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China's Premier Wen Jiabao (shown on screen) speaks as delegates listen during the opening ceremony of National People's Congress (NPC) at the Great Hall of the People in Beijing, March 5, 2013.JASON LEE/Reuters

A summary of what you need to know today, compiled by The Globe's news desk on March 5, 2013.

Chinese PM warns of troubles ahead

In his final speech, Chinese Premier Wen Jiabao warned about problems ahead, saying the country needs to create more domestic consumer demand while tackling its environmental problems, The Globe's Mark MacKinnon reports. Mr. Wen will step down later this month and will be replaced by Li Keqiang.

Cardinals probe corruption allegations

In their second day of meetings, cardinals meeting asked for more information as they delved into allegations of corruption and cronyism in the governance of the Vatican. They also sent a telegram to Benedict XVI thanking him for his "brilliant" ministry and "untiring work in the vineyard of the Lord," according to The Associated Press.

Target opens first Canadian stores

After months of anticipation, Target Canada is opening its first three stores today in three communities west of Toronto: Guelph, Fergus and Milton. However, the discount giant warned that prices will generally be higher than in U.S. stores. Click here for a video tour of the Guelph store.

North Korea threatens to cancel armistice

North Korea is vowing to cancel the 1953 Korean War ceasefire because of sanctions and U.S.-South Korean joint military drills. The threat today comes amid reports that Washington and Beijing, a traditional ally of North Korea, have approved a draft resolutions that are expected to be circulated among UN Security Council members this week, The Associated Press reports.

Chavez's condition worsens

Venezuelan President Hugo Chavez's condition has worsened, as he suffers from a "severe" new respiratory infection, Reuters reports. Mr. Chavez has not been seen in public or been heard from since he underwent cancer surgery on Dec. 11.