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Tourism revenue. swan says it will shave about half a percentage point from australia s economic growth. historic flooding in the united states has hit eight midwestern and southern states. parts of missouri and tennessee have been declared disaster areas. and the mississippi river is expected to crest at over 4 meters above flood stage. 4 meters above flood stage on tuesday. that s about 13 feet. we have this report on the impact on res dents and businesses. reporter: the mississippi hasn t been this high in 70 years. as the raging water cuts its way towards memphis and new orleans, it leaves behind it feet of standing water, not expected to recede for weeks. in metropolis, illinois, this is day 15 of flood response. we ll continue to work together this whole week and beyond this week, week after week until we get back to where we want to be. this is the state of things ....
Differently, better, to be more local. i think as we take those steps we also see there are opportunities in not just the luxury space but in the middle market as well. well, that was the marriott coo. he says marriott is rolling out the fairfield courtyard brand in india. austerity in australia? the government is planning to spend tight as it tries to rebalance its finances. china is a locomotive of growth but how will the country s urban centers keep up? nationwide insurance. talk to me. ....
And our economy won t grow as we continue to trip it up with a lot of short-term gimmicks from washington, d.c. and many of the problems that we face can be trace to misguided beliefs by politicians that the american economy is something that can be controlled or micromanaged or positively influenced by government intervention and borrowing. meanwhile, the u.s. treasury secretary says defaulting on debt payments would be catastrophic for the global economy. andrew? let s get back to the australia budget story. the country may be in for serious belt tightening. treasury secretary who is in effect the finance minister, wayne swann will release a budget just hours from now. australia avoided recession but ....
Gratifying gains after the sell-off we had on monday amid the greece crisis. rumors that there may be some kind of fixup. we should be looking at the european numbers by the way. the last time i looked, those are the asian one which is andrew will tell you about in a moment. european markets, gains of 0.75%. andrew, take it away with those asian numbers after all. i guess i don t need to raept numbers, do i? the overall theme is mixed market. the top two reacting to the strong china trade numbers. the bottom two reacting to a budget in australia and mumbai is still not the flavor of the year. that s it for this edition of world business today. thanks for joining us. i m andrew stevens in hong kong. i m charles hodson in london. world one is next. part of my job as a diabetes educator ....
Managed to rack up a reported $54 billion deficit because of stimulus spending. swann says he wants australia to be the first economy to return to a surplus after the crisis. meantime, australia got upbeat trade news on monday. the government says the trade balance swung back into a surplus in march. exports outweighed imports by $1.74 billion. that was more than three times more than analysts have been expecting. it also would suggest that operations in queensland are getting back to normal after the devastating floods of a couple of months ago. those floods have cost australia s economy a lot more than originally thought. the government now says that losses from the weather add up to around $9.6 billion, considerably higher than earlier estimates. officials say the flooding dealt a bigger blow to queensland s coal production than first thought. they are raising damage estimates for crops lost by the cyclone in february and for lost ....