tv World Business Today CNN August 25, 2011 1:00am-2:00am PDT
to get a landfall in florida. but with all of this wind way out here and waves being generated 20 or 30 feet tall, there certainly could be some beach erosion for the florida coast. then we move you on up close to hatteras. there could be a landfall right here in north carolina. half of the cone is offshore, half onshore. the biggest problem i see is if it keeps going will it potentially make landfall somewhere from new york city to boston. best case scenario out to sea. we'll have to look at that the next couple of days. piers. >> that's all for us tonight. another quiet day in august. to. another quiet day in august. i'm zain verjee at cnn in london. here are the top stories right now. in libya the rebels are fighting to maintain control. pro-gadhafi forces are to the east of it. they say government troops are entrenched in nearby villages
endangering the lives of civilians who could be caught in the crossphile. jurlists, three being held after five days at the tripoli hotel. cnn's chaunce was one of them. steve jobs will step down. jobs is on his third medical leave of absence. he didn't mention his health problems directly but he said the time has come to resign. portions of the u.s. east coast are likely to be under a hurricane watch in just a few hours. hurricane irene is tearing through the bahamas right now with sustained winds at 160 miles an hour. it could hit the populated, northeast this weekend. those are the top stories. i'm zain veer gee.
"world business today" starts now. >> an ipod, a phone. are you getting it? the innovator steve jobs steps down as ceo of apple. we'll look at the company's future under new leadership. hello. i'm andrew stevens in hng kong. >> and i'm nina dos santos in london. you're watching "world business today." -- captions by vitac -- www.vitac.com let's start with the markets. they were higher for your the second or third trading day. let's look at where they stand at the moment. we've got the heaviest gains comes. the cac 40 in france up the most and germany up to a tune of 1%. the ftse still up following yesterday's positive close by
markets on the other side of the atlantic. andrew. >> yeah, that was certainly helped by better than expected economic numbers in the u.s. and that boosted the markets across asia. a fairly positive day all in all here in the nation. and also news of that resignation of steve jobs filtering through, boosting share prices. let's face it. asian come poet tors will be breathing a little bit of a sigh of relief as he steps away. that's how the markets finish up. 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. >> reporter: others have tried to emulate his style. >> amazing. and the screen literally floats in mid air. >> reporter: but rarely with the same success.
the apple story is well known. two kids in the garage, jobs and steve wozniak launched a company that changed the world. >> we worked hard and in ten years apple had grown from two of us in a garage with a $2 billion employee with over 4,000 employees. >> reporter: in 1984 jobs introduced the macintosh, the first mainstream computer with a mouse and with multiple thoughts but sales were sluggish and there were internal divisions in the company. jobs was forced out. his second act a decade later is considered one of the greatest ceo tenures of all time. >> it's called the ipod touch. >> reporter: jobs brought us the iconic ipod and of course a string of other life-changing technologies like the iphone and the ipad. for a few years now, jobs has looked thin and frail. his health problems including a bout with pancreatic cancer are well known and two years ago he
had a liver transplant. in his letter to the apple board jobs writes, i have always said if there ever came a time when i could no longer meet my duties and expectations as a ceo i would be the first to let you know. unfortunately that day has come. >> and we have computers like the imac. >> reporter: as the new ceo takes the reins, jobs will become chairman of the board while the company he started enters a new phase. >> the question is who will run the day-to-day business of apple now. apple says that tim cook would be promoted to ceo. he was previously the company's chief operating officer and he took charge during jobs' medical leave back in 2009. cook is a 14-year apple veteran and he's worked for some of the bic competitors like compaq and
ibm. he's largely responsible for the way that apple products look and feel for the last 10 or 15 years. schiller became chief inventor takes his place on the stage. and then we have scott. he's currently in charge of iphone software. jobs is being called as a modern-day thomas edison. many are concerned with how the company will fair without him. we asked one apple watcher for his best guess. >> he's put together a very good team and i think a team of people could fill his shoes. i think they have enough of a skill set to sort of proximate a
team-based steve jobs. >> jobs made his most public recent appearance back in june and, of course, andrew, as we all know, there's been a lot of speculation for years hanging over when jobs could be resigning as ceo of the company. we now know he has done so. >> yeah. as you say, enormous shoes to fill, nina. tim cook certainly has his work cut out for him. it was steve jobs that created things that people didn't even know they wanted. when they saw them, they certainly did. here in asia lg's electronics is sending best wishes to steve jobs and his family. let's bring in eunice eun. it's been a big reaction, hasn't it? >> that's right. apple is such a huge player in
the tech world. it actually manufactures and assembles a lot of the products right here. so apple has several different suppliers across china. many of them putting together their i pads and i phones. there's the steady flow of business to a loet of these suppliers. i wanted to take a look at one of the statements out of a very important supplier of apple, a company called foss con. they have every aspect and its ability to innovate. investors, though, not quite as certain. if you take a look at how the overall markets have done in asia, actually prb good. but when you look at the individual stocks of some of the listed companies that make apple products such as han high, fox
con. >> you you >> eunice, i wanted to ask you. when it took off it branded itself as a maverick. that message wouldn't played well in china for obvious reasons so how did apple manage to capture the chinese audience? what was their message to china? >> well, the position itself is a very trendy and young and hip brand but there are a lot of people, especially young professionals who prefer the iphone and see it crucial as part of the incrowd. in that way it's not very different from anywhere else in the world. the product is seen as a must-have for a young professional. and it's really the reason why
apple has been so successful in china. in fact, for the first time ever, apple overtook its chinese rival lynn oh voe in greater china sales. they have four stores here and those four stores generate the highest amount of revenues and also brings in the highest amount of foot traffic in the world. it goes to show how important the traffic is for apple. andrew? >> it actually took over lynn know voe. eunice yoon in beijing. thank you so much for that. let's stay in china for a moment because the chinese microblog is jumping on it. jobs was the top trending term within an hour of his resignation announcement. it was early in the morning on this side of the world as well.
so what are they saying? let's give you a few examples. there has been a huge response. we can only get to two or three to illustrate it. 10 million i pads, 100 million i phon phones. certainly appreciate his business acumen in china. this one is short and sweet. steve jobs has resigned. i no longer believe in apple. tim cook is not going to want to hear that. take a look at this. jobs resigned. apple stated the is the newly release released iquit2. a little fun. it's not the first time he left the company. in 1980 hi was actually fired from appleby the new ceo there so probably one of the worst calls in corporate history. he did come back but it took him 12 years before he actually came back to apple. >> he did, and what a resurgence it was. now, on the streets of new
york, andrew, we managed to get some reaction to steve jobs' announcement. take a listen to this. >> i think apple is going to tumble whether he stayed or not. it's hard to believe a company that sells ipods in an economy like this is going to stay that strong for a long period of time. so i suspect that the stocks are going to have a hard time. >> i think apple should be fine because the whole technology world is gaining so they should have more new technology come up. >> still ahead on this show. you are watching "world business today." when we come back with the recent gains and record levels, many of them wondering how high gold could go. over the past couple of days, we may have found out. we'll check the price in just a moment. coffee doesn't have vita. unless you want it to. new splenda® essentials™ no calorie sweetener
welcome back. latest developments now from libya. rebel leaders are claiming they control roughly 80% of the libyan capital, but they say there are still pockets of strong resistance from gadhafi loyalists particularly in the southern part of the city. meanwhile one of gadhafi's sons e-mailed nic robertson to say he wanted to broker a cease-fire. he said he wants to keep tripoli from turning into, in his words, a sea of flood. as for the father, moammar gadhafi, he's still nowhere to be found. the rebel stronghold is hoping someone will bring the former leader in. he's offering $2.5 million as a bounty for gadhafi's capture. well, several countries at
the united nations are offering support. as soon as thursday the uniunit nations could vote. conflict with the regime intensified. >> so when we talk about assets, what exactly are we talking about? how much are we talking about? it's estimated anywhere from $100 billion to $150 billion, even as much as $168 billion of libyan government assets currently held overseas. the united states holds more than $30 billion, more than any other country. 10% of that is cash. the result in non-liquid assets which include things like property. right now the u.s. plans to release about $8 billion. united kingdom holds about $19 billion. et the dutch government is holding
$4.4 billion and $144 million of that has been released. the government holding about $823 million and plans to hold it. the banks hold $153 billion worth of libyan assets. nina. >> we want to turn to the situation in libya. we were able to talk by phone right now with barrett. he's onboard that ship. can you hear me? >> yes, i can, nina. >> let's start out by talking about how close you are to docking in tripoli? are you managing to dock successfully? how far away are you from the
shor shore. nato -- it was the latest example of -- >> okay. we're going to be moving away from barak barfi. it's difficult to communicate with him at the moment. we'll be back in touch with him from the new american foundation. he's one of the people onboard that ship, the ship of reshl fighters that is at present trying to dock at tripoli. for your the past several days they've been moving from benghazi to the libyan capital and will now it's very different from the days when they set off.
we'll try to get back in touch with him later on in the show. well, for weeks investors have been flocking to gold as the ultimate safe haven asset, but on wednesday this particular commodity proved it can be just as volatile as other financial investments. the price of gold dropped over 5% after a very strong start during the week. right now you can see it's currently trading down around $14 at a price of $1735.40. >> the biggest dollar fall, ever, nina, over two days. $160 from record days. it certainly marks an abrupt turnaround after the steady decline we even ebb seen this year. take a look at the chart here. it's hit several new record highs in that process. u.s. growth concerns and problems on both sides of the atlantic, sending investors to the safety of gold, but
certainly when you see an 8% fall like that over two days, it doesn't act or it's not acting, i should say, like a safe haven place. certainly it does show how much speculative money is in there if you're getting that sort of volatility, swings in the price. >> yeah. those are the reports earlier on the week but the libyan government could have about eighth tons worth of gold in its coff coffer. we'll going to be moving on after the break to stormy weather. >> we certain will i are. the a massive storm is moving toward the eastern united states. we've got details just ahead.
evacuation orders are currently in place for parts of north carolina's outer banks as hurricane irene hits the bahamas. jennifer delgado is standing by at the cnn weather center to tell us how. good morning, jen. how is it looking? >> you're right. hopefully everybody is paying close attention to hurricane irene. this is ma i superior hurricane, a category 3. as you mentioned, a mandatory evacuation through the outer banks. you can still see that eye working through parts of the bahamas. it's been moving through there over the last 12 to 24 hour. you can see the rain still
coming down. some of the outer bands working in through the northern part of the bahamas. that's what's going to happen as we go through the next several hours. as i said, a category 3, but notice as it gets toward the northern part of the bahamas, notice the winds coming up to 213 kilometers. that could take it to a category 4. and then it's going to be moving through open water as we go through friday and weather conditions start to deteriorate saturday through parts of the north and south carolinas. looks like it's getting close to the outer banks or making landfall across the region as we go through saturday evening. the winds dropping down to 167 kilometers. earlier some of the models had it going through the region as a major hurricane. let's go to the video coming out of north carolina. they're taking it seriously. you can see visitors being evacuated or look at cars being ferried away. this is a good idea.
with hurricane irene being so large and the winds being so strong, it's going to cause damage. right now we're hearing reports in through parts of bahamas, down toward the south, 90% of the homes have been destroyed. here's the area right now under the hurricane warning. you can see through the bahamas. and as i said, as we go through the day, the weather conditions are going to deteriorate for the northern parts of the bahamas. but also for the southern part of florida because you've about got to keep in mind, tropical storm force winds are at 110 kilometers. roughly 255. so some of that outer band action working into the southern apartment of florida. so we're talking rough waves as well as strong winds and of course some heavy rainfall. to give you an idea after that, as i said, going very close to the outer banks on saturday, notice, it's going to be going very close to the eastern seaboard and potentially in toward new england. this storm system still has a
>> useful geoff jobs adding a touch of theater to the launch of the apple macintosh computer. jobs is a living legend in the world of computers but even legends step down. in his regulation ig nation, apple's long-time ceo said he could no longer fulfill his duties. he's been on medical leave since january. he plans to stay on as chairman of the board of directors. as we've been telling you throughout the course of this show, tim cook will be taking over jobs' place as ceo of the company. but let's have look at jobs' impressive resume. a college dropout turned ceo. he founded apple computer back in 1976 and he turned the company into an industry innovator, creating all sorts of products like the apple macintosh computer, the ipod, the iphone, and the ipad. he also co-founded pixar studios which includes animated movies
like "toy story" a. in early 2009 jobs announced he was taking a six-month medical leave of absence from the firm. now, during that time, the 54-year-old underwent a live transplant. he was reunited with his work later on that year, but took medical leave once again in early 2011 and then late on wednesday, as we now know, he announced his resignation as ceo. >> amazing reaction on the stock price of apple. not surprising really, nina, because certainly steve jobs was sin on news with apple's performance. that was apple's trade right there. the apple stock down 5% at $356. interesting, though, that bloomberg came out with an interesting stat. when the announcement was made, the s&p 500, the futures contract which is the 500 company actually dropped in
direct response to that announcement by about 0.5%, which is the equivalent of $52 billion being wiped out. that's across all companies. it gives you an idea of the breadth of steve jobs. hef really will forever be regarded as one of the real sort of colossal talents of the corporate world in the u.s. one quota he told business week back in 2000 that's really telling. he said basically he doesn't use focus groups. he said you've about got to back yourself and do it yourself. he had a talent for thinking things and then convincing people that they actually wanted them and he did it so well. >> and, andrew, he really has revolutionalized the electronics consumer center. this ipad, which many of our viewers will be intimately familiar with. this one unfortunately is not my own. it's being borrowed from the
director. but large-scale items like this one that cost a pretty penny to, of course, these little fellas, ipod fellows. they cost something like $60 a piece. from one end of the market to the other, steve jobs and his entire team of designers really have revolutionized the consumer electronics industry themselves, haven't they, andrew? >> it's interesting, just you showing those products there. i wouldn't say my family is particularly tech savvy. we've got like seven or eight apple products and we're not geeks by any stretch of the imagination. et it gives youen a idea how apple has managed to insinuate itself so deeply into people's lives. >> that's absolutely right. and now, of course, it's a new era for apple and it's a new era
for us because we're going to be moving from apple to talk about how stocks have been fairing at early trade. here's how the stocks are at the moment across the european region. remember that the stocks trade on the front in germany. not having much of an effect on the broader index over there in germany as the big companies like the dax. you can see that one up to the tune of 1%. we've also got the likes of the cac 40 up, even more, about one and one third. even the ftse has outperformed the markets. it's still about 0.5% even though it has been a little laggard the last couple of days. steady gains, an drew. >> worth pointing out, it's because the world's headlines have been swamped by developments in libya. now we have the steve jobs resignation. easy to lose sight that the
markets in the last three or four days have actually been performing pretty well, coming sharply off their lows that we've seen in recent weeks. here in asia, another update for the asian markets ads well, getting a lot of tail winds at the moment from better than expected, that's right, better than expected economic data coming out of the u.s. who would have thought that. we had terrible numbers. both of those were a little bit unexpected after some truly dreadful numbers we've seen in the u.s. now we see better than expected numbers. that's helping investors on this side of the world, pretty much everywhere, not just in asia. the shanghai comes up 3%. but pretty much good gapes all around, nina. >> i'll bet ipad is on durable goods, andrew. even if they do cost a pretty penny. let's look at how u.s. markets stand in terms of the futures. this is how we're looking at the moment. it seems though broadly speaking we're seeing a little bit of upward momentum on the futures,
but we should mention that some of these markets have already paired their gains and this is already a number of hours before trading. nasdaq falling further into the red on the futures down to the eun of nearly 0.5%. the dow jones industrial average still pairing down. pretty modest at the moment. >> let's take a look at what happened. carter evans was at the new york stock exchange. >> it ended solidly to the upside. against ongoing worries about the global economic worries. at the close the dow jumped to 11320. bank of america shares leading the way there after their recent selloff, rise 1g 1%. the nasdaq adding almost 1% and the s&p 500 gaining 1.31%. durable goods ordersed jurpd 4%
in july. that's better than wall street expected. it comes almost after a 1.5% tumble in june. it's the big ticket items that are meant to last three years or many, cars, trucks, refrigerators, appliances, airplanes and other large manufactured products. the gain this time mostly due to a big jump in aircraft orders. that's good news that suggests that consumers may be becoming more confident. the fed chief is slated to speak at a bank retreat in wyoming. now many experts do not expect the quantitative easing to be announced but they're holding their position in case of any surprises. looking ahead to thursday, it's a light day on the economic calendar with the exception of the latest figures on those weekly jobless claims. analysts are expecting a modest downtick after last week's 9,000 claim jump. that's a wra p of the day on wall street. i'm carter evans in new york.
call it a rock concert for economists. key decision financial makers are in the united states converging on jackson hole, wyoming today. when we continue with this show, we'll be telling you about the headlines with fed chairman ben bernanke. imagine... one scooter or power chair that could improve your mobility and your life. one medicare benefit that, with private insurance, may entitle you to pay little to nothing to own it. one company that can make it all happen ... your power chair will be paid in full. the scooter store. hi i'm doug harrison. we're experts at getting you the power chair or scooter you need. i didn't pay a penny out of pocket for my power chair. with help from the scooter store, medicare and my insurance covered it all.
let's take a look at the latest gold prices. these prices have dropped another $10 in just the last half hour. right now gold is currently worked under $1,729 an ounce. that's down $19. welcome back. you're watching "world business today" on cnn. now the latest republican to join the race for the white house says fed chief ben bernanke is already flirting with teason. that's what he said. treason to quantitative easing to try to stimulate the economy.
there may be more he has to say this friday in the picturesque jackson hole on friday. it became known as qe2. the second round of quantitative easing. b basically the federal reserve buying. rick perry calls the process of qe basically printing money. nina. >> one of the reasons they've been printing money is to support the markets but the investors will need all of the incentives they need. if you look at some of these kind of statistics. the london ftse 100 was down more than 12% for the month. fear and uncertainty in the united states. when it comes to the markets in
asia, the nikkei lost more than 13% on the month. so, andrew, as we were saying, quantitative easing, that's the big question. is there any feeling where you are in asia? though we could see a third round. it seems as though the fed chairman, ben bernanke, already said enough in the last interest rate meeting. >> absolutely. he said the interest rate is going to stay low until mid-2013. that has many experts saying the quantitative easing very low which is what all of this is about. i think three or four days ago, yes, everyone was anticipating the fed chief would say something substantive in jackson hole about policy, but i think over the past couple of days that seems to have died down a bit. we've had gains on the back of the expectations, a little bit of a pullback since then. not much. and as we've been saying, it was helping the markets up today.
i don't think -- that seems to be where the market is at the moment. there are a lot of people out there who say it's sort of throwing good money after bad and the u.s. is just going to have to sit back and take it. and all it does is sort of, you know support the stock market and the other side of it for asia at least is it does lead and has led qe1 and qe2 to commodity inflation here. and the last thing asia needs is any more inflationary news. >> it's also difficult to see whether the fed has anything left in their toolbox, isn't it at the moment, andrew. that's one of the things they're increasingly saying if you read any of their reports, andrew. >> absolutely. what do you do? well, some analysts say high frequently trading hans been in effect in the stock market turmoil we've seen in recent weeks. men and women standing on the floor shouting instructions
around. computers making thousands, millions of minute transactions in search of making big profits. well cnn's maggie lake visited one company to discuss recent criticism of the practice. >> reporter: this quiet suburban main street is about an hour from manhattan, home or the new york city stock exchange. don't let this fool you. on the second floor of this building is a high-frequency trading firm, one of the few that will talk to the press. for a company dealing in the fast-paced world of high-speed trading where millions of shares change hands in a second, the off of trade works in red bank, new jersey, are surprisingly laid back, a place where a handful of young programmers work on complex trading strategies. firms like trade works have been villainized for the trade, wos on wall street. >> this is what we participate in. >> the founder says nothing
could be further from the truth. >> the thing about high-frequency traders in particular is they're buying interests in any time period, virtually identical to their selling interest. >> so you're doing both. >> we buy as many shares as we sell in relatively short time periods, so it's fairly easy as a thought experiment to see high-free quincy traders cannot impact the stocks. >> reporter: some are saying it's the high-wall street people. why do you think the attention comes back to high frequency trading if what you say is true? >> who you see in the financial trading industry is lots and lots of firms, the multimillion-dollar industry is under pressure. they -- >> reporter: it's a bit of sour grapes. >> it's the oldest trick on wall street to look for a scape goat
when you can't explain your own performance. it's always the case everybody who things they'ks they're righ everyone else is wrong. >> when you see moves so quickly, viciously that don't seem to connect to the fundamentals that people are talking about it feels like something is spinning out of control. is that our lack of comfort with technology? is it just adjusting to the new reality? same thing with the flash krarchlt it seems that something broke or is not working right. >> so i thing it's best to answer that as two separate questions because the flash crash really was a peculiar case. technology definitely played a role in the flash crash but technology should not connote or imply high frequently trading. the vast majority of trades that are executed today are executed by computer. that's a panel that shows the state of our infrastructure. what's happening in the
financial industry is happens all over the economy. technology is wreaking havoc with traditional models. the way that happens is technology comes in and plays a role in reducing the cost and increasing the efficiency of services that are delivering to the public. now, the that's not always a great thing for the providers of their services because it has a disruptive impact on their businesses and that leads to lots of finger pointing and lots of defensive behavior and that's kind of what we're seeing right now as computers play a bigger and bigger role on wall street. >> fascinating, the impact of technology on wall street. we'll have more on the resignation of steve jobs as apple's ce o'in just a moment including what the man who is called a modern-day tom edison was making each year besides some of the world's most innovative products. stay with us.
>> chief promoter. such a versatile ceo, steve jobs wasn't actually paid very much. he made just $1 a year since he returned to apple in 1997 and if you do the math on that, since that time he's made a grand total of just $14. but what steve jobs is lacking in salary he's more than making up when it comes to his stock because he owns about 5.5 million shares of apple and if we go back over a period of ten years, this is how that stock has formed. since o 2001, apple shares have gained a staggered 3877% and as of the close on wednesday, steve jobs stock was worth more than $2 billion in total. let's move to weather. hurricane irene isn't the only tropical system out there. a typhoon is spinning off the coast of the philippines. for more on that, let ooh is go back over to jennifer delgado who joins us once again from the cnn national weather center.
tell us about this typhoon you. >> you're right. it's about a thousand kilometers away. it's been dropping heavy rain. let's talk more about this typhoon. the winds are add a sustained 139 clomer tos. by tomorrow, the winds, 194 kilometers. that would make it a category 3 if it was in the atlantic ocean and 48 hours out, notice. it would make it a category 4. so the storm system is not going to be moving very much but we're going to see some strength abouting out of it. that could cause problems especially in areas of the philippines as well as taiwan. we're talking rough surf and heavy rainfall. so how will this affect philippines specifically?
we're going to talk about our heavy rainfall. we're talking anywhere right around 10 inches over the next 48 hour of very rough seas and, of course, this could affect it across parts of the philippines, anywhere near the circulation. the again, this is hurricane irene. we're waiting for an update from the national hurricane center. we'll have that update coming up in just a moment. we'll send it back over do you, nina. >> thanks very much, jennifer delgado, for that. >> and we're going to say farewell for this edition of "world business today." thanks so much for joining us. i'm andrew stevens in hong kong. >> and i'm nina dos santos in london. you're watching cnn. good-bye for now. let me tell you about a very important phone call i made.
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