cyprus has taken over the rotating presidency the eu. jose manuel barroso is all praise. >> they are extremely well- prepared. president christofias and his government, they came to brussels at the beginning of the year. >> but the real issue is how cyberassault played the role of president while being the latest country to issue bailout funding. president christofias has agreed to accept the troika's recommendations but not unconditionally. >> we will be discussing this. we have our own view. that is what i told jose manuel barroso this morning. other countries might have a different perspective. for example, on adjusting for inflation in terms of prices or wages. >> cypress has been badly hit by the crisis in greece. in addition to help from brussels, it also hopes to get a loan from russia. the two countries have shared business interests and president christofias, who speaks russian fluently, has defended the request. >> russia is a capitalistic economy. no one should worry that we're bringing communism to cyprus just because we're wo

that is an excuse because the political imperative was to make the eu a bigger club. there is a parallel with the eurozone crisis. some of these countries are not ready to be in the club. people were keen to get members into the eurozone just to solidify the club, and that is what happened with romania and bulgaria. this is the price the commission as having to pay, having to use threats to bring these countries into line. >> all the latest business news still to come. >> first, a look at other stories around the world. >> a ferry with more than 280 passengers on board has capsized off the coast of zanzibar. officials say at least 15 people died when the vessel sank after it left tens india today. preliminary reports suggest the very got into difficulties after it was hit by strong winds. >> prosecutors in hungary say they have arrested an alleged nazi war criminal. the 97-year-old has been accused of involvement in the deportation of jews during world war ii. >> nelson mandela has been celebrating his 94th birthday. the hero of south africa's anti- apartheid struggle

but the meetings are expected to be strained. an eu embargo on iranian oil imports took effect sunday. >>> the u.s. and eu authorities have put new sanctions in place to try to stop iran from developing its nuclear program. the measures target crude oil exports and financial institutions to stop doing business with the country. iranians are seeing the results. they are facing higher prices for food and medicine. they are also facing safety risks. nhk world reportsrom tehran. >> reporter: an iranian jet made an emergency landing at an airport. it made the landing without its front wheels. it could have been a disaster. the captain told nhk what was going on in the cockpit. >> translator: i told the co-pilot to deploy the landing gear. but the instruments showed something was wrong with the wheels. >> reporter: in january 2011, another iran air passenger plane crashed into the northern part of the country. 80 people were killed. both accidents last year in both planes made by boeing, the u.s. aircraft manufacturer. the economic sanctions

if it go points or a euro so that can.sly the eu agreementay was a bit of a failing banks. the mainfocus with the u.s.wednesday. back to ra tha ramin from the tokyo stock cutives at aonductor maker areounce streammeasures that include their plants. unified theirs struggled to cope aft and the histori appreciation of the ny p more than billion that's roughly $790 million for march. now, under theplan up to jobs may be slasd at office 30%roll the company also close or sell 18 plants japan and sale of anotherfuture. company executives are set the plan on tuesday.ring tohat host the well asunions. news for you next hour. asian markets. >>> floodingindia's left at l people dead ands officials t state of 000 villages havooded. ofe been evacuated. they affected by the floods. flew there on to dropssities in the area. also experiencing monsoon downpours. landslides dead. koreans are hearing ir kim un. state n ng unin the first six months more than time that he waspower. the reportes activities months generally put storiesjong-un the high officials tr ee lay co m's lacks lacence. >>>

the case of the united kingdom and the eu. most people wanted fresh settlement with fresh consent rather than have the choice of leaving right now or voting to stay in right now and thereby confirming the status quo. >> how many of the hundreds of new jobs that will come from setting up will be located in the city that has been the home of the successful united kingdom patent office, in the city of newport? >> i do not know the answer to that question. parts are pharmaceuticals and life sciences and i think it is a good deal for london and a good deal for the u.k. >> unemployment hit a record high. whatever happens to the euro, recognition is there in brussels -- the need to do serious deregulation and pushing for the single market? >> if you look at the different rates of youth unemployment, we are not one of the best nor one of the worse. germany and holland have very low rates of youth unemployment. they have different approaches to training and we have a lot to learn from them. >> mr. nicholas brown. >> why existing anti-fr

in 2009 it was the only eu economy to avoid recession. , i think the economy has grown by something like a cumulative 10% or so. remarkable given the backdrop. the outlook is framed by the eurozone. the key point, although poland is much better placed than hungary, romania and so on to weather those problems. its banks aren't quite as exposed. it's not immune. the eurozone slights into recession, if the eurozone breaks up, then poland will not be able to escape the turmoil that follows. we think it's not going to collapse but it's going to slow. rates have probably peaked. still some very hawkish members. growth starts to slow over the second half of this year. >> 4.3% growth in gdp 2011. 2% in 2012. you think 1.8% in 2013. so still positive growth in this country. on the basis of what assumptions? what's the macro picture that will yield 1.8% growth in 2013? >> again, everything is framed by the eurozone. we have the eurozone contracting by 0.5% this year. contracting by 2.5% next ye now on the face of it, that -- those polish numbers loo

from wednesday, officials from the eu, international monetary fund, and european central bank will being how far greece has enacted reforms in the past three months. ahead of the talks, the ecb said greece had no alternative but to stick to its austerity program, no matter how painful. >> so my point is this, the new government should not lose time looking to avoid or losing the program. it should instead focus on how to maximize the effectiveness of reforms. >> these so-called troika will decide whether to release the next installment of aid money based on the country's performance. greece desperately needs the infusion to avert bankruptcy. >> one big reform to come out of europe's debt crisis is under question. here in germany, the fiscal pact that was championed by german chancellor angela merkel. >> germany's constitutional court is looking into whether it is legal to put the pact into law in germany. it can be ratified if the court upholds a number of constitutional complaints against it. >> the constitutional judges will have to decide whether parliament has surrendered too much

but the meetings are expected to be strained. an eu embargo on iranian oil imports took effect sunday. the head of nato says he wants the international community to find a political solution to the conflict in syria. secretary-general anders fogh rasmussen told a news conference in brussels there are no plans for a military intervention. >> nato has no intention to intervene in syria. and as i have stressed today, i think the right way forward is to find a political solution. >> rasmussen called on the u.n. security council to speak with "one voice" to pressure syria and he also commended nato member turkey for showing restraint sincerian forces shot down one of its military aircraft last month. >>> japanese prime minister yoshihiko noda woke up to new political rivalries. his biggest rival quit the ruling democratic party and took 49 allies with him. ozawa disagreed with noda's plan to raise the consumption tax. >> translator: we voted against raising the consumption tax based on our belief that there is much to be done before any tax

over loosening the conditions of austerity measures that the eu has imposed in return for financial support. the first member of the new cabinet which was formed in june resigned over government policy. now let's get a check on the markets. >>> u.s. markets ended lower again on concerns about eurozone debt yields as well as some hesitation ahead of key earnings reports out ahead in the united states starting this week. dow jones industrial average falling one-third% .33% on the. let's see how stocks are trading on this tuesday morning here in japan. what can you tell us from the tokyo stock exchange? >> we do have the backdrop of eurozone debt issues with bond yields in italy and spain spiking higher. also we're going to have some key trade data out of china ahead of the all-important gdp numbers on friday. and of course we have the all-important earnings season kicking off in the united states. a lot for investors to take in. let's see how all of that is kicking off here. both indexes trading higher. we're just march ginally lower the nikkei. it ended lower yesterday for three days

spanish business newspaper reported tuesday that the country will ask for a full bailout from the eu. spain has already obtained financial aid for its commercial banks. meanwhile, european stock markets extended their losing streak on tuesday. the benchmark index in madrid plunged 3.6%, and milan closed 2.7% lower. >>> greece's financial health is getting a checkup this week. inspectors from the european union and the international monetary fund are visiting athens. the president of the european commission, jose-manuel barroso, will also be there. they'll all be assessing the country's progress in slashing its debt. european union spokesperson says barroso will meet with greek prime minister antonis samaras, hoping it will help greece get out of its debt crisis and a request to ease the cost-cutting condition that is a prekan for bailout funds. >>> inspectors from the eu, the i in, f and the european central bank arrived tuesday in athens. they'll be looking at how greece is implementing debt-cutting measures and report their findings to the eu. european officials hope the report will

the eu has also frozen assets and imposed travel bans on three more entities and 26 more individuals supporting the assad government. senior syrian army officers are among those targeted. the conflict in syria is affecting its western neighbor lebanon, the u.n. refugee agency fears the current rush of people fleeing from syria into neighboring nation s could lead to chaos. the number of syrian refugees fleeing their country has surged since last wednesday when the violence intensified in damascus. the u.n. high commissioner for refugees says that up to 30,000 syrian refugees may have crossed into neighboring countries on wednesday and thursday alone. the refugees streamed to the border with lebanon which is about 30 kilometers from the capital. a spokesperson for the unhcr said that the agency is preparing for the worst. >> we have to be prepared for a bigger influx, so we plan for 40,000 people, 50,000 more, 100, so we have different contingency plans based on different numbers. >> the spokesperson added that communities accepting the refugees are already feeling the strain of housin

so, the people in spain are angry. eu officials believe it is the right path. our brussels correspondent spoke to us earlier. >> the european commission spokesperson welcomed the announcement by mariano rajoy, but would not comment on the details. they said that the measures looked decisive. what is clear is that the spanish government is following the eu's recommendations. they say that spain has to increase its tax revenues and also shift the tax burden from taxes on labor and income more to consumption. that is what is happening now. also -- also, spanish prime minister mariano rajoy announced that the retirement age will gradually increase to 67 years over the next 15 years. a lot is happening, but a lot more is needed. they are asking spain to do more to tighten and employment, especially amongst young people, to do more to improve the structural systems and get structural reforms under way. brussels does not want spain to enter into even deeper recession. they're watching closely what spain is doing. >> time to take a look at once the's market numbers. --

. >> the eu says that is threatening progress remain yet has made since the days of communism. european lawmakers greeted him as he defended his position -- his decision. >> prime minister victor ponta was in brussels today. is handshake with jose manuel barroso was short and businesslike. after the meeting,barro -- barrosso mentioned other agreements. >> earlier, he was at the parliament. >> the point i raised to the prime minister was my feeling is the loss should not be changed. >> that tough talk seem to have had the desired effect. >> i thinker is going >>f his cnt tbelill have news fr this news forcese. am hemeerofy rtto folw to oreciar sllt t dthse hantbe them beneath it. >> aoparccs r to locationgh a t of people were on the slopes. sintre not behaving recklessly. >>he mountain faces steep. there are big banks of snow eiln avalanche. but we had no reason to expect an >> fren i the deadliest avalanche to strike the alps in recent years. >> the economy may me than originally forecast in italy. e adfhe bins lobby in italycts the n be 2.5%. >> the most recent calculations fo

it shows that the eu policy measures are not enough. -- the eu's measures are not enough. there has to be a stronger stand from abroad. >> members of the opposition said belarus' independence day celebrations are a farce. they say people there are more ready to protest against the regime than ever but are prevented by fears of what may happen to them if they do. >> coming up after a short break, we will be taking a look at wind energy in germany. >> now that euro 2012 was over, soccer is taking a bit of a pause, but for those of us who can get enough, we have the story coming up for you after the break. >> stay with us. >> true art has a mind of its own. just like beethoven and the artist who interpret his work. the beethoven festival, from september 7 to october 7. order your tickets online. >> welcome back. the 11th international conference on wind energy has opened in the western german city of bonn. the annual forum brings together industry representatives, energy sector researchers, as well as politicians. >> in germany, when power is especially important. the gamelan

and the pressure is growing. on monday, eu foreign ministers agreed to fresh sanctions on damascus and more aid for refugees. >> we can agree a further round of european union's sanctions on the assad regime, including entities involved in its financing. we now have to step up our humanitarian assistance. >> ministers also hope to convince more syrian government officials to turn their backs on the assad regime. >> we will make every effort to encourage it deserters to leave to help ease the transition of power. >> but further action by the international community may be hampered. russia and china are still blocking a resolution by the u.n. security council. >> our correspondent has been covering the meeting of eu foreign ministers. we asked him at the 17th round of sanctions now in more than a year against damascus is expected to really change anything. >> well, that was the question at the meeting today, just how many sanctions -- rounds to we have to have before anything happens? there's not much more the european union can

in the way that negotiations are headed in the eu? the financial transaction tax and the banking, is there a real threat here? >> there is a real tlet, but i think the u.k. will draw a line in the sand. they've slightly come to center stage. and, again, same problem. all of these extra regulations which are designed to make the bank safer, in theory, do cut across the concept of keeping the wheels in the cart working. so i think it's a bit of a lesser focus at the moment. >> the paradox of capital racing, i guess. but, in any case. yes, you should count it to send a gift of confidence, but not the detriment of grace, which is kw what we all need. france's top auditor is releasing its review after the 2011 bujts. i think the key thing is what he's saying is more substantial effort is necessary to respected the 2013 target. so we've got stocks a little bit further today ahead of the u.s. open. and we're up at the session high right now. surgeonly helped, as well. they're still contracting betteser than people had expected. >> take a look

. >> the eu says that is threatening progress remain yet has made since the days of communism. european lawmakers greeted him as he defended his position -- his decision. >> prime minister victor ponta was in brussels today. is handshake with jose manuel barroso was short and businesslike. after the meeting,barro -- barrosso mentioned other agreements. >> earlier, he was at the parliament. >> the point i raised to the prime minister was my feeling is the loss should not be changed. >> that tough talk seem to have had the desired effect. >> i think our partners and friends in europe -- it is going to be a european and democratic country. >> if ponta does not make good on that promise, his country will face sanctions from brussels. >> we will have an update on that later in the program. now we have news from syria where a singer has defected to the opposition. >> this news was welcomed by washington. the white house said the defection was a sign that assad felt regime was -- assad's regime was weakening. the shelling of certain areas is continuing. >> the town and in the north of

>> well, their job was to figure out how far they could go to implement the plan eu leaders came up with last month at a summit, and the biggest outcome of this meeting is the result you just mentioned, the multimillion euro bailout for spain's troubled financial sector, however the ministers didn't have enough time to reach an agreement on the greek government's request to ease austerity measures. they have tried to come to terms by september on possibly reducing the bite of spending cut requirements. the delay is blamed on the fact that greece's new government experienced a bumpy start. some cabinet members have resigned and substantial negotiations have barely started. the finance ministers also said that they would release a detailed plan at the beginning of september, for using euro fund to purchase government bonds. this measure is designed to help struggling economies such as spain and italy, but representatives of finland and netherlands have expressed reservations about the plan. >> the eurozone debt crisis has dragged on for nearly two years. people might wonder why the finance

the case of the united kingdom and the eu. most people wanted fresh settlement with fresh consent rather than have the choice of leaving right now or voting to stay in right now and thereby confirming the status quo. >> how many of the hundreds of new jobs that will come from setting up will be located in the city that has been the home of the successful united kingdom patent office, in the city of newport? >> i do not know the answer to that question. i will have to look very carefully. parts are pharmaceuticals and life sciences and i think it is a good deal for london and a good deal for the u.k. >> unemployment hit a record high. 11.1%. whatever happens to the euro, recognition is there in brussels -- the need to do serious deregulation and pushing for the single market? >> if you look at the different rates of youth unemployment, we are not one of the best nor one of the worse. germany and holland have very low rates of youth unemployment. they have different approaches to training and we have a lot to learn from them. ove

i did a report in 2008 i compared the way it is done in canada and the eu in the united states. in canada and the eu security is done like it is here but screening is done either by the airport or by security companies. it is called for by security regulations. member states are supposed to notify iko and the united states has never notified iko that we were in noncompliance. following 9/11, the house version which passed by a large margin removed airport screening from the airlines whether it should never have been but many officials in correctly believed that flawed screening enabled the 9/11 attacks to have taken place. that is proech passed the senate in a conference committee, the senate version prevailed for opt out and the promise that all over other airports could opt out. when tsa created the opt-out program it designed a highly centralized version of the contract. they issue an rfp select a contract and manage the relationship. you would expect that as in europe, the airport would select the best proposal from among those companies and contract with that company and ts

the eu and u.s. increased the sanctions that target iran's exports of oil. iranian officials continue to signal their defiance. on tuesday, soldiers carried out test launches of ballistic missiles. the commander of the revolutionary guard said the missiles were targeting what he called iran's hypothetical enemies. the british military is setting up surface-to-air missiles in residential areas of london. the missile defense system is one of the anti-terrorist measures being deployed for the olympic games. the system will be in place middle of the month. installing in six locations in and around the capital. one site is the roof of a housing complex near the main stadium a nother a residential square in east london also near an olympic venue. defense secretary phillip hammond announced the idea last autumn. military officials scouted 100 possible locations. not all residents are happy about the missile shield. about 100 people stage aid protest march last weekend. hammond called the measure a powerful deterrent that will reassure the public. >>> tokyo tax auth

they have been given extra time, until 2014, to reduce its public deficits with the eu rate of 3%. i am joined by sebastian, on the council of foreign relations. thank you for joining us. 30 billion now, that may be up to 70 billion more to come. problem is, no one really knows how much that -- how much trouble the spanish banks are really in. how much help is that going to be and how much time does it by? >> that is not the only thing people don't know. we don't know what of the terms about the potential 100 billion heroes of aid for the bank. whether reid goes directly to the bank or whether it goes through the spanish government and then the bank. the spanish bank gets an extra 100 euros of -- 100,000 years of debt. you are just shuffling the problem from the banks to the government. two weeks ago, the europeans got together at a big summit and said we must expect it to the banks. if you look at the fine print in the last 24 hours, they have backtracked. >> so that will increase some of the spanish government debt and probably affect borrowing costs even more. it is making announ

the eu commission is drafting legislation, forcing member nations to enact heavy fines and impose severeriminal penalties for market manipulation. the justice commissioner spoke of scandalous behavior by the banks. >> if there is casual talk about popping bottles of champagne in order to celebrate the artificially fixed rates, that is a very callous attitude. i think that bankers should also start to think because some of them are perhaps more banksters than bankers. >> many believe the banks and not exercise sufficient control over the sectors with often little or no punishment for infractions -- many believe the regulators do not exercise sufficient control over their sectors. >> the trial of four men charged with plotting a terrorist attack in germany has started in the soil. >> they are accused of planning an attack and have been in custody since april of last year. >> they are accused of planning attacks that could have resulted in murder and manslaughter. it is alleged the men experimented with homemade mont -- homemade bombs but had not yet selected a target. >> prosecutors say al

that is the highest since spain introduced the eu. a rate above 7% would make it difficult to rebuild the government. the talks should be accelerated to set up an eu-wide banking union. the eu will need to offer the spanish government a bailout if the costs stay high. >>> apple's forecasts were short despite the good outlook. the u.s. electronics giant said on tuesday that the quarterly profit was $8.8 billion. that is up 20% from a year ago. sales jumped 22% to $35 billion. these figures were lower than analysts expected. that is because unit sales of the iphone fell 26% from the previous quarter. the smartphone accounts for nearly half of apple's total sales. many consumers postponed their purchases because of the new model release in the future. ipad soared up 35%. apple's top executive, tim cook, expressed confidence to boost the earnings further. apple will continue to launch innovative products. >>> in south korea, known for the export-driven economy, the english education business has been expanding into another growth industry.

and the eu ork ing the economic partnership agreement. needs to make starting has made on implementation has not been satisfactory, i will stop the japan avoid strong talks. >>> we're focusing on the south korean economy a supermarkets are elbowing out s are doing to keep customers coming back. -in market in central f food koreans eat every day. this shop sells all kinds of tables, including chinese radish. have been drifting ed partners are also tailwinds for dropped the fta with >> translator: i like traditional stores because >> reporter: cities and towns have started taking steps to protect small stores. mom and pop stores in seoul. we think it's our responsibility of tong-i here's how it works. pty lunch box. dishes available at numerous stalls in the market. stalls that honor the lunc ordered a grilled fish and egg rolls. lunch the ce governments are back not so many soup and rice of charge t what's the plan for the future? e market is tradit e tourist spot. and now i'm going to enjoy my lunch. i'm anna jung for nhk wo in seoul. >>>

through her work, she has become a lobbyist for the alcohol lock in sweden and throughout the eu, but so far, without success. >> there is little interest in lowering alcohol consumption. on the contrary, producers would like to see it increase. we would like to introduce the breathalyzer for all road traffic in sweden, but the government rejected the idea, saying it is an import barrier for cars. the eu totally blocked it. >> any unilateral action by sweden to introduce a universal alcohol law might also run into resistance from the economic interests, though not from the swedish people. driving on even one glass of wine or beer is strictly frowned upon. that is said to be rooted in the national conscience. >> i think if someone is driving an official vehicle, they should definitely have an alcohol walk. >> safety is what is most important. a breathalyzer in the car would be good for everyone. people should not drive drunk, even if it might infringe on your personal liberty. >> stockholm pose a municipal building hopes to set an example. installed in all 21 of its official cars. andr

law makers in the eu, japan, the united states and several other countries have signed the agreement. >>> car makers are now betting their future on russia. the country's car industry has been growing despite the european debt crisis japan's mitsubishi and pueget set up a plant southwest of moscow. now their assembly lines have started full-scale production. workers at the kaluga plant are churning out 125,000 vehicles per year. or three times their initial output. executives at mitsubishi hope to use the facility as the a platform for the russian market. the global financial crisis stemming from the collapse oflyman brothers, triggered a plunge in russian car sales in 2009. dealers sold 1.5 million units ahalf the year before. the sector has shown strong signs of recovery. salesmen sold 2.6 million cars last year. >>> japan is one of the most indebted nations in the world so it faces a pressing need to improve its fiscal health. one way to cushion the nation's coffers ties raise taxes. lawmakers in the lower house of the dias would raise consumption tax from 5%. if enacted it will re

back to the pre-eu summit levels. n as unsustainable for spain to continue to fund itself. looks like they could have a little bit more room. seems no respite to the borrowing costs for that country. >> just a quick look here germany is auctioning six month bills not a ton of movement in the bond markets this week but they did cover a ratio of 1.7 for the six month bills with an average yield that's, in fact, negative. negative 0.0344% on that. of course that's just slightly positive yield the last time they did it and reflects how badly investors are looking for anything that's something, something like a safe haven. >> exactly. >> return of that capital. the u.s. earnings season officially kicks off when alcoa reports second quarter results after the "closing bell" in the u.s. today. the aluminum giant is forecast to earn just five cents a share hurt again by low metal prices. overall for the s&p 500 are forecast to drop 1% from a year earlier. that figure according to s&p iq. many companies have warned many blaming

yields continued to come down as a sigh relief off the back of the eu summit decisions. bond being sold back. 1.5% there. it is anticipated that the ecb could comfort with a rate cut on thursday. we'll be doing a special show for you tomorrow. don't -- make it a date with yourself to tune in for that. and of course, more stimulus potentially also from the uk kelly. >> thanks louisa. want to mention, ireland is giving us some headlines this morning. the nation, of course, had to restructure its debt and exit bond markets in 2010 will be returning. it will be auctioning off three-month bills, only about half a billion dollars in size. but that to happen on july 5th. the auctions, again, a bit of a landmark there for ireland as it struggles to return to long-term -- to bond market long-term. perhaps a step in that direction. >>> let's check in on what's happening across the u.s. first news out of boeing. the airliner raising its forecast for the next many, many years. 20 years in fact. 20-year market forecast now sees itself spending $4.5 trillion in size. expects 2.5% glob

officials from the eu, the imf and the ecb held talks with the prime minister earlier today. he is under intense pressure to follow through with austerity commitments. the troika has warned greece that it must deliver on reforms or face losing that rescue package of loans that are keeping the country afloat. spain has entered its third straight quarter of economic contraction. the latest numbers for unemployment are the highest in the industrialized world, and they rose further in june to jus under 25%. >> the snapshot is even worse for the country's youth. 53% of them are without a job despite the start of the tourism season, which usually gives the country a bit of a boost. >> those waiting in line at the a form of office know it is tough to find work. -- those waiting in line at the employment office know it is tough to find work. the jobless are caught between a rock and a hard place. >> they should quit telling us stories and get us out of this situation. the real problem is the banks. they were allowed to do whatever they wanted without any control and now here we are.

friend, the reigecry cuat pesoonthpe reform we are looking for in the eu? we further agree to look at issues of competitionn the banking sector tha in my reon'vee hi llua? >> how that process is going to work will help that. ti tan or seest reed is important we have a say over those rules. n-s t on the likely effects of the oil embargo upon iran? ethean dss a mi e ouan.rdisi i think there's strong agreements that these sanctions are right d nsa. er olo pem resi issue of civil nuclear power. >>r. william cash. heermst on that same question, we take the advice of the london taxi driv whod brh pere sd. ttherm. by then you'll get reelected a massive majory. [cheer atin ba rfryen wh i would say -- i don't think an immiate referendum is e ar. t t aorti uihed tlt -- tell the house what indications he is sad fr europeanolue t w bkeo agheepatofs tr n am t the bailout power, we were able to renegotiate that power and get out of that part of the treaty. we have ssmce hien pe how fast it will go, i cannot say. lle o eunentepporniti -- thank you, mr. speaker. >> theecisn

trade minister, who says his biggest concern is the legitimacy of the eu. we'll find out why after this. >>> welcome back to the >>> welcome back to the program. earlier, we asked for your views on the olympics and whether you think the event will be a success or a failure, given some of the headlines about security concerns and the generally, perhaps low expectations heading into the event now. paul writes in about the controversy surrounding the team usa uniforms, because they are china-made, rather than u.s.-made. raufl lauren has already sought to calm the backlash, saying he would manufacture the outfits for next winter games in the u.s., but paul of course says "has no one noticed that the design of the uniform looks more french than usa? maybe a cowboy hat or baseball cap would look more made in usa?" better than a beret. well, paul, i'm not sure they're necessarily going the beret route or that we necessarily want to play up to stereotypes, but if you want to respond and let us know what you think about the olympics, e-mail us at worldwide@cnbc.com o

. >> some say greece could soon also benefit from what was agreed at the eu leaders meeting after longours of negotiations. a deal was struck but lifted some of the conditions attached when states need money. of course, quick solutions were needed again, but what on -- on what basis did he leaders make that decision? to national parliaments have any say at all anymore? in germany, the issue is being reviewed by the constitutional court. >> the financial crisis threatens banks, and nations livelihoods, and the euro. the crisis keeps flaring up a new with more and more banks driving themselves toward economic ruin. now, the eurozone countries want to stop that and turn the european central bank, the ecb, into a watchdog with powers to shut down ailing banks. >> we have to keep things separate. so you have an independent reserve bank for monetary policy and a banking watchdog that can take tough measures. the banking watchdog has the right to take measures even against the will of the bank concerned. >> as a watchdog, the ecb would also form the basis of a banking union that would help ra

in the meantime gold rallying on the back of eu bank plan announced friday. wn to the close in europe in 10 minutes. on december 21st polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? begins with back pain and a choice. take advil, and maybe have to take up to four in a day. or take aleve, which can relieve pain all day with just two pills. good eye. 's. 's. let's get to rick santelli talking about the data we're going to get this weekend, already got. >> absolutely. i want to tie up the theme about less ism in the form of less optimism. dan the man, that's his nickname on the floor. i know you like to watch these numbers. tie this up. >> i live and die by ism. that's always been my excuse, my argument

the relief from the eu summit already starting to eke out a little bit. they'll be auctioning 2 billion to 3 billion euros across three issues. 2015, 2016. the key one will be the ten-year. they've only had four auctions since the beginning of january. it was 6.044%. the gray market has been higher around 6.4 yesterday. the cash market up 6.5. a key test today. they do need to auction the full 3 billion to satisfy investors. we'll be looking across -- we look at the gilt market. euro today a little bit weaker. we had a bit of a sell-off yesterday. the starting dollar ahead of the bank of england below 156. euro/sterling, we're around 0.80. we have an oil strike on in norway. that took brent back up around the 100 mark. we are still there. nymex at the moment, 87.25. a lot of data out of the u.s. today. the adp, weekly jobless and the manufacturing ahead of the payrolls report tomorrow. that's where we stand in trade right now here in europe. what about in asia? tracey has more for us in singapore. hi, tracey. >> good morning. good to see you, ross. asian m

a state press agency reports long-range missiles -- coinciding with the beginning of an eu oil embargo aimed at putting pressure on iraq over its nuclear program. australia and indonesia have agreed to work together on combating people smuggling. the australian prime minister met with the indonesian president in darwin. in the past two weeks, around 100 people drowned when two boats carrying suspected asylum seekers sunk. chinese authorities have agreed to halt the construction of a copper plant following protests over its environmental impact. photographs on the internet appear to show tens of thousands of people demonstrating against the plant in sichuan province. media reports in hong kong say it turned violent after protesters clashed with anti- riot police. joining me from beijing is the bbc's martin patien. nce. social networking seemed to play a key part in this protests. >> is certainly played a key part in the fact that we know about it. we've seen hundreds of these types of incidents across the country. i think what is significant about this protest was the scale of it. hong