ja and shanghai finished up slightly. checking in on wall street our futures point to a mixed opening here as well with a bit of a drop for the dow and s & p. a little bit of a gain for the nasdaq. you can see pretty par for the course. small moves in mixed markets here as well. this is the second day of the federal reserves policy meeting. many economists say fed chairman ben bernanke will not offer any major signals on interest rate policies when that meeting wraps up. that is because the dow sank more than 500 points in two days after they announced the fed was likely to end its bond buying program by next year. the last time. >> all right, pam. time now 5:20. a new development a child sex abuse scandal in walnut creek. tough new allegations by the outgoing city attorney against the city council. >>> and hawaii's program to save money on the homeless. the plan to shift the problem somewhere else. >>> the state of hawaii has come up with a way to reduce benefits for the homeless. hawaii is working on a program called re

shanghai with a high of 38. you are going to be seeing afternoon thunderstorms pop up here. but, wow, look at that, about 10 degrees higher than down here towards manila, where we're seeing 29 on wednesday. now, let's look over towards the americas, what's going on here? well, the severe weather spot is right there in the center of the screen. it is this large area of thunderstorms pushing out there from kansas into oklahoma, extending out through arkansas and missouri. expecting about 40, 80 millimeters of rainfall with this going through your day on tuesday into wednesday. before it starts to weaken out, as it moves into kentucky and tennessee, pushing off there towards the east. so that's the good news. it does look like the worst of this is starting to get over with as it pushes off there. but then, we have this cold front pushing in out of canada. and that's going to trigger up some thunderstorms into the western great lakes over towards chicago as well. you have flying plans out of o'hare, keep an eye on that, especially by wednesday evening. you have the daytime heati

we're now one of the worst performers globally in the shanghai composite. there is some real justified jiters. when we go back to the gdp figures we had, second quarter gdp that were okay, they're only okay because they appeared to be a roguishly low gdp deflator. if the gdp deflator was anything like it's been over the last five or six quarters, that gdp figure wouldn't have come near 7.5%. it would have been near 6. so real concerns there among international investors. >> trying to match up balance sheets between hong kong and china and seeing what the trade was like. you see the discrepancies that have been there, this tells us the story about chinese gdp, that's how people look at it. what do you think is playing out? how slow is the china growth story? >> well, many ways of measuring the china growth story. one, you can look at the factor inputs, energy and railroad and all these sorts of things. the other way of looking at it is to see australian exports. unless the chinese are stockpiling vast amounts of iron ore and coal, you can check google earth

they assembly apple models in shanghai and another town. china labor watch a group out of new york issued a report accusing pegatron of withholding pay, forcing overtime and discrimination against women. apple is investigating and is committed to providing safe and fair working conditions, they say. >>> and federal express issues an apology to customers and fires an employee after this viral video surfaced on youtube showing her hurling boxes into the back of a fedex truck. now, fedex handles 10 million packages a day and this video hit one million views in five days. the man in the video who appears to be getting a throwing lesson was not an employee. >> and move over, tesla. bmw is entering the electric car race today. the german carmaker unveiled the i3. now, it's small but packs a punch. its battery pack runs up to 100 miles per charge which takes up to three hours. bmw will go from 0 to 60 miles per hour in 7 seconds. super light at 2700 pounds. the cost, $41,000. that's about $30,000 less than the tesla model s. got a consumer problem

. >> i would say -- i would also say -- it's funny because we're saying we are not going to get shanghaied by this, not get drawn in to this deficit conversation and somehow i think i've led the charge of us getting drawn into a conversation about the deficit. because independent of earned benefit programs, the president's also talking about investment in infrastructure, in education, and these parts of the conversation we haven't had these parts of the conversation. >> if you term them pro-growth. we just haven't heard that language. that said, part of me really agrees with jake. if we could see more courage coming out of both parties -- >> i agree exactly about means testing with benefits. democrats are not for the most part pushing that idea. maybe some of them would go along with it as part of a grand bargain. i think the progressive position should be we want to invest in the short term. the deficit is not an issue this year but over 10 years, 20 years it is because government growth over the long term has to have some kind of fiscal belt. >> i just wonder, the thing that seems to app

the shanghai index lost more than 9.5%. it was up slightly across the board. investors may stay on the sidelines until the federal reserve wraps up its policy. that is expected to provide clues. right now futures are slightly down. >>> a labor rights group is accusing another supplier to apple of labor uses. pegatron withheld employee pay. apple says it's committed to providing safe and fair working conditions. it promises to investigate the charges. >>> time is 5:20. new details about a gun buy back event in contra costa county. when it will happen and what they will be offering instead of cash. >>> and a young cancer patient is getting some unique support. how the fun and health is coming from these dancers. >>> welcome back. time now 5:23. several strangers teamed up to save a young boy's life by dancing. there they are. yesterday participates just boogied at harlem nightclub in san francisco. this is part of a fundraiser for 12-year-old felix cover tines. eight years ago she under went surgery for cancer. she is under going intensive chemo therapy for the

almost 2% in shanghai. the nikkei down 3.3. do the math. that would get your attention. then in europe, they're all up. but not much. let's look at oil. the oil board, that's been stubbornly above 100, but coming down slightly, $104.53. the ten-year, i saw, was at 2.56, almost 2.56. dollar n , if we're going to europe, it's got to come down. the euro, slm 1.43. gold on a little bit of a run. i'm thinking about buying some. >> really? >> because of man q. i read man q.'s piece in "the new york times" over the weekend. he mentioned buffett and all the people that don't like it. just because it's noncorrelated with anything else. he says 2% of your portfolio could be in gold. >> are you going to buy it anyway? >> no, no, no, no, no. >> store it. >> yes. if i could find a place to buy them where i didn't have to buy a big -- not a lot of them, but i'd maybe buy a few of them in case i need to bribe someone in the future for something. >> always thinking. >> for something. i'm not sure what. but if paper money is ever useless. it could be food. it could be passing -- you know

the shanghai composite dipped below the key 2,000 level. weaker by 1.7% today. investors also worried that beijing's plan may prompt banks to tap the markets to raise the fund. as a result, banking shares in some of the property plays as can you see from the first row, they took a beating. but it was a sunny day for those solar panel makers as they rallied actually after the eu and china reached a trade deal over solar panel on terms favoring beijing. it surged up by 10%. in japan, nomura tumbled by about 5.7% today despite reporting a strong profit growth. this as markets are more concerned about declining trading volumes. and a stronger yen as ross just mentioned that it took a toll on exporters, especially automakers. mazda lost despite a strong profit outlook. and mitsubishi motors tanked 10%. no such worries for rivals hyundai. the south korean automaker has extended its 11-day winning streak, up another 2% after it reported strong earnings last week. and kia motors also ended marginally in the green. back to you. >> all right, thanks very much for that. we

temperatures are quite seasonal in shanghai once again. 39 for you with abundance of sunshine. tokyo the upper 20s, relief from the heat. beachgoers and surfers in hawaii could be surprised at the higher surf. a tropical storm is approaching the hawaii islands and it could hit the islands by monday local time. so high surf, stronger gusts and quite heavy rain are likely to pound this area. tropical storm could hit the islands which is quite rare but not unheard of in 1992 a hurricane hit the island. now so quite severe weather is likely to happen across this area. so watch out for that. now further out towards the east we have a rainstorm across the eastern parts of the u.s. and up towards southeastern canada. lots of rain has caused flash floods as well as lots of thundershowers. monday things will be clearing up. windy conditions in the great lakes region will be clearing by the first day of the work week. but severe weather is expected tonight over oklahoma and the southern half of kansas on your monday. monsoonal rain could lead to flash flood across the desert southwest. t

they couldn't really make it dent on the world stage not when they are competing with bangalore and shanghai and the megametropolitan areas of the rising nations. so they understood that they are interlinked economically. cleveland can't flourish if other places around that are sinking so they got a group of foundations and these communities got together and they said what can we do to change our economy? the decline of manufacturing throughout the 70s and 80s really hit them hard. these foundations that we have been funding arts and culture and social issues. none of that is going to matter and less people have jobs. so they invested in ways to connect their small and medium-sized manufacturers to new suppliers and new industries. they figured out how to harness the benefit, not the benefits but the institution like the cleveland clinic, lake summit health systems in akron to manufacture the entrepreneurs who wanted to take the ideas being generated in these institutions and make them into usable products. so it is a hard thing to do but the benefits are profound. so again in northeast ohio

their families left san francisco around noon yesterday on a flight to shanghai, carrying the ashes of their daughters. >>> the families, by the way, have retained a new york law firm to represent them. dozens of people were seriously injured in that crash of asiana flight 214. there were 307 people aboard when the lane hit a seawall in front of the runway at sfo, lost its tail and caught fire. >>> kaiser permanente is the biggest healthcare provider in california. now some of the oakland-based company's biggest customers are complaining about the increase in premiums. nannette miranda has the story. >> reporter: kaiser permanente may be starting to lose their reputation of a high quality care at low prices. the rates are rising. at the nation's third largest healthcare buyer, family coverage at kaiser in 2007 was the most affordable insurance option for workers. three years later it cost more than the plans offered by others and blue cross. next year they will be the most expensive plan, surpassing even blue shield. >> i am surprise bed that. >> david is very happy with kaiser, but ri

that, drought conditions are going to be continuing for places across central china. 39 degrees in shanghai. 36 in chongqing once again strong sunshine here. all right. on into america, we're talking about hawaii, in fact, flossie is another tropical storm we have here heading towards hawaii. it's not expected to become a hurricane and there aren't any watches or warnings, but if you're in the vicinity know the wind and waves are really going to be increased here over the weekend. let's go now to europe to see what's going on. it's quite a split in the weather out west. it's going to be wet and cooler, i'm afraid. then we have the severe area of storms. we get the hot and cooler air masses colliding and can result in storms. and the heat is going to prevail from the southeast and south all the way up towards, well, just south of scandinavia in fact. you're going to see temperatures improving in places like berlin, warsaw up to 30 sdegrees as wel. 35 for vienna. here is your extended forecast. >>> and to end this edition of "newsline," four singers from the u.s. who are continuing a legacy t

now, the developer is sending a team to shanghai and beijing to sell even more units. we'll see whether there is enough new chinese wealth to fill all 96 floors. back to you, carl. >> it's interesting, robert. i have seen a couple notes looking at new york real estate prices and what they have done. the argument is they can't continue to go as quickly as they have because of smaller numbers of international buyers, fewer cash deals, all of that. >> that's the one hand. ornd, you just had richard smith on making the point that inventories are very tight, demand is so strong. so the question is has the local buyer market remained so strong that they can pick up the slack from these foreign buyers? we'll see. we could see this foreign buying taper, but the market now could be strong enough and tight enough it's okay without them. >> a different kind of taper to think about. robert frank, thanks very much. they're not disconnected. the fact that the fed is tapering, that u.s. financial conditions have tightened, people are pulling money out of emerging markets, all that me

half a percent in shanghai. in europe, you will see at this point the dax is up by over 1% as is the cac in france. ftse up by about 0.8%. we do have plenty of earnings news thorn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.thorn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.horn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.orn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.rn. boeing, earnings $1.67 a share. compared to street estimates of $1.58.n. boeing, earnings $1.67 a share. compared to street estimates of $1.58.. boeing, earnings $1.67 a share. compared to street estimates of $1.58.boeing, earnings $1.67 a . compared to street estimates of $1.58.. boeing, earnings $1.67 a share. compared to street estimates of $1.58. also some strong numbers for ford in the second quarter. company posted earnings of 45 cents a share. revenue also above consensus. and that stock up by about 3.25%. pepsi came in with earnin

citizen in shanghai in connection to the probe. joining us from beijing is cnbc's eunice yoon and staying with us in london, gina sanchez, chairwoman and founder of comma chantico global. >> we now know that there is another foreign national and u.s. citizen, an american, who has been detained. we don't know the name of this person, however we do know that this person, according to pfizer, eli lilly and glaxosmithkline do not work at those companies. the whole health care industry is very, very jittery. everybody is on edge and want to disassociate themselves as much as possible from an investigation if at all possible for them. the -- you had mentioned also there are -- that we really are seeing a widening investigation. there were two more people at astrazeneca who have been called in for questioning. this is after a local sales representative was taken away. also, the health ministry of china has said that 39 hospital staff would be punished for t e taking bribes from two drug companies. we don't know exactly which companies tho

the shanghai composite reacted positively on the news closing up 2% and for investors this is encouraging news that made slowing growth. and support expansion, continue to invest in construction if needed. and exports falling last month since the financial crisis. he is knownore candid about the state of the gdp, up and man-made and unreliable. and diplomatic cable by wiki leaks. this is a shift from 8% and something we should be watching for but this will be a number that is a very important to watch as we look at stability across the country. dagen: thank you so much. joline kent in the fox business news room. joining us is meridien equity partners, big names reporting "after the bell" today. you cannot not what chapel. >> it is the household name. don't care where you go but somebody within your reach jones an apple product. we will get earnings today, interesting susie how stock reacts. it is 450, the only problem is the expectations are always so high for apple. numbers get diluted and lost in their production and what the revenue is moving forward so sometimes it gets shortchanged b

asian equities and shanghai composite and copper which yesterday was a bit up in anticipation of this. the reason i am calling it is two-fold. first of all, china is coming out out of the blue after sending the signal for the first half of the year that it was okay with the slowing economy. want to see rebalancing and now it's saying, we're going for growth. that's catching people on the wrong side of the trade and raising questions about the long-term implications of this strategy and how weak china's growth is now. plenty of people talking about outright deflation and whether the economy screeched to a halt in the second quarter. if they go the stimulus route now, what are they going to do? more fixed investment. already 48% of the economy. consumption has not increased as a share of gdp. fallen since last year. as we start to see people come back to the china trade, the whole commodity complex as a result. is it a short term gain at the expense of a longer term more viable strategy. >> the ponzi scheme continues. >> and i also worry tomorrow's caterpillar. some sense that the capit

china's shanghai index gained almost 2%. investors are encouraged by records from china that the government will use rail way projects to cut huge stockpiles of cream, steel and other construction material. >>> take a look at the stocks. also, keep an eye on netflix. they reported revenue jumped 20% during the 2nd quarter of this year. netflix added 630,000 new video streaming subscriber, but that is not what investors were hoping for. netflix stocks set to open down about $7 a share. >> all right, pam. >>> time now 5:20. a bay area grocery chain filed for bankruptcy. what that means for customers and employees and how this company is already trying to restore confidence. >>> plus, why some san francisco markets could soon be selling healthier foods. >>> good morning. westbound 237 traffic looks pretty good as you drive through. we will tell you more about the morning commute and bay weather, coming up. . >>> welcome back. more than 100,000 people attended the bottle rock festival in may, making it the largest city event in

it says it can confirm that it was visited by the shanghai public security bureau. it says it believes the investigation relates to an individual case. and it says while we have not yet received an update from the public security bureau, we have no reason to believe it's related to any other investigation, saying astrazeneca is committed to acting with integrity at all times. >>> still to come on the show, the co-chief executive of german software company, s.a.p., is to move to the company's supervisory board. how does he feel about it? find out as we bring you an exclusive enter rue with the man himself right after the break. >>> and we'll leave you with a look at how futures are trading ahead of the open on wall street. we'll be back very soon. [poof!] [clicks mouse] there's doughnuts in the conference room. there's doughnuts in the conference room. automatic discounts the moment you sign up. with the spark miles card from capital one, bjorn earns unlimited rewards for his small business. take these bags to room 12 please. [ garth ] bjorn's small business earns do

shanghai, 37 to start off your weekend. look towards the americas. what's going on here? well, the southwest monsoon, that moisture being pulled out of the pacific still bringing showers in mexico, four corners region, risk of thunderstorms and also flash flooding out of that as well in the short-time heavy rain. but the bulk of the severe weather is off to the north. you can even see on satellite picture that cold front starting to develop towards the midwest pushing off towards the east. that is going to bring some thunderstorm activity in places like chicago over towards detroit, into buffalo as well as that does continue to push through the great lakes region. we've already been seeing some hail out here, up to about golf ball size. winds, damaging winds very welcoming out of this. don't be surprised if you hear of a report of a tornado or two with it. not a big tornado outbreak, but it is going to be packing quite a punch as it pushes off to the east being fueled by the absolutely steamy and warm temperatures we have been seeing across the northeast. right now chicag

of testimony with chairman ben bernanke, asian markets reacted with their trading dated overnight, shanghai and japan's nikkei gained one and a third percent. it does look like a little bit of a mixed opening, you can see slight gains yesterday. a couple of things that will definitely affect the markets though, ebay hazardous appointing numbers and it is almost down $4 a share and ebay is disappointing. they will not renew their contract after the naacp -- ncaa football will not being able to use the name or logo. electronic arts will continue to use the series and ncaa is fighting a lawsuit they claim they owe them for using their imageels without compensation. >>> nationwide stores are boycotting the magazine because of its latest coverage. >>> and bottle rock festivals, mounting deaths. >> get the latest sent straight to your cell phone and you can get your wake-up call by texting the words "wake up" 17023. . >>> a cold front from canada will bring in some cooler temperatures. cooling stations have been set up for people at -- for people who don't have air conditioning at their homes. >>

for "cbs this morning," seth doane, shanghai. >> who doesn't love a hershey's kiss, right? >> me, me. >> you do love them. >> i do. >> we learn new things about him every day. >> you meant to say you do love them. >> i do. >> i love hershey's kisses. >> we'll learn what it takes to make announcer: you're on the right track to save big during sleep train's triple choice sale. for a limited time you can choose to save hundreds on beautyrest and posturepedic mattress sets. or choose $300 in free gifts with sleep train's most popular tempur-pedic mattresses. you can even choose 48 months interest-free financing on the new tempur-choice with head-to-toe customization. the triple choice sale ends soon at sleep train! ♪ sleep train ♪ ♪ your ticket to a better night's sleep ♪ people switching to finish are experiencing amazing shine. quantum with new power gel delivers brilliant shine which cascade can't do. take the finish shine challenge and see what it can do for you. a vigil is planned tonight for it will >>> it's 8:25. i'm michelle griego with your kpix 5 news headline

nikkei up by about 15 points, shanghai com positiposite down . and in europe, things are bury bunchidge there, as well. modest advances. >> today is about the intersection of policy and investing and economics. and no one better equipped than david mccormick, bridge water associates co-president and member of the management committee. he was treasury undersecretary for international affairs during the bush administration. brid bridgewater has more than $150 billion under management and the world's largest hedge fund. thanks for coming in. so we'll hear a couple things in the next frankly half hour. we'll hear from jack lew on dodd-frank and i want to get your views on that but we're going to get bernanke's testimony at 8:30. what are you expecting to hear? >> i think what you're likely to hear is what you've been hearing. if you would step back and said how would we have expected if this was managed well the qe process managed well, how would we sxrekts this had to go. >> that implies you don't think it's being managed well. >> no, i do. i think

you had your own experience with all that didn't you didn't you spend all your money in shanghai more or less. that's why i'm going to spend it now. i'm going to book the most expensive hotels. with the most expensive restaurants. terrible picture i just like a joke. i don't think so goes a great artist. but i don't think it's a con man award. if you don't like the painting given a thing it's up to the person. i asked him to buy tea for the painting he seemed to understand. but then he went away. well. it's a tough job you have to take a risk just to get some food it's not difficult it's just not the way usually do things so how do you do. it together. you have to plan it all in advance friend so you ask me. if you ask me to make a port that i made that i ask. for this where is my teeth. ok. i made it. it's for gifts not for free. sure you get used to people's attention very quickly the people around me usually help organize it all but nobody knows me so things are a bit different. i don't know what it means to escape from yourself quite the opposite i am trying to find myself and i a

just to get by while travelling in china i went to shanghai i felt i could live there it was the moment the project actually started a russian girl living on the floor below me was going to leave. the one day i came to see her i'm noticed an easel there i was looking for one of the time. so i asked her to sell it to me but she didn't want to do that but it was a friend's gift apparently. that is why i offered to swap for it instead i gave her a painting in exchange for the easel it was my first barter so good when i got the idea to organize it as an art project which is your job. i started to get letters from each. one of them was from a couple that was going to get married and want to back kind of portrayed as a wedding present for themselves. but i had already left odessa so they're asked if i could do it over skype you know yes yes they told me they could give me all i need for my travel in return. so i asked if they could pay for the tickets from adesa to stumble they agreed and as a result we had a skype portrait session now and waiting on the tickets. if i decided to take annie as

we'll see things cooling down with rain in shanghai on saturday, but 37 inland china and chongqing also. let's take a look into north america. you're going to see storms here in the southeast and up through towards the mid-atlantic. lots of moisture coming in over the weekend. so that's not likely to change. up to the north severe weather here, could even see trntd tornadoings, hail, thunder and lightning and heavy rain moving east over the weekend and more storms and heavy rain, potential for flash flooding in the southwest too. here are your temperatures then for the americas. i'm going to leave you with your extended forecast. >>> before we go, an old japanese saying describes sake as being the best medicine. a group of visitors to a buddhist temple in western japan have gotten to sample that medicine combined with the health giving power of lotus leaves. about 100 varieties of lotus are now in full bloom at the temple near kyoto. the temple priests hold the sake tasting event every year. temple staff pour sake onto lotus leaves. tourists then use the stem as a straw to drink the ric

following yesterday's 3% surge of the shanghai composite led the decline in the region, down 1.6% today ahead of the key data due out next week. mainly banks lost ground. beijing has already been drafting plans for promoting interest rate liberalization and may soon scrap the floor for lending rates. markets fear this will bring more competition and squeeze bank net interest marriagens. gains on the market, tanking nearly 6% in today's session. q-3 operating profit came in worse than expected due to discounts and marketing expenses. goldman sachs cut the outlook for the financial year. the worst performers in south korea were hyundai and kia motors. shares plummeted about 5% to 6% in today's session on worries that their car sales may dip in china as more chinese cities may restrict new car purchases. and the australia market, the best performer for the week, gaining nearly 3% over the past five sessions. gold miners like newcrest, evolution and kings gate, they once again outperformed the broader market jumping to 9%. back to you, ross. >> sixuan, thanks for that. that's where we stand

in big cities like shanghai, change is especially visible. have just one child. they doubt whether their son will be able to look after them when they are old. >> we have to look out for ourselves. of course i'm concerned how it will be, but we do not know, especially as china was changing at the moment. >> demographic change is also shifting attitudes towards family. yet at the same time, alternatives like retirement homes are out of the question for many. >> people feel they are being abandoned by their children and relatives. retirement homes are normal in other countries, but we are not ready for them in china. many people simply cannot afford a good retirement home. >> and so the question remains unresolved of who will look after china's aging population. political, economic, and social challenges lie ahead. >> we will be right >> welcome back. >> thanks so much for staying with us. a new law comes into effect in germany next month, guaranteeing every parent the right to a place in day care for children under the age of three. that was looking problematic wi

how likely is it that the adoption of smithfield's processing technologies will allow shanghai, will allow shuanghui to export pork to the united states? >> well, let me -- >> because, i'm sorry, i'm concerned as chairman stabenow is, you know, of what can happen with the technology and that it does not create american jobs, it really goes the other way. so if you would discuss that and then mr. slane. >> senator, i think that's a, the concern that so many have posed is what's the opportunity that chinese product of what some would be considered a lesser standard are going to be imported back into this country. i was very clear in my testimony this is all ant exports. and, in fact, chinese products cannot be imported into the united states today, and they have no plans and no applications in place. and i have the highest respect for what the u.s. department of agriculture does in this country. and so in any event if any application was ever done, all of that product would be subject to usda standards just as, just as products manufactured in the united states are today. so i wouldn't

the response, of course, still to those fed comments, giving a lift to the shanghai composite, up better than 3%. 2% for the hang seng. nikkei adding a little as well. given the strengthening of the yen, a sign of progress, a welcome sign, you could say. the european market, ftse 100, up .7. better than 1% for the xetra dax. >> you can read either one there. when i read this, they walked in feeling strong. and then within two days, going, no, i don't know about -- we can't -- the 85 billion -- what if we do -- none of them had any -- do they? >> i think they need to let the economy react. the economy is like a 12-year-old on a bike with training wheels. we can just -- >> you got a keynesian on steroids here. you think there is not enough ink and paper in the world. >> monetary policy has not stimulated the economies of europe or japan or the united states. >> she's glaring at you. >> i think it felt evident. it doesn't take much to look around the world and see who is being accommodative, in response to what conditions and what are the markets and economies doing in turn. >> will we ever

., 16,000 dead pigs floated down a shanghai river in march. smithfield's larry pope recently said open your refrigerator door, look inside. nothing is made in china because american agriculture is the most competitive and efficient in the world. mr. pope is wrong. china shipped four billion pounds of food to the u.s. last year including l80 percent of the tilapia and more than 10% of frozen spinach. supermarkets displace food's country of origin. processed reported foods require no such labeling. ip protection in china is also poor. increased counterfeit food products in china will lead to loss of u.s. export markets. china is encouraging buying foreign food assets and farms. smithfield is the first, and we should prepare for others as a matter of national interest. for high that smithfield -- china, smithfield probe voids benefits. -- provides benefit even to shareholders. in a conference call with analysts, the managing director said we want the business to stay the same but be better. today mr. pope echoed the sentiment. neither explained h

the shanghai composite enjoyed its best day in seven months, up 3.2%, rising hopes that beijing may introduce supported policies to boost the economy. hang seng in hong kong chocked up stunning gains of 2.6%. the money rates climbed to 3.8% after the pboc once again didn't conduct any open market operations. but that didn't seem to bother investors at all. and banking shares powered ahead with ping an and industrial up by 10%. and the sentiment lifted eight brokerage stocks to their daily upper limits. poly real estate jumped over 6% today after reporting a 35% rise in its first half earnings. also market chatter that authorities will lose finance policies for property firms. as for the region's exporters, japanese electronics stocks lost ground today as the yen gained strength after the boj decision and bernanke comments about keeping the qe continue also weakening the u.s. dollar. but foreign buying propped up south korean tech shares. samsung electronics jumped over 5% in today's session, extending a three-day winning streak. and i have to show you the extraordinary gains among australian

it's ages 13 and up but my first man was in shanghai learning english as a second language. i started in september when i was abroad in london and i followed until now and i'm planning on doing it when i go back to college. it's great because i take classes. i'm sorority but when i come home at the end of the day i can tutor him. >> earn money. >> create a resume. >> just spend whatever you have got. baby silting, anything, put it on there. >> do your research. >> a lot of programs are available flt summer programs for your state and local government. look into if there's anything like that. >> advertise your availability. >> a lot of these sites you can set up your own profile and let the work come to you instead of going out to get it. post on these sites. post on facebook. put the word out to your family and friends and get out there and do it. >> be creative, be enterprising. good combination. lucy thank you as well. >> up next, struggling to find a weight loss plan that works for you. we'll have the best of the best when it comes to new diet books. but first, this is "t

shanghai stocks, you think they'd be down, no, up 2%. bad news is good news. now they're speculating that the people's bank of china is going to cut interest rates and they're going to do stimulus, so chinese stocks had the best day in a long time up about 2%. i think that was the best day since march overall here. elsewhere, let me move on. if you think there's problems with money trying to find a home, there's plenty of money out there. did you see this announcement? kkr announcing they're going to start a new $6 billion asian fund. the asian markets have underperformed dramatically this year. japan might be the one exception out there. but there's no shortage of money trying to go into asia. they open an office last year in singapore, specifically to look at the possibility of adding into their investments there and that apparently is now happening. obviously the story is buy into consumer growth. but as you see in china, that consumer growth is getting a little bit harder to find here. there's been a lot of speculation about whether higher interest rates a

that's giving a boost to the stock markets in hong kong and shanghai, though a different story for the japan benchmark index after hitting a new six week high briefly, the nikkei closing down 56 points following trade results from china. also fed minutes will be on the minds of investors this morning. minutes from the latest policy meeting out at 2:00 p.m. eastern. traders looking for any further clues on when the fed will begin to scale its bond buying program back. and we'll have more coming up on that with chief economist and managing director of global research. checking europe, right now red arrows across the board there, as well. cac off, ftse off, and the dax off. but not horrible. and brent pushing above $108 as china's imports of crude fell 7.4 7.4% from the previous month. the spread between brent and west texas intermediate narrowing slightly making wti more attractive to investors. >> blackberry is reportedly going to cut more jobs. "wall street journal" says the new cuts will come at middle management levels in the sales and support divisions. that would be on top of 5,000

the shanghai composite jumped nor m more than 2%. brokerage and banks extend their gains in the afternoon session as we see that founder securities surged over 8%. and property developers also among top gainers. china merchant s jumped nearly 9%. and among the actives in hong kong, jewelry shops outperformed. shell soared over almost 13% after importing over 60% surge in its q-1 revenue helped by the gold rush after the price of bullion plunged. consumer mood slipped in both japan and australia in june. index giant fast retailing waved on the nikkei 22 5 down 1.2%. in australia, retail chains were also broadly weaker. harvey norman down 2.4% today and surf ware company billabong plunged another over 10% falling yesterday's 16% tumble. back to you. >> all right. thank you for that. now, shares of burberry beat expectations with an 18% rise in retail revenue for the first quarter. they saw double digit growth where the latest collection received a warm welcome from rich chinese shoppers. burberry maintained fw eed guidr the year but wa

your, from your cell phone when you're downtown, you need to think that maybe there's a teenager in shanghai doing the same thing with the air-conditioning for your phone or for your house or something else. the web has made the grid extremely vulnerable to hacking and to disruption from cyber effects, and that's not all. .. >> to make it even a little more unpleasant, there's another way to create an electromagnetic pulse of that sort and i would be with a nuclear detonation but it does not need to be a nuclear detonation carried by weapon as any actress at all or shooting at a target on land. at a city or anything like that at all. it me don't explode when and low-earth orbit, and we now have north korea has launched one satellite and had three nuclear tests. iran had launched three satellites, and someday before too long, my hunch will be, will have a nuclear test. if you have a satellite and it have a nuclear detonation, even a very simple one, having an electromagnetic pulse generated at 100, 200, 300 miles, wherever, over an area can produce either a total or a very, very close to tota

their parents along with the parents of our students that survived left shanghai monday headed to the u.s. to be with their children. a dozen of those classmates met yesterday with the chinese consul general. many undecided whether to return home or attend the camp without their two lost friends. for "cbs this morning," anna werner, san francisco. >>> there are new questions coming out of washington about how to handle the crisis in egypt. the country's interim president has announced plan to hold new elections in six months. that's doing little to calm the fears the country is descending into chaos. yesterday was the deadliest day since president mohamed morsi was ousted. john dickerson is with us. good morning. >> good morning. >> you see the white house walking a very fine line on this. you have lawmakers saying we should end this massive aid we give egypt. what take does the white house ake on this? >> you see yesterday the white house not calling it a coo. when you have the military removing the democratically elected president, people being beaten in the street this is not a dem

when he went to shanghai, had conversations in shanghai about china, it was like you were talking to a different man. you couldn't find anybody more reasonable and amiable and so on. but back in washington, full of fire. >> he was the head of young democrats in college. i was editor of a college paper. we were each set on a certain path years ahead. just on this point the one area where i think a elite level u.s. opinion is now most focused and suspicion of china is the cyber threat where china does seem to be different from others having sort of state-sponsored commercial espionage. what is your view of that? >> i had the opportunity to talk with person in the fbi who is one of the people in charge of cyber warfare and, against cyber warfare. and i said to him, he just made a talk to a club i belong to about the terrible threat and influence of cyber warfare mainly from china. so i asked him afterwards, i said, isn't it true we're pretty good at that stuff too? he said, oh, don't worry about us. we're the best. [laughter] we don't talk about that. and -- >> i agree with that and the

it's located in a non descript building in shanghai. mulvenon says the frequency and severity of attacks are reaching new highs, and that the u.s. government and american industries have had enough and are mobilizing. >> chinese cyber hacking has been going on for a long time. what's new is that were finally fed up and want to do something about it. >> reporter: republican congressman mike rogers, the chairman of the house intelligence committee has proposed legislation that would deny issuing visas to chinese citizens involved in cyber theft, and to freeze their assets, too. >> this is all about making sure that those actors that we can identify, and believe me we can identify them. they understand that they understand that there is a cost for their cyber espionage. >> reporter: democratic senator carl levin and three senate co- sponsors want to take the profit out of cyber-crime. they've introduced legislation that block products that used stolen intellectual property from entering the u.s. market. >> you got to hit people in their wa

able to turn down the air-conditioning on yourself when you're downtown, maybe there is a teenager in shanghai during the same thing. grideb has made the extremely vulnerable to hacking and to destruction from the cyber-effects. that is not all. so therery century or is an electromagnetic pulse that is called an ejection from the sun. that is much larger than the ofmal solar flares, millions times larger. it has been over a hundred years since we last had one of these but i think most people who are -- studying these issues are definitely in agreement that our electric grid could be severely damaged and to the point of destruction by a single seller event of that type and we have not decided since we have not had one of these since the 1880's. we have not designed the grid in such a way as to withstand something like that. to make it even all it'll more unpleasant, sorry, there is another way to create an electromagnetic pulse of that sort and that would be with a nuclear detonation but it does not need to be a destination carried by a weapon that has any accuracy of all or shooting at a targe