someone into the country. the group allegedly planned to forge travel documents for gadhafi and his family. saeed gadhafi's lawyers deny these allegations. it is the latest conviction under the kingdom's strict laws against defaming the highly revered monarchy. two child trafficking rings in china have been busted by police after a six-month investigation. 178 children were rescued in the nationwide operation and 608 people arrested. chinese police say it is the biggest achievement since the launch of a national campaign against human trafficking. those are the head liens from cnn. i'm monita rajpal. "world business today" starts right now. hello from cnn hong kong, i'm andrew stevens. >> i'm nina dos santos at cnn london. this is "world business today" and these are the top stories. containing the debt crisis. will europe's central bank do its bit to stop another rate cut? >> there's a big difference between partners and being nude. >> an actress suing over what she says are fake photos tries to set the record straight. also ahead -- ♪ >> and the city's the star is hollywood's movie machine reaches new heights. we're at the "mission: impossible" premiere in dubai. >> speaking of mission impossible, in europe some people could draw a few conclusions there as well. asian markets down, european markets are up, u.s. futures are struggling for direction. the instability is all down still to the future of europe which could be charted in brussels on friday. before that, though, the ecb seems set to lower interest rated for the second time in two months as it tries to kick start the region's economy. but with the ratings agency standard & poors put the not just euro zone governments but the whole eu as a whole on credit downgrade watch, recovery still seems like a distant dream. i wonder with this latest credit watch, nina, does it make a difference to people's opinions what happens as far as credit ratings go in europe? >> people have been saying that for a long time, steven. given the kind of risks of a recession in this region and the risks to the single currency, people have been saying for a long time, perhaps aa is the new aaa for this particular region. tonight's europe's leaders will have plenty to chew on as they sit down for a dinner ahead of friday's crucial conference. after a 20-month struggle to save the euro, the big question is could this prove to be the last supper for some of these leaders? jim bolden joins us live on the telephone from brussels which is where the summit will be kicking off later on. jim, it's by no means a foregone conclusion that we'll see anything concrete that they'll agree on something concrete. let's do the main road blocks that could be problematic. >> reporter: there are a lot of issues that they'll have to sort out, we know that now. we've heard from the leaders of germany and france. we heard from the european council. how do you get to closer integration? how do you get this fiscal compact? do you do this with only the 17 countries that use the euro or with all 27? that is still very much up in the air. the reason that matters because if you were to start having just the country that use the euro making fiscal decisions about the european union as a whole and not allowing countries, say denmark and britain, to be involved in those decisions you could see a split happening, what some people are calling two-tier, even three-tier europe, because there are some companies out, like poland, who do want to join the euro. it's complicated. a the lo of politics going on, a lot of domestic politics going on. decisions have to be made, does germany get its way and have a legal compact, meaning the countries that violate fiscal rules would lose some of their sovereignty. would the european commission be the ones that penalize these governments? it's complicated. what we're talking about is the future direction not only of the euro but of europe. if they don't get this right this weekend, this friday night, i think the markets will punish them severely on monday. they know that this is probably one of the last chances, if not the last chance, to get it right. it will be a complicated next couple days, nina. >> yes. certain eu sources have been telling me that a lot of the decisionmaking especially with regards to whether these plans will be applicable to all 27 or just 17 that use the euro have been saying that a lot of these decisions will be made of a cognac and coffee later on perhaps today and those negotiations could go on into the night. jim quarterback give us an idea, given the fact that s&p may downgrade some euro zone countries how important this split could be if we do see one emerging? >> reporter: yes. it's a good question. you put it right before, that aaa is not going to survive, because if you think about where we're going to -- if we do to fiscal union, if we go to europe on something that germany doesn't want, if we head that way, the treaty changes that take months and months, maybe even years were you're talking about maybe confidence getting restored but not a solution. and in that time i would not be surprised to see aaa down to aa for some of these countries. so the split itself is part of the challenge these countries have. ultimately what we're talking about here is confidence. will they do enough by friday night to show the european central bank, show the market, the bond markets that they're moving in a direction. if they come out of here with a split that's nasty, i think the markets react the other way. >> okay, jim bolden, you have a couple of busy days ahead. he'll be following the ins and outs of that crucial summit, the last one of this particular year, andrew. nina, if you're neither shaken nor stirred by those debt resolution talks, i spy a solution. for your eyes only, jim will be back to cast a golden eye over one contentious proposal. >> reporter: those some euro zone countries don't like the look of it, one day a single currency could come with just one bond, the eurobond. >> he scrubs up all right, does your jim, doesn't he? stay tuned for an explanation that will knock you for mi-6. nina? >> we'll look forward to that one, won't we? something to put a smile on our faces. another thing to put the smile on our faces is the european market performance. let's look at how things are faring about an hour and 15 minutes into the trading session. cautious optimism ahead of the crucial summit. investors are considering standard & poors possible eu downgrade. we have the ecb deciding on interest rates later on today. we have cautious optimism. they expect to cut lending rates by another 25 basis points later on today, certainly a dig departure from mario draghi's pred seser the predecessor. just the euro zone markets up by the most, still only 0.5%. andrew? i have a question for you. is there choreography going on here? we had last week the move by the central banks to inject a bit of confidence back into the markets. that seemed to work. we then had the eu saying there was a ten-days to sort out the eu. that deadline expires tomorrow. is this the ecb or are we likely to see the ecb taking much bigger steps today to show that they're in on sorting out a solution, to lay their hand out a bit to show they're also serious and everybody's pulling in the same direction? >> yes, andrew, we did have a bit of a hint earlier on last week from mario draghi that perhaps we could see a little bit more support for those countries like spain and italy whose borrowing costs are getting exorbitant at this point amid all of these concerns about rifts between eu members and exactly how to solve the euro zone debt crisis and the viability of a single currency. we saw hints when he gave a statement to the european parliament last week but we haven't had anything official from the ecb saying they would come in and step in significantly to support these markets should we get consensus. there have been some reports circulating that perhaps they could. we haven't had that confirmed though yet, andrew. >> we're watching that one more closely than usual. everything the ecb does at the moment very closely scrutinized. here in arsiasia, investors cautious ahead of the eu sim it. starting in japan, we have machinery orders out today. they were down much faster than expected in the month of october. 6.9% fall for the orders for new machinery. the expected fall was 0.5%. this says companies are not going capital expenditure which is a bad omen for growth. exporters were down on japan, the broader nikkei finishing down by 0.66%. earlier this day, first day the australian bureau statistics announced a surprise increase in unemployment. the jobless rate up at 5.3% in november. from 5.2% in october. that spooked the markets a little bit. the aussie markets off by 0.3%. news was stopped perhaps more on the currency markets, the australian dollar down on the news. it's made up some of the losses trading at 1.03 against the u.s. dollar. nina. meantime in the united states, this is how things fared on wednesday, stocks drifting amid ongoing investor fatigue about the debt talks that are set to take place in europe. it was a mixed picture by the close of trade, the dow gaining just over 0.3%. the nasdaq finishing flat and the s&p 500 was up 0.2%. looking ahead towards the opening bell later on wall street today, u.s. stocks look set for a relatively flat open when trading begins later on thursday. this is where the u.s. futures stand at the moment. just a couple up by 0.06%. not much more for the nasdaq. that's mirroring the picture we're seeing at the moment ahead of the ecb move on rates. >> after last week's sayre surgeon wall street when markets put in their best performance for almost three years, those pretty flat future numbers indicate renewed caution, obviously about europe. at least one person is confident that euro zone leaders are on track to conquer the crisis and that is the oecd secretary general. earlier he spoke to richard quest. >> identifies the real issues. and that is first they de facto, then maybe a fiscal union, the necessary fiscal discipline in order to build a resilient, strong safety net and hopefully you will never have to use it. you have to have the awesome firepower, the strong safety net. you have to have the bazooka so you signal to the markets that you have it and maybe the markets will quiet down. there will be a truce. right now, we started with the slingshot, you know? we've been upgrading. now is the time to use fully the balance sheet of the european central bank, to use fully the esfs and use fully the imf's own resources but also with many countries that want to lend into solution of europe via the imf and that is happening as we speak. >> do you fear that the treaty change mechanism that may be forced on countries will be so slow and schlorotic and difficult, if they go down this treaty route it can't happen in time. >> we have lost a lot of time. we should have dealt with greece two years ago. there was the original sin. we said any country that uses the euro cannot be restructured, cannot default. this was an overindebted country and we allowed a lot of contagion to happen and we're now paying a high price. it's never too late. the question is now, as i said, you need to have the discipline. at the same time, come out with your big guns, come out with the firepower to say, i can support italy, i can support spain. i can't support france. i can support germany who, of course, only a few days ago could not place a bond issue. up next on "world business today," a pakistani actress disowned by her father over racy magazine snaps sets the record straight. we'll be right back straight after this. nyquil:what? tissue box (whispering): he said nasal congestion... nyquil: i heard him. anncr vo: tylenol cold multi-symptom nighttime relieves nasal congestion... nyquil cold & flu doesn't. 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. a quick check on the indian markets at the moment. this is the bomarket that's dow 2.5%. welcome back. you're watching "world business today." the men's magazine fhm is renowned for getting pulses racing. after the racy photos came an international war of words and now lawsuits. sara sidner sat down with the mod at the heart of the scandal. >> reporter: when fhm magazines hit the stands revealing veena malik in the nude, heads turned in india. the interior minister promised an investigation and the actress' family disowned her. we convinced veena malik to sit down for a chat. what did you father say? did he spoke to you? >> he did not speak to me. he spoke to one of the media groups. he was like -- he was like too ups upset. and i think, okay, i don't blame him for that. >> reporter: on the fhm cover, it appears malik is only wearing one thing, the initials isi. those are widely known as the acronym for pakistan's feared intelligence industry, not exactly a wholesome image in a conservative nation. she accused fhm of tampering with the cover photo to make it appear she was nude when she wasn't. >> did you pose nude for this photo shoot for fhm? >> i did not actually. >> reporter: were you topless? >> actually i was but i was not nude. there's a big difference between topless and being nude. you will see body shots where actresses went topless, like i was. i did not go nude. >> reporter: you had bottoms on? >> bottoms on i had. they removed those bottoms by getting it morphed or whatever technology they used. >> reporter: fhm india says she knew the terms all along and approved the photos. the company is demanding a public apology and threatening to countersue malik for defamation. >> she was completely aware of the cover. she was completely aware of the concept. she loved the concept. she said it at least 15 times. >> reporter: malik denies that but did tell us the photos inside the magazine are all her, even with the one topless, even the one with a grenade in her mouth and isi on her arm. isn't this men to the shock people, get people talking about you, about the magazine, about the issues? >> honestly? >> reporter: with india and pakistan? >> if you ask this question to the photographer, see, they came up with the idea -- >> reporter: but you went along with it. >> they came up with the idea and we did not discuss whether people will talk about it or not talk about it. >> reporter: in pakistan and india lots of people are talking about what did or didn't happen, getting the actress and magazine more attention than they ever dreamed and perhaps that was the point. sara sidner, cnn, mumbai. up next on "world business today" -- >> it is the christmas buying season. what many people don't remember is that currency fluctuations have an effect on retailers and that could be a problem when it comes to profits. we'll meet one man who will tell us exactly what that means. a® n. removes 99% of dirt and toxins without dyes, parabens or harsh sulfates. so skin feels pure and healthy. [ female announcer ] from neutrogena® naturals. welcome back. the euro has been trading pretty flat against the dollar for most of the day. ahead of that rate decision from the ecb and friday's crunch meeting. at last time we checked it was up about 0.1% with one euro a touch over $1.34. what i want to show you is this performance since wednesday of last week. now, that is the day that the eu commissioner ali rhenn gave his, quote, ten days to save warning. back then the yaur row was trading at 3314, 1.3314. it rose to 1.3355. it fell back and in the coming few days -- in those few days it's been hovering around 1.34. and really, nina, you can't see it going one way or the other until probably late on friday. >> just like the markets and also the bond markets as well. keeping with currencies, timing the currency market, andrew, can have a big impact on businesses importing european goods. felicia taylor spoke with one retailer who's trying to his best to predict how instability will affect prices and profits as well. >> reporter: it is the christmas buying season. what many people don't remember is that currency fluctuations have an effect on retailers and that could be a problem when it comes to profits. we'll meet one man who will tell us exactly what that means. so here we are beginning in spain at the wine merchant distributor. >> wine myrrh chan, wine retailer. >> reporter: with the ceo chris adams. he'll explain why currency fluctuations make such a difference. >> if i'm buying in euro, then i need to look at what the currency has done over the next six months and try and project what it will do over the next six months. because i have to cost the wine to the customer, find out the best time to take my position. >> reporter: that's key when dealing with currency fluctuations. a cheaper euro means greating purchasing power for sherri lehman. >> right now we bought. we're in selling mode. certainly looking forward, it's something we've dealt with in the past that we'll deal with again going forward. we're seeing this level of uncertainty is what's causing most of the pause right now in the market where we're not sure what's going to happen in the euro zone over the next six months. >> let's walk over to france. is the euro going to last. >> the euro is going to last. as much as i can prognosticate, yes. in this market what we try to do is be as competitive as we can. it's difficult. if we're getting advantage on a position on a conferencecy, we want to pass that through to the customer. that can't always happen. what you try to do if you're gaining something on the currency, you have to look. it's a global market. you have to look your position in the market and try to keep your prices stable as much as you can for as long as you can. >> reporter: a toast to the euro that makes for a bigger bet on the bottom line. still ahead here on "world business today," expectations are rising for another rate cut, coming from europe. we'll be looking at the dilemma facing the european central bank in the current crisis. don't go away. ale announcer ] still getting dandruff? neutrogena® t/gel shampoo defeats dandruff after just one use. t/gel shampoo. it works. neutrogena®. luck? i don't trade on luck. i trade on fundamentals. analysis. information. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only from td ameritrade. welcome to better trade commission free for 60 days when you open an account. from cnn hong kong, i'm andrew stevens. i'm nina dos santos at cnn london, this is "world business today," live on cnn, the world's news leaders. let's ta