i want to thank piers morgan for giving me this chance to do my dream job. hello, i'm monita rajpal at cnn london. here are the headlines this hour. opposition activists have declared tuesday a day of mourning across syria. they say more than 9,000 people have die after a year of government attacks like this one allegely in the city of homs. cnn cannot independently verify the authenticity of the video. the syria national council is calling for urgent military international intervention. leon panetta says the killings of 16 afghan civilians won't affect u.s. military strategy in the country. an american sergeant is suspected of the killings near his combat post near kandahar. afghan president hamid karzai has described the incident has unforgivable. the war in afghanistan and

syria are certain to dominate discussions at the white house this tuesday as david cameron visits barack obama. they both have pledged to maintain the special relationship between their countries. those are the headlines from cnn. i'm monita rajpal. "world business today" starts right now. good morning from cnn london, i'm charles hodson. >> and good afternoon from cnn hong kong, i'm andrew stevens. welcome to "world business today." the top stories this day. challenging china, the u.s. prepares to mount a fresh trade case against beijing's restrictions on rare earth exports. going against boeing. u.s.'s sold subsidies were unfair but it still claims victory over the eu. >> and tensions rise in silicon

valley as yahoo! sues facebook over a series of alleged infringements. we start with the markets. cautious buying across equity markets tonight. investors look forward to guidance from the u.s. fed chief ben bernanke. the central bank is holding rates and monetary policy steady as the u.s. federal reserve is expect to do as well. charles, how is it looking in the european markets? they just opened, haven't they? >> yes, here we are paris cac currant, straight up there, up by 0.75%. just to have a look at the dax, up about 0.3%. same is true for the zurich smi. the ftse up by nearly 0.6%. clearly, the focus is on the macroeconomy. it doesn't seem to be too bad. also in terms of monetary policy, not too many worries.

meanwhile we've had the euro group finance minister's meeting at the eu headquarters in brussels. i suspect that's not impacting the markets too much. too much of a foregone conclusion. we'll have a live report a little bit later, andrew. >> charles, there's also pretty good retail sales numbers expected in the u.s. which is giving boy anncey to the market. australia, the s&p up by 1.2%. on top of that, there are growing expectations that china will take measures sooner rather than later to underpin falling economy. that's all leading to as you see there, four arrows of the color green across the board. optimism about the greek second bailout help as well. as i mentioned earlier, the central bank and japan, the bank of japan has left the country's key interest rate unchanged at 0% to 0.1%. the boj is expanding a low-cost loan program by about $24 billion to help the japanese economy as well as fight

deflation. one stop one stock to mention, the casino operator win mckou up. this is obviously already the biggest gaming hot spot of them all globally. >> yes. one of the interesting things i must say about what's been going on in global markets over the past session or so, is the marked decrease in volatility. i'll look over at wall street, the leading american stock indices struggled to find some direction on monday. volume, little in the way of economic or corporate news to drive trading. that's the kind of marketplace you can see volatility because small amounts of buying or selling will drive the price up and down quite markedly. we didn't really see that in

that session. volatility is settling down. that's probably a good thing in the context of what we've been through on markets over the past few years. at the close, the dow was almost 0.3% higher. the s&p marginally up and the nasdaq slipping 0.16%. the federal reserve will meet to decide whether to change or hold steady on interest rates. and let's have a look at the futures market by the way. it's ben bernanke in case you're wondering. the futures of all three main indices are in positive territory if we could have a quick look at those. no, not happening. okay. andrew? >> very nice picture of the federal reserve building nonetheless. we don't do the blue skies in

hong kong for some reason. volatility, the last 12 months, the extreme volatility we're seen in the markets, there are volatility but it's of the political kind if the visit of china's leader in waiting, xi jinping, to washington last month suggested a warning or sign of u.s. relations, things got decidedly chillier. here's why. the u.s. government is approaching the world trade organization to combat china's alleged hoarding of minerals. these palestinian rals aren't rare but china produces about 95% of the world's supplies. and export restrictions are said to give its domestic tech sector an unfair trade advantage. the european union and japan are both expected to join the u.s. in this complaint which comes weeks after mr. obama promised to get tougher on chinese trade practices. an official announcement on the action is expected later in

the u.s. this day. and china will then have ten days to offer the wto its side of the story. let's get more now from cnn's eunice yoon, joinin us live from beijing. any comment from china yet, eunice? >> yes, there was, andrew. chinese authorities here are basically reiterating beijing and long-held position that china hasn't done anything wrong and the export curves have legitimate. the position has been that the curves are in line with the new broader environmental policies to reign in some of the environmental damage caused by rare earth mining. at a press briefing today, the foreign minister spokesperson said china never stopped exporting. we've always kept it at a certain amount. we'll keep providing and effectively managing rare either according to wto regulations. it's an ungrouted statement they say that china will have a monopoly on this resource. china hopes other countries with rare earth reserves will join

the efforts of shouldering the responsibility to meet the global demand. china is sometimes seems that it is monopolizing the rare earth industry because it is such a major producer of rare earth minerals. as you said, rare earth minerals aren't actually rare. they can be found, large deposits in other countries, including the united states. andrew? >> which leads me to the question if this is a bit of a misnomer, these rare earths, why does china have such a choke hold on the industry? 95%. >> it's because the industry has moved here. rare earth mining is very detrimental to the environment. so in the past, there were several people who in other countries who lived around the mines and said not in my backyard anymore. i don't want to have the rare earth minerals and this mining in my backyard. a lot of mining companies in other countries said they decided it doesn't really make

much financial sense because they didn't have the economies of scale to make rare earth mining financially viable for them. now, what china has been saying is their position is we are not willing to pay that environmental price anymore. so this year, the export quota, they said, is now set at over 30,000 tons, this is down by about 40% over the past two years. of course china, again, reiterates these are for environmental reasons but then again there are the suspicions, especially in u.s. congress, that these export curves are also a very convenient way to allow chinese companies, especially tech companies to get an advantage or leg up on their competitors in other countries. andrew? >> eunice yoon in beijing. thanks very much for that. we'll have the official statement expected at least from the u.s. on taking china to the wto later this day. charl? >> still ahead on "world business today," boeing's billions.

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welcome back. you're watching "world business today" live from london and here in hong kong. >> now, rival businesses locking horns over patents is nothing new in the tech world. now it's reached the realm of social media, though. the web pioneer yahoo! is suing facebook over a series of patents it says the social network has copy, including comment posting, news feed generation and privacy controls. in fact, yahoo! has gone as far as to say facebook's entire

model is based on its social networking technology. well, facebook has responded saying it's kind of puzzled by the move which has been called an act of desperation. the social networking giant has also vowed to defend itself, saying that it's disappointed with yahoo! which it says has substantially benefited from association with facebook. yahoo!'s share price dropped following its decision to head to court. its shares were down by around 1%, just under 1% at monday's close and they were trading at just under $14.50 each. andrew? >> slightly different reaction to news of a marriaerger in the overnight, u.s. share prices that is. shareholders welcoming the merger of china's two biggest video websites. youku and tudou have rocketed since the companies announced a merger on monday.

stock price rose by more than 27% there. following the announcement. shares trading at around about, what, $32 or so. meanwhile, tudou's holdings has seen its share price leap by more than 166%. tudou 28% will be owned by tuduo shareholders. the merger of those two sites will create a new industry leader. youku currently boasts a 22% share of china's online video market. tuduo is in second place with 13%. despite the fact that both companies posted a net loss for 2011, the merger is certainly seens aa positive move until the highly competitive industry in china. internet analyst duncan clark explains why it's happening at a crucial time for online video in

china. >> the chinese government is becoming more restrictive on tv content. it's a traditional television. for example, the most popular shows are entertainment or variety shows that have become so popular that the chinese government is now restricting the number of shows. the government wants to see more patriotic, traditional content. all this means is people are turning even more to online. >> now, in addition to forming biggest online video service in china, the merger between these two is also set to reduce costs, licensing and transmitting content. it looks like it's a pretty good business deal all round. still ahead here on "world business today," greece's second bailout is rubber stamped in brussels. now eurozone ministers turn their attention to reigning in spain. that story just ahead. an identio stole mary's identity, took over her bank accounts and stole her hard-earned money.

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tensions we talk a lot about on this show could heat up once again. welcome back. you're watching "world business today." >> greece may have dominated the headlines ahead of this week's meeting of eu finance ministers but with that issue solved or perhaps shunted on to the back burner depending on your viewpoint, there are plenty of other troubles to tackle. two more cash strapped countries are high on the agenda in brussels. now spain has had its knuckles wrapped after admitting it will miss its deficit target from 1 201. even though the eu's leading economic official says he will cut madrid some slack, spanish government is being asked to cut more spending at a time when unemployment is nearing 23%. hungary is also in trouble. while spain is hoping to reduce its deficit in 2013, the government in budapest expects its financial shortfall to worsen that comes despite

repeated eu warnings and finance ministers are suspected to vote on suspending part of hungary's funding there's a wider funding issue at play as region tries to build a financial fire wall. a transaction tax is once again on the table although britain and sweden still aren't playing ball. for more on what's being discussed at the finance ministers, let's cross now to cnn's diana magnay. in terms of the financial transaction tax, let's just start with that. are the germans pushing hard for that, diana? >> yes. the german finance minister has written a letter together with eight other eu finance ministers to the dames who hold the eu presidency at the moment requesting that this financial transaction tax be put through. and they want it, of course, on

an eu 27 or 227-member state level. as you've just said, britain and sweden really aren't up for that. britain, especially, the cause of london being such a financial hub and obviously then bearing the burden of a tax at which will be extremely damaging to the british economy. this is something that ill with be discussed, willing on the table today. but probably no real headway will be made on it until the eu summit at the end of march, charles. >> okay, now let's look at spain. i can imagine there have been some eyebrows raised in berlin about the whole idea of the spanish asking for some lee way, asking to be cut some slack on their deficits. they've been wrapped over the knuckles, presumably the germans again will feel that here is an issue of financial stringency and they better not give way too much. >> well, that's the trouble. you know, these new rules, these new fiscal rules have only just

been put into place. and it has to be proven that they have teeth. the spanish basically came out, the new prime minister a few weeks ago and unilaterally declared he wouldn't be able to meet the budget deficit targets for this year. and that just doesn't go according to the new stability and growth pact. they seem to have reached a compromise, which, again, isn't really sticking to the rules. you have a delicate balance which plays out across the eurozone right now. if spain is made to stick to the fiscal rules agreed only just recently, then it's going to have to put even more stringent austerity measures into play at a time when unemployment is at 23%. obviously incredibly difficult for the spanish people to digest yet at the same time if you have rules you've got to stick to them. >> diana, very briefly. we're nearing the end of our time. very important issue is the

issue of the fire wall. there is a vision that's shared between some european union officials and some at the imf, many at theism mf, actually, a $2 trillion firewall involving eu and imf funds. this requires a bigger fire wall on the eu side. the germs have been holding out on that. are there a few signs very briefly on the germans giving way on that one? >> it's certainly becoming more of a discussion point here. there seems to be a sort of movement towards the possibility of the stability mechanism, the esm being combined together with the temporary facility, the efsf. germany has been very opposed to that because it just means this he have to pay more money. we are seeing tentative signs that they may be willing to do that. that's something that we'll be looking at to see what happens over the course of the day. but again, that won't be decided

until the end of the month, charles. >> diana magnay, thanks very much. joining us live from berlin. let's take a quick look at the business travelers forecast. ivan cabrera is at the international weather center with more. a private moan here, ivan. we haven't seen the sun in hong kong for what seems like months now. will that likely continue? >> we are likely going to continue to see that. let us start where diana was there as weigh check in on conditions in europe where we desperately need the rain. a significant drought is under way across spain and into the uk as well. you see the spin. it's going the wrong way. that's an area of high pressure that will be dominating our pattern. the lows that have developed in the eastern mediterranean will get turkey with showers and snow. temperatures for today, 12 vienna, 20 in rome and low 20s

in madrid. for now, we are doing okay across the north. but there you see the boundary there that andrew was referring to. that's going to continue to keep us with the low clouds and drizzle conditions over the next couple days. no really big storms in the offing right now. we have this weathermaker that will bring rain with snowfall to the north. temperatures for your wednesday in the low teens in shanghai, taipei at 19 and 32 in manila. the big story in australia, two tropical systems here. one has already gotten a name here. we'll watch this one closely. this one will be making landfall over the next 48 hours. we'll watch that closely. the main threat here, yes, we'll get gales but the main threat will be significant rain over the next couple of days. we'll watch that for flooding potential. alice springs, 33, 27 in

canberra. now the expected airport delays. >> that's a look at your weather. we send it back to andrew in hong kong. >> thank you very much for that, ivan. we'll see you later. charles? still to come on "world business today," two of the world's biggest commercial planemakers spark a war of words between the u.s. and europe. the full story in just a moment.

cnn hong kong, i'm andrew stevens. >> i'm charles hodson in london. a quick look at european stock markets. we're 31 minutes into the trading day. we saw good gains at the start. in fact, they've been improved upon in the last half hour or so. xetra dax up by 0.73%. london still up by nearly 0.5% and the zurich smi up by about 0.3%. clearly, the feeling is there aren't too many worries on the macroeconomy or monetary policy and the way is clear to continue some of these gains. how long they'll carry on with that particular view, we'll see, andrew. >> relief for now.

check out the asian markets, similar picture, four green arrows this day. there's also expectations ahead of the fed -- u.s. federal reserve which meets today. in the u.s. in a few hours from now. not expected to see changes on monetary policy but maybe some more optimistic words from the fed chief ben bernanke. this one is always watched closely. beijing has taken the unprecedented step to allow japan to buy billions of dollars worth of chinese government bonds. it's the first time any global leading economy has been given access to china's sovereign debt. in all, japan has been given permission to pie about $10.3 billion, 65 billion juan's

worth. this is a slightly frayed relationship between the world's second and third biggest economies. it's all about support given to two major planemakers, boeing and airbus. the european commission says it welcomes a ruling by the world trade organization that boeing receive billions of dollars in illegal government subsidies. wto judges largely upheld original findings that research grants and tax breaks were in violation of global trade rules. the united states has countered that while it did provide funding to boeing, it was nothing to the sum that the eu claimed nor what european governments have paid out to airbus. a separate wto panel ruled last year that airbus did indeed receive as much as $18 billion in government support. now, that compares with the finding of just 3 billion to 6

billion for boeing. the u.s. says monday's decision is a tremendous victory for american manufacturers and workers. now, the sticking point here is that airbus has received loans from europe while boeing received actual handouts from u.s. state and federal authorities. europe is keen to draw the distinction. but u.s. trade representative ron kirk reckons wrong is wrong. earlier he told cnn that it's time for both parties to play fair. >> it's pretty difficult when you put them side by side to see how airbus could claim this as a victory. they're going to have to remediate for the $15 billion difference in the illegal subsidies that the wto panel found. and what the wto found was problematic is that the loans to airbus in every case were noncommercially acceptable terms. rather than get into the technicalities of these, what we

are looking for is for the eu to stop those subsidies that it knows that distort the market and harm our competitive interest and the interest of the 140,000 workers that have been harmed in the united states and allow airbus to go out, get loans at market rates and compete just as boeing does. >> eu trade commissioner remains adamant that monday's ruling represents a moral victory for airbus and europe. he told cnn that despite the sums of money involved in the airbus case, u.s. funding of boeing represents a greater breach of wto rules and results should be no cause for celebration in washington. >> this is about illegal subsidies, grants, money, cash that had been given to boeing. if you want to be sincere about this, you have to compare the

subsidies by a upof american bodies to boeing with the difference in interest rate that you are witnessing in the airbus case, and then it is clear, yes, boeing has got many more subsidies than airbus ever, ever got. >> certainly neither side is willing to admit defeat in in case. it should ensure that trade is fair in the air for some time to come. andrew? >> it should, charles. interesting. they will not let up on each other, will they? while the two airplanemakers squabble, asian airlines have been busy buying hundreds of new passenger planes from both of them over the past few years but they seem to be struggling with one thing, the pilots to fly them. the globally, analysts forecast the need for more than 200,000 new pilots through 2030. and asia is driving that demand.

ramy inocencio looks now at how airlines in this region are trying to recruit piles so their new fleets don't stay grounded. >> reporter: pilots for american, united, delta and other u.s. carriers are looking for jobs with asian airlines. captain doug lister says it's not just because of better pay, upwards of $200,000 a year. >> part of it may even be as much as feeling like you're important and appreciated. there's not been much of that lately. >> reporter: lister was one of hundreds of u.s. pilots attending a recent job fair in florida, hosted by asian carriers. they bought hundreds of new planes with more on the way. but there won't be enough pilots to fly them. asia is forecast to be short an average of 9,000 each year through 2030. and the fast hiring that needs to happen could put your safety at stake. >> it's very difficult to grow an airline very quickly and keep it safe.

so we see rapid expansion sometimes followed by periods of high levels of accidents. >> reporter: the recruitment of foreign pilots is one solution to the asian pilot shortage but bill vass says mixed crews could translate into problems. in indonesia, the domestic supply of pilots is slowed by a bottleneck in the classroom. this flight school is 1 of just 12 training centers in a country of 240 million people. it only graduates some 40 new pilots each year. nationwide -- >> we need 600 a year. but now we only purchase like 300 to 400. >> reporter: here, to get a new flight school up and running takes about two years. to graduate a class, a few more. to rise some second to first officer, about a decade. that's not to mention making captain. despite the slow process, teachers insist there is no fast

track. >> even though it's only 35 hours but we do 50 hours. so it's going to be safe flying in asia. >> reporter: that's just the flight hours needed for a private pilot license. add 120 more for a commercial one. along with more than $50,000. and while these students train, the deman for pilots will grow as new planes are delivered. both boeing and airbus say asia will drive one-third of global aircraft deliveries worth more than $1 trillion through 2030. >> no one in the world has ever grown this industry as quickly as the airline industry will have to grow in asia to keep up with demand. and so we're on new territory. >> reporter: all this could mean turbulent times ahead for asia's airlines, their pilots with new wings and the passengers who put their trust in them. ramy inocencio, cnn, hong kong. >> they're confident, and

connected in quick change. and how young go-getters are taking up the challenge of business in our first episode of meet the millennials. stay with cnn. sksksk me.

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don't wait. 5-year special financing ends march 12th. tempur-pedic. the most highly recommended bed in america. welcome back to "world business today," live on cnn. >> now, a new generation is making their mark on the business world and with smartphones, tablets and a burning desire to succeed. we'll be telling their story and give a voice to their vision. 22-year-old michael burbach. in santiago, chile, here's david lloyd, 27 years old and managing director of his own company. in london, this is joe braidwood, 26 years old, chief

operating officer. and in johannesburg, there is milli bongela, a fashion blogger at 26. their journey starts here. they are the millennials. >> reporter: they are young and confident, educated and ambitious. born in the 1980s, they are the new generation entering the work force. and their thirst for success knows no bounds. meet the millennials. >> taxi. >> reporter: in new york, 22-year-old michael burbach, up and coming actoring with assistant to celebrity photographer patrick mcmullen. dazzles lights, oversized billboards, a whirl of activity. this is new york, home of our first millennial. >> i'm michael burbach, i'm 22 years old, i was born in 1989

and i'm an aspiring actor. >> reporter: michael's brave to be on stage dominates everything he does. >> i eat theater, i breathe theater. it's what i think about all the time. there will be times i'm on stage and i'll be like, i don't know my line, i don't know my line but once the time comes, it's all there, it's in you. >> reporter: he's studying theater at manhattan's marymount college. >> i'm excited i'm going out with a bang and all my hard work seems to have paid off. >> the curtains go away and i'm in the moment reliving it. >> reporter: michael has rehearsed this moment time and time again. >> some people -- >> reporter: as a teenager growing up in the midwest, youtube was his stage of choice. first posting songs from the comfort of his bedroom. ♪ ♪ some people who don't know

their lines ♪ >> reporter: then uploading his theatrical work. ♪ >> i would sit in my room in iowa and sing along with these broadway cast albums. i'd be so excited about finding a new show or performer i was obsessed with. >> reporter: today his dream has brought him to new york. >> if you made it in new york, you can make it anywhere. it's very important for me to come here and prove my worth. >> reporter: it's his millennial spirit that will keep him here. >> if you need it and want it badly enough, you can do it. that's the craziest thing. sometimes it seem like an impossible dream but it's not. >> reporter: the real world may be his biggest audition yet. can this millennial make it? >> what time do you want to come. >> reporter: from johannesburg, 26-year-old milli bongela,

bloggist, johnbjornalist and boutique owner. this commercial capital is where you come to make it in south africa. looking to leave her mark on this metropolitan city, and on her generation is this opinionated millennial. >> i'm 26 years old and i'm a pass blogger and boutique owner. >> reporter: milli has been fashion blogging for two years. it all started at new york fashion week where she found inspiration and her millennial voice. at first she wanted -- >> to capture my journey for my family and friends and little did i know it would agree to become what it is now. it's become part of my digital identity, or like an extension of me. >> reporter: she's courted and sought after in her industry. her talent has also propelled her to open a boutique. now both jobs feed off each other. they've also earn her a

reputation for a woman who speaks her mind, a confident and outspoken millennial. >> i'm very vocal. on my blog i do say things that get me in trouble sometimes but sometimes it's things a lot of people are thinking but they don't want to say. that's how i've positioned myself, the person who will say what needs to be said. >> reporter: her frankness has helped milli back another two jobs, this time as a journalist and as a consultant for south african retailer woolworth's. milli has a unique work ethic. >> i don't work for them, i work with them. >> reporter: milli is looking to take on more work. nothing it seems, scares her. >> i applied for a business management scholarship because as much as i do what i do, i don't necessarily have the training in business to be running a business and to grow a business. so i want to go to school for that. so i applied for a scholarship they are offering to 10,000 women around the world, women in

business. this morning they called me to say i've been short listed. >> reporter: potential student, blogger, fashion consultant, journalist and boutique owner, milli is a million things. >> there's a term called slashy. i'm exactly that. i'm a writer/boutique owner/consultant/commentator/ cocktail seller. i'm the typical millennial person. >> reporter: question remains can this millennial do it all? >> i do feel like i can achieve anything but i don't have to achieve everything. it's not on my shoulders. i don't have to have the most lucrative company. i don't have to have the biggest house or the biggest car. i don't have to have a lot. i don't want it all. i just want enough. that's all. >> it depends how you define

enough. you can follow the millennials online. they're tweeting and you can join the conversation on twitter using the hash tag cnn mills, cnnmills, m-i-l-l subpoen-s. a town in germany figures out who alephing generous and anonymous donations to a whole host of local institutions. that story just ahead here on cnn. so what do you think? basic.

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welcome back. live from cnn hong kong and london, this is "world business today." now, a german city is in the grip of a mystery. residents of brunswick are baffled as envelopes filled with thousands of euros are left unanimously at museums, soup kitchens and other local institutions. diana magnay went in search of the unknown benefactor. >> reporter: last year, brunswick received an unexpected christmas present, 10,000 euros, $13,000, delivered in a blank envelope to the town hall. >> it was completely surprising to us. of course we get now and then we get some gift. we have a society which supports us and so on but we've never got such a sum without knowing who

was the benefactor. >> reporter: the giving didn't stop there. in soup kitchens, kindergartens, local victims support bureau, the mysterious envelopes kept on coming, 18 in all since last november. >> only 500 euro notes in one white envelope. >> reporter: with an article. >> almost with an article from brunswick. >> reporter: it seems like the mystery donor scours the pages for inspiration although it's clear that the mode of delivery isn't entirely risk-free. >> the person chooses a risky method. and what will be when the money is not found by them or the money is -- it's a risky method but it's part of that real life fairly tail. >> reporter: the latest envelope was found tucked beneath the door mat at the local hospice. the director said after all the

previous donations he'd hoped that 10,000 might come his way, too. >> translator: it might be someone who's at the end of his life and wants to distribute the money because he doesn't have a family or doesn't like his family. someone is generous and yet chooses to stay anonymous. that's pretty rare. >> reporter: for months, bru s town has been captivated by a fairy tale. there are various theories out there as to who this robinhood may be and how they got their money, whether it was earned, inherited or even stolen. the people here hopes one thing, that the money doesn't run out. diana magnay, germany. a modern day robinhood indeed. great story. if you want to comment on that story, any of the stories you've seen on the show today, just get

in teach with the whole team on our facebook page, facebook.com/cnnwbt. that's where you'll find us and that's where you can share your thoughts with us. >> we'll leave it for now. that's it for this edition of "world business today." i'm charles hodson in london. >> i'm andrew stevens in hong kong. you're watching cnn, the world's news leader. the headlines are just ahead. [ male announcer ] if you believe the mayan calendar,

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