the eu has followed suit. the toughest sanctions imposed on the islamic republic, and they get hit the economy hard. their real bone of contention is that tehran's nuclear program. international talks on resolving the issue have been frozen. countries in the west hopes sanctions will persuade iran to come back to the negotiating table. that is why the oil embargo does not take effect until july, giving iran a chance to talk with western nations. but there are doubts about the iranian regime's ability to agree on policy. the leadership in tehran has been plagued by in-fighting for many years. >> there are disagreements, some a very serious disputes in the conservative camp about who should succeed after ahmadinejad. he will be leaving office in just over a year. >> the outcome of that power struggle will influence the situation in the gulf in the coming months and years. >> let's bring in our brussels correspondent. europe relies, in part, on these iranian oil imports. can it do without them? >> the calculation

they released a joint statement after the eu approved the sanctions. the leaders call on iran to suspend its nuclear development immediately and fully abide by its international obligations. their statement stresses iran is a threat to peace and security in the region. it says they will unite behind strong measures to undermine the iranian regime's ability to fund its nuclear program. >>> now, all of this is driving up oil prices. ai uchida from the business team joins us with that story. >> the eu's approval of embargo against iranian oil is affecting markets. crude oil soared in new york on monday brief lig li topping $100 a barrel. buy orders gain momentum on the benchmark wti crude futures monday night on rising concerns that the eu's move will raise tensions over the strait of hormuz. key oil futures had dropped to the $75 per barrel in october after credit problems damped investors risk ap tut. but demand would rise on the back of a positive u.s. economic outlook. >>> the united states is stepping up sanctions against iran over its nick lar progr

he says the eu -- imposing economic sanctions is illogical. will not stop iran from exercising its rights. the government yet to announce -- the council made no notable response to western neighbor deployment, through the strait of hormuz sunday. >> leaders of france, germany, britain say they're willing to negotiate, but only if the iranians are ready to talk seriously. they released a joint statement after the eu approved the sanctions. the leaders call on iran to suspend the nuclear development immediately and fully abide by its international obligations. their statement stresses iran is a threat to peace and security in the region. it says they will unite behind strong measures to undermine the iranian regime's ability to fund the nuclear program. the strait of hormuz is the only waterway to the open ocean for many areas around the persian gulf. we have a report. it is still busy, at least for now. >> reporter: the persian gulf was busy with oil tankers from all over the world. they have facilities near the strait of hormuz. iran does huge

is that the problem with this particular eu ruling? is this cash strapped europe trying to raise some revenue? >> i think that's run of the problems, yes -- that is one of the problems, yes. the money raised in the name of the environment -- none of it gets spent on anything that will reduce emissions. it does look like something of a tax grab. we see overlapping taxes in the u.k. a huge air passenger duty. nothing is happening to that in light of this extra tax. this is one of the problems with this emissions trading scheme. it is something that we believe should be resolved in a global way to avoid the overlapping and avoid the discriminatory nature of this. we all need to sit down and sort this out once and for all. >> thank you very much for that. great stuff from you. he joins us from geneva. a quick look at asian markets. financials are mixed. banks, the same old story. big worries there with the eurozone debt crisis. >> interesting interview there. thank you. police in pakistan say a british aid worker has been kidnapped in the c

a deal would open the way for more funds from the imf and the eu. would also calm market fears of contagion. what ever happens, there's a lot at stake for the banks. >> as of the end of october, commerzbank was carrying 1.4 billion euros in greek sovereign debt on its books. analysts think a further write- down of the greek debt is unavoidable. negotiations to join the greek government and private sector lenders over voluntary writedowns have been stalled for months. at the crisis summit in october, european leaders agreed that banks and insurance companies would have to write down the greek government bonds they hold by 50%. that would relieve greece of some 100 billion euros of debt burden. if the talks fail, default for greece would loom. and it that would mean an even larger hole in, or its bank's capital reserves. >> to last year's last year's biggest banks -- bankruptcy and germany, the maker of printing presses will now be broken up. officials have agreed to its biggest plant going to a conglomerate. two smaller plants said to be restructured

the eu is iran's second largest oil consumer, behind china. german parliament has voted to revive the country's domestic bank bailout fund. it was set up after the collapse of lehman brothers to prevent german banks from going under. the reactivated fund will have 480 billion euros at its disposal. germany has one of the strongest economies in europe, but its banks are seen as vulnerable, and some are struggling to meet new european banking authority capital requirements. eads has named new top boss. the parent company of airbus has named a german to take the helm in june. under his direction, airbus had record orders of 1400 airplanes last year. eads is shuffling its supervisory board. jean-claude church it will join the body. >> reports are coming in right now that a german engineer has been kidnapped in nigeria. germany's foreign ministry says it cannot yet confirm the abduction in northern nigeria, a city recently hit by a series of attacks blamed on an islamist sect. president jonathan has called on the group to identify itself and state t

there are stumbling blocks in the way. >> eu leaders arrived in belgium. and the run-up to the meeting, it was clear difficulties lie ahead. and then, of course, there is grease. >> we will discuss increase in detail, because the inspectors are still there. and we have nothing concrete for the next program. that is why greece is not on the agenda today. >> not all leaders in brussels share the views of the chancellor. >> we did not expect greece to be the focus of today's talks, but without a doubt, we will have to talk about the. >> the eu and britain have been discussing the final steps of the budget discipline path. leaders were also discussing ways of rekindling growth and job creation. >> it is too high across all of your. -- europe. we will consider how we can better use e measures to help. >> and help is what the european union needs to prevent the slide into recession. >> our correspondent is in brussels following the developments from the summit four us. nina, talks are going on late into the night. any idea why leaders have not reached an agreemen

the eu is iran's second-biggest market. iran has threatened to close the straits of hormut if it is disrupted. that is more than 20% of all the oil traded worldwide. our world affairs editor sent this report. >> tankers loaded with oil from the gulf heading towards the narrow point of the straits and the open sea beyond. immediately after the european union's decision to stop buying iran's oil today, some politicians inside iran itself were threatening to block the gulf at this point. we went out on a local -- these waters are vulnerable. this is a it. if the weather were just a bit better, you could see the mountains of iran just over there, only 18 miles away. through this narrow strip of water passes a fifth of all the world's oil supply. iran is attempted to try to cut off this are tree, but no surprise that the western world simply cannot let it happen. yesterday, this ship came through. three weeks ago, iran may be carried out a 10-day drill in an effort to show it could block of these waters if it chose. that might lo

many business leaders say economic reform is essential in the eu. it's about re-creating confidence and certainty. and then jobs will come. >> we do a lot, of course, we create jobs in the new conception of things. so a place like this one, for instance, we try to train people. >> in brussels, there may be an agreement on the new fiscal treaty which britain refused to join. the tough budget rules are designed to ensure that the debt crisis can't happen again in the future. without the european parliament, there are those who question the new treaty's work. strict limits on spending, they, may hamper prospects for growth. >> we don't believe this is the solution. this is a simple tool for internal policy reads in germany and in france. you will not restore this if you don't have growth. but you cannot wait for years of austerity to get growth. >> well, there are still some aspects of that fiscal treaty which need to be finalized. discussions will go on this afternoon. but the problem is that even if they come up with a final draft and if it's signed n

that is why the eu decided to target its exports. iran itself has suggested that sanctions will not work. it has also made a threat. it has threatened to closed down the stretch of hormuz, in that direction, the narrow channel for which 20% of the world's oil is traded. the united states and other countries said that any attempts to close down and the strait is unacceptable. >> let's look at the other stories making headlines around world. syria has rejected the latest arab league plan to end the 10- month crisis, saying that the call is a clear violation of syrian sovereignty. the monitoring organization says there has been less of violence since its teams arrived in the country. >> the fact finding events that have happened since march of last year -- we have nothing to do with this. this is not our mission. our mission is to speed up implementation of the elements. if even the political side of what is going on on the ground, we have no prerogatives on this. we restrict ourselves to the five elements of the report and report to the

the reason, austerity and pension reform ordered by the eu. >> everyone will take to the streets, and that is when it will really hurt. >> their message of the strikers for the leaders arriving for a summit, what we need is growth. >> we need to get really serious about the growth agenda. that means completing the single market and signed in trade deals with the fastest-growing parts of the world, and it means a serious effort of deregulation so they can create the jobs that we need. >> the fact is, europe is hurting as countries cut their deficits. the unemployment lines, like here in spain, are lengthening. the tension is evident in italy, with truck drivers blocking highways and protests at austerity plans and reforms. europe is reducing spending, even as countries, like with france today, cut their forecasts for growth. but it is unemployment that is forcing europe's leaders to push growth on the agenda. in spain, up to 50% of the young are without work. in greece, the figure is 47%, leading some to talk of a lost generation. for the past year, the priority here in europe has been

does it mean the eu parliament? f ministers, et cetera, but then some way or another brussels then says, yes, i think this is a good way to spend your budget or, no, i think you shouldn't buy 150 tanks or whatever. because you haven't got the money for it and this is essentially proposed for greece. >> indeed. the fact that greek capital has been raise d is interesting in context because the french also had some concerns about external institutions ultimately having the say over their own budget as well. the fiscal pact will get you today and the role of those institutions. >> reporter: this is nobody likes to relinquish some of their authority whether it's berlin or paris or athens or rome or london for that matter. either we move forward into some kind of fiscal integration because of decided monetary -- hang on a minute, that doesn't really work. so we have to do something about that. so we have to move forward. and it's inching. it's giving and taking. how much can you relinquish and who is ultimately going to ha

the agreement came at the first summit of the year in brussels, belgium. 25 of the eu's 27 countries agreed to the fiscal compact that would impose almost automatic penalties on members that exceed a 3% debt ceiling. only britain and the czech republic refused to back the new pact. they agreed to launch a permanent bailout fund in july, one year earlier than planned. eu leaders urged greece to continue negotiations private bondholders to restructure its debt. if no deal is reached, greece could default. the proposal was met with strong opposition. >>> switching gears, here in japan, recent jobs data showed unemployment rate in december worsened from the previous month. the internal affairs ministry says the seasonally adjusted jobless rate 4.6%, up 0.1 percentage point from november. the number of unemployed 2.75 million, while people with jobs stood at a little over 62 million. separately, the labor ministry says job availability in december rose. there were 71 positions available for every 100 job seekers. the labor ministry says the job market is showing signs of improvement, but i

. >> to europe now, where the eu leaders have concluded a summit meeting in brussels to try to find a way out of the crisis affecting the euro zone. all 27 nations except britain and the czech republic have agreed to sign a pact to force euro zone countries to balance their budget. the france -- french president nicolas sarkozy said he was opposed to placing the greek finances under direct control of the eu. gavin has a report. >> of belgium, shot down today by a general strike. factories closed -- belgium, shot -- shut down today. >> to carry on with the course, everyone will take to the streets, and that is what will really hurt. >> the leaders are writing for a summit. what we need is growth. >> we need to get really serious about the growth agenda. that means completing this income market. it means assigning -- the signing of trade deals, and it means deregulation, especially for small businesses, so they can create the jobs that we need. >> europe is hurting as countries cut their deficit. on a point lines are lengthening. the tension is evident in italy, with truck drivers block

he said the eu, not iran, will lose out. he made his first public remarks about the sanctions in a speech in southern iran. he said iran won't suffer because only about 10% of its oil goes to the eu. other iranian leaders have said the share is closer to 18%. he said tehran is ready to revive talks with six nations over its nuclear program. he made no mention of threats from iranian leaders to close the strait of hormuz. millions of barrels of oil pass through the water way every day. nato secretary general urged iran to keep shipping lanes open. >> i urge the iranian leadership to live up to its international commitments including stop the enrichment program and ensure free navigation in the strait of hormuz. >> he said nato leaders have no plans to intervene. >>> the united states says it will downsize its army while maintaining or boosting troop levels in the asia pacific region to counter china's military buildup. >> it's something that obviously will cause some pain, but at the same time we recognize that defense has to

germany proposed before the summit opened that greece s surrender control to outside institutions in the eu commission. the proposal was met with strong opposition. from here in japan, we have two economic indications just out this morning. let's start with japan's job market. the unemployment rate worsened in december from the month before. the internal affairs minister says the jobless rate was up 1% from november. the number was 2.75 million unemployme unemployment. people with jobs stood at 62.66 million i don't know. the rate in 2011 was 4.5%. separately, the labor ministry says job availability in december rose for the second consecutive month. there were 71 positions available for every 100 job seekers. the labor ministry says the job market is showing signs of improvement, but it calls for a close watch over the effects of the strong yen on employment. meanwhile, industrial output for december was up for the first time in two months. this marks a 4% rise over the previous month. the ministry of economy, trade and industry said the increase is due mainly to more production of automob

both the eu and united states saher conviction was politically motivated. turkish police have arrested a former head of the military in connection with an alleged plot to destabilize the government. the general is being held after several hourss of questioning st night. prosecutors allege that he was part of a plot by t military to fund and internet campaign aimed at discrediting the government have the time the -- the government of the prime minister. several suspects includiding havelready been charged in the case. it is one of the oldest acquires in the world, and no doubt, johann sebastian bach' would be proud he was once director -- it is one of the oldest choirs in the world. this year, it tends 800 years old and is planning a party that will last all year. >> getting every note right can require a lot of fort. >> my father was also in the choir. i thought i could try that, and now i have managed it. >> the selection procecess is highly competitive. every boy has to pass a tough audition. this year, the choir, along with the school and church, are lebr

say we're not willing to take a single step back. >> greece has been in recession since 2008, and the euommission does not expect the greek economy to grow again until 2013, and even then only at a very slow pace. greece has been frozen out of the capital markets since 2010, with private investors shunning greek government bonds, athens is completely dependent on bailout funds from the eu and imf. >> the markets have not been reacting well. our correspondent has more from frankfurt. >> the systemic risk is back in full bloom and not only because of the concerns about a potential bankruptcy of greece. in spain, the government reckons that the banks will have to raise 50 billion euros of fresh capital in the next few years because banks in spain are sitting on so many bad assets. then there is hungry, a country which is not part of the euro, but there are regular financial policy of the government in protest -- budapest is causing concern to the unit's credit, a bank which is big in hungary, shares lost 20% in only two trading days. >> let's get a closer look at the market numbers. we stic

the eu is iran's second-biggest market, and iran has threatened to close the strait if shipments are disruptive. this is an important gateway with almost 17 million barrels since 2011. that is nearly 20% of all the oil traded worldwide. >> tankers and laden with oil from the gulf heading today towards the narrow point of the street and the open sea beyond. immediately after the eu decision to stop buying iran's will today, some politicians inside iran were threatening to block the gulf of this point. we went out from the port and found these waters are vulnerable. if the weather were a bit better, you could see the mountains of iran and just over there. it is only 18 miles away, yet through this narrow strip of water passes the fifth of all the world's oil supplies. it is not surprising iran has attempted to try to cut off this artery but no surprise either the western world cannot let it happen. yesterday this ship the uss abraham lincoln, which can embarq as many as 90 aircraft, came through the strait. three weeks ago, iran's navy carried out a 10-day drill in an effort to show it

the groundwork for growth. >>> forgive us if you've heard this one before. eu leaders will gather in brussels this monday to secure the future of the eurozone, but there is going to be an elephant in the room, and that elephant is called greece. now we may be close to an agreement on writing down one lot of greek debt, but big questions remain over athens ability to repay its next bailout installment. the country's creditors are demanding that it live up to its promises on implementing straight austerity measures, but a german suggestion that greece needs supervision to put those measures into practice has created another rift. the appointment of an eu budget commissioner to oversee greece's plans would compromise national dignity. jim is the head of the treaty talks. let's deal with greece. are we any closer to get some sort of agreement that is going to once and for all draw the line on greece's debt problems? >> it certainly seemed over the weekend that we got very close, indeed, to an agreement. it wouldn't be a great surprise if today or tomorrow we were a

the eu's executive body. >>> investors are willing to pay extra money for safe assets. germany sold its short term government bonds at negative yields for the first time. the german central bank said its auction on monday of six month bonds worth 3.9 billion euros drew more buyers than expected. the average yield of minus 0.0122%. a negative yield means germany can borrow money and receive modest interest from investors. germany's solid budget situation makes the country a safe haven for investors as debt worries for italy and other eurozone members shows no signs of easing. european council president has welcomed the euro's decline against other currencies. he said in copenhagen on monday the weak euro will help promote the region's exports. he said the key to resolving the debt problems is to boost economic growth while boosting fiscal discipline of member nations. he said specific measures will be discussed at the eu summit to be held in three weeks. he also expressed hope the eu and japan will soon begin official talks for a free trade deal. initial discussions are a

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he said the eu, not iran, will lose out. ahmadinejad made his first public remarks about the sanctions in a speech in southern iran. he said iran won't suffer because only about 10% of its oil goes to the eu. other iranian leaders have said the share is closer to 18%. ahmadinejad said tehran is ready to revive talks with six nations over its nuclear program. he made no mention of threats from iranian leaders to close the strait of hormuz. millions of barrels of oil pass through the waterway every day. nato's secretary-general urged iran to keep shipping lanes open. >> i urge the iranian leadership to live up to its international commitment, including stop the enrichment program and ensure free navigation in the strait of hormuz. >> rasmussen said nato leaders have no plans to irpt ven. >>> egyptians are preparing for another day of protests. mass rallies have been called on friday when prayers are held to demand that the military rulers hand over power to a civilian government. the rallies began on wednesday on the first anni

the endurance to back down. hungry cannot afford to lose eu support. but questions remain about whether the concessions will be enough. the hungarian prime minister is now preparing to address to the european parliament. the last time he came here, he got a mulling over the constitution. even if he is now willing to compromise, it may not be enough to appease left-of-center groups. >> at least 51 people have been killed in inter-ethnic clashes in south sudan. a state of emergency has been declared in the area. five foreign tourists have been killed by armed rebels in ethiopia. it happened in the northern region near the border. there are unconfirmed reports that two members of the group were injured and that a third has survived. the former egyptian president is accused of ordering the killing of an armed protesters in last year's uprising. the radical muslim cleric has won the case not to be deported to jordan to face charges. there is a real risk that evidence obtained by torture will be used against him. a radar early-warning stationed over the missi

the eu ministers made thinker decision at a meeting in brussels. their sanctions came in line with similar measures approved last month in the united states. thoept to cut off the main source of revenue for the government. the eu is the second largest importer of iranian oil. it kits for nearly 20% of the oil. sources say the ministers are focussing on how iran will react to the decision including the possible closure of the strait of hormuz. for more insight into the potential effects of the embargo, we spoke with an expert. >> it is possible that the value of the iranian currency, iranian real as opposed to dollar or euro will go down more causing confusion in the iranian economy. regarding oil, although iran will try to find alternative destinations for its crude oil, the oil export income of iran will probably decrease because it won't be easy to redirect the whole 20% of its oil exports to other countries when the u.s. has been putting a strong pressure not to buy iranian oil to its potential customers. neither iran nor the united states hope t

. >> that makes it more expensive for the efsf to raise money to help bail out troubled eu nations. it follows a similar downgrade friday on a number of euros some countries, including france, that contribute. >> the downgrade comes as the european central bank president, mario draghi, called on investors and regulators to rely less on ratings agencies. addressing a committee of the european parliament, he saw to minimize this latest round of downgrades. >> week as regulators, we should learn to do without ratings. or at least, we should learn to assess creditworthiness in a way in which ratings of credit agencies are one of the many components of our information, rather than expressing regrets or appreciation. i think what we should do is basically learn to either do without them or with them, but to a much more limited extent than we do today. this holds true primarily for regulators, but also for investors and banks. >> french president nicolas sarkozy also downplayed the significance of the ratings agencies. in his first public comments about the downgrade of his country's debt,

the eu is considering the same path. the talks may be on the way. iranian media says the negotiator will write to the head of eu foreign policy to say tehran is ready for fresh negotiations on its nuclear program. after the last missiles are tested today, leaders will be watching this region closely in 2012. emily buchanan, bbc news. >> let's talk to the persian television special correspondent now. this needs to be seen in the context of president obama's the decision over the weekend. what message do you think iran is sending? >> the message is very clearly. he is escalating sanctions against it and that will sooner or later be taken as an act of war against iran. >> how much is iran itself suffering as a result of the sanctions already in place? >> the sanctions are crippling iran's trade with the outside world already. the sanctions president obama imposed on new year's eve will it iran even harder. it is targeting the central bank of iran. that means that the trade with the outside world will be crippled. part of that will be iran's oil exports

before the euro, that would have been risky. >> that is from the heart of the eu in brussels. we saw in that report, german exporters have no reason to mourn the deutsche mark. is that true in brussels? >> it depends on who you talk to. there are people who feel this problem has gone far too long and are worried about currency stability. a lot of people would like to get back to their national currencies. if you talk to people behind the eurozone, and they will tell you nothing could be further from the truth. the eurozone is a zone of stability. it did not create the economic crisis. furthermore it is helping to maintain stability. unless you are an economic wizard, it is hard to pick between those two years. some are worried about the collapse of the row and the fact that yes, we may be looking at going back to one or other of the national currencies. >> and what would be the euro's greatest accomplishment in the last 10 years? >> remember, it is now just an economic concept. it is a political one, too. it has brought a at a unity to europe, according to some. that was the an

it, that is not to be the case in my generation give them a member of the u.n., of course, nato, the eu -- which you just referenced a bit ago. and this cooperation of economic development. >> o ecb? >> yes. so what is the basis of the foreign-policy? is there a goal of the foreign- policy of the czech republic? >> we have three priorities. the first is to be a good neighbor to our neighbors. which is the most unfortunate thing. of course. and we are -- we, as i said, are very good neighbors to our brothers, the slovaks, to poland. we had even a regional cooperation group that is called v-4, which we now happen to be the chair, the czech republic. it is a group of the czech republic, slovakia, poland, and hungary. all the countries are members of the european union. but we do have a lot in common. so our second priority, of course, is to be a good and valid member of the european union and to integrate this project -- even though we do have many -- i would say, not differences, but many issues how the european union should develop in the future. and we are just having this discussion in

german martin schulz is elected the eu parliament's new president. is promising to make his voice heard. germany's governing coalition is divided over future subsidies for solar energy. ♪ >> five more bodies had been recovered from the wreckage of the italian cruise ship, bringing the death toll to 11. the italian coast guards said they were all adults and believed to be passengers, not crew. meanwhile, shocking audio has now emerged in which the ship's captain is heard making excuses for leaving the rescue effort. francisco schettino is currently in jail, facing charges of manslaughter and abandoning ship. >> rescue teams were achieved the bodies from the stern of the cruise ship costa concordia that lies on the side just off the island of giglio. the ship is in about 20 meters of water, but salvage experts are worried it could slip into deeper water if the seas get rough. earlier on tuesday, navy divers used to expect -- used explosives to get better access to the interior of the ship. these cameras convey images to the rescue coordinators. no sign

finland, the eu is a threat to our sovereignty. now we see these countries pulling their resources. >> we are going to have to end that bit of our discussion. time for our high notes and the low notes. >> my i know it is our colleague connie, who will go on new year's day and found out she had a letter from queen elizabeth. she got the new zealand order of merit for her work in helping new zealand earthquake victims. and many other things she had done in our broadcasting career. >> congratulations. we are all very excited about it. she is not in good health these days, and we are glad for her. adam clayton powell? >> an unlikely i know, the return of silent films. "the partisan." >> wayne madsen? >> the captain of the costa concordia who said he accidentally fell into the lifeboat. reminds me of the original titanic movie where he dressed up as a woman to get into a lifeboat. >> tim folly? >> this goes back to those marines that were investigated for urinating on the corpses. what bothers me is nobody has been taken to task for what

. >> the greek government will need 17 billion euros of eu bailout funds in the month of march alone.ut strict conditions have been linked to getting that cash. nenext week, representatives frm the trick of th european commission, the europeans a dropping, and the intnternaonal monetary fund are due to visit athens to assess whether those conditions, which include spending cuts, are being met. greek prime minister lucas papademos has fallen trade union executives to support moves to cut labor costs, a plea they rejected. >> regarding the national collective labor agreement and the minimum wage of the low-wage workers, we say we're not willing to take a single step back. >> greece has been in recession since 2008, and the eu commission does not expect the greek economy to grow again until 2013, and even then only at a very slow pace. greece has been frozen out of the capital markets since 2010, with private investors shunning greek government bonds, athens is completely dependent on bailout funds from the eu and imf. >> the markets have not been reacting well. our correspondent has mor

lawmakers in iran had raised the possibility of turning the tables on the eu which will implement its own embargo on iranian oil in july. west texas crude down 0.8 now at 98.78 a barrel. >>> impact of the "costa concordia" activity. parent company carnival cruise ship says it will take a charge of between 155 to 175 million in 2012 fiscal year. company wide bookings fell in the midteams last week and bookings hit bottom on january 16th, three days after that fatal disaster. >>> chinese search engine delaying fourth quarter earnings report to february. baidu expected to post after today's close. investors business daily said they wanted more time after the chinese new year celebration january 12th. that began on january 23rd and ends on february 6th. baidu is the leading search engine in china. >>> saw a late day surge for the stock market, with the dow wiping out 130-point deficit and ending really flat on the session. volume, however, at the nyc was low, keep that in mind, last time we saw a trim digit move on the dow was back january 3rd when the index rose 179 points, the absence o

the imf said last week from washington that they will not do anything without eu approval. the hon gary and government -- the hungarian government has to convince the eu and somehow win back its credibility within the eu. >> it does seem as though some sort of resolution will be found. >> thank you very much for the update. >> thank you. the five remaining contenders from the republicans to face president obama have squared off in south carolina. there were repeated attacks on the favorite, mitt romney, who has the trees in iowa and new hampshire. he still holds a healthy lead in the polls. from washington, here is steve kingstone. >> then there were five. mitt romney wins again on saturday and the republican race will be all but over. his rivals attacked him here on deficit reform. >> mitt romney's plan is not bold. we have deficits now in social security and medicare. he wants to say we will not touch anyone now. >> and on his reluctance to release tax returns. >> we need for you to release your income taxes, so people of this country can see how you make your money. i thi

. >> the eu commissioner, ollie rehn there. there will be more from davos in a few minutes. a countdown, six months until the opening ceremony in london. >> reports from australia say a group of soldiers who staged a failed mutiny in new guinea on thursday are demanding a full pardon. the prime minister peter o'neil has sayssaid the attack was a desperate act. >> a mutiny or simply protest? it's not clear what it was, but it appears to be over. reports say some of the soldiers involved have been arrested, but others are holding out, demanding a pardon before they give back their weapons. there's no sign of the colonel who led this action. for the man who says he is the legitimate prime minister, this limited military operation has damaged the country's reputation. >> new guinea deserves better than that. somali has to realize that this country [inaudible] respected country that respects him. >> there has been no comment from him. no one knows whether he was behind the military commissione. all he ever sent before was that he was moved from office unlawfully by mr. o'neill. >>