u.s. treasury secretary. geithner's presence in europe underlines the intense global pressure on the euro. the french and german leaders have today pledged they will not leave the brussels summit until a powerful deal has been reached. emily reports. >> the latest up for the u.s. treasury secretary, the french finance ministry. the mood is somber as the eurozone crisis threatens economies on both sides of the atlantic. >> [speaking foreign language] >> we have the same concerns. that is to make sure this crisis of financial major ends and to find ways to multiply our efforts so there will be a revival of activity, a support for investment, and the creation of jobs. >> geithner was cautiously optimistic about the latest plans by france and germany to build a stronger europe. >> they are encouraged by the progress they are making, not just to put in place economic reforms across europe -- to create the conditions for stronger growth in the future, but to build a stronger architecture for fiscal union. >> this i

u.s. ten year treasury yields break out so right now they're saying that u.s. treasuries remain among the safest assets in the world they're considered safe everybody's buying them the yields are driven down but what could prove those investors wrong u.b.s. asks they give a few reasons for the answers but the one that's most interesting to me they say alternatively the appeal of u.s. treasuries could be eroded by common bond issuance in the euro zone creating the potential for a larger homogenous market for european government debt that could rival u.s. government hedge money that however seems a remote possibility well this is what the currency war is all about you know a couple of years ago it was thought that the euro would be a replacement for the dollar on the currency side this was the reason why up to thirty percent of global trade was done in europe then the euro started to break apart or be challenge with all of these sovereign defaults being rumored and downgrades so but now the competition will be who can issue the most sovereign debt so now europe in

u.s. treasury secretary timothy geithner has travelled across the atlantic to emphasize the importance ofhe problem. >> the u.s. treasury secretary alongside his german counterpart, shoulder-to- shoulder, as yours a leaders try to figure out how to keep the currency -- as eurozone leaders tried to figure it had to keep the currency afloat. >> i am very encouraged by the developments in europe over the past few weeks. including the reform commitments made by the new governments of italy, spain, and greece, and the new steps and you heard this week about a fiscal compact for the eurozone. >> at the start of a whistle stop tour. it comes as the ratings agency stands at assessing credit risk and surrendered to strip eurozone countries, including germany, of their aaa rating. across the eurozone, there has been irritation from political leaders. the chairman of the eurozone said that the threat to downgrade was a wild exaggeration and unfair. in paris, there were -- there is similar annoyance. we have done much to cut deficits and we will do with the whole tone. >> it does not take into accoun

u.s. treasury secretary. timothy geithner has run off from the banks to the capitals to reinforce the u.s. message for the need of a long-term solution and stability. >> latest stop for the u.s. treasury secretary is the french finance ministry. it threatens economies on both sides of the atlantic. >> we have the same concern, to make sure that this crisis of financial major ens. and to have joint efforts so that in the real economy, there will be a support for investment and the creation of jobs. >> he was cautiously optimistic with plans by germany and france to build a stronger europe. >> we were encouraged by the progress they are making, and not just to put in place economic reforms across europe to create stronger growth in the future, but to try to build a stronger architecture for fiscal union. >> this is timothy geithner's fourth trip to europe as many months. for president obama senior at the g-27, his political future might be at stake. in a fragile u.s. economy remains vulnerable to any financial c

u.s. treasury secretary timothy anderson is the eurozone will not manage to solve this crisis -- timothy geithner says the eurozone will not manage to solve this crisis. there is a make-or-break som ummit starting tomorrow. he has been critical that europe is moving too slow. today, he has been meeting with leaders in france. >> with the eu summit in brussels approaching, pressure is building to get their financial house in order in europe. in paris, u.s. treasury secretary tim geithner told french leaders that washington wants swift action to solve the eurozone debt crisis. it is a position his hosts share. >> we have the same goals. that is to make sure that this financial crisis ends and to find ways so that in the real economy, there is a revival of activity in europe. >> a number of proposals are now on the table to tackle the crisis. there are reports that the european stability mechanism could come into force in 2012 and exist parallel to the current efsf bailout fund. another option would be to increase funding to the imf said that it could help troubled eurozone countries -- so that it c

u.s. treasury secretary's warm words. -- it was enough to wipe out the effect of the u.s. treasury secretary's warm words. there was a green light on more support for banks. to ease the crunch on the markets now, they are offering bank's longer-term financing on easier terms. they will not be rushing to buy more government debt. they will not cut costs on countries like italy. more importantly, and what the ecb president said that using the firewall to protect troubled governments. for example, lending to the imf. >> we have a treaty which says no monetary financing of governments. so, the issue on whether the imf could be used as a channel is complex. the point of fact is that there should be respect of the spirit of the treaty. >> for many listening, that seemed to rule out a lot. this is a man who much washed every word. --, who must watch every word. >> this does not mean that the ecb will respond. no, please. >> the ecb is there and it is not letting governments off the hook. if leaders do not find a road out of the crisis tomorrow, the central bank might yet have to d

u.s. treasury secretary had positive words for europe.t the finance ministry in berlin, timothy geithner expressed optimism over the course eurozone leaders are taking with the debt crisis. >> i am very encouraged by the developments in europe of the past few weeks, including the reform commitments made by the new governments of italy, spain, and greece, and the new steps we have heard this week about progress towards a fiscal compact for the eurozone. this, of course, will take time. >> earlier, germany's finance minister met with his austrian counterpart to discuss the latest plan to save the eurozone. s&p has placed both countries under a credit watch. >> the warning by s&p for aaa countries is not based on real economic data. it is based on the uncertainty in financial markets over the eurozone as a whole. so we see the assessment as added confirmation that we do all we can to achieve a good result on december 9. >> s&p certainly added to the pressure. the rating agency warned of high debt levels and the risk of recession for the enti

u.s. treasury secretary makes his calls to key capitals. shutting its doors to the supermarkets, india suspends plans to open its retail market to outside competition. welcome to "bbc world news." i'm david eades. also coming up in the program -- israel's former president, moshe katsav, goes to jail for a seven-year rape sentence. also -- >> a date which will live in infamy. >> america prepares to mark the 70th anniversary of the japanese attack on pearl harbor. >> hello. the full extent of just how far we can help ourselves to avoid cancer is being revealed by british scientists. a new study says more than 40% of cancers could be prevented if we gave up smoking and drank less. we should also keep our weight down and eat more healthfully. in most developed countries, cancer has become the second biggest killer after heart disease. 11.5 million deaths a year are predicted by 2030. here's jane hughes. >> it's some of the most up-to-date treatment for a condition that's expected to affect about one in four of us at some stage in our lives. can

u.s. treasury. it's not literally true that the u.s. treasury has an enormous amount of control in what they do, and there are the same programs that are kind of turning the united states into a kind of third world society for applied much more forcefully having terrible effects, so the international monetary fund has over the past several decades been a pressing very hard to so-called meal liberal programs at which have been social and economic disaster almost everywhere. not for everyone. so to egypt which is on the front page as a part of the source of the uprising in the jet boat to peking is because the disastrous effects of the imf adjustment programs which have increased growth, what kind of the way they do here with wealth going into very few pockets and most of the population suffering. that has been true in place after place. latin america was almost accepting these programs and went through several decades of sharp economic decline. it's now cast out the programs and there's a lot of quite successful growth. we see the same th

u.s. treasuries were higher on wednesday. the s&p 500 fell after five straight days of gains backing into negative territory for the year. the downward spike was accentuated by extremely low volume. alcoa and caterpillar led the dow lower. in europe data showed banks were hording cash recently injected by the european central bank rather than lending it out as hoped, a sign those banks may be in worse shape than previously thought. >>> euro worries hit bank stocks hard here with bank of america and regions financial leading lower. as stocks lost investors seeking safety drove bond prices higher. the u.s. ten-year treasury yield fell below 10%. oil fell almost $2 under $100 a barrel on saudi promises to offset any losses from a threatened iranian blockade. >>> gold fell 2%, closing at the lowest level in more than five months. elsewhere, the national science foundation awarded lockheed martin a $2 billion contract to maintain support infrastructure for antarctic research. >>> yesterday "the new york times" thought it sent an e

u.s. treasury. i mean, it's not literally true that the u.s. treasury has an enormous amount of control in what they do. and there are the same programs that are kind of turning the united states into a sort of third world society. are applied much more forcefully in weaker countries and having terrible a facts. so the international monetary fund has over the past several decades been pressing very hard the so-called neoliberal programs which have been a social and economic disaster almost everywhere. and not for everyone. take each of which is right on the front pages. a part of the source of the uprising in egypt, qatar for a long time, but is peaking because of the disastrous effects of imf structural adjustment programs, which have increased growth, but kind of the way they do here with well for going into very few pockets. and most of the population suffering. and that's been true in place after place to going, latin america, as long as accepting these programs, i went through several decades of sharp decline, economic decline, that is now

u.s. treasuries higher wednesday.500 fell after five straight days of gains, backing into negative territory for the year. the downward spike was accentuated by extremely low volume. alcoa and caterpillar led the dow lower. >>> in europe, data shows banks were hoarding cash recently injected by the european central bank rather than lending it out, as hoped, a sign that those banks may be in worse shape than previously thought. >>> on that news, the euro hit an 11-month low against the dollar and a 10-year low against japan's yen. euro worries hit bank stocks hard here with bank of america and regions financial leading lower as stocks lost.ç investors seeking safety drove bond prices higher. the u.s. ten-year treasury yield fell below 2%. oil fell almost $2, under $100 a barrel on saudi promises to offset any loss from a threatened iranian blockade. gold fell 2%, closing at the lowest level in more than five months. elsewhere, the national science foundation awarded lockheed martin a $2 billion contract to maintain th

u.s. treasury department. the agency says that by the end of the day, the nation's debt will, within $100 billion of its limit. the number is significant because it is the exact point at which the obama administration must stop the process of increasing the debt limit all over again. -- start the process of increasing the debt limit at all over again. a disturbing new report shows the economic recession may have reshuffled america's class system. new census numbers showed that half of all americans are earning less than $45,000 a year for a family of four. that pushes many into the lower class bracket, tricking the middle class. staff at food pantries and shoppers say they have never been busier -- and shelters say they have never been busier. >> people who thought they were on the giving side are suddenly finding themselves needing help. >> what we're seeing is that the middle class is going away. >> many of them are now taking advantage of shelters and food banks and attribute their needs to layoffs and furl

u.s. treasury and fha and a partridge in a pair tree. merry christmas, america. they are stealing your money again. it is unbelievable. they passed out all of the mon yenone of the money worked >> jamu, we are seeing no improvement in the housing market. >> they passed it out to the banks and incent vised and coaxed along and they probably should have been forced to do the thing they don't want to do. principle reduction . this is on the backs of the banks. i will sit here and say surprise you, folks, government intervention will not fix the problem. let's have the banks look at two words they are running away from. >> john, we are getting a giggle out of >> i am getting a giggle. i am against government intervention and i am for government force. one and the same. government fueled the bubble and prolonged the crisis with some of the hand outs that the panels alluded to. it was not just for banks at all. it is hope for homeowners and fha hardest hit fund. they are passing it out to the homeowners. >> neal, i heard that children getting the first time home owners

u.s. treasury secretary timothy geithner applies to germany. his presence increases the pressure further. the u.s. is deeply concerned about its exposure to the euro zone and like so many others washington wants the instability to be over. >> timothy geithner touring european countries this week. angela merkel tanseh nicholas's, are trying to get their position clear. no matter what is decided, it still has to and get past euro zone members. >> proposals from the two are one thing, but we will get another set of proposals probably today or tomorrow from the president of the european council, who will chair the summit this week. those are going to be out there. diplomats i've spoken to or from some of the smaller member states say that france and germany have a deal but we need to see the details and we need to see the fine print because if we want to know exactly how they plan to make this work. it was important to have a sense of confidence and togetherness about them at the beginning of this critical week, they say. that was really highlighted

u.s. treasury secretary timothy geithner will be meeting with officials throughout europe ahead of the summit. >>> thursday, the european central bank is widely expected to cut rates by 0.25%. back here at home, friday's job numbers were stellar. unemployment finally fell below the stub born 9% mark, dipping to 8.6%. watch western digital today. shares spiked friday on company expectations of better quarterly sales. keep an eye out for s.a.p. over the weekend, it announced its buying success factors for $3.4 billion, the latest move in an escalating rivalry between s.a.p. and oracle. >>> finally, how confusing are things in italy? a canadian professor who left italy 28 years ago was mistakenly named next junior minister for agriculture. >>> who plays who for all the marbles in college basketball, a huge free agent deal in baseball and the packers are beaten. plus, for the first time in two years, tiger woods faces victory. your early morning sports headlines are straight ahead. >>> we have a lot of rain and cold air in the middle of the country. where is that heading next? your forecast is co

u.s. doomsday u.k. treasury is said to want to avoid an influx of economic refugees plans include evacuating british ex-pats mythic to countries who find themselves unable to withdraw cash financial analyst robert oulds says attempts by european leaders to avoid worst case scenario only making it more never able. you opinion leaders are trying to shore up the eurozone by having greater degrees of centralization and more having countries like france and germany have the final say in a sense over the budgets of those e.u. member states that have excessive budget deficits but that really isn't the answer to the problems milt's really needs either a massive injection of cash into countries like greece and italy to shore up their economies course another option would of course to recognize that the single currency has hurt competitiveness in many nations of the eurozone and has damaged economic growth meaning that the economies can't grow their way out of the debt crisis that they're in and they're just in this debt

u.s. treasury secretary timothy geithner is here at the end of a grand tour of europe. last night, he met with mary. -- with mariano majo. they sent a letter to rompoy. it is a new treaty with penalties to break deficit targets, committing governments to balance budgets. it rejects the half measures of a treaty amendment. also included is a proposal for a financial transaction tax. the british prime tester has vowed he will block any changes that threaten -- the british prime minister has already vowed will block any changes that threaten the brits. the stakes could not be higher. the man who drew up the lisbon treaty, former french president, will have to consider leaving the eurozone altogether. >> the best chance for the greek people of this great nation to get out of their situation. >> it is attempting to see this as a battle between the big european powers. but it is a negotiation among 27 nations. each country will fight its own corner and exact its own price. >> the syrian president has insisted he has not ordered the killing of any protesters during his governm

u.s. treasury secretary, on his way to meet the people that run the u.s. -- european central bank. timothy geithner goes to the most important heads of state in the rose on. his whistle stop tour comes as hasndard and poor's threatened to downgrade the aaa rating of most euro zone countries. even germany. >> it has been spreading into poor countries. and even the financial institutions there. and we think that the current situation has the potential to destabilize further. >> the chairman of the euro zone told bbc radio that there accusation was unfair and wild. "we have done much to cut deficits, and we will do more." >> this announcement from yesterday does not take into account the franco-german proposal. this week is important for the quality of the success and the agreement on friday. >> it has been said before, but this really is a crucial week. talking continues as many european leaders continue on for a conference. a crisis is at the top of the agenda. the summit in brussels is to consider the angela merkel nicolas sarkozy plan. meeting with france, spain, and italy later i

u.s. treasuries rose on a thift to safe assets. financials, which have thrived of late, were hit hardest. morgan stanley particularly exposed to europe tumbled. jpmorgan chase slid the worse of any stock on the dow. euro anxiety had investors overlooking good news at home. unemployment claims dropped and wholesale companies increased inventory to expectation of stronger sales. on the downside, household wealth fell for a second straight quarter. mcdonald's, the dow's only gainer, rose on strong same story global revenue. costco fell on disappointing earnings. watch texas instruments today. after hours, ti cut quarterly outlook. wells fargo is paying $148 million to settle claims it overcharged on state and local government investments. and finally, coca-cola moved its secret formula for the first time since 1925, from a bank vault to a new exhibit at the company's downtown atlanta museum. but the 1886 formula itself remains hidden from view. so, you're out of luck there. >>> coming up, albert says so long to st. louis. the nba says

u.s. treasury department says at the end of the day the nation's debt will come within $100 billion of the total limit. it's a big deal. president obama will need to alert congress to get to work again on increasing the debt limit. right now the debt ceiling, if you're keeping track, $15.194 trillion. >> hard to wrap your mind around that. today is the final day of trading for 2011. for a look at that, we turn to jackie deangeles. good morning, jackie. >> the futures are flat on the final trading day of the year. stock rallied. the dow rose 135 points to close at 12,287. and as for the year the s&p 500 is roughly flat in 2011. utilities were the top sec for. financials were the worst. they are reporting that apple is having two new ipad models for a january launch. the models would be aimed at the mid to high end market. they're going to feature dual l.e.d. light bars to increase brightness. apple hasn't appeared at mac world for years. over to you. >> thank you very much. 4:47. let's turn to the forecast. christina loren is tracking some mist. >> yeah, and it's so bizarre. you'll drive to

u.s. treasury secretary timothy geithner urged the nations to work together to improve their fiscal problems. he met with the german minister in berlin ahead of the eu summit in brussels. >> i'm in europe to emphasize how important is it to the united states and the world economy as a whole that germany and france succeed in building a stronger europe. >> he stated the importance of gaining approval for a france-german proposal aimed at stemming the region's credit problems. geithner will meet with the french and italian leaders. the european union has launched an antitrust probe against apple and five major publishers over the pricing of electronic books. the eu says agreements between the publishers and apple prohibit competition and allow book sellers to fix prices. the eu suspects the deals breech antitrust law. the publishers include harper colins, penguin books and a french company. in march eu authorities conducted onsite inspections in the subsidiaries in the block. is it the first antitrust investigation in the e-book market. >>> share prizes are rising in tokyo following an overnig

u.s. treasury secretary and his counterpart shoulder to shoulder as they try to work out how to keep the currency afloat. the message of timothy geithner was that he is reassured that european leaders are acting to prevent the euro from shattering. >> i am very encouraged by the developments in europe over the past few weeks, including the reform commitment made by the new governments of italy, spain, and greece. and the new steps we have heard about progress towards a fiscal compact for a -- for the eurozone. >> he had been to the central bank in frankfurt at the start of a world tour. it comes at the -- it comes as the rating agency standard and poor's, which assesses credit risk, threatened to strip european countries, including germany, of their aaa rating. there has been irritation from political leaders. the chairman of the eurozone says that the threat to downgrade was a wild exaggeration and unfair. in paris, there were similar annoyances. "we have done much to cut deficits and we will do more," was the tone. >> this week is important for the quality of the success and the agreement frida

u.s. treasury note still the highest quality asset in the world. there are problems, but they're. lower gasoline prices is what's helping our kmel, because the rest of the rorld if starts now drop valuable ration of the united states right now is exactly opposite. we're exactly opposite where we were in terms of valuations 10 or 20 years achlgo. the merging market is relative to the united states market 10 or 20 years ago. >> what do you want to buy or own in this environment? >> our particular favorite is small cap stocks. you want to buy large cap multiple stocks, but to me you're kind of leading with your chin. you're exposing yourself to all the problems that will be in the world over the next 12 to 18 months. we want to expose our portfolios to the domestic u.s. economy. how do you do that? smaller capitalization stocks. >> what worries you? any worries on the horizon? >> there's lots of things that could go wrong. you could have the market implode. that would drive the markets down tremendously. i think if we take a long enough time rise, we look out 12 to 18 months, i think

u.s. treasury bonds, and also west texas intermediate crude oil prices, benchmark wti up 1.5%. still, the focus this week may shift to key events in the u.s. and japan. in the u.s., we have the federal reserve having its policy meeting on tuesday, and really having a look at some of the recent economic data out of the u.s. it has shown an improvement across a lot of sectors, jobs, housing, and manufacturing, to name a few. so the focus is really on the language or words that the federal reserve uses at the end of its policy meeting. in japan, we have an important quarterly economic data. quarterly japan business survey for large and small manufacturers, and nine months after the march 11th disaster, a lot of focus will be on how japan's economy has been going through this period, where there's regional economies like fukushima that have been devastated both from the farming and fishing products, and also across a lot of different regions in the auto industry. we will see a lot of information from that thursday. that's going to be a crucial bit of data for japan. ai? >> all eyes

u.s. treasury secretary, tim geithner, has backed the french and german the puzzles to backstop the european debt crisis. he says he's encouraged by moves that would see countries using a single currency obliged to follow tough rules. france and germany reaffirmed their commitment to fiscal discipline in the eurozone. the election commission in the democratic republic of congo says it's delaying the publication of results of the presidential elections for 48 hours. there are fears the expected announcement of the results could spark violence. belgium has a new government 18 months after the country's election. he is the first french speaking prime minister for than 30 years and has promised to push through tough austerity measures. forming the government has taken a year and a half and is believed to be a world record. one of the most important moments in the process of choosing the next president of america takes place in just four weeks. that is when voters in iowa will make their picks for the republican candidate. right now, newt gingrich is surging ahead in the polls while the present f

u.s. treasury from purchasing a 4.5 really an officer month.hey had accumulated so much silver in the history of the half years and so many silver certificates have been issued that silver certificates are actually issued and i believe are valid until 1968. so it was the kind of thing -- it was another cool thing about the book as you go see decisions made in 1893 and don't think they have any relevance. but in a lot of ways to hear the echoes of these things even 120 years later. yeah, as david mentioned, one of my jobs is a gas station attendant. you used to seek him even in the 80s silver certificates come in once in a while. there lucio said at the korean steel. but it was republicans congress for the second half of this term. >> that was a really good talk. >> thank you. you are a really good listener. >> thank you. >> dimension of course he was a great president or where we choose surrogate has to rate and rank, where it should put him on the spectrum? >> well, yet a method named after him first of all, so you've got to lay grover. at the

u.s. treasury securities or other super-safe investments. some members of congress consider that a loophole. >> you actually could legally, under current... not current, under recently passed rules, basically invade those funds of customers and not break any rules doing so. is that an unfair statement? >> it's not an unfair statement... >> reporter: final word on m.f. global will have to wait until the multiple investigations into the firm's failure are done. that's when customers of the failed firm will have a better idea of who knew what and when. darren gersh, "nightly business report," washington. >> susie: here's what we're watching for tomorrow: we'll get the latest on retail inflation with november's consumer price index, and darden restaurants reports its latest earnings. also tomorrow, our friday "market monitor" guest says the way to make money in 2012 is to buy stocks with big dividends. rich steinberg will give us five names. you're not alone if you're not done with your holiday shopping. with the christmas countdown on, the nati