the latest shooting was on monday when three children and a teenager were kill at a nearby jewish school. police say negotiations are still under way with the suspect in this hour's long standoff. diana magnay joins us from toulouse with the latest. this standoff has been going on for three hours now at the very least. is there a sense they're making any headway? >> reporter: well, we've just heard from the mayor, actually, who's been talking to police right outside the house, just up the road from this residential neighborhood, just a few kilometers from that jewish school. the suspect, the 24-year-old man, holed up in that house is extremely stubborn and determined. he's talking to negotiators but he is by no means in negotiations with them. the man said that it is likely to go on for quite a long time. we are beginning to get more and more details about this man. we know he is 24 years old, a french national of algerian origin. he spent considerable amount of time apparently in afghanistan and pakistan and he belongs to a jihadist group which translates as the knights of glory, which makes a little more sense as to why he should have attacked those soldiers and killed three soldiers last week. they had served in afghanistan. we heard from the interior minister that he attacked that school for revenge. we also know that he's been in close contact with the frex president for the duration of this raid. which is still ongoing. there has been exchange of heavy gunfire earlier on in which two police officers were killed, one of them in the hospital, having an operation currently on his knee. >> is the focus on one suspect only or are there others? >> reporter: well, it would appear as though the investigators believe that this man is the man they're after. we know also that his brother was in the house with him and his brother was handed himself over a couple hours ago to police. what he said to them in the meantime we don't know. but it would seem at this stage, this is obviously a flawed situation, that the man they are looking for, the man supposedly the one who carried out all three attacks in the toulouse area in the last ten days is the man still holed up in that house that police are trying to negotiate with. >> diana, thank you for that. she's reporting from toulouse. we understand that there are 300 policemen in the area and roughly 50 policemen in front of the house at the immediate scene. in the meantime, funerals for some of the pictuvictims of mon attack are being held in jerusalem. the bodies were flown into the country early on thursday. the french foreign minister is at the service alongside families of the victims and leaders of france's jewish commune. those are live pictures that you're seeing there from jerusalem. that is the latest information we have on police raid in toulouse, france, seeking suspects in the killings at a jewish school there last week. i'm monita rajpal. do stay with cnn. we'll bring you any updates as we get them. for now, "world business today" starts right now. good morning, from cnn london, i'm nina dos santos. >> and good afternoon from cnn hong kong, i'm andrew stevens. you're watching "world business today." the top stories this wednesday, march 21st, more countries cut back on iranian oil as the u.s. sanctions. investors are asking themselves as the chancellor prepares to present his budget today. and betting big on big city voters. how mitt romney's strategy paid off in illinois. first up, though, let's take a look at how the european stock markets have just opened in the first four or five minutes of trade. we're poised for a third day of steep declines after yesterday and the day before's sessions which saw the markets fall by an equal amount. take a look at the cac 40, that one down to 1.25%, these markets have rebounded just a little bit. they might have started out on a downbeat note, but as you con see at the moment they seem to have rebounded in we focus in in particular on the ftse 100, this will be one of the markets people will be looking at closely throughout the day today, andrew. we knew inflation according to the latest set of figures showed that inflation has started to come down now to about 3.6%. but we've got the budget going on today and all eyes will be firmly fixed on how the chancellor of the uk's finance minister manages to balance the books and stave off a ratings downgrade by people like fitch and moody's that have tabled a number of warnings for this country so far. andrew? the joys of technology. this is the picture here in hong kong. as you see, those, these red arrows are for people. china's growth is slowing and the world, the investment community seems to be taking a more and more negative view on how fast growth is slowing in china. at the moment it's slowing faster than most people would like. the only market that finished up was in fact shanghai. it came down in the morning session, down to a one-month low but popped in the afternoon trade. energy companies suffering pretty much around the region as oil prices fell. in japan, you'll see the nikkei off by 0.5%. exporters reacting to a poor trading day in europe yesterday. sony down by 4.5%. been a volatile stock of late, sony. nina? >> andrew, stocks have been up and down over the recent weeks. crude oil has been going basically in one single direction and that is north. thanks to ongoing concerns about sanctions on iran as you can see, prices today, though, leveling off a little bit on the back of news that saudi arabia and libya are now starting to help fill the gap in the market that's been left by sanctions on iranian crude. brent crude for may delivery is currently trading down a little as you can see, just shy of $125 a barrel. currently trading at 124.22 at the moment. that's down by $1.30 on the barrel. remember, obviously north sea brent is the one that's most reactive to those kind of sanctions. >> absolutely. let's explain the sanction news a little bit more closely now. the u.s. re-affirmed that it has the init engs to punish iran over its nuclear am bigs by squeezing the country's oil exports. but in a move that should further ease uncertainty in the oil markets, washington has gone back on threats to punish several other countries that buy iranian oil. so you've got the u.s. and iran. here's the two key players. let's take a look at who's been exempted. all the countries you see in red, japan over here and those ten countries in the european region will be exempt from u.s. sanctions. that's after they took steps to stop or at least reduce oil imports from iran. the eu has imposed its own sanctions as we've been reporting and japan has shown some solidarity, despite an energy shortage in the wake of the fukushima nuclear crisis. japan's hands tied by a lack of options at the moment. it's still cutting back on its imports from iran. we don't know exactly the extent of that reduction at the moment. but here are the countries that so far have not done enough as far as the u.s. is concerned. if oour you'll take a look at there, three of the biggest importers of iranian oil, china, you've got india and south korea in there as well. those three could face action from washington. there are nine other nations as well which haven't acted. all of them have until june to avert that threat. now, let's get some analysis on this move by the u.s. and its implications for the global oil market. neil, good to have you back on the show. do you think this will have an impact on the overall price? >> fundamentally, i don't think it changes the situation. japan only has two runners up and running. the electricity demand peak is looming in the summer. it really is very much depend enon crude imports from middle east and lng. i think this move is really not enough to change the market perception, of course, the big player is china and india. they are really still the countries that matter when it comes to iran. >> do you think the u.s. action by showing that it's prepared to roll back the sanctions on these oil importers will help focus minds in china and india, do you think they'll start cutting back? >> i think there are signs that china is already starting to cut back. if you look at the january import dates that we saw 20% reduction in imports from iran as they increased imreports from other countries, such as saudi and russia and india, we're starting to see the pressure bear on china which is the largest importer of iranian crude. i think the strategy is working. >> but at the end of the day, it's much more -- oil is much more sensitive to the straits of hormuz, the potential that iran has to close the straits of her hughes because it's being threatened over its alleged nuclear arms program. so until there are some sort of conclusion on the nuclear issue in iran, would you expect all prices to be underpinned at around these levels? >> yes, i think we'll continue to see a risk premium on oil. if you look at the fundamentals, it would continue to suggest that oil should be trading at closer to $100 a barrel. >> we're talking about brent crude. >> exactly, rather than $123 a barrel which is where it's currently trading. it's unlike we'll see a closure of the straits of hormuz, clearly with 19 million barrels a day passing throe you that critical choke point, anything disruption would have a significant impact on international crude prices. as long as this crisis continues, we'll see crude at elevated levels. >> and the news from saudi arabia that it plans to increase its own oil production by a quarter to 12.5 million barrels a da i from 10 million, not going to make any real difference because the underlying issue of the nuclear issue remains? >> yes. that really doesn't change the fundamentals which is if we lose iran, we've last it globally. i think the question is how much can saudi pump? it's pumping around 10 million barrels a day at the moment, which is the largest amount since 2008, which is, if you remember, we had oil prices spiking up to $150 a barrel. do they have that spare capacity. that's the key question also. >> china is slowing. the world's second biggest economy. is that having an impact on oil prices? >> i think it can. we have seen a slowdown in chinese oil consumption throughout the second half of last year. interestingly we see a pickup in the first two months of the year this year. if we do see a continued slowdown in the economy, that will lead to continued weakness in the market. we do think that china is likely to resume infrastructure projects and stimulate the economy which should result effectively in oil or the man picking up, i think, in china as we go through the we're. >> it's probably not going to be a big swing factor. kneel beveridge there. thank you. south korea has said since the u.s. made this announcement about rolling back the sanctions on certain countries, south korea has said we are still talking to the u.s., we are still looking at ways that we, too, can pull back on iranian oil imports. that's one to watch as well. >> it certainly is. the united states is one of the world's biggest consumers of oil, obviously people drive to work, big distances over there, they're heavy reliant on it. that is why the united states is keeping a very close eye on what's going on vis-a-vis oil prices to see if it can derail the recovery we've seen under way on the other side of the atlantic. in light of the united states, let's take a little bit of a check on how u.s. markets closed on tuesday. at the end of the day, stock markets were down despite an upbeat report on the u.s. housing market. we had concerns over slowing economic growth in china and oil prices went down about 2.3%. andrew? >> and you are watching "world business today." still ahead on the program, as the british chancellor, the finance minister george osborne gets ared to present his budget and the country awaits another round of austerity, what outlook is there for growth? that's next here on cnn. 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>> absolutely not. they can't. that's what we've seen over the last couple of years. inflation has been so high because of high oil prices that it's limited consumption. osborne needs to travel a very careful path. one way to do that, which he has spoken about in the past, have a tiered fuel tax system. when the oil price rises, the tax goes down slightly. >> this is the so-called fuel price stabilizer. >> absolutely. >> let me talk about the ratings agencies. they have said there's a 50% chance they could cut within the next two years or so. what would it mean if britain was to lose its coveted aaa rating? >> it could come sooner than two years, absolutely. what would it mean/from a market perspective, we've seen france lose its and we've seen the u.s. lose its rating. it could have an impact. it suggests going forward our borrowing costs will be higher than they are now. at the moment they're incredibly low. we wouldn't expect that to change in the median turn if we're cut over the next two years. >> kathleen brooks. many thanks. great to get your views. coming up next on "world business today," as mitt romney scores a convincing win in the illinois primary, we'll examine his strategy of focusing his funds on urban areas. that's next here on cnn. first we'll take a quick look at what's going on in the currency markets this wednesday, the euro, the main mover against the u.s. dollar, it's up about a fifth, trading at 1.32 against the pound, 1.58 and against the yen, it is down just a fraction, virtually flat, 83.7. helps transform dry, thinning skin, by strengthening its moisture barrier, for improved texture and elasticity in 2 weeks. reveal healthy, supple skin. aveeno skin strengthening. this is "world business today." live on cnn. welcome back to the show. mitt romney has secure a decisive double digit victory in the state of illinois, increasing his lead in the race for the u.s. republican nomination. the front-runner took 56% of the total, putting him in line to walk away with the majority of the 54 delegates that were up for grabs. in his victory speech on tuesday, he called the result extraordinary before resuming his attacks on president obama's policy. his closest rival, rick santorum took 26% and for his part, he says he's feeling good about winning saturday's louisiana primary. well, andrew, the results in illinois put mitt romney -- showed mitt romney pulling way out in front in chicago and also in other suburban areas with the likes of rick santorum doing slightly better in some of the smaller counties in rural areas around that state. the outcome seems to vindicate romney's strategy of targeting his campaign cash, particularly in urban areas as john king explained to erin burnett. >> math is what politics is in the end. at first glance you might say wow, senator santorum is winning but he's not winning. why? because governor romney is winning big in the chicago suburbs by 30 points, around 57% right now, the cooke county suburbs right here in chicago. in chicago itself, again, governor romney above 50%. if you move arch up here, lake county, governor romney above 50%. move down, come back here to page county. governor romney above 50%. this is where most of the people in the state live, right up in here. you have to run up your margin here and hope your opponent doesn't beat you down here. senator santorum winning huge in the rural counties, 50% here, high 40s, come over here, 47. what you have is less populated tea party voters, evan jen cal voters, christian conservativs.s those voters tend to go for senator santorum. governor romney did what he needed to do, especially up here. this has been the consistent romney mod until the urban areas and the close-in suburbs, not only win but win big. that's where the tv advertising is aimed, right in those markets. the market ads come up. look at this, in the chicago market, that's romney spending right there in the chicago market. if you take that away, see what he did, look at that. his rivals complaining we're being outspent. governor romney would say, looking at that map, money well spent. >> absolutely. just ahead here on "world business today," back to the future. nissan's datsun makes a return after 30 years on the scrap heap. we'll tell you why and where within we come back. from cnn hong kong, i'm andrew stevens. >> i'm nina dos santos at cnn london. warm welcome back to "world business today." >> we're going to update you on the breaking news story this morning from france. police have surrounded a house in the southwestern french city of toulouse. they're trying to arrest a suspect in the series of shootings over the past ten days, the most recent happening on monday at a jewish school where four people, including three children were killed. the french interior minister says the suspect is a 24-year-old french national of algerian descent who says he has ties to al qaeda. through many hours of negotiations, the interior minister says the suspect's mother has refused to talk to him. the police say the suspect's brother who is suspected of playing an active role in the shootings has turn himself in. news just coming in now, we're getting a report that the french interior minister is saying that the man who is holed up inside that house in toulouse has told police he will surrender to them in 90 minutes. that's noon local time in toulouse. he will surrender to them then. we're getting that news from the interior minister. in about 90 minutes from now, he's saying the man will give up to police. this has been a -- there are hundreds of police in the area now. negotiations, as i said, have been continuing for several hours. the brother has been arrested and this man is wanted not only in connection with the shootings at the jewish school in which three children were killed but also shoot innings the toulouse and nearby towns of french soldiers, three french soldiers have also been shot and killed. one french soldier remains in the hospital in a coma. so we'll continue to follow this story, of course, and bring you updates as soon as we get them here. nina? >> we certainly will, andrew. in the meantime, let's go back to business news on "world business today." and take a look at how the stock markets are faring. 34 minutes into the did i's trading session, this is how the markets are doing. markets opened up as investors reacted to positive u.s. housing data which came out in yesterday's session. but we've also got things like the price of oil baiting a little bit today, down 1 .30 when it comes to the brent contacts. some of the stocks being the pharmaceutical companies, some of those use oil to obviously power their plants and banking stocks also doing pretty well in today's session. all eyes are focused on the uk budget announcements which will be coming in 2 1/2 to 3 hours from now, andrew. >> here in asia, nina, the arrows were going in the opposite direction, generally. the market's down over concerns of the slowdown in china. we don't have new numbers but there does seem to be more and more concern about the pace of the economy, the pace of the slowdown in the world's second biggest economy. rather ironically it was shanghai which was the only green arrow there. the shanghai composite was down earlier, just popped up towards the end of the session hitting one-month lows there. the nikkei down by 0.5%. the yen slightly stronger against the u.s. dollar. nina? andrew, let's also take a look at crude oil futures this wednesday, given what i was saying about how this particular commodity has been moving the markets right around the world of late. one barrel of brent crude for may delivery currently costs a price of $124.28 at the moment. as you can see, that price has been heading south on the back of easing concerns about a supply shortage in the wake of those sanctions imposed upon iran by the european union and on tuesday, the united states said that it wouldn't impose sanctions on 11 countries that have been cutting their supplies from the islamic republic of iran and they include the likes of japan and several eu member states. as you can see, brent crude coming down by 1 it the $24 on the barrel. it is trading perilously close to that $125 a barrel mark. now, we've heard about fuel price hikes in china and the u.s. and now indonesia could join the list of countries pushing prices higher at the pump. and consumers there are ready -- are really going to notice the difference. the government in jakarta plans to raise subsidized fuel prices about i a third from april 1st, causing huge public protests. you're looking at pictures there. protests in the capital jakarta, protests around the country. now, the proposal still needs parliamentary approval. they do need to cut subsidies to ball and the country's budget. it's a very, very sensitive topic, subsidies on fuel prices in indonesia. it was a spark for an uprising which eventually led to the downfall of sohoto back in 1998. this is politically a delicate thing to do, nina. >> it certainly is. there were uprising about two, three years ago, weren't there, andrew, when they tried to lift the subsidies again. nissan's ceo is still betting on both in indonesia and he's also counting on an old classic to do that job. >> i'm pleased to announce the return of the datsun brand. datsun is part of our company heritage. and will now contribute to its future. i'm confident when i say the word datsun, many of you have fond, good memories of this brand. >> i certainly do. a lot of people have memories of the datsun brand. this is why we've had this picture up here. you're looking at a 1971 datsun blue bird. the interesting thing about resurrecting this mark, is that it's such an important part of the wave of japanese autos, which swept the world in the 1960s and '70s. i think something like 20 million datsuns were sold globally. i remember growing up in australia, this blue bird was y ubiquitous at one stage. it was the first time we saw the japanese autos which led to the invasion of the japanese autos everywhere. it's the same in europe and to some degree in north america as well. certainly, fond memories of the blue bird, of many of those early datsuns there. now, i spoke to carlos yesterday, actually, when he was talking about developing or spending another $400 million to extend production of nissan motor vehicles, including the datsun, to 250,000 a year in indonesia. although the datsun will be a green car and it's going to be focusing on first-time buyers, and he also said that the indonesian economy was very strong, i wondered whether it was the strong yen in japan which is contributing to nissan spending extra money in indonesia. this is what he had to say. >> it had an influence on our expansion outside japan but not in this particular case. i think the expansion indonesia is driven mainly by the fact that we are bullish on the in indonesia. if you want to sell cars in indonesia, you have to produce them locally and have a lot of local parts. i would say in this particular case of investment, i don't think that the strength of the yen had any influence in our decision. >> we spoke to him yesterday. watch out for the re-emergence of the datsun. nina? >> i've told you this before, andrew, a friend of mine, he called his daughter datsun. there you go. it is a popular brand. also some people are so in love with it, they named their children after it. in any case, still to come on "world business today," the u.s. slaps new tariffs on chinese solar panels but tempers it seems are not flaring on either side of the pacific. we'll tell you why when "wbt" returns. you're watching "world business today" live on cnn. nina, just need to clarify some news which has just come to us from the french interior minister who says that the suspect who is understood to be linked to the killings, the shooting killings at a jewish school earlier this week where four people died and also linked to killings of french soldiers who is now currently locked up in a house in toulouse in the southwestern french city where police are negotiating with him, the suspect according to the french interior minister has said he will give himself up at noon today, less than 2 1/2 hours. earlier i said it was 1 1/2 hours. it is actually 2 1/2 hours from now. the interior minister says this french national of algerian dissent will give himself up to authorities. let's return to business developments. the u.s. decided to slap new tariffs on imports of solar panels from china. that's after washington concluded that beijing subsidizes the production of those panels to make them unfairly cheap. many solar advocates on both sides of pacific, though, seem to be relieved if not beaming. let's go to ramy inocencio with more. ramy, explain. >> you'd expect at least one side would be angry, right? in this case, china. the solar industry in both china as well as the u.s. were bracing for even steeper tariffs, more on the order of 20% to 30%. in the event the tariffs were just set at just under 5%. that's offsetting the subsidies that china gives its panelmakers. in china, this man right here, said he wasn't surprised at the lower tariffs but he claims china doesn't give big subsidies. he's president of creia, a major industry group. and notice u.s., a major trade group there claimed a bit of a victory. c.a.s.e., the coalition for affordable solar energy. c.a.s.e. represents solar panel installers. he says 100,000 jobs will be saved because solar panel demand will not be destroyed. looking at the numbers, cheap chinese solar panels do seem to be a source of jobs, half of all solar panels in the u.s. come from china and they'll need installation. a third of u.s. panels are made in the usa. and chinese panel imports into the u.s. as it turns out, have surged in just the past few years. take a look this, between 2012 and 2011 they rose 130% to a value of 2.5 billion u.s. dollars. with lower than expected tariffs, u.s. imports of chinese panels are not expected to take much of a hit. >> thank you, ramy inocencio. a millennials priorities are simple, they come first. we look at how a new generation is redefining the workplace, the latest installment on our series of an emerging crop of business leaders is just ahead. so what do you think? basic. at meineke i have options... like oil changes starting at $19.95. my money. my choice. my meineke. welcome back. live from cnn hong kong in london, you're watching "world business today." the millennials, the generation born in the 1980s, they've been told since birth that they are special and they can achieve anything. as we follow this millennial to the consumer electronics show in las vegas, we'll be focusing on whether he can promote himself above the rest of the pact a? it's all part of being a millenni millennial. >> they are young and confident, educated and ambitious. born in the 1980s, he are the new generation and their search for success knows no bounds. they're the millennials. last week on the program, in london, 26-year-old joe braidwood reveals his work/work balance. >> there's no real distinction between i'm not working and when i am working. it's wherever i am. >> and in johannesburg, we see how she manages her ambition. >> i don't have to have a lot. i don't want it all. i just want enough. that's all. >> reporter: milli's millennial philosophy on life means she also has a spring in her step. today she's in colorful capetown, meeting with her business partner, dori. >> are they selling? >> yes. >> good. >> reporter: but this isn't a shopping spree. milli is here to look at a new studio space for their new store, me, me, me. a space where the creations can come to place. >> i love the lights. >> the shop will collaborate with the capetown shop in maintaining it. they're going to make a range from here. >> reporter: milli and dori first opened their boutique in johannesburg two years ago. with all that, milli sold the clothes in her apartment, a sort of pop-up market. >> i'm serving champagne and women like -- a group -- a roomful of 15 women going crazy over clothes. and one of them after a couple of months of coming and buying every single month came to me and said, milli, if you ever want to open a proper store one day, let me know. >> reporter: a few weeks later, milli had signed on the dotted line. >> hello. >> reporter: today her talent goes beyond her store responsibilities. she's fully involved in new designs, materials and photography. >> you have such a good eye for models. >> i'll let you choose. >> reporter: despite the million things she takes on, milli is modest about her workload. >> i think we work differently. i don't think we necessarily work harder. in terms of physically toile, i don't toile physically as much as my mother and father had to. >> reporter: now she's living her life the millennial way, redefining what it means to work and reaping the rewards. >> most of my other friends are all slaving at work from 9:00 to 5:00 and i sometimes wake up really early, sometimes i wake up later in the day because of my life. it's only recently that i've got to understand, milli, this is exactly what you work for. >> reporter: joe braidwood is sitting at high altitude, taking his work with him and making his way from las vegas, from his window seat, sin city makes its mark. >> we wade next to nothing for this suite. it's part of the las vegas strip. >> reporter: it isn't the view of lights that brought him here, he's come for the world's largest electronics consumer show. where companies come to showcase their electronic wares. >> it's the largest gathering in the world of people who work with consumer electronics. it's a good place to keep up your contacts. >> this is the los angeles convention center, the nerve center. >> reporter: for this millennial, this loud and overcrowded exhibition will be a challenge. he knows that to be seen here, he needs to stand out and break through the noise. it is his opportunity to stay ahead of the competition. >> these are 55 inch 3-d tvs. they are dazzlingly bright. >> it's not just about the act of being there in the flesh. it's about pursuing and making sure you have the right mixture of good timing and a great pitch. >> reporter: he's being introduced to big brands. >> what i'm hoping to do is go just down here, to microsoft. they have a tablet there that should have our app on. >> reporter: and more importantly, cement his own brand. >> what are you looking for? >> it's called swift tablet x. >> it's nice to get face to face with these people and talk to them about what you're doing. it's so much more powerful than an e-mail in a massive inbox full of e-mail or a phone call that might not get picked up. >> reporter: throughout his time at the conference, joe tweets and facebooks on the go. tonight, he may be selling his own digital communication but this millennial knows there's no substitute for the real thing. >> we're in this digital connected world. cutting through that and actually getting face-to-face time with someone who is in a decisionmaking capacity and show your enthusiasm for the product face to face is invaluable. >> reporter: that may be so, still, joe is living his life the millennial way, working smart and playing hard. next week on the millennials -- >> thy crazed title to my certain right. >> reporter: in new york, michael burbak takes on shack spear a -- shakespeare and the world. got to say, it's bit of a mixed picture for the millennials. some of the guys are uberconfident and uber successful. we also have to remember, there are 1 in 25 that are unemployed in some places. that's it for this edition of "world business today." i'm nina dos santos in london. >> andrew stevens in hong kong. nina and i will be back with the opening bell on wall street. we'll be joined by maggie lake. hopefully we'll see you then.