at least four people are dead and another 24 injured in a blast. officials are calling it a terrorist attack by an unknown group carried out with a homemade ammonium night trait bomb. experts are on on the scene and police have cordoned off the area. there's been a bombing in the city of qatar. the senior police official says 11 were killed when a suicide bomber blew himself up. another 20 were bounded. the city has seen many attacks in a taliban cam been it destabilize the government. talks to hand over control of a lebian town have seem to have broken down. reb be forces surrounding bani walid say gadhafi supporters have until saturday to surrender. four have been killed in mastiff wildfires burning in texas. more than 700 homes have been destroyed. the largest fire is this one near the city of austin. winds died down enough tuesday to allow teams to go in and check out some of the damage to the areas. those are the top stories from cnn, the world news leader. i'm zain verjee and "world business today" starts now. good morning from cnn london. >> and a good apfrom cnn hong kong. this is "world business today." these are your top stories. australian growth beats expectations in the second quarter, but some analysts predict tougher times ahead. >> and we'll look at the worst ways to get sacked. and turning heartache into hope. this family lost their son on 9/11. we'll show you how they honor his memory by helping others. we'll bring you all the market action shortly, but first a story just into us. saab is it appears filing for bankruptcy protection. the company wants to protect itself from it creditors while seeks a new round of funding. so production at the company's production in sweden has been stopped since june because it couldn't pay staff wages. saab says it will apply for on funds from the government so that it can pay workers what they're owed. we'll try to get you more on the story as the information keeps coming out. let's look at how things are fairing on the markets because we are seeing a bit of a return to confidence. the major indices opening all higher about an hour ago. as you can see, gains in excess of 2% for the cac 40, also the dax up by 2%. an footsieftse 100 not far behi. this currency is the swiss franc. but the franc's rapid rise was too much for switzerland. the central bank there surprised investors on tuesday by announcing that the exchange rate must drop not below 1.2 euros per swiss franc. and the central bank says it's prepared to enforce that by buying up euros in, quote, unlimited quantities. let's have a look at how this is affecting the currencies market. we've got the british pound trading against the u.s. dollar $159.88, the euro 1.4074. and yen at 77.27. but let's go back to the first national bank's bold move and its effects. it seems to have had the desired effect. >> over here, the trading day is just winding down an major markets have closed higher for the first time this week. and nina mentioned some of that volatility. it's still around. some traders here say given the battering that stocks have had, asia looks cheap. there's a big reassess the going on. we've had the likes of hyundai rallying looking to increase it market share. so there was a bit of bargain hunting going on. technology and energy represented stocks were among the biggest gainers. . but investors in australia have pretty interesting growth federal governments out to consider today. the economy there growing 1.2% in the second quarter. and that really did beat expectations. see where it's coming from. it shows that australia's recovery from a difficult first quarter is really happening. the dip there was the result of severe weather that took a toll on the country earlier this year. so the concern over europe's deepening debt crisis continue to play out on wall street. add to that the worries over the u.s. economic growth. all of that having a big impact on u.s. drops on tuesday. they extended last week's losses. the dow fell 101 points. the s&p also sang nearly a full percentage point. the nasdaq was down a fraction of a point.k nearly a full percentage point. the nasdaq was down a fraction of a point.nearly a full percentage point. the nasdaq was down a fraction of a point. nearly a full percentage point. the nasdaq was down a fraction of a point.k nearly a full percentage point. the nasdaq was down a fraction of a point. at this point u.s. markets look for a gain when trading begins. let's take a look at the futures and see where they stand in pre-market action. people really trying to assess still what's happening with the u.s. economy. there are the futures for you pointing up, but things have been pretty volatile and that volatility continues on these markets. >> it does indeed and what we've got is people plowing into those safe havens with the swiss national bank's intervention, that means perhaps swiss franc is off the cord, but yesterday high of gold was $1920. as you can see, it's now down by $30.70. at $1845.40. let's have a look at the price of crude, as well, another commodity that has been volatile of late to say the least nymex crude trading up about 92 crepts at $86.94. >> interesting talking about commodities particularly when we're about to talk about the next big economy, australia. and i mentioned their growth numbers. we'll take a closer look now. the gdp figures look pretty good and certainly people are applauding it, but joining us is michael buchanan with goldman sachs here in hong kong. let's talk about these numbers. you saw this huge bounce back. is it too soon to be applauding what's happening down under? >> yes, he can it rk, i think . it's really just a bounce back from what happened in the first quarter which was very much ret related. and if you take a step back you can 1.4% is actually a pretty lousy up in and well below our estimate of the normal rate of growth. and then you look at where did the growth come from. and that's also at bit worrying. more than two-thirds of it came from infantries. as you build up, you're not selling them so that pore tends weakness down the road. and then the other part of the growth story that's a little bit surprising is on the consumer side. so sure the number was better than we expected, but i think the details actually give cause for some questions. >> let's talk about what you hear in the retail space because that can be so telling. >> i think we've seen quite a bit of pain on the retail side. i think in australia what we've seen is a very appropriate and preemptive response from the reserve bank of australia, one of the first to hike and it's brought up a lot of credibility which could be extremely useful if we get more weakness on the exterp external side. so we are expect a cut in rates later in the year, but i think the weakness we've seen partly reflects the preemptive move to hike rates earlier in the cycle. >> no economy survives on its own at all in the world. and in australia, people are keeping a very close eye what's happening particularly in china and you have the huge commodities exchange that goes on between these huge economies and this region still very much looks to china. keeping your eye on china, looking ahead for australia, is there anything interesting that you think we need to be wary of? >> what china has been doing is tightening policy to core inflation, growth was above trend. financial conditions, liquidity, was too loose. a lot of that was happening off the balance sheets of the banks so took a while for policymakers to see that and respond. and they have been responding. so growth in china has cooled. if we get more weakness in the external environment, china has some room to offset that, but nowhere near as much room as it had back in early 2009 when we were faced with the earlier global financial crisis. and so i think from australia's perspective, it's great to be tied into an economy like china that continues to grow, but there is perhaps a little less policy room in china now to offset any sort of global weakness should sha ththat a ri later in the year. >> all right a, michael, thank u very much. interesting stuff there. >> indeed. well, investors will be watching germany's highest court today. the constitutional court is expected to rule on whether angela merkel was correct in bailing out greece and other euro zone members. she's facing a major parliamentary vote. as a result, today's landmark decision should have some pretty substantial implications when it comes to future aid. no longer the high flying internet pioneer it once was, the board room ax has swung again at that yahoo!. we'll have full details straight ahead. ffrs imagine... one scooter or power chair that could improve your mobility and your life. one medicare benefit that, with private insurance, may entitle you to pay little to nothing to own it. one company that can make it all happen ... your power chair will be paid in full. the scooter store. hi i'm doug harrison. we're experts at getting you the power chair or scooter you need. i didn't pay a penny out of pocket for my power chair. with help from the scooter store, medicare and my insurance covered it all. call the scooter store for free information today. welcome back to "world business today." yahoo! is looking for a new chief executive. they fired carol bartz after slumping revenue and falling stock price. bartz was brought on three years ago go help turn around the struggling company. the current chief financial officer will serve as interim ceo. there is no question how investors felt about bartz's dismissal. the announcement came after the closing bell, but the shares jumped, at one point climbing by as much as 7%. if you look at i cany yahoo! st investors were losing faith months ago. you'll remember that back in may, yahoo! was at odds with with the chinese internet giant. investors were questioning why yahoo! appeared out of the loop on this one and they questioned whether the question could keep its relations ship with alley back about a and its presence in what is the world's largest internet market. and it's pretty much gone downhill since then. its stock has returned to nearly the same pace that it was in january you 2009 when she started in that job. >> let's talk about another american company that has been the focus of investors' attention. two more bank of america employees will soon be out of a job and they're in top positions. the bank is either letting go of it president of consumer banking, joe price, and also the president of wealth and vinnestment management. it recently announced plans to layoff some 6,000 workers. bank of america stock is now down a whopping 47.6% and that's after warren buffett announced just a week or so ago that he was going to be investing $5 billion in the bank. back to asia and the technology new site cnet says south korean antitrust regulators raided google's offices. complaints were filed against google. . the company said it exploited its position by having its search function pre-loaded on smart phones and that would block competition. well, google denied it was trying to stifle its competitors. this is "world business today." ahead on the show, it's time to follow up with two great bosses. one and you beer brewer who wants to take its employees for a ride and the other a casino than who wants to grow his gambling galaxy. let me tell you about a very important phone call i made. when i got my medicare card, i realized i needed an aarp... medicare supplement insurance card, too. medicare is one of the great things about turning 65, but it doesn't cover everything. in fact, it only pays up to 80% of your part b expenses. if you're already on or eligible for medicare, call now to find out how an aarp... medicare supplement insurance plan, insured by unitedhealthcare insurance company, helps cover some of the medical expenses... not paid by medicare part b. that can save you from paying up to thousands of dollars... out of your own pocket. these are the only medicare supplement insurance plans... exclusively endorsed by aarp. when you call now, you'll get this free information kit... with all you need to enroll. put their trust in aarp medicare supplement insurance. plus you'll get this free guide to understanding medicare. the prices are competitive. i can keep my own doctor. and i don't need a referral to see a specialist. call now to get a free information kit. plus you'll get this free guide to understanding medicare. and the advantages don't end there. choose from a range of medicare supplement plans... that are all competitively priced. we have a plan for almost everyone, so you can find one that fits your needs and budget. with all medicare supplement plans, there are virtually no claim forms to fill out. plus you can keep your own doctor and hospital that accepts medicare. and best of all, these plans are... the only medicare supplement plans endorsed by aarp. when they told me these plans were endorsed by aarp... i had only one thing to say... sign me up. call the number on your screen now... and find out about an aarp medicare supplement insurance plan. you'll get this free information kit... and guide to understanding medicare, to help you choose the plan that's right for you. as with all medicare supplement plans, you can keep your own doctor and hospital that accepts medicare, get help paying for what medicare doesn't... and save up to thousands of dollars. call this toll-free number now. this is "world business today." >> three bosses, there's different types of companies, and all kinds of challenges. each and every week, we show you what life is really like at the top in our series the boss. we met francis lloyd who only just a month ago opened up a mucous see know. already he's looking for new ways to be bigger and better than the competition. we've also met steve hinde, the brooklyn brewery boss. after years of planning, his investments are finally starting to at that time company to the next level. and of course we haven't forgotten sarah shroud at my wardrobe.com. previously on the boss. pride and satisfaction for steve hindy as brooklyn brewer's expansion begins to take shape. >> this is a total thrill. a total turn on to be expanding your brewery. >> and francis lui says there's room for improvement. >> even though we are achieving great results, i still think that we can be better. much better. >> as his team continues to iron out those details, making the product the best it can be, francis lui has thrown himself in to his next big project. making his casino resort even more attractive to his customers. today he's taking a hard hat tour of construction for galaxy square, an area within the galaxy casino resort, which shall comprise nine 3d sin in a a made screens and a karaoke complex. >> the purple, red and green, they are very distinct. that is our entertainment center. going to be one of the biggest in hong kong and it will seat about 1,000 people inside. >> the gallon lax city square, due to open in the fall, is all part of francis' nongaming strategy. he he knows that his casino will continue to draw loyal gaming fans. fr but he needs to broaden appeal. >> when we open up galaxy, we know we are short of entertainment for the kids. and that is what is important for us. >> as he tours the space that will become the galaxy square, 16,000 square meters to be exact, francis is across every aspect of the construction. >> if i had my choice, you use the drywall so that it's thenner and this here would be wider. this is fine. >> a boss with an eye for detail who leaves nothing to chance. >> i say i'm here to give recommendation and suggestion. at the end of the day, it's the manager who will take charge and make all those tough decisions for us. in new york, steve hindy is enjoying a light hearted moment with three of his employees. brian, ali and sherman have just come back from trips to italy and sweden. vacationses paid for completely by their boss. steve's way of rewarding his employees may seem extravagant to some, but for steve, this is more than just enzefr send difference. it's a case of promises kept. a bold pledge he made to workers six years ago. >> at that time, we were about about 50,000 barrels or something like that, of production. we said when we get to 100,000 barrel, we'll take everybody on a there into europe. >> so to europe they went. 20 were sent to italy and 28 to sweden. at a cost to the company of away $100,000. >> i told a lot of people about this since we did it, and other people in other businesses are like, woah, that's amazing. i can't imagine doing that. and actually, you probably wouldn't do that if you were a public company. i mean how many times do you read about a public company. but a private company, you can do it. >> for steve, this is about recognizing and rewarding his staff. >> it's really a personal choice. but from the beginning of the company, it seemed to me to be real important to have people committed to our objectives and our commission and our vision. in the beginning we didn't pay too well. we didn't pay ourselves too well and we didn't pay our people too well. >> we got in a boat and i was sitting in the back of the boat -- >> for some of brooklyn brewery's employees, this was an opportunity to travel outside the united states for the first time. an opportunity to get to know the key markets they serve. and get to know each other. >> i think it was great to go on the trip together and just spend team together as a company. definitely brought us closer. >> but this holiday may not be their last. steve himdy could soon throw down the gauntlet with hire targets and again offer a new set of rewards for his team. >> maybe the goal is going to be at 300,000 barrels now for the next trip. but i think it had a great impact on morale and on enthusiasm for the company and belief in the company. and a belief that it's pot just t the owners benefitting from the growth. it's everybody. >> next week on the boss -- >> the industry is not for everyone. >> francis lui proves you can combine public service with profitability. that's thnext week on the boss. to catch up on episodes of the boss and all the news affecting global business, just check out p cnn.com/360 and you can also blogs from the business team and leave us your comments, as well. "world business today" continues in just a moment. welcome back to "world business today." let's take a look at the european markets. we're seeing a bit of a return of confidence. all opening quite a bit higher andle holding on to those gains if not pushing even higher. the dax up about $2.6. even ftse 100 up in excess of 2%. and checking on the currency markets, this is how the picture stands when it comes to the three main currencies trading against the u.s. dollar. british pound straighting tradi. so weakening just a little. the euro at 1.4106 and yen 77.14. let's update you on story we were mentioning. the konss tugs al court has ruled that angela merkel was correct in bailing out greece and other euro zone members. but the verdict it seems could be something of a double edged sword here because although the court ruled in ms. merkel's favor, it also said that parliament must now get more of a say in future euro zone bailouts. >> it's going to make for interesting reading. a sign of the times for europe. the trading day just winding down here in asia and major markets have closed higher for the first time this week. you can see for yourselves that it's looking pretty healthy on the board. there seemed to be a bit of bargain hunting going on after the two days of losses. people have been keeping a close eye on the japanese yen, as well. technology and energy stocks in particular were among the biggest earnings. hyundai wants to drum things up in the european markets and traders seemed to like