Comment: Yeah, look at this: "I think we've seen near $10 billion wiped off the Toronto Stock Exchange for uranium companies." Hope it stays that way!
Published: Tuesday, 22 Mar 2011 | 7:10 PM ET
By: CNBC.com
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".
While the battle to contain the nuclear situation in Fukushima continues, attention has now turned to the disaster's impact on the nation's tourism industry.
As Japan welcomes the Spring Cherry Blossom Festival - normally a popular time for tourists to visit - those working in the hospitality sector are facing a very lean season.
Before the quake, tourism was expected to contribute nearly 7 percent to Japan's GDP this year, or 33 trillion yen - that's according to the International Air Transport Association.
But now, with concerns about radiation, industry experts say that figure is likely to be much lower.
(SOT) Fergus Stewart, Regional General Manager, Greater Tokyo at ANA Intercontinental Hotel:
It's not as good a situation as we would have liked, occupancy is definitely down, the hotel is certainly running above, above, almost 60 percent. Certainly if I was looking at it from overseas, looking into Tokyo, I wouldn't want to travel here. And yet the people who are living in this city are getting on with their lives as normal.
The crisis is also affecting Japan's food exports.
Fukushima, and three other prefectures have stopped food shipments - amid concerns about radioactive contamination.
While the World Health Organization warns radiation levels in some food products are a lot more serious than first thought.
Satish Lele, of Frost & Sullivan says although fears about food safety may impact sales in the short-term, it's still too early to tell what the long-term impacts might be for Japan's agricultural sector.
(SOT) Satish Lele, Vice President, Industrial at Frost &Sullivan:
At this point of time, I do not feel that you know, the threat is really significant for areas as far out as Tokyo, but definitely in the surrounding areas, 50 to 60 kilometers around the plant, definitely a very severe situation.
Meanwhile, concerns about the future use of nuclear energy is hurting uranium miners.
Firms in both Australia and Canada have seen their share prices tumble, since the nuclear crisis broke out.
(SOT) Peter Akerley, President & CEO at Erdene Resource Development:
A buzz that uranium is over may be a bit of a stretch.
There's certainly been a knee jerk reaction to the event and uranium companies in Canada particularly have seen their capitalization decrease dramatically.
I think we've seen near $10 billion wiped off the Toronto Stock Exchange for uranium companies.
Read more:
http://www.cnbc.com/id/42206937
