the maldives. president mohammed masheed announced his resignation after a police mutiny. they are calling for a greater role for islamic values in the country. cnn has no confirmation of who is currently in control. europe is still dging itself out from last week's snow and more cold weather on the way. some communities in southeastern europe are struggling to cope with record low temperatures. ukraine along has reported 135 deaths from the extreme weather. those are the headlines from cnn. i'm monita rajpal. "world business today" starts right now. good morning from cnn london, i'm nina dos santos. very good afternoon from cnn hong kong, i'm andrew stevens. more travel misery in europe as air france cancels half of all its flights. the airline tells passengers not to bother traveling until the end of the week. it's a big day for greece and a landmark day in europe's history. it's been 20 years since the signing of the maastricht treaty. the question is was it such a good idea after all? if you've ever wondered during your daily commute just how the underground was built, you might want to stick around for this story. >> tunnelling is always a difficult and expensive business. even more so here in hong kong with all these tower blocks and buildings around you. they have to blast their way through the bedrom. down here. >> a view of hong kong you don't often get to see. we go underground to look at the city's efforts to expand its transport network. first up, andrew, there are heavy corporate stories we're watching here in europe this tuesday. let's start out with bp. this company just reported its latest set of earnings about an hour or so ago. they're much better than people had been expecting. the company's fourth quarter profit rose 15% to $5 billion. bp also raised its dividend pay o out14% a share to a total of 8 cents per share. it's time to talk about the commodities traded glencore and the mining giant extrata. investors don't seem to be reacting too well following the announcement of that deal. we'll have more on the fine tuning going on coming up later on in the show. we have losses that are rather muted with the lowering of the frankfurt dax. this is largely because greek lawmakers have yet to reach an agreement on those harsh austerity measures that are required as part of the next bailout money greece will be getting. they were supposed to meet again yesterday but postponed that meeting yet again, andrew. this is weighing on the xetra dax and the cac currant in paris. these banks are exposed to what's going on in greece. >> we'll find out the very latest later in the show. we also have a 24-hour strike planned in greece as well. the story hurting asian markets as well, as shown by the wall of red behind me. the shanghai composite down 1.6%, on the comments of christine lagarde, warning if there's a deep recession in the eurozone because of greece and the like that could knock on to harming china's economic growth. people are reacting negatively over that comment from christine lagarde. the biggest carmaker in japan, toyota, come out with its numbers. they weren't great. there's the quarter between october and december looks good, $1.5 million in operating profits. from the back of that, toyota has increased its full-year expectation on its earnings but not as much as the analysts had been expecting to see. the yen continuing to weigh on toyota and a little bit of disappointment which we'll see on the stock price when that stock resumes trading tomorrow. now, in australia, some news on the macroeconomic front. in a surprise move, the reserve bank of australia, keeping the benchmark interest rate unchanged at 4.25%. it was widely expect to cut by a quarterive apoint. the reserve bank says growth in australia is a trend. the u.s. economy looks like it's improving. china's growth is moderating but it is still strong. no reason to cut rates this time around. there had been expected a rate cut. that makes the dollar more attractive still because it's paying higher interest rates. you'll see a big pop in the aussie dollar today, now at a six-month high of 1.08 u.s. cents. the advice to travelers booked to fly with air france over the next two daus is frankly, don't. they are urging passengers to delay their travels at least until friday. the airlines employees including pilots and cabin staff are striking for a second day over their right to carry out industrial action without notice. half of all long haul air france flights are expected to be affected as a result of this kind of industrial action. for more we're joined live from cnn paris by jim bitterman. what is it exactly that has got them pick eliminating at the moment? >> reporter: nina, this is a strike about strikes, if you will. basically people are on strike at air france because they are worried about a law that's gotten its way through the national assembly and is headed for the senate in france that would basically provide for a minimum service guarantee at the airport, at air france in the event of any kind of a work stoppage. basically it's the kind of thing that's in existence already for the railroads and the subway systems here and it provides that workers have to give a 48-hour notice and provide a minimum number of personnel to keep things turning over in the event of an industrial action, just like the industrial action that we're seeing today. of course, the unions see this as a threat to their right to strike. and so they're very dead set on making this point and likely to hold out, i would think, at least through the end of the strike that's projected, thursday midnight local time. however, it could be that there will be more strikes after this if this law continues to go through unmodified. the unions say it has to be changed, nina. >> jim, anymore lass sarkozy, the french president, has long been trying to remove some is of the inflexible sides of the labor law. is this part of that package of reform and how much resistance is he coming up against? >> it is one of the many things that sarkozy administration has done over five years to sort of change the way people work in this country. a lot of things he's against like a 35-hour workweek which he's pretty much abolished now and the idea to have a minimum service law for trains and subways. that's something that came into existence as well as part of the government's effort to stop the recurring cycle of strikes and labor actions that have paralyzed the country over the years. as a consequence, the unions are -- they fight these things one at a time, the reforms, the pension packages, for instance, there were a number of demonstrations. gradually in fact, some changes are being made. it's one of the arguments sarkozy is making coming up to the elections in april and may, that he is in fact, changed the way and reformed the way the economy is working here to the benefit of all the french. of course, on the left they don't see it that way. they see it as a loss of workers' rights and in this particular instance, that's exactly what the unions are saying. nina? >> many thanks for that, jim bitterman from paris. andrew? it looks like a bright but chilly day in paris. if you go further east, the arctic cold and heavy snow continue to grip that part of the continent. the cold snap extending into its second week. let's go to meteorologist ivan cabrera for the latest there. >> we make it into a third week here. unfortunately, the temperatures are going the other way, we're getting colder and it's getting progressively worse. we have the snow on top of it. paris will be fine. milder as well as we get into the next couple of days. south and east, the balkans in particular will get hit again. bosnia, herzegovina there, they have not got a break here. we have been snowing day in and day out. the accumulations have gotten ridiculous. we cannot keep up. villages have been cut off. what do you do? you can't get ground transport. you can get helicopters, they have been flying in choppers to get some of the folks out as a result of the meter plus snow that has been falling on top of the region there. again, this is not just a snow event you have to keep in mind this has been a snow event and antarctic blast event. we have been seeing temperatures here, the likes of which we haven't seen in quite some time. take a look at some of the numbers. this is just from yesterday. i've been showing you the numbers every day now. temperatures between 25 and 30 degrees below zero. then there's this. pick out the spin in the eastern mediterranean. this is meeting the cold air and we're making snow and making a lot of it. upwards of a meter before all is said and done here. the further north you go, alpine region, we're doing okay here. it's the cold arctic high here. we're not snowing up to the north but we are staying cold for the time being. more snow on the way for the balkans here. it is going to warm up but we'll have to wait until next week. temperatures go back to normal. next half hour we'll be talking about the big floods, the cotton crop being threatened in australia as a result of too much, not snow, but rain. >> yes, absolutely. thanks. when you say that number out of rega in latvia, 20 degrees below normal temperatures. extraordinary stuff. >> yes. >> thanks so much for that, ivan. see you later in the show. nina? andrew in the united states, murky water surrounding the collapse of mf global are starting to clear this tuesday. a trustees report reveals that the company started to dip into customers' funds a day earlier than first thought. executives were driven to illegally transfer some $300 million in clients' money on the 26th of october alone. by the time that mf global filed for bankruptcy, some five days later, that deficit had ballooned to $1.2 billion. the trustee says that he faces a huge challenge now getting some of that money back. >> greece is still very much the word on the u.s. markets. they are struggling and failing to make it into the black on monday. the closing bell on wall street, u.s. investors trading cautiously ahead of the critical decision, long awaited decision on greek debt restructuring. that of course is needed to secure the second bailout and also avoid a messy default. greece has to pay back 14 billion euros on march 20. that is the next big deadline, the dow, the nasdaq, the s&p 500, as you see, all in negative territory. not much but certainly caution back in the markets after a strong rally in recent weeks. we we nina? to borrow a line from beyonce, if you like it, put a ring on it. that's what glencore has just done. we'll take a look at the marriage of glencore and xstrata. 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[ female announcer ] travelocity. get great deals on all kinds of beach vacations. glencore and mining company xstrata are merging. their share prices are going in separate directions, however. glencore is up and xstrata is down nearly 2%, following the news of the tie-up. this is despite the fact that glencore will be paying a 15% premium. hello and welcome back. you're watching "world business today" live on cnn. >> there certainly seems to be a lot of chat. that 15% premium doesn't seem to be enough. that seems to be the disappointment behind xstrata shareholders. the merger is worth $90 billion and gives glencon access to xstrata. one of its biggest miners a hot topic in capetown. robin is there and she joins us now. robin? >> reporter: this is one of the biggest deals in the resource secretary nerine the years. it creates a global mining power house from the mines to the markets, a unique business model say glencore/xstrata. to get a sense of what this means in terms of the industry, we're joined by the beijing access. this is big, isn't it? >> yes, to coincide with the mining indaba. as you've just said, the business model says it all. it starts at the mine and everything that goes into that and it ends at the consumer. glencore's global franchise in combination with xstrata's operations really take it to the customer. i think that is what people are, perhaps, those that are not that positive on it, see as a very solid positioning. i personally think it makes sense and i see the franchises network across asia into india, obviously into china and into other high growth markets around the world. i think it makes sense. >> somebody said to me, this is all about really creating new supply for growing demand in asia and particularly china. >> yes, indeed. if we look at the global context, europe, do i need to say more? the things that i heard yesterday, so far this morning here is very much about asia performs, how will other developed markets that are fragile react. i think perhaps we'll see moderation in china but to it, more sustainable growth. it will still be the most important resource consumer in world. >> this is about perhaps also further consolidation in the resources sector. this is perhaps just the beginning. >> i think it's inevitable. this, if anything, is the start, it's not the end. we can see interesting activity going forward. >> what's been talked about here when we talk about consolidation in the industry, many people feel that anglo-american in particular is particularly vulnerable, an draw, to some sort of takeover by this new entity. back to you. >> yes. there's a lot of chat about where it goes from here, who will be next in line. robyn kurrow, joning us live from capetown in south africa. thank you. nina? more public spending cuts, workers have been taking to the streets to protest against them. a live report from athens when we come back. let's take a quick look at the markets. the euro and british pound are strengthening against the u.s. dollar. the euro is trading at 1.3145 against the green back. 1.5820 is where the pound is and this is the first weakening of the yen we've seen in four days time at 76.67. welcome back. you're watching "world business today," live on cnn. now, if there's one thing that all players in the greek debt debacle have in common it's a sense of frustration. another general strike is under way this tuesday as the greek public vents its anger over seemingly endless layoffs, spending cuts and tax increases. on the other side of the argument, european leaders with the power to offer fiscal help say the austerity measures currently in place aren't nearly strict enough. in the middle of the melee, politicians in athens continue to walk a tight rope between a bailout deal and the chaotic default. those politicians were supposed to have struck a reform agreement on monday. the longer they take, the more frustration on both sides will grow. we are joined live from athens with the latest. this snap 24-hour general strike was called in response to new plans for austerity measures. are the politicians likely to take notice and be influenced by what happens on the streets of athens this late in the day? to do with the austerity measures? >> reporter: i believe the politicians are very much aware of what's going on. they've seen the numbers much like everybody else. it's more a question of voicing, people to voice their frustration against the austerity. it's more a question of voicing what they feel are measures that do not actually help the country all that much. there are people here with banners saying we're people, not numbers. but all in all, it's unlikely that the strike, one of many general strike greece has seen in the last two years since the plan, will affect the final outcome. there are differences that the three political leaders that are forming the coalition government are trying to iron out. this is why the talks have taken so long. they have said they will come up with a decision today. a decision is expected certainly before tomorrow's euro group. as you said, patience on all sides seems to be running out on this bailout. >> talking about a final deal, it appears that the bond holders, the private bond holders, have signed off on a deal in which they will lose about 70 cents on the dollar on their debt holdings. what are the sticking points now? >> reporter: well, that was one of the big issues that needed to be resolved. this needed to be resolved simply in order for greece's debt to be sustainable in the long run and in order to persuade its lenders that it's worth lending greece any more money. most of the reforms that are now being discussed, the sticking points are to do with labor reforms. more salary cuts are being asked. one of the main issues being debated, one of the reasons the unions have taken to the streets is the ab list of a minimum wage or lowering of minimum wage by something of 20%, 25% is what we're being told. along with this would come a number of other cuts in salaries, an ability for both private and public sector to negotiate terms which would make things easier for employers rather than employees, which is what the people in greece fear. and another thing that the troika has asked for is 15,000 job cuts by the end of the year. and the administration, the government has said it will go ahead with that in the public sector. we're expecting more cuts if this bailout goes through. >> sounds like there's a lot to be ironed out in the next 24 hours or so. elin d elinda, thank you. nicolas sarkozy and angela merkel holding a joint interview in paris yesterday. angela merkel, she was very clear, ireland is doing it, portugal is doing it, everybody's playing their part except for greece. greece has to step up. germany clear on what it wants greece to do. >> it's 20 years to the day since the ground work of the emergence of the entire european union's single currency was laid out in the dutch city of maastricht. i'll be asking what's all gone wrong and what do we do about it to resolve the issues? from cnn london, i'm nina dos santos. >> i'm andrew stevens in cnn hong kong. welcome back. you're watching "world business today." let's see what's going on here in europe. the markets are about 90 minutes into today's trading session. here's where we stand at the moment. a number of markets enjoying a downbeat day. the heaviest declines coming from the likes of the frankfurt dax which is down by 07.66%. let's start out with the good news, bp reporting better than expected earnings here in the united kingdom. one of the reasons the ftse isn't down by quite as much as the other markets. fourth quarter profit at bp rose 14% to $5 billion. we also saw another big bellwether in switzerland reporting its figures. we're talking about ubs saw fourth quarter profits down to the tune of 76%, coming in at a total figure of $425 million. taking a look at the zurich smi, that market is down 0.4% to 0.5%, andrew. >> no shortage of red arrows in this part of the world either, nina. greece was a particular concern, as it always is at the moment. it wasn't just that. there are other things going on as well. most of the major indices as you see, right across the region were down today. the couple of new spots to quickly mention, we mention at the top of the show, first of all, the reserve bank of australia surprising many by keeping official interest rates on hold at 4.25% today. widely expected to see a quarter point cut. the economists had said that the australian economy could benefit from a rate cut but the res