tv World Business Today CNN October 17, 2011 1:00am-2:00am PDT
>> congratulations. >> thank you very much. >> seriously. i couldn't be happier, granny. >> you put your head up your. [ beep ] now. >> and that is the end of the extraordinary encounter with the osborne family. -- captions by vitac -- www.vitac.com i'm zain verjee at cnn in london. here are the headlines this hour. tragedy struck at the race track at the las vegas indy 300 on sunday. officials say british driveer dan wheldon suffered unsurvivable injuries when his car crashed and burst into flames. more than a doenz vehicles involved in the accident. he was 33 years old. mountains of trash piled up in athens as garbage collectors became the latest to go on
strike. thousands of public employees say they'll walk off their jobs this week as parliament prepares to vote on yet another round of austerity measures. wrnss in yemen's capital say government troops killed at least five people when they opened fire on pro democracy demonstrators. sunday's violence left eight dead and more than 50 wounded. the surge in violence is blamed on al qaeda and the muslim brotherhood. a revolutionary forces commander was killed in sirte in the front line on sunday. many fear the anti-gadhafi fighters are losing the earlier momentum in the battle for moammar gadhafi's birthplace. those are the headlines from cnn, i'm zain verjee. "world business today" starts right now. good morning from cnn london. i'm charles hodgson. this is "world business today." the top stories on monday, october 17th.
stocks rise as investors pin their hopes on a solution to europe's dead woes. a crisis of olympic proportions, how the 2004 athens games put greece on the road to financial ruin. and getting from a to bin liberia. just watch out for the own coming traffic. >> if you run into an on coming train, you just take yours off the tracks. a trip on the so-called liberia express. bp agreed to a multi billion dollar settlement with an dharka who will pay bp $4 billion. the announcement sent bp share price up a short time ago that stock was up about 5% in london. t bp and anadarko jointly owned
the well. as part of the settlement anadarko will transfer 25% in another well to bp. bp said the agreement did not represent any admission of liability from either party. let's get straight to what's moving the stock markets. occupy wall street protesters are still angry at corporate greed. eu leaders are promising decisive action. investor confidence clearly boosted on the hopes of a deal. the clear part of the -- the key part rather, of the greek dead write-down is a 50% to 70% haircut, and just compare that with the july plan which called for just 21%. we'll hear more on that later. in terms of stock markets, here is where we are in terms of europe right now. just a moment ago, up by about 1.4% in the case or 1.3%.
and the sooufr rick smi up by nearly 1%. the common theme here is we are seeing gains for banking stocks and for some commodity stocks. in asia today that positive sentiment coming out of europe has been reflected on the markets in monday's trading. stocks rose on the hope of a resolution to the debt crisis as well as on the back of positive retail sales data from the united states on friday. energy and financial stocks were among the biggest winners as well as mining companies. in australia rio tinto gained 2.4% after announcing plans to sell 13 aluminum businesses. one stock that went the other day and spectacularly was olympus. its share plummeted by nearly 24%. the outgoing ceo michael wood ford said he raised concerns of high prices and advisory fees paid by acquisitions before he joined the board. that raises concerns that the
company could be subject to investigation by regulators and maybe even prosecutors. let's have a look now at wall street and actually again we look like we're going to be seeing tradings beginning the week in positive territory. after a choppy trading week last week, investors got back to where they started the year on friday. the dow rallied 166 points, nearly 1.5%. that's a gain of nearly 5% for the week. the nasdaq jumped more than 1.75% on the day, more than 7.5% on the week. standard & poor's had nearly the same percentage gain on friday with a week's gain of just about 6%. in terms of monday's trading, today the 17th of october, markets look set for opening gains when that all begins in about 5 1/2 hours' time. here is where we are in terms of pre market action, gains fairly scant by comparison with what we're seeing on europe.
up by around about a third of a percent, a little more for the nasdaq composite. a deal has been struck to create north america's largest natural gas pipeline operator. kendall morgan agreed to buy el paso for more than $21 billion in cash and stock. now they're looking for profits, u.s. earnings season is under way after disappointing result from jpmorgan last week. now we have citibank, and that's due to publish its third quarter earnings before the opening bell on wall street later today. during an interview with cnn's fortune's andy ser va, they sounded confident that citibank is going in the right direction. >> i think over all the bank is doing well. this is a fundamentally different company than it was three years ago, and we'll be
sharing a lot more information on that during our earnings call, but we've de-risked the bank. we had one of the smallest portfolios of any of the large banks in the country. we have enormous financial strength we've built up. 25% of our balance sheet today is in cash or government securities or liquid securities. this is a -- for a balance sheet our size, that's a lot of cash. the most important thing though is that we're back to the basics of banking. >> wells fargo reports its own third quarter earnings at the same time as citibank in a little under four hours' time. both lenders expected to post a hefty jump in profits. g-20 finance chiefs wrapped up a meeting in paris with a promise they will take, as they put it, all necessary actions to stabilize global financial
markets. so as a solution to europe's debt crisis finally on the offing? emily rubin joins us now. the markets seem to see more in that than i've seen. it would be absurd if they said we'll take unnecessary ones or won't take the one that is are necessary. >> we certainly heard that sort of language before. you're right. why are the markets reacting positively. it's a good question and one to which there doesn't appear to be var clear answer. the fact is that no really new details for people to get their teeth into have really emerged. one analyst i spoke to said that although they're yous strong language, there's no new detail. he thinks the markets are up simply because of strong global growth data last week. let's look at something barclay's capital said last week. the markets are up because of growth data rather than anything concrete that's come out of this weekend. >> they seem to tighten the
deadline, though. that seems to be reasonably concrete. in terms of the negotiation, the arm wrestling between messrs. sarkozy and merkel, that's been going on for a long time. is there any reason to suppose that a bit of pressure will force them to get their act together by next weekend, by the eu summit? >> that pressure is double-edged, isn't it? some people in europe don't like to be told what to do by the g-20. tim geithner said when france and germany agree, big things are possible. you're right there's a different mood now. one analyst i spoke to said these don't seem to set the bar high in terms of expectation. this bar has been set very high, nothing short of solving the crisis. expectations are high, too. don't forget even though france and germany appear to have been putting together recently, france is very worried about the haircut. >> let's come on to that. what are we talking about? we had been looking at 21%
haircut. some analysts said that is really only fairly marginal, about 5% to 10%. now looking at something more brutal, a haircut more along the lines by way of a haircut. i think those holding greek debt would like to have. they're facing the reality of this rather than that. >> i think they'll go for a charles hodson. most investors have had this figure of 50% or 60 pfrs in the back of their minds and they have been planning of that even though unspoken up until now. >> okay. so what do seem to be the chances of delivering on all of this? even a radical haircut it seems in all seriousness is pleasing to the markets. the euro is way up from where it was at the start of the month, for example. >> this word haircut, people have been dancing around it for many months. now it's finally at the forefront. people are accepting it's what's
going to happen. along with other measures, recapitalizing the bank, there is a feeling now that perhaps the eurozone ministers are ready to make an agreement so the crisis can once and for all be resolved. >> wouldn't that be nice, emily. meanwhile let's circle back to greece which is, if you like, one of the original parts of all this. the anger is building in athens as parliament reginns to vote on more austerity cuts, can greece find a way out of its debt? but you see, with the help of her raymond james financial advisor, she had planned for every eventuality. ...which meant she continued to have the means to live on... ...even at the ripe old age of 187. life well planned.
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couple weeks. a lot of strengthening in the euro in the last couple weeks in response to news flow. hosting a global sports event is supposed to jump start a nation's economy. but in greece's case, the 2004 athens olympics had very much the opposite effect. they marked the beginning of a borrowing boom. today, you might say the rest is history. in fact, it's unfolding history. one tling you can say is greece is paying a hefty price. john defterios explained what happened after the olympic torch went dark. >> reporter: a half hour outside central athens lies a modern day ghost town. the near empty 2004 olympic center is a permanent reminder of the go-go days after greece's entry into the euro. securing the bid was an effort to project a modern country
which is proud of its past. the games were a big boost to greece's image, but the country continues to pay a huge price today. in fact, spending was about double original expectations. that combined with low interest rates after joining the euro created a consumer spending spree and pushed off government reforms. it was almost like a perfect storm which continues to haunt the country today. greece's economy grew nearly 6% a year before the olympics and over 4% in 2004. but it was consumer-led growth with record borrowing that ran out of fuel just a few years later. >> instead of using this money to build infrastructure, to build a production base to last through the decades, we did consume the money. we bought all the mercedes, all the luxury goods, we bought this, we bought that. okay. and that's where we are now. >> reporter: at the same time basking in the olympic glow the
government that came to power chose to ramp up spending. pet troes dukos deputy in the government said he was ringing alarm bells but no one was listening. >> one month after i became deputy finance minister i said i can see our cash deficit is rising sfafter than our reported fiscal deficit. >> reporter: privatization of state-run companies such as water and power were put off to protect jobs. >> the feeling at the time was, okay, it's manageable, we'll manage it next year or the year after. but the markets deteriorated very rapidly and we were virtually all caught with our pants down. >> reporter: fast forward to the autumn of 2009, after the election, george popandreou inherited a bunch of deficit which at 12.7% was almost double what was officially reported to the european union. even after a near collapse of the economy, there remains intense resistance to change.
government workers at ministries charged with implementing reforms barricade offices. >> the most important thing that needs to be done is to change, radically change the bloated ineffective and inefficient and over leveraged public sector. >> reporter: the government is facing huge protests of constantly rising taxes. salaries and pensions have been cut by at least 20%, but not the size of the state. the greek people are entering a new phase of the crisis which is big on mistrust of its own government and brussels. >> this is like the 150th measure you're taking and we're not closer to salvation than three years ago. people are losing their trust. >> reporter: at this juncture the country's current finance minister says the only thing they can offer is more pain and sacrifice. it's not clear after three years of recession whether the greek people want to continue on this long marathon of austerity. john defterios, cnn, athens.
>> government workers in greece have born the brunt of savage job cuts and anger over the government's austerity measures has prompted them to go on strike in droves. trade unions are pushing for a 48-hour general strike beginning on wednesday. that's all leading up to a showdown vote expected on thursday on yet more austerity measures. linda, let's start with where we are now in terms of what the union's plans are. how disruptive, what sort of an impact will they have on everyday life and on the economy do you expect over the next few days? >> we're looking at massive mobilizations both in the public and civil sector. initially the unions had calls for a general strike on wednesday, but they decided to extend that to a 48-hour strike. they're expecting a lot of people on the streets. the mobilizations have already started in some industries. we have employees even in the
finance ministry who are holding their biggest strike yet which is a ten-day consecutive strike. these mobilizations at the same time as tax collectors which have also called rolling strikes beginning as of today, as you understand the government has to collect taxes. it has to show that it's doing something to help its economy. strikes like this obviously are not helping. the tax office is not even operating. and as the week continues, what the analysts have been describing here, we're looking at a very explosive mix culminating outside parliament while the vote takes place inside on thursday. the vote is on new austerity measures which will again affect a lot of people. it includes pay cuts, more pension cuts, tax increases, and all this now comes at a time where people have had to deal with this for over a year and a half. so it's a very tough time for
greece. and there's diminishing support certainly for the government or its measures at this point. >> linda, it seems pretty clear that what will emerge over the next week, possibly the next two weeks will be some kind of major haircut for greek debt. how is that being perceived in greece? is it being perceived with relief on the basis that those enormous debts will now no longer have to be paid? >> it's hard to tell at this point simply because the amounts connected to the haircut are still not clear. and what the greeks are worried about is how this haircut will affect greece in the long run, whether greece will be locked out of the markets for a greater period, how this will affect them. they understand what's happening -- clearly they understand the debt greece is facing as it's facing it now is completely unsustainable.
so they're looking for a solution, but they're not convinced that the haircut, until we know all the details about it, will be the best thing ahead. >> from athens, thank you very much indeed. coming up on "world business today," liberia is struggling since its civil war ended eight years ago, it's been trying to get things back on track and finding that necessity really is the mother of invention. and then, in one blinding blink of an eye, their tree had given its last. but with their raymond james financial advisor, they had prepared for even the unthinkable. and they danced. see what a raymond james advisor can do for you. yes, it was.vice was very moving, wasn't it? i'm so glad we could be here for larry. at a time like this, friends and family matter most. even preparing this lunch is a help,
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welcome back. you're watching world business today live on cnn. liberia's two wars left the country with economic poverty and devastated infrastructure. its people still need to get around somehow. christian purefoy shows us an energy jettedic exercise on dly on the rails of minds. >> waiting for the liberian express. there's no timetable, so you just have to sit and wait until one arrives. it's described locally as make a rail. pushed by both the operators and passengers, it can take 24 hours to travel what is a three-hour journey by road, but it costs half the price. >> how many people can fit on
one of these things? >> depend the size of the make-a-rail. it is made in different sizes. there are some that take -- the one we find ourself in, it take no less than 15. >> 15 people will get into this. >> at times even 20 person also get into this. >> is it safe? >> it's safe. >> if you come up on an on coming train, you take it off the tracks. it started in the 1990s during liberia's civil war that left the country's infrastructure in ruins. >> but you enjoy it or no? you like the work? >> no, i like the work. >> then we realize why there are not so many passengers today. >> one of the disadvantages to
make-a-rail is obviously it's very open, exposed to the elements. but how it works is completely made out of wood and nails and then the wheel ts, if you like, are just ball bearings that run along the rails. >> if only the train had been on time. >> so i guess that says it all about lie beer yar, enormous challenges, a long road ahead but they'll make it anyway they can. christian purefoy, cnn, liberia. >> i don't think it will ever catch on in the subway in new york city or here in london. coming up, europe's debt crisis had quite an impact on oil prices. what might that mean for the middle east as it comes to terms with the political changes that of course have swept through the region this year. we'll take a look at that just ahead. our soreness and give out polar bear hugs. technology. [ male announcer ] new bengay cold therapy. the same technology used by physical therapists. go to bengay.com for a $3 coupon.
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from cnn london, i'm charles hodson. welcome back to "world business today." let's go back to what's moving the stock markets. occupy wall street protesters are still angry at corporate greed. eu leaders meanwhile are promising decisive action to fix the debt crisis and they're under pressure now from g-20. investor confidence seems to be boosted on hope of some kind of deal. the key plan, if you like, element in the plan is that greek debt write-down. that could be of the order of 50% to 70%, a severe haircut ala hodson. july, by the way, called for
21%, a mere trim compared to what we'll be seeing now. let's have a look at the stock markets. rallying up by 1.3% for the london ftse and sear rick smi up by .75%. one common factor here, we are seeing gains for banks. in terms of asia today that positive sentiment coming out of europe over the weekend was reflected on the markets. stocks rose on hopes of a resolution to the continent's debt crisis as well as on the back of positive retail sales data from the united states on friday. energy and financial stocks were among the big winners, also mining companies. for example, if you look at the figure of up 1.70%.
it was seen as a positive. now let's stay, though in the asia pacific. another blow has been struck in the long running patent war between samsung and apple. samsung has filed an injunction against the sale of apple's latest smart phone, the iphone 4s in both japan and australia citing patent infringements. it's the latest move in a series of lawsuits that have seen the two companies sue an countersue each other. in the united states opening gains expected on wall street. alison kosik has our look ahead. >> earning season is in full swing this week. i'm alison kosik at the new york stock exchange. some of the biggest firms are expected to post results including bank of america. we'll hear from wells fargo, citigroup, goldman sachs, morgan stanley and american express.
ibm, intel, microsoft and apple are also on the list. this will be apple's first report since the death of steve jobs. also on the earnings calendar, dow members coca-cola, mcdonald's and johnson and john, at&t and verizon. american airlines parent company amr will also be filing. several competitors are expected to report their quarterly numbers this week. this week the most closely watched monthly housing report, existing home sales from the national association of realtors. also on the document, we'll get the readings on inflation at both the consumer and producer levels and the federal reserve will release its beige book. i'm alison kosik at the new york stock exchange. investors everywhere will be watching china on tuesday due to release its third quarter gdp figure.
analysts are expecting a mild slowdown in growth from the second quarter reading of 9.5% annualized. manufacturing index are likely to drag down the figure for the third quarter. for some the outlook for 2012, next year is even less rosie. one government economist is forecasting that chinese gdp will fall to 8.7%. that's gdp growth i should say, fall to 8.7% next year. by comparison with what we're looking at here in europe and for that matter in north america, that would sound like a fairly blistering rate. it would mark quite a slowdown for the world's second biggest economy. easing of growth in china would actually mark a success for the chinese government which of course has been troog to cool down the country's economy. earlier we spoke with benjamin
pedley from hsvc. >> beijing has been seeing a slowdown to 9%. that's borne out by some of the monthly data we've seen over the past few months in terms of the pmi reading for the manufacturing sector which came in slightly below 50 most recently. that's consistent with a slight slowdown obviously the manufacturing sector, slight contraction and consistent with an industrial out put of 13% to 14% on year growth. still relatively healthy. i think the interest rate hikes are having an impact and i think also beijing will be hoping it's going to be further evidenced by a retrenchment in the inflation pressures in the economy. >> china's gdp number will follow the release of the country's inflation rate which
showed price growth slipping to 6.1% since september. the government set an inflation target of 4% for 2011. slowing growth in china could also affect the global price of oil. chinese fuel production fell in the third quarter as domestic demand for the black stuff eased. china is the world's second largest crude oil consumer behind the united states. let's have a look at the global oil price right now, and we are looking at a gain of 1.25 dollars for nymex crude. it's been a volatile few months to say the least for oil prices, they frukt ated on fears of a contagion effect from europe's debt crisis impacting the real economy. one region keeping a close watch on the commodity is the middle east where much of the wealth comes from middle eastern oil producers. they stand to lose a lot if the current market jitters continue. cnn's leo mean carney explains. >> the parallels are uncanny. in the aftermath of the lehman
collapse in 2008, the credit crisis sent crude prices plum t plummeting more than 60% in three months. today it's a similar picture. between june and september, oil spiraled 20% lower, signs of slowing consumer credit in the u.s., the credit crisis are all weighing on commodities. >> if we see a real credit crunch, financial crisis, that will certainly have an impact on oil prices. >> reporter: much of middle eastern oil is shipped east to china and india. now signs of slower growth in those markets are raising concerns amongst the region's producers. >> we need to keep a close eye on demand. i'm not predicting a major demand slump.
i am simply warning that we have to remain ready to respond to changing situations, in particular to growing concerns over the economy and its inevitable impact on oil prices. >> in the midst of the arab spring middle east governments are also being forced to increase spending to satisfy the welfare needs of their people. that means the region's main oil producers need higher crude prices to earn more revenue and cope with that extra spending. >> as the political situation in the middle east remains volatile, the amount of oil that can be pumped into the markets may be limited if there's a shortage. >> there isn't that much spare capacity outside of saudi arabia. you've had declines in other parts of the borld, from the u.s., the north sea, and the only place where you have excess capacity is the middle east. in the middle east you're having
game changes every day. >> nymex crude prices today are in the $80 range, far from the 2008 prices where oil fell to less than $40 a barrel. with the cloud of the eurozone debt, hints of another global recession and the uncertainty in the middle east, the region's oil producers will be looking towards a more sustainable strategy. leona ak canny, cnn, abu dhabi. if someone says it just cost peanuts, that sounds inexpensive. the price of peanut butter is set to soar. u. r exceptionally hot wealth ther summer wrecked the peanut crop while rising prices of other crops encouraged farmers to plant fewer peanuts. the result, agriculture officials say prices rose to almost $1200 a ton, almost three times what they were one year ago.
peanut butter makers say they plan to increase prices by as much as 40%. devastating news. you're watching world business today. coming up, the tech savvy solution to tracking pollution in some of china's most industrialized cities. who cuddle up with your soreness and give out polar bear hugs. technology. [ male announcer ] new bengay cold therapy. the same technology used by physical therapists. go to bengay.com for a $3 coupon.
welcome back to "world business today." china is, of course, no stranger to the problem of pollution. the country is currently the world's biggest emitter of greenhouse gases. many cities are shrouded in heavy smog like what you see here for much of the year. residents of those cities will turning to digital media to help them monitor pollution levels. people who live in beijing may actually be familiar with this particular twitter handler at
beijing air. the u.s. embassy uses this account to provide hourly updates in ozone readings. the tweets include a reading of the finest particulate matter known as pm-2.5. these tiny particles are especially dangerous because they're small enough to enter not only the lungs but also the bloodstream. here we are, we're looking at pm 2.5, 19.0 moderate, o sewn 13.8, so 1 is good. not so bad local time this afternoon. oftentimes tweets of bad and hazardous readings contradict china's claim of blue skies. tension escalated in 2000 when a leaked u.s. diplomatic cable suggested china was nervous that the data released by @bay
chingair, shortly afterwards beijing decided to block all of twitter within china's borders. that was one way of ending the dispute. a pretty classic example of taking a sledgehammer to crack a nut. you can access the information with a whole bunch of mobile apps. similar apps are available for other cities such as shanghai gang chow and hong kong. apps like this one called hk air, for ample, tells users which air pollutants exceed world health organization standards and by how much. earlier last week the chinese government proposed a tighter air pollution standard to include that pm 2.5 i was telling you about that gets into the bloodstream as well as the lungs. the revised index may put china one step closer towards a less toxic future. but until then you can rely on these digital tools to decide when to head out for a jog and
when to put on a mask, and i think when it's like this, that's definitely what you want. anyway, far from this, heavy rains triggered landslides in central america while in thailand a recovery from historic floods is getting under way our meteorologist ivan cabrera joins us from the weather center. >> good morning. the floods in thailand have been historic, the likes of which they haven't seen in many decades. the good news is i think we're getting into a bit of a drier pattern. still getting the afternoon downpours, but not as sustained and significant as it has been. here is bangkok here. you see the showers and thunderstorms. over the last several days, they have been more widespread and more significant. we've had tallies such as 104 millimeters in 24 hours. i think now we'll begin to get a little dry here. we'll take you to some of the pictures as we get down on the
ground and show you the folks now beginning the recovery here. the good news is from the agricultural minister in thailand, the floodwaters have crested in the city and that the flood walls have held because they are up to 2.5 meters and the rest was actually at 2.29. so a very close call, but they are holding there. that would have been just a completely different calamity and a more significant one if those walls had been breached there in the city. back behind me, you'll be able to see we'll get into a bit of a drier pattern. the lows traversing across the monsoonal trough beginning to get a little bit wider apart. that is certainly excellent news. we'll get a bit of a break again over the next couple days. still showers and thunderstorms in the afternoon, especially during the heating of the day. but not as prolonged as we've seen it over the last few days and last few weeks. prolonged as well here across
central america. let's show you pictures that we're getting from guatemala as a result of too much rainfall, upwards of 300 millimeters in a very short amount of time did this. of course, with the topography there in central america, no stranger there to what can happen with too much water in a little amount of time, short amount of time. that's exactly what you're seeing there. landslides unfortunately. the potential for that will continue because we're still looking at upwards of 200 millimeters. in fact, we'll be tracking this low as florida could get involved. this could turn into our next tropical depression. we'll watch that closely as we take you into florida. i will leave you lastly with what happened over the weekend in hong kong harbor, 1.8 meters is daunting enough to be swimming here, but doing it in hong kong harbor is something else. charles, as you know, this hasn't happened in 33 years. back in 1978 this is the last time it happened. why? the waters were too polluted.
apparently now a thousand swimmers were told the waters are safe enough which is the key there, safe enough, to be able to swim. i still think i wouldn't do it. i still think i'd need a good wet suitor maybe suba gear to get across the harbor there. >> indeed. hats off to them indeed. ivan cabrera, thank you very much. doing in hong kong harbor is another thing entirely. 1,000 swimmers turned out on sunday, first time in 33 years. coming up on clrksnn. black and blue. new zealand prepares to take on france in a grand final grudge match of the rugby world cup. they'll have to over come demons from the past. we'll have the latest from auckland next. and then, in one blinding blink of an eye,
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the rugby world cup final for now new zealanders are savoring a hard fought victory over australia. soon enough attention will turn to sunday's final where the all blacks vase their bogy team the french. alex thomas reports from auckland's fan zone. >> reporter: fans here in new zealand probably woke up this
morning pinching themselves and wondering was it all some terrific dream. the minute they looked at the national newspaper they realized it wasn't. the new zealand harold, finally, the choke is on them. no longer can australians tease all blacks fan saying their side bottles it, through to the final for the first time since 1995. 24 hours earlier, their future in that final was in doubt. a lot of nerves here at queen's wharf, the rugby world cup fan zone and across the country, everyone wearing their all black shirts in a show opinion support. the minute the match kicked off at the stadium, australia's star cooper kicked the ball out of touch and the all blacks were on the front foot. the all blacks went on to dominate the match winning by 14 points. it could have been an awful lot more. that triumph sparked seens of
jubilation at eden park and especially here at the fan zone on kwan's wharf in central auckland. delight and relief for the all blacks fans where they'll face france in a repeat of the title match from 24 years ago which is when the august blacks won their first lonely rugby world cup title. alex thomas, cnn, new zealand. australia's fans were left with a nasty taste of defeat in their mouths, looking at what some of our australian friends are been saying on facebook. saying we just didn't really support. these supporters in sydney had high host that the wall la bees could make it to finals. the aussies pack up and make a three-hour, relatively short flight home. >> i'm very upset by the outcome
of the match. obviously on the outcome of the day i think the best team won. i think australia played a lot better than they've played in the last few weeks. new zealand played very, very well. as i said, i think they deserve to win on the night, but i'm very, very disappointed. >> another four years! come on! and new zealand are playing france. come on! >> you can share your thoughts on who will win the world cup with us. have your say. it's quite simple. if you're really well-informed, you'll know it's either france or new zealand. check out the website at cnn.com/sport and leave us your comments. that's it for this edition of "world business today." i'm charles hodson in london. good-bye for now. service was very moving, wasn't it?
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