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tv   World Business Today  CNN  December 20, 2011 1:00am-2:00am PST

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there's not a delay like they think there is. there's a word i'm not allowed to say. i get hello. i'm raj paul at cnn london. here are the top story. kim yojong eun paid respect. these pictures are being shown of kim jong-il's body in a cough in. the diplomatic wheels are turpg. south korea sent condolences.
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>> communities were hit by tropical storm and declared a state of national calamity. entire villages were washed away. at least 900 were killed and hundreds more missing. the iraqi government issued an arrest warrant for the vice president there. some of his bodyguards confessed to carrying out bombing attacks under his orders. those other top stories on cnn. "world business today" starts right now. hello. welcome to "world business today." i'm charles hodson in london. >> and i'm pauline chu in hong kong. the top stories. a time of transition as people pay respects in north korea. the world waits to see what shape succession will take. >> the struggle to save europe's
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single currency continues as an emergency cash drive falls short. >> if you've still got last minute presents to buy, we've got the gift guide for you. in north korea, it's a time of deep mourning. in the rest of the world, it's a time of deep unease. one of the world's most cyclic nations, one with nuclear capabilities is undergoing only the secondhandover the power in 60 years. the future policy direction is hard to guess. the son and anointed successor of kim jong-il looked at his fathers's body. the media outlets are now calling him the great successor. >> despite that, south korea's stock exchange and currency are largely shrugging off fears.
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the kospi closed up. it shed 3% on monday. there was a real dip as the announcement of kim jong-il's death was made public at noontime local time on monday. you might remember, it fell almost 5% at one point. but pair those losses and continued to gain ground today. the won also took a hit. initial concerns on the peninsula appear to be easing or easing to some degree, charles. >> well, of course, those fears may be receding as you say a little bit pauline. but concerns remain. military stocks, military supplies soared again hitting their daily limit, upward limit for the second day in a row. speaking of that, it climbed by 15% on monday. it did so again today. until the past couple of days, none of them has been a great performer this year. all three have been done by
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between 27 and 44%. so you could say that they've made up the year's losses in just two sessions. >> stepping back from this, you have only to look at the stock market to be confronted with a political reality. the korean peninsula remains on edge. we can cross to south korea now. paula hancocks is on the outskirts of seoul and joins us across the river from north korea. clearly, paula, we're looking at continuing tensions there. how is that -- how do you perceive that on the ground? >> well, charles, certainly where i am at the moment this is close to the demilitarized zone. it is a very tense border and north korea is three kilometers or two miles behind me across the river. you can't see theville raj now as there's no electricity on at this point. it's one thing the u.s. and
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korean military is watching closely. any movement they can see in north korea really is one of the very few windows they have into this very secretive state. it's very difficult for them to be able to get much information out. now, obviously, what they're watching at the moment is what the whole world is watching. that is, the photos and the footage that we saw earlier on north korean television of kim jong-il lying in state. also, seeing kim jong-un his son paying respects and giving a moment of silence along with the leadership of the state and the military and also the party. it is the fear of the unknown at this point. no one quite knows what this succession is going to look like. maybe even in north korea, they're not quite sure exactly how the succession will work out. kim jong-un is still very young.
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does he have support of the generals and be support of those who were following kim jong-il and will he want to bring in his own loyalists. there are many questions that can't be answered at this point. some experts believe that things will remain calm at least until the mourning period is over and then of course, no one really knows what will happen. charles? >> tell us about the discourse on the ground in korea. both in terms of what people are saying on the streets and what people are writing in the media. aren't people still feverishly upset? do they discern real danger or is there a sense that since the last succession was okay, this one might be okay as well? >> well, it's interesting, charles. because this is exactly what people were saying during the last succession. everybody was saying, well, this succession will not work. north korea will collapse. now, kim -- kim jong-il has
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taken over. the situation clearly is very different. kim jong-il had 14 years in the public eye as the heir apparent. he had a lot of grooming, a lot of training from his father. kim jong-un has only been in the public eye that we have seen him for just over one year. so a very different situation. and a very tense situation for those that are watching. >> okay. paula hancocks joining us live from the outer unification observatory across the river from north korea in the south. many thanks to you. pauline in. >> charles, of course the world is watching north korea looking for signs as to what the future may hold. and in many analysts' eyes, the future is not looking too bright. we're joined by a senior economist and strategist. thank you very much for joining us. >> my pleasure. >> it's been a big newsweek so far we always hear that the markets don't like uncertainty.
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the market gained a little bit. how far do you think this risk aversion and this uncertainty will go? >> i think it will be a short risk phenomenon. when things happen with north korea, the market tanks on the day the news breaks and then things recover. because north korea doesn't want to push tensions too far. so i think this is what's going to happen this time as well. investors will keep the possibility that the new northern leader will need to flex his muscles to sort of claim the power. this risk will be there, but until that happens, i think the market will calm down. >> as a result, because some people are expecting maybe the show of force to flex that muscle and as we have -- japan on high alert, and we've got south korea on high alert. what exactly will you be looking for, for positive signs for the markets in. >> no news is good news. nothing happens in terms of headlines coming out of north korea. it means that things are sort of getting back to normal.
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so market will be only worried if north korea makes belligerent statements, a lot of talks about nuclear weapons, you know, tries not to participate in the international process, that tries -- aimed at demill tarization. these would be the warning signs. if there's no news, everybody will be happy. >> there's also discussion about possible reunification, for example if, say, the transition doesn't go smoothly. this could be an opportunity for south korea to start reunification. if that happens, it would cost a lot of money. how would that affect south korea's economy and you have some interesting insight and comparisons to what happened with the reunification of east germany and west germany. are there any lessons to be learned there? >> sure. it will be an expensive and long product that will -- bringing the north to the forward, right?
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when you look at kplas ens with the east and west german -- >> you lived in germany at the time. >> exactly. that was exciting when the wall fell. what it did it maybe pacified the east german population, although i'm not sure it was necessary to do it. the others will survive on their own. the negatives were that the east germans were not motivated to actually make a lot of money, right? because they were getting the money. unemployment rate was high for a very long time. it became sort of bottomless pit for west german finances, which made it much more difficult for the west -- >> would you say that the lessons learned, if you could make parallels, if we see reunification down the line is for the south koreans not to flood too much money into north korea? >> for sure. you need to learn to teach the people of north korea to actually make their own money, and produce on their own.
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you cannot hold their hand all the time. they need to be competitive. their economic level of development is closer, otherwise it's a big mess. >> there's a pretty big chasm with the economic level. very interesting. thanks so much for being with us today. >> my pleasure. charles, back to you in london. >> that was very interesting. i also lived in germany after the reunification, the word was that the koreans were terrified. as there were four western germans for each eastern german, in the case of north and south korea, there are two south koreans to every one north korean. that will be a heavier burden. fascinating. very much moot so far but interesting discussion anyway. the other top business stories this hour, at&t has called off plans to buy t-mobile usa from deutsche telecom. the proposed $39 billion merger
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was plagued by anti-trust concerns. at&t says pulling out of the deal will cost it $4 billion in various charges. the agreement would have propelled it to the number one mobile phone provider slot in the united states with roughly 120 million subscribers, pauline. charles, shares of taiwan's smartphone corporation, htc, gained 7% by the close of trade today despite a rule by the u.s. international trade commission that said it had infringed on apple's intellectual property rights. it includes a ban on the import of some htc phones by april, but htc is marking the ruling as a small victory because the court only found it guilty in two out of ten apple infringement claims. shares of bank of america in the united states closed below $5 a sharon monday, their lowest
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level since the financial crisis. in march 2009. that follows a pretty tough year for the u.s. bank. shares plunged more than 62%, two-thirds, since january. they say it's hard to rebound from such a steep rebound like that and the bank may have to consider reverse stock split as citigroup back in march of this year, pauline. >> still to come on "world business today," another day, another headache for europe. we get the latest word from the man at the bank and what might happen early in the new year when europe's creditors expect to get a trillion dollars of r. their money back. that story and much more just ahead. where there's magic. and you now understand what nature's been hiding. ♪ at dow we understand the difference between innovation and invention. invention is important. it's the beginning. it's the spark. but innovation is where we actually create value for dow,
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for society, and for the world. ♪ at dow, we're constantly searching for how to use our fundamental knowledge of chemistry to solve these difficult problems. science is definitive. there is a right answer out there. [ male announcer ] the same 117 elements do the fundamental work of chemistry. ♪ the difference, the one element that is the catalyst for innovation, the one element that changes everything is the human element. ♪
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one step forward and two steps back. that's how europe's latest response to its debt crisis looked an monday as britain refused to lend money to the imf
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to help save the currency union. britain wasn't alone. five other noneuro zone countries also kept their hands in their pockets. the uk missing contribution dealt the biggest blow in the effort to raise $260 billion. but europe did manage to raise $195 billion by the end of the day. this amount of money is going to be length to the imf and pumped back into europe as a way of getting around restrictive bailout laws. the euro chair is urging g-20 nations and other big contributors to chip in into the imf bailout fund charles? >> what looks like a correction to a misstep, mario draghi says he has no doubt the euro will survive. this comes off the financial
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times newspaper in which draghi didn't sound quite that sure. when the newspaper asked about the possibility of countries leaving the euro zone, he said when one starts with this, you never know how it ends really. speaking for the parliament, draghi defended the staying power of the single currency. >> i have no doubt whatsoever about the strength of the euro, about its permanence, about its ir reversibility. but you have a lot of people, especially outside of the euro area who really spend a lot of time in what i think is speculation, namely, what happens if, what happens if. >> but even as draghi puts a brave face on things, he warned that around $1 trillion of bank bonds, sovereign bonds and collateralized debt obligations will fall in the first months of 2012. he said that could put
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unprecedented pressure on already strained european bond markets. let's have a look at how european stock market are digesting all of that. the major indices fell at the open. here's how they're trading now. we're looking at the week before christmas and the holidays. not an awful lot of trading going on. we do seem to see some of the worries about sovereign market weighing on mind. the individual stocks. on the ftse, astrazeneca is down. deutsche telecom, that's down just over 1% after at&t dropped that bid to buy t-mobile usa. but the broader picture really looking at the market is close to the flat line with a few gains for the euro zone ones. >> charles, here in asia, it was also a fairly mixed picture for the markets on tuesday. take a look with the hang seng ended up just a fraction in
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positive territory. it ended basically unchanged and the shanghai composite dipped into negative territory. it lost to earlier gains. seoul kospi gained a percent after the news of the death of kim jong-il. then the nikkei gained a little bit today, about half a percent by the end of the session. looking ahead to the start of a new trading session in the u.s. on tuesday, this is where things stand. all the futures at the moment are pointing up by more than half a percent. so looking fairly good at the moment, charmles for futures in the u.s. let's go back to europe for a moment for analysis of the latest developments. how they're affecting the markets. joining us is michael houston an analyst at cmc markets here in london. good morning, michael. let's go back to what pauline was talking about a moment ago. that was this effort to put 200
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billion euros with the imf to deal with these problems but which seems to have emerged at 150 billion euros. what's the significant of this deal and its short -- obvious shortcoming that britain didn't come up with the extra cash expected. >> this deal was tinkering around the edges, charles. you heard draghi say that next year the amount of rollover of bonds taking place next year. let be clear about this. u.k. did not refuse to come up with the extra money. they didn't want to come up with the extra money outside the broader imf market which they currently contribute to and they're looking for countries like the u.s. and china to contribute as well to increase their contributions in line with the agreement of the g-8 three years ago. so i think it's a little bit -- i think it's a little bit stretching the truth to say
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we're not willing to increase our contributions. i just don't think we're willing to go outside the broader imf agreement. >> let's step back from the specifics of britain and it relations increasingly troubled relationship with the european union. but look at the bigger picture here in terms of the european sovereign debt crisis. you and i have been talking about this for months and months and months, michael. >> we have indeed. >> probably me more than you. are we actually really that much closer as we end 2011? are we in a position where we can say 2012, we'll end 2012 in a much better position for the euro? >> you may recall in september, october you said to me are we going to be talking about this in december? and i gave you a one word answer. i said yes. you said well, that's going to go down like a cup of -- yet, we're still talking about. we'll still talk about it throughout 2012 until such times
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as the ecb leaders or the european leaders look closer to home. they're going all over the place and asking for extra money from countries like slovenia, italy, spain. they don't have that money. they're suffering significant austerity and keeping their one ace card in their hand and expecting everyone else to pony up for their problems. you couldn't make it up. >> on the ace card, happened to note, you and i have talked a few times, as you put it, putting european central bank off the leash and allowing them to do the job of dealing with this crisis. >> yeah. that's absolutely right. >> okay, michael. we have to leave it there. >> okay. >> thanks very much. thanks for joining me live from cmc market here in london. charles, just ahead on "world business today," the president of the philippines declares a state of emergency. tropical storm washi passed over the weekend but the devastation and the death toll continue to
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grow. we'll have an update and a look at the world weather picture coming up next. ings. savings? progressive was the first to offer online quoting. you can do better. first to show comparison rates. ding! the "name your price" tool. oh! gosh, don't mind if i do. who was the first to offer pet injury coverage? we were. and when did you know you wanted to sell insurance? i said i wouldn't cry. um... whee! it's flo time. now, that's progressive. call or click today.
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the numbers are really high, the devastation staggering. in the middle of friday night, a storm hit. even though the is up is shining right now, the grim ee reality is the death toll stands at more than 950 people.
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we're live at the cnn weather center. i am stunned by the numbers. i didn't realize it was going to be this bad. >> i think many people were surprised even those living in these areas because it happened in the middle of the night. because this season has been active but not that bad. mostly, because it was a tropical storm moving very fast. so usually we emphasize that when a storm moves so fast over an area, it doesn't have enough time to dump so much water. look at the result. also, we got in a half a day what we usually see in an entire month. so this is it. again, a tropical storm is a good reminder that even a mere tropical storm can cause devastation. there are many examples, actually, many come to my mind, especially in central america. but in this case, you know, the philippines densely populated,
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the island of manila have towns around on the coast. those towns in the middle of the island got affected because of the rivers that acted as conduits for the water and the mud to get there. why such torrent of water? i think that this is a perfect example. because of the ought graphic effect, because of the mountains, because of the amount of rain being dumped over the mountains that dumps at the bottom and everything collapses. the ground is saturated. we find the cities at the bottom. so people are covered. now there are like 500 people in this very city that have not been found, that are still missing. and you see the rivers then swell, they overflow and they cover those cities, those houses and that's the reality right now. so the numbers are terrible. not only are we dealing with
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close to a thousand dead, but also we are talking about 4,000 homes destroyed, communications, power disrupted. everything is going to take a long, long time to repair the damage. of course, the story is still there and we're close to it minute by minute. the top stories coming up next. we're covering the handover of power to north korea. stay with cnn.
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from cnn hong kong and london, this is "world business today" live on cnn. welcome back. >> we want to recap our top
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story. it's a case of wait and see in north korea after the handover of power from kim jong-il to his son kim jong-un. earlier today, this is his father's body as it lay in tate in pyongyang. meanwhile, the south korean government offered condolences. the two nations who are technically still at war have endured a truce since 1953. china is a key ally of north korea and responsible for the vast majority of trade with the isolated country. cnn's eunice yun is following developments in china. she joins you live from beijing. eunice, what kind of statements has beijing made so far? >> pauline, beijing's stance is reflected in the official media. this is the global times newspaper, it's a communist party newspaper. on the front page, it reads
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beijing tans by pyongyang. a state run paper from china says a friend's departure. the friend is kim jong-il. china has had a long standing relationship with north korea. they've h they have been asked to use leverage to uninfluence the regime that over the coming weeks and months, it's able to help keep the region as well as the borders stable. what we've been seeing recently is a lot of outpouring of emotion and condo lens from chinese officials. they paid a visit to the north korean embassy where he offered his condolences because deft of kim jong-il. also other chinese officials voiced their confidence in north korea and its ability to make
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the transition to power to kim jong-un, the son of kim jong-il smooth. pauline? >> we know that north korea does mos of its trade with china and gets food aid from china. how die pend ent, financially, is north korea on china? >> well, pauline, to give you an idea, there are several analysts who believe the north korean regime wouldn't exist if china wasn't as political as well as its economic supporter. everybody calls china the lifeline to north korea. as you've said, they've been offering food aid and fuel for years. in fact, a lot of people have been arguing that just in the past year after the shelling of the south korean island as well as the sinking of the worship, there are many people that say that north korea is even more dependent and more isolated and really relies on china for both
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financial as well as political support. so a lot of people are saying that this relationship is becoming even tighter and in fact, believes that the chinese, in order to really exert their influence and gain more influence in the younger kim, people say that china is probably going to offer up more generous economic perks, more technological support as well as other types of goodies for the north korean regime in order to gain more influence on that regime. pauline? >> all right. eunice thank you very much for the perspective from china on the north korea's story. eunice yoon live in beijing. here in asia, the stokt markets had a mixed day on tuesday with the kospi posting a pretty dramatic loss yesterday. ended down 3.4% yesterday after the news of kim jong-il's death. but it gained ground today. ending the day up by almost 1%.
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now, exporters in the region made gains based on some early signs that there is a little bit of recovery in the u.s. the nikkei gained by about half a percent. the hang seng had a choppy session today. but eeked out a gain by the end of the session and the shanghai composite ended down by more than a tenth of a percent. charles? >> let's look at the stock market action in europe. trading under way for 97 minutes. i suspect that we're looking at fairly thin volumes here. we are seeing a little bit of selling on the london ftse and a little bit of buying for the paris concur ant and the xetra index. unless there's a serious bit of bad news, we'll see the markets tread water or something like it at least until the new year when we might see more action in
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response to major developments of any kinds. but the one thing they're still worried about is ratings downgrades, pauline. >> all right, charles. let's take another look at how the u.s. futures are looking to the run-up of the start of trade on wall street on tuesday. the dow futures are up by 6 tenths of a percent and the s&p and the nasdaq are also up both by .8 of one percent. things can change depending how the markets do in europe. for now, the futures are pointing up. in hong kong this year, companies raised more money on the local stock market than on any other exchange in the world. the promise of a growing chinese market has seen many furms beat a path to a hong kong stock exchange. despite the excitement, the returns to investors have been less than spectacular. our ramy inocencio looks back on a year when the listings lost
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their midas touch. >> china has taken the ipo stage by storm. three of the top five ipo markets were in the country. the most recent data from the hopping kong stock exchange shows companies raised $35 billion from new ipo's. this was as of december 9th. this means hong kong accounted for a full fifth of all the money raised from new ipo's around the world. the new york stock exchange came in second. $29 billion raised there. london, shanghai and shenzhen. we talked more about losses than profits this year. the hang seng is down year to date. down by almost 22%. the big name ipo's that we followed throughout the year, well, they fell with it. we summed up the sour sentiment. >> generally somewhat
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disappointing i would say. in the first half of the year, the major ones, prada, sam so night performed okay. but most of them have subsequently sunk below their ideal price. >> looking at the hong kong ipo's. falls across the -- it fell about 28%. prada, the luxury goods maker, fell 17%. sampsonite, the biggest bag maker fell 21%. the any lan station fell a whopping 50%. man incompetent analysts think the declines will follow into 2012. >> as we look into 2012, i think it's pretty poor. consistently, this quarter, we've seen -- if not the bottom of the rake. early optimism in jana head of the chinese new year.
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given all the information we have, the outlook is very poor. >> if the total number of ipo's in a year is any barometer of the times, 118 companies had ipo'd on the stock exchange by december of last year. while 92 companies listed by the same time this year. that is actually a full 20% less and that drop-off happened more in the second half of the year as investor confidence fell because of course the global economic slowdown. as you heard, analysts expect more of the same in 2012. ramy inocencio, cnn, hong kong. coming up on "world business today," if you put off your holiday shopping until the last minute, i can think of one or two people who have sitting in this chair for example, we have a few hot ideas for gift for you and me, next. [ dr. banholzer ] every once in awhile
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there's a moment where everything comes together. where there's magic. and you now understand what nature's been hiding. ♪ at dow we understand the difference between innovation and invention. invention is important. it's the beginning. it's the spark. but innovation is where we actually create value for dow, for society, and for the world. ♪ at dow, we're constantly searching for how to use our fundamental knowledge of chemistry to solve these difficult problems. science is definitive. there is a right answer out there. [ male announcer ] the same 117 elements do the fundamental work of chemistry.
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♪ the difference, the one element that is the catalyst for innovation, the one element that changes everything is the human element. ♪
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welcome back to "world business today." with only five days to go until christmas, many last
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minute shoppers, charles, are still searching for that perfect gift. i met with the head of log on, a gadget store in hong kong to check out this season's hottest gifts. >> you're going to start with a remote control helicopter that's pretty interesting. >> right. this is a helicopter. it's very different than other remote control helicopters. this is controlled by your iphone. what you need to do is download the app on the app store, which is free. after you download it, you connect it with bluetooth and then you get this joy pad. then you can fly the helicopters by using your iphone. >> very cool. then you have to watch the landing. >> right. >> let me just show you this little fellow. this is stitch. it's an iphone case. if you turn it around, you have your iphone here, you have your buttons here for volume. you have your power but ton. your headphone and the camera. the fun part about this, if you
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press it here, they pop out the ears. >> very cute. we see a lot of folding bikes. this one is different. >> as you can see, it looks totally different than other folding bike. it's very stylish. when you fold it up, the special thing about this, let me show you. you fold it up like this. very easy to fold up. you fold down the handles. less than ten seconds and you can roll it. >> i like the style. how much is this? >> that's a little bit more than $500. >> this is a coolest toy. let me show you. it's actually, we have a pen here, which is a pen that you can write and we have a receiver here which sends your writing. what it does is you clip it on any paper that you want to draw on. you turn it on and when you draw it actually captures every single stroke that you draw. as soon as my drawing is done, i take this i plug it into my computer which i have here and
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you can upload the pictures. >> this is really wonderful. it's called inkling. how much is this. >> $1490 in hong kong. >> that's about $180. >> this is a camera you take pictures and share with everyone instantly. you can share at parties. >> instant gratification. >> we have the camera here, the filter here, exclusive filter with different color, orange, green, blue, put in different effect. you take the picture and wait for a little while and then the picture will show up. >> love the folding bike there. if you can't get to the store, you can always do your holiday shopping on-line. is a popular site for christmas orders. some of the things on offer might make you think that you made santa's naughty list. cnn compiled a ranking of the 15 worst items to put on
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your holiday wish list. we want to highlight a few beginning with this small tin of ur uranium ore. there's a warning, that says caution, radioactive material. it offers a geiger counter and ufo detector. there's a play mobile security checkpoint for your child. this is for the child who prefers a bit of realism over romanticism. you can train them on how to go through the checkpoints at an airport. it comes with a traveler, a metal detector, two nice security agents there and luggage rolling through a scanner. perhaps one of the most peculiar is this one. 32 ounces of wolf urine. that's right. it's apparently 100% natural. it advertises two uses. which is scaring away deer or luring more wolves. something for everyone i guess. charles, i was thinking of
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getting you that folding bike. i was told that you have one. so i might go for the wolf urine for you. i know you're a gardner. this apparently keeps the deer away from your garden. what do you say? >> actually, i like the folding bike. what i like about it is the fact that you can roll it along. i do have one. you're quite right. it is rather heavy to carry along. i suspect that both that and the one that you showed us will have the same problem, which is flat tires from time to time. actually, i'm not too bad on the wolf urine. i suspect that would keep the deer off the young trees i plant from time to time but also of our pickings at homes. the dog do a good job of keeping the foxes off. that's a serious problem around us. let not get too deeply embedded in agricultural problems. you chinese don't like them always. up next on "world business today," ♪
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our world at work series continues. we'll meet the dancing bungee bees. we'll be right back.
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welcome back to "world business today." let's take another look at the stock market action in europe where trading has been under way for almost two hours. this is where the leading indices stand at the moment.
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dipping down there for london and zurich. the big two euro zone markets up by about -- a good half to two thirds of a percent. slightly less pressure on the euro, by the way, pauline. although it has been flirting with that 130 level against the dollar. >> all right. charles, stock markets that may have their ups and downs and the occasional roller coaster ride and here in hong kong, so too do theme parks. as part of our world at work series now, that's where we're going to take a look at a day in the life of a young woman whose career is quite literally on the ropes. >> i'm swing bee today, which is we are dancing on a bungee. you never have a chance to do this kind of stuff in hong kong. this is like the only place that i have this opportunity. the training is quite tough.
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but it's been a year. we totally get used to it. we so enjoy it. focusing on abs, arms and the back. this is the most we use. after warmup, then we go to the floats and practice the synchronizing with other bees. it's not just one person work. it's four of us being together. i think the hardest part is that. to work together. you just need to be healthy, get better to keep yourself ready for the job. every role, we have different makeup. we have to learn different kind of makeup. for swing bee, basically it doesn't match with the costume. we put on purple and black and also we have that like special eyelashes.
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it's fine. it's block a little eyesight. once you're used to it, it's fine. it's kind of heavy so this is the suit that we wear underneath. we have this little piece on top of it. and our shoes. and also we have a bottom. >> in the summer shall the first show we wet ourselves so we cool down first. we have ice packs before shows. just -- you're seeing the guests being happy, you don't care about the sun. it sweats a lot. it's really tiring after a show but it's worth it. >> it's hard. the bungee job is hard.
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at the same time, you do so many things like cooperating, controlling, but we don't want the guests to know that oh, this is hard. i want to put my smile on my face and tell them. it's just priceless when you can do your job at the same time you bring happy mess -- happiness t guests. sometimes they clap and you just feel proud. >> and that is stephanie. a disney performer here at disney world in hong kong. she's quite flexible. very impressive, charles. >> she looks a lot nicer in that costume than i would. >> i'm charles hodson see you again later for the opening bell on wall street.
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