the zurich and smi down nearly 0.75%. losing that amount for the second day in a row.he same concerns about greece are also affecting the currency markets where the euro is falling today and the u.s. dollar is sharply up against the common courtesy. the british pound trading at 1. 144 versus the u.s. dollar and the euro at 1.4129. >>> this moves come just a day after frustration exploded into violence on the streets of athens. engaged protesters battled police, expressing their anger over the government's austerity measures. many demonstrators say their families are on the brink of financial disaster. unemployment in guess has skyrocketed to more than 1 % in may. it's risen by 40% since just last year. the prime minister is pushing for additional cutbacks hoping to get the fifth payment of a $158 billion european bailout. the new proposed cut backs include an additional 20% cut for public sector jobs, something that's bound not to win much public support as you can imagine across athens and the rest of greece. here's how the athens market is looking at a moment. this i

the zurich smi just in the negative column.hing to say about the big business stories of the day, get in touch with the whole team on our facebook page at facebook.com/cnnwbt. let us know your thoughts. that's it for this edition of "world business today." i'm charles hodson in london. "world one" is next.

zurich smi off by about half a percent. in terms of the greek exchange, that opens in 30 minutes. we'll take you there and show you the athens general numbers as soon as trading starts. a look at the currency markets, just really relatively flat. very scant gains for the euro against the dollar after the agreement prime minister won that confidence vote. the pound pretty much flat and the yen also up about .10%. we do say this every day, that is i suspect a level that japanese exporters are uncomfortable with. >> it's interesting. saw the exporters up today, charles. the yen anywhere around 80 is still way too strong in most people's opinion in japan. >>> let's get back to our top story. investigators breathing a sigh of relief after the greek prime minister survived that confidence vote in parliament on tuesday. but the battle to stave off a possible sovereign debt default is not over yet. mr. papandreou has to get parliament to approve a 78 billion euro, about $112 billion worth of tough austerity measures next week. that's not going to go down well with much of the greek public

the smi so it's your first year here in the russian capital as a chef and yesterday. i got the job back in london when i was working there and so i know you will and i am what you think of arson capital how do you think it would look before you came here i've had mixed reports. from the communists and. thinking it might be a bit grim and i quite like it as it is pretty divests in my mind so it's a pox and the restaurants cafe coaches explained it and i just i'm really enjoying being here actually. really is for the act we send so all the heartbeats of capital yeah yeah i mean if you're going to amp around the center you very much end on that really is one problem with the golden ring is. being with the traffic it's horrendous the traffic. going to bad i mean if i go on the school run in the morning which is a little bit outside it takes me an air of a day twice a day so that you can be sitting in traffic for hours not something about the golden ring culturally to say many museums around moscow and galleries and there is friend ballet and. beautiful old mansions from d

the smi in search of us here here in the russian capital jackson who worked as a chef for the night yesterday. i got the job in london when i was working there and so i know it's a new york and i am what you think of arson capital how do you think it would look before you came here i had mixed reports you know see communists and perrineau thinking it might be a bit grim and i like a pretty divests in my mind so it's a pox and restaurants cafe coaches expatriates and i just i'm really enjoying being here actually and i've become a golden ring really is for the eyepiece and so all the heart beats of the capital yeah yeah i mean if you're going to end around santa you very much and to commemorate is one problem with the golden ring is. going to be the traffic is horrendous the traffic a pretty bad i mean if i go on the school run in the morning which is you know the battle starts and it takes me nearly an air of a day twice a day that you can be sitting in traffic for hours not talking about the golden ring culturally to say many museums around most guys and galleries and and it is and friends b

the smi social fusty here in the russian capital jackson who worked as a chef i don't know if yesterday. i got the job in london when i was back in maryland but why not send you off and i am what you think of the russian capital how do you think it would look before you came here i said mixed. you know see it come in instance a pear and i don't think it might be a bit grim and i quite like it as it is pretty divests in my mind so it's a pox and restaurants cafe coaches explains it and i just i'm really enjoying being here actually i'm a bit of a golden ring really is for the acme sensor or the heartbeat so off the top of the yeah yeah i mean if you're going to have around the sense that you very much and the amount is one problem with the gold ring is that would be going to be traffic it's horrendous traffic a pretty bad i mean if i go on the school run in the morning and she's a little bad sides and it takes me nearly an hour of a day twice a day so that you can be sitting in traffic for hours let's talk about the golden ring culturally to say many museums around moscow and galleries a

the smi sergio first year here in the russian capital yes as a chef and yesterday. i got the job in london and i was with him there and so i know. what you think of arson capital how do you think it would look before you came here i had mixed reports. coming estens. thinking it might have been graham and i like it it's pretty divests in my mind so said some restaurants cafe coach just explained it and i just i'm really enjoying being here actually and i but really as for the app we send so all the heartbeats of capital yeah yeah i mean if you're going to have around the center you very much end on that one problem with the golden ring is. being with the traffic it's horrendous the traffic. pretty bad i mean if i go to school right in the morning which is a little bit outside it takes me. twice a day so it's you can be sitting in traffic for hours not sorry about the golden ring culturally to say many museums around and galleries and and there is a friend ballet and. beautiful old mansions dating back and. it was the. so hidden away. is. the fountain of blackness and

letter to me hi fi smi so your first year here in the russian capital yes you work as a chef and yesterday. i caught that joke but back in london when i was but you know and so i know you will and i am what you think of the russian capital how do you think it would look before you came here i've had mixed reports and you'll see communists and perrineau thinking it might be a bit grim and i quite like a it's pretty i guess in my mind so it's a pox and restaurants cafe coaches explains it and i just i'm really enjoying being here actually and i've done the golden ring really is for the at the center or the heart beats of the competition yeah yeah i mean if you're going to end around santa you very much and cannot raise one problem with the golden ring is that what being with the traffic is horrendous the traffic a pretty bad i mean if i go on the school run in the morning and we see the little baskets and it takes me live an arabic day twice a day that you can be sitting in traffic for hours about something about the golden ring culturally to say many museums around most and galleries and an

paris cac 0.7%, zurich smi 0.7%. athens general optimism up by about last time i looked nearly 2% for the athens general. don't forget if you want to comment on all of that or any of the stories in the show get in touch with the whole team on our facebook page, you will find us at facebook.com/wbt. back in 24 hours.

zurich smi, off by round about a 0.15%. a bit of strength returning to the dollar there. 1.4637 against the euro. 1.64 for the british. asian marketing are reacting to news in their own countries. our asia business analyst has a breakdown of what happened in that region. several of them came back from holidays, didn't they? >> they did the markets stayed close to the flat line today, reacting to their own domestic news and growth concerns. at the close of trade, some were up, some slightly down. first over to japan and the nikkei rose about two-thirds of a percent to 9443. this is the first time it saw some gains thanks s ts to util and auto shares. tepco jumped about 4.35%. toyota shares revved up to close at about 2.2% or so the carmaker said it would increase production of its hybrid cars. the hang seng closed down about 0.2% to 22,912 thanks to weakness in banking as well as energy plays. hsbc holdings weighed heavily. they were downgraded to neutral but credit suisse, they were cut from outperform. they fell nearly 1%

we have the smi turning things around.gs are looking up but we must point out we've been here before over the recent days with stock markets starting out on an upbeat note and that positivity being rather short lived. we have a number of interest rate decisions on the cards for the bank of england and the ecb later on today. potentially that could mover the markets. >>> for the second day running, the nikkei pushed itself into slightly positive territory in the late part of the trading session. that was despite another huge drop for tepco, the tokyo electric power company and a big slide for nintendo. the game's giant lost almost 6% after ubs downgraded its shares. the nikkei was the only one that ended the day in the green, up by 0.2%, some heavier losses for the shanghai composite, also the hang seng and the kospi ending the day down. >>> let's wheel you around to wall street. alison kosik is in new york for a wrap of the action. >> the major averages ended lower for a sixth session in a row. the report found economic ac

all that and more, but first, here is smi take. this week we got a he'll way into the way barack obama's mind works. he's clearly felt the united states has a lopsided foreign policy with too large a military commitment to certain crisis points on the globe. he has wanted to rebalance american foreign policy to shift the focus away from the problems of the past, iraq, afghanistan, and focus on the challenges of the 21st century, the rise of china and asia more generally. this week, me gohe announced a significant drawdown of troop, effectively reversing the surge that began 1 mon8 months ago. when he came into oifrks the united states had almost 200,000 troops engamged in combat in iraq and afghanistan. by next year, it will have half that number. most in noncombat operations. some would wish the drawdown was slower, others faster, but obama has basically matt right call. the united states cannot disengage instantly from a war it has future for a decade with allies and commitments made to those allies and the afghan people. henry k

some of these markets the equity market is feeling the pain as well with the exception of the zurich smihich is flat. in france, some are potentially being earmarked for a downgrade that has the cac 40 down 0.4% and the ahead of the chancellor of the uk finance minister's speech later on today in the city of london, he's expected to cleve off the banking operations for some of the commercial banking operations for the largest lenders. to asia now. japan bucked a downward trend. shares of tepco, the company at the center of the japanese nuclear crisis a couple of months ago. those shares shot up by 32%. now tepco has enjoyed a two-day lift since japan's cabinet approved an aid package to cover compensation claims but business elsewhere, as you can see, the nikkei adding on the day but the kospi, the shanghai composite and the ask falling on the day. the markets look set for a lower open when trading opens in a few hours from now. this is where we stand in the futures premarket action as you can see the s&p 500 falling the most. that's the broader index down by about 0.4%. in terms of futu

crisis, but we are seeing very cautious gains there across the board with the exception of the zurich smi, which is off about 1.2%. otherwise up by one and a third percent. some difficulties for the euro and seesawing around. euro, 1.4354. and the japanese yen, still i suspect uncomfortably high for japanese exporters, just a shade over 80 on the dollar. >>> for more on, that let ee go to ramy inocencio. >> over in neighbored new zealand, the market finished just a little bit lower. that's after the two earthquakes hit christchurch, measuring 0.et 4% in magnitude, that comes after they're rae covering from the last one. today's events were enough to send the new zealand down nine-intelligents of a percent against the greenback. the nikkeis with down 0.7%. one was a fall in machinery in april. that was combined with a stubbornly strong yep and the yen down three-quarters of a percent. toyota and hyundai were the two big companies taking a tumble. here in hong kong the hang seng suchered losses but that came after tighter mortgage rules were introduced. the hang seng did bounce back later i

and much smaller losses for the dax in particular for the acc and the zurich smi.really like a cat a hot tin roof at the moment i would say with the greece issue. andrew? >> i reckon that's a description you could apply just about across the world at the moment, charles, as we watch and wait for greece. that's what happened here in asia today. possibility of a greek default obviously weighing heavy still on the markets as that three-day debate on the austerity measures gets underway. nikkei down by a little over 1%, not helped by a stronger yen. the hong kong hang seng do down .6%. shanghai bucking the trend. getting a bit of a follow-through 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. s

and smi ú >>> good evening, once again. thanks for being here.adlines as we start the half hour. governor brown sign inside law an internet based tax commonly called the amazon tax bill. it makes them collect taxes from affiliates based in the state. >>> small shuttle companies say they are getting shut out at san francisco international aryment. they say that supershuttle gets preferencial treatment. the airport denies any preferencial treatment. east palo alto police took to the streets to check up on gang members on probation or parole. >>> some of the headlines tonight. president obama today laid down a challenge to republicans in congress over raising the nation's debt ceiling. let's get it done, he said. at a white house news conference the president held opened the possibility of keeping congress in session over the fourth of july holiday unless significant progress is made this week and raising revenues he said must be part of that deal. >> the tax cuts i'm proprosing we get rid of our tax breaks for millionaires and billionaires. tax bre

they said that the smi drove into this side of the moving train. we will have to find out about that as the investigators bennett, we will also want to know the identities of those that perished, and the injury list. we will have more on kron4 news at 6:00 p.m.. >> the mother of the young man at the heart of the saggy pants controversy team up with the naacp and other activists today, the group held a news conference to discuss what happened to deshon marmen and what did on the airline to do in response. deshon marmen is the young man that was arrested involving an incident following the saggy pants that he was wearing of trying to board a u.s. airways flight to go back to college he was arrested and spent the night in jail, this is video of the incident recorded by another passenger. teresa estacio reports that mormon deshon marmen--and his family deserve an apology especially since another video has surfaced showing a man that was scantily clad dressed more on at the airline. >> members of the naacp, community activist and a mother of deshon marm

that should not be smis misinterpreted as a wholesale embrace of what they're doing. i don't know where that's coming from. the fact that everyone -- >> it's coming from david axelrod. >> you would expect that, you know, in a political environment. but, listen, i have respect for the president. he's a good man. he's earnest and hard working. we have fundamental disagreements on the direction of the country. 2012 is going to be a critically important election year because it will have everything to do with resetting our numbers. getting our economy back on track. and i believe resetting our position in the world from a generational standpoint. >> finally, i have to ask about your first campaign ad. that motocross rider going across the desert. that turns out it isn't you. what are you trying to say with that ad? >> if had been me we would have been going a lot faster. my riding gear, we couldn't set out the logistics. it's to get people talking. you know, you throw up a corny commercial. and it gets people talking. and i think we've achieved the intended purpose. and h

the smi is -- the economy is in a bad shape. it's not out of the foreclosure that the economy couldn't trend below, and under those circumstances, of course, markets have moved back. their expectation of the timing of monetary policy and rates have fallen. now, i think it's remarkable that markets are totally complacent about both the debt ceiling at this point and the long run fiscal fix. they absolutely think this is going to take place, and thanks for the confidence i suppose as the secretary would say, and the other aspect is, you know, flights to safety to some extent coming from greece. whenever there's a global crisis, and you can talk all about the u.s.' problems, but there is no other market and treasuries, and no matter where the crisis begins, money ends up in the u.s.. >> john, would you -- would you agree that investors are being complacent? is it possible when they look at the debt ceiling the biggest risk is not necessarily default, but the measures exactly as you're talking about to get our fiscal house in order

when there are financial strains on the smi side, they are managed in a different way. we have rising internal revenue pressures. let me first review the hi projections. we project that every year going for that annual hospital expenditures will exceed program and come in the coming years. the consequence would be a continuing diminution until it is exhausted in 2024. that date is five years earlier than was projected in a previous report. report.

on the smi side, we see rising costs. costs were up in 2010 and we see them rising fairly rapidly. going to 23% of gdp. medicare costs are expected to rise rapidly to reach 5.6% of gdp in 2035 and increasing thereafter to more than 6% of gdp. i have a couple of caveats about those numbers. before get to those, one additional point. this year's report also issues a medicare funding morning. there is a provision the law requires us to stay. when we project that at any time over the next seven years, there will be a year where if the gap between program outlays and dedicated revenues, is more than 45% of program outlays, and that is the case for 2011 and that warning has been issued in this report for the sixth consecutive year. the caveat about the numbers. there are a number of places where it is stated explicitly that actual costs and practice are likely to be higher than what we show and the reasons are various. the most obvious of them is the fact that under current law, there would be a 29% reduction of payments in early 2012. historically, congress and the administration worked

putting ai smi smile on the hol. >> do you want to ride? >> i do. >> can you do it in your skirt?this. first, this is "today" on nbc! >>> it is a pleasure, and we mean that, to welcome back our good friend, len berman. he's here to catch us up on the wild and wacky moments from the world of sports. lenny, welcome back. >> i can't go on. you guys are too kind. all right. well, the last couple of months feature the kentucky derby, the dallas mavericks and the boston bruins. but what were truly the top sports stories? let's go spanning the world. ♪ >> unbelievable! >> all right. on your mark, get set. in south carolina high school soccer. that's a goal. play ball! everybody flipping out. as cabrera for cleveland, paul konerko for chicago. got him. pitcher ross for texas. ditto. the guy on the left at indianapolis. look out. in italy, the penalty kick goes off the crossbar. the goalie celebrates. but look at the ball. bounce, bounce. that's a goal. just another case of premature exhilaration. >> oh! >> in france. a motorcycle mishap. ♪ here we go 'round the mulberry bush ♪ ♪ this goes

miss smi: additional 15 seconds. miss -- ms.on of colonel gaddafi warned that in the event of a civil war, libya's oilt wealth would be burned. -- oil wealth would be burned. one can see why global powers took note. history will judge whether these resource wars and selected dictatorisposals are justifiable, but the answer for america is to invest here at home and to restore america's energy independence. and to extricate ourselves from all these foreign oil involvements. i yield back the balance of my time. the speaker pro tempore: the gentlelady's time has expired. the gentleman from florida. mr. rooney: i yield two minutes to my friend andolleague, the chairman of the subcommittee on strategic forces, the gentleman from ohio, mr. turner. the speaker pro tempore: the gentleman from ohio is recognized for two minutes. mr. turner: thank you,r. rooney. i appreciate theime and also your advancing this resolution. the president has not made the case for committing our military to the conflict in libya. the president claims that the