the former libyan leader was buried at a secret location in the desert. a handful of supporters paid their respects. in tunisia, a moderate party has won the country's first free election. the country's once banned party has begun coalition talks, but the results have some worried that the rise of a religious party might endanger civil rights especially for women. and now officials say they'll reach out to secular political parties to form a broad-based moderate coalition. the thai government is in crisis mode as floodwaters push further into bangkok. they shut down the city's second airport on tuesday. waters ep croced onto runways making takeoffs and landings impossible. the airport's been doubling as a shelter and headquarters for flood relief operations. those are the headlines from cnn, the world's news leader. i'm zain verjee, and "world business today" starts now. it's the day investors have been waiting for. they meet in brussels to hash out a complex plan to hash out the european debt crisis. will they emerge with a strategy or will political divisions cause a further stalemate? i'm felicia taylor in london, and you're watching "world business today." we'll have more on that in a moment. first we want to bring you news just in. the chairman of japanese camera maker olympus has resigned. it is the man on the left. he's decided to step down amid ongoing turmoil. it follows the sacking of former ceo michael woodford who spoke to cnn on tuesday. >> it has nothing to do with that. olympus is paid according to reuters, the largest salary. it was three times what was paid when rbs acquired a $70 billion euro traction. olympus is paid nearly three quarters of a million dollars, and we don't know what for. it's been paid to parties we can't identify in the cayman islands. >> why do you think it was paid? >> i can't speculate. >> you must have a jolly good idea. otherwise you wouldn't make this kind of a fuss. >> the concern i have, and i've been advised there are links behind this to potentially organized crime, what is clear, it's inexplicable. and they and the board haven't answered. we've paid nearly three quarters of a billion dollars to unknown parties in the cayman islands. come on, charles, please. >> i take your point on that. do you expect that the regulators will get involved, and do you think they will come to some kind of conclusion about what really went on? >> it's all in the public now. i pass my correspondents to the world's media. they're now in communication with the fbi. this can't be hidden and put back in the box. this won't go away until he answers in specific and definitive terms to what and to whom, $680-. >> this is how the company's share produce ended. the resignation came after the close, so any response will be felt on thursday. they've announced the appointment of a new chairman and is about to hold a press conference in tokyo. of course we'll bring you more details. now to the story that everybody around the world, traders, economists, investors are watching as europe runs out of money, the world is running out of patience. but european leaders insist they are making progress on a comprehensive plan to tackle the region's debt and banking crisis. today government heads from all 27 echlu member countries are meeting in brussels in an 11th hour bid to finally hopefully come to an agreement. but divisions remain particularly between euro zone heavyweights germany and france. french president nichololas sary and angela merkel say a deal is close but it still remains elusive. that is being felt on the stock markets. as you can see in europe's major markets, it's been a mixed picture all morning long. the ftse index edging ever so slightly into positive territory. the dax has so much on the table with merkel going before the board to present her case to their parliament, down abo about .2%. nina dos santos has been following developments throughout the hour. closure on the euro zone saga is far from being reached. if you listen to some economists and traders, nina, is the sense there is that we're finally going to get a comprehensive deal out of brussels? >> reporter: that's what all of these eu ministers and heads of government have been assuring us for the better part of the last three days or so, felicia since they met on sunday. as you can see, the red carpet is rolled out behind me, but the atmosphere is very tense here in brussels. as we expect eventually some kind of detailed plan to come out, but realistically not until much later today. let me tell you what's on the ageneral agenda. we have things kicking off relatively late. about 4:00 p.m. here in brussels where we'll have an informal meeting of the euro group. don't be dissuaded by the informal title because these talks are paramount to the security of the euro zone and indeed the single currency stability. and then the real deal making should begin after a dinner and things will get cracking at about 9:00 p.m. and if we know, if we take any kind of cue from the summit that we had on sunday last time, it took take hours for these negotiations to go on into the night before they actually agree to anything. and then again, will we know exactly what they have agreed to? because so far even if they say they have made progress, details remain sketchy and foggy at best. >> some of the issues we've been talking about are bank recapitalizations, whether or not they'll shore up the esfs in terms of a bailout fund. france has agreed that it won't be a bank, but certainly the german leader, angela merkel and nicolas sarkozy have been the main ones in this tug-of-war. what remain their sticking points between one another? >> reporter: yeah, well, a lot of it hinges on two issues, felicia. we should first of owl point out there are essentially three issues at heart that these 27 eu members and the 17 of the 27 that actually use the currency have to agree upon, they're complicated issues. as you were saying, raising that bailout fund, the esfs and how to do so, also how to impose some kind of writedown or haircut on bondholders who hold greek bonds to try and make them share some of the burden. and finally a bank recapitalization plan. it's the first two that largely has opened up this big rift between france and germany, the two strong men of europe. and essentially it hinges on how exactly to raise more money to protect countries like italy from suffering the same fate as greece without putting more money into that fund. france wants the ecb to help out and the esfs to become an outright bank, but then again that would pose problems with the treaties because it would blur the difference between monetary policy and fiscal policy, the difference between the bailout fund and the central bank that's supposed to ensure against inflation. and if you print more money to put inside the esfs, you will kraelt inflation. now, what we've also good is some concerns about how big a writedown or haircut we could see for bond investors in greek bonds. angela merkel, the german chancellor, wants something more. she wants perhaps maybe even 60% for them to bear the brunt of a 60% writedown. the french don't want to see that happen because their banks are heavily exposed, and it could weaken their balance sheets, felicia. >> nina dos santos in brussels. before the summit begins, chancellor merkel has to put the issue of leveraging the bailout fund to a parliamentary vote in berlin. fred, it's likely because she has to present this to her parliament that we will get some idea of what's inherent in this vote today. >> reporter: yeah, we certainly will. there was a paper that was passed around here in berlin yesterday which came from the german finance minister which sort of outlined how the germans would like to see these leveraging mechanisms for the esfs put in place. it was a very vague paper. and i can tell you i was talking to some of the parliamentarians, and they say they don't feel very well informed. a lot of them say they don't know exactly the details. essentially what this paper said is that the details are so complicated, they are still talking to experts as to how to iron all of this out. the big problem that merkel faces today in german parliament is the fact that many members of our own party are against the esfs, the bailout fund. therefore, we expect that some in her own party will go against the measure. however, in total, there is going to be a broad majority. when merkel goes to brussels, it could very well be she is somewhat weakened by the fact that she did get a parliamentary vote going her way. however, many members of her own government were not really in favor of it, felicia. >> fred, thanks for keeping on top of it for us in germany. let's see how that's affecting the stock markets in asia. we're joined by remy. i think the asian markets were somewhat in the red, but things have your honor itted around. >> yeah, they definitely did in just the last couple hours. we've said it's all about europe. that is the case here in asia, too. this man appears confident that eu leaders can come to that agreement later today, but investors, they're jittery ahead of any firm news ahead. meantime, chinese banks are in the spotlight today. the country's four biggest lenders are due to release their latest earnings figures. and according to a bloomberg survey, china's big four may report a combined quarterly net income of nearly $26 billion. that's actually a rise of 22%. and it's 41% more than their u.s. counterparts. meantime, this is how the major markets closed the day today. in japan, the nikkei slumped after exporters fell on a strengthening yen. the hang seng, meantime, pulled into positive territory just the last hour or so. the shanghai composite eked out the biggest gain of the day, up about 0.52%. in line with expectations. also, the consumer price index came in at 0.6% between july and september. that's after a 0.9% rise in the previous quarter. that rizs hopes of an interest rate cut, boosting the asx 200 by 0.35% and sending the aussie dollar lower. felic felicia? when trading begins later today, after what was a pretty devastating session on tuesday where the markets lost between 1.75% and 2%. the dow forecast to open down another 0.3% but the nasdaq will open off just fractionally. and now landing on runway 07 three years behind schedule. the boeing 737 dreamliner has finally made its maiden voyage. our own andrew stevens has a ticket. and that's just ahead. the markets never stop moving. of course, neither do i. solution: td ameritrade mobile. i can enter trades. on the run. even futures and forex. complex options? done. the market shifts... i get an alert. thank you. live streaming audio. advanced charts. look at that. all right here. wherever "here" happens to be. mobile trading from td ameritrade. number one in online equity trades. trade commission-free for 30 days, plus get up to $500 when you open an account. 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. now taking a look at the currency markets where the euro has rebounded against the dollar from an early october low on tuesday at 1.31, now trading at 1.39. against the pound, trading around 1.60 and dollar-yen reached a new post-world war ii but is recovered by midday trade on this wednesday. these currency moves are having an effect on the shares of japanese exporters. we're also keeping a close eye on europe's stock markets this hour as investors are focused on that second summit in brussels. let's take a look for progress hopefully on a solution to the european debt crisis. let's look at how things stand at the moment. about an hour and a quarter into the trading day, the markets remain mixed. everybody has all eyes on brussels out of what's going to come out of hopefully that meeting and some sort of accord. the ftse and dax trading higher whereas stocks in paris and zurich are trending ever so slightly lower. well, felicia, here in brussels, big question that's also on the minds of people in 26 other capital cities across the eu is whether these countries' leaders will actually come to that crucial agreement later on today. here's what i've been hearing so far from the belgian capital. >> i hope on wednesday the summit will, in fact, agree on a very concise response. but the change will enable us. because this is good. >> let me just stop you there because you said we hope. a lot of other people are saying you will popefully have something in place. will you? >> i'm hopeful. >> translator: we must find a lasting solution to greece's problems and protect other cannot tris in the euro zone. these things must be done together. >> translator: the chancellor and i have have spent so much time on the phone and in meetings because this is crisis. the chancellor and i hope to bring about unified decisions. >> i'm quite sure there will be a solution. we need cooperation, and we need full agreement and to be united before the g-20 meeting. it's very important for the global economy. that we are united is important for financial markets all over the world. >> i've learned in politics not to promise anything before you've solved it. we're not really trying this time. >> reporter: so the point is thooe agreed they'll come up with something in a few hours' time. the question is what. and indeed if they won't, what will happen to the markets and the world after that, felicia? well, the markets will definitely not be happy if they don't come up with something that's a little more concrete. we've been talking about this for such a long time. do you actually think we're going to get specific details? it seems most of the european political leaders have been dancing around those details as opposed to saying something specific because it does have such great market reaction. >> reporter: what we must bear in mind, felicia, and angela merkel stressed this just on sunday during her joint press conference with nicolas sarkozy is that these three problems must be solved together because otherwise the decision to solve one or two of them without solving the final hurdle really could be cataclysmic because it would put the pressure on the other side of the argument. so the real bones of contention, as we said before, are the haircut for greek investors. i should also pint ooint out wh happens if we don't impose upon the sort of july accord when they were already told that they should take a voluntary 21% reduction in the value of their assets. well, that would mean that the imf and the european union would have to find 252 billion yur recoveriy euros by 2020. because the goalposts have changed so much since greece initially got its first bailout. and since we indeed started talking about the european -- excuse me, the esfs, the european financial stability fund, so it's shifting sands, and that is the issue. the situation gets worse by the day if we don't get an agreement, it will certainly get much worse by the day, felicia. >> kicking that can down the road has got to come to an end, and hopefully tonight will be that night. nina, we'll check in with you again of course through this hour. coming up, an alleged international smuggling plot straight out of a expense novel. we'll have details next on how u.s.-made electronics ended up in a roadside bomb in iraq. stay with cnn. hello and a warm welcome back to "world business today" live from brussels and london. >> an alleged technology smuggling plot involving no less than four countries has been cracked according to the u.s. justice department. central to the case which spanned several years are u.s.-made radio frequency modules that somehow made their way into roadside bombs in iraq. there's much more to the story. and rami joins us again from cnn hong kong with the details. this story sounds incredible. >> it definitely is, felicia. and this huge story centered on the tiny city state of singapore, and it's there in the so-called lion city that five men now stand accused of conspiring to circumvent u.s. export controls to get u.s.-made electronics into both iran and iraq. those parts are radio modules which can be used in everyday settings but which also have potential military amationpplic. for example, they're found in wireless connections between printers and computers. in this case they were used in remote detonation systems for roadside bombs just like this one in iraq. now, let me take you down that trail of this alleged international smuggling conspiracy. and we start in the u.s. the u.s. state of minnesota. the company which produces those radio modules. u.s. justice department has decided not to name that company. but it does allege that four men arrested in singapore lied to that company, saying the final destination for those parts was a telecoms projects over in the country. in fact, singapore was just a transit point. the foreign nationals arrested this on monday are likely to be extradited to the u.s. one more person, an iranian citizen, is still at large. meantime, the justice department says the modules they imported into singapore were then sent to iran. 6,000 in all. u.s. officials are admitting they do not know what happened to most of them. but what they do know is that 16 units that they were found actually found their way into iraq and into those roadside bombs. those bombs were found unexploded between 2008 and 2010. now, the assistant attorney general for national security, of course, came out with a strongly worded statement saying that this case underscores the continuing threat posed by iranian procurement networks seeking to october u.s. technology through fraud and the importance of safeguarding that technolo technology. the five men will face a very long list of serious charges including international smuggling, the illegal export of goods to iran as well as conspiracy to defraud the united states. rea