cath. and what less gassy is that? >> many here believe what he is saying is significant in that it is his final farewell. he

our correspondence sent us this report from the frankfurt stock exchange. >> of course it is bad news that the economy and the eurozone slipped into recession, but still, traders managed to find a few positive aspects in the reports. in italy, the contraction was much smaller than what economists had anticipated. france against the odds managed to produceive gross domestic product. this means, for germany, the possibility remains intact that our economy during the current quarter remains in positive territory as well. the biggest-loser shares this thursday were shares of lufthansa. the negotiated pay increase for the cabin crew threatens the cost-cutting targets of the airline, something which many investors took very negatively. >> a quick look at som market numbers now -- the dax ended the day just over 0.75% down. across the atlantic, the dow jones is currently going down about pointing to 5%. the euro is trading for $1.2773. british oil company bp says it has agreed to pay $4.5 billion in penalties for its role in the deepwater horizon oil spill in the gulf of mexico. >> in 2010,

frankfurt the dax declining by 0.6%. in paris the cac 40 declining by 0.4%. moving on to currencies the dollar is little changed against the yen after japan's lower house was dissolved in the afternoon. the euro is fluctuating in a narrow range currently quoted at 103.32-36. >>> the new leaders of china were announced on thursday. on where the chinese economy will go from here we spoke to steven wong, an associate professor at the university of hong kong. >> i don't think there is a dramatic difference between the two in terms of economic policy. the goal is to try to achieve a reasonable economic growth as well as to balance the need of structural reform. currently the growth is moderate so i would expect the government would continue the economic reform on a very cautious manner. >> reporter: at the most recent communist party conference economic goals were set. they were a doubling in the country's gdp and average income by 2020. steven wong says it is likely to be achieved with the consecutive growth of 7% per year but the quality is important. >> balance