I think, there are at least two issues here.:
Unresolved includes: This can be a glitch with the indexer, a simple index rebuild or a recompile would help Try Right click on project > Index > "Rebuild" or "Re-resolve Unresolved Includes" If no luck then,it's not just a glich but a real problem, so check: Project > Properties > C/C++ General > Path and Symbols > Includes There you should have the directories where the C++ headers are and the "Panda" headers should be with your source files.
Missing "all" target: What CDT is trying to do is invoking make with a target called "all" which is missing from your Makefile. Either CDT is configured for the wrong target and the "all" is not what you need, or something is wrong with the "all" target. You should provide us more information: the proper (original) Makefile The settings here: Project > Properties > C/C++ Build > Behaviour > Make build target