journalist from the "daily telegraph" joins us from kabul with the latest. what's happening today, and could this escalate? >> well, it seems to have already escalated. today's protests seem to be more violent and more furious than yesterday. there are several hundred people on the eastern side of kabul trying to get into the city center. they've burned shops. there are reports that shots have been fired in the air to try to stop them. there are also protests in the eastern city of jie lal bad, where a dr. told us that one person has been shot dead and ten wounded. so it is escalating already. >> ben farmer from the uk's "daily telegraph." thank you. kevin rudd has resigned as australia's foreign minister. he made the announcement as a hastily convened press conference in washington. he told them he would not be involved in a, quote, stealth attack on a prime minister. there had been speculation that rudd was trying to challenge julia gillard for leadership amid reports she was getting ready to sack him. that's it for headlines. i'm zain verjee, and world business today starts now. good morning from cnn london. i'm charles hobson. >> and good afternoon from cnn hong kong. i'm pauline chu. this is "world business today." here are the top stories we're following. greece gets its bailout, but now comes the hard part. lawmakers have just days to deliver on promised reforms that are already running into determined opposition. and a chinese company is trying to stop shipments of apple's ipad into and out of china. pro view says the ipad trademark belongs to them. the world stock markets have had more than 24 hours to absorb a greek debt deal. we've seen a pretty muted response to a supposed resolution. most stock market benchmarks here in the asia pacific region rose this wednesday but not decisively, and investors in europe are currently showing some caution as well. charles? >> caution is right. now, the greek finance minister evangelos venizelos says a nightmare has been avoided with the country's second bailout. one might argue the nightmare is about to begin. sweeping cuts in wages and services must be implemented before the country gets a single euro cent, and the streets of athens filled with dissent again on tuesday. the sacrifices greece has already made to brussels in its fifth year of recession are painful enough. speculation they've been made for a bailout that just will not work could prove draining to spirits and wallets alike. demonstrations are set to continue on wednesday with greece's two main labor unions urging workers to voice their disgust at the deal. alynda joins us with more. you're out there on the streets of athens. i notice it's raining. tell me what will happen? what are the events, expected events over the next day or so in athens? >> reporter: we do expect a protest rally by the main unions. this is all against the latest measures that are about to be voted in as part of the new bailout plan. the vote is expected to take place either tonight or tomorrow, and so will the vote for the psi. so greece has to show in the next ten days or so that it is able to put all the measures that it has promised through in order to go to the eu summit on the 1st and 2nd of march, saying we've done our part. now it is your turn to sign our treaty and go ahead with the bailout. we expect the government to move very quickly on reforms. in some cases, reforms that it hasn't been able to implement for years. >> it is the government, but it's kind of a minority government. it's very, very unpopular in the sense that its main parties are very unpopular in the opinion polls ahead of the april elections. is the government going to be able to get this through, or do you think there might be some fragmentation, some splintering of its own ranks, given how unpopular it is and how very unpopular this deal seems to be? >> reporter: well, at the moment, greece has decided on this part. they will be able to get the measures passed because these are measures they decided before the deal on monday of the the cabinet has already agreed on the measures. i don't think they'll have a very hard time getting these measures through. the problem is what happens next. greece is expected to have an election probably as soon as april, and from there on, the balances of power might be shifting because a lot of the smaller parties are gaining popularity against the two main parties that are currently forming the coalition. so the result is not certain yet. and this could have a role to play on the future of greece in terms of the measures and how easy or difficult it will be to implement them. >> we've seen clearly very violent scenes in athens in the past. we've seen people even being burned to death actually in an attack on a bank last year. are we likely to see a repetition of the violent scenes. is the anger going to explode, or is there a sense of resignation for many greeks right now? >> it's hard to tell which way it's going to go. if the measures seem important for the greek people. so if this does seem to be a way out, does seem to be a resolution, given how many cuts they have endured, given a lot of austerity these last two years, we're likely to see them follow these measures. if, however, the measures aren't working, the reforms are taking a long time, greece is not heading in the right direction, then that might change, and there might be a tide turning against the politicians. >> okay. elin da joining us from live from the greek capital of athens. many thanks to you. greeks aren't just upset about the cuts they're facing. they're angry at the notion that athens has sold out to brussels and that their country's sovereignty has been compromised. but one former greek finance minister says the european intervention is a necessary evil. >> i think, in fact, it's beneficial that we're going to have increased monitoring and that there's going to be an escrow account. i think these are positive decisions because we have proven over several years that we are not particularly good at handling such issues. so we need help, and that's going to be helpful. let's have a quick look at european stock markets, trading for an hour and eight minutes now exactly. it does look like another day of losses. if we look at the xetra dax, the main eurozone index, that has been moving down since the open, just steadily selling off. clearly, the good news we've had, for example, on the u.s. economy is not really impacting here in europe. i think any optimism we had following this greek bailout deal has been fairly short-lived. most people in the markets do tend to feel it's a bit of a band-aid and it will only be a matter of months before the greeks come back for another bailout. they certainly feel that it's going to be extremely challenging, not to say totally impossible for the greeks to deliver, pauline. >> yes, we're hearing a lot of skepticism out there, charles. asian investors were a bit more upbeat this session. take a look, tokyo and shanghai led the gains. japanese exporters were higher on the weakening yen. actually, against the dollar, the yen actually broke the 80 yen barrier briefly for the first time in about 6 1/2 months. so exporters did well. toyota, nissan, and mitsubishi all gained around 2%. and chinese e-commerce site alibaba.com. the session ended up about a third of a percent. shares jumped 43% after it resumed trading on wednesday. shares had been suspended since february 9th as parent company ali baba discussed buying back yahoo! stake. it was property stocks that were the main gainers in shanghai, mainly after shanghai said it would loosen restrictions on owning a second home. charles? let's have a look at wall street. trading volumes were light as markets reopened following the presidents day holiday. stocks rose early in tuesday's session after news of greece's debt deal. the dow jumped briefly above the 13,000 mark for the first time in nearly four years. gains, though, were fairly muted by the close. let's have a look ahead to the start of trade in new york later on wednesday. and in terms of futures, we do seem to be looking at higher open there for the u.s. markets. it seems like the european markets have disconnected from both asia and the united states, and that good news out of the u.s. economy seems to be what is driving wall street. pauline? >> that's good to see, at least for now. charles, we're going to take a look back a year, coming up on "world business today." it has been a year since the christchurch was devastated from an earthquake. nts and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists can help you build a personalized plan. and with our no annual fee iras and a wide range of low cost investments, you can execute the plan you want at a low cost. so meet with us, or go to etrade.com for a great retirement plan with low cost investments. ♪ if they'd booked with travelocity, they could be paying less for the same room. noooooooooo. [ female announcer ] the travelocity guarantee. from the price to the room to the trip. you'll never roam alone. an estimated 60,000 people turned out for a memorial service marking the one-year anniversary of last year's devastating 6.3 magnitude earthquake. they also observed a moment of silence to honor the 185 people killed in the quake. welcome back. you're watching "world business today" live on cnn. >> the christchurch earthquake struck in the afternoon, surprising workers during their lunch hour and bringing down buildings in the city's busy commercial district. it's hard to forget the images like these shot shortly afterwards. the rubble you see is from the former canterbury television building, where 115 of the 185 quake victims were killed. recovery efforts have been under way for about a year now, but progress has been too slow for many residents. and the latest population figures show that more than 10,000 people have left the city in the first half of last year. >> a steady flow of aftershocks has been blamed for the slow pace of recovery. the government says there have been 10,000 since last september, but there are signs of progress. $25 billion have been allocated for christchurch's earthquake recovery. $2.5 billion of that has gone to rebuilding homes and businesses. and earlier on wednesday, new zealand prime minister john key says construction has started on 26 different commercial buildings in the city center. 200 infrastructure repair projects are also under way, pauline. >> charles, as new zealand reflects on the one-year anniversary of the earthquake, many there are having to deal with a powerful storm, which could lead to flooding for some areas. meteorologist ivan cabrera is at the cnn center with the weather forecast. ivan, how bad are things looking now? >> big storm heading out of australia crossing the tasmin sea. we've been following this the last couple of days, and now it's crashing into new zealand. both north and south islands have to deal with this rainfall and strong winds. look at this, almost a hurricane here. of course, it's not. but we are looking at a significant storm system. gales not out of the question, especially for the west-facing coastlines here of the islands, over the next 24 hours, and then the heavy rain will commence and continue over the next 48 hours. some of the tallies could be upwards of 200, i'm thinking even perhaps 250 millimeters, not out of the question here. watch our wind map here. you see that center of circulation just crashing in almost like a hurricane there. we're going to see very gusty winds along the coast as well heading into the next 48 hours. so we are preparing and bracing ourselves as we mark this somber anniversary here in christchurch and all of new zealand for this, strong winds, again flooding possible. then into the weekend, we're going to continue with some showers. by then, the threat of the significant flooding and those strong winds will have subsided as we'll be in a colder southwesterly flow. but a big storm on the way to new zealand as we speak. pauline? >> yes. certainly not cooperating on this very sad day. ivan, thank you very much. still ahead on "world business today," as japan's export sector continues to struggle, south korea's overseas sales recently hit an all time high. andrew stevens is in seoul, where he's been talking to the country's finance minister. >> reporter: thanks, charles. i certainly have. we've been talking about exports, how korea is managing to keep its export sector so buoyant. we've also been looking at the reaction here in korea to that greek bailout. obviously, korea no stranger to imf bailouts. got some interesting perspectives here from seoul. we've got that story just ahead. welcome back to "world business today." >> if greece got a stay of execution last night, so too did the eurozone in a sense. it's bought some time to protect itself from a greek default further down the line by taking unprecedented control of the greek economy, even to the extent of changing the country's constitution. as jim boldin explains, it's been a big step for brussels. >> reporter: after another marathon session around the table in brussels, europe's finance chiefs emerged, bleary eyed. after hours of talks, greeks will get a second loan to stave off bankruptcy for now, more aid chosen over bankruptcy. >> it's the intention of nobody to have greece outside the euro. this would be a bad solution for a reason, a bad situation for the euro area. >> reporter: with the second life line in two years comes more oversight of the greek economy and a fundamental change to the way brussels oversees where its money goes. >> every eurozone country that borrows too much and has to raise money in the markets has to borrow from brussels and will have to give up sovereignty to eu institutions. it's asymmetric. it doesn't apply to eurozone countries who are not in trouble. it doesn't apply to germany or the netherlands or finland. >> reporter: for instance, greece is being told it has to change its law and then its constitution to make debt repayments a priority when it comes to the government paying its bills. until that change, greece will have to put debt repayments in an escrow account with oversight from brussels to make sure the money is there to pay bond holders. it's all part of increased vigilance to the worry of some. >> i think there's a broader point about democracy here, and that is having to submit your national budgets to an unelected bureaucracy, and that seems to fly in the face of all concepts of democracy that i understand. >> reporter: then comes the so-called fiscal compact. the countries that use the euro and many others in the european union have vowed to monitor each other's budgets and deficits and stick to mandatory limits on public debt and enshrine balance the budget rules into national law so that another greece shouldn't happen again. 20 years ago, rules were put in place to keep debt from getting out of control. that didn't work. greece got its first bailout after promises were made by athens. that didn't work. now closer scrutiny of tax and spend is the new price to pay. jim boulden, cnn, london. the debt problem in greece and the eurozone more broadly has had ripple effects around the world. no region or territory is really immune from those effects, and they're being felt keenly right here in hong kong, which is home to the businessie -- busiest ai cargo airport in the world. it's a pretty good barometer of global trade. and as our analyst reports, things aren't looking very good. >> i'm here at the air cargo terminal of the hong kong international airport. if you're looking for signs of global uncertainty, you don't have to look very much further than here. this airport is the world's busiest air cargo terminal. this airline here, cathay pacific, is the world's largest air cargo carrier. air cargo dropped by about 5% around the world, but cathay pacific dropped 9%. this freighter with 100 tons just landed from new york city. this isn't so much about demand from asia as much as it is about demand from outside asia, specifically the united states and europe. in fact, europe accounts for a full 30% of all china's exports, and its debt drama that's led to a decrease in asian electronics and clothes. the international air transport association says it expects absolutely no growth for cargo traffic for the rest of this year. and cathay pacific ceo john s s slosser says he doesn't see it being up until at least the second half. that's bad for cathay pacific. they're looking to boost passenger yields while also holding off on purchases. they're not purchasing two freighters until 2013. none of this is good news for china's exporters who rely on cargo just like this just for growth for their factories. we're going to take a quick break. 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