of these candidates up here share one thing in common and that is, it's not about us. it's about the children and the grandchildren. we're not that far apart on all of the big issues. >> i want to thank all seven of our candidates. the union leader and saint am sell college. thank you all. hi. cnn in lesson tkofpbl here are the headlines. fighting continues between forces loyal to gadhafi. germany is the latest country to recognize the opposition on the legitimate government of libya. violence in northern syria is driving exodus of refugees. government troops are going town to town burning crops and killing livestock.

cnn cannot verify their accounts. chinese city not far from hong kong remains tense after violent protests over the weekend. witnesses and government officials say my grant workers and security forces clashed after a pregnant street vendor was apparently mistreated. sudan's north and south may be closer the a deal over a disputed border region. there are reports the northern president conditionally agreed to reduce forces. high-level talks under way in ethiopia aimed at diffusing the crisis before south sudan becomes an independent country next month. world business today starts now. good morning from cnn london. this is world business today. the top stories on tuesday, the 14th of june.

asian stocks rise on the news of china. consumer is king as we examine indonesia's burgeoning economic aspirations. and meet the director vying to turn the web slinger into a musical money spinner. join us on a day of soaring numbers. chinese inflation, to few people's surprise, accelerated to 5.5%. that was expected to be 6% by many economists. so in japan, shares of tepco, the electric company, shot up 25% after government support package was approved. but just as all of those numbers flew up, something came down with a thump, the long-term rating on greek credit. a default by greece within two years. policymakers are hoping to strike a deal to avoid that later. well, we'll have a bit more on that later in the program. meanwhile, we are seeing a bit

of strength returning to european markets up half a percent. london ftse up a half percent. paris cac up nearly 1%. let's have a look at the athens exchange. and we are seeing losses there by contrast with the rest of europe, down by half a percent. now, interestingly, actually, let's go to the currency markets. clearly the downgrading of greece did not have very much effect on the euro but rather the opposite. it is, in terms of the safe haven of the swiss franc,

1.4454. 1.6425. and for the cable rate and japanese yen pretty much unchanged at 80.35. greece sits comfortably in the top 20% of global economies. it hasn't recently defaulted on its debt. greece earned the distinction of becoming the world's least creditworthy country. standard & poor's reckons default is imminent and it's slashed its rating on greek debt three notches, ccc. they're scrambling to prevent the crisis from deepening. as they meet this tuesday, a top-level disagreement threatens to exacerbate the problem. take a step back. in recent years, greece has added tens of billions of dollars to its national debt each year. this graph shows just how

rapidly that debt has grown in relation to the country's gross domestic product. in 2008, it was just below 100%. by last year it rocketed to 144%. and analysts say, the forecast anyway, by the end of this year, as you can see, it could reach 160% of gdp. clearly at some point or another, that spiralinging debt needs to be reigned in. decision makers are in disagreement how to deal with it. some favor a debt restructuring but the european central bank says that option would amount to default and it would have far wider repercussions. well, the man in the hot seat is the governor of the european central bank and richard quest sat down with him. >> our position as far as the governing council is when known,

i submit up. we are in command because we are not taking the decision ourselves. these are decisions taking by executive branches. and we are telling them don't embark into schemes that would be compulsary. we are advising them to have voluntary scheme and to avoid schemes that would trigger credit event or selective default or default. that is very clearly our message from governments. but it is their responsibility. >> but a voluntary scheme, and we don't want to get into the mechanisms of what it might be because there are so many variations. but most people seem to accept voluntary is in some part inevitably going to be compulsary. >> again, i have said very clearly what is the position of the governing council.

>> so you're not then impeccably opposed to a rescheduling of greek debt under voluntary terms? >> again, nothing that would be compulsory, nothing that would trigger selective default of a default. i said that very, very clearly. but it is not our responsibility. it is their responsibility. we will see what they decide and we will take our decision taking into account whether they will have the side. but my message, as i said a moment ago, crystal clear. >> can i quote from you the economist this week. whether it's voluntary or involuntary, whatever the circumstances -- i want to get the actual quote correct, if i phaeufplt it would be far better to recognize reality and start an orderly restructuring of greek debt now. that remains the only solution.

now, the economist says that. the ft says that. many people in the market say that. so isn't it time for the countries involved to start to look at the real possibilities of that? >> the things are, in our opinion, clear. i said what is the positioning of the governing council. sit not an independent position. it is the position of the governing council. now, you have to put all what we are discussing in the big picture. what we have at the present moment is that signatures are under attentions. what we are looking at is the epicenter, if i may, of a series of tensions that i know as a whole at 27 and at the global level.

and we ask all those who have a say in this handling of the situation to understand also the big picture. >> many viewers want to know what is so dreadful about the possibility of greek default? why do you believe it is such an extreme mistake, to use your words? >> again, we are crystal clear in our message. we have to replace greece in a broader context. and in that broader context, we trust that it will be extremely bad to create a default in the advanced economic statement. again, what we have to cope with is something that is bigger, much bigger than greece, much bigger than what we are observinging in the area, which is something which is with the advanced economy as a whole.

>> so a little over a year after greece was bailed out to the tune of about $150 billion, it could be set to receive a second aid package worth even more, some are saying. some analysts put it at $170 billion. all of this on top of a debt that's already nudging towards $500 billion. well, as the debt sky rockets so, too, does the yield on greek bonds. and that makes borrowing, the yield on the 10-year bonds close to 17% on two-year bonds it's more than 26%. just imagine paying that on your mortgage. hardly surprising that few believe rates like this are frankly unsustainable. greece for its part attempted an exercise in damage limitation. the government has launched both a drive and asset sale. everything from state-run casinos to former olympic sports stadiums up for grabs as the nation tries to raise about $71

billion by 2015. now, that is less than half the expected half of that new bailout and many people believe greece frankly needs that straight away. germany is currently at odds with the european central bank over how to handle the crisis. so frankfurt versus berlin. and fred is live in berlin to explain. so, fred, are the germans side up albeit reluctantly to the idea of a second bailout? >> well, they've certainly signed up to a second bailout but the conditions are the big issue between the german finance minister and the president of the european central bank. basically, as we heard from tlichet, he said there's nothing that should allow greece to have a default. he said private investors should be part of the bailout.

they say they want private investors to play a larger role in this new bailout. that's certainly going to be a very, very big issue today when the finance ministers meet in brussels. it's a big point of contention. many of them are already speaking of a cold war-like scenario where both sides are putting up bad things that could happen and can happen. so it appears they're going to have to reach some sort of deal. many people believe in the end what may happen is there might be a voluntary scheme where private investors could be part of a reshuffling or the bonds extend a little longer. it is a very difficult issue. very difficult also because the german government is having a lot of problems trying to explain why greece mhted even more money than it did before. charles? >> internal politics played an enormous part. recent state elections and that kind of thing.

clearly it's the deposit which is not frankly seen to do too well. do you detect some sort of evolution in political opinion and the opinion with the government and the broader legislature? and also within the electorate. are they becoming more savvy about greek debt? >> well, certainly. if you ask the german electorate, many people are against a greek bailout. one important piece in the german newspaper who said i believe so that even a greek default would be something that the euros could sustain. there are a lot of people who say germany should get out of the euro, that the euro should be given out of. there should be a euro only for the european nations. we say the fact that german

taxpayers are reluctant to buy into a greek bailout because germany in place put in place so many austerity measures and they feel the greeks might not be doing enough to get out of debt themselves. so there's a lot of animosity towards a new bailout by greece. however, most of the parties would agree in some way, shape or form, germany as one of the few economies here in europe still doing very well especially in trade with other european countries; going to have to do something. charles? >> okay. fred joining us live from the german capital, berlin. many thanks >> quick update on another story. imf narrowed its list of leadership candidates to two names. hardly surprising. lagarde and carstens.

at 67, phisher is too old for the top job. new directors can't be older than 65. israeli central bank chief apparently hoped the imf would make an exception. they played it by the book. dominic strauss-kahn after being charged, just charged, with sexual assault. let's tell you what happened in asia on tuesday. after a bit of a shaky start, most of the indexes closed higher. data out of china was the main driving forces. industrial production being forecast. consumer inflation came in as expected. more analysis later in the show. meanwhile, we did see a big bounce by the nikkei, edging down slightly for the hang seng after a positive session on monday. again, good strong performance by the shanghai composite.

it was speculated it might be as high as 6%. 5.5%. so a bit of relief. and as x-up half a hers in sydney. stranding passengers in australia and new zealand. we'll be right back with the details. nationwide insurance. talk to me. should i bundle all my policies with nationwide insurance ? watch this. on one hand, you have your home insurance with one company. and on another hand, you have your auto with another. and on another hand,

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this is world business today live cnn many welcome back. well, this week our program is focusing on one of asia's most promising emerging economies. we're looking at the economic clout of indonesia. it's a country that's been getting more attention of late. this week it's been hosting the world economic forum. last month its government announced a new plan to lift its place in the global economic rankings in the next 14 years. it is currently 17th biggest economy in the world, but it wants to move up to 10th place by 2025. so a bit of background, indonesia is home to more than

238 million people, making it the fourth most populus nation. indonesia is 86% muslim, the largeest islamic country in the world. it is a secular and democratic state. with a growing economy, though, indonesia's sports totaled 35% over 2009 at $158 billion. what is driving the economic growth? in his ongoing look at the country, the answer is pretty simple, a growing middleclass with money to spend. >> a relaxed saturday afternoon among friends in central jakarta. >> all under 30, michael angela milan and nicole and elise grew up here and watched this city transform. >> there's so many malls now. i feel like they're getting bigger and bigger. >> i never went to a concert in high school ever. and now there's one every weekend. it's great. >> educated abroad, they

returned to jakarta to live, work and spend. they're among the millions of indonesian consumers that drive this country's growth story. about 60% of the country's gdp comes from domestic spending. it was the reason indonesia emerged from the financial crisis virtually unscathed. >> it is very important underpinner of growth. but compared to a lot of economies in asia it is more consumption driven here, certainly compared to china. >> retail outlets are springing up across the country. ceo of m.a.p. it now has 900 stores across 25 cities, selling more than 90 international brands from fashion to sports to travel to fast food. >> our target is middle income group.

>> this year alone m.a.p. will add another 300 plus stores. >> they are really brand conscious, number one. number two, they have a tendency to consume more, enjoy today and save tomorrow. local brands like the goods department are also beginning to gain traction. >> i think it represents the modern indonesian youth culture. they're independent. >> developing its own brands at home is one challenge for indonesia. another changing the country's image abroad. they have not necessarily kept pace with the progress. >> it was all negative perception of jakarta because there was just a lot of riots and a lot of bombings and stuff like that. as you can see, there's so many foreigners now coming into jakarta. so it's definitely changed. >> this is the emerging indonesia. more confident and economically stronger.

underpinned by a rising middleclass with money to spend. andrew stevens, cnn, jakarta.

welcome back. travelers in canada are facing flight disruptions. air canada ticket agents are on strike. the sticking price, pensions. they will operate at full schedule today but passengers are likely to experience inconveniences. they hope to steer customers to

its on-like check-in services and airport kiosks. check its website for details >> and travel disruption in australia and new zealand. heavy volcanic ash is still causing heavy delays. meanwhile, new zealand said thousands of home will have to be abandoned in church christchurch. let's get the latest on the air travel disruptions there in the southern pacific. joining me live in sydney is james. so, james, is the situation getting a little bit more relaxed now? >> good evening, charles. well, i suppose it's a question you could pose to some of the 60,000 or so passengers that have been stranded for two days now. as i heard you mention, the

flights to and from melbourne have largely been lifted. a lot of the airlines, like qantas, actually putting on larger planes and more frequent flights to i suppose bring down the backlog that has built up over the past two days. however, for qantas, still suspension on flights to and from add late, tasmania and new zealand. so there are expectations many passengers could be waiting for a third day. look, some of the things we've been seeing in a lot of airports around the country have been quite staggering. just to get to the service counter some have had to wait two to three hours. as you can imagine, tempers from frayed. tiger airlines, jet star, qantas, said they will waive the charges they usually apply to any changes in terms of refunds or changes to flights. so that's one step i suppose in

the direction they're trying to ease what is becoming a little bit of disaster in terms of p.r. qantas will make a decision in terms of tomorrow's flights. whether or not they maintain the suspension they will make that later this evening. so we are hoping to find out in a out in the next couple hours. jet star subsidiary is also still suspended its flights to adelai adelaide, new zealand. virgin australia resumed all flights. they say they will be flying underneath the ash cloud that is, as you mentioned, blowing over from chile. that led to some criticism of qantas questioning why if virgin can do it why they can't do it. they said the heart of their decision-making of course is safety. okay. many thanks updating us on the travel disruption there. now, it's proved to be one tangleded web of a broadway production. but after months of delays the

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welcome back to world business today. the specter of a potential greek default is not spooking the markets, believe it or not. buoyant figures, economic data not as bad as expected. and europe has opened optimisticly.

let's have a look at the european markets. here we are 90 minutes into the trading day with half a percent to the good for the london ftse playing catchup after a holiday on monday. and 1.5% gains there in frankfurt for the xetra dax. in asia, as mentioned, chinesen tphraeugz is spiraling higher but not as a higher rate. investors were more concerned with economic data. more on that in a moment. a couple of japanese companies to mention this hour, honda is forecasting a 63% drop in its net profit for this year. and tepco is the operator of the crippled fukushima nuclear plant in japan.

tepco rose 25% after the government agreed to an aid package. here are your closinging numbers nor asia powered by tepco and others. and despite the news from honda, nikkei was up 1%, edging down the hang seng. inflation data out of china encouraged the shanghai composite to put on 1% or more. and kospi up 1.37%. they look set for a higher open when trading begins later on tuesday. and this is where the u.s. futures market stands, premarket action. up by half percent for the dow and the nasdaq. and the market expected to do even the s&p 500 up.77%. we are in hong kong with the

numbers. hello there. >> hi charles. thanks very much. china's consumer price index number came out at 5.5%, the highest level this year and the highest in the last 32 months, in fact. earlier this year, beijing set a cpi goal of 4%. joining me to help figure out where china is headed is the chairman of global markets china. thank you so much for being here. >> thank you for having me. >> i want to ask you basically looking at the charts the last five months of the year it wasn't unexpected to have the cpi come in at 5.5%, was it? >> that's correct. today's cpi reading, 5.5% is exactly in line with expectations. however, this is raising concern among the market players that how long this inflation will last. in fact, this round of inflation is much more spub born than people had previously anticipated.

>> four things i would like to go through with you if you don't mind about the factors leading to this. basically we're looking at food prices, oil, electricity and real estate. can you walk me through this? >> absolutely. food prices have been the primary cause of inflation in china. this month is up 11.7%, that's 30% of cpi basket. oil price, of course, have also been a driving force as oil continues to stay above $100 a barrel. china being a major importer of oil is affected by rising oil prices globally. electricity prices is a relatively new phenomenon. the last couple years, tariffs have been largely flat. however, at the end of may, the china government lifted electricity prices at long last to help alleviate some of the loss making situation. so this is now beginning to feed through to cpi inflation.

finally, of course, real estate. china's real estate prices have risen probably by as much as 50% in some of the key cities as people are spending a lot more money on real estate, on housing, on related services. this is also feeding through to inflationary pressure. >> now, beijing has put forward the magic number of 4% for this year. is that going to happen, or are they just paying lip service? >> well, that target of 4% was set earlier thissee. however, we do believe that 4% target will be exceeded. in fact, i think throughout 2011 we're going to see inflation around 4.5 to 5.5. therefore the official target of 4% will be exceeded. maybe we'll end up having 5% inflation rather than 4% this year. >> i think no one is expecting 4% will ever be achieved this year or next year. >> well, next year is possible. it depends on the state of the global economy. depending on how the market

responds to the programs the central government has introduced. >> all right. with this 5.5% inflation there are three things china can do to fight inflation. one is rates. another is reserves. another revaluation. just really quick to recap in terms of rates for our audiences. pboc has actually raiseded interest rates five times since the start of the year. as for reserve requirements for banks, they have done that twice, raised them twice. for large banks, it's 21%. mid-sized banks, 19%. and of course there is revaluation. a lot of pressure from the u.s. and from western countries on china right now standing at about 1 u.s. dollar. 6.47 rmb. out of these three, which do you think they will use or a combination maybe in order to fight inflation?

>> an hour ago they raised the reserve ratio one more time. so it stands at 21.5% for large financial institutions. interest rates i think will go up again sometime during the next few months. in terms of the currency, i think rmb will appreciate at a slow and steady pace. finally, there's a fourth measure which is really administrative. the government is trying to contain the inflation of food prices. they're trying to curtail the rise in housing prices. so they have indeed used some administrative measures to curtail prices in those areas, food and housing. >> if these weapons don't work a lot of folks say that the poorest of china are actually the ones to bear the brunt of this. just in the last three weeks we've actually been seeing a spate of incidents. in the last few days we have been talking about tens of

thousands of migrant worker. i lived in china between 2000 and 2006. i didn't hear about bombs or huge protests at that time. relatively to me it seems like these things are getting more and more prevalent. >> these social incidents tend to become more prevalent during tightening policy and rising inflation. as we all know, rising inflation, especially rising food prices, affect the lower income of the society the most. so you are seeing some of these incidents taking place with more frequency in recent months. i think that's a reflection of the discontent among some of the populus. however, we must keep in mind the central government is using all its financial tools, political will to really maintain social stability. >> so you really do believe it

is doing what it can to maintain inflation at a manageable rate? >> absolutely. they have introduced a whole host of measures to curtail inflation. in the meantime they're building an unprecedented low cost housing units to accommodate lower income families. they're trying to build up a social safety net in terms of housing, benefits, pension services, health care, to really make sure the benefits of economic growth spread around the country, not just in the coastal region. >> one final question for you. then i'll let you go. today the shanghai composite ended up 1.1% regardless of the cpi numbers. can you tell me why that happened? i think i was expecting it to go down. >> well, i think the reason for the chinese composite index doing reasonably well today is cpi inflation figures came in line with expectations. it did not exceed expectations. number two, the chinese stock market is actually quite reasonably valued.

at this point, you know, the ratio is around 12, 13 times. it's quite reasonable. >> all right. well, thank you very much for your time. >> thank you. >> with that we're going to head to break. thanks very much. we'll be right back. piggy: weeeeeee, weeeeeee, weeeeeee, weeeee weeeeeeee. mom: max. ...maxwell! gg mom: you're home piggy: oh,cool, thanks mrs. a. anncr: gei. mutes could save you 15% or more.

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for your free information kit today. the risk is real. take the next step. call today. welcome back to world business today. time now for the cnn freedom project. when we put the spotlight on the issue of modern day slavery. today we're looking at the issue of child labor. a new report by the international labor organization shows us just how big a problem it is. they estimate there are now 215 million economically active children in the world. sadly, more than half of them work in dangerous jobs.

child labor is illegal in almost every country in the world. nevertheless, children find themselves in the most hazardous industries. from mining and construction to agriculture and manufacturing. in the worst cases, children are forced to work. they're trapped by debt, bonded labor or sold to brokers. in 2004, the ilo estimated more than 8 million children work in situations from which they cannot escape. well, back in march we introduced you to good weave, an organization trying to put an end to child labor in the rug industry. gina caught up with them in nepal and met with some of those they rescued in the looms. >> recess. a time to play and be free. it's almost every kid's favorite part of the school day. but these are no ordinary children and this is no ordinary school. this is a rehabilitation home for former child slaves. girls and boys just like

13-year-old kusam. she says she was sold to brokers for the equivalent of a mere $14 and forced to work in nepal's carpet factories every day from 3:00 a.m. to 7:00 p.m. with very few breaks in between. they told me if i didn't work hard enough on the looms they would shot me with electric current and they tried to, she says quietly. but she is one of the lucky ones. because for every rescued child like her there are children like these. we took hidden cameras into one of the countless factories as we looked for carpets in the back alleys of cat man due. some of these children appeared to be under 10 and the factory owner seemed completely at ease that foreigners were in his shop. he proudly showed us their handy work and bragged about how fast their young hands could make carpets.

but there are factories that don't employ child labor. this inspector works for good weave, work to go ensure hand made carpets that carry their name is not employed by child labor. employing children under 14 is illegal in nepal. on this inspection none are found. but when they are the factory is penalized, the children are rescued and taken to homes like these. good weave in turn agrees to sponsor their education until they reach grade 10 or turn 18. a counselor works to help rehabilitate these children. she says because of the abuse many of them arrive here severely traumatized. >> they don't have confidence. read and write. no, no, i can't. i say, you can. >> for many of these children this is the very first time they have set foot in a classroom. but their education doesn't stop here.

senruki attends one of the top private schools. forced to work in the carpet factory from the time she was 8, like kusam, she says, she was subject to abuse when factory workers felt she had fallen behind in her work. >> they used to beat me with the iron stick. i used to cry. >> there was a time, she says, she couldn't imagine she had any future at all. but now she says her outlook is much different. >> i'm very happy, exciteded. i have a chance to read story and to do my dreams. >> sanruki's goal is to one day become a social worker or perhaps even a pop singer.

♪

welcome back. a quick status update on facebook. the networking giant may be getting new friends on wall street in the not too distant future. facebook is considering filing for initial public offering

later this year. that could happen in the fitter quarter 2012. the company could be valued at $100 billion. facebook isn't commenting on the report but its chief operating officer said last month that an ipo is inevitable. it comes at an interesting time for facebook. the site usually picks up about 20 million new users, friends, every month. 14 million in april, 11.8 million in may. in the united states, facebook actually lost 6 million users last month. the report says growth usually slows in countries where people already have facebook accounts. the loss in the united states is offreceive by emerging markets like india and brazil. let's go to another kind of web. the most famous arachnid ever as he makes his debut. tuesday is opening night for spider-man turn off the dark.

the rock musical made plenty of news thanks to its various setbacks. ♪ >> spider-man turn off the dark with rise above devastating reviews, headline-grabbing injuries and jokes by late night comedians. >> they made a musical about spider-man. >> this man will get much of the credit. spider-man director philip william mckinley was hired to salvage the show four months ago. >> they said i'm either the bravest or stupidest man in new york. >> as stuntmen flew overhead, mckinley said he took the job in large part because of the commitment of the spider-man team. >> some information they gave me and just reading what the cast have gone through i knew they had the dedication, the creativity and formidablity.

>> they certainly have the creative experience for the job. but despite an extensive rewrite of the show, the new music by the bono and the edge of u2, many feareded the worst for spider-man financially. it is one of the biggest theaters on broadway. if spider-man is ultimately going to be financially successful, they will have to fill all the seats in this house night after night for years to come. >> the weekly running cost just for the actors and stagehands is something like $1.3 million. the show is grossing over a million dollars a week. that means it's just breaking even. they haven't begun to chip away at the $80 million production costs. >> audiences seem to love the show now. from the very first preview since the big revamp the cast has been pumped. >> a magical moment was as the

curtain was coming down the cast completely lost all their composure. >> everyone could see. >> like a baseball game. >> that's great. >> the song in the show "rise above" that's kind of become our motto, the anthem. >> a fighting spirit worthy of a super hero. mckinley hopes the lights go up on spider-man turn off the dark for years to come. cnn, new york. ♪ >> be sure to tune into the show on wednesday. john will join us live from russia for coverage of the st. petersburg international forum. this year's event includes building russia's creative capital. we'll bring you interviews with world leaders, ceos and more. plus, why russia is the land of opportunity for businesses and investors.

well, they hope so anyway. that's from wednesday on world business today and across cnn program willing. meanwhile, that's it for this edition of world business today. thanks for joining us, or me i should say. worldwide is next.