and the chinese-born chang started it himself in hong kong. shortly before the british handed the colony back to the chinese, chang moved to vallejo and fairfield. it is now one of the most important and successful employers in the city of vallejo which has filed for bankruptcy. >> stanley chang is riches to riches story. he was born wealthy and became wealt wealthier. let's talk about vallejo. you came from hong kong. why vallejo? >> the city was welcoming to us. i was touring the west coast in search of a home for the company. we were in milwaukee and wisconsin. then we moved to south san francisco. we were expanding. we needed space. the city was so welcoming and didn't give us space but sold it to us at a good price. the facility had everything. it was easy for us. >> that was then. this is now. vallejo has now gone bankrupt, one of the few cities in the world to do that. does it affect your business? have you thought about leaving? why stay now? >> for us, it has no impact whatsoever. none at all. it's life as usual. in a city that's real

. >>> in hong kong, more than 200 asian singers and actors are raising funds for the survivors of the earthquake and tsunami. hong kong actor jackie chan proposed holding the concert. ♪ >> the participants sang lyrics of "made by the rain." two japanese singers are from the disaster areas. the three-hour concert was broadcast live. organizers say by friday night, they had received pledges of about 2.4 million u.s. dollars.

you get in the hong kong subway system. it is amazing to go there where almost all of our things are made. any american journalist could fly to hong kong with a chinese visa and go to the doors of the factories and ask the conditions under which they are made. that story has not been told. >> did you go with anybody? >> i went with my wife and director. they acted as backup. it was not clear what was going to happen when i did this. not to be dramatic about it, but she would stay behind at the hotel. i will check in at this time. if i do not, start calling people and start making noise. i found a translator through friends of friends and i went with the translator because i do not speak mandarin. >> what did they think you were going to do? >> i did not have to say what i was going to do. i had to say what my profession was. i said teacher, which is true. >> did you contact foxconn and did they let you in the factory? >> i did not. it was clear that would not lead anywhere. it would lead to them having a picture made that w

. >>> in hong kong, more than 200 asian singers and actors are raising funds for the survivors of the earthquake and tsunami. hong kong actor jackie chan proposed holding the concert. ♪ >> the participants sang lyrics of "made by the rain." two japanese singers are from the disaster areas. the three-hour concert was broadcast live. organizers say by friday night, they had received pledges of about 2.4 million u.s. dollars. >>> people in taiwan are giving generously to those affected by the quake and tsunami. they have donated more than $100 million so far. >> translator: japan was generous to taiwan when we had a natural disaster. it is now taiwan's turn to show compassion. >> taiwan's foreign affairs office says governmental bodies, the red cross and private groups collected $128 million as of friday. three weeks after the earthquake and tsunami, several million dollars are still being given every day in taiwan. 560 tons of relief supplies like blankets and power generators are being sent to affected areas. other efforts to help japanese survivors are on the way from the world. the u

study the hong kong and you're in the. big leagues it was very unlikely to present all the time to pursue your list of russian because of the receipt for the shares which is here now it's sixty percent hong kong so that doesn't rush at the same you're. ready here. it's only time constant pressure to relieve the trouble of the west from airports because the traffic is a customs troll i do believe that it's a bit much the progress. of the ship is that. it will create an opportunity to. rush to keep the market. on russian companies are showing more interest in hong kong markets they had a great stock exchange express several new i.p.o.'s. a number of companies including all the from can he said if their interest but you know we are working at it they also were created so you know with a bit of luck we might see one or two wars before the end of this year. all pointers are down despite saudi arabia catching up with him concerns the market is oversupplied crude is stabilizing after the presidential election nigeria around peace

the nikkei was up 165 points while in hong kong the hang seng climbed 375. some late day earnings out of the tech sector could give stocks a solid start today. after the bell, impressive first quarter results from intel were the strongest sign yet that the pc market still has some drive, pushing intel's net income up 29%. ibm weighed in with better than expected first quarter numbers, thanks in part to its hardware division. elsewhere, after the bell, investors found signs of success in yahoo!'s turn around efforts sending shares higher in late trade. earlier, johnson & johnson led the dow out of the red with a healthy forecast. a rise of new homes in march gave home builders a boost. declining goldman sachs's revenue fueled speculation the investor bank may be losing its edge.

and alive and kicking we go way down side to dagestan where they only young chinese king of kong she was wearing during his world beating the train. was coming up in a few minutes time but football first or something had to give when the two teams with zero points thus far in the russian premier league match on monday evening trick grozny the side getting off the mark with a two no win over f.c. chong going into the third week of action with losses across the board turkey and tom were eager to jump start their campaigns in chechnya and it was the home side who needed all the early running resulting in a somewhat innocuous looking penalty being awarded to them to sit down the red sea netting from the spot one became two in twenty one minutes were griego to use heading home with the tom shot stopper see to know how it ended up to right finally out of the relegation zone from. the other end of manager its reeling champions and the two are looking down on the rest the same petersburg men point above that newly promoted. who have entered the big leagues and of gloucester winning two of th

big today indians can get just about any international brand from hong kong to the u.s. to the u.k. it's access that is change the mentality of many to. the people. that already. says the group is the globalization is there so people are. thinking in a very different manner india's economy is booming twenty five years ago ninety percent of the population lives on less than a dollar a day by twenty twenty five forty percent of the population here will be caught by this middle class and with a growing income india's being a new culture of consumerism and brands from around the world are ready to cash in on it india is a huge country. one point two billion. and so even if everybody spends so it's a huge sum but despite the success most indians are aware that the country still has a long way to go and while things are moving in a new direction and there is a large portion of the population who is at risk of being left behind and that this baby is widening their way because the rich are rich closet gay marriage your book club is getting poorer but largely middle class indians and especia

studied hong kong and europe just. maybe he was very numb they clearly need to be certain hong kong going to interpose certainly europe the midst of the russian peoples with a receipt from the for the shares which is here sixty percent of all gone so that the same russia took the same you're going to put your jewelry here. its only time in the constant pressure to relieve a problem but it will be the worst from airport road because the traffic growth which is a customs troll may be easier than for the easy bit much more progress. for the partnership is a major. change that will create opportunities for the russian clip of what might. follow prizes a down despite saudi arabia casting altitude and concerns the market is oversupplied crude is steadily rising up for the presidential election nigeria around peacefully the country is a major over supporter of brant is trading at nearly one hundred twenty three dollars per barrel light sweet crude is at one hundred nine dollars per hour. now let's look at how the stock market

public offering to take place in the region this year the president of the hong kong stock exchange says he's interested in close apollo mission with moscow's. moscow is going through some reform process because the major changes i believe merging. and the model looks very similar to hong kong both in terms of product and terms of clearing settlements and so on so i think you know from that perspective clearly we have a lot of common interests indeed we signed a memo you with my ship several years ago and we're always open to ideas for corporations. oil prices are down despite saudi arabia cutting output and concerns the market is of the supply route is stabilizing after the presidential election nigeria run peacefully the country is a major oil exporter brant is trading at nearly one hundred twenty three dollars per barrel while the light sweet crude is below one hundred nine dollars per barrel . the price of gold has reached a record high of one thousand four hundred runs into dollars an ounce amounting inflation arrived the globe and europe's sovereign debt crisis pointed investo

explaining to my friends in hong kong what that meant. that was extraordinary for them to understand as well. by no means is if international event. it is what gavin has often told us. it is several world series events, several super bowls put together, strung together. i also know that it is not just a one-day event, as you all been educating yourself about this fantastic boat race. we will have entities from a round world building their boats here, coming here with their entourage, beginning now, actually, taking a look at the course and understanding what it is to build a boat here and then executing what they have to do to make sure their boats are ready. this happens now. it does not happen a year from now. they are all beginning to come now, so our restaurants and all of the businesses, the procurements of what they need to support their staffs coming over here. they are all beginning now. that is part of that $1.4 billion economic outlook that we had when we made this decision and got the award. 9000 jobs -- that is a heck of a lot

growing up behind hayes and three years with manufacturer is in these in the great russia and hong kong at bursting financial ties president dmitry medvedev expects up to five russian initial public offerings to take place in the region this year or the president of the hong kong stock exchange says he is interested in closer partnership with moscow's bonds. moscow is going through some reform process because the major exchanges are i believe merging . and the model looks very similar to hong kong both in terms of product and am self clearing the settlements and so on so i think you know from their perspective but clearly we have a lot of common interests indeed we signed a memo you with my sip several years ago and we are always open to ideas for cooperation. oil prices are down just by saudi arabia concerns the market is oversupplied crude is stabilizing after the presidential election in nigeria around peacefully the country is a major oil exporter brant is trading at nearly a hundred twenty three dollars a barrel of light sweet crude is a hundred and nine dollars per barrel. the pri

russia and hong kong a boost in financial times president dmitry medvedev expects up to five russianinitial public offerings to take place in the region this year the president of the hong kong stock exchange says he's interested in close partnership with moscow's moses. moscow is going through some reform process because the your two major changes i believe merging. and the model looks very similar to hong kong both in terms of product and terms of clearing settlements and so on so i think you know from their perspective clearly we have a lot of common interests indeed we signed him or you with my sic several years ago and we're always open to ideas for corporations. so we're going to it's now oil prices are down despite saudi arabia causing output and concerns the market is oversupplied crude is stabilizing after the presidential election nigeria iran peacefully the country's a major oil exporter prentiss trading around a hundred twenty two dollars per barrel. it's around one hundred eight betsy. the price of gold has set a new record high yet again of one thousand four hundred eig

in hong kong, the hang seng dropped 177. >>> well, as earnings season kicks into high gear, investors could be in for a bumpy ride. disappointing results from alcoa and google have cast a doubt on earnings reports. this week the pressure is on apple, intel, goldman sachs, and citigroup. >>> also ahead, before markets close for good friday, more data on the struggling housing market with fresh figures on new construction and home prices. >>> overseas asian markets shrugged off another move by china's central bank to stave off inflation to upping the reserve by most of the banks by .5%. crude oil futures dipped today, despite news out of saudi arabia that it had cut back on output by march by some 800,000 barrels a day because it believes the market is oversupplied. the move quashed hopes that opec would step in and alleviate prices. >> toyota reduced production in japan for the first time since the natural disaster. it's unclear when they'll be back up to full speed. >>> samsung may be looking to sell its hard disk drive unit for upwards of $1 million. >>> tim geithner said republicans

that fighters name is mostly in sally hall who was also named the king of kong flu becoming the only non chinese warrior in the world to be awarded this title though he graduated a while ago almost clean still considers it an honor to come by his alma mater to train and convey the philosophy of the next generation. this is really a unique school first of all it discipline students you are always doing something meaningful practicing studying you have no free time and i think that is very important for young people today it doesn't leave room for dark things drugs terrorism which is a pig problem today sports can save young people especially in our school kids practice study they're always supervised the martial arts are the foundation of the school education is equally if not more important in raising children for now the school is out on spring vacation so gets a naggum i have has some time to play with his grandkids but that doesn't mean. the faculty is in. while the students are away and the spring break these are is a busy preparing for the next term the boys should be arriving q

has been celebrating after one of its students became the first known chinese to be named king of kong food but that isn't the only thing that makes the biggest dog show unique as are one quarter of reports. by the russians of the world is a martial arts school. russian republic. even call it. the caucasus intrigue well i certainly was as. the school is located in hollenbeck old just over the mountain ridge from the d'agostini capital over the years it's produced and world and eleven european champions as well as a limpet gold and silver medalist in beijing in two thousand and eight. saying i got my move here with his wife in nine hundred eighty three with just an idea and that sense to live and now it's a fully fledged educational facility that nurtures talents from a young age through to graduation. five directions of the world for geographic points with spray spring the fifth one that means that we're following global laws a clickable to all people in the world and we want these values to dominate other religious national and other values of chinese martial arts have deep philosophy

with the only known chinese king of kong food and his world in for a. great story about what's coming up in a little while but football first where something had to give when the two teams with zero points thus far in the russian premier league met on monday evening grozny the side getting off the mark with a two no when a refs now going into the third week of action with losses across the board perak and were eager to jump start things in chechnya that was the home team beat all the early running exulting some of the penalty. we see all the money living from the sports one became twenty one minutes rodrigo t.u.e. heading home the. city to know how it ended up turning finally out of the relegation. of the random others it's reeling from things in nature are looking down on the rest the same petersburg side appoint a bold newly promoted. venture the big leagues and have luster winning two of their opening three games while uncourteous i'll be out south probably sits in the two most undesirable spots that is of course the automatic drop zone position. and

it happened around 1:30 this morning, shortly before a pacific jet bound for hong kong was set to take off. that's when fuel started leaking from that plane, forcing passengers onboard to get off. sfo duty manager told us in a plane took off for hong kong this morning. >>> another incident of an air traffic controller sleeping on the job. the faa is responding by changing the schedule for air traffic controllers immediately. the latest happened in miami. the faa did not specific the scheduled changes, but they are aimed at preventing controller fatigue, and they come a few days after the faa also announced an end to single person staffing around the country. ♪ [ music ] >>> good morning to you. a blanket of low clouds hanging over parts of area. giving you a look at some sunshine. but wow, an interesting shot there. we've got sunshine under the clouds this morning as the sun continues to move higher into the sky. we'll be proud and mostly cloudy -- partly cloudy and mostly cloudy today. some of us close to the coast will take a little longer to clear for your sunday. but our temperatur

around four percent after the game maker posted the second straight fall in annual profit in hong kong resource stocks drop eight percent lower commodity it's . he would russia both reality has in the eyes it's a losing over half a percent weaker while the negative news from abroad weighing on energy stocks shares of class probable point seven percent on the financials are also shedding all this with bt be losing over the sound the sour. you have largest lender is b. c. is pulling the plug on its retail operations in russia the new kongs less than two years after it announced the two hundred million dollars expansion. but the result of that creates explains why he thinks the. retreat. the retail market the these banks are talking about their existing this is a market of scale i mean you have to be big you have to have a lot of customers you have to have big market share in order to make sizable profit margin so that it actually matters for the mother bank we'd h.s.b.c. when i was one of the biggest banks in the world barclays so it is noticeable as a financial result for the big banks

handheld game and the storm yet the hong kong hang sang exchange is closed for a public holiday.here in russia markets are trading higher this saleyards us is up around one percent a nice exit point six percent energy shares are gaining on high oil prices take a look at the more gas problems up point three percent come down slightly since last fall events are one of the biggest gainers one point six percent and higher precious metals but burbank is can bucking the trend it's down point three percent . russian tycoon one of his planning to take over english football club portsmouth the multi-millionaires have to become the team's fifth owner in three years and a deal worth twenty eight million dollars on top of to portsmouth after he had an offer to buy neighboring burnham mouth at sea was turned down and twenty ten parents were not the hong kong based china rye put the club into ministration last year when that reached two hundred fifteen million dollars that was after it dropped out of the premier league however the the back. the six months makes sense to some. and we will be ba

. >>> travelers headed to hong kong were delayed several hours after a fuel spill. the incident happened around 1:30 this morning shortly before a cafe pacific jet was set to take off. the plane started leaking fuel as crews were refueling the plane. passengers were asked to get off of the plane while crews responded to the tarmac to clean up the fuel spill. that plane finally took off for hong kong about three hours later. >>> officials are about to reveal a dramatic new way to pay for parking. it'll use cell phones to charge you for demand. >> reporter: a dime for four minutes, a quarter for 10. curb side parking in san francisco hard to find and once you do expensive to park. this week you're parking habits may be changing. >> we're really excited about this new project. sf park will be launching. >> reporter: the idea use demand based pricing to influence where and when people park. the goal to reduce traffic on the street. >> by steering you as quickly as possible to either on street parking that's available or off street parking in our municipal garages. so by

become a doing to market so if we see a lot of in this special commode boy the shares with them hong kong and interest but also all being traded in north america for example we should seriously consider that. and that was on his business some day join us for more next hour and of course we always log on to our website at abc dot com slash business. wealthy british style. is not on the side of. the. market finance scandal find out what's really happening to the global economy for a no holds barred look at the global financial headline news you need to cause a report on r g. the. if. the russians would be so much brighter if you knew about song from funds to question some. of these for instance on t.v. don't come. we'll. bring you the latest in science and technology from the ground floor. we've got the future of coverage.

today indians can get just about any international brand from hong kong to the u.s. to the u.k. it's access has changed the mentality of many to remember for ten years the people . conciliatory number. says the group is there never know the globalization is there so people are you know thinking in a very different from manner india's economy is booming twenty five years ago ninety percent of the population lives on less than a dollar a day like twenty twenty five forty percent of the population here will be classified as middle class and with a growing income when you think a new culture of consumerism and brands from around the world are ready to cash in on it it is a huge country. one point two million population and so even if everybody's friends i don't be so it's a huge sign but despite the success most indians are aware that the country still has a long way to go and while things are moving in a new direction there is a large portion of the population who is at risk of being left behind and that this baby is widening their way because of the rich rich wasn't getting richer

on and i would still like you know donkey kong poking on and finding even during times like gangster rap it just doesn't work you know the fact that you all made me watch this video today reminded me of something i've been meaning to do for a long time which is a p.s.a. to all of america and i'd like to deliver that now which is please young white suburban suburban i met of this great country of ours please quit rapping on video just stop whatever whatever idea you have in your mind about how good you're going to look if you're wrong it's just not good stuff please stop my favorite. my favorite part was we were talking about this in the green room as chris clark was leaving and she said that when she was younger she also thought that she was going to be a rapper so she had been at dartmouth now maybe she will be there if you are going to read just don't put it on video just don't put it where we are it's a lot of video so we can make fun of it and what i was pushing. ok now let's move on to something that i guess is a little bit more serious because it's not just people talking on vi

discuss america's out of control debt situation i'm joined by martin henniker in hong kong he's an associate director at the tight group in cambridge we have jeffrey frankel he's a professor of capital formation and growth at the harvard kennedy school and in new york we cross to joe weisenthal he is the deputy editor at business insider all right gentlemen this is crosstalk that means you can jump in anytime you want but first let's have a quick look at america's get mess. going broke i going for broke wanting stuff get asked the l.s.o. fourteen point three trillion dollar debt ceiling is lifted by i need me on the line the course of the u.s. is on a federal budget so how do original money lives that it more than fourteen point two million dollars and rising by four wheel and dollars that a massive iou generation forty three cents of every dollar we spend this year. we borrowed against the future of our true. compromise boarded a us government shutdown with agreement on the largest single spending cut in u.s. history but thirty eight billion dollars is small change begins to slice of the de

. >> did in hong kong and the world's first 3-d erotic film.et's go to the clip. >> yes, please. please, gather the children up. the first 3-d erotic film. debuted in one of hong kong's busiest entertainment districts on tuesday night. it is called "3-d sex," sounds very subtle. >> what. >> a very subtle title. nearly sold out in early screenings there and in hong kong, something like mc-17 all of this year. >> and the stars, right? >> these are the stars which are conservative by american standards, i think. not everything is hanging out. >> right, right. >> but in hong kong it's been rated af a category 3, which means anyone under 18 cannot see but 3-d erotic films. good luck with that. >> from that rating -- >> yeah, yes. >> to g-rating, let's talk about some peeps. the easter candy peeps thing. something that "the washington post" does. basically it's creating these diaramas. these little things with the peeps. >> the easter candies, yeah. >> take a look at some of the most popular submissions that people went in and entered. this is for th

because of this, the recyclable bottles are transferred to hong kong and china. it means that there is a lot of oil that is getting used for the recycling of the bottles. we have a presentation from the youth commission. they are the representative of district 7. she is asking for support that we need to get to her, at a public-private exchange program. she was in the mission district. she is there under a scholarship. realize that her school, we don't have enough interaction with each other. we have all of these-stigmas about each other. she is asking for support with this exchange program. at the last cabinet meeting, there was also a video. a person from the department of public health heyman and shot a psa with us. >> handsome youth commissioners have come by to tell us about financial empowerment workshops for high-school students. there are workshops where they can learn about getting financial aid preventing identity theft, avoiding death traps. it will be april 30 from 10:00 a.m. to 1:00 p.m.. also, they are going to be having our annual youth summit whic

but in hong kong, the hang seng lost 114. as so often seems the case these days, the pendulum swung again on wall street on tuesday and this time to the upside. a day after worries about commodities cast a weak move, a strong push of corporate results pushed all the majors to fresh highs for the year. ford reported its best first quarter since 1998. 3m posted a healthy jump in profit and raised full year expectations. u.p.s. beat the street. consumer confidence rose in april with unemployment and price worries easing. even losers were winners. delta jumped 11% after reporting a smaller loss than expected. after the bell, amazon slipped reporting new investments had eaten into earnings. elsewhere, sony now says the credit card data of 77 million playstation account holders may have been stolen in the hacking that forced it to shut down its play station network last week. johnson & johnson is buying swiss medical devicemaker synthees. in a huge deal worth more than $21 billion giving j and j the lead in equipment to treat traum

taking a look at overseas trading this morning, in tokyo, the nikkei sank 113 points while in hong kong, the hang seng dropped 130. >>> the fear of rising commodity costs have suddenly gripped wall street and will continue to throughout this busy week of earnings reports. kimberly clark, maker of kleenex and huggies fell due to the rising costs of pulp. the consumer giant announced a price hike yesterday due to the -- you guessed it, the rising cost of pulp, oil and gas. the day saw a silver sell-off after the metal neared record highs lifting the dollar and pushing oil lower. energy and material companies ranked among monday's worst performers. auto supplier johnson controls fell almost 3% after announcing third quarter results would be hit by a drop in production following japan's massive earthquake. that tragedy sent toyota's production in japan plummeting a staggering 62% in march to the lowest levels since 1976 when toyota began keeping figures. >>> and ford announced this week due to the parts shortage, it will idle plants in taiwan, china and south africa. canadian based barrett

in tokyo, the nikkei lost ten points, but in hong kong, the hang seng gained 242. >>> is the fed ready to end the easy money policy? that's the big question on the minds of investor this is week as the federal reserve begins a two-day policy meeting tomorrow. policy makers will discuss interest rates and the fate of the recent $600 billion bond-buying plan to boost the economy. then following that meeting on wednesday, fed chairman ben bernanke will make history at the central bank's first ever press briefing. the new media friendly policy is the fed's attempt to be more clear about what's on its mind. the average price of regular gas is now up to $3.88 a gallon. this week we'll find out if the rising fuel costs are draining profit from delivery giant ups. meanwhile, as oil prices continue to climb, look for profits to soar at exxon mobile and chevron. >> a third of the s&p weighs in with earnings this week including coca-cola, caterpillar, and amazon.com. 75% of corporate reports have beat earnings estimates. >>> today we get an update on the struggling housing market with new numbers