shanghai composite up 1%.he main aussie benchmark basically flat but in positive territory by the end of wednesday's session. charles? >> that is it for this edition of "world business today." i'm charles hudson in london. >> and i'm pauline chu in hong kong. you're watching cnn, the world's business leader. good-bye for now. ask me. [ male announcer ] even if you think you can live with your old mattress... ask me how i've never slept better. [ male announcer ] ...why not talk to one of the 6 million people who've switched to the most highly recommended bed in america? it's not a sealy, a simmons, or a serta. ask me about my tempur-pedic. ask me how i can finally sleep all night. ask me how great my back feels every morning. [ male announcer ] did you know there's a tempur-pedic for everybody? tempur-pedic beds now come in soft, firm, and everything in between. ask me how i don't wake up anymore when he comes to bed. [ male announcer ] these are real tempur-pedic owners. ask someone you know. check out twitte

you're there in shanghai. so it's not it we there whether it's a soft landing or a hard landing you're saying whatever the landing is doesn't make much difference the one clear trend is that they're going to take their cash pile of money. and start buying into countries like the us correct yep salut i think when we talk about the chinese economy a lot of the anti china stuff that relates to housing you know the americans have for twenty years lived in a printed money transfer payment military industrial complex economy they just went through a housing bubble so they believe everybody should have a housing bubble what they don't realize here is half of the homes in china have been paid with cash the other half have at least thirty percent downpayment so there is no credit bubble so to speak in housing. china has experienced some what you could slow down if you could call it a slowdown you know eight or nine percent g.d.p. growth but really what the people forget is that this is an engineered slowdown chatto wan

we have shanghai market up 1%. we had, of course, property counters weighing on the market and the hong kong market helped to underpin. australian market up 0.8%. gdp data coming in at 6.1%, much lower than expected. everybody was expected 6.4%. slowest pace in more than two years, so that seems to be some of the stories driving asian markets today, ross. big day. >> an hour and 15 minutes they're going to release the results of their second refinance operation. it's offering unlimited funds to the area's banks at the rate of around 1%. it comes, of course, two months after ltro won which is the biggest lending operation in the bank's 13-year history. julia is looking at that and what it might mean today. julia. >> thanks, ross. i should point out that the ecb justs a lot of these ltro's on a much shorter term. it's relatively chief, 1% per annum. now, obviously estimates have varied around the amounts we expect to see drawn down. in fact, i've given you 1 trillion euros. the median has centered around 500 billion

so the temperatures in shanghai will be improving by next monday we may see double digits. and this condition will be spreading towards the korean peninsula and in towards japan by next week. in the philippines still we do have this active low pressure system just in the coast. this will then be traveling towards the north. thundershowers will be predominant in much of the country throughout the weekend. and those conditions will be remaining for the next couple of days. winds are also very strong picking up high waves. so further landslide risks are going to be very crucial for the quake hit region. manila 31 degrees temperaturewise. shanghai at 5. look at tokyo at 8 for this saturday high. let's head over to the americas. the pacific northwest will be seeing some rain and mountain snow. cust gi condition is going to be winding down there. we will see some snow to accumulate down here towards the northern rockies. accumulation could be as much as five centimeters in the mountains. here widespread showers will be remaining in the gulf states and the southeastern states will

warm day in taipei. 26 degrees. 6 in shanghai. we'll see that figure fall. the same for beijing and seoul. tokyo, 11 degrees and cloudy today. >>> into north america we go. our pacific system going to be descending toward southern california with rain and could also bring another 20 se centimeters of snow to the mountains of utah over the next 24 hours. what we'll see toward the east, though, is widespread thunderstorms. if we take a look at what is going on here, this is the severe area to really watch out for. so anywhere from western alabama right through in toward texas, we could see damaging winds and large haili inaccompanying thos thunderstorms. the atlantic coast, staying dry. temperatures will be better today. 11 degrees in new york city for your wednesday high. at the moment, it is going to be very cold. overnight tuesday into wednesday could see a little bit of snow before a small system moves out offshore. 16 degrees in oklahoma city. that's a great improvement over the last couple of days. you'll also see 16 in los angeles with clouds and 9 degr

. >> you have a chinese company that have initiated a court hearing in shanghai. they are claiming that they owned the ipad name. that is synonymous with apple. they are saying that they bought the rights in china and in other countries, and in 2009. they say that is not the case. there are issues about the transfers of the name. it is a case of trademark infringement. there are reports that they are happy to take a settlement. if the court rules in their favor, it would impact one of apple's most important markets. they want to give them the power to hold the apple ipad in shanghai. >> hewlett-packard is trying to emulate the success of apple. their results are out today. as the boston enough? >> that is the big question. it is interesting because the new boss is a lady called met whitman. she was the boss of ebay. people are using things like the ipad. it is a case of trying to persuade them to use a standard computer. whether she has achieved that, we will know later in the day. >> now, we take you to australia because the governing labor party is in turmoil af

the shanghai composite closing up at 0.9%. there's a report suggesting that some shanghai home buyer, second home buyers, may get some stimulus. that may trigger something with the developers. ditto for japan as japan and korea as well. overall as we contemplate how china is going to maneuver its policy, think there are some key questions how it's going to boost its fit on the fiscal side, what it needs do on the monetary side. there res already talk that rrrs are the best way to go. that rrr hike only takes into effect this friday and also what's interesting to note is that there are lots and lots of chinese bills actually maturing around the month of march. so quite a bit of questions. overall markets did end up with small gains but sensex sitting down at over 1%. ross, let's take a look at how the u.s. is fairing. >> 7-3, the decline is just about outpacing the demand. pmis out of the eurozone not really helping us at all. they're weaker than expected. a third of a percent. it was down two-thirds. cac quarante down a third.

about 600 people took part in thurgs's opening of the shanghai eye vent. on display is how japan has recovered, as well as panels promoting various tourist spots. an artist from sendai city drew an impromptu picture of a dragon. the legendary creature is renown in japan and china for bringing good fortune. >> translator: i believe japan will overcome the difficult times as everyone is working together. >>> a world famous singer made a bumpy transition into politics. he wanted to be the next president of senegal, but the high court in the west african country barred him from running in sunday's elections. still, he is determined to change the way things are done. >> reporter: he is a superstar in his home land, and is well known around the world. many of his songs call for action on issues such as poverty and the environment. his blend of traditional senegal ee rilt am has won him many international fans and in 2005, he won a grammy award. his music is rooted in the tradition of the griots, whose songs keep alive the ancient culture. griots are cherished in

shanghai at 5. we're looking at toeng owe at 8 for saturday. let's now head over to the americas. the pacific northwest will be seeing some rain and mountain snow. gusty condition is going to be winding down there. we will see some snow to accumulate down here towards the northern rockies. accumulation could be as much as five centimeters in the mountains. here widespread showers will be remaining in the gulf states. in the southeastern states we'll be seeing a chance of thundershowers and thunderstorms could be a chance as well there. and widespread showers there, but towards the north west of ap lay chas that's going to be snow and dipping down that cold surge arctic air will be in effect here in the great lakes region, lake effect snow will be dumping 50 centimeters of snow. you will see some snow dump in new england as well. as i mentioned that arctic air will be dipping those temperatures down. minus 14 on sunday in quebec. and washington friday 11. down to just freezing point on sunday. let's now head over to europe. the unrelentingly cold, cold weather still remains here in

we may see some snow developing this evening in and around shanghai. in southern china that will all be rain and particularly taiwan also. that will be rain rather than snow. we had earthquake of 6.7 magnitude striking central philippines. weatherwise we're going to be look at thundershowers to be developing and some thunderstorms could be popping up in and around the area. the coastal areas we're looking at very strong winds which could pick up waves up to about five meters high. temperaturewise manila at 32 degrees. shanghai at 6. hong kong 18, i know that's cold for you. seoul at minus 6 for the high. tokyo at 15. but then again as i mention on wednesday that's going to be dropping into single digits. let's head over to europe. we did have white picture in much of europe during the weekend. snow made a very rare appearance in some areas. we do have slides to show you. let's take a look at these pictures. obviously this is from paris with the identical tower in the background. some snow left this is bordeaux, france, someone knows how to make the mos

perhaps in some areas in and around shanghai. this rain band is likely to spin all the way toward japan toward the end of the weekend. inland china, it's going to be snow in higher elevations. it's going to be clearing in the indochina peninsula, but scattered showers will linger on in the philippines. taking a look at your temperatures, toward frigid, minus 8 degrees. we have a triplet of actually 11 in shanghai, seoul reaching 13 degrees. and tokyo, looking at 15 degrees for the thursday high. on sunday, those digits will become single. so it's going to be a bumpy ride for us for the week and toward next week for us in tokyo here. let's head over to the americas. the winter storm is going to be bringing severe activity up to the great lakes region. the snow is going to be piling up. already in wisconsin we have reports of 30 centimeters that accumulated, additional of 10 to 20 centimeters of that white stuff could be piling up. let's take a look at the outlook we have here. toward new england, this is going to be stretching. th

states would have used both the korean war and the vietnam war as conflicts that would help unleash shanghai shek and join him in over throwing the communist regime in china. he believed in that until his death. luce was a difficult man with few friends, an unhappy marriage and kind of shyness linked with arrogance that left him mostly alone. alone but certainly not invisible. his hand was evident in almost every aspect of time incorporated's life and culture. the company attracted talented young men from the ivy league, almost never women. when who inspired to be novelists, poets or playwrites but wrote for "time" because they needed a salary. no one paid better than luce. the regimented world of time, incorporated was stifling to many writers, many left over time to do more creative and independent work. others stayed on for decades often hating the work but unwilling to give up the lucrative salaries and lavish expense accounts. what made luce a revolutionary figure i think in american life was not his politics or his religion even his missionary zelal, it was his success in creating a ne

this is an interesting photomontage of shanghai over 20 years. i had the unique opportunity to give some shanghai planners a tour of san francisco several years ago after they had lost a lot of the historic resources. they asked us -- "what can we do?" they look at our historic preservation ordinances as a guide. we have to make sure we get this right. what we do not need our additional hurdles, obstacles to survey -- are additional hurdles and obstacles to survey, chipping away at the standards, including affordable housing criteria that is up to 150% of ami. rather than looking at historic preservation incentives -- i am sorry, i am trying to read my own riding -- writing. what is important is that we do not adversely affect our own historic resources, especially looking at them cumulatively as we lose them one at a time. i urge you to support the historic preservation commission's recommendations from their january 18 transmission to you, to let go of the recent changes with the 50% outreach component. i would also like to say it has been diff

the shanghai and the hang seng going in opposite directions with the shanghai composite down by 0.3%. well, in the united states, the three leading indices all ended the trading day higher on monday. investors were relieved by greece's adoption of austerity measures demanded by the eu. the dow and the s&p 500 each closed up more than 0.5%. when it comes to the nasdaq for its part it was slightly higher, closing almost 1% higher for its part. industrial stocks were some of the biggest gainers on monday's session. the day's standout stock was apple. apple stock broke through the crucial $500 level for the first time ever to close up about 2% and a price of $502.60 in total. just six months ago, let's remind you, apple share price was $100 lower than it is today. >>> later today, the man who's likely to be china's next leader, xi jinping, will be meeting with the u.s. president barack obama at the white house. that meeting comes as the united states overhauls its foreign policy posture as well. cnn's white house correspondent brianna keilar has more. >> reporter: it's vice president joe

this joint venture involves two chinese state owned media firms, one called the shanghai media group, another is china media capital, a fund that backs the chinese entertainment industry and the third entity is one that many people also know, the u.s.'s own dreamworks animation. dreamworks as you know, does this. >> you guys, did you see that? >> dreamworks is popular for family animated flicks like this, including madagascar and a host of other movies. this deal will be stretching over the next five years, the amount coming in at $2 billion. that's more than 10% of california's $1.9 trillion economy. the main plot of this story line centers around the construction of a brand new studio that will be based over in shanghai. its focus will be to help china's growing film, television and life stage industries. >> it sounds like it's a good deal for china, they get benefit in this joint venture. what's the other side of the equation? distribution of foreign films in china, what is it, about 20 foreign films a year are allowed to be shown in china? >> that's about right. the hope from holl

the course visit with david bossie director of the china europe international business school in shanghai thank you for joining us today now china has criticised the sanctions against iran so what chance does i'm going merkel have of actually convincing the chinese not to import more oil from their. well i think it is very important to distinguish to use shoes on the goal and objective that is to shine out the agree very much nobody wants nuclear proliferation in the middle east but did these agreement ease about the myth though the approach in china is not. sanctions and i believe that china we not reduce its import off oil from iran it doesn't mean that china is going to increase its import of oil from iran but i think china we use its influence in the middle east a way which is compatible with the five month old principles of china as the progress you know meet the china even the easing a very strong body position in the middle east goes. to tel aviv of course israel china has very good relations resume has it was right but china has also good relations we around saw china. a power bro

shanghai has been one of the worst performing markets this year. investors really stepping back, giving a little bit of time to see how these export numbers, these import numbers, the trade and also inflation numbers will play out over the next month or so. we had the bank of china and the bank of communications both taking a slide in hong kong. the hang seng down more than 1%. carmakers in tokyo, toyota, honda, taking a hit today. the nikkei down almost two-thirds of 1%, nina. >> andrew, i'll get to the european markets reacting to greece, but first, the cac 40 in paris. i want to show you the number of false dawns we've had when it comes to greece negotiating these kinds of deals and then markets falling back. around october-november, you'll remember that was that famed summit when negotiators came back to brussels repeatedly, the eu leaders, and sat all the way through the night until 5:00 in the morning to hammer out the last bailout for greece. and of course, right throughout these kind of periods, january to february, we've had those negotiat

but the shanghai by more. that will do it for "power lunch." thanks for joining us. >> see you tomorrow. "street signs" begins right now. have a great afternoon. >>> welcome to "street signs," everybody. i'm mandy drury. brian is on assignment half a world away. today is all about the hurdles on the street. stocks breaking through a couple of key technical levels earlier. but the question now is, can they close at these lofty heights and can they keep on climbing? a tale of the tape is coming your way. >>> apple at a new all-time high. its market cap closing in on $500 billion. we'll put that number in perspective and tell you if now is the time to i-sell the i-economy. >>> and as oil sits around $108 a barrel, more investors want to know how to add black gold to their portfolio. we'll ask if this really is a good idea for the average joe. >>> but first, let's check what else is happening at this hour. here's courtney reagan. >> thank you, mandy. here's what else we're watching at this hour. microsoft and others, reportedly complaining to the e

nations and china's shanghai anyway ranked seventeenth in science. that's it isn't there a little bit but we're falling behind when it comes to the testing and how the students are actually performing well as let's be clear about what kind of education crisis that we have in this country we have an education crisis in this country when it comes to kids who are in poverty when you compare our schools in very wealthy areas the top ten percent of wealthy areas in america with schools around the rest of the world we actually perform the best our students perform the best in all of those areas so if we have an education crisis in this country i certainly want to suggest that we we do have a form of a crisis senate haitian this country it is a crisis of poverty now the separate issue is obviously fixing our education system making our education system better is a good thing would be a good thing because i think for a lot of reasons but the notion that fixing our education system whether the systems that are serving the impoverished areas or otherwise the n

the shanghai composite up. people are starting to worry about slowing domestic growth so that seems to be weighing on the shanghai market. taiwan weighted index up modestly. elsewhere pretty modest gains across the region as well. with the u.s. close on presidents' day that's your global market rally. >>> china news today, stocks there have had a volatile session. they surge at the start of the trading day following beijing's announcement to cut reserve requirements for 0 lenders beginning this friday. but the gains were short-lived. largely due to doubts about whether the pboc's decision to pump over $63 billion into the system had more to do with stabilizing credit than a bona fide easing. this is the central bank's first rrr cut this year. its second in under three months. let's talk more about it. chris wiley, we had a guest earlier on, our guest host, in fact, who said with inplagues so high it was n inflation so high it was not a wise decision. what are your thoughts is this. >> it's interesting that just

whether it is wrong, whether it is nice, whether it is beijing -- whether it is rome, whether it is shanghaiit is some place in africa or some place in russia. if i say, ♪ i left my heart ♪ they immediately say tony and them. that means the national anthem for san francisco and literally for america have come from this extraordinarily talented human being. >> ♪ i left my heart in san francisco ♪ >> ok, here we are down memory lane. we are at the at&t park, home of the san francisco giants. as you know, we sing your song after every win of the giants, so we have been sitting here a lot. you were here in 2011 for the opening, and you sang your song, and guess what? we won the world series. so, tony, we want you back. [applause] >> tony bennett has said his song "i left my heart in san francisco" changed his whole life. well, it has affected our lives as well. from the first time tony sang this beautiful love song to every time we hear it sweet sounds after a winning giants game, it deepens our love for our home town and for tony bennett. >> ♪ above the blue >> here we are above the blue and wi

francisco maintains frequent and many exchanges and full cooperation with your 30 year- old sister city, shanghai. and the newly established city. san francisco has also become a hot spot for chinese investment. according to our statistics, last year, more than 13 chinese enterprises had great success with the chinese council general to erect in this area. that is double of the year before. last year, it was also a remarkable milestone for the local asian community in san francisco. mayor lee was elected as the first chinese american mayor of san francisco. [applause] a round of applause, again. san francisco is well known for its cultural diversity, which makes this city so dynamic. we are very glad to see the chinese communities in san francisco have gotten along with other ethnic groups, taking part in the economic and social life of this city. they have made a great contribution. the have also made contributions to the friendship between china and the united states. on this occasion, i would like to extend my warm congratulations to the great people of san francisco. i appreciate what you hav

the shanghai the big loser today.hat was after -- this comes a day after christine lagarde, the imf boss, was talking about the impact a big recession in europe could have on china, roughly cutting gdp in half in china. that kept people very much on their toes. okay. that's it for this edition of "world business today." thanks for joining us. i'm andrew stevens in hong kong. >> i'm nina dos santos in london. you're watching cnn, the world's news leader. we'll be back in four hours time from now. in the meantime, it's good-bye for now. i i guguesess s i'i'm m hehelp huhundndreredsds o on n cacar r. itit p prorobabablbly y alalsot ththatat i i'm'm a a w woros adadvevertrtisisining g ici. chcheeeersrs!! i i memeanan, , whwho o wt wawantnt a a p pieiecece o? gegeicico.o. ahah...... fififtfteeeen n miminunutetes se yoyou u fififtfteeeen n pt ohoh d deaear.r..... oror m morore e onon c carar i .

that gave a boost to shanghai. and hong kong road that story, as well. in australia, the s&p up by 1%. one miner, this is lynas. malaisian authorities granting the company to operate in rare earth refinery. that's a big pop for lynus. >> yeah. also something we've been talking about throughout the course of this week, let's hone in on the markets here. it's another big day for europe, with french and spanish debt sales on the cards today. it seems it really is the corporate earnings we're getting out of some of the companies that's dominating the agenda for once. let's hone in on this particular market. you can see the ftse 100 is the one that's falling the most. there's a large reason for this slump. it's a big heavywieght here on the markets. it's shell, the net income down from 6.8 billion this year before. these figures did miss estimates. it's largely due to disruptions of gas and oil supplies. we've had the arab spring disrupting. and nigeria. we know how that's gone. nigeria's been plagued by stakes over fuel subsidies and the removal of fuel subs

losing could mean shanghai's three apple retail stores would have to stop selling the popular tablet computers unless they work something out. >>> tonight "nightline" will look inside the embattled chinese factories where apple's most product -- most popular products are assembled. workers assemble ipad and iphones working conditions have been blamed for driving some workers to commit]1!ñ suicide. the "nightline" special airs tonight at 11:35 p.m.. >>> you may have heard of a flash mob where people break out in dance in a public place. but a cash mob is that about with? see for yourself, high school students in scranton, pennsylvania are breaking out wallets, decenting -- descending on local businesses the idea is to help neighbors by pumping money into a local business. students are using social media to spread the wore. i wish they could combine the two and then it would be entertaining and productive. >> that's a different thing. mike here to talk to us about the warming temperatures. >>> some of that warming is going to take place after we get rid of the fog. we have to talk abou