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tv   World Business Today  CNN  October 25, 2011 4:00am-5:00am EDT

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it had to be you it had to be you. >> this is painful for you, it's probably painful for the audience, harry, it's been a pleasure. >> piers, thanks very much. hello. i'm monita rajpal at london. a libyan official tells cnn it is likely moammar gadhafi will be buried in the coming hours. it has been five days since he was killed. one of the former leader's sons is trying to flee. saif is near the border. police are working for who is responsible for two
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explosions in kenya that killed 1 and wounded 20 others. the blasts come two days after the u.s. embassy in kenya warned it had credible information of an imminent terrorist attack. a bright moment in turkey. a young boy was among a handful of people found alive in the rubble after sunday's devastating earthquake but the country's disaster and emergency administration has just raised the death toll to 366. the defense is set to call more witnesses tuesday in the manslaughter trial of michael jackson's doctor, conrad murray. its first witness was another physician who said jackson asked him for intravenous sleep medication two months before he died. murray is accused of inadvert t inadvertently causing jackson's death. i'm monita rajpal. "world business today" starts right now.
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good morning from cnn london i'm charles hodson. this is "world business today." our top stories on tuesday, october the 25th, bp profits jump in the third quarter. their ceo says the company has turned the corner. a slap in the face for the murdoch sons as they lose faith in their leadership. caterpillar posts a big jump in profits. straight over to the stock markets. they've been trading for, what, 62 minutes in europe and here's how things stand ahead of wednesday's key meeting on the eurozone debt crisis, a possible plan to solve the region's woes. we had -- we'll come to those in a moment. kind of a mixed picture going one way and the other sort of perfect symmetry almost between these two with the ftse and the
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dax up slightly and paris cac 40 down 0.10%. it came in at $5.1 billion compared to $1.8 billion last year and i'm not sure what the share price has been doing for bp. there we have. no, they are up by 3.74%. up by 3.75%. the company said it turned the corner. ubs, net income fell to $1.16 billion. down 39% on last year. that's after the rogue stacanda.
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the number was three times more than the analysts' estimates. up 1.71% for ubs. deutsche bank reported $1.1 billion, again, almost double expectations in the case of deutsche bank and a rise of 165% on last year and the share price just edging out by near a fifth of a percent. more on those later in the show. those come as investors remain on tenterhooks on moves to remove the debt crisis. they're due to meet in brussels to hammer out a deal on the debt but any negotiation will be dead on arrival unless an agreement is reached on the size of the greek debt write-downs and wrotes to approve leveraging the eurozone's bailout fund and one country crucial in this is germany and we're joined now by
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fred in berlin. i gather there is a possibility of there having be to a vote, a full vote on it? >> reporter: that is set to happen tomorrow so what's going on today, charles is a lot of political wrangling. if you feel like we've been here before you're right because a month ago we were talking about exactly the same thing when the parliament was set to vote on expanding the efs and angela merkel was having trouble getting enough votes so exactly the same thing is going on. s as you said they're voting on these leveraging tools set to be u used. they're complaining about the fact they have gotten little information about how these tools are exactly going to work
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and one of the things that is showing because the leaders on the european level haven't seemed to have sorted out all the differences about how they want to do it parliamentarians aren't getting enough information to vote on it. it is difficult. the factions in german parliament are set to debate it throughout the day and see whether merkel will get enough votes together in her own coalition is pass it because the opposition in german parliament on the last vote voted in favor of angela merkel says it doesn't know which way it's going to go. there are tense moments. she's set to do a speech tomorrow at noon then we will see the vote in german parliament and then angela merkel hopes the way will be cleared to put the new leveraging instruments that would then obviously expand the esfc and the haircut lenders
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would take and have a free hand to negotiate on that level. charles. >> it's discomforting, really for angela merkel? for one thing she has to fight a war on two fronts. be in the bundestag and doing all the arm wrestling. i believe the constitutional court only said it was the bu bundestag budget committee and yet it was her own floor leader insisting it be a full vote in the bundestag, is that right. >> they do want parliamentary approval. one of the things said in the beginning that the budget committee would simply have to debate these new measures then they could be passed. however, it was the faction of angela merkel's own party in parliament that said we want to put it through a whole vote in parliament to get the highest possible approval and if you recall the debate going on about
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a month ago essentially talking about the same things said that if there are going to be any further changes to the efsf they would have to vote on it. it was unclear whether that meant the whole parliament. now they'll bring it through the entire parliament which doesn't make things easier with angela merkel because she has to get national support and then negotiate all of this on a european level. she's having to go through all the difficult motions that we went through a month ago again to try to get all of this in place. if you hear the voices of parliament tar parliamentarians, a lot are saying we're putting up more and more money. people in greece are getting poorer anyway, there is a lot of dissent not angry people but people in merkel's political camp saying they're not sure whether it is working the way they would like it to, charles. >> okay, fred plotkin joining us
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from the bupdzestag. let's move back to the stock markets and they've been concentrating on the european debt crisis and asia no exception. with more on how it panned out there ramy inocencio joins us from hong kong. how did it look. >> after a strong start to the week on monday we swung between gains and losses and investors are perhaps nervous ahead of news of how they'll solve that debt crisis. all eyes will be focusing on that commodity stocks among the region's best performers. the price of copper continued to rise and follows an upbeat chinese manufacturing report. r rio tinto, mon that 3.5%. the australian market was way
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down. banks slipped in japan where a strong yen hit. exporters although the hang seng as well as the shanghai composite did make gains. >> ramy joining us live. thanks. as for wall street it'll begin the day in positive territory for the year. u.s. stocks rose on monday with the dow advancing more than 100 points, a gain of nearly 1%, 100% would be nice, a gain of nearly 1%. this was the dow's fourth gain in five sessions. the nasdaq surged more than 60 or nearly 21 p 1/3% or s&p 500 gained 1 1 /3%. that's below its break-even mark and it's essentially even
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stevens. now, shares of netflix have plunged 24% in after hi-hours trading and shed more customers in the third quarter than forecast. netflix lost 800,000 u.s. subscribers in the quarter just ended, however the company's earnings have beaten analysts' expectations. could caterpillar's strong quarterly profit be a positive bellwether for the global economy? that story straight ahead. ♪ [ male announcer ] sitting. waiting. hoping. that's a recipe for failed investing. open an e-trade account and open doors, seize opportunities, take action with some of the most powerful
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caterpillar posted higher than
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expected third quarter earnings. net income jumped 44% from a year earlier to $1.14 billion. sales up 41%. those figures come despite the global slowdown and they admitted the debt problems were concerning as they put it but forecast an uptick in demand on high revenue next year but it's not construction that is giving the company a boost, as the construction industry contracts its caterpillar's mining equipment arm is giving it a boost. demand from countries like china is up. poppy harlow spoke to the ceo of caterpillar. >> reporter: caterpillar earnings soared 44% in the third quarter and i had a chance to speak with doug oberhelman.
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>> i'd like it to be healthier but we are not in the camp that sees a double dip recession in the united states or for the world for that matter. it's a slow growth. it's spotty. in some areas it's a little painful but overall, it's a recovery from where we have been and our news is pretty good. record third quarter and raised our out look for '11 and said n in '12 it'll grow 10 to 20. >> your projection for 2011 is top end of your guidance, 58 billion. projecting 10 to 20% higher than that for 2012. what could stop that? what are your biggest concerns? europe, is it slowing growth in the united states or questions still about china an how the
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government is going to handle the massive growth we've seen there. >> yes, probably -- it could be all three of those and three others we can't even contemplate. what we're trying to do here is make sure we manage caterpillar every day and get the most we can out of our business which we're doing i think pretty well at the moment. what we can't see is what's happening out there and certainly the european banking situation is one of those. that's the one probably the most short term that could give us something that's unintended we don't though about. i'm not so worried about a u.s. recession but a slow growth recovery that is painful for us but we just don't see a hard landing. china has slowed in our industry that's good news we were we were boiling. where they would have gone, the chinese authority, slow inflation has been good for industry afternoon slowed it down but allowed us to kind of reconsolidate and figure out
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long term where we want to be. we still see china as tremendously favorable long term for our company and industry. >> on a scale of one to ten where is your concern level right now about europe. >> the europe concern would be 5 to 7, somewhere in there. certainly warmer rather than colder but it's been going on a while. they've been negotiating through that. i think the situation there is pretty well known. all the variables are on the table. die think the europeans will end up solving it in some way, maybe not be elegant and ideal, but they'll get through it and i think we've seen that come -- since summer when it started really. >> also interesting to note, doug oberhelman saying they will be hiring so expect to see more jobs added at caterpillar. you can see a lot more of our interview with him. back to you. >> poppy harlow.
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support for news corps is being called into question. this year's votes reveal it was a less than stellar outcome for rupert murdoch and his sons. ramy inocencio joins us again with the tallies. they've had a slightly hair-raising experience, i suspect. >> definitely was and appears rupert murdoch's sons were the lightning rods to that anger, from the hacking allegations of the now defunct "news of the world." james murdoch, the deputy chief operating officer, he received the most votes against at him at 35%. his older brother didn't do much bet, lachlan, 34% against him. he did resign from his last executive role in 2005. as for rupert murdoch himself, the chairman and ceo of news
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corp did much better than his sons, only 14% of shareholders voted against the patriarch. overall not a great outcome for the murdochs but they will all still remain on news corp's board. here we see 47% of all the votes cast are held by the murdoch family or its staunch allies. 40% are in family hands, meantime, 7% of actually held by a saudi prince, the prince al waleed bin talal. they make up the remaining 53%, nonali nonaligned. if we took those out would we get a negative outlook. james murdoch's 35% no vote. if you take out those investors that were independent it would come out to this much.
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it would come out to 75% no vote against him. for lachlan, it would be 72% against him and as for rupert murdoch himself, well, that 14% would then go up to 30%. so you can see by these numbers, basically if it wasn't for the murdoch family's controlling share, james and lachlan pay have been voted off the boards. >> ramy inocencio joining us live. coming up here on "world business today," three years late but about to take wing. a new plane is about to make its debut with wings made of high-tech plastics. is it the beginning of a revolution in air travel or another way to catch the red eye? stay with cnn.
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let's have a look at world currencies as we return and it's interesting, the theme that we're seeing here is whereas the dollar has been the safe haven it's moving -- people are moving away a little bit. money is flowing a little out of the dollar. really a little more risk returning to the markets on the back of what's happening clear with the news flow from the european sovereign debt crisis and perhaps an end in sight or some kind of resolution and strength in the stock markets so 1.60 and 76 yen to the dollar and 1.3928 in terms of dollars
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to the euro. now, it's been a long time coming but boeing 787 dreamliner is about to ache its first commercial flight. it's a special charter flight from tokyo to hong kong and andrew stevens is in tokyo with more. are you going to be on that flight, andrew? >> reporter: i certainly am, charles. 16 1/2 hours from now i'll be lining up, about 250 or so of us on that maiden passenger flight of the 787, also known as the dreamliner, of course, on its way from tokyo. a & a, the all nippon airways is the launch customer and the first flight, 4:00 or so hong kong time. this is being closely watched because this has had so much hype attached to it. boeing is saying it will revolutionize travel for the airlines themselves.
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these planes, a reasonable doubt cal departure from the normal way of making it, high-tech plastic reinforced with carbon fiber which makes them significantly lighter which allows them to play with the humidity, the atmosphere inside the plane and by allowing them to do that they should be able to give a much better passenger experience. this is the claim they're maked that on top of the fact that it's going to be about 20% more fuel efficient than something like the airbus 380 or 767s, that's what they've been pinning their hopes to. it's taken three years additional time to get here. but the moment has now finally arrived. >> well, these things aren't cheap. you don't get a lot of change for $250 million. what's the situation like? last week, for example, there
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was a chinese airline or two canceling orders and switching to smaller beauings and european airbus, a330s. >> reporter: that's right, 24 planes, new planes were canceled by china last week and cite that the delay was one of the reasons that they were fed up with waiting, they were going to go for the boeing 737s, a similar number of boeings, that is smaller but reflects a little nervousness about the out jook for the aviation industry. apart from that this is still the fastest boeing -- fastest new plane that boeing has launched, 821 orders to -- one has been delivered. another on their way so a backlog of 819 to clear. interesting though, that at the moment charles there are only going to be building two of these per month. want to get that up to ten per month by 2013 which is a pretty
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aggressive timetable to ramp up a plane of this size -- of this difference as far as the assembly goes. another radical departure. boeing looked eight years ago an said let's make one based on the auto industry. you fit them all together in one giant assembly. this is what they've been trying to do but have had so many problems with the suppliers about the parts haven't been the right requirements. coming in out of sequence and plus have had to redesign it several times so all that caused this huge delay, 819 orders, charles and they are now rolling off the production line at a fairly sedate rate of two a month. >> with 800 ordered i think that's 400 months. that's quite a few months for boeing to still make those. andrew, thank you very much.
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have a good trip home joining us live from the japanese capital. coming up on "world business today," third quarter results come in. investors are on edge as the debt crisis looms and european leaders prepare for yet another summit. the latest analysis just ahead.
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from cnn london, i'm charles hodson. welcome back to "world business today." also's have a quick look at european stock markets right now. this is ahead of wednesday's key meeting on the eurozone debt
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crisis. there we are, actually i would say on balance it's slightly more negative than what we had earlier on. with the losses on the paris cac 40, both heading towards half a percent lower and sbp saw its third quarter replacement cost profit soar. $5.1 billion compared to $1.8 billion last year. up by 3 3/4%. the swiss bank ubs fell to $1.16 billion, down 39% on last year, that, is, of course, after the rogue trading scandal. still came in three times what analysts estimated. that up by 1.7% on a pleasant surprise there despite the overall market being down
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actually in switzerland and deutsche bank reported third quarter income of $1.1 billion, a rise of 165% on last year. deutsche bank stock up by -- around about a fifth of a percent. meanwhile, here in europe investors will be digesting all that and more. for some analysis of the figures and what's going on let's over to the senior trader at etx capital in london. let's start with that corporate news. it's moderately encouraging, isn't it? >> absolutely. i think what we're seeing the uk and europe, third quarter numbers coming in better than expected. with the way the third quarter panned out analysts did reduce their expectations so could have lowballed figures and therefore they're coming in better and the case in the u.s. over the last couple of weeks, coming in better, increased m & a activity and increased buybacks but the
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focus is still firmly on europe and what will be announced tomorrow this second summit meeting. >> okay, i think most people seem to be suggesting what's likely to come out of that summit meeting is going to be kind of a request for more money. will that be supportive of the markets and will it support it in making further gains on the basis of corporate results? >> i think the market has had a good run-up in anticipation of the greek debt crisis being solved. the efsf being leveraged to a different amount and the contagion to top spreading but the market is ahead of itself. i don't think there will be anything firmer than what we saw being announced tomorrow and therefore the market does have the potential to come back off again. >> what you're seeing is that buy on the overenthusiastic rumor and sell on what is to be
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a disappointing fact. >> it has been going on for a couple of years and don't think it will be solved within a short period of time. angela merkel came out and said it's not likely these will get resolved into 2012 so to expect a few days of summit talks to be able to resolve the crisis is fairly optimistic. >> mannen og ladwa joining us from etx capital in london. on tuesday, strong gains on monday but a different story for tuesday's trading with them swinging between gains and losses and ended with a mixed picture we saw in europe at the start of the day. commodity stocks are among the best performing stocks following an up beat chinese manufacturing report so gains for the hang seng up by 1%. and, in fact, the mainland chinese market, shanghai up by 1
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2/3%. nikkei off about nearnearly a percent. markets closed sharply higher after welcome merger news and karina huber has our hook at the markets. >> reporter: u.s. stocks started the week with more solid gain, investors remain cautiously confident in europe's ability to solve its own debt crisis and focused on more solid corporate earnings at home. it rose 104 to 11,913. the nasdaq rose 2 1/3% and s&p 500 gained 1.25%. caterpillar surged 5%. profits rose 44% from a year ago on record-breaking quarterly sales. it also predicted a 10% to 0%
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sales growth in 2012 and a pair of big mergers gave the market a jolt. cigna is buying healthspring for $3.8 billion as a provider of medicare programs. oracle will pay $1.5 billion for rightnow technologies. fedex will hire 20,000 seasonal workers for the christmas rush. they predict a 12% increase in shipping. it rose 2.75% on the news. also on the calendar results from dow components 3m and due pops. we'll get reports on home prices and consumer confidence and that's a wrap of the day on wall street. i'm karina huber in new york. >> now, speaking of it, many
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americans have a dim view of it. those are the ruts of a telephone poll of 1,007 americans. only 3% said they trust wall street a great deal to do what's best for the u.s. economy. while more than half said they don't trust wall street at all. a whopping 80% said they think wall street bankers are greedy and just 24% said they think wall street is community minded. americans did give wall street very high marks for being intelligent but while americans seem upset with wall street they're deeply divided about the occupy wall street protests. the greatest number of people say they lpts suaren't sure wha think about them. now, those occupy wall street protests have been
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similar to different movements. maggie lake says they carry a message with other common protests. >> there is a democracy deficit right now in many countries. on the one hand democracy is growing in places like egypt, they've had democratic revolutions but there is a feeling that democracy is not functioning properly. when governments continue to do things that are deeply unpopular, there's going to be a reckoning sometime. i don't know what form. it could take many different directions, some pernicious, some forward looking. if applications learn a lesson from this it is that there is a deep democracy deficit and if we do claim to be a democracy we better address that. >> well, here in london the occupy protests showing no signs of abating. in fact, the protests are
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expanding say they're out of space in front of st. paul's cathedral so thousand their movement is on the move. we explain. >> reporter: over 200 tents fill the space outside of the church pitched in protest for the inequities of the crisis. this camp has closed this landmark to close its doors for what clergy say are health and safety issues. the last time its doors were force to shutter was the blitz september 12th, 1940 after a bomb fell next to the southwest towerment a spokesperson for occupy london admitted this space is at capacity. so they've expanded their operation. over 100 protesters have pitched their tents here at the square located on the edge of london's financial district.
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many of them say that this is about joining a global movement. >> banks and politics are now completely interrelated so the politics has ignored everyone, vast majority of people in the country and across the world so i'm here to represent the people that feel they have no voice but to affect a change in myself personally, i think there should be a greater degree of corporate accountability and responsibility. particularly with the banks. they're supposed to be the most polarized ideal of what capitalism represents. by their own system they failed. under laissez-faire system they should have been allowed to fail because the market decided their fate but it hasn't worked like that. the government has bailed them out so there needs to be greater regulation. >> reporter: how long do you expect it to take? >> i'm here until we've got the 99% on board and so however long
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that takes. indefinitely. >> reporter: protesters have been gathering at this park for two days now and already it looks pretty full. volunteers say that further expansion to other sites in london is possible. aaron mclachlan, cnn, london. the funeral of saudi arabia's crown prince is set for tuesday but his death is raising questions and concerns about who will become the heir to the world's largest oil exporting country. 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. ♪
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tuesday. the heir to the saudi throne, the crown prince died three days ago in new york. i think that's only two days ago on sunday. that's raising questions about who is now in line for the top post in the oil-rich kingdom. c cnn's reema joins us. there is a consultation as to who should be the new crown prince. is that right, rima? >> reporter: that's the message, charles, session is what everybody is talking about. now, usual ll lly second sessil. that means after friday it will be announced kings and presidents are pouring in to express condolences. it will take place in four hours
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and definitely succession is the major question here, charles. >> it's interesting because there does seem to be -- whether it goes through this 35-member allegiance council or whether they take a different view to the king which the king can override, looks like prince nayef who is the interior minister, who is a half brother of king abdullah is the front-runner. what do we know about him as interior minister. >> reporter: well, prince nayef is the deputy prime minister also appointed by the king probably a year ago for that role. he has been handling the ministry of interior and has done a good job in fighting terrorism in saudi arabia and al qaeda members and groups. now he's the name being spoken about now and he's probably the
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one to be named the crown prince, however, no one is clear at this point if this is going to be -- to happen or not. prince nayef is also known to be a hard-liner to some extent, but he's also done a good job when it comes to security and interior ministry here and the interior politics. business looks as usual despite all these questions here in saudi arabia. the country is in morning, but the tock market is working and actually a few points up. now we know saudi arabia has the biggest economy in the world and biggest oil exporter. that's why the issue of succession with such aging leadership has probably posed some worries although officials here are trying to cast a message of political and economic stability especially when it comes to oil prices,
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charles. >> okay. thank you rima maktabi joining us from riyadh where the funeral of the crown prince is due to take place in a few hours. thailand declares national holidays to help people deal with unprecedented floods. we'll vermont latest on the situation in bangkok and beyond. ( phone ringing ) okay... uhh. the bad news, it's probably totaled. the good news is, you don't have to pay your deductible.
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welcome back. live from cnn london this is "world business today." well, hit by it's worst flooding in decades thailand just declared a three-day holiday. 21 provinces are still under the water. schools and businesses and government offices will shut down thursday, friday and the following monday. thousands have been on the move in thailand trying to stay one step ahead of the fast-moving floods. it looks more like one splash ahead of the fast-moving floods. high tides are forecast to flow up bangkok's main river and worsen the floods creeping into the capital. they have reached one of bangkok's two main airports. done muang had been operating as the headquarters but they're
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still trying to decide whether to shut down financial markets. more now. our meteorologist jennifer delgado is there. >> 15 million will be affected and flooding looks like it's going to be worse for areas in the northwestern of bangkok as well as over towards the northeast and going to get bad tomorrow and the next couple of days ahead. you mentioned high tide. that's going to come around next week. just to give you an idea how bad the flooding is, we have an image from nasa to give you an idea of the flooding situation. this is october 20th. anywhere you're seeing in black and blue indicates the water this. is bangkok as i said, october the 20th as we move it ahead four days, look at the floodwate floodwaters coming down towards the south toward areas closer to bangkok. you can see over toward the east as well as over toward the west and that's why they're
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sandbagging there feverishly trying to save parts of the city because the problem is there is a lot of water to come down, we're talking yesterday had a record high of 2.3 meters. that's roughly about 7 1/2 feet and it looks like potentially we could see that getting higher. looks like the worst to come and how close they're getting to bangkok. things are fairly quiet. all that rain has been caused by that monsoonal moisture. it has retreated to the south but the problem is we'll still see pop-up storms and, of course, you don't want any more rain across the region. that's going to make the situation worse especially for those who are left homeless, who are sandbagging and really it's just a bad situation across parts of thailand. now, also want to update you. we do have a hurricane that's in the caribbean. this is rina, a category 1 and looks like it's making its way
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towards the west getting close to landfall as we head into thursday after briefly becoming a major hurricane but right now the worst of the storm is going to stay offshore. we'll be watching and finally want to leave you with something a little more positive but it looks like we're not going to have that right now so, charles, you are the positive end to this show as i send it back over to you. and i'll let you finish up things because we were having some video -- aurora lights but looks like it didn't quite make it in. >> i think you're positive enough as it is, jen. >> too positive, it happens. >> you did have some pretty negative news so definitely i'm sure that people in southeast asia and in central america are in for a tough time. okay. jennifer delgado joining us there, many thanks from the international weather center. well, that's it for this edition of "world business today." i'm charles hodson of london.
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