cnn - bedroom air purifier

Returning to the main page of the transcript means a good business time for mergers and acquisitions;
Prices have soared in China and prices have plummeted in the United States. S.
August 23, 2010 broadcast
ETTHIS is a rush transcript at 14:00:00.
This copy may not be in final form and may be updated.
Host richard quest Means Business: It's a good day for M &.
The operation and trading of the company is recovering rapidly. In the U. S.
In China, housing prices have soared and the property market has slowed.
Is this the next threat to the global economy? V-A-C-A-T-I-O-
We are in the summer sun.
How do we get the most out of the holiday this week.
I'm Richard Quest.
I'm still working because I mean business. Good evening.
Bidding war, mergers and acquisitions, is the summer story of 2010.
Two major tenders have been launched in the past 24 hours.
We are used to hearing how consumers and governments are in debt.
However, the company has plenty of cash.
Tonight, we will find out what it means for the economy and how they spend money.
If you think I made it up
Here are some of the M & A actions you may miss during the weekend tanning process.
Hewlett-Packard has announced that it will reach an agreement with 3PAR, the world's largest computer maker.
Prepare to pay 1.
Data storage company 6 billion.
It hopes it will be enough to drive its competitors out of the stadium.
Interestingly, HP is ready to pay the P/E ration and premium, and a lot of Ps will say, it will --
Well, you can imagine what will happen.
HP, bidding war continues.
HSBC, Europe's largest banking group, is seeking to acquire a gateway to Africa.
It offered to acquire Nedbank with a stake of $7 billion;
80% of Nedbank is AFCA (ph).
The Old Mutual Aid Company holds 52% of the shares.
The conversation in the trading hall was that SAB Miller and Asahi were moving in at the Foster department store.
Now there is no denying around, not much comment.
Any potential bid could exceed $10 billion.
All this adds to the whirlwind of M & A activity, sweeping through the usual calm of August.
As you can see, it includes some of the biggest bids of the year, and we have seen bids worth $200 billion or try to bid.
A week is coming to an end.
Pip McCrostie is Ernst & Young's head of M & A Consulting.
Pip is with me now.
Now, when you say it like I just did, it seems like everyone is doing a deal outside.
But the fact is that August, August, is very active. Why?
Pip mccrostie from Ernst & Young: this is a very good question.
This is a rather difficult question.
I think there are many factors around all of them that are a word, Richard, and that is "confidence ".
I do think we see more confidence back on the market stage and on the enterprise itself.
From a macro point of view, we see, you know, there will be no double confidence.
In the United States, for example, the recession. S.
And in (UNINTELLIGIBLE)
The impact of sovereign debt is not as serious as we have predicted.
Mission: But the company you're talking to, is it the deal they 've put on hold or the one they 've already made in their lovely little eyes, and they think now, is it time?
Or do you think they're just discovering deals?
MCCROSTIE: these are very strategic deals.
They have a long story.
So they're not the deal they came up with on the beach in August.
They have been around for a long time and I think the goal itself is also predicting this.
So they stayed there for a long time.
To be frank, I think that in August, while we saw a lot of activity and a lot of hostile activity, it could also happen in the first few months.
But this is not the case.
Mike Cross: No.
It's happening now. (LAUGHTER)
MCCROSTIE: No, I think it's because we have so many contradictory factors coming into the market in a way we 've never seen before, even in the past recession.
The company has plenty of cash.
They have a good income and some debts.
They began to relax. But are these-
Are you telling people to consider trading with your cash, your paper or leverage?
MCCROSTIE: As you said, I think there are a lot of options, but from a corporate perspective and a P/E perspective, I think the lessons learned in the recession mean, the leverage of these transactions is getting smaller and more cash.
In the early days of the recession, more varieties were used.
I think what we see is a change.
So cash is very important here.
War box is being used.
Mission: At what point will other companies think, you know, that the starting gun was fired.
When you hear about hp/Dell, this is a highly strategic deal for 3PAR.
Both companies want it for strategic reasons, as does HSBC/Nedbank.
But others will start saying, oh, wait, we 'd better get involved.
Mccrostty: Well, I think there are two things that do.
One is the industry, so you have the industry strategy and integration.
So obviously you're going to have all the competitors say, Okay, listen, wait, should we move if this guy is moving?
I think you will see this in some of the deals you mentioned earlier.
I think you also have a geographical advantage, we have a lot of strong performance in emerging markets, especially China, Africa, South Africa, etc.
So, I think when you put the location together with the industry hotspots, I think we'll see more deals coming to fruition.
Also, not always on the size and level we see right now.
Task: When will the premium bubble? (LAUGHTER)
Mission: Because you know as well as I do, it's a small leap from the start of the event to the gold rush to the bubble.
I can't say I'm Miss tech here.
If I knew the answers to all these questions, you know, I might get paid a little more than I do now. (LAUGHTER)
But I think what we see, you can ask yourself a question, is August a trend?
Will we see this continue on September and October?
I think, you know, historically, sometimes you have a very bubble, vibrant month and then is doesn't work.
I think if confidence is with the business and confidence is with the winners who are really hovering around capital, I think we will see a continuation.
However, if confidence disappears because of a macro factor, I think we will see a return to uncertainty.
So, I think you need to balance both sides.
Task: speak well.
At the end of the day, I know that at some point your phone is starting to ring. (LAUGHTER)
Very real.
Task: you said, wait, something is going to happen.
There is a sieve in the water.
Mccrostty: I think we really started seeing this in July.
I think it really started to pick up in July.
That's why I said to you, you know, August is predictable, but we do need those factors.
However, if I am very clear here, we can make the transaction in July and August of April, because the ability and ability of the transaction is there.
Lost confidence.
So the war treasure chest is there.
The net leverage ratio is declining.
All this is good for mergers and acquisitions, but it has not started. Why not?
This is because of self-confidence for me.
Again, if confidence remains, we will see more trading patterns emerge.
Explore: hope you will come back in the future to help us learn more about it.
Thank you very much.
MCCROSTIE: I 'd love.
Mission: glad to have you on the show. Many thanks.
Now, we have seen that you have an idea.
The most important deal is in progress, which could be a hostile action against BHP/potash.
It could be a bidding war with Dell and HP.
You saw the white knight somewhere else.
Some companies are taking poison.
It's not a green fairy tale, it's a merger. Jim Boulden-
Jim, look, you and I are all ages?
Jim Bolton, CNN financial correspondent: Yes.
Discovery: We are happy that we are back in the old language we understand.
Bolton: It's always the language of war and fighting and good and evil.
So, let's take a look at this.
This is, of course, a lucrative business.
If you look at all the transactions that have been completed, or those that have not been completed so far in 2010, it will add up to $1. 7 trillion; up from $1.
This time last year was 4 trillion.
There are so many ways to get a part of this action.
Of course, let's take a look at the one we are talking about right now, which is a hostile bid.
This reminds us of the current situation of BHP Billiton and potash.
But we had Kraft and Cadbury early this year.
Believe it or not, that's 2010.
It was a hostile bid and then friendly.
So you can see how we go.
From hostility to friendship
You never know this could happen to BHP Billiton.
There is also a poison pill.
Now, the board of potash is also taking poison pills.
This is where the board tries to make it more difficult for shareholders to bypass in many different ways.
It makes a company less-
If a company is taken over in a hostile way, then it is less useful.
So, in the early 80 s, there was poison.
It's not very popular at the moment, so it's really interesting to see the Canadian company try a poison to stop BHP from entering.
Now, the picture of my favorite night, of course, here, this white horse, a white knight.
This is the hero who came in.
It's a third party, and they do one of two things, either to stop a malicious acquisition, so the board invites them to buy it, or to save the company from going out of business.
A good example of this is Fiat as a white knight to save Chrysler, Richard.
Task: All in all, thank you very much Jim Bolton, the language we will be learning in the coming weeks and months.
Who will think of it?
The hustle and bustle of trading now-
European stocks rose this trading day.
Look, the volume is derisory.
David Buik of PGC Partners is dismissive of what he sees.
But in any case, the stock price of the Old Mutual Fund eventually rose by more than 3%, adding strength to the rich, and the rest of the insurance industry performed well.
HSBC noted that, with SAB Miller rising around 1 point. 7 percent.
Merck leads in Frankfurt.
EADS is the best performing band in Paris.
But what I want to emphasize is that the volume is wrong.
We have bank holidays around us in the coming weeks.
From the sluggish property market in Florida to the real estate bubble in Beijing and other parts of China, we took it from the US. S.
For Asia, real estate is a concern for governments, investors and those who want a roof.
Good evening, QUEST Means Business. (
Business break)
Task: Don't let calm fool you if it looks quiet now.
Sleep time on August, this time tomorrow night, we will be dumping for a key economic report in the United States, which will be lunch time on Tuesday and morning on TuesdayS. time.
The National Association of Realtors will announce the sales of existing houses on July.
Now, it sounds a bit esoteric, but you have to keep in mind that more than 14 million Americans are out of work and these numbers may add to the evidence that the recovery is slowing.
Because these people can't afford to buy a house, it worries others that they can continue without work.
In addition, a report from Washington shows that the government's rescue plan for foreclosure is losing its effectiveness;
The surge in foreclosures could lead to another slump in house prices.
In China, the real estate market, which is causing anxiety, will not disappear.
On the other hand, a real estate group has urged Beijing to postpone action to cool soaring house prices.
Property sellers believe higher mortgage rates and tougher loans are killing sales at the moment.
Property prices rose at their lowest pace in six months in July.
In the end, to Australia, now you will be very clear, of course, they do not
There is a government, but what they see is the coalition government and the parliament.
The biggest problem in the election, even in economists, is that the real estate market is about to have a soft landing.
House prices rose 18% in June, the biggest annual growth rate since 2002.
Analysts hope this soft landing.
However, it is worrying that more planes will crash.
In Florida, they are waiting for the housing market to plunge into history.
Maggie Lake is joining us now from CNN in New York.
Maggie, we came all over the world from the United States. S.
Go to China and Australia.
But it's a place like China and America. S.
Where did the crisis begin.
Maggie Lake, CNN financial correspondent: Yes, it started, it was the epicenter, Richard, and it was still playing.
We are concerned about the price.
It is the center of the real estate market.
Not only is it the most basic way, it is also a barometer and confidence.
Just before we aired, you were complaining about the bad weather over there.
So I bet your favorite thing is to have a nice little resort in Florida.
To understand the price, look at the next item.
In fact, you can get an apartment there for less than the price of a new car. Have a listen. (Start Video)
We have a bedroom, a bathroom, about 550 square feet.
The kitchen is here. you have a dishwasher, a stovetop and a refrigerator.
The property was sold in 2006 for $145.
It is now priced at $34,900.
You know, we 've been selling them so low for a while.
However, they seem to be spreading and the value seems to be increasing.
In fact, we have people from all over the world, even far away in Mongolia, calling us and asking about real estate in Florida.
People are flying, and in some cases they are buying things that are not visible.
There will be one property for sale every week, and another property or maybe two more.
There are 75 properties in this area alone for less than $50,000 and are currently actively on sale.
This is in the West.
You're in a place that's considered suburban.
$26,900 is a great value to perceive.
The living area is 1,000 square feet.
Here we have the master bedroom with simulated wood floors and our own private balcony.
And its own walk-
Closet and main bathroom.
Buying this property for 1/6 of the value, or what your neighbors have paid for the last four or five years, is an opportunity that doesn't come up every day.
Everyone has to go back to work.
Of course, you know, everyone needs to start making money, but the need for housing doesn't go away.
Everyone needs to live somewhere.
The current price is the lowest level we have seen, probably in the last 20 years.
In that case, you should use it. (END VIDEOTAPE)
Lake: You know, we know it's tough in Florida, Richard, but the numbers are absolutely shocking, it's just how cheap things get.
But you know it's not just about Florida, because it's been hit hard, it's about the housing market as a whole.
I mentioned confidence before.
The existing home sales come out tomorrow and you can see what the forecast is.
Even the Realtors I spoke to here in New Jersey and New York center, say, when buyers come out, they go through the process, and then at the last minute, they retreat, because they think the price will fall again.
This is the classic definition of deflation and the real problem of housing.
People just have no confidence in the stability of the market.
So they backed down.
Even those who have the ability to buy are holding back.
This is a real problem for the real estate market.
I have to admit that I did have an apartment in Florida a few years ago and I sold it --
Hardly sold at any profit.
This was a long time ago.
But I was wondering, are you being tempted?
Lake: everyone will be tempted when you see these prices.
The only problem is, Richard, there is so much supply in the market that if you enter a region or development project where everything is foreclosed, you have to worry about it.
But I tell you if you have a long time
In the long run, as the realtor claims, it is not surprising that he has people who are far away from Mongolia calling.
I mean, it's definitely a delivery here.
People will do anything to remove these devices.
This is amazing.
Mission: Maggie Lake, thank you very much in New York.
Now, from the side of the story to the other side of the world, there is a very different story.
Let's go to China. in China, the fight against land holdings is gaining momentum.
Beijing is increasing its housing capacity to nearly 6 million units.
The aim is to stop speculation in real estate.
As Emily Chang now tells us from Beijing, prices are still out of reach for many ordinary people who have only one house they can own. (Start Video)
Emily chang from CNN InternationalCORRESPONDENT (voice over)
Peng is in a house.
Hunting roller coasters and prices will only rise, rise and rise.
"This place was $1,000 per square meter last year and has almost doubled now," she said . ".
"That's too much.
"This is the story of so many middle classes --
Pricing in the booming real estate market.
The Pence couple had no choice but to continue renting and did not know if they had lost the chance to buy.
"Even people who make more money than we can afford to buy a house . "Peng complains.
Housing prices in 36 Chinese cities have risen more than 40% since the beginning of 2009.
The 300-square-meter apartment in the heart of Shanghai costs $13 million.
Developers say as many as 50% of buyers now buy homes not to live, but only as an investment.
"They bought it and just waited for the price to rise," the development manager said . ".
In order to cool the market, the government raised down payment and mortgage interest rates, tightened financing for developers, making it more difficult to buy multiple homes.
Prices are still rising, but they are rising more slowly.
It was 8% in April, but only 10.
% July 3.
This has raised concerns that overheating may turn to overheating.
In any case, analysts say it is a chaotic market.
Analyst patrick chovanec: these are typical signs of a real estate bubble.
But it has been holding on for years and can last long as people are willing to buy and hold empty properties to restore value. CHANG (on camera)
Despite rising prices, wealthy Chinese continue to buy.
Some are speculating, but others are using real estate as a local savings account, saying it is better than the unpredictable stock market. (Voice over)
The Ye family has no luck in trying.
"When we bought our house, the price just started to rise," she said . "
"If we wait for two months, we may not be able to afford it.
"Just last year, they bought this ordinary apartment.
Since then, its value has soared by more than 50%, when they only wanted a place to call home.
Emily Lau, CNN reporter. (END VIDEOTAPE)
Mission: after the break, we will serve our "Future City" in New Delhi.
Pollution in New Delhi has now become a major problem.
Before the 2010 Commonwealth Games, we will look at what is being done to clean up the behavior of a city.
Make people living there more livable. (
Business break)
Today is six weeks for the Commonwealth Games in the Indian capital.
New Delhi has been working hard on infrastructure and transportation.
Let's take a look at the fight against air pollution tonight.
As India becomes the world's next superpower, wealthy residents of its capital are very interested in their cars.
Land 1 out of 5 in New Delhi is a road, all of which turn into a smoky sky.
Our "Future City" special edition now focuses on cleanliness and green in Delhi. (Start Video)QUEST (voice over)
What is more precious than the air we breathe?
However, as big cities get bigger, we pay the price for growth and the air quality gets worse.
The level of air pollution in Delhi is daunting.
The biggest polluters, of course, are traffic;
70% of the air pollution comes from the exhaust gas emitted by cars.
ANUMITA roychowdhuri, Center for Science and Environment: To date, the fastest growing source of pollution is vehicles.
Take Delhi as an example. we already have more than 5 million registered vehicles.
Delhi adds about 1,100 cars a day.
This is the kind of explosion we see on the road.
How do we manage our mobility?
This is a challenge for us in the future.
This is where we have to focus.
Task: Air quality is measured by how many hazardous substances, nitrogen oxides, sulfur dioxide and harmful particles are in the air that damage the lungs.
The Central Pollution Control Commission says the amount of dust particles in the air has reached a critical level in more than half of India's cities.
But interestingly, things are getting better in Delhi.
Delhi has shifted its polluting industry.
It did not expand its power plant, and even the few power plants we had were not converted into natural gas.
We have limited the service life of commercial vehicles.
We have got rid of the old vehicles and the emission standards have been improved.
Mission: if the car is part of the problem, then electric cars and Naveen Munjal are likely to be part of the solution.
His company, Hero Electric, is producing battery-powered scooters.
Naveen munjal, managing director of Hero Electric: this is a model called wave, 25 kilometers high (ph)
Speed, 2 volt motor.
This is the charger we use to charge the vehicle.
This is a set of batteries here, right inside.
The other way you can start it is that you can see that the wheel is spinning, there is no sound, there is no launch, there is nothing.
We do need another means of transportation.
The only means of transport right now, alternative means of transport for fossil fuels is either pedal-powered or we go to power now.
Here's the technology.
Mission: these bikes can travel 70 kilometers in just one power unit.
This is about the strength needed to make 35 cups of tea.
You can charge it with a normal wall socket.
Nothing fun here.
MUNJAL: you charge at home, you go to work, then you go home.
You don't have to go to the gas station, you don't have to go to maintenance, you don't have.
So this is a very simple car.
So in cities like Delhi that are so polluted, when you have a lot of breathing problems, you have a lot of breathing problems because of air pollution.
This is a perfect car.
Explore: there are 40,000 silent bicycles buzzing around Delhi, and the technology there is still relatively new.
But judging from the fact that China sold 20 million electric bicycles last year, this may be a sign.
The Delhi government is very interested --
On this point, because the Delhi government clearly sees the benefits on the road by introducing these vehicles.
But now the car ownership in Delhi is too low.
Explore: City Air is a priority in Delhi as the Commonwealth Games are expected to be held next month.
The power plant will be closed for this event.
Open fire will be banned.
Vehicles arriving outside Delhi will be inspected for contamination.
All of this is to protect the air that the world athletes breathe.
Roy Chowdhury: the first time we 've seen our city government invest in the city they're going to do --by-
Minutes of air quality monitoring, able to predict pollution in the next 48 hours.
This is the first time this has happened in this country.
Explore: 1990-generation Delhi is described as the most polluted capital in the world.
Things have changed for ten years.
Compressed natural gas is the preferred fuel for the Delhi bus network;
Emit less pollutants and greenhouse gases into the air.
Delhi Chief Minister sheila dikshit: our city has the largest CNG fleet in the world.
All our public transport is CNG.
It makes a big difference otherwise you can barely breathe in Delhi and your eyes are used to being smart too.
Mission: although the level of air pollution has improved a lot, the level of air pollution is picking up.
Efforts to reduce emissions are suffering from great success in cities.
The rise in income levels has brought extra cars to the road.
More than 1,000 new vehicles are added every day.
Over the past two years, we have noticed that pollution levels have risen again.
In Delhi, what we see is that no matter what we gain in the first generation of operations, we are almost on the verge of losing it.
Task: So, come back to the idea. Look at this --
It is a giant air purifier located in the city center.
The machine is still in the experimental stage, it sucks in the surrounding air, cleans it, and sends it back to the citizens for breath.
The Delhi authorities are waiting to see how it works.
For now, if future generations want to breathe in the city, Delhi must continue to advance its commitment to clean air. (END VIDEO TAPE)
Task: Problems and situation in Delhi.
Like Britain and America. S.
Open your wallet and help flood people
The IMF sat down with Pakistan's finance minister to discuss how to get Pakistan back on track.
We will discuss this issue again after the break. (
Business break)
Hello, this is Richard QUEST, which represents business. This is CNN.
News is always the first here.
Philippine officials say eight passengers were killed in an 11-hour hostage standoff.
Get off at a bus in downtown Manila.
Police say the hijacker was shot dead.
He was a former police officer angry at his dismissal.
After he shot the passengers, the police rushed to the bus.
The passengers are tourists from Hong Kong.
Rescue workers in Chile are providing food, medicine and supplies to 33 miners trapped underground.
Officials say it could take four months to drill an escape well.
The country was ecstatic to hear miners still alive nearly three weeks after the collapse of copper and gold mines.
On Sunday, the miners attached a note to the investigation saying they were fine.
To overcome all the traffic jams--
This is National Highway 110 near Beijing.
Traffic was 100 kilometers blocked.
It's been nine days.
Minor accidents and vehicle failures complicate the problem.
Some drivers say vendors traveling through traffic are cheating them.
Construction is considered to be the culprit.
Officials say a suicide bomber in a mosque in northwestern Pakistan killed 26 people on Monday.
Thirty others were injured.
It happened in the largest town of Awana in the tribal region of southern Waziristan near the Afghan border.
The deceased included a former member of parliament who was considered a target.
Clearly, there is concern about the weather in Pakistan and whether there is more flooding that could help to get through the river and create bad conditions ---
Well, if it hadn't been catastrophic, it would have been catastrophic.
Guillermo Arduino at CNN World Weather Center-
Gillemo, the picture I saw showed it was a fierce battle, but followed by a strong monsoon rain.
CNN meteorologist gileymore ARDUINO: Yes. And you --
When you say the relationship with the river, you catch it-
Because the weather in Pakistan is not so bad now, because it rains.
Of course, heat is the problem.
But the Indian River is taking the water down.
The problem we are seeing now is south of Sukur.
So the water went up ,--
You can say, hey, it's not raining, what's going on?
Well, what's happening right now is that all the rain in the North is down.
The towns in the south are being flooded.
We also need to consider a factor here.
Now, the tidal stream pushes the flow of water to the north, which is a bit holding back the exit of the water.
This creates a backup in the flow of the river, especially in the South.
It's like everything is--
Now things in Pakistan are a bit complicated because we have the wind, we have the rain, we have the heat, and other than that, the watchman from the south.
Richard, if you look at the satellite photos, you will find that there is not much precipitation. Good, right?
Then we have-
Talking about heat--
We talked so much at suki, 55 degrees Celsius in Sukkur.
The flood is now in the south of Sukur.
Now, if water-
The rain starts again, it will put more pressure on that river, and then when it goes south,-
The situation in the South will also become complicated.
But fortunately, we don't see much in terms of precipitation.
We saw a little bit in southern India.
We saw a lot in Nepal.
This is caused by the monsoon, but this is not the case in Pakistan where we deal with heat.
Remember, the water is there, Richard. The water is there.
The high temperature and the surrounding mosquitoes are really very, very dangerous--back to you.
Mission: Thank you very much gillemo for keeping us up to date in many ways and it is important to know the meteorological location as this is the cause of the problem.
Thank you, gillemo.
But on the financial front, Pakistan is facing scrutiny from the International Monetary Fund tonight, and officials are assessing the damage the flood has done to the economy and looking at how it can help.
CNN's Reza Sayah is now with me from Islamabad. -
You see, the finance minister and the others went to Washington.
They were disappointed by the reaction of the international community and the money they received.
But what do they want the IMF to do?
Reza sayah, cnn correspondent: Well, they--
They need help in as many places as possible, Richard.
One of the places is the International Monetary Fund.
Of course, two years ago, Pakistan and the International Monetary Fund agreed to provide a huge loan of $11 billion to stimulate Pakistan's economy.
But the floods have hit Pakistan's economy and productivity hard.
Other economic factors will also be affected.
With this huge loan, the IMF has brought some very difficult conditions to Pakistan.
Among them, with Pakistan reducing its budget deficit, eliminating food and energy subsidies, raising taxes, and--
But the flooding is almost certain that it is impossible for Pakistan to meet these conditions.
That's why Pakistani government officials met with IMF officials in Washington this week.
The meeting starts today.
They will last until Friday.
Because something needs to change.
Several options are being discussed by analysts.
But one of them is the IMF's simple easing of these difficult conditions.
Another option that analysts are discussing is that the IMF has the potential to completely cancel the loan and replace it with a disaster relief loan ---Richard.
So something has to be given because according to the way the deal is made-the $11.
There are currently 3 billion transactions. . .
Detective: Okay. . . SAYAH: --
The severe test now facing Pakistan is absolutely impossible to meet these conditions.
Mission: Reza, I mean outside. -
When looking from a distance, it is never clear the extent of destruction. a-
For the whole country.
You are in Islamabad, for example, and you know the business is still going on there, the shops are still open and the buses are still running.
Yeah, look, I'm closer to the disaster area than you are, unless--
We have done it several times. -
You can take part of the air tour from northwest Pakistan through the flood zone stretching all the way through central Pakistan.
You're talking about southern Pakistan.
Most of the region is the agricultural sector of Pakistan.
Pakistan's economic growth depends on the agricultural sector.
A few years ago, the International Monetary Fund's loan, the agreement, was dependent on economic growth between Pakistan and the agricultural sector.
Most of them were wiped out.
But you're right, if you don't come with a bird view picture, see these if you don't fly over these areas ---
These huge farmland, you don't know what's been destroyed here ---Richard.
Mission: Reza Sayah, who is watching the show.
When the IMF Reza has more information, please come back to us and help us explain what this means for Pakistan's economy.
This is the task that means business.
We will be back in a moment. (
Business break)
Welcome back.
Now, I do need to introduce you to some of the messages that we have received.
Tiger Woods divorced his wife Irene Nordgren.
Their divorce is now the last.
After months of speculation, the marriage has been announced on Tiger Woods's website.
They issued a joint statement: "It's sad that our marriage is over and we wish each other all the best in the future," they said.
"Although we are no longer married, we are parents of two excellent children.
"Their happiness is the most important thing," and so on.
Rumors about how much money Allen got have been circulating for a long time. No one knows.
You make a choice when you pay.
I saw the numbers from $100 million to $0. 75 billion.
In the days to come, we will have more details.
It's Monday.
It was in August 23.
If you want to do business in the northern hemisphere, especially in Europe and the United States, you will find someone on Earth on vacation but not here.
Because we want to make your summer vacation our business.
This week is a special long holiday.
We'll find out where you're going, what you're doing when you're there, and how businesses respond when workers collectively head to the beach.
Now, look at this when it comes to holiday benefits.
Some countries are much more generous than others.
According to a study by H. R.
Consulting firm Mersa (ph)
They found that France, Finland and Brazil had the most vacations.
The study found that,
The workers there had about 30 days of paid holidays.
In some cases, you can also add up to 40 holidays to your annual leave.
For Hong Kong and Singapore, this is less than half, only about 15 days plus public holidays.
However, technically, the United StatesS.
At the bottom of the pile. In the U. S.
Although there is no statutory holiday requirement, most employers allow annual leave and, of course, they also give public leave.
On average, they have 15 days of paid leave.
This week we will hear the CEOs take you on vacation.
Some people think you need at least some work with you.
Ditreev Engel, CEO of turbine maker Vestas, believes that it is more important to let go completely. (Start Video)
Vestas ceo ditelev Engel: one of the rules is to spend time with your family and really enjoy it and try ---to get away.
But I think it is very difficult to run 100% kilometers in today's world.
You have to do it like you do now.
Of course, it goes to everything else in order to pay and go on vacation.
I think the most important thing is that one thing is to follow up during the holidays, but it is very important to make sure that people are happy at work. (END VIDEO TAPE)
Mission: CEO of Vestas.
Manpower is an employment agency operating in 82 countries and regions.
Barbara Baker is the president of Europe, India and Africa.
She is now joining me from the company's global headquarters in Milwaukee, Wisconsin.
Look, Barbara, explain. -
Help me understand. Are the U --is the U. S. just mean?
The rest of the world--
Is Europe too generous?
Or are we lazy?
Have our professional ethics been fulfilled?
Barbara Baker, human resources department: United StatesS.
As you said, employers are not as generous as their European counterparts in giving mandatory time off, Richard.
On average, after 10 years of working in a company, you may have 15 days of paid leave.
Besides that, you have public holidays.
Professional ethics in AmericaS.
Always nervous when you are on vacation.
So the debate about income and rights.
European employers feel that their employees are entitled to more leave.
I think most employers would agree that leave is absolutely essential for the well-being of employees.
But there's a scam. . .
Baker: you will work more efficiently. . .
But hold on. BECK: --better health.
Task: hold on.
There's a contradiction here, isn't it, especially in the United States? S.
Verbal commitment between employers-
We hope you have more rest time.
Why don't they give more time to rest?
Baker: first, even if most companies give employees 15 days off in 10 years, there's an interesting twist here.
Wright Management, human resources consulting, recently conducted a survey and found that in 2009, 2 out of 3 Americans did not even use the 15 days they received.
This is driven by recession and fear. . . QUEST: Right. BECK: --
Fear that they will not be regarded as highly productive workers.
Also, as you know, we have experienced mass layoffs around the world.
We have a lot of people who feel like they're doing two or three jobs. QUEST: Right.
Baker: Because so many employees are out of work around them, they are under the burden of extra work.
So there is also some penetration of these statistics.
How important is Barbara? -if --
If we look at the European side, holidays are considered more important-important --
When you move from one job to another, is it an important part of the package you put together to maintain your holiday rights?
We don't want to go back to zero.
Baker: I think you said it just now, Richard.
No one wants to fall behind.
Therefore, when an employee is negotiating their employment plan, it is essential to maintain the same holiday treatment as before.
Of course, from a European perspective, when we're talking about law, we're actually talking about what the law says companies are obligated to give employees. QUEST: Right.
Baker: As you know, these packages can make a big difference.
If you look at AmericaK.
For example, many employers will say that 28 statutory holidays will be given to you, including your public holidays.
Other employers in the United StatesK.
It can be said that we will give you 28 days, in addition to that you will receive an additional 8 days of public holidays. So --
So this number is OK. -
There is a big difference depending on who the employer is.
Thank you very much for joining us, Barbara. I will be --I --
I'm not going to ask you in a skittish way how many days you have, but I'm going to put it outside because we're going to talk a lot in the coming weeks.
Thank you very much, Barbara.
I know, four, I think-and-a-
It's been half a week now.
By the way, some of your points, the foreigner Laura said: "AmericaS.
Unwilling to set a minimum time off is shortsighted.
The workers who rest are production workers.
Find me at the library. " LauraJ55 (ph)
Said: "I have 10 days of paid holidays, no illness/individual, and work for most of the holidays. " Moonslider (ph)
He said, "maybe AmericaS.
It may be right in this recession.
"This is atrichard quest. And Jordoga (ph)
Americans are overworking.
I ate 20 and dropped to 15, not enough.
"These are some pictures that you use your summer picks to make us jealous when we're stuck at work.
First of all, I am Li Kui (ph)
I believe Li Kui is on holiday in Tenby, Wales.
Beautiful beach.
He had a good time.
Frankly speaking, it is quite good for Wales.
Meg Montz sent us this during the holidays.
She is in front of the Buddhist monument to the Brahmin Tutu in Indonesia.
I'm not sure I'm right.
And Kanami Awaga (ph)
This is him with his son.
I mean, you can tell it's a horse.
Anyway, you have been sending us videos.
This report is from Larena (ph)
In akapurko, Mexico, exploring means a commercial audience.
Her nephew Sebastian was like a hamster on a wheel in the water.
People who seek excitement will like this.
It was sent to us by a family on holiday. (VIDEO CLIP)
You must be joking.
Okay, we will have more.
This is atrichard quest.
It's quest@cnn. com.
I will show you the email.
You can send us the email address of the holiday photo this week.
It's a camera, it's a music player, even a guide-
Smartphones are essential equipment for vacationers.
Power can be a gold mine for developers on the app. (
Business break)
Mission: rumors are continuing that Apple will soon open an app store in the living room.
The tech blog reports the transformation of Apple's TV box.
You download the app like you do on iPhone, iPad and I.
Pauline Chiou met a developer in Hong Kong
Time hobbies are now paying for his mortgage. (Start Video)
CNN reporter pauline chiou (voice-over)
: Try playing an ancient Japanese stringed instrument or relax by imitating animal sounds like monkeys and getting scores.
Simon lui, amateur app developer: OK. Wow!
CHIOU is much better (on camera): Oh, wow! (voice-over)
: These are just the latest iPhone apps created by Simon Lui.
His first app was for commuters on the Hong Kong metro.
His favorite is the Kinha War (ph)
, Download 9,000 times.
You know, my photos are getting stronger and I can try the basics of animation more directly. CHIOU: The 28-year-
The old computer science instructor creates an application in his free time.
He may be an amateur, but he earns more money than you think.
Over the past two years, he has earned nearly $40,000 as fans have downloaded his paid app.
LUI: it was so painful when I developed an app for half a year.
But after that, I don't have to do anything, and cash will come in.
A month later, I think, oh, it's sweet.
CHIOU: Lui is paying his mortgage with extra cash and helping to pay for his brother's college course.
Musician Tenpat Wa (ph)
I also hope to see the money rolling in soon.
He teamed up with software programmer Luma Fung to develop an app called Track Rider a month ago.
This app plays videos of Hong Kong indy Band and allows you to click on the beat like a member of the band.
Amateur app developer luma fung: you can play with your songs or check the music.
CHIOU: The two friends won't reveal how many paid downloads they have received because the Track Rider is still relatively new.
They will say that advertising needs to be part of the process to stand out from crowded app stores.
FUNG: I do the market on Facebook and I do the market on a lot of local forums too ---to --
About the iPhone games Forum.
CHIOU: these amateur application developers have taught themselves how to write computer code for aps, called object C.
Their advice to other amateurs?
Continue to practice the code.
It's much easier than three years ago.
There are many good tutorials.
I think they can have a clear mind and know what they are doing.
Simon Lui is planning his next app-
Interactive games for seniors. (END VIDEO TAPE)(
Business break)
Tonight is the time to make money.
When it comes to vacation time around the world, we show you amazing differences tonight.
In Lithuania and Brazil, the total amount can exceed 40 days per year.
In the United States, it is the only major country with no legal rights, with an average of 25 days per salary for public holidays. Today expect --
Today, employers expect so much from us, but I 've been thinking about how the boss can ask us to move on when many of us are exhausted and out of breath for a holiday?
In this information revolution, we are bombarded by the constant call of digital tyranny.
So stay away from all this and it's never more important than that.
By the way, I'm a hypocrite.
I still have more than three weeks off before December.
Yes, I will most likely lose a lot if I don't use it.
The task tonight is to do business.
I'm Richard Quest from London.
Whatever you do in the next few hours, I hope it's profitable. "WORLD ONE" --it starts now.