now let's watch a video on shanghai province. ♪ >> shanghai province is located of the world. they have their until as in shanghai. shanghai place a crucial and irreplaceable role in protecting china's environment and water supply. ♪ >> based on shanghai's rich resources, shanghai province has undertaken to work on the area of green development and energy production. the largest ecological protection project in china's history has been carried out over the last six years which is significantly controlled the ecological deterioration in the three rivers region. rivers once dried up for many years now appears to be glittering once again and spreading out like stars in the sky. ♪ >> in western shanghai province, the ground of the basin has one of the highest densities of multiple mineral resources in all of china. the largest economic waste experimental recycling zone in china is also located here opening up yet another avenue for green development for shanghai province. the development of hydropower, solar, and wind energy in shanghai stands in the front range of china's gre

and this is a part in the heart of shanghai. three years ago, this is little more than an urban jump that was left behind when the world expo site was left behind and gutted. kongjian yu is the founder of turenscape, one of the most acclaimed design firms. he is an advocate for environmental sustainability and was brought in literally to change the landscape. >> every contaminated water and soil. in china, 75% of the water. all of the major leagues in china and the rivers, this runs through the city's and they have been contaminated. we decided to make this park a demonstration. how can you clean the water? you use the landscape. you use vegetation. do not use sewage. we need some inexpensive solutions, workable solutions >> the water is a big issue in china, too little and some areas and too much and others. in eastern and southern china, at the floods are calling mass destruction while the same time, surrounding the river, almost a million people are without safe drinking water. china has a monsoon climate with torrential rain

jiangsu province where lin grew up is an hour's train ride from shanghai. he's welcomed by his 65-year-old father, who lives on a pension. lin's mother is 62. they both worked while raising him. born in 1981, lin is a typical only child in china. he wants to live with his parents someday and care for them. his parents generation tend not to ask for help. lin has mixed feelings about their attitude. today a gift has arrived at the senior citizens home. good-bye to the flickering old tv. ♪ lin bought a $500 liquid crystal tv with the money he collected. ♪ lin also visits senior citizens living alone. they've known each other for two years now. she trusts lin completely. her smile makes me happy, too. the elderly he's met through bonding, their smiling faces are gu lin's pride and joy.

in two years it became a shanghai institution. that put me on the road to the tv and the radio shows. tavis: and the voiceovers? >> they heard my voice and say we can't get ahold of james earl jones or tavis. tavis: much as i love china myself, i can't never learn the language. i could certainly never write it or more over, could never read it. you come heever here from north carolina, never -- over here from north carolina, never took a class. i've seen you interact. you speak rather fluently. how did you learn that? >> intuitively. the gram ar is subliminal. sense of tone and that [speaking chinese] >> if you speak chinese or approach the language with an arrogance that i hear it, i can repeat it. you will speak horrible chinese. you will see chinese people cringe. on the other hand, if you truly listen, listen to the way a mimic might, at first, ultimately the tones become something that is living and you can really follow it and the language becomes for standard. i'm told when i talk on the phone or talk to people or i'm on tv

shanghai composite. the star of the day losing just 1%. in europe, this downward momentum is starting to gather some steam. down 141 points and in paris, down almost 3% now. check out the dax index in frankfurt taking a hammering, down almost 4% and we're seeing the energy stocks move lower, the bank stocks and the automakers taking a pummelling today in european. commodities for you with concerns of a global slowdown. oil prices owneraround $80. gold at $1867 per troy ounce. a look at some of the other headlines. president obama is kicking off his 10-day vacation in martha's vineyard. he's facing a lot of criticism for the trip in the wake of the market turmoil and concerns about the struggling economy. the white house says the president won't be relaxing the whole time. he will be working with his economic staff on an economic policy he'll be unveiling in september. he decided to skip a couple of fundraisers on the island head by debbie wasserman-schultz. another tsunami scare from an earthquake that rattled northeastern coast of japan a

shanghai climbing up. there's still no word on the banking situation in shanghai. on a much broader issue, china is watching this debt deal so, so closely as the u.s. is being accredited. as i said, not a particularly strong day here in asia considering the headline initially was a deal has been done. >>> well, there's also a worrying employment outlook for the u.s. and it won't be made any easier bey an announcement we're expecting from one of the world's biggest banks. still ahead, we'll look at what shake-ups hsbc is planning as it reports its profit for the first half of the year. you're watching "world business today." any questions? no. you know... ♪ we're not magicians ♪ we can't read your mind ♪ ♪ read your mind ♪ we need your questions ♪ each and every kind ♪ every kind ♪ will this react with my other medicine? ♪ ♪ hey, what are all these tests even for? ♪ ♪ questions are the answer ♪ yeah ♪ oh >>> welcome back to "world business today." >>> with giant banking group hsbc has just announced in the last few minutes or so it's goin

in the summer of 1937, japan h had -- had attacked shanghai. i mean, this -- they had -- war had already broken out. >> but what was the reason? >> well, it goes back a long way, but the japanese had actually for hundreds of years ambitions in china. it's really -- it's not something that -- it was not something that just started in 1937. it was -- there's a long history of animosity here. >> what's the reason? >> reason for -- >> the animosity? >> well, again, you know, i don't know if we have enough time to go into this, but there had already been, you know, war between -- there was a first sino japanese war, and there had been already numerous attempts by the japanese to carve up parts of china. they had already seized manchuria by the 1930's. >> what was it and what is it about -- what was it the japanese character that led to this kind of slaughtering? i mean, what did you find in this process? >> see, it's complicated. another historian said that trying to peer into the japanese mind was like trying to stare down a black hole. it is very,

the model runs on the line between beijing and shanghai that opened in june. as a result, daily is fs services on the route will be diminished by 18%. also the maximum speed will be cut from 350 to 300 kilometers per hour. the top speed will also be reduced from 250 to 200 kilometers per hour on other lines. due to these changes, the ministry will alter train schedules starting tuesday. the chinese government said on wednesday that it will freeze approval of high speed railway construction for the time being. japan and china have agreed to work closely together after the recent talks between north korea and the united states aimed at resuming the stalled six party talks on the north's nuclear program. on thursday the japanese foreign ministry bureau chief met with china's special envoy to the six party talks. >> translator: japan and china have agreed to talk seriously and the approved dialogue. >> but he made no mention of north korea's uranium enrichment program or japan's specific approach to restarting the six party talks. china's special envoy wu expresse

the model runs on the line between beijing and shanghai that opened in june. as a result, daily is fs services on the route will be diminished by 18%. also the maximum speed will be cut from 350 to 300 kilometers per hour. the top speed will also be reduced from 250 to 200 kilometers per hour on other lines. due to these changes, the ministry will alter train schedules starting tuesday. the chinese government said on wednesday that it will freeze approval of high speed railway construction for the time being. japan and china have agreed to work closely together after the recent talks between north korea and the united states aimed at resuming the stalled six party talks on the north's nuclear program. on thursday the japanese foreign ministry bureau chief met with china's special envoy to the six party talks. >> translator: japan and china have agreed to talk seriously and the approved dialogue. >> but he made no mention of north korea's uranium enrichment program or japan's specific approach to restarting the six party talks. china's special envoy wu expresse

the shanghai up just a traction and australia. resource rich, resource heavy, very closely linked into the strength of the global economy, particularly the chinese economy, which is also slowing down. the s&p losing another 1.3%. on that note we'll say farewell for now. you've been watching "world business today" here on cnn. >>> ahead, another budget impasse in the u.s. congress has some federal aviation workers locked out of jobs while congress takes a vacation. with precise pain relieving cream. it blocks pain signals fast for relief precisely where you need it most. precise. only from the makers of tylenol. [pig oinking] [hissing] [oink] [oinking] [ding] announcer: cook foods to the right temperature using a food thermometer. 3,000 americans will die from food poisoning this year. keep your family safer. check your steps at foodsafety.gov. [oinking] >>> welcome back. you're watching "world business today." >> another budget impasse in washington. this one involves the u.s. federal aviation administration. congress is on vacati

also what's going on in shanghai hopefully encourages you go there and visit. the other thing i'm thinking is that people, it doesn't matter what culture you live in, what time, human relationships, how you're dealing with pain, suffering, sacrifice, happiness and everything important in life is all the same. we're more similar than different. >> rose: when you were acting this part, did you reach back in your own mind to friendships you had? did you think about the meaning of friendship as you brought lily's story to life? >> actually, i do believe this kind of relationship. i do have a very best friend in my life who is my roommate when i was in college. is we spent four years in college and after we graduated we separated and i went to beijing to have my career and she stayed in shanghai. at the beginning i always called her and i said "i miss you, come to beijing and live with me? how can i be without you to stay in beijing?" and she just said "come back to shanghai." and everyday on the phone we connect for one hour. like two girls. it's like when you call

hong kong and shanghai led the pack downward. first to japan, because the strength of the yen as well as a bigger than expected drop in exports pulled the nikkei down closing 1.25%. when the end gets stronger, exporter share prices take a hit. toshiba and hitachi, down 4 to 4.5%. the hang seng was down 1.3%. it had been trading flat for most of the day but it fell in the last few hours of trading. the top gainer is the hong kong exchanges and clearing. it closed up more than .5%. this is the holding company for the hong kong stock exchange itself. it's in joint venture talks with the shanghai and the shengjen exchanges. the shanghai composite also down 1.6%, the biggest loser of all asian markets today. new annual housing data showed housing prices rose 4.3%. the composite itself has fallen more than 9% as anti-inflation measures have hurt growth in stocks that list on this board. the asx 200 was down 1.22%. i mentioned the $10 billion hostile bid for foster's. resource-related stocks fell on slows of growth. bhp billotin and rio

look at shanghai. this is a story. talking about beijing moving aggressively on new anti-inflationary measures on friday. sort of snuck in when most investors were focusing on ben bernanke and what was going on with hur aricane irene. the moves by byren bernanke hast made it into the market yesterday. >> and regardless of difficulties getting to work, trading on wall street will open. spamped t spared the worst of hurricane irene. the u.s. futures, what investors have to look forward to this week. up for the year. dow in the middle and that's for the s&p 500 and the nasdaq composite. i must say, the last guess, maybe the markets haven't fully price in the impact of hurricane irene. let's have a look at what investors have to look forward to this week. >> reporter: wall street this week gets a good look at the state of the u.s. labor market. i'm alison kosik at the new york stock exchange. traders will be hoping that july's positive momentum carries forward. employers added 117,000 jobs last month and unemployment impro

is there this type of talk inside china here in shanghai to people see this. as an emerging currency war to the is this type of language at all you're you're right there in shanghai is this what's going on i don't see many people talking of the currency wars is actually the political it's becoming more of a political issue here to keep the renminbi lol into keep shipping goods the united states in have them print them that's what's finally catching people's notice hears it why are we where we were twelve hours a day in the factories and should be shipping products over united states and just have them print money though obviously the u.s. is be a western world is in a position financially where they have no choice but to keep printing obviously they do have a choice but it would require more fortitude in our politicians seem to show at this point so i personally expect a lot more printing of dollars and we see that going on in japan in europe in united states the countries that stay out of the currency war or more mostly focus on precious metals and productive

shanghai getting some rainfall. possible delayed friday, into saturday, as that storm system shifts across the korean peninsula. >> thanks very much for that. have a great weekend. >>> with the world stock markets all over the place these days, the question is, what's the best bet for your money? cnn's felisha taylor looks at the gold rush that's pushed the price of that commodity sky-high. keep it here. plenty more to come. >>> from cnn london, i'm nina dos santos. >> let's have a look at the trading session is faring here in europe. this is where we stand at the moment. it's been an incredibly volatile week. as you can see, stock markets, despite starting the day on the lower note, once again, will change tact. we have them all firmly up. and the dax up by 0.6%. it is smi leading the charge. let's look at the currency markets. the euro is weaker against the dollar, down over about 0.1%. as we speak, trading at 1.42. when it comes to the pound, that currency has lost ground against the greenback. it is down about d

welcome back to the kaiser report i max keiser time now to go to shanghai and talk of daniel collins he's the founder and chief investment officer of tiger hella capital management he also wrote a recent article titled rising chinese redback could overtake the based greenback could money printing in the u.s. be the rise of the chinese currency then columns welcome to the kaiser report i max you're going to be here all right dan tell us about the red back and has it gotten overtake the u.s. dollar and if so when there article i wrote really talked about. you know as we've seen continues money printing exposure to the last few years the world really looking for a new store of value. everybody knows china is also trying to limit its increasing dollar reserves and they really have a three speed strategy to internationalize the rim and be starting with making it to international trade currency. anybody's going to hong kong recently has seen that the renminbi if you posit in hong kong this year will rise roughly three hundred percent to go over one billion u.s. dollar china's also same cur

i think east of shanghai in 48 hours. however, this is a cone of uncertainty here, and there is a chance that it could strike shanghai, that is it could make a direct landfall here in the next 48 hours. one computer model forecasts is hinting if not showing that. so we'll watch this closely here. the warning center still insisting this will go to the north. and briefly to emily. emily has fallen apart across hispaniola but we could regenerate. look at the scenes in puerto rico as emily dumped a significant amount of rain there. and it may not be done. if you are watching us from the united states, from the state of florida, we could be dealing with a re-emergence of this tropical storm over the next few days. computer forecasts are indicating that. we will watch it closely for the bahamas and also for the potential threat of impacting with florida in the next three, five days. >> many thanks for that, ivan. >>> andrew, stormy s yy skies o markets as well. >> you could say that. still ahead, more on the uncertainty which i

gets up to 33 in shanghai. and hotter in taipei at 35. for the americas, a lot of tropical activity going on in the south. we have hurricane eugene continuing to head away from land. but mexico, caribbean islands, up towards the gulf coast states too we're looking at scattered showers and thunderstorms. plenty of wet activity going on here. now for the united states and in towards canada too. it's this area right along the border seeing a lot of activity. tonight watch out for severe storms. large hail, strong thundershowers. possibly tornadic activity. watch out if you are going to be in the area. highs, too, will be warm again for a lot of the eastern united states. 42 in oklahoma city. even up to 36 in d.c. as for europe, a little bit of a rain band forming towards east and heading into russia. isolated heavy showers will be possible here as well. out towards the west, a new system is starting to leave the peninsula towards france. this will include pockets of heavy downpours as well as showers. showers tonight for the british isles bu

the shanghai composite is down 21%, falling off an april high. the hang seng is down 20%, also off an april high. south korea down 20%, more recently since early may. as far bear watch territory, that's what i'm calling that, australia is very close to bear territory right here. down about 19.8% since early june. any lower and it will be in that bear club. india over here is down 15% since early may. and also, trending down are these other countries in green. japan, singapore and new zealand they are all down about 13% off of their latest highs. >> all right, thank you so much. appreciate that. of course, as we mentioned, australia's stocks had slumped at their open earlier today. they rallied back into positive territory a little while ago. and let's see how the market is doing now. kylie merit from sky news australia joins me now from sydney. this is good news, a little bit of good news coming out of australia. we heard that from tokyo too that maybe now the nations are moving forward. what are you able to tell us and reveal to us about what is

is the high and things are looking hot in shanghai at 33. for the caribbean, tropical storm emily and rainfall amounts will be very heavy. strong winds too. that's as of thursday and talking about rainfall monsoon season getting up to 500 millimeters. a lot of rain and flooding and deadly landslides. cuba and bahamas will brace for the heavy rains. as for europe, the thundershowers moving through central sections of europe right now. along the slope that will head more in towards the balcan peninsula tonight and thursday. the british aisles as well as western europe will deal with a separate developing. heavy rain in parts of the british aisles as well. rains are wet across parts of northern ukraine and western russia with thundershowers and the downpours. on the cool side for london and 19 is the only high with the rain with the wet chilly day. it remains at 20 degrees and mild in kiev as well. let's look at the weather conditions. here the three-day outlook. >> our lead stories, a panel a pointed by the japanese government confirms it will

temperature wise, 34 in hong kong. 31 in shanghai, warming up to 30 degrees in tokyo. now for the americas, looking at a scattering of showers for the intermountain west into the central plains, also severe from montana, southern saskatchewan tonight out to the east, still dealing with significant rain in quebec, canada, due to the remnants of hurricane irene. you see the new system coming in from ontario, sweeping across much of quebec into your tuesday. so staying quite unsettled here as well. looking at 29 degrees in d.c. today, warming up to 28 in new york city with plenty of sunshine. 28 in toronto, sunny and warm here as well. now, let's take a look at europe. we have that very large storm system moving into scandinavia, moving fairly slowly, so keeping weather conditions quite unsettled over next couple of days. looking very windy and thundery across the baltic states, the north coast of germany and poland and bringing a little bit of cloudy and wet weather to the northern end of the british isles as well. but for central, western and eastern europe, under the b

andy xie in shanghai, former chief economist at morgan stanley. charles. >> that's the reaction from china. how are investors in did million east taking the u.s. downgrade? we'll find out when we return. [pig oinking] [hissing] [oink] [oinking] [ding] announcer: cook foods to the right temperature using a food thermometer. 3,000 americans will die from food poisoning this year. keep your family safer. check your steps at foodsafety.gov. [oinking] >>> welcome bachlk you're watching "world business today." >>> the markets are highly sensitive to any economic u.s. problems and they would want to take the first bite of the apple which is after the u.s. markets have closed. markets though in the middle east were down sharply over the weekend. they have different weekend costs to those of the western world. they're watching closely the debt cree cease in both the united states and europe. joining us from cnn abu dhabi is tom from the english knapp in england. we saw a bit of buying in the asian markets and european market early on rchlt we seeing that i

a shanghai newspaper and other sources report that more than ten trains were up to three and a half hours behind schedule on monday. nhk has confirmed that wenzhou station, near the site of the accident, 14 trains had been taken out of service on tuesday. about two-thirds of those in operation were running late. there has been no official explanation for the delays. but a shanghai based tv station and other media have cited sources within the railway authority as saying the disruptions are due to continuing equipment inspections. passengers at wenzhou south station say they are worried about the safety of the high speed railway system but they need to use the line. they express frustration that authorities have done nothing to ease their concerns. >>> time to check on some of the stories we've gathered by broadcasters around asia. we begin with this item sent by rtm malaysia. >>> the malaysian government began a comprehensive program on monday to register the approximately 2 million illegal workers in the country. about 330 private firms have been engaged to register the illegal workers o

when you talk money flowing in beijing and shanghai. what do you say about that restlessness that, over time -- assuming that the political environment remains stable -- that is a big assumption. >> i probably have a different point of view. speaking, china has had a strong civilization for thousands of year. i believe they think this is a return to what is the norm for them. there was a time when there were relatively weak compared to the west. that was an abnormal time. i feel that the people are coming in general, even the ones who are less wealthy, are proud of the country and they are willing to go along with the program that the government has basically led them along. i see an amazing peaceful coexistence. i have been living in china for the last couple of months. you walk down the street and people's lives have not changed for a hundred years. they cook outside and live in an apartment. yes, there is a restlessness, but i think they feel that the country is on a basic course to help lift up the people, that the level party has b

it is going to stay pretty wet. 27 is your high in shanghai today. expecting 29 in seoul. and tokyo will hit 30 degrees getting quite hot. now in the caribbean, we've been watching, of course, hurricane irene in here moving now away from the dominican republic, aiming for the turks and caicos islands. it may still attain major hurricane status, category 3 or even more over the next few days as it aims for the bahamas. over that it looks like it may get very close to southeast coast of the united states. this will be a system to keep a close eye on. there will be plenty of rain with this system already impacting areas like the hispaniola, puerto rico. the bulk of the heavy rain will be aiming for turks and caicos and the bahamas. a very wet picture indeed. ahead of that gulf coast space here deal with showery conditions. looks like that's going to be continuing. another low is going to really develop across central canada and then we're bringing showers into the east. also looking unsettled across the midwest, too. we could see some severe weather pop up here so you do want

gets up to 33 degrees in shanghai and a little bit hotter in taipei at 35. now for the americas, a lot of tropical activity going on in the south. we have hurricane eugene continuing to head away from land, but mexico, central america, as well as the caribbean islands, even up in towards the gulf coast states, looking at a scattering of showers and thunderstorms. plenty of wet activity going on here. for the united states and in towards can dark it's this area right along the border that's seeing a lot of activity tonight. watch out for severe storms. there is going to be strong hail, thunderstorms. watch out if you are going to be in the area. highs, too, pretty warm again for a lot of the eastern united states. 34 in chicago. hitting 42 in oklahoma city. even getting up to 36 in d.c. as for europe, well, a little bit of rain band here forming in towards east and heading into western russia. isolated heavy showers are going to be possible here as well. out toward the west, a new system is starting to leave the iberian peninsula anded 4ing in towards france.

the country also spent billions of dollars on showpiece events like the olympic games and the shanghai expo. so why are other countries still sending aid money to this economic powerhouse? >>reporter: bucks for bamboo; in rural sichuan, europe's taxpayers are funding a two and a half million dollar project to help revive, boost and sustain stocks of this fast-growing, versatile, substitute for timber. >>managed by the international network for bamboo and rattan, inbar, the programme also promotes safer factory working conditions, more effective marketing and greater use of bamboo in construction. the goal is to strengthen economic recovery in a region where the production chain was destroyed in the 2008 earthquake. but there's a long way to go. >>dr. yiping: a lot of problems, i think, for the workers' safety, for resource efficiency - so i think this project can bring a lot of experience or expertise from outside to help with lots of people. >>reporter: indeed - but in europe's age of austerity, why isn't china financing projects like this itself ? >>the world's second largest economy

in shanghai, every family is allowed one flat. what i've seen, which is quite ridiculous, three couples have gone through a divorce just to buy a flat. >> because you can only buy one property. they're divorced to buy a second property? >> yes. >> that gives you ideas, doesn't it? statistic i saw that last year i think the ten consecutive months, house prices in the 70 big cities increased by at least 9%. so there is a property price bubble in china, isn't this tl? >> i don't believe there's a bubble. because, first of all, there's a shortage of land. a shortage of properties in china. and then with the very high economic growth, disposable income are increasing significantly and what's important is there's no outlet for the money and then the china market is not overleveraged like in the west. we still have one-third of our buyers coming in to pay full cash. >>> now, warren buffett has been making moves in the markets and he's speaking out about u.s. taxes of the we'll tell you who he says should pay more. here's a hint. he inclu

the shanghai composite flirted with 6.5%, most analysts thought it would be 6.4% and inflation fears are going to stay front and center in the national dialogue in china. australia bucked the trend around the region, the asx gained moderately, ended up 1.2%, miners and bankers, bhp billiton and rio tinto shook it up and ended up 1%. >>> a lot of big markets are pulled up into the bear territory. >> that's right. some of the asia's if you will biggest dragons have turned into some of asia's biggest bears. china, hong kong and south korea are now officially in this grouping, that means their markets have fallen more than 20%, the shanghai composite is down 21% off an april high, the hang seng down 20 from last another. two countries on the watch list are australia and india. australia is just on the edge of bear territory, down about 19% since mid-april. remember, 20% is that threshold. india is down about 15% since early april. as i wrap up these economies here, they've been on the slide, 13% from their highs, japan, singapore and new zealand. they're not so bad, but none of these eco

to a chinese opera, to a technical university, to an industrial exhibition, to m model commune near shanghai. we ate great chinese food and experienced the most wonderful hospitality. the chinese girls taught me two songs. "the east is red" and "sailing the seas depends on the helmsman." we learned about chinese communism and read mal's "little red book." and of course, we played friendship matches. we played in three cities -- and fortunately, very fortunately for me, the mantra over and over again was friendship first, competition second. i would like to brag here today that i won three matches out of four in china. and it was only do -- and i'm very well aware it was only due to the philosophy, "friendship first, competition second." [laughter] i am also grateful for the wonderful hospitality that the chinese association and chinese people have extended in my subsequent ping-pong diplomacy visits to china, and i thank the chinese association and the people of china for keeping alive the spirit of ping-pong diplomacy. today, we are celebrating ping- pong diplomacy and the role it played in

in shanghai the key composite climbed to 5,876. in hong kong, the hang seng at 19,783, after renewing a 15-month low at one point on tuesday. india's index ended at 17,130, up 1.6%. >>> the prices of goods traded among businesses in japan rose in july for a tenth consecutive month. japan's central bank said on wednesday the corporate goods price index stood at 105.7. that's up 2.9% from a year earlier, the highest gain since october 2008. the index is a measure of prices of goods traded among japanese firms. by category, oil and coal products surged 18% while nonferrous metals rose by 13%. the increases reflect a rise in corporate material costs, stemming from high prices of natural resources. the central bank says it will keep monitoring prices as the cost of oil and natural resources began falling this month over growing uncertainty over the global economic outlook. >>> china's monthly exports marked a record high in july. china's general administration of customs said on wednesday that china's trade surplus reached $31.4 billion

it reduced the number of daily round trips on a line connecting beijing and shanghai from 67 to 88. that will give workers time to repair cars. the beijing tan gin line, the maximum speed reduced to 300 kilometers per hour from 350. >> translator: it's better to reduce the speed if safety can be ensured. slowing down is a good idea. >> translator: the cause of the accident should be determined, but it's not necessary to reduce the speed of the trains. >> the chinese government plans to disclose the result of its investigation into the accident by mid-september. it says they'll freeze the approval of new high-speed railway construction projects for now. >>> a tibetan monk has died after setting himself on fire in southwest china. a radio service says the man was protesting the chinese government's crackdown on religious activities. the xinhua news agency reported on monday that the 29-year-old monk committed suicide in garze tibetan autonomous prefecture. they say it was unclear why he killed himself. but the voice of tibet, a norway based radio service for exiled tibetans had a diff

in shanghai, the key composite index closed monday's session at 5,816. it's 3.5% lower. in singapore, the bench marc temporarily dropped 3.7%. in south korea, share prices declined due to large sell orders. the benchmark kospi closed at 1,869, losing 3.8%. >>> japan has revived its rice futures market after 72 years. the tokyo grain exchange and the kansai exchange began trading rice futures on monday. in tokyo a pretrade reference price of about $170 for 60 kilograms was set for the january 2012 contract. there were so many buy orders, they pushed the price above the daily fluctuation limit. no deals have been closed yet. rice futures trading began in osaka in the early 18th century. it was abolished in 1939 when the government tightened its control over commodities. rice futures trading is expected to make the buying and selling of rice more transparent, but a national group of agricultural cooperatives is not taking part. it says futures trading may cause volatility in the price of japan's staple food. >>> private research firms expect japan's gross domestic product f

shanghai comp up 2.91%. australia, will north of that 1% gain, nina. >> let's take a look at how the u.s. markets are fairing at the moment in the united states. the futures indicate is that we could have a little bit of a mixed open after three straight days worth of gains. this is where the premarket stands and the futures on the dow and the s&p 500. the nasdaq, the heavy index that's currently down to a tune of a quarter to 1%. showing some signs of potentially opening a little bit higher but not all that much given the kind of gains we've seen of late, andrew. >> it's interesting. down to a quarter of 1% because shares of apple dropping 5% in the after-hours trade. steve jobs announcing he will be stepping down as ceo. jobs will stay on as chairman but his replacement certainly has big shoes to fill. ed simon has the story. >> today apple is going to reinvent the phone. >> reporter: he's been called a modern-day thomas edison. >> you can do multifingered gestures on it and, boy, have we patented it. >> r

shanghai up by 1.12%. the rest down. flat in sydney. down by 1% here in hong kong. nina. >> and that's about it from this edition of "world business today." i'm nina dos santos at cnn london. >> and i'm andrew steven in hong kong. you're watching cnn. i will be back with the next edition of "world business today." hopefully we'll have the pleasure of your company then.

asia, a 2% drop in japan and hong kong, the shanghai is down. europe, market drops in london 2.27% to germany over a 3% drop. gold is soaring above $1700. investors are flocking there. the ultimate fear, of course, a global recession. we have yet to see it will be a rough day probably with the stocks up and down. a day that investors have to stay calm and keep nerves away. outside the pacific stock exchange, i'm leslie brinkley, abc7 news. >> the dow is off 217. thank you. "good morning america" will keep a close eye on the market as well. >> final weather numbers now. mike? >> the temperatures are holding steady. mid-to-upper 50s. 60 at mountain view. watch out for the fog, drizzle, flight arrival delays. in sfo. by the afternoon hours low 60s along the coast and up 50s there. 60s and 70s through the bay shore. 70s and 80s inland. the accuweather seven-day forecast -- the temperatures are below average. sue? >> we have a hot spot out of the livermore area, up and over the altamont pass. earlier big rig accident is slow approaching the 680 junct

shanghai was the big winner but hong kong was down almost 1%. here is a look at the closing numbers, the dow jones industrial average falling just about 520 points nasdaq 101, s&p 500 down 51 and the question is will some bargain hunters be on the hunt today. so far futures are up. >>> and staying up through the end of the trading day, apple was the most valuable when the closing bell rang. they were worth $337 billion but exxon mobile fell even further to $331. exxon held the top spot. >>> they plan to hold a few firefighters in the coming weeks. vallejo hired nine people in the fire department and reopened one of the fire stations that closed in 2009 but they will be able to hire seven workers and they will hire several dispatchers -- dispatchers. that deadly boat collision last week appears to be an accident and not a crime. a father and son were thrown into the water when a crash went into them. his father died. the larger boat did not see their vessel and they have not been able to get statements from either parties and both sides hired law

english, for chinese media following the story, and we have a couple of events organized in beijing and shanghai in september. thank you again to the chinese deputy consul for joining us today. i thought the best way to understand hilton huanying was to understand it. we have created three dynamic interactive stations at the back of this room, which we will reveal to you in a moment, where you can go and see and best of all taste hotel our rival, the guest environment, and the breakfast at hilton experience, so you will chinese practices ladies and gentlemen, i would choose to be the first to experience hilton huanying. ♪ ♪ ♪ ♪

tavis: uc proof of that in big cities like shanghai and beijing. people are making money. chinese officials have moved 300 million people live there -- out of poverty into the middle class. despite recent concerns about inflation, the economy is thriving. china has more billionaires than any country other than the united states. feeding this economic boom is china's educational system. it has been criticized for not fostering independent thinking butted is also graduating hundreds of thousands of top students in science and math. that is why multinational companies like microsoft have established beachheads in china. why do you think the largest r&d campus outside of redman for microsoft is in china? >> talent. the amount of talent to lookout in china. every year, we graduate 6 million people. 1 million are in computer science and electrical engineering. things to do with information technology. it is different from the u.s. the best and brightest students work in engineering tavis: statistics like that -- like that make us uneasy. those footsteps are making for some restl

stan grant is standing by in beijing watching the shanghai composite index. >> reporter: it's opened flat, last week took a bit of a hit with concerns about the potential default in debt. china is the biggest holder of u.s. treasuries and that made them a bit nervous their investment could be dented by this political process in the u.s. really it's been about politics here. there's been frustration amongst leaders in china about the process in the united states. they'll be breathing a sigh of relief now because they hold a lot of money in dollar denomination and this is the only place for them to invest. >> the asian markets are now open. they apparently, at least so far, like what they've seen and heard coming out of washington. >> what a difference just a few minutes make, right? as you've been saying, it appears there's a deal. even with the debt deal that's on the table, the u.s. economy is still facing soaring unemployment, you know that, a sinking gdp and really a fragile housing market here. >> it is still a fragile recovery if we can call it that. let's bring in once again al

a pleasant 26 degrees for shanghai. now in the caribbean, we have been monitoring this hurricane system. into the southern bahamas. this is major hurricane irene now category 3 system packing winds of almost 200 kilometers per hour. gusts are likely much higher. it has been battering the turks and keikos islands. it looks like it will maintain that strength as it moves in towards the eastern seaboard of the united states. it could make land fall anywhere from north carolina up towards massachusetts area. so wide iera along where you want it to be the launch for this system, keep a close eye on rainings and warnings. impacting the islands here, even though there is a line towards puerto rico, rain shower totals will be adding up. watch aught for continues high risk of flooding as well as landslides. in the next 72 hours, rain moves in to the middle atlantic region of the united states. you want to start taking precautions now while you can. >>> finally, a look at europe. a big system in towards brit irn isles. showers ar

all grow in size and was a hundred times larger than the moon it hovered over shanghai for about 20 minutes they'd think it is a fragment of a satellite that blew up two days ago. we will take a live look outside for more mt. tam camera. after the announcement of steve jobs leaving after trading closed at the stocks went down. and there are rumors that the jobs will continue playing our role and if that find winds up being true it will gained some ground when the stock jobs said in a letter if it ever came a time when i could not fulfil my job as see you all i would step down unfortunately that day has come it is his third a medical leave in years he was treated for pancreatic cancer and a liver transplant what consumers think warfare with the job stepping down we asked around >> 1 that they hope he is ok and selfish rations is no. 2 which they are hoping that apple will continue to thrive this is the front page of the san francisco examiner you can see in bold letters of java last i talked to some people this morning and this is what one woman had to say about steve jobs stepping down >> d