In This EditionThe UN Security Council deplores the satellite launch by North Korea, stressing that it violates Security Council resolutions banning the country to use ballistic technology.

The so-called P5+1 negotiators are set to meet in Istanbul, Turkey on Iran's nuclear program.

Officials say China's weaker than expected 8.1 per cent growth in the first quarter is far from "hard landing" despite being historically low for the country.

And China's national tourism agencies predict that the number of outbound trips from the country is expected to exceed 78 million this year.

Hot Issue ReportsMixed Reactions over North Korea's Failed Satellite LaunchThe UN Security Council has deplored the satellite launch by North Korea, which violates Security Council resolutions banning the country to use ballistic technology in the launch. U.S. UN ambassador who holds the rotating council presidency for April told reporters that the Council had met behind closed doors to be briefed by the UN assistant secretary-general for political affairs, Oscar Fernandez Taranco, on the satellite launch. Earlier, Pyongyang confirmed that its earth observation satellite launched on Friday morning failed to enter orbit.

Wei Tong has more.

North Korea has, through its state TV, announced the failed launch of the country's first satellite Kwangmyongsong-3 at 7:38 am local time.

"The earth observation satellite failed to enter its preset orbit. Scientists, technicians and experts are now looking into the cause of the failure."Citizens in Pyongyang said they will not be discouraged by the failure.

"I am sure that after this failure we can gain strength and succeed in launching a satellite in future.""I think success and failure are two sides of the same coin."Mixed reactions have aroused from the international community over the failed launch.

Chinese foreign ministry spokesman Liu Weimin said that China has demanded calm over the issue for a regional stability.

"China has noted the situation regarding North Korea's satellite launch and the reactions of all parties concerned. China urges all concerned to remain calm and exercise restraint, in an effort to jointly safeguard the peace and stability of the Korean Peninsula and the region."Meanwhile, foreign ministers of Russia, China and India have jointly called for a sooner resumption of the six-party talks over the nuclear issue of the Korean Peninsula.

South Korea has put its military on alert after the failed launch. Shin Won-sik is an official from South Korean Defense Ministry.

"This is grave provocation and a serious military threat against the international community and South Korea. We are increasing South Korea-US joint inspection to monitor North Korea's military situation."Japanese Prime Minister Yoshihiko Noda has condemned North Korea's satellite launch saying it is unacceptable, provocative and a violation of UN resolutions.

Noda added that Japan will enhance coordination with the United States, South Korea, China and Russia and urge the UN Security Council to take actions against North Korea.

North Korea insisted that the satellite launch was a peaceful mission with the goal of scientific research and improvement of people's livelihood. And it was also to mark the birth centennial of the country's founding father Kim Il Sung.

For CRI, this is Wei Tong.

P5+1 Talks on Iranian Nuclear Issue to Open in TurkeyNuclear negotiators from Iran and the five permanent members of the UN Security Council, China, Russia, the United States, the United Kingdom, France plus Germany, the so-called P5+1 will be gathering in Istanbul, Turkey this weekend to ease tension arising from Iranian nuclear issues.

Analysts say the talks will raise fresh hopes that the Iranian nuclear issue would be solved through diplomatic means.

The head of the Chinese delegation, Assistant Foreign Minister Ma Zhaoxu said that China, as part of the six-nation mechanism, would play a constructive role in reconciling concerned parties and persuading them to revive the P5+1 nuclear talks.

For more on this issue, our reporter Zheng Chenguang talked to Li Guofu, senior research fellow from China Institute of International Studies.

China Q1 GDP Growth Cools to 8.1 pctAccording to data from the National Bureau of Statistics, China's weaker than expected 8.1 per cent GDP growth in the first quarter again surprised the market. Though the growth rate is historically low for China, it's also far from the "hard landing" feared by some economists.

For more on this, CRI's Liu Yan brings us the details.

Against the backdrop of pursuing "higher-level and higher-quality development" over a longer period of time, China has cut its annual growth target to 7.5 percent this year in an effort to achieve structural reforms.

As many economists predicted, China's Q1 readings show some signs of weakness, but when looking at the overall picture, growth is still steady and the economy is in good shape, with GDP growth remaining above 8 percent.

Sheng Laiyun, spokesman of the National Bureau of Statistics casts his own view on the Q1 rate.

First and foremost, GDP growth of 8.1 percent is by no means a slack rise, and it is far beyond our 7.5 percent growth target set previously this year. Even when looked at from a global perspective, an expansion of 8.1% is rather strong.

Despite the below-consensus 8.1 percent growth, other major economic indicators published on Friday revealed that March's industrial output expanded 11.9 percent, retail sales rose 15.2 percent and quarterly fixed asset investment, one of the principal drivers of China's economy, grew 20.9 percent.

However, Sheng warns of the risks facing China, resulting from state of the global economy. China's slowdown partly reflects the weakness of economies in Europe, its single biggest export partner. With much of Europe already slipping into recession, the U.S. economy shows little sign of picking up.

The global economic outlook is still fragile, as few countries are displaying a tendency for upward economic trends. Generally speaking, China bears the brunt of a slack demand from external markets.

Meanwhile, Sheng Laiyun points out that China is also facing a growing number of domestic obstacles, including a period of difficult business operations among small and medium-sized enterprises.

China is also encountering emerging issues from within, especially with regards to the difficulties small and medium sized enterprises are dealing with in terms of financing.

Sheng explains that the country is still undergoing a rapid process of industrialization, urbanization and internationalization, which will eventually unleash huge investment and consumption potential.

For CRI, I'm Liu Yan.

Restored Version of "Cabaret" Kicks off 2012 TCM Classic Film FestivalA screening of a restored version of "Cabaret" has kicked off the 2012 TCM Classic Film Festival in Los Angeles.

Based on a 1966 Broadway musical "Cabaret" tells the story of a British writer who comes to Berlin in the early 1930s in hopes of becoming a teacher.

Everything changes however when he meets flamboyant American entertainer Sally Bowles, played by Liza Minnelli.

Minnelli, along with co-stars Joel Grey and Michael York turned out for the screening event which marks the 40th anniversary of the 1972 classic.

Minnelli says she's so excited the movie has been restored.

"Warner Brothers fixed it. Each frame by frame by frame so now people can see that it's not this frivolous 'who ha' music. It is so interesting and divinely decadent."The four day TCM film festival aims to celebrate classic movies in iconic locations.

Tribeca Film Festival Opening with "The Five-Year Engagement."This year's Tribeca Film Festival will open with comedy "The Five-Year Engagement."Starring Jason Segel and Emily Blunt the film details the funny side of riding out a long engagement.

Other highlights of the festival include "Struck by Lightning" a coming-of-age comedy produced, written by and starring Chris Colfer of "Glee" fame.

And Canadian actress Sarah Polley will present her second film "Take This Waltz," which stars Michelle Williams and Seth Rogen as a married couple stressed by the temptation of an affair.

Festival founder and veteran actor Robert De Niro says he enjoys working with up and coming talent.

"When you start finding yourself working with people half your age and then a third of your age and it's great. It's great. I like it. It's totally different. When I was younger I'd work with guys my age (Elia) Kazan or somebody or Ulu Grosbard who just passed away the other day and now it's reversed so you kind of feel in some ways with younger directors you want to help them and make them feel comfortable that they can try whatever they want so it's a nice, a nice thing."Founded in 2002 the Tribeca Film Festival aims to be a diverse international festival which helps filmmakers reach the broadest possible audience.

This years'd event kicks of on Wednesday.

Chinese Outbound Travel to Hit Record HighThe National Tourism Administration and China Tourism Academy predict that the number of outbound trips from the country is expected to exceed 78 million this year.

Wu Jia has more.

A report released by the two institutions shows that the number of outbound tourists from China is set to increase by 12% this year, hitting a record high.

More than 12 million people traveled overseas during the first two months of this year, representing a 20% growth year-on-year.

Outbound tourism in the country has seen a major boom over the past several years. Last year, the number of trips exceeded 70 million. That's 1.2 times larger than that of the U.S.

Jiang Yiyi, Deputy Director of the China Tourism Academy, explains.

"Now it's much easier to apply for tourist visas. For example, Japan has adjusted its tourist visa application criteria four times since 2009 to attract more Chinese visitors. And Chinese tourists can visit Jeju Island in South Korea without the need of a visa. Another key factor is the appreciation of the RMB. A trip to certain southeast Asian countries can sometimes be more cost effective than a trip to Hainan Province in south China."Last year, China opened up its outbound tourism market to international investment by issuing licenses to three joint venture travel agencies.

Jiang Yiyi believes the opening up of the market will bring with it more options for domestic visitors.

"The three joint ventures have very strong backgrounds in the field of international tourism. They have sophisticated networks abroad. With their strong suits, they could offer diversified services to domestic customers."With the approaching of the International Labor Day on the 1st of May, a national public holiday here in China, outbound travel is expected to reach a seasonal peak.

"In our travel agency, this month and next month's tour packages to Thailand are almost fully booked. During the public holiday, the prices may rise by 10 to 20 per cent. "Jiang Yiyi from the China Tourism Academy suggests tourists to exercise caution as the number of visitors soar and safety and quality of travel must be ensured.

"Last year, the tourism authorities signed an agreement with Russia to set up a safety network to protect Chinese visitors in that country. Travel agencies which breach the industrial code may have their licenses revoked. "The World Tourism Organization forecasted that China would grow into the world's fourth-largest source of outbound tourists by 2015.

By that time, it is expected that 100 million Chinese citizens will travel overseas annually.

For CRI, I'm Wu Jia.

China DailyChina Daily is reporting that an elderly pair in East China's Shandong province brought an oil field to a standstill. Oil production in Kenli county was reportedly reduced to just 41 tons last week-end after two 78-year-old men cut a high voltage cable in the field. According to local police the pair who are residents of a state run aged care facility, were out picking through garbage. They discovered a fallen high voltage line utility pole and returned with tools to scavenge what they could. The men stripped the cable for aluminum wires and sold them to scrap collection stations. Police say the men have been returned to their home with out charge due to their age and poor health.

**************XinhuaXinhua is reporting that people are reportedly getting upset with the sizing of cakes in Chinese bakeries. Apparently in most bakeries the diameter of a cake is labeled in the Chinese measurement "cun." The problem is the term "cun" traditionally refers to a unit of measurement that is 3.3 cm long. Chinese bakeries however are using the term to describe an inch which is much shorter at 2.5cm. So people ordering a 10-cun cake are expecting 870 square centimeters of tasty cake but are instead only getting 506 square centimeters. People are complaining that bakeries are providing confusing and misleading information. However the Shanghai Commission of Consumers' Rights and Interests Protection, says that if using inches is an industry convention, bakeries are not at fault.

**************NBCNBC is reporting that American Airlines has filed a lawsuit against a flight attendant who was fired last month after making parody videos that poked fun at airline management. The suit accuses Gailen David of publishing personal flight information about airline executives on his blog and not using airline trademarks properly. David first made a name for himself by posting several home videos including some of him dressed in drag mimicking airline management. His blog has publicized personal flight information of current and former airline executives, detailing exactly which flights they were taking. The blog also claims the information was supplied by "moles" within the airline. The airline says it will add current employees to the law suit if they are found to be providing confidential information to David.

Market UpdateUS and European stocks fell on Friday on global slowdown fears caused by China's worse-than-expected growth in the first quarter and the returned worries of European debt crisis.

The Dow Jones industrial average lost 1 percent to 12,850. The Standard & Poor's 500 was down 1 percent to 1,370. The Nasdaq Composite Index dropped 1.5 percent to 3,011.

In Europe, London's FTSE 100 lost 1 percent to 5652. Frankfurt's DAX lost 2 percent to 6584. And CAC 40 in Paris dipped 2.5 percent to 3189.