you take things for granted in hong kong. hong kong is a small place.s a huge place. >> did you misjudge? >> there were a lot of misjudgments in the operations, logistics, for example. we completely disjudged that. >> so as a boss how has the last ten years shaped your concept of what it means to lead a company of 14,000 people? >> you have to have faith and confidence in your vision and your dream. during difficult times which we have seen in past ten times, some very difficult years, there were a lot of people would doubt you into what you do, your expansion, your rolling out new concepts. they'll doubt you. will this work? will that work? what if you believe in what you do and you execute that well, and good times will come back. >> sarah cohen said she thinks she'll know when it's time to hand over the reins, she is an employed ceo. you are a family ceo. will you know when it's time to say, good-bye? >> the day i lose passion and interest in my job, the day i stap coming up with new ideas, stop driving our team to think further, to go out and innova

. >>> good afternoon from cnn hong kong. i'm andrew stevens.e watching "world business today." there's friction with opec. >>> prada has more style than substance with a stock market debut that disappoints. >>> sunny side up. from the paris air show we'll meet the pair nearing solar plane pilots. >>> first up, let's take a look at the markets, asian stocks had a pretty good day on the hole on the back of hopes that the greek debt crisis could be nearing a resolution, also hopes that chinese inflation is now under control. it was a pretty positive open here in europe as well. for the most part the indices kicking things off with gains in excess of 1% for this final trading day of the week. let's go straight to the numbers. greek hopes definitely powering things ahead. some of these markets were down in excess of 2% yesterday. most notably the kec 40. it's rebounding the most currently up by 1.5%. >>> interesting, nina. greek helping the mood in asia. the gains across the board were being driven by the chinese premier win you bow. he says by the

she cares about hong kong. so we think that time of image resonates with the brand. >> michael knows, no amount of marketing will help if the product is not right. >> back in december he tasted, tested and named the verona chocolate cake. >> i think it's good. i like it. i think it will be a very good top seller. >> now, six months later, the cake has hit the shelves, and michael is key to know how it's being received. >> at first i thought maybe people would think it was too sweet, maybe it didn't have fruits, they didn't know what it was. but the response was very good. so we decided to launch our mini cake just in time for father's day. so far it's doing very well. it's amongst our top mini cake sellers. >> knowing your customer is one thing, but michael must also have confidence in his convictions. >> usually our cakes in our maxim's cake shops are with fruits and they're with cream which suits the chinese taste. we very seldom launch a pure chocolate cake. so this is something new to our customers. >> to g

we have the prada debut on the hong kong exchange. the timing couldn't be worse given the rest of the world is not looking too strong at the moment and i guess luxury suffers when that happens. is there going to be a pop tomorrow? >> prada's not doing so well right now. looking at the gray market. its share price has been down by as much as 2.5%. that points to a fall in price that we're expecting for tomorrow's official start of trade. let me take you to a look at the hang seng over the past -- the year-to-date. because of the skittishness, the stuff that's happening with prada is making sense against this macroeconomic background. in april, the hang seng was trading at its high, around 24,000 points touching the high it hit earlier this year. since then, the market has actually gone down and today we've seen it drop by about 11%. now, around here in may, is when they started their soft marketing. june is when they started the hard marketing. as all this happened as the hang seng fell basically that took away investors' appetite for

. >> fast food in hong kong is fast food.'re 0 not going to get a very decent, pleasant environment. we want our fast foods to be a bit more pleasant. a bit more comfortable. a bit more stylish. not too much but for people to actually be able to enjoy their meal. >> reporter: michael is moving away from his family's 40-year history, a risk he hopes will pay off by attracting new be a more affluent customers. >> we want to upgrade our service and the customers who are coming to the shop are sometimes executives, females, and they want a better dining experience than what they would expect at fast food. >> reporter: high expectations that must translate into profits. >> you would expect on average for a renovated store to achieve at least a 5% to 10% increase in sales from before. if it doesn't achieve that, the renovation was probably not financially worthwhile. >> we're going to do the pose straight to camera, hands in pocket. >> reporter: in london change is afoot. >> standing flat like -- yeah. >> reporter: troy is overhaul

the hong kong hang seng do down .6%. shanghai bucking the trend.gh after comments by the leadership last week that inflation will be liked by the end of the year, they say. and that's helping the markets there. the australian market down 1%. a little over 1% in sydney today, charles. >> okay. >>> i don't think we're descending at all from the overall pattern if i tell you that u.s. markets look as if they're going to be heading for a slightly higher open when trading begins later on monday. still very much volatile to sideways. this is how the u.s. futures are looking in premarket action. they've gained slightly in the past half-hour. not much to write home about, andrew. >> yeah. it shows that uncertainty flip-flopping around waiting to get some form of closure on greece. and we just -- it's been going on for so long now. there doesn't seem to be any clarity emerging yet. certainly if we listen to our correspondent in athens, there doesn't seem to be any finality about what will happen the next three days. in the other big market-moving stories th

hong kong down 1.5%. shanghai down 1.5%. australia down 2.25%.ig miners leading the way down in sydney. nina? >> let's hone in specifically on wall street as we are just seeing a triple whammy of bad news which sent stocks spiraling on friday. here's a recap of exactly what went wrong. >> reporter: another wave of weak u.s. economic data hit wall street hard and stocks sold off sharply. at the close the dow plunged 279 points. the biggest one-day point loss for the blue chips. the nasdaq dropped 66, or 2.3%. and the s&p 500 suffered big losses as well. setting the negative tone, adp said the u.s. private sector created just 38,000 jobs in may. analysts were expecting a gain of about 170,000. the adp report is often seen as a preview of monthly jobs numbers, and some analyst lowered their estimate force friday. a slowdown in manufacturing activity put more pressure on stocks. the manufacturing index grew at a much slower pace in may than april. the slow june was caused by sharp declines in new orders which indicates sluggish consumer and business

in order to protect the world, the hong kong government ordered that every chicken in hong kong be killed. it was a huge number of chickens, over a million chickens, because in hong kong people like to buy their chickens at these markets where they're killed in front of your eyes, so you don't just go to a grocery store and buy a dead chicken. you buy a live chicken and see it killed. so they had these--they're called wet markets where all these chickens are in cages. and they ordered every single chicken killed. i think now that it was--at the time, i thought it was weird. now i think it was a good idea. c-span: how do we get the flu? >> guest: we get it when somebody around us has it and they cough or sneeze. c-span: and how do they get it? i mean, how does it start? the very first time that somebody gets the flu, do they eat it or do they ... >> guest: no, they breathe it. c-span: they breathe it. >> guest: they usually breathe it in, or they get the virus on their hands and they touch their nose or mouth. it has to get into your lungs and usually you breathe it. and the reason you ten

ramy inocencio is follow oing the money in hong kong. how much is prada's share sale expected to pull in for the company? >> back again. prada's hoping to fill its purse with at much as $2.6 billion. that's based on figures and the prospectus released over the weekend. the milan-based fashion house says it will share over 143 million shares. it's pricing each share of between the range of $36.50 and 48 hong kong dollars. in u.s., 48 dlp on the low end to $56 on the high end. if the shares sell at the low end, they could pull in about $2 billion. but we get the 2.6 billion dollar figure if they go to the high end. that would value them at more than $10 billion in total. it's the latest in the series of luxury brand listings koling here. it will be the first of the italian luxury maker. just last week samsonite raised it. we've got coach, jimmy choo thinking about it as well. it's the place to be, charles. >> you can say that again, ramy. ramy inocencio joining us again, live, from hong kong. okay. so, ramy, it seems like it may not be fas

the luggagemaker samsonite debuted on hong kong stock exchange today.ares fell by more than 10% in intraday trading. samsonite's listing is the latest in the series of high profile luxury goods ipos in hong kong. prada will be debuting next week. let's go back to ramy inocencio. a bit of a difficult time to be putting shares on the market. how did samsonite do in the end? >> that's what it looks like. every company hopes the company will pop on the first day of trading. that's not what it was like for samsonite. let me bring you on up to a touch chart that we have. basically outlining the day's performance. samsonite's share plunged more than 10% before it peared some of the losses. the stock was down 7.6% at the close at 13.4 hong kong dollars right there. tim parker, he's ceo of samsonite international here in the studio. thanks very much for being here. >> pleasure. >> samsonite's ad campaign is called step out. and basically you guys stepped out today but you sort of stumbled in the market today. tell me about that. >> i wouldn't say it's a stumblin

hong kong's hang seng closed up 1.2%. property stocks regaining some favor this day, energy companies also making gains and finally just up the road, shanghai closing up just under 1%. nina? >>> andrew in the u.s. stocks rose despite ongoing concerns about that enormous greek debt pile. at the end of the session all indices added 0.5 and 0.6%. >>> greece is selling off the family's silver to settle their debt demands. george papandreou has the governing majority of five seats, formed his new cabinet last friday, he must survive a confidence vote in parliament. if he doesn't, greece could dissolve and if the cuts are approved, expect to see a fire sale of states assets, ports, airport, as greece tries to raise $71 billion through a privatization program which is scheduled to run up to 2015. now that prospect of the privatization and more austerity measures hasn't gone down with many greeks. tens of thousands have taken strike action and protesting on the streets. the eu finance ministers and the imf say greece must have if

help to retain employees in hong kong. one such strategy, asking his staff to write to him anonymously, a kind of move that gave him a rare insight into his company. >> they are free to say and write what they really feel. >> reporter: he showed us that being at the top required intensity and ruthlessness. after all, he's there to make money. >> what it really aims to achieve is to connect more closely with the customer, get their loyalty, and in return, to increase our sales. >> reporter: helping him to achieve just that, perseverance. we saw michael renovate. >> in the restaurant business it's all about details. if you don't do that, you're never going to get the big picture right. >> reporter: innovate. >> we will open slowly. we're not going to rush to build this brand. >> reporter: and create. throughout, he had the final say. >> i'd like this to be a bit more strong sesame taste. >> reporter: his biggest challenge, perhaps his biggest learning curve came from the rapid expansion in china. >> as a foreigner coming to

why do you think he came to hong kong?r the same reason everyone in america has been yelling at their tv trying to tell me. >> jimmy: uh-huh, you don't know. you have no idea? you said maybe you thought it might be just to have a vacation. you think that's possible? >> i think that's very, very possible. >> jimmy: what would you have done if bentley had said, came here, ashley, because i screwed up, i love you, will you marry me? would the show have been over? would you have gone with him? >> despite what you see, no. absolutely not. no. >> jimmy: was there a specific moment in the conversation when you realized that bentley was, in fact, satan, the devil? >> you know what? i'm so glad that they -- i think for the first time they really showed what he was doing. i don't remember an exact moment in the conversation. but he would always go back and forth between pretending to be interested and then not being interested. and he did that the whole time. >> jimmy: yeah, but he's been doing that through the whole show. you just

he at one point went from hong kong to japan to recuperate. he was the one that wanted to be an artist and wanted to paint. i thought about that because it must have been hard growing up in hong kong to be far away from everything and have a dream and get sick at this point. i thought u is there a story here? that's the way it begins for writers. people think things jump out and we have it in our head. it's the opposite we have nothing in our head. we turn on the machine and praying for something to come. with women of the silk i researched for 6 amongs and read and read and read. in one book i found 2 lines about the woman silk workers and knew immediately that's hai wanted to write about. it came to me like a dream that every writer prays for that you just knew you wanted to write about this. with the second book it was difficult i sat down and didn't know what i was going to write for about 6 months. which was fearful for me because of the fact i knew i didn't have the second book. steven's story, i asked myself questions. a lot of writers

i spoke with the ceo of birmingham outside of hong kong's eastern district courthouse. he tried to distance the football club from its owner. >> the charge is not related to the birmingham d'alessio club. >> at the same time, birmingham's acting chairman posted a statement on the club's website saying, quote, members of the previous board were placed on bail for a significant amount of time and nothing came of it. the law says a person is presumed innocent until proven guilty. according to afp, he said the fact that prosecutors declined to identify the allegedly criminal origin of the money actually showed the weakness of the case and that is how things stand now. nina? >> you know, ramy, the arrest of carson yeung seems to be a new blow for this football club. birmingham city was recently relegated to championship football in the uk, presumably this is bad news for its finances? >> you know, when you're saying that, football fans are thinking back to late may when that relegation happen. birmingham losing e ing ting to, 2-1. carson yeung's arrest comes as an own goal t

let's go to hong kong where anna coren is watching the markets. good morning. diana said if greece doesn't pass these austerity measures, we could be heading toward a crisis for greece, a crisis for europe. and we all know that that could catch on around the world. how are markets treating this? >> well, it's quite interesting, ali, because despite all of this volatility in greece, it would seem that the uncertainty in the markets is easing. there's a belief that perhaps the these austerity measures that currently being debated will be pushed through. let's pull up the markets around the world. certainly here in asia pacific they've been in positive territory for most of the day. japan's nikkei has been the highest performer, up .75%. u.s. markets up almost 1% overnight. and european markets now that are open for business, they're mostly following those gains that were made on wall street. the german dax, only slightly down. but relatively flat. quite volume tile there. so ali, you have to say that confidence as far as the markets are concerned, is building, th

one painting went for $24,000 in hong kong. >> i was totally blown away.uldn't believe that a4-year-old had the capacity to truly understand the process of painting. >> reporter: while her paintings are now selling for big bucks, the business of art is just fun and games to this 4-year-old. ♪ child prodigies are certainly nothing new. like marla,h years oel at the time, considered another star in the art world. then came accusations that her father was the real painter. charges he denied. others in the art world are convinced that alita is the real deal. she's got energy. still just a little girl. >> i want to paint like that,

china shanghai, hong kong and south korea, rather bleak day. nikkei in particular seeing a clear sell-off, off by 1.2%. it's the weakness we saw in the u.s. labor market in the jobs data on friday that is continuing to cast a big shadow over the asian markets and they're playing catch up with the selling we saw friday in europe and the united states. >>> now, one company whose stock has taken a disastrous tumble on monday is tepco, the tokyo electric power company. that's the utility at the center of japan's nuclear crisis. off by nearly 28% after the kyoto news agency reported it was heading for a huge financial loss. that is before compensation payments to fukushima evacuees have even been taken into account. tepco's stock is worth 9.5% of its value as of three months ago. look at the nose dive that we saw in midmarch after details emerged about the problem of the fukushima daiichi plant. the government has helped tepco out with a multimillion dollar bailout to cover compensation claims against the company. investors don't see too much light

to go to hong kong to see it. festivals are held in many cities across the u.s. >> you feel this euphoria that just energizes you and all the teamwork and you know the physical activity that you do. it's really exciting. >> all about teamwork. everybody's mind has to be at the same place. >> to do that, takes a lot of preparation. we got to watch as some teams practiced for the big event. dragon boat racing takes up to 20 paddlers, and puts them all in a 40 foot boat. athletes paddle like crazy to get to the finish line first. >> the two people who sit in the front on the right and the left are called the pacers or the strokers. they are responsible for setting the pace and the drummer is responsible for making sure they're always synchronized. >> since this was only a practice, we didn't have a drummer on board. but that didn't stop the team from working on the all-important rhythm. timing is everything. experts say being able to paddle in proper cadence is more important than strength. >> the sport traces its ro

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higher now some airlines lost ground or prizes china southern airlines down two hundred percent and hong kong. and russian equity markets opened higher with energy companies among the main game. and said hi adam isaacs is trading also half a percent in the black now big growth was maybe supported by energy and financial stocks now let's have a look at some individual share moves on my six energy mages among the main gate is as well rebounded from a four month low gazprom is advancing point eight percent the company's c.e.o. said promise annual meeting that gas exports have risen twenty six percent in the press covers. two thousand and eleven compared with the previous year who is also gaining just under five percent while ross telecom is up over to the start. greece's approval of the hotly debated a sturdy plan has some ten cents on the markets however sort of gay so their own back believes other events will have greater. positive or two in three can. still be neutral the markets tracked in the past three in the past several days but on the other term investors whole poem the greek problem so

trading at around one hundred twelve dollars now eighteen she has pulled higher on thursday with hong kong leading the advance that's up and greece moved closer to receiving more aid to avoid a sovereign default japan's nikkei is trading up more than point three percent among japanese lenders mitsubishi financial group gained over two and a half percent while sumitomo mitsui financial group tacked on one point nine percent tokyo listed shares of citi group were up two point three zero point three percent after the lenders us talk and did well with we have to set some airlines lost ground on from all prices china southern airlines down to half percent and hong kong. here in moscow the r.t.s. on one half a percent hi adam isaacs will stop trading in just a few minutes now it closed half a percent in the black on wednesday and the growth was mainly supported by energy stocks. now greece's approval of the hotly debated austerity plan has some tensions on the markets however said again at deutsche bank believes other events will have great. positive or to linger because i'm most impressed even

all right david adored well the trade policy consultant talking to us from hong kong thank you. what you were there are still ahead for you this hour a question of justice as alleged russian gun won a victim who faces a new round in its court battle we put the legality of the whole case under scrutiny. and russia's a drumming up of business as the movers and shakers of the financial world gather for the annual economic forum in st petersburg our business desk will be live there in just about ten minutes time. now the fate of libya's leader political way out of the civil war are at stake during talks in tripoli as russia's envoy meets colonel gadhafi loyalists to go off to visit to try and broker a cease fire comes as the latest and nato airstrikes targeting an area close to gadhafi compound. reports. the visit to tripoli is part of russia's peace mediates a mission in the protracted lieben conflict moscow has been insisting all the time that a nonviolent negotiation is the only way out of the crisis russia has repeatedly criticized nato for starts in a military operation here an

an assistant professor of economy at city university in hong kong good to see you so china's economy is racing ahead but your leader is still worried about sluggish recovery how can emerging countries like yours and russia play a part in helping to think. well i think. both thailand or russia i relatively doing well and after the crisis. both economists will have a lot of to offer their economists are highly complimentary. and i had a big market. wait and see demand and also tended to go in fast and the other and russia has begun to lend size a rich and t. and in many roles. it needs a big market and consumer. so i think fundamentally speaking both countries can be complimentary to each other and they can play a positive role in a global recovery as you're saying it's a complimentary relationship russia has the resources china has the need for the hoped for gas deal no deal was signed as of yet and the price as we know is the big problem how can a reiner in russia reach a compromise that is obviously you know each one's going to want to have the better side of the deal. well i had no

relations between the two regional heavyweights with david dodd will trade policy consultant from hong kong. and i thank you for joining us today so. two nations have become each other's major trading partners is russia drifting more towards asia than europe and the us to varying from the west to the east. i think it's a bit of a stretch to say to ask a question is extreme is that russia's clearly strongest historical economically both. the us and europe and the asian involvement is always very minor from the. for many many years but it will time question really because. just the last few years russia has become a member of the apec is in surprisingly cooperation group and. they. as a result have been concentrating a great deal more on the asia pacific region as of november this year russia becomes the chair of apec and has to drive the agenda for over the course of two thousand and twelve and how do you see as i was going to try to interrupt you how do you see russia driving the goal. chairing a pay as you said i was of november i believe november the tenth what kind of agenda do you think

brant is at around one hundred twelve dollars per barrel just in asia pulled higher on thursday with hong kong leading and they had bounced the top to greece move closer to seeking more aid to avoid a sovereign default japan's nikkei is trading off a modest point two percent among japanese lenders me to be she financial group gained over two and a half percent while sumitomo mitsui financial group attacked new two percent tokyo listed share as citi group were up over three percent after the lenders u.s. stock and it higher now some airlines lost ground zero i'm for a much more price is that china southern airlines down two point four percent in hong kong and stocks in europe are higher with market attention focused on the situation in greece now banking she hasn't bounced led by lloyds banking group it soared seven percent after the bank announced it would cut fifteen thousand more jobs and pull out from most of its international markets in order to save one to have going to and pounds now other u.k. banks are also gaining with world bank of scotland jumping in four point two percent and barcl

grant is around one hundred twelve dollars per barrel here's an asian pull higher on thursday with hong kong leading if they advance that's up to greece to move closer to seeking aid to avoid a sovereign default japan's nikkei is trading at a modest point two percent among japanese lenders need to be financial group gained over two and a half percent while still meets all of its only financial group tacked nearly two percent took you listed shares of citi group were up over three percent after the lender's us talk and is higher now some airlines lost ground zone for an oil prices china southern airlines down two point four percent in hong kong and stocks in europe are higher with market attention focused on the other situation in greece now banking shares advance met by law. as banking group it soared seven percent after the bank announced it will cut fifteen thousand more jobs and pull out from most of its international markets in order to save going to help in pounds other u.k. banks are also gaining with world bank of scotland jumping from the four point two percent and barclays adding on

assess what he's had to say with dr who and assistant professor of economy at city university in hong kong good to see you so china's economy is racing ahead but your leader is still worried about sluggish recovery how can emerging countries like yours and russia ok a part in helping you think. well i think there. was thailand in russia relatively doing well and after the crisis and economists will have got off to operate the toddler economy is highly complimentary other ways to china had a big market. weight and then the demand and also tended to go in fast and the. big big unless guys very rich and he and minerals. had a big market and consumer so i think. fundamentally speaking both countries can be complementary and they can play a positive role in a global recovery as you're saying it's a complimentary route relationship russia has the resources china has the need for the hope for gas deal no no deal was signed as a. yes and the price as we know is the big problem how can a runner in russia reach a compromise because obviously you know each one's going to want to have the better side

chinaman square massacre chinese officials said almost eight hundred thousand attended in hong kong with organizers claiming double that number while a few hundred gathered in taipei on the fourth of june one thousand eight hundred nine the chinese government sometimes and soldiers into the central square of the country's capital to crush demonstrations calling for political reforms hundreds were reported killed sparking outrage in the west of. that was the headline that is europe today prada and upper back with a recap of our headlines after a few moments followed by a guide to the russian capital moscow art stage. in one thousand nine hundred two dr ralph brin straight university of pennsylvania said what if i can take the gene responsible for growth in human beings and put it into a mouse. form of the main risk issues that there is a ninety five percent of all competent scientists in these fields are working for the producers side and only five percent are really gender mean the independent. there is not a lot of science that says train genic fish is unhealthy for people to consu

i just want to preface it by saying, when you get a call in your in hong kong, and that call comes from former mayor willie brown, it is hard to say no. i have taken up this challenge. i want to thank you, members of the bay area council, for your tireless work periods it is significant -- for your tireless work. it is significant this group has come together this morning around the critical issues of the bay area. education. infrastructure. sports. there is no issue more important today than the bay area's ability to compete and win business in the global economy. in san francisco, creating and retaining jobs has been a top priority, because that is what helps keep families in san francisco and helps them thrive. we are leading the way in education, health care, and the environment. for the past three months, we have made significant progress in making sure our business climate is alive and welcoming. let's begin with our central market payroll tax exclusion. yes. we have got a very important final vote today that allows us really to refresh our efforts, to rebuild midmarket street. an

we are in hong kong with the numbers. hello there. >> hi charles. thanks very much.hina's consumer price index number came out at 5.5%, the highest level this year and the highest in the last 32 months, in fact. earlier this year, beijing set a cpi goal of 4%. joining me to help figure out where china is headed is the chairman of global markets china. thank you so much for being here. >> thank you for having me. >> i want to ask you basically looking at the charts the last five months of the year it wasn't unexpected to have the cpi come in at 5.5%, was it? >> that's correct. today's cpi reading, 5.5% is exactly in line with expectations. however, this is raising concern among the market players that how long this inflation will last. in fact, this round of inflation is much more spub born than people had previously anticipated. >> four things i would like to go through with you if you don't mind about the factors leading to this. basically we're looking at food prices, oil, electricity and real estate. can you walk me through this? >> absolutely. food prices have be

of 0.75% for the nikkei, the biggest market there and scant gains for both the chinese markets in hong kong and in shanghai and in australia the s&p asx 200 up .0.75 after monday. >>> shares of toyota motor held steady tuesday despite moody's downgrading to aa3 from aa2. falling production in sales at toyota could cause it to lose its status as the world's number one carmaker. we'll have more on that later. >>> in another story getting a lot of attention in asia, the china yurun food group. the share price sank 5% tuesday after falling almost 20% in monday trading. it is linked to rumors of report by an outfit called muddy waters research. as its name suggests muddy waters looks for transparency in the sometimes murky world of chinese business. i thought it was a singer but right now across the atlantic a mixed bag on the u.s. futures, major indices are up slightly for the dow and nasdaq composite, down slightly for the s&p 500. in greece workers have begun a two-day general strike as they fight to block a fresh round of austerity measures, live from greece, those measures are a condition f

. >>> and good afternoon from cnn hong kong, i'm andrew stevens. you're watching world business today. the top stories this friday, june 3. >>> a growing e. coli scare is threatening europe's huge food export market. >> china hits back over cybercrime claims while sony investigates yet another suspected batter attack. >> >> and groupon is hoping that investors will go crazy for coupons. >>> now at least 16 people are dead, more than 1500 are ill in an industry that earns $5 billion from exports to just one market is at risk. an outbreak of what scientists are calling a super toxic strain of e. coli bacteria has spread to ten western european nations with 15 fatalities reported in germany and one in sweden. researchers say they don't know where it's coming from, but suspicions about contaminated projects have caused russia to band imports of all of the eu countries. the eu commission says the exports are worth more than $5 billion a year, nina. >> andrew, doctors say antibiotics are not effective against this e. coli strain and it could make this in

. >> one painting went for $24,000 in hong kong. >> i was blown away. i could not believe that a four-year-old had the capacity had the understanding the process of painting. >> reporter: the business is just fun and games. >> you have to show me your favorite painting. show me your favorite painting. >> it's just a playground to her. i don't think she understands the gravity of it. she's not affected by it. >> reporter: child prodigies are nothing new and some have controversy, like the 4-year- old considered another star in the art world but then came accusations that her father was the real painter, charges he denies. others are convinced that she is the real deal. >> she is an artist with a brilliant future. >> an artist with big energy and just a little girl. >> i want to paint like that. like that. it's going to be exciting. >> rob nelson, abc news, new york. >> is it true there's a bunch of two-year-olds trying it? >>> it was prom graduation weekend, going to the prom, the kid where the school said he couldn't go. there he is in the tux. >>> ab c

and in hong kong, michael wu taps a famous face to help with his brand. >>> from cnn london, welcomeack to "world business today." >>> let's bring you up to date with some of our other top business stories. french finance minister is taking her campaign to head the international monetary fund to china, developing countries have said they don't want to see a european at the top job of the imf. instead, they want to see a non-european take the position. >>> it's been reported that a subsidiary of the swiss commodities form glencore owes zambian government $160 million. the finance minister has not said how much they owe but cites an audit. >>> and nintendo has unveiled the next generation of its wi. game console called the wii u and features a controller that looks more like a tablet feature. nintendo hopes it will reignite growth after a long sales sluch but investors aren't so impressed after the stock dropped 6% in tokyo on wednesday. >>> let's turn to the stock markets and see how they're faring where the trading session is 90 minutes into the day in europe. bit of a downbeat pictu

singapore, south korea, switzerland, iceland, hong kong, finland.said to be ahead of the united states. fareed zakaria is author of "the post american world 2.0" and he's hosting a show called "the american dream." is this true? do you believe that sort of ranking? is that a fair evaluation of where the u.s. is in terms of innovation? >> ali, it's a fair evaluation of where the trend lines are moving. these are all per individual numbers, so if you were to look at the aggregate number, it's probably quite far ahead, but that lead is shrinking every day. and the reason this is crucial, ali, is the jobs of the future are going to come in the united states out of innovation and innovation-based industries. we don't have a steel industry anymore. the auto parts businesses are all going to china and indonesia. we're not going to be able to compete in the low wage manufacturers or even low wage services. the places we'll find new jobs is going to be the high-tech, innovative business products, so if we lose this race, we're going to lose the standard of l

but in hong kong, the hang seng was down 80. stocks slid for a fourth straight day monday with the s&p 500 hitting its lowest point since march. friday's disappointing may jobs report has apparently convinced many traders the recovery is indeed in trouble. monday's losses came across the board. all ten industry groups fell on the s&p. financials were hit hard. citigroup lost 4% as did bank of america, closing at its closest point since may 2009. lowes dropped more than 2% after one firm cut its stock rating, blaming home prices and jobs. oil fell under $100 a barrel to a penny over 99 on recovery fears and speculation opec may raise supplies. energy shares yield fueled by chevron. elsewhere, steve jobs unveiled apple's new music streaming service, icloud. but jobs' second pup appearance since taking medical leave in january didn't keep apple shares from dipping. the supreme court ruled haliburton shareholders can pursue a class action lawsuit claiming the company inflated its stock price. >>> fed up with republicans questioning

let's cross over to hong kong. good morning, anna. >> very good morning to you, ali. a sigh of relief you'd have to say from the markets after the greek parliament passed tough austerity measures. european markets are all in positive territory. similar story here in the asia pacific with all markets up before the close. in your part of the world, wall street was up overnight. since january, all global markets have been trending downwards with investors preferring to stay on the sidelines. >> you were a big part of our team in japan after the tsunami and earthquake. recently i was speaking to a ceo of a nuclear energy company that said for all of the concerns about how that part was handled, japan is likely to fix things up and get its economy back and running faster than any other country could. we're sort of seeing that now. >> we are. it's quite remarkable, is it not? japan suffered, you know, devastating blows since the march 11 edge quake/tsunami and nuclear disaster. well, the technology industries, the supply chain was rattled by the disaster. a new report by ih

sing pore, south korea, switzerland, iceland, ireland, hong kong, finland all reported to be ahead ofhe united states in innovation. that is according to two notable consulting groups. fareed zakaria is the host of cnn's "fareed zakaria gps." he's the author of "the post-american world, 2.0." he's hosting a special program on sunday 8:00 p.m. eastern called "american dream, how to innovate." always a pleasure to have you here. is this true? do you believe that sort of ranking? is that a fair evaluation of where the u.s. is in terms of innovation. >> it's a fair evaluation of where the trend lines are moving. these are all per capita numbers, per individual. if you were to look at the big number, the u.s. is still quite far ahead. but that lead is shrinking every day. and the reason this is crucial is the jobs of the future are going to come in the united states out of innovation and innovation-based industries. we don't have a steel industry anymore. we don't have -- the auto parts business is all going to china, india, indonesia. we are not going to be able to compete in the low-wage