Reliving Shanghai News Today

Leading to more concerns that interest rate increases are on the way. well have more on that in just a moment. property stocks, some of the hardest hit in shanghai. hong kong down as well. obviously very sensitive to whats going on in china, particularly as hong kong becomes more integrated with the mainland chinese economy. in sydney, financial resources stocks dragging the market lower as well. bhp gets a lot of its revenues these days from china. now, as we said, new figures show the worlds...

Restaurant for lunch to a mic microbrewery in the evening, kelly is bringing a bit of american culture to shanghai and its paying off big time. cheers. kelly lee now has six restaurants across the city employing nearly 200 staff. while some in the u.s. worry china is stealing their jobs for americans like kelly, shanghai is the new promised land. >> every year i keep saying to myself im going to go back to the states, every year that im here, i find theres more opportunities. ♪ >> reporter: th...

Town, right? >> yes. >> reporter: shanghai is a melting pot of people and cultures. ignite a dazzling cityscape, great wealth and back streets. spencer dottington came here in 1995 and fell in love with it all. the accent is all texan. >> at night it becomes one of shanghais red light districts. a lot of shady bars. >> reporter: but he can just as easily switch to local shanghai-nese. ten years ago he quit the high-flying world of finance to indulge his love of the citys buildings. >> this was p...

London and hong kong, this is "world business today." >> as chinas president hu jintao plays statesman in washington, back home, his nations most popular city is seeing renaissance with some help. many well-placed americans are leaving home and heading east to opportunities in shanghai. we hear from our senior international correspondent stan grant again. a look at the economic and social boom. >> reporter: inside this nightclub, you can imagine its the 1930s again. andrew is riding the wave, br...

Its what creates the emotion. its probably in these people -- they are somehow the guardians of the style. >> the series continues for the rest of this week. right now well have a final look at the markets this hour. theres one story in global markets this hour and that is concern that chinese interest rates are on the way up. it affects the whole global economy and that is one of the main factors driving all of those markets down here. and the ftse has been hovering around down 1%. really quite...

In perfect harmony. stan grant, cnn, shanghai. >> our week-long series on luxury living continues next on how the high-end watch industry is ticking over despite rising gold prices. ordinary rubs dont always work on my arthritis. try capzasin-hp. it penetrates deep to block pain signals for hours of relief. capzasin-hp. take the pain out of arthritis.

>> reporter: hes recaptured the look and feel of the 1920s shanghai era, a time before japanese occupation, war and hard-line communists turned out the lights. >> you belong here. this is where you became who you are in a sense. >> ask me in 20 more years. >> reporter: when spencer came here, the few ex-pats in shanghai all knew each other. now americans are everywhere. kelly lee is chinese but american born and raised. trained as a chef in paris, now running shanghais most popular mexican resta...

Banking stocks in tokyo down, helping pull the nikkei down. that was on the disappointing earnings from goldman. exporters also lower. eventually everything did tie into whats going on in china. shanghai, the biggest loser today. unsurprisingly. that came on the back of the gdp numbers, showing the economy still roaring ahead. inflation is still high and the concern now is more interest rate rises on the way. that hit the shanghai market to the tune of 2.9%, hong kong down by 1.7%. and even in s...

Compete in the u.s. >> these are launching as we speak right now. >> reporter: now li-ning is bringing the battle to nikes backyard, opening its first store in portland, oregon why do you feel its important to go into the u.s. market? >> its by far the largest sporting goods market in the world. all the kids in beijing and shanghai are on the internet checking out the scores of the houston rockets, the philadelphia 76ers. they are following the nba stars. were finding that influence going west t...

Good morning, from cnn london, im max fofter. >> and a very good afternoon from cnn hong kong, im andrew stephens. youre watching "world business today." our top stories thursday, january 20th. accelerating into the unknown, chinas economy races ahead for concern about overheating. raises the prospect of interest rate hikes. china and the u.s. strike $45 billion worth of deals. and well tell you why shanghai is fast becoming the new land of opportunity for entrepreneurs. >> the european stoc...