loyalists. gadhafi's sons say they are both in custody and wanted by the fcc and war crimes charges. yemen's embattled president has arrived in riyadh. he's expected to sign a power transfer deal to end ten-month-long political crisis in his country. the parents in a high-profile missing child case are scheduled to testify before the phone-hacking inquiry in london on wednesday. the mccanns were highly scrutinized when their daughter, madelei madeleine, was reported missing in 2007. they'll join other victims of media intrusion who will give evidence before the inquiry. those are the top stories from cnn, the world's news leader. i'm monita rajpal. "world business today" starts now. it's 9:00 a.m. here in london. good morning, i'm nina dos santos. >> and it's 5:00 p.m. here in hong kong. i'm andrew stevens. you're watching "world business today." the top stories this wednesday, november the 23rd, stock markets sink into the red worldwide. as poor manufacturing numbers from china raises concerns about global growth. australia's controversial mining tax passes an important political hurdle. and the arab spring takes a toll on one of europe's oldest travel companies. let's get straight to the european stock markets which opened about an hour ago. trading off to a bit of a negative stock for once not dictated by events in europe but instead stirred up in the u.s. growth forecast for this year and also a slowdown in chinese manufacturing. initial pmi data could make matters worse when it's released today. the markets did stage a little bit of a fightback. here's where they stand broadly speaking. almost all of them down at the moment. a bit of a negative start to today's session, andrew. >> yeah, very negative start to the session here and a negative end to the session as well. losses just keeping on coming across the asia-pacific region as investors wait for that elusive good-news day, a long time coming. the bad news coming early on wednesday as the provisional chinese manufacturing data numbers you were talking about, nina, signaled a surprise contraction this month, taking the pmi survey to a 32-month low. i've got more on that in just a moment. but the pmi wasn't the only factor hurting prices as well. we also had that gdp revision hitting the numbers here. and australian mining firms being hit hard by a vote in favor of a 30% mining tax in the country's lower house of parliament this morning. that does take it one step closer to law. tokyo closed for the holiday. this is how the numbers closed. you see hong kong under 18,000 with a drop of more than 2%. australia, down nearly 2%. and seoul kospi reacting to what's going on in the u.s. because the u.s. is such a big exporter market for south korea, getting a hit there. let's turn to news of that squeeze on the chinese manufacturing output this month. now, hsb's flash purchasing managers index, that takes up to 90% of the final reading which comes out next week. it's coming well below forecasts. the survey points to a figure of 48.0 for the month of november. anything under 50 signifies a contraction. now, analysts had been expecting a reading of around about 50.1. last month's official pmi reading showed a slowdown in growth to 51.0. but still it was growth. so what's happened? well, basically, it's something of a triple whammy for the chinese economy. number one is china's own efforts to slow its economy which is hitting the manufacturing sector. number two and number three, weakness in europe, weakness in the u.s. as we saw that gdp revision. now, this sharp increase could, though, signal an easing of monetary policy in beijing, nina. that's something the world bank just yesterday warned was necessary to weather the current financial storm. >> andrew, is it likely that china's going to try to do something to prop up growth? could we see any changes to try and underpin its growth rate? >> i think there are a couple of things we need to keep in mind here, nina. one, this is a flash number. so we've got to wait for the final number before we see what's really going on in the manufacturing sector. number two, export orders actually held up above that 50 level. so there's still some movement in the exports sector. number three, and this sort of ties into whether there will be movement or not, certainly china has a lot more room to move because with those mching slowdown numbers comes a showdown in inflation, and that will lead to broader inflation numbers. will they move sharply in the near future? the betting is probably not, nina. what we have already seen, actually, is what's known as selective easing. we've seen lending caps being lifted, lending restraints being lifted to maul and medium-size industry just to help that sector of the community, that secretator of industry. unlikely to see easing of interest rates. we may see banks being allowed on easing up on amounts they have to deposit. certainly the order is no panic is likely to be seen in beijing, but known they'll be watching this very closely. >> yeah. china is, of course, the world's largest creditor to the united states. it will probably be keeping a close eye on this next story, andrew. growing concern over the stalled u.s. economy has dragged down wall street. on tuesday for a fifth straight trading session in a row. and economists, analysts, investors, everybody's worried about this going forwards. the commerce department said that the u.s. gdp reading grew just 2% between july and september, revising its earlier estimates sharply downwards as well. let's look at the closing numbers. this is how the session finished. as you can see, arrows into the red. just the likes of the nasdaq composite faring slightly better, broadly speaking flat, but the other two down about 0.4%. it may not get all that much better later on today because worries about china's dip in manufacturing activity also pushing u.s. futures lower. this is where we stand in terms of the premarket action on these three main markets, as you can see, a number of them down to the tune of about 0.75% and falling further as, of course, people look further into the small print. remember, we've also got that euro zone pmi data later today. euro zone is also a significant economic partner for the united states. andrew? not to mention asia as well, nina. any slowdown in the euro zone hits the big exporters here, obviously. those numbers, wall street futures not the only thing that's falling this day, this hour. a slowdown in the, a slowdown in chinese manufacturing conspired to force a downturn in the price of oil this wednesday. falling by about half a dollar in electronic trade, currently fetching around $108 a barrel. nymex crude is down by more than $1. now, as financial markets n endure their toughest months since 2008, well, the u.s. federal reserve wants to know how banks would survive and if they would survive a repeat of those kind of circumstances. on tuesday, the central bank ordered the country's leading 31 lenders to undergo stress tests aimed at answering that particular question. let's take a look at exactly what they came up with in terms of answers. in tests conducted back in 2009, 19 banks had to take part because they had assets of over $100 billion or more. but regulation, particularly financial regulation introduced since, namely something called the dodd/frank reform act means banks with at least $50 billion on their balance sheets must also comply with these tests. they've also had to simulate a major economic meltdown such as what we saw back when lehman brothers collapsed, proving their ability to try and keep a buffer zone on at least 5% of their capital in the face of 13% unemployment, also another statistic that they'll be testing for is a slump in economic activity as well as crucially a european debt crisis. now, all 31 of these particular institutions which includes some pretty big names here muss keep operating as usual, but it's these six, the largest of the lot that will be tested harsher than any others in terms of their criteria. and it's because basically we all know what happened with lehman brothers and the crisis that prompted. these are equally as big institutions and equally as important to the world's financial melting pot. still to come, a big win for the australian prime minister, julia gillard. mining companies aren't too pleased. the latest on the country's controversial mining tax. that's next. there's a moment where everything comes together. where there's magic. and you now understand what nature's been hiding. ♪ at dow we understand the difference between innovation and invention. invention is important. it's the beginning. it's the spark. but innovation is where we actually create value for dow, for society, and for the world. ♪ at dow, we're constantly searching for how to use our fundamental knowledge of chemistry to solve these difficult problems. science is definitive. there is a right answer out there. [ male announcer ] the same 117 elements do the fundamental work of chemistry. ♪ the difference, the one element that is the catalyst for innovation, the one element that changes everything is the human element. ♪ and what it doesn't cover can cost you some money. that's why you should consider an aarp... medicare supplement insurance plan... insured by unitedhealthcare insurance company. all medicare supplement insurance plans can help pay... some of what medicare doesn't, so you could save... thousands of dollars in out-of-pocket expenses. call now for this free information kit and medicare guide. if you're turning 65 or you're already on medicare... you should know about this card -- it's the only one of its kind endorsed by aarp; see if it's right for you. all medicare supplement plans let you keep your own doctor, or hospital that accepts medicare. there are no networks and no referrals needed. help protect yourself from some of what medicare doesn't pay... and save up to thousands of dollars in potential... out-of-pocket expenses with an aarp... medicare supplement insurance plan... insured by unitedhealthcare insurance company. call this toll-free number on your screen now... for this free information kit, including this... medicare guide and customized rate quote. australian mining stocks took quite a bit of a hit in today's session. take a look at that, the world's largest mining companies ending down to the tune of about 3%. we also saw metals down. so a difficult day there in the commodities sector. welcome back. live from cnn hong kong and london, you're watching "world business today." nina, it may have been a difficult day for the commodities producers, but certainly it's a great day if you're the australian prime minister, julia gillard. she has got through her controversial 30% super tax on coal and iron ore mining efforts. it got through barely, just scraped through the lower house of parliament after a marathon session this wednesday. the tax is known as the mineral resource rent tax, the mrrt. and the reason it got through is because julia gillard could get support from the greens and the independents to make it work. they were happy that the tax had been lowered from the original proposal put forward by kevin rudd, the former prime minister, of a 40% tax. they've also lowered the threshold raised from companies' earnings, 50 million aussie dollars a year to $75 million. they've raised the threshold there. now, that also protects the smaller miners, obviously. but earlier, julia gillard said this is a tax that's good for everyone. >> what this means is a fairer share for australians right around the nation. what this means is that our super-profitable mining companies will pay more tax. and that tax will be used to cut company taxes, to give australians more power and to build more infrastructure. >> so andrew, it's a bit of a victory for julia gillard, but the question is what happens next next? >> well, first of all, nina, this is not in law yet. it has to go to the upper law, and that debate is planned for early next year, if this is passed, and it looks like it probably will be. the tax will then go into effect on july the 1st. it is expected to generate billions of dollars for the government. and this was the selling point of julia gillard. she was saying we're going to use that money, spend it on things like infrastructure. also pensions for australian workers. she's saying we want australians to share the wealth of this windfall profits, she would say, from the australian mining companies. she will also use some of that money to cut taxes for small businesses. let's listen to wayne swann, the australian finance minister. >> what's a very big win for 2.7 million small businesses, a very significant tax cut for those small businesses, a $6,500 instant asset write-off will help with small businesses, particularly those that aren't in the fast lane of the mining boom, and it's i very big win for the australian work force. a very big win for 8 million workers. a significant boost over time and a significant boost to some low-paid workers as well. >> mind you, some of these mining companies must be pretty worried here. is this tax likely to stop investments for at least to a certain extent to cut back on mining investment in australia? it's a huge part of the economy there. >> yeah, absolutely a huge part. it was interesting because with had kevin rudd first proposed this, the australian mining industry went into overdrive with dire warnings about it was going to be virtually the end of the australian mining industry if this 40% tax went through. it's now 30%. there have been warnings still that marginal developments, marginal mining developments may not go ahead. interesting, the icbc, the biggest bank in china, has also warned it may not be lending to projects which are marginal. julia gillard, though, she's obviously very wary of damaging the industry. and this is why. because australia is actually the biggest exporter of iron ore and coking coal, used for steel making. it's booming thanks to even more increased demand from china and also from india. take a look. there's been a surge in investment in the third quarter which ended in september in projects around australia. today the australian bureau of statistics said the construction activity jumped by a record 12.5% to $47.5 billion. where? well, most of it came in western australia. why? it is the epicenter, if you like, of the mining industry for australia. so it gives you an idea of where most of that construction money is going. it is going into the mining industry. now, the government estimates that investment ahead will be around $430 billion. that's what they say is now in the works. and that's equal to about one-third of australia's gdp. now, what the government says, nina, is that these numbers are going ahead despite the fact that we now have this 30% tax about to be imposed. it will likely be imposed. still $430 billion. obviously the government saying it's not going to have that big of an impact on production and development. >> still, it's a brave move from an economic point of view, isn't it? next, we'll be focusing on one of europe's biggest tour operators which has a popular slogan which is don't just book it, cook it. travelers seem to be staying away and cooks shares have been down as a result. we've got in incredible video to show you coming out of new zealand. take a look at this. a helicopter was trying to install a giant christmas tree on auckland's waterfront when the aircraft apparently became entangled in wires. you see the tail broke off. the aircraft shook and spun violently and then crashed to the ground. amazingly, the pilot suffered just a few cuts and bruises. and no one on the ground was hurt either. the crash is now under investigation. extraordinary stuff there. welcome back. live there london and hong kong, you're watching "world business today." nina, if i were a pilot with that sort of luck, i'd be out buying a couple of lottery tickets. >> those kind of pictures take your breath away, don't they? he's lucky to be alive. talking about air travel, today is one of the busiest days of the year for the united states. as americans prepare to hit the road and also the skies for the thanksgiving holiday. but will the bad weather get in the way? let's go over to meteorologist jennifer delgado standing by at the cnn international weather center. jennifer, is it looking good? >> we are still looking at showers on the radar. but overall, we are going to see some improvement as we go into the afternoon. as i show you on the radar right now, we don't have any watches, but still dealing with some rain. you can see even snow out there. we'll continue to see that precipitation as we go through about the next six to eight hours out there. and then as we go later into the day, we're certainly going to see improvement, cooler air behind that. but still through parts of new england, they're going to be dealing with some snow out there. we're talking some locations picking up possibly we're talking about six to eight inches of snowfall. about one-third of a meter of snowfall through parts of new england. so still tricky delays out there and still a lot of flights are backed up from cancellations from tuesday's and monday's bad weather. as we look across parts of europe, we've been talking about northwest europe and how they've been dealing with fog in the morning. well, look what's happening. this is coming out of london heathrow. visibility down to one-third of a kilometer. we're talking one-tenth of a mile. make sure you're checking ahead with your local airline if you're traveling out there because foggy conditions through parts of northwest europe. let me show you yesterday. this is actually coming out of london. you're looking at members of the arsenal club. they're actually jogging in the foggy conditions. and you're looking at more photos coming out of central parts of germany. you're looking at some of the birds enjoying the start of the morning. as i show you on the satellite, overall once we get this fog mixed out of here, we'll see a lot of sunshine returning as well as for france and toward the east. stormy conditions through the mediterranean sea. now i leave you with video actually coming out of south america. this is actually out of buenos aires. what you're looking at there, this video was taken yesterday out of buenos aires because there were lots of cancellations with flights because of volcanic ash coming from the volcano in chile. the problem is all that ash has been spreading over towards the east. we had cancellations, as i said, through argentina as well as in uruguay. as i take you over to the graphic, a lot of clouds and bad weather over the last 24 hours through chile. really hard to see that ash plume. but i can tell you this. we do have strong winds. that's going to be pushing that ash over towards the east. and that looks like more cancellations possible today if you're going to be traveling through south america. right now back over to you, nina. i hope you're driving safely in that fog in the morning. >> yeah, it really is pretty foggy, even foggier than the pictures you were showing us. jennifer delgado, many thanks for that. staying with the united kingd kingdom, thomas cook is looking for a safe harbor. take a look at the chart. this particular graphic shows us how shares of this debt-burdened tour operator have plunged, about 95% in total since the month of january. now, they fell by more than 70% on tuesday alone. at the moment it seems they have recovered just a little bit. they're up currently just over 25%. they have a debt burden worth more than $1.5 billion at the moment. >> tough time to be a tourist operator. in fact, it's a tough time for just about everyone in the tourist business at the moment. not lea